Instructure (INST) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Entity Registrant Name	Instructure Holdings, Inc.
Entity Central Index Key	0001841804
Entity File Number	001-40647
Entity Tax Identification Number	84-4325548
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address Address Line1	6330 South 3000 East
Entity Address, Address Line Two	Suite 700
Entity Address City Or Town	Salt Lake City
Entity Address, State and Province	UT
Entity Incorporation State Country Code	DE
Entity Address Postal Zip Code	84121
Local Phone Number	203-6755
City Area Code	800
Security12b Title	Common Stock, par value $0.01 per share
Trading Symbol	INST
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		140,423,852

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 227,487	$ 146,212
Accounts receivable net	54,759	47,315
Prepaid expenses	16,831	12,733
Deferred commissions	10,193	6,663
Assets held for sale	0	57,334
Other current assets	2,913	3,083
Total current assets	312,183	273,340
Property and equipment, net	10,264	11,289
Right-of-use assets	19,352	26,904
Goodwill	1,186,676	1,172,395
Intangible assets, net	660,030	755,349
Noncurrent prepaid expenses	2,493	6,269
Deferred commissions, net of current portion	18,568	16,434
Other assets	5,724	6,651
Total assets	2,215,290	2,268,631
Current liabilities:
Accounts payable	22,271	13,302
Accrued liabilities	24,529	23,638
Lease liabilities	6,482	6,037
Long-term debt, current	2,235	6,118
Liabilities held for sale	0	11,834
Deferred revenue	270,421	192,864
Total current liabilities	325,938	253,793
Long-term debt, net of current portion	514,970	820,925
Deferred revenue, net of current portion	16,667	12,015
Lease liabilities, net of current portion	25,479	30,670
Deferred tax liabilities	38,347	58,601
Other long-term liabilities	4,896	4,643
Total liabilities	926,297	1,180,647
Stockholders’ equity:
Common stock, par value $0.01 per share; 500,000 and 252,480 shares authorized as of September 30, 2021 (unaudited) and December 31, 2020, respectively; 140,423 and 126,219 shares issued and outstanding as of September 30, 2021 (unaudited) and December 31, 2020, respectively.	1,404	1,262
Additional paid-in capital	1,533,595	1,264,703
Accumulated deficit	(246,006)	(177,981)
Total stockholders’ equity	1,288,993	1,087,984
Total liabilities and stockholders’ equity	$ 2,215,290	$ 2,268,631

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	252,480,000
Common stock, shares, issued	140,423,000	126,219,000
Common stock, shares, outstanding	140,423,000	126,219,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Revenue:
Total revenue	$ 107,221	$ 81,772	$ 71,389	$ 143,142	$ 294,768
Cost of revenue:
Total cost of revenue	41,467	41,030	24,398	80,567	128,075
Gross profit	65,754	40,742	46,991	62,575	166,693
Operating expenses:
Sales and marketing	40,553	40,100	27,010	84,034	120,858
Research and development	15,823	14,619	19,273	36,736	47,191
General and administrative	14,396	13,092	17,295	47,533	38,943
Impairment on held-for-sale goodwill	0	29,612	0	29,612	0
Impairment on held-for-sale assets	0	3,389	0	3,389	1,218
Total operating expenses	70,772	100,812	63,578	201,304	208,210
Loss from operations	(5,018)	(60,070)	(16,587)	(138,729)	(41,517)
Other income (expense):
Interest income	0	5	313	40	13
Interest expense	(11,251)	(16,357)	(8)	(34,449)	(44,178)
Other income (expense)	(1,623)	187	(5,738)	603	(2,365)
Total other income (expense), net	(12,874)	(16,165)	(5,433)	(33,806)	(46,530)
Loss before income taxes	(17,892)	(76,235)	(22,020)	(172,535)	(88,047)
Income tax benefit (expense)	4,631	16,062	(183)	35,788	20,022
Net loss and comprehensive loss	$ (13,261)	$ (60,173)	$ (22,203)	$ (136,747)	$ (68,025)
Net loss per common share, basic and diluted	$ (0.10)	$ (0.48)	$ (0.58)	$ (1.08)	$ (0.52)
Weighted average common shares used in computing basic and diluted net loss per common share	136,647	126,240	38,369	126,240	129,643
Subscription and Support
Revenue:
Total revenue	$ 96,163	$ 73,313	$ 65,968	$ 129,460	$ 266,774
Cost of revenue:
Total cost of revenue	36,528	35,996	19,699	69,975	112,575
Professional Services and Other
Revenue:
Total revenue	11,058	8,459	5,421	13,682	27,994
Cost of revenue:
Total cost of revenue	$ 4,939	$ 5,034	$ 4,699	$ 10,592	$ 15,500

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ 145,557	$ 3	$ 493,795	$ (348,241)
Balance, shares at Dec. 31, 2019		38,257
Exercise of common stock options	$ 1,067		1,067
Exercise of common stock options, shares	131,000	131
Vesting of restricted stock units, shares		233
Shares withheld for tax withholding on vesting of restricted stock units	$ (1,413)		(1,413)
Stock-based compensation	7,308		7,308
Net loss	(22,203)			(22,203)
Balance at Mar. 31, 2020	130,316	$ 3	500,757	(370,444)
Balance, shares at Mar. 31, 2020		38,592
Cancellation Of Predecessor Equity	(130,316)	$ (3)	(500,757)	370,444
Cancellation of Predecessor equity, Shares		(38,592)
Take-Private Transaction	1,140,788	$ 1,262	1,139,526
Take Private Transaction Shares		126,240,000
Additional capital contribution	116,538		116,538
Stock-based compensation	3,104		3,104
Net loss	(136,747)			(136,747)
Balance at Sep. 30, 2020	1,123,683	$ 1,262	1,259,168	(136,747)
Balance, shares at Sep. 30, 2020		126,240,000
Balance at Jun. 30, 2020	1,172,046	$ 1,262	1,247,358	(76,574)
Balance, shares at Jun. 30, 2020		126,240,000
Additional capital contribution	8,802		8,802
Stock-based compensation	3,008		3,008
Net loss	(60,173)			(60,173)
Balance at Sep. 30, 2020	1,123,683	$ 1,262	1,259,168	(136,747)
Balance, shares at Sep. 30, 2020		126,240,000
Balance at Dec. 31, 2020	1,087,984	$ 1,262	1,264,703	(177,981)
Balance, shares at Dec. 31, 2020		126,219,000
Repurchase of TopCo Units	(930)	$ 2	928
Repurchase of TopCo Units, shares		220,000
Issuance of common stock in connection with initial public offering, net of underwriters' discounts and commissions and issuance costs	259,604	$ 142	259,462
Issuance of common stock in connection with initial public offering, net of underwriters' discounts and commissions and issuance costs, shares		14,175,000
Vesting of restricted stock units, net		$ 3	(3)
Vesting of restricted stock units, shares		306,000
Shares withheld for tax withholding on vesting of restricted stock units	(1,318)	$ (1)	(1,317)
Shares withheld for tax withholding on vesting of restricted stock units, shares		(57,000)
Stock-based compensation	11,678		11,678
Net loss	(68,025)			(68,025)
Balance at Sep. 30, 2021	1,288,993	$ 1,404	1,533,595	(246,006)
Balance, shares at Sep. 30, 2021		140,423,000
Balance at Jun. 30, 2021	1,037,198	$ 1,260	1,268,683	(232,745)
Balance, shares at Jun. 30, 2021		126,001,000
Repurchase of TopCo Units	(7)		7
Repurchase of TopCo Units, shares		2,000
Issuance of common stock in connection with initial public offering, net of underwriters' discounts and commissions and issuance costs	259,604	$ 142	259,462
Issuance of common stock in connection with initial public offering, net of underwriters' discounts and commissions and issuance costs, shares		14,175,000
Vesting of restricted stock units, net		$ 3	(3)
Vesting of restricted stock units, shares		306,000
Shares withheld for tax withholding on vesting of restricted stock units	(1,318)	$ (1)	(1,317)
Shares withheld for tax withholding on vesting of restricted stock units, shares		(57,000)
Stock-based compensation	6,777		6,777
Net loss	(13,261)			(13,261)
Balance at Sep. 30, 2021	$ 1,288,993	$ 1,404	$ 1,533,595	$ (246,006)
Balance, shares at Sep. 30, 2021		140,423,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Operating activities:
Net loss			$ (22,203)	$ (136,747)	$ (68,025)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment			2,982	2,427	2,728
Amortization of intangible assets	$ 33,600	$ 32,600	2,620	65,602	100,319
Amortization of deferred financing costs			0	1,018	1,958
Impairment of disposal group	0	3,389	0	3,389	1,218
Impairment of held-for-sale goodwill				29,612		$ 29,600
Stock-based compensation			7,109	3,116	11,532
Deferred income taxes				(36,062)	(20,254)
Other			1,959	1,381	1,565
Changes in assets and liabilities:
Accounts receivable, net			11,903	(23,179)	(7,700)
Prepaid expenses and other assets			(25,121)	21,383	80
Deferred commissions			1,469	(19,010)	(5,596)
Right-of-use assets			4,509	5,294	7,552
Accounts payable and accrued liabilities			2,187	(11,796)	8,634
Deferred revenue			(36,983)	131,855	80,470
Lease liabilities			(7,489)	(338)	(4,746)
Other liabilities				4,015	(919)
Net cash used in operating activities			(57,058)	41,960	108,816
Investing activities:
Purchases of property and equipment			(732)	(858)	(2,800)
Proceeds from sale of property and equipment			19	67	40
Proceeds from sale of Bridge					46,018
Business acquisitions, net of cash received				(1,904,064)	(16,886)
Maturities of marketable securities			15,584
Net cash provided by (used in) investing activities			14,871	(1,904,855)	26,372
Financing activities:
IPO proceeds, net of offering costs paid of $5,719					259,604
Proceeds from issuance of common stock from employee equity plans			1,067
Shares repurchased for tax withholdings on vesting of restricted stock			(1,413)		(1,318)
Proceeds from issuance of term debt, net of discount				763,276
Proceeds from contributions from stockholers				1,257,327
Distributions to stockholders					(930)
Repayments of long-term debt				(3,875)	(307,882)
Term Loan Prepayment premium					(3,827)
Net cash provided by (used in) financing activities			(346)	2,016,728	(54,353)
Net increase (decrease) in cash, cash equivalents, and restricted cash			(42,533)	153,833	80,835
Cash, cash equivalents, and restricted cash, beginning of period			101,236	58,703	150,953	101,236
Cash, cash equivalents, and restricted cash, end of period	231,788	212,536	58,703	212,536	231,788	150,953
Supplemental cash flow disclosure:
Cash paid for taxes			32	257	556
Interest paid				33,258	42,302
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid			79	20	62
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents, at Carrying Value	227,487	208,012	53,889	208,012	227,487	$ 146,212
Restricted Cash	4,301	4,524	4,814	4,524	4,301
Total cash, cash equivalents, and restricted cash	$ 231,788	$ 212,536	$ 58,703	$ 212,536	$ 231,788

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Statement of Cash Flows [Abstract]
Net of offering costs paid	$ 5,719

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Organization On March 24, 2020, Instructure Parent, L.P. (“TopCo”) acquired 100 percent of Instructure, Inc.’s equity. Instructure Intermediate Holdings I, Inc. is a wholly-owned subsidiary of TopCo and was formed on January 14, 2020 by the Thoma Bravo Fund XIII, L.P. (“Thoma Bravo”) for the purpose of purchasing (the “Take- Private Transaction”) Instructure, Inc. and had no operations prior to the Take-Private Transaction. On May 26, 2021, Instructure Intermediate Holdings I, Inc. changed its name to Instructure Holdings, Inc. As a result of the Take-Private Transaction, the accompanying consolidated financial statements are presented in two distinct periods to indicate the application of two different bases of accounting between the periods presented and are therefore not comparable. The period from January 1, 2020 through March 31, 2020 (the “Predecessor Period”) includes all of the accounts of Instructure, Inc. (the “Predecessor”) and the periods beginning April 1, 2020 (the “Successor Period”) include all of the accounts of Instructure Holdings, Inc. (the “Successor”). For accounting purposes, the “Acquisition Date” for the Take- Private Transaction has been designated as March 31, 2020, as the operating results and change in financial position for the intervening period from March 24, 2020 to March 31, 2020 is not material. Except as otherwise stated, the financial information, accounting policies, and activities of the Successor and the Predecessor are referred to as those of the company (the “Company” or “Instructure”). See Note 4—Acquisitions for further information. Instructure, Inc. was incorporated in the state of Delaware in September 2008. We are headquartered in Salt Lake City, Utah, and have wholly-owned subsidiaries in the United Kingdom, Australia, the Netherlands, Hong Kong, Sweden, Brazil, Mexico, Hungary, and Singapore. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, we have prepared the accompanying unaudited financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2020, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2021. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under U.S. GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted under the rules and regulations of the SEC. On July 9, 2021, the Company effected a 126,239.815 -for-1 stock split of its issued and outstanding shares of common stock and made comparable and equitable adjustments to its equity awards in accordance with the terms of the awards. The par value of the common stock was not adjusted as a result of the stock split. Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retrospectively, where applicable, to reflect this stock split. In connection with the stock split, on July 9, 2021, the Company’s board of directors and stockholders approved the Certificate of Amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 2,000 shares to 500,000,000 shares and to increase the number of authorized shares of preferred stock from zero shares to 50,000,000 shares. No preferred stock has been issued or outstanding. On July 26, 2021, the Company completed its initial public offering (“IPO”) of 12,500,000 shares of common stock at an offering price of $ 20.00 per share. The Company received net proceeds of $ 233.1 million after deducting underwriting discounts and commissions. On August 19, 2021, the underwriters partially exercised their over-allotment option and purchased an additional 1,675,000 shares of common stock at the offering price of $ 20.00 per share. The Company received additional net proceeds of $ 31.3 million after deducting underwriting discounts and commissions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Such estimates, which we evaluate on an on-going basis, include provisions for credit losses, useful lives for property and equipment and intangible assets, valuation allowances for net deferred income tax assets, valuation of stock-based compensation and common stock, the standalone selling price of performance obligations, the fair value of identified assets and liabilities acquired in business combinations and the determination of the period of benefit for deferred commissions. We base our estimates on historical experience and on various other assumptions which we believe to be reasonable. Operating Segments We operate in a single operating segment, cloud-based learning management, assessment and performance systems. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision makers (“CODMs”), which are our chief executive officer and chief financial officer, in deciding how to allocate resources and assess performance. Our CODMs evaluate our financial information and resources and assess the performance of these resources on a consolidated basis. Since we operate in one operating segment, all required financial segment information can be found on the consolidated financial statements. Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders in both the Successor Period and the Predecessor Period is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock and restricted stock units are considered to be common stock equivalents in the Predecessor Period, and r estricted stock units are considered to be common stock equivalents in the Successor Period. Concentration of Credit Risk, Significant Customers and International Operations Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and accounts receivable. We deposit cash with high credit quality financial institutions, which at times, may exceed federally insured amounts. We have not experienced any losses on our deposits. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. We review the expected collectability of accounts receivable and record a provision for credit losses for amounts that we determine are not collectible. There were no customers with revenue as a percentage of total revenue exceeding 10% for the periods presented. As of September 30, 2021 (unaudited) and December 31, 2020, our largest customer's outstanding net accounts receivable balance as a percentage of the total outstanding net accounts receivable balance represented 13.0 % and 11.3 %, respectively. There were no other customers with outstanding net accounts receivable balances as a percentage of the total outstanding net accounts receivable balance greater than 10% as of September 30, 2021 (unaudited) and December 31, 2020. Our long-term growth strategy involves further expansion of our sales to customers outside of the United States, which will cause our business to be susceptible to risks associated with international operations. Refer to Note 7— Revenue for details. Cash and Cash Equivalents We consider all short-term highly liquid investments purchased with original maturities of three months or less at the time of acquisition to be cash equivalents. Provision for Credit Losses Provision for credit losses consist of bad debt expense associated with our accounts receivable balance. These losses are recorded in general and administrative in our consolidated statements of operations. We are exposed to credit losses primarily through our receivables from customers. We develop estimates to reflect the risk of credit loss which are based on historical loss trends adjusted for asset specific attributes, current conditions and reasonable and supportable forecasts of the economic conditions that will exist through the contractual life of the financial asset. We monitor our ongoing credit exposure through an active review of collection trends. Our activities include monitoring the timeliness of payment collection, managing dispute resolution and performing timely account reconciliations. Our provisions for credit loss balances at September 30, 2021 (unaudited) and December 31, 2020 were $ 0.9 million and $ 0.9 million, respectively. Property and Equipment and Intangible Assets Property and equipment are stated at cost less accumulated depreciation. Expenditures that materially increase values or capacities or extend useful lives of property and equipment are capitalized. Repairs and maintenance costs that do not extend the useful life or improve the related assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or over the related lease terms (if shorter). The estimated useful life of each asset category is as follows: Estimated Computer and office equipment 2 - 3 years Purchased software 2 - 3 years Furniture and fixtures 2 - 5 years Capitalized software development costs 3 years Leasehold improvement and other Lesser of lease term or useful life Certain costs incurred to develop software applications used in the cloud-based learning, assessment, development and engagement system are capitalized and included in property and equipment, net on the balance sheets. Capitalizable costs consist of (1) certain external direct costs of materials and services incurred in developing or obtaining internal-use software; and (2) payroll and payroll-related costs for employees who are directly associated with and who devote time to the project. These costs generally consist of internal labor during configuration, coding and testing activities. Research and development costs incurred during the preliminary project stage, or costs incurred for data conversion activities, training, maintenance and general and administrative or overhead costs, are expensed as incurred. Costs that cannot be separated between the maintenance of, and relatively minor upgrades and enhancements to, internal-use software are also expensed as incurred. Costs incurred during the application development stage that significantly enhance and add new functionality to the cloud-based learning, assessment, development and engagement system are capitalized as capitalized software development costs. Capitalization begins when: (1) the preliminary project stage is complete; (2) management with the relevant authority authorizes and commits to the funding of the software project; (3) it is probable the project will be completed; (4) the software will be used to perform the functions intended; and (5) certain functional and quality standards have been met. Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful life of the asset, which ranges from three to ten years . When there are indicators of potential impairment, we evaluate recoverability of the carrying values of property and equipment and intangible assets by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds our estimated undiscounted future net cash flows, an impairment charge is recognized based on the amount by which the carrying value of the asset exceeds the fair value of the asset. We did not incur any impairment charges during the periods presented. Leases We enter into operating lease arrangements for real estate assets related to office space. Consistent with the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“Topic 842”), the Company determines if an arrangement conveys the right to control the use of the identified asset in exchange for consideration. Operating leases are included as right-of-use assets and lease liabilities in the consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist of the fixed payments under the arrangements. Variable costs, such as maintenance and utilities based on actual usage, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. As the implicit rate of the Company’s leases is not determinable, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company generally uses the non-cancellable lease term when recognizing the right-of-use assets and lease liabilities unless it is reasonably certain that a renewal option or termination option will be exercised. The Company accounts for lease components and non-lease components as a single component. Leases with a term of twelve months or less are not recognized on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease. Fair Value Our short-term financial instruments include accounts receivable, accounts payable and accrued liabilities and are carried on the consolidated balance sheets as of September 30, 2021 (unaudited), and December 31, 2020 at amounts that approximate fair value due to their short-term maturity dates. Goodwill Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Goodwill is not subject to amortization, but is tested annually for impairment or more frequently if there are indicators of impairment. Management considers the following potential indicators of impairment: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in our use of acquired assets or the strategy of our overall business; (3) significant negative industry or economic trends; and (4) a significant decline in our stock price for a sustained period. We operate under one reporting unit and, as a result, evaluate goodwill impairment based on our fair value as a whole. Our annual impairment test performed during the Successor 2020 Period did not result in any impairment of the goodwill balance. Refer to Note 9—Assets and Liabilities Held for Sale for additional information regarding impairment of goodwill. We did not recognize any additional impairment charges in any of the periods presented. We have no other intangible assets with indefinite useful lives. Revenue Recognition We generate revenue primarily from two main sources: (1) subscription and support revenue, which is comprised of SaaS fees from customers accessing our learning platform and from customers purchasing additional support beyond the standard support that is included in the basic SaaS fees; and (2) related professional services revenue, which is comprised of training, implementation services and other types of professional services. Consistent with ASC 606, Revenue from Contracts with Customers, revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The timing of revenue recognition may differ from the timing of invoicing our customers. We record an unbilled receivable, which is included within accounts receivable—net on our consolidated balance sheets, when revenue is recognized prior to invoicing. Unbilled receivable balances as of September 30, 2021 (unaudited) and December 31, 2020 were $ 1.7 million and $ 0.8 million, respectively. We determined revenue recognition through the following steps:  Identification of the contract, or contracts, with a customer  Identification of the performance obligations in the contract  Determination of the transaction price  Allocation of the transaction price to the performance obligations in the contract  Recognition of revenue when, or as, we satisfy a performance obligation The following describes the nature of our primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions we enter into with our customers. Subscription and Support Subscription and support revenue is derived from fees from customers to access our learning platform and support beyond the standard support that is included with all subscriptions. The terms of our subscriptions do not provide customers the right to take possession of the software. Subscription and support revenue is generally recognized on a ratable basis over the contract term. Payments from customers are primarily due annually in advance. Professional Services and Other Professional services revenue is derived from implementation, training, and consulting services. Our professional services are typically considered distinct from the related subscription services as the promise to transfer the subscription can be fulfilled independently from the promise to deliver the professional services (i.e., customer receives standalone functionality from the subscription and the customer obtains the intended benefit of the subscription without the professional services). Professional services arrangements are billed in advance, and revenue from these arrangements is typically recognized over time as the services are rendered, using an efforts-expended input method. Implementation services also include nonrefundable upfront setup fees, which are allocated to the remaining performance obligations. Contracts with Multiple Performance Obligations Many of our contracts with customers contain multiple performance obligations. We account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. We determine the SSP based on our overall pricing objectives by reviewing our significant pricing practices, including discounting practices, geographical locations, the size and volume of our transactions, the customer type, price lists, our pricing strategy, and historical standalone sales. SSP is analyzed on a periodic basis to identify if we have experienced significant changes in our selling prices. Deferred Commissions Sales commissions earned by our sales force, as well as related payroll taxes, are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be generally four years. We determined the period of benefit by taking into consideration our customer contracts, our technology and other factors. Amortization of deferred commissions is included in sales and marketing expenses in the accompanying consolidated statements of operations. Deferred Revenue Deferred revenue consists of billings and payments received in advance of revenue recognition generated by our subscription and support services and professional services and other, as described above. Cost of Revenue Cost of subscription revenue consists primarily of our managed hosting provider and other third-party service providers, employee-related costs including payroll, benefits and stock-based compensation expense for our operations and customer support teams, amortization of capitalized software development costs and acquired technology, and allocated overhead costs, which we define as rent, facilities and costs related to information technology, or IT. Cost of professional services and other revenue consists primarily of personnel costs of our professional services organization, including salaries, benefits, travel, bonuses and stock-based compensation, as well as allocated overhead costs. Service Availability Warranty We warrant to our customers: (1) that commercially reasonable efforts will be made to maintain the online availability of the platform for a minimum availability in a trailing 365-day period (excluding scheduled outages, standard maintenance windows, force majeure, and outages that result from any technology issue originating from any customer or user); (2) the functionality or features of the platform may change but will not materially degrade during any paid term; and (3) that support may change but will not materially degrade during any paid term. To date, we have not experienced any significant losses under these warranties. Stock-Based Compensation Successor Before our IPO, we determined the grant date fair value for all unit-based awards granted to employees and nonemployees by using an option-pricing model. As of June 30, 2021, our equity was not publicly traded and there was no history of market prices for our units. Thus, estimating grant date fair value required us to make assumptions, including the value of our equity, expected time to liquidity, and expected volatility. Stock-based compensation costs for granted units were recognized as expense over the requisite service period, which was generally the vesting period for awards, on a straight-line basis for awards with only a service condition. For granted units subject to performance conditions, the Company recorded expense when the performance condition became probable. Forfeitures were accounted for as they occurred. Subsequent to our IPO in July 2021, we account for all awards granted to employees and nonemployees using a fair value method. Stock-based compensation is recognized as an expense and is measured at the fair value of the award. The measurement date for employee awards is generally the date of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period for awards, on a straight-line basis for awards with only a service condition. Forfeitures are accounted for as they occur. We use the closing price of our common stock as reported on the New York Stock Exchange for the fair value of restricted stock units (“RSUs”) granted. We use the Black-Scholes option pricing model to determine the fair value of purchase rights issued to employees under our 2021 Employee Stock Purchase Plan (“2021 ESPP”). The Black-Scholes option pricing model is affected by the unit price and a number of assumptions, including the award’s expected life, risk-free interest rate, the expected volatility of the underlying stock and expected dividends. These assumptions are estimated as follows:  Fair Value of Our Common Stock. We rely on the closing price of our common stock as reported by the New York Stock Exchange on the date of grant to determine the fair value of our common stock.  Risk-Free Interest Rate. We base the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.  Expected Term. For the 2021 ESPP, we have used an expected term of 0.6 years for the first offering period and will use an expected term of 0.5 years for subsequent offering periods.  Volatility. For the first offering period, we estimate the price volatility factor based on the historical volatilities of our comparable companies as we do not have a sufficient trading history for our common stock. To determine our comparable companies, we consider public enterprise cloud-based application providers and select those that are similar to us in size, stage of life cycle, and financial leverage. Beginning with the second offering period we will begin using the trading history of our own common stock to determine expected volatility.  Expected Dividend Yield. We have not paid and do not expect to pay dividends for the foreseeable future. Predecessor For the Predecessor Periods, we accounted for all stock options and awards granted to employees and nonemployees using a fair value method. Stock-based compensation was recognized as an expense and measured at the fair value of the award. The measurement date for employee awards was generally the date of the grant. Stock-based compensation costs were recognized as expense over the requisite service period, which was generally the vesting period for awards, on a straight-line basis for awards with only a service condition. Forfeitures were accounted for as they occurred. During the Predecessor Periods, we used the then closing price of our common stock as reported on the New York Stock Exchange for the fair value of RSUs granted as at that time our common stock was publicly traded. During the Predecessor Periods, we used the Black-Scholes option pricing model to determine the fair value of stock options issued to our employees, as well as purchase rights issued to employees under our 2015 Employee Stock Purchase Plan (“2015 ESPP”). The Black-Scholes option pricing model is affected by the unit price and a number of assumptions, including the award’s expected life, risk-free interest rate, the expected volatility of the underlying stock and expected dividends. These assumptions are estimated as follows:  Fair Value of Our Common Stock. We relied on the closing price of our common stock as reported by the New York Stock Exchange on the date of grant to determine the fair value of our common stock.  Risk-Free Interest Rate. We based the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.  Expected Term. We estimated the expected term for stock options using the simplified method due to the lack of historical exercise activity for our Company. The simplified method calculated the expected term as the mid-point between the vesting date and the contractual expiration date of the award. For the 2015 ESPP, we used an expected term of 0.5 years to match the offering period.  Volatility. For the first offering period, we estimated the price volatility factor based on the historical volatilities of our comparable companies as we did not have a sufficient trading history for our common stock. To determine our comparable companies, we considered public enterprise cloud-based application providers and select those that are similar to us in size, stage of life cycle, and financial leverage. We applied this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our own common stock share price became available in connection with our initial IPO (as defined herein). For the remaining offering periods of the 2015 ESPP, we used the trading history of our own common stock to determine expected volatility.  Expected Dividend Yield. We have not paid and do not expect to pay dividends for the foreseeable future. In connection with the Take-Private Transaction on March 31, 2020, and except for certain executives, outstanding equity awards (including under the 2015 Plan, the Portfolium 2014 Plan and the 2015 ESPP) (each as defined herein), whether vested or unvested, were cancelled and replaced with the right to receive the Cash Replacement Awards (as defined herein). Business Combinations We estimate the fair value of assets acquired and liabilities assumed in a business combination. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. Foreign Currency The functional currency of our foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities denominated in a foreign currency are revalued into U.S. dollars at the exchange rates in effect at the balance sheet dates. Income and expense accounts are revalued on the date of the transaction using the exchange rate in effect on the transaction date. Non-monetary assets, liabilities, and equity transactions are converted at historical exchange rates in effect at the time of the transaction. Foreign currency transaction gains and losses are recorded in other income (expense), net on the consolidated statements of operations. Research and Development With the exception of capitalized software development costs, research and development costs are expensed as incurred. Risks and Uncertainties We are subject to all of the risks inherent in an early stage business. These risks include, but are not limited to, a limited operating history, new and rapidly evolving markets, dependence on the development of new services, unfavorable economic and market conditions, changes in level of demand for our services, and the timing of new application introductions. If we fail to anticipate or to respond adequately to technological developments in our industry, changes in customer or supplier requirements, or changes in regulatory requirements or industry standards, or any significant delays in the development or introduction of services, our business could be harmed. Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards. Management must make assumptions, judgments and estimates to determine our current provision for income taxes and our deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the net amount that we believe is more likely than not to be realized. Accordingly, the need to establish such allowance is assessed periodically by considering matters such as future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. The evaluation of recoverability of the deferred tax assets requires that we weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. In recognizing tax benefits from uncertain tax positions, we assess whether it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As we expand internationally, we will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items, and as a result, we may record unrecognized tax benefits in the future. At that time, we would make adjustments to these potential future reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. Our estimate of the potential outcome of any uncertain tax position is subject to management’s assessment of relevant risks, facts and circumstances existing at that time. To the extent that the final tax outcome of these matters would be different to the amounts we may potentially record in the future, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results. Assets and Liabilities Held for Sale Assets and liabilities meeting the accounting requirements to be classified as held for sale are presented as single asset and liability amounts in our consolidated balance sheets at the lower of cost or fair value, less costs to sell. We assess all assets and liabilities held for sale each reporting period they remain classified as held for sale to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. The remeasurement of assets and liabilities held for sale is classified as a Level 3 fair value assessment as described in Note 14—Fair Value of Financial Instruments. Recent Accounting Pronouncements Adopted accounting pronouncements Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses, which requires the use of a forward-looking expected credit loss model for accounts receivables, loans and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through a provision for credit losses rather than as a reduction in the amortized cost basis of the securities. The adoption of this guidance did not have a material impact on our consolidated financial statements and related notes. Issued accounting pronouncements In January of 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refined the scope of Topic 848 and clarified some of its provisions. The amendments permit entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by the discounting transition. The Company is evaluating the impact of the ASU as it relates to arrangements that reference London Inter-Bank Offered Rate (“LIBOR”).

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows (in thousands, except per share amounts): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Numerator: Net loss $ ( 13,261 ) $ ( 60,173 ) $ ( 68,025 ) $ ( 136,747 ) $ ( 22,203 ) Denominator: Weighted-average common shares outstanding—basic 136,647 126,240 129,643 126,240 38,369 Dilutive effect of share equivalents resulting from stock options and unvested restricted stock units — — — — — Weighted-average common shares outstanding—diluted 136,647 126,240 129,643 126,240 38,369 Net loss per common share $ ( 0.10 ) $ ( 0.48 ) $ ( 0.52 ) $ ( 1.08 ) $ ( 0.58 ) For the unaudited three months ended March 31, 2020 (Predecessor), we incurred net losses and, therefore, the effect of our outstanding options to purchase common stock and restricted stock units were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. We also incurred losses in the unaudited nine and three months ended September 30, 2021 (Successor) and unaudited six and three months ended September 30, 2020 (Successor). The following table contains share totals with a potentially dilutive impact (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Options to purchase common stock — — — — 470 Restricted stock units 4,787 — 4,787 — 2,116 Employee stock purchase plan 76 — 76 — — Total 4,863 — 4,863 — 2,586

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	4. Acquisitions 2021 Acquisitions On June 28, 2021, we acquired all outstanding shares of Eesysoft Software International B.V. (“Eesysoft”) for the purpose of enhancing our ability to help our customers more effectively use our core products. $ 1.5 million of the purchase price will be paid over a period of 18 months following the transaction. The acquisition did not have a material effect on our revenue or earnings in the consolidated statements of operations for the reporting periods presented. As a result of the acquisition, a provisional deferred tax liability of $ 0.7 million was recorded as part of purchase accounting. During the unaudited three months ended September 30, 2021 (Successor), we recognized a measurement period adjustment of $ 0.9 million, which decreased our total assets acquired and increased goodwill. The following table summarizes the preliminary estimated fair values of the consideration transferred, assets acquired and liabilities assumed as of the date of the Eesysoft acquisition subsequent to the measurement period adjustment (in thousands): Consideration transferred (unaudited) Cash paid $ 17,472 Deferred consideration 1,500 Total purchase consideration $ 18,972 Identifiable assets acquired Cash $ 586 Accounts receivable 624 Deposits 9 Intangible assets: developed technology 3,300 Intangible assets: customer relationships 1,700 Total assets acquired $ 6,219 Liabilities assumed Accounts payable and accrued liabilities $ 49 Deferred revenue 692 Payroll tax liability 91 Deferred tax liability 672 Lease liability 24 Total liabilities assumed $ 1,528 Goodwill 14,281 Total purchase consideration $ 18,972 2020 Acquisitions Our consolidated financial statements reflect the Take-Private Transaction that occurred on March 24, 2020, which was accounted for as a business combination. The Take-Private Transaction was accounted for in accordance with the acquisition method of accounting for business combinations with TopCo as the acquirer. The acquisition-related costs were expensed in the Predecessor Period, with the exception of $ 14.0 million in advisory and consulting costs incurred, which have been accounted for “on the line,” and have not been recognized in the Predecessor’s or Successor’s consolidated financial statements as they were contingent upon the consummation of the Take-Private Transaction. The final allocation of the purchase price was as follows (in thousands): Consideration transferred Cash paid $ 1,904,064 Total purchase consideration $ 1,904,064 Identifiable assets acquired Cash and cash equivalents $ 58,703 Accounts receivable 25,749 Prepaid expenses 44,177 Other assets 5,150 Intangible assets: developed technology 300,000 Intangible assets: customer relationships 395,000 Intangible assets: trade name 130,900 Property and equipment 14,353 Right-of-use assets 34,539 Total assets acquired $ 1,008,571 Liabilities assumed Accounts payable and accrued liabilities $ 40,254 Deferred revenue 86,600 Lease liabilities 39,189 Deferred tax liability 88,461 Other liabilities 80 Total liabilities assumed $ 254,584 Goodwill 1,150,077 Total purchase consideration $ 1,904,064 On December 22, 2020, we acquired all outstanding shares of Certica Holdings, LLC (“Certica”) for the purpose of enhancing our analytic, assessment, and data management solutions for Kindergarten through 12 th grade (“K-12”) students. The acquisition did not have a material effect on our revenue or earnings in the consolidated statements of operations for the reporting periods presented. As a result of the acquisition, a provisional deferred tax liability of $ 15.2 million was recorded as part of purchase accounting. The deferred tax liability will remain provisional until the Certica tax returns are filed. The following table summarizes the estimated fair values of the consideration transferred, assets acquired and liabilities assumed as of the date of the Certica acquisition (in thousands): Consideration transferred Cash paid $ 133,416 Total purchase consideration $ 133,416 Identifiable assets acquired Cash $ 12,243 Accounts receivable 2,533 Prepaid expenses 1,360 Other assets 537 Intangible assets: developed technology 28,300 Intangible assets: customer relationships 60,900 Intangible assets: trade name 700 Total assets acquired $ 106,573 Liabilities assumed Accounts payable and accrued liabilities $ 896 Deferred revenue 7,802 Contingent consideration liability 750 Other liability 469 Deferred tax liability 15,170 Total liabilities assumed $ 25,087 Goodwill 51,930 Total purchase consideration $ 133,416 For all acquisitions disclosed above, the excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, none of which is expected to be deductible for tax purposes. The goodwill generated from these transactions is attributable to the expected synergies to be achieved upon consummation of the business combinations and the assembled workforce values. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. Developed technology represents the estimated fair value of the acquired existing technology and is being amortized over its estimated remaining useful life of five year s. Amortization of developed technology is included in subscription and support cost of revenue expenses in the accompanying consolidated statements of operations during the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six months ended September 30, 2020 (Successor) and unaudited three months ended March 31, 2020 (Predecessor). Customer relationships represent the estimated fair value of the acquired customer bases and are amortized over the estimated remaining useful lives ranging from four to seven years . The trade names acquired are amortized over the estimated remaining useful lives ranging from three to ten years . Amortization of customer relationships and trade names is included in sales and marketing expenses in the accompanying consolidated statements of operations. Due to the step up in book basis of the intangible assets as a result of the Take-Private Transaction, the Company moved from a deferred tax asset position, offset by a full valuation allowance, to an overall net deferred tax liability position of $ 88.3 million. On December 22, 2020, the Company recorded an increase to the Certica deferred tax liability of $ 15.2 million in purchase accounting due to the step up in book basis of intangible assets as a result of the stock acquisition. We expect the net deferred tax liability to decrease as book amortization expense is recognized on the acquisition-related intangible assets. On June 28, 2021, the Company recorded a provisional increase to the Eesysoft deferred tax liability of $ 0.7 million in purchase accounting due to a step up in book basis of intangible assets as a result of the stock acquisition. We expect the net deferred tax liability to decrease as book amortization expense is recognized on the acquisition-related intangible assets. The deferred tax liability will remain provisional until the Eesysoft tax returns are filed.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment, net of amounts held for sale, consisted of the following (in thousands): September 30, December 31, 2021 2020 (unaudited) Computer and office equipment $ 2,656 $ 2,249 Capitalized software development costs 3,746 2,377 Furniture and fixtures 1,326 1,296 Leasehold improvements and other 4,336 7,327 Total property and equipment 12,064 13,249 Less accumulated depreciation and amortization ( 1,800 ) ( 1,960 ) Total $ 10,264 $ 11,289 Accumulated amortization for capitalized software development costs was $ 0.6 million and $ 0.5 million at September 30, 2021 (unaudited) and December 31, 2020, respectively. Amortization expense for capitalized software development costs for the unaudited nine months and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months March 31, 2020 (Predecessor), was $ 0.5 million, $ 0.2 million, $ 0.3 million, $ 0.2 million, and $ 1.8 million, respectively, and is recorded within subscription and support cost of revenue on the consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. Goodwill and Intangible Assets Goodwill activity was as follows (in thousands): Total Balance as of December 31, 2020 $ 1,172,395 Additions (Note 4 - Acquisitions) 14,281 Balance as of September 30, 2021 (unaudited) $ 1,186,676 Intangible assets, net of amounts held for sale, consisted of the following (in thousands): Weighted Average Remaining Useful Life (Years) September 30, December 31, (unaudited) Software 18 Months $ 21 $ 23 Trade names 100 Months 125,800 126,383 Developed technology 44 Months 311,600 310,311 Customer relationships 68 Months 412,400 413,947 Accumulated Amortization ( 189,791 ) ( 95,315 ) Total $ 660,030 $ 755,349 Amortization expense for intangible assets was $ 100.3 million, $ 33.6 million, $ 65.6 million, $ 32.6 million, and $ 2.6 million for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor), respectively. Amortization expense for developed technology was $ 46.4 million, $ 15.6 million, $ 30.2 million, $ 15.0 million, and $ 1.3 million for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor), respectively, and is recorded within cost of revenue on the consolidated statements of operations. Amortization expense for trade names and customer relationships was $ 53.9 million, $ 18.0 million, $ 35.4 million, $ 17.6 million, and $ 1.3 million for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor), respectively, and is recorded within sales and marketing on the consolidated statements of operations. Based on the recorded intangible assets at September 30, 2021 (unaudited), estimated amortization expense is expected to be as follows (in thousands): Amortization Expense Years Ending December 31, (unaudited) Remainder of 2021 $ 33,589 2022 134,355 2023 134,349 2024 134,114 2025 91,402 2026 and thereafter 132,221 Total $ 660,030

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue We have one operating segment, which is our cloud-based learning, assessment, development and engagement systems. Historically, we had primarily generated revenues from two customer bases, Education and Corporate. Education customers consist of K-12 and Higher Education institutions that purchase our Canvas Learning Management System (“LMS”), which includes assessments, analytics and learning content. Corporate customers purchased Bridge-related product, the Company's corporate learning platform, which included a learning management system and performance platform that helps employees and managers transform their organization through connection, alignment, and growth. On February 26, 2021, the Company sold getBridge LLC (“Bridge”), its corporate learning platform and wholly-owned subsidiary, as described further in Note 9—Assets and Liabilities Held for Sale, and no longer receives revenues from Corporate customers. The following tables present the Company’s disaggregated revenues based on its two customer bases and by geographic region, based on the physical location of the customer (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Education $ 107,221 $ 77,585 $ 291,106 $ 135,296 $ 65,564 Corporate — 4,187 3,662 7,846 5,825 Total revenue $ 107,221 $ 81,772 $ 294,768 $ 143,142 $ 71,389 Percentage of revenue generated by Education 100 % 95 % 99 % 95 % 92 % Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) United States $ 86,757 $ 66,920 $ 237,455 $ 115,972 $ 56,850 Foreign 20,464 14,852 57,313 27,170 14,539 Total revenue $ 107,221 $ 81,772 $ 294,768 $ 143,142 $ 71,389 Percentage of revenue generated outside of the United States 19 % 18 % 19 % 19 % 20 % Deferred Revenue and Performance Obligations During the unaudited nine and three months ended September 30, 2021, 62 % and 77 %, respectively, of revenue recognized was included in our deferred revenue balance at December 31, 2020, and June 30, 2021 (unaudited), respectively. During the unaudited three months ended September 30, 2020, 71 % of revenue recognized was included in our deferred revenue balance at June 30, 2020 (unaudited). Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2021 (unaudited), approximately $ 684.0 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 77 % of our remaining performance obligations over the next 24 months , with the balance recognized thereafter. As of December 31, 2020, approximately $ 599.2 million of revenue was expected to be recognized from remaining performance obligations. An additional $ 22.3 million from remaining Bridge performance obligations as of December 31, 2020 were not expected to be recognized as revenue in subsequent periods due to the circumstances discussed in Note 9—Assets and Liabilities Held for Sale. We expect to recognize revenue on approximately 77 % of our remaining performance obligations over the next 24 months , with the balance recognized thereafter.

Deferred Commissions

Deferred Commissions	9 Months Ended
	Sep. 30, 2021
Deferred Costs [Abstract]
Deferred Commissions Disclosure	8. Deferred Commissions Deferred commissions primarily consist of sales commissions that are capitalized as incremental contract origination costs and were $ 28.8 million and $ 23.1 million as of September 30, 2021 (unaudited) and December 31, 2020, respectively. Amortization expense for deferred commissions was $ 7.7 million, $ 3.0 million, $ 3.2 million, $ 2.7 million, and $ 3.4 million for the unaudited nine and three months ended September 30, 2021, unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor), respectively. There was no impairment of deferred commissions during these periods.

Assets And Liabilities Held for

Assets And Liabilities Held for Sale	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets And Liabilities Held for Sale	9. Assets and Liabilities Held for Sale We decided to sell Bridge, the Company’s corporate learning platform and wholly-owned subsidiary, during the third quarter of 2020. Historically, Bridge was part of the Company’s single operating segment. The decision to sell Bridge reflects our strategy to focus on our Higher Education and K–12 customers. As of December 31, 2020, the gross proceeds expected from the divestiture were approximately $ 47.0 million, subject to transaction costs. As of December 31, 2020, we measured the assets and liabilities held for sale associated with Bridge at the lower of its carrying value or fair value less costs to sell. The Company allocated $ 29.6 million of goodwill to Bridge and subsequently recognized an impairment for the full amount during the third quarter of 2020. The operating results of Bridge do not qualify for reporting as discontinued operations. The following table presents information related to the assets and liabilities that were classified as held for sale at December 31, 2020 (amounts in thousands): December 31, 2020 Assets Net receivables $ 228 Deferred commissions, current 576 Other current assets 406 Property and equipment, net 267 Deferred commissions, net of current portion 864 Goodwill 29,612 Net intangible assets 65,159 Total assets held for sale $ 97,112 Liabilities Accrued Liabilities $ 154 Deferred revenue 11,680 Total liabilities held for sale 11,834 Total net assets held for sale $ 85,278 Total net assets held for sale $ 85,278 Estimated fair value less costs to sell ( 45,500 ) Impairment of held-for-sale assets $ 39,778 Total assets held for sale $ 97,112 Impairment of held-for-sale goodwill and assets ( 39,778 ) Adjusted assets held for sale $ 57,334 On February 26, 2021, the Company sold Bridge for a total purchase price of $ 47.0 million. We received cash proceeds net of transaction costs of $ 46.0 million. The proceeds from this sale were used to pay down the balance of our Term Loan (as defined below). During the unaudited three months ended March 31, 2021 (Successor), we recognized a pretax loss on this divestiture of $ 1.2 million, which is included in operating expenses in the accompanying consolidated statements of operations.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2021
Line of Credit Facility [Abstract]
Credit Facility	10. Credit Facility On March 24, 2020, we entered into a credit agreement with a syndicate of lenders and Golub Capital Markets LLC, as administrative agent and collateral agent, and Golub Capital Markets LLC and Owl Rock Capital Advisors LLC, as joint bookrunners and joint lead arrangers (the “Credit Agreement”). The Credit Agreement provided for a senior secured term loan facility (the “Initial Term Loan”) in an original aggregate principal amount of $ 775.0 million, which was supplemented by an incremental term loan pursuant to the First Incremental Amendment and Waiver to Credit Agreement, dated as of December 22, 2020, in a principal amount of $ 70.0 million (the “Incremental Term Loan” and, together with the Initial Term Loan, the “Term Loan”). The maturity date for the Term Loan was March 24, 2026 , with the remaining principal due in full on the maturity date. The Credit Agreement also provided for a senior secured revolving credit facility in an aggregate principal amount of $ 50.0 million (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). The Revolving Credit Facility included a $ 10.0 million sublimit for the issuance of letters of credit. The Predecessor credit facilities were cancelled as a result of the Credit Agreement. The Credit Facilities contained customary negative covenants. At September 30, 2021 (unaudited) and December 31, 2020, the Company was in compliance with all applicable covenants pertaining to the Credit Facilities. The Credit Agreement required us to repay the principal of the Term Loan in equal quarterly repayments equal to 0.25 % of the aggregate original principal amount of the Term Loan, reduced as a result of the application of prepayments. Further, until the last day of the quarter ending June 30, 2021, the Credit Facilities bore interest at a rate equal to (i) 6.00 % plus the highest of (x) the prime rate (as determined by reference to the Wall Street Journal), (y) the Federal funds open rate plus 0.50 % per annum, and (z) a daily Eurodollar rate based on an interest period of one month plus 1.00 % per annum or (ii) the Eurodollar rate plus 7.00 % per annum, subject to a 1.00 % Eurodollar floor. Thereafter, on the last day of each of the five full fiscal quarters, we had the option (a “Pricing Grid Election”) to (i) retain the aforementioned applicable margins or (ii) switch to the applicable margins set forth on a pricing grid which, subject to certain pro forma total net leverage ratio limits, which provided for applicable margins ranging from 5.50 % to 7.00 %, in the case of Eurodollar loans, and 4.50 % to 6.00 % in the case of ABR Loans (as defined in the Credit Agreement). The applicable margins set forth on the pricing grid would become mandatory beginning on the last day of the tenth full fiscal quarter ending after March 24, 2020. Interest payments were due quarterly, or more frequently, based on the terms of the Credit Agreement. On May 27, 2021, the Company exercised its option to make a Pricing Grid Election. As a result, the Company’s applicable margin for Eurodollar loans under the Credit Facilities from May 27, 2021 onward was 5.5 %. In connection with the Company's IPO, the Company made a principal prepayment in August 2021 of $ 224.3 million on its outstanding Term Loan. In connection with the underwriters' exercise of their over-allotment option in August 2021, the Company made an additional principal prepayment in August 2021 of $ 30.8 million on its outstanding Term Loan. The Company also incurred a 1.5 % prepayment premium in conjunction with each principal prepayment. The Company incurred fees with respect to the Revolving Credit Facility, including a commitment fee of 0.50 % per annum of unused commitments under the Revolving Credit Facility. As of September 30, 2021 (unaudited) and December 31, 2020, respectively, there were no amounts outstanding under the Revolving Credit Facility. The Company had $ 50.0 million of availability under the Revolving Credit facility at each of September 30, 2021 (unaudited) and December 31, 2020. Debt discount costs of $ 13.6 million were incurred in connection with the Term Loan. An additional $ 3.8 million of debt discount costs were incurred in connection with the prepayment premium associated with the Term Loan as the prepayments were treated as modifications for accounting purposes. These debt discount costs are being amortized into interest expense over the contractual term of the Term Loan. The Company recognized $ 1.9 million, $ 0.7 million, $ 1.0 million, and $ 0.5 million, of amortization of debt discount costs for the unaudited nine and three months ended September 30, 2021 (Successor) and unaudited six and three months ended September 30, 2020 (Successor), respectively, which is included in the accompanying consolidated statements of operations. At September 30, 2021 (unaudited) and December 31, 2020, the Company had an aggregate principal amount outstanding of $ 487.0 million and $ 769.2 million, respectively, and $ 44.3 million and $ 70.0 million, for the Initial Term Loan and Incremental Term Loan, respectively, both bearing interest at 6.5 % at September 30, 2021 (unaudited) and 8.0 % at December 31, 2020, respectively. The Company had $ 14.1 million and $ 12.1 million of unamortized debt discount costs at September 30, 2021 (unaudited) and December 31, 2020, respectively, which is recorded as a reduction of the debt balance on the Company’s consolidated balance sheets. Debt issuance costs of $ 0.7 million were incurred in connection with the Revolving Credit Facility. These debt issuance costs are amortized into interest expense over the contractual term of the loan. The Company recognized $ 0.1 million, $ 29.0 thousand, $ 0.1 million, and $ 30.0 thousand of amortization of debt issuance costs for the unaudited nine and three months ended September 30, 2021 (Successor) and unaudited six and three months ended September 30, 2020 (Successor), respectively, which is included in the accompanying consolidated statements of operations. There were $ 0.1 million and $ 0.1 million, respectively, and $ 0.4 million and $ 0.5 million, respectively, of unamortized debt issuance costs included in other current assets and other assets on the Company’s consolidated balance sheets at September 30, 2021 (unaudited) and December 31 2020. The maturities of outstanding debt, as of September 30, 2021, are as follows (in thousands): Amount Years Ending December 31, (unaudited) Remainder of 2021 $ 1,348 2022 5,391 2023 5,391 2024 5,391 2025 5,391 Thereafter 508,394 Total $ 531,306 On October 29, 2021, we entered into a credit agreement with JPMorgan Chase Bank, N.A. ("JPMorgan"), as administrative agent, (the "JPMorgan Credit Agreement") governing our senior secured credit facilities (the "Senior Secured Credit Facilities"), consisting of a $ 500.0 million senior secured term loan facility (the "Senior Term Loan") and a $ 125.0 million senior secured revolving credit facility (the "Senior Revolver"). The proceeds from the new Senior Secured Credit Facilities were used, in addition to cash on hand, (1) to refinance, in full, all existing indebtedness under the Credit Agreement by and among Instructure Intermediate Holdings III, LLC, Instructure Holdings, LLC and certain of its subsidiaries, Golub Capital Markets LLC, as administrative agent, and the lenders named therein (the "Refinancing"), (2) to pay certain fees and expenses incurred in connection with the entry into the JPMorgan Credit Agreement and the Refinancing, and (3) to finance working capital needs of the Company and its subsidiaries for general corporate purposes. All of the Company's obligations under the Senior Secured Credit Facilities are guaranteed by the subsidiary guarantors named therein (the "Subsidiary Guarantors"). The Senior Revolver includes borrowing capacity available for letters of credit. Any issuance of letters of credit will reduce the amount available under the Senior Revolver. At and subsequent to closing, there have not been any borrowings incurred under the Senior Revolver. The Senior Term Loan has a seven-year maturity and the Senior Revolver has a five-year maturity. Commencing June 30, 2022, we are required to repay the Senior Term Loan portion of the Senior Secured Credit Facilities in quarterly principal installments of 0.25 % of the aggregate original principal amount of the Senior Term Loan at closing, with the balance payable at maturity. Borrowings under the Senior Secured Credit Facilities bear interest, at the Company's option, at: (i) Base Rate equal to the greater of (a) the Federal Funds Rate plus 1/2 of 1.00%, (b) the rate of interest in effect for such day as publicly announced from time to time by the administrative agent as its "prime rate," (c) a Eurocurrency Rate for such date plus 1.00 % and (d) 1.00%; or (ii) the Eurocurrency Rate (provided that the Eurocurrency Rate applicable to the Senior Term Loan shall not be less than 0.50 % per annum). The Applicable Rate for the Senior Term Loan with respect to Eurocurrency Rate Loans is 2.75 % per annum and 1.75 % per annum for Base Rate Loans. The Applicable Rate for the Senior Revolver with respect to Eurocurrency Rate Loans, SONIA Loans, and Alternative Currency Term Rate Loans ranges from 2.00 % to 2.5 % subject to the Company's Consolidated First Lien Net Leverage Ratio, while the Applicable Rate for Base Rate Loans ranges from 1.00 % to 1.50 % subject to the Company's Consolidated First Lien Net Leverage Ratio. We are also required to pay an unused commitment fee to the lenders under the Senior Revolver at the Applicable Commitment Fee of the average daily unutilized commitments. The Applicable Commitment Fee ranges from 0.40 % to 0.50 % subject to the Company's Consolidated First Lien Never Leverage Ratio. The JPMorgan Credit Agreement contains a financial covenant solely with respect to the Senior Revolver. If the outstanding amounts under the Senior Revolver exceed 35 % of the aggregate amount of the Senior Revolver commitments, we are required to maintain at the end of each fiscal quarter, commencing with the quarter ending June 30, 2022, a Consolidated Net Leverage Ratio of not more than 7.75 to 1.00 .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	11. Stockholders’ Equity The TopCo Amended and Restated Partnership Agreement (“Partnership Agreement”) set forth the terms, rights, powers, qualifications, limitations and restrictions of the partnership. In accordance with the Partnership Agreement, there was an unlimited number of authorized Class A Units and Class B Units (collectively, the “Units”) and issuance of such Units was determined by the board of managers. In connection with the Take-Private Transaction, TopCo issued 1,250,000 Class A Units and 90,000,000 Class B Units, with no par values, for the cash paid by Thoma Bravo and its affiliated funds. Units shared in distributions according to a “waterfall” which provided for distributions to be made in the following order and priority: (1) first, to the holders of Class A Units until they received a 9 % annual return on their remaining unreturned capital contributions, compounded quarterly; (2) second, to the holders of Class A Units until they received an amount equal to their respective capital contributions on a pro rata basis; and (3) third, to the holders of the remaining Class B Units based on their percentage of ownership, taking into account any applicable vesting terms and participation threshold on the Class B Units. A participation threshold in respect of a Class B Unit was determined at the time of issuance or grant and was equal to or greater than the amount payable in respect of a Class B Unit having a participation threshold of zero pursuant to the waterfall in a hypothetical liquidation of TopCo at the value of TopCo as of immediately prior to such issuance or grant. No conversion or redemption rights are associated with Class A or Class B Units. In connection with the IPO, TopCo effected a series of transactions that resulted in TopCo’s equityholders holding shares of our common stock directly, and then TopCo being liquidated and dissolved. I n connection with the Take-Private Transaction, the Successor's board of directors authorized 2,000 shares of common stock with a par value of $ 0.01 . Common stock issued and outstanding as of July 9, 2021, prior to the stock split (unaudited) and December 31, 2020 were 998.10 and 999.84 , respectively. No other shares were issued. Refer to Note 1—Description of Business and Basis of Presentation for additional information regarding the Company's capital structure. As a result of the stock split on July 9, 2021, common shares issued and outstanding as of September 30, 2021 (unaudited) and December 31, 2020 were 140,423,852 and 126,219,075, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation Employee Equity Plans The following two tables show stock-based compensation by award type and where the stock-based compensation expense was recorded in our consolidated statements of operations (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Options $ 28 $ 186 $ 104 $ 1,594 $ 367 Restricted stock units 7,784 3,907 12,151 35,852 6,076 Employee stock purchase plan 565 — 565 — 666 Class A and Class B Units 2 2,629 4,902 3,104 — Total stock-based compensation $ 8,379 $ 6,722 $ 17,722 $ 40,550 $ 7,109 Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Subscription and support cost of revenue $ 257 $ 333 $ 652 $ 653 $ 301 Professional services and other cost of revenue 323 222 610 463 285 Sales and marketing 2,139 1,843 4,814 5,435 1,977 Research and development 2,292 2,149 4,896 7,193 1,874 General and administrative 3,368 2,175 6,750 26,806 2,672 Total stock-based compensation $ 8,379 $ 6,722 $ 17,722 $ 40,550 $ 7,109 In connection with the Take-Private Transaction on March 31, 2020, and except for certain executives, outstanding stock options and restricted stock units (“RSUs”, together with the stock options “equity awards”), whether vested or unvested, were cancelled and replaced with the right to receive $ 49.00 per share in cash, less the applicable exercise price per share and applicable withholding taxes (the “per share price”), with respect of each share of common stock underlying such award (“Cash Replacement Awards”). The per share price attributed to the unvested equity awards will vest and be payable at the same time such equity awards would have vested pursuant to their original terms prior to the replacement. During the unaudited nine and three months ended September 30, 2021 (Successor), and unaudited six and three months ended September 30, 2020 (Successor), the Company recognized $ 6.1 million, $ 1.7 million, $ 37.4 million, and $ 4.1 million of stock-based compensation expense associated with the Cash Replacement Awards, respectively. Successor In July 2021, our board of directors adopted the 2021 Omnibus Incentive Plan (the “ 2021 Plan ” ) in order to promote the success of the Company’s business for the benefit of its stockholders by enabling the Company to offer eligible individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders. The 2021 Plan provides for potential grants of the following awards with respect to shares of the Company’s common stock: (i) incentive stock options qualified as such under U.S. federal income tax laws; (ii) non-qualified stock options or any other form of stock options; (iii) restricted stock units; (iv) performance awards; (v) Other equity-based and cash-based incentive awards as determined by the Committee (meaning any committee of the board of directors duly authorized by the board of directors to administer the 2021 Plan). The maximum aggregate number of shares of the Company’s common stock that may be issued pursuant to awards under the 2021 Plan is 18,000,000 shares (the “Plan Share Reserve”). The 2021 Plan also contains a provision that will add an additional number of shares of common stock to the Plan Share Reserve on the first day of each year starting with January 1, 2022, equal to the lesser of (i) the positive difference between (x) 4 % of the outstanding common stock on the last day of the immediately preceding year, and (y) the Plan Share Reserve on the last day of the immediately preceding year, and (ii) a lower number of shares of common stock as may be determined by the board of directors. On July 21, 2021, the board of directors granted 1,689,950 RSUs to employees and certain members of the board of directors under the 2021 Plan. Each RSU entitles the recipient to receive one share of the Company's common stock upon vesting. The RSUs are subject to time-based service requirements and generally vest over four years with one quarter of the RSUs vesting on the first anniversary of the vesting commencement date and then one sixteenth vesting quarterly thereafter with vesting commencement dates generally ranging from March 2021 to September 2021. The aggregate fair value of the RSUs granted on the date of the IPO was the IPO price for the underlying common stock of the Company, or $ 20.00 , and totaled $ 34.0 million. Restricted Stock Units Restricted Stock Unit activity on or after the IPO date was as follows during the periods indicated, presented for awards granted to employees and members of the board of directors (unaudited, in thousands, except per unit amounts): RSUs Weighted Average Grant Date Fair Value Per Unit Outstanding as June 30, 2021 — $ — Granted 1,719 20.04 Vested — — Forfeited or cancelled ( 62 ) 20.00 Outstanding at September 30, 2021 1,657 $ 20.04 As of September 30, 2021, total unrecognized compensation cost related to unvested RSUs granted on or after the IPO date amounted to $ 31.0 million, which is expected to be recognized over a weighted average period of 3.5 years. Incentive Units In April 2020, as part of the Take-Private Transaction, the board of managers approved the Instructure Parent, LP Incentive Equity Plan (the “2020 Plan”) and the Instructure Co-Invest Agreement (the “Co-Invest Agreement”) to incentivize employees and to align the employees and management with the owners of the business. The 2020 Plan provides for the grant of incentive stock options, profits interest, equity appreciation rights and other forms of awards to employees and non-employees granted or denominated in shares of the TopCo’s Units. Under the 2020 Plan, 10,000,000 Class B Units (“Incentive Units”) were reserved for issuance (“Incentive Carry”) and do not have a contractual life. Incentive Carry grants are subject to a service and a performance vesting condition based on the achievement of an EBITDA target as established by the Company’s board of managers, over a performance period of four years . The Co-Invest Agreement offered employees the one-time opportunity to co-invest in TopCo by purchasing Units directly from the Company for cash. Under the Co-Invest agreement, the purchase price for one Class A unit and 72 Class B units was $ 1,000 , which is the same investment allocation between the two unit classes as the investment made by existing investors at the time of the Take-Private Transaction. The minimum cash investment was $ 2,500 . Any consideration received in excess of the investment has been recognized as stock-based compensation in the consolidated statements of operations. Additionally, TopCo granted 480,000 Incentive Units to certain members of the board of managers that were only subject to service-based vesting conditions over four years (“Board Carry”). These Incentive Units are not included in the Incentive Carry pool previously discussed and there is no contractual life. In connection with the stock-split and IPO, 2,271,698 Incentive Units that were vested as of the IPO date converted to 1,305,738 shares of the Company's common stock and were released to the Unit holders, and 6,126,802 Incentive Units unvested as of the IPO date were exchanged for 3,496,739 RSUs under the 2021 Plan. The RSUs will generally vest in 11 equal quarterly installments commencing September 1, 2021. In connection with this conversion, the Company will incur incremental stock-based compensation expense of $ 12.4 million, which will be recognized over the remaining vesting period of the awards. The following table summarizes the activity under the 2020 Plan, inclusive of the Incentive Carry and Board Carry, and their conversion into RSUs under the 2021 Plan (unaudited, in thousands, except per unit amounts): RSUs - Pre IPO Weighted Average Grant Date Fair Value Per Unit Outstanding Incentive Units at December 31, 2020 8,666 $ 4.03 Incentive Units granted — — Incentive Units forfeited or cancelled ( 268 ) 4.09 Incentive Units vested at IPO ( 2,271 ) 4.04 Incentive Units exchanged for RSUs ( 6,127 ) — Incentive Units after IPO — — RSUs exchanged from Incentive Units 3,497 — RSUs forfeited or cancelled ( 60 ) 11.03 RSUs vested ( 306 ) 9.32 Outstanding RSUs at September 30, 2021 3,131 $ 10.76 The following table summarizes the assumptions relating to our Incentive Units used in the option pricing model to establish the grant date fair value for the Successor Period from April 1, 2020 to December 31, 2020: Period from April 1 to December 31, 2020 Dividend yield None Volatility 60 % Risk-free interest rate 0.3 % Expected life (years) 4.3 - 4.7 There were no Incentive Units granted subsequent to December 31, 2020. As of September 30, 2021 (unaudited) and December 31, 2020, we had $ 32.5 million and $ 28.2 million of unrecognized stock-based compensation expense related to unvested Incentive Units exchanged for RSUs as of July, 21 2021, that are expected to be recognized over a weighted-average period of 2.5 and 3.3 years, respectively. 2021 Employee Stock Purchase Plan In July 2021, our board of directors adopted, and our stockholders approved, the 2021 ESPP. The 2021 ESPP became effective upon the closing of our IPO and provides for the grant of rights to purchase shares of our common stock. The 2021 Plan initially reserves 1,900,000 shares of common stock under the plan, which automatically increases on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031 by an amount equal to 1 % of the shares outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares as is determined by the board of directors. The plan allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15 % of their eligible compensation, subject to any plan limitations. The initial offering will consist of one offering period, which will end on February 28, 2022. After the initial offering ends, a new offering period will begin on the date designated by the board of directors. Each new offering will begin on or about March 1 and September 1 and will be approximately six months in duration. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85 % of the lesser of (1) the fair market value of our common stock on the offering date or (2) the fair market value of our common stock on the purchase date. The following table summarizes the assumptions relating to 2021 ESPP purchase rights used in a Black-Scholes option pricing model for the three months ended September 30, 2021: Three months 2021 Dividend yield None Volatility 47 % Risk-free interest rate 0.06 % Expected life (years) .6 Predecessor In August 2015, our board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”) and our stockholders approved the 2015 Plan in October 2015. The 2015 Plan became effective in connection with the Predecessor's first initial public offering (the “initial IPO”) and provided for the grant of incentive stock options, nonqualified options, restricted stock units, stock appreciation rights, and shares of restricted stock. As of December 31, 2019, there were 7,491,786 shares of common stock authorized under the 2015 Plan. The 2015 Plan also provided that the number of shares reserved and available for issuance under the plan automatically increased each January 1, beginning on January 1, 2016 and continuing through and including January 1, 2025, by 4.5 % of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by our board of directors. This number was subject to adjustment in the event of a stock split, stock dividend or other change in our capital structure. Additionally, as part of our acquisition of Portfolium, we assumed the Portfolium 2014 Plan. No shares are available for issuance under the Portfolium 2014 Plan. The board of directors determined the terms of each grant. Generally, options have a vesting period ranging from one to four years. Stock options have a ten-year contractual life. Certain stock options had provisions to accelerate vesting upon the occurrence of certain events such as a change in control. Certain stock options provided for early exercise of unvested shares. All options were granted with an exercise price equal to or greater than the estimated fair value of our common stock at the date of grant. The fair value of the common stock that underlies the stock options has historically been determined by the board of directors based, in part, upon periodic valuation studies obtained from a third-party valuation firm. After the initial IPO and prior to the Take-Private Transaction, the fair value was determined by the then closing price of our common stock as reported on the New York Stock Exchange on the date of grant. There were no grants between the Take-Private Transaction and the date we were de-listed from the New York Stock Exchange. In August 2015, our board of directors adopted the 2015 ESPP. Our stockholders approved the 2015 ESPP in October 2015, which became effective on the closing date of the initial IPO. A total of 333,333 shares of our common stock were initially reserved for issuance under the 2015 ESPP. The number of shares reserved for issuance increased automatically each year, beginning January 1, 2016 through and including January 1, 2025 by the lesser of 1 % of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year; 333,333 shares of common stock; or such lesser number as determined by our board of directors. As of December 31, 2019, there were 1,533,205 shares authorized under the 2015 ESPP. The plan allowed eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15 % of their eligible compensation, subject to any plan limitations. Our board of directors approved the 2015 ESPP offerings. Each offering did not to be identical, but could not exceed 27 months and could specify one or more shorter purchase periods within the offering. On each purchase date, eligible employees could purchase our stock at a price per share equal to 85 % of the lesser of (1) the fair market value of our stock on the offering date or (2) the fair market value of our stock on the purchase date. As of January 1, 2020, 602,094 shares were reserved for future issuance under the 2015 ESPP. No shares of common stock were issued during the unaudited three months ended March 31, 2020. In Connection with the Take-Private Transaction on March 31, 2020, and except for certain executives, outstanding equity awards (including under the 2015 Plan, the Portfolium 2014 Plan and the 2015 ESPP), whether vested or unvested, were cancelled and replaced with the right to receive the Cash Replacement Awards. The following table summarizes the assumptions relating to the 2015 ESPP purchase rights used in a Black Scholes option pricing model for the unaudited three months ended March 31, 2020: Three Months Ended March 31, 2020 2015 Employee Stock Purchase Plan Dividend yield None Volatility 29.69 % Risk-free interest rate 1.62 % Expected life (years) 0.5 Fair value of common stock $ 52.52 The Company did no t grant any employee stock options during the unaudited three months ended March 31, 2020. The following table summarizes the stock option activity for the unaudited three months ended March 31, 2020 (in thousands, except per share amounts): Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Fair Value Outstanding at January 1, 2020 601 $ 18.25 6.2 $ 17,992 Granted — — Exercised ( 131 ) 8.16 5,297 Forfeited or cancelled — 12.24 13 Outstanding at March 31, 2020 470 21.07 3.2 13,113 Vested and expected to vest - March 31, 2020 470 21.07 3.2 13,113 Exercisable at March 31, 2020 (1) 343 $ 16.84 3.6 $ 11,033 (1) Options were exchanged for rights to receive $ 49.00 per share in cash, less applicable exercise price, on March 31, 2020 upon consummation of the Take-Private Transaction. The following table summarizes the activity of our unvested stock options for the unaudited three months ended March 31, 2020 (in thousands, except per share amounts): Shares Underlying Options Weighted Average Grant Date Fair Value Per Share Unvested at January 1, 2020 159 $ 17.92 Granted — — Vested ( 32 ) 16.05 Forfeited — — Unvested at March 31, 2020 (1) 127 $ 18.38 (1) Options were replaced for rights to receive $ 49.00 per share in cash, less applicable exercise price, on March 31, 2020 upon consummation of the Take-Private Transaction upon meeting certain vesting conditions in the Successor Period. The total intrinsic value of options exercised was $ 5.3 million during the unaudited three months ended March 31, 2020. The total fair value of options vested during the unaudited three months ended March 31, 2020 was $ 0.5 million. The activity for RSUs for the unaudited three months ended March 31, 2020 is as follows (in thousands, except per share amounts): RSUs Outstanding Shares Weighted Average Grant Date Fair Value Per Share Unvested and outstanding at January 1, 2020 2,584 $ 40.38 Granted 5 48.27 Vested ( 233 ) 36.97 Cancelled ( 240 ) 38.90 Unvested and outstanding at March 31, 2020 (1) 2,116 (1) Shares were replaced for rights to receive $ 49.00 per share in cash on March 31, 2020, upon consummation of the Take-Private Transaction upon meeting certain vesting conditions in the Successor Period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes Utilization of the net operating loss carryforwards and credits may be subject to substantial annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. We file tax returns in the United States, the United Kingdom, Australia, the Netherlands, Hong Kong, Sweden, Brazil, Mexico, Hungary, China and various state jurisdictions. All of our tax years remain open to examination by major taxing jurisdictions to which we are subject, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state and foreign tax authorities if they have or will be used in future periods. We believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. We do not expect our gross unrecognized tax benefits to change significantly in the next 12 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value of Financial Instruments	14. Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. There were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy during the unaudited period ended September 30, 2021 (Successor) and December 31, 2020. Assets measured at fair value on a recurring basis as of September 30, 2021 (unaudited) were as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 3,343 $ — $ — $ 3,343 Total assets $ 3,343 $ — $ — $ 3,343 Assets measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 3,342 $ — $ — $ 3,342 Total assets $ 3,342 $ — $ — $ 3,342

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	15. Leases The Company leases office space under non-cancelable operating leases with lease terms ranging from one to seven years . These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include early termination options. The Company has elected to exercise its early termination rights. All related operating leases have been impaired to reflect this early termination option. The Company subleases five of its locations. The first, second, third, fourth, and fifth sublease term has 21 months , 42 months , 87 months , 52 months , and 38 months remaining, respectively. All subleases have no option for renewal. Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Right-of-use assets also include adjustments related to prepaid or deferred lease payments and lease incentives. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. The Company performed evaluations of its contracts and determined that each of its identified leases are operating leases. The components of operating lease expense were as follows (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Operating lease cost, gross $ 1,731 $ 2,361 $ 5,621 $ 4,657 $ 2,235 Variable lease cost, gross (1) 435 389 1,371 1,128 531 Sublease income ( 300 ) ( 177 ) ( 777 ) ( 354 ) ( 177 ) Total lease costs (2) $ 1,866 $ 2,573 $ 6,215 $ 5,431 $ 2,589 (1) Variable rent expense was not included within the measurement of the Company's operating right-of-use assets and lease liabilities. Variable rent expense is comprised primarily of the Company's proportionate share of operating expenses, property taxes and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components. (2) Short-term lease costs for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor) were not significant and are not included in the table above. Cash paid for amounts included in the measurement of operating lease liabilities for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor) were $ 6.5 million, $ 2.2 million, $ 4.4 million, $ 2.0 million, and $ 2.5 million, respectively, and was included in net cash provided by operating activities in the consolidated statements of cash flows. As of September 30, 2021 (unaudited), the maturities of the Company’s operating lease liabilities were as follows (in thousands): Remainder of 2021 $ 2,172 2022 8,861 2023 8,713 2024 8,458 2025 4,395 2026 and thereafter 5,920 Total lease payments 38,519 Less: Imputed interest ( 6,558 ) Lease liabilities 31,961 Tenant improvement reimbursements included in the measurement of lease liabilities but not yet received ( 280 ) Lease liabilities, net 31,681 As of September 30, 2021 (unaudited) and December 31, 2020, the weighted average remaining lease term is 4.7 and 5.3 years, respectively, and the weighted average discount rate used to determine operating lease liabilities was 8.19 % as of September 30, 2021 (unaudited) and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Letters of Credit As of September 30, 2021 (unaudited) and December 31, 2020, we had a total of $ 4.3 million and $ 4.7 million respectively, of letters of credit outstanding that were issued for purposes of securing certain of the Company’s obligations under facility leases and other contractual arrangements. Litigation We are involved in various legal proceedings and claims, including challenges to trademarks, from time to time arising in the normal course of business. If we determine that it is probable that a loss has been incurred and the amount is reasonably estimable, we will record a liability in our financial statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. Management believes that the outcome of our various legal proceedings, singly or in the aggregate, will not have a material impact on our financial position, results of operations, or liquidity.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related - Party Transactions	17. Related-Party Transactions The Company has agreements in place with Thoma Bravo, LLC for financial and management advisory services, along with compensation arrangements and reimbursements to directors and officers. During the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor), the Company incurred $ 0.4 million, $ 0.1 million, $ 0.5 million, and $ 47.0 thousand, respectively, related to these services. There were no related party expenses in the three month period ended September 30, 2020 (Successor). The related expense is reflected in general and administrative expense in the consolidated statements of operations. The spouse of Mitch Benson, our Chief Product Officer, is an employee of the Company. Mr. Benson has been an employee of the Company since 2014 and our Chief Product Officer since August 2019. His spouse, Ms. Tara Gunther, has been an employee of the Company since 2014. Her 2020 base salary and short-term incentive award was approximately $ 0.2 million in the aggregate. Ms. Gunther held RSUs that were converted into cash awards in the Take-Private Transaction with a value of approximately $ 0.1 million that vested in 2020, and was granted a 2020 target long-term incentive award with a value of approximately $ 0.1 million. She also received benefits generally available to all employees. The compensation for Ms. Gunther was determined in accordance with our standard employment and compensation practices applicable to employees with similar responsibilities and positions. For the nine months ended September 30, 2021, Ms. Gunther's base salary was $ 0.1 million. In connection with our entry into our Credit Facilities on March 24, 2020, affiliates of Thoma Bravo collectively acquired $ 129.2 million of our Term Loan and as of September 30, 2021 (unaudited), affiliates of Thoma Bravo collectively owned $ 88.6 million of our Term Loan. Interest paid to affiliates of Thoma Bravo during the unaudited nine and three months ended September 30, 2021 (Successor) and unaudited six and three months ended September 30, 2020 (Successor) were $ 7.0 million, $ 1.7 million, $ 5.5 million, and $ 2.6 million, respectively. In connection with our principal prepayments made in August 2021, $ 42.5 million of the prepayments were applied to the Term Loan held by affiliates of Thoma Bravo. Additionally, in connection with our Refinancing, $ 88.6 million of our Term Loan held by affiliates of Thoma Bravo was paid off. Refer to Note 10 — Credit Facilities for additional information regarding the principal prepayments and Refinancing.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On November 5, 2021, Instructure, Inc. entered into a Stock Purchase Agreement with all of the securityholders of Kimono LLC (“Kimono”) and paid $ 10.0 million in cash, subject to customary adjustments, to such securityholders to acquire 100 % of the outstanding securities of Kimono.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, we have prepared the accompanying unaudited financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2020, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2021. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under U.S. GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted under the rules and regulations of the SEC. On July 9, 2021, the Company effected a 126,239.815 -for-1 stock split of its issued and outstanding shares of common stock and made comparable and equitable adjustments to its equity awards in accordance with the terms of the awards. The par value of the common stock was not adjusted as a result of the stock split. Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retrospectively, where applicable, to reflect this stock split. In connection with the stock split, on July 9, 2021, the Company’s board of directors and stockholders approved the Certificate of Amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 2,000 shares to 500,000,000 shares and to increase the number of authorized shares of preferred stock from zero shares to 50,000,000 shares. No preferred stock has been issued or outstanding. On July 26, 2021, the Company completed its initial public offering (“IPO”) of 12,500,000 shares of common stock at an offering price of $ 20.00 per share. The Company received net proceeds of $ 233.1 million after deducting underwriting discounts and commissions. On August 19, 2021, the underwriters partially exercised their over-allotment option and purchased an additional 1,675,000 shares of common stock at the offering price of $ 20.00 per share. The Company received additional net proceeds of $ 31.3 million after deducting underwriting discounts and commissions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Such estimates, which we evaluate on an on-going basis, include provisions for credit losses, useful lives for property and equipment and intangible assets, valuation allowances for net deferred income tax assets, valuation of stock-based compensation and common stock, the standalone selling price of performance obligations, the fair value of identified assets and liabilities acquired in business combinations and the determination of the period of benefit for deferred commissions. We base our estimates on historical experience and on various other assumptions which we believe to be reasonable.
Operating Segments	Operating Segments We operate in a single operating segment, cloud-based learning management, assessment and performance systems. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision makers (“CODMs”), which are our chief executive officer and chief financial officer, in deciding how to allocate resources and assess performance. Our CODMs evaluate our financial information and resources and assess the performance of these resources on a consolidated basis. Since we operate in one operating segment, all required financial segment information can be found on the consolidated financial statements.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders in both the Successor Period and the Predecessor Period is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock and restricted stock units are considered to be common stock equivalents in the Predecessor Period, and r estricted stock units are considered to be common stock equivalents in the Successor Period.
Concentration of Credit Risk, Significant Customers and International Operations	Concentration of Credit Risk, Significant Customers and International Operations Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and accounts receivable. We deposit cash with high credit quality financial institutions, which at times, may exceed federally insured amounts. We have not experienced any losses on our deposits. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. We review the expected collectability of accounts receivable and record a provision for credit losses for amounts that we determine are not collectible. There were no customers with revenue as a percentage of total revenue exceeding 10% for the periods presented. As of September 30, 2021 (unaudited) and December 31, 2020, our largest customer's outstanding net accounts receivable balance as a percentage of the total outstanding net accounts receivable balance represented 13.0 % and 11.3 %, respectively. There were no other customers with outstanding net accounts receivable balances as a percentage of the total outstanding net accounts receivable balance greater than 10% as of September 30, 2021 (unaudited) and December 31, 2020. Our long-term growth strategy involves further expansion of our sales to customers outside of the United States, which will cause our business to be susceptible to risks associated with international operations. Refer to Note 7— Revenue for details.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all short-term highly liquid investments purchased with original maturities of three months or less at the time of acquisition to be cash equivalents.
Provision for Credit Losses	Provision for Credit Losses Provision for credit losses consist of bad debt expense associated with our accounts receivable balance. These losses are recorded in general and administrative in our consolidated statements of operations. We are exposed to credit losses primarily through our receivables from customers. We develop estimates to reflect the risk of credit loss which are based on historical loss trends adjusted for asset specific attributes, current conditions and reasonable and supportable forecasts of the economic conditions that will exist through the contractual life of the financial asset. We monitor our ongoing credit exposure through an active review of collection trends. Our activities include monitoring the timeliness of payment collection, managing dispute resolution and performing timely account reconciliations. Our provisions for credit loss balances at September 30, 2021 (unaudited) and December 31, 2020 were $ 0.9 million and $ 0.9 million, respectively.
Property and Equipment and Intangible Assets	Property and Equipment and Intangible Assets Property and equipment are stated at cost less accumulated depreciation. Expenditures that materially increase values or capacities or extend useful lives of property and equipment are capitalized. Repairs and maintenance costs that do not extend the useful life or improve the related assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or over the related lease terms (if shorter). The estimated useful life of each asset category is as follows: Estimated Computer and office equipment 2 - 3 years Purchased software 2 - 3 years Furniture and fixtures 2 - 5 years Capitalized software development costs 3 years Leasehold improvement and other Lesser of lease term or useful life Certain costs incurred to develop software applications used in the cloud-based learning, assessment, development and engagement system are capitalized and included in property and equipment, net on the balance sheets. Capitalizable costs consist of (1) certain external direct costs of materials and services incurred in developing or obtaining internal-use software; and (2) payroll and payroll-related costs for employees who are directly associated with and who devote time to the project. These costs generally consist of internal labor during configuration, coding and testing activities. Research and development costs incurred during the preliminary project stage, or costs incurred for data conversion activities, training, maintenance and general and administrative or overhead costs, are expensed as incurred. Costs that cannot be separated between the maintenance of, and relatively minor upgrades and enhancements to, internal-use software are also expensed as incurred. Costs incurred during the application development stage that significantly enhance and add new functionality to the cloud-based learning, assessment, development and engagement system are capitalized as capitalized software development costs. Capitalization begins when: (1) the preliminary project stage is complete; (2) management with the relevant authority authorizes and commits to the funding of the software project; (3) it is probable the project will be completed; (4) the software will be used to perform the functions intended; and (5) certain functional and quality standards have been met. Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful life of the asset, which ranges from three to ten years . When there are indicators of potential impairment, we evaluate recoverability of the carrying values of property and equipment and intangible assets by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds our estimated undiscounted future net cash flows, an impairment charge is recognized based on the amount by which the carrying value of the asset exceeds the fair value of the asset. We did not incur any impairment charges during the periods presented.
Leases	Leases We enter into operating lease arrangements for real estate assets related to office space. Consistent with the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“Topic 842”), the Company determines if an arrangement conveys the right to control the use of the identified asset in exchange for consideration. Operating leases are included as right-of-use assets and lease liabilities in the consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist of the fixed payments under the arrangements. Variable costs, such as maintenance and utilities based on actual usage, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. As the implicit rate of the Company’s leases is not determinable, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company generally uses the non-cancellable lease term when recognizing the right-of-use assets and lease liabilities unless it is reasonably certain that a renewal option or termination option will be exercised. The Company accounts for lease components and non-lease components as a single component. Leases with a term of twelve months or less are not recognized on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.
Fair Value	Fair Value Our short-term financial instruments include accounts receivable, accounts payable and accrued liabilities and are carried on the consolidated balance sheets as of September 30, 2021 (unaudited), and December 31, 2020 at amounts that approximate fair value due to their short-term maturity dates.
Goodwill	Goodwill Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Goodwill is not subject to amortization, but is tested annually for impairment or more frequently if there are indicators of impairment. Management considers the following potential indicators of impairment: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in our use of acquired assets or the strategy of our overall business; (3) significant negative industry or economic trends; and (4) a significant decline in our stock price for a sustained period. We operate under one reporting unit and, as a result, evaluate goodwill impairment based on our fair value as a whole. Our annual impairment test performed during the Successor 2020 Period did not result in any impairment of the goodwill balance. Refer to Note 9—Assets and Liabilities Held for Sale for additional information regarding impairment of goodwill. We did not recognize any additional impairment charges in any of the periods presented. We have no other intangible assets with indefinite useful lives.
Revenue Recognition	Revenue Recognition We generate revenue primarily from two main sources: (1) subscription and support revenue, which is comprised of SaaS fees from customers accessing our learning platform and from customers purchasing additional support beyond the standard support that is included in the basic SaaS fees; and (2) related professional services revenue, which is comprised of training, implementation services and other types of professional services. Consistent with ASC 606, Revenue from Contracts with Customers, revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The timing of revenue recognition may differ from the timing of invoicing our customers. We record an unbilled receivable, which is included within accounts receivable—net on our consolidated balance sheets, when revenue is recognized prior to invoicing. Unbilled receivable balances as of September 30, 2021 (unaudited) and December 31, 2020 were $ 1.7 million and $ 0.8 million, respectively. We determined revenue recognition through the following steps:  Identification of the contract, or contracts, with a customer  Identification of the performance obligations in the contract  Determination of the transaction price  Allocation of the transaction price to the performance obligations in the contract  Recognition of revenue when, or as, we satisfy a performance obligation The following describes the nature of our primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions we enter into with our customers. Subscription and Support Subscription and support revenue is derived from fees from customers to access our learning platform and support beyond the standard support that is included with all subscriptions. The terms of our subscriptions do not provide customers the right to take possession of the software. Subscription and support revenue is generally recognized on a ratable basis over the contract term. Payments from customers are primarily due annually in advance. Professional Services and Other Professional services revenue is derived from implementation, training, and consulting services. Our professional services are typically considered distinct from the related subscription services as the promise to transfer the subscription can be fulfilled independently from the promise to deliver the professional services (i.e., customer receives standalone functionality from the subscription and the customer obtains the intended benefit of the subscription without the professional services). Professional services arrangements are billed in advance, and revenue from these arrangements is typically recognized over time as the services are rendered, using an efforts-expended input method. Implementation services also include nonrefundable upfront setup fees, which are allocated to the remaining performance obligations. Contracts with Multiple Performance Obligations Many of our contracts with customers contain multiple performance obligations. We account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. We determine the SSP based on our overall pricing objectives by reviewing our significant pricing practices, including discounting practices, geographical locations, the size and volume of our transactions, the customer type, price lists, our pricing strategy, and historical standalone sales. SSP is analyzed on a periodic basis to identify if we have experienced significant changes in our selling prices. Deferred Commissions Sales commissions earned by our sales force, as well as related payroll taxes, are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be generally four years. We determined the period of benefit by taking into consideration our customer contracts, our technology and other factors. Amortization of deferred commissions is included in sales and marketing expenses in the accompanying consolidated statements of operations. Deferred Revenue Deferred revenue consists of billings and payments received in advance of revenue recognition generated by our subscription and support services and professional services and other, as described above. Cost of Revenue Cost of subscription revenue consists primarily of our managed hosting provider and other third-party service providers, employee-related costs including payroll, benefits and stock-based compensation expense for our operations and customer support teams, amortization of capitalized software development costs and acquired technology, and allocated overhead costs, which we define as rent, facilities and costs related to information technology, or IT. Cost of professional services and other revenue consists primarily of personnel costs of our professional services organization, including salaries, benefits, travel, bonuses and stock-based compensation, as well as allocated overhead costs. Service Availability Warranty We warrant to our customers: (1) that commercially reasonable efforts will be made to maintain the online availability of the platform for a minimum availability in a trailing 365-day period (excluding scheduled outages, standard maintenance windows, force majeure, and outages that result from any technology issue originating from any customer or user); (2) the functionality or features of the platform may change but will not materially degrade during any paid term; and (3) that support may change but will not materially degrade during any paid term. To date, we have not experienced any significant losses under these warranties.
Stock-Based Compensation	Stock-Based Compensation Successor Before our IPO, we determined the grant date fair value for all unit-based awards granted to employees and nonemployees by using an option-pricing model. As of June 30, 2021, our equity was not publicly traded and there was no history of market prices for our units. Thus, estimating grant date fair value required us to make assumptions, including the value of our equity, expected time to liquidity, and expected volatility. Stock-based compensation costs for granted units were recognized as expense over the requisite service period, which was generally the vesting period for awards, on a straight-line basis for awards with only a service condition. For granted units subject to performance conditions, the Company recorded expense when the performance condition became probable. Forfeitures were accounted for as they occurred. Subsequent to our IPO in July 2021, we account for all awards granted to employees and nonemployees using a fair value method. Stock-based compensation is recognized as an expense and is measured at the fair value of the award. The measurement date for employee awards is generally the date of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period for awards, on a straight-line basis for awards with only a service condition. Forfeitures are accounted for as they occur. We use the closing price of our common stock as reported on the New York Stock Exchange for the fair value of restricted stock units (“RSUs”) granted. We use the Black-Scholes option pricing model to determine the fair value of purchase rights issued to employees under our 2021 Employee Stock Purchase Plan (“2021 ESPP”). The Black-Scholes option pricing model is affected by the unit price and a number of assumptions, including the award’s expected life, risk-free interest rate, the expected volatility of the underlying stock and expected dividends. These assumptions are estimated as follows:  Fair Value of Our Common Stock. We rely on the closing price of our common stock as reported by the New York Stock Exchange on the date of grant to determine the fair value of our common stock.  Risk-Free Interest Rate. We base the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.  Expected Term. For the 2021 ESPP, we have used an expected term of 0.6 years for the first offering period and will use an expected term of 0.5 years for subsequent offering periods.  Volatility. For the first offering period, we estimate the price volatility factor based on the historical volatilities of our comparable companies as we do not have a sufficient trading history for our common stock. To determine our comparable companies, we consider public enterprise cloud-based application providers and select those that are similar to us in size, stage of life cycle, and financial leverage. Beginning with the second offering period we will begin using the trading history of our own common stock to determine expected volatility.  Expected Dividend Yield. We have not paid and do not expect to pay dividends for the foreseeable future. Predecessor For the Predecessor Periods, we accounted for all stock options and awards granted to employees and nonemployees using a fair value method. Stock-based compensation was recognized as an expense and measured at the fair value of the award. The measurement date for employee awards was generally the date of the grant. Stock-based compensation costs were recognized as expense over the requisite service period, which was generally the vesting period for awards, on a straight-line basis for awards with only a service condition. Forfeitures were accounted for as they occurred. During the Predecessor Periods, we used the then closing price of our common stock as reported on the New York Stock Exchange for the fair value of RSUs granted as at that time our common stock was publicly traded. During the Predecessor Periods, we used the Black-Scholes option pricing model to determine the fair value of stock options issued to our employees, as well as purchase rights issued to employees under our 2015 Employee Stock Purchase Plan (“2015 ESPP”). The Black-Scholes option pricing model is affected by the unit price and a number of assumptions, including the award’s expected life, risk-free interest rate, the expected volatility of the underlying stock and expected dividends. These assumptions are estimated as follows:  Fair Value of Our Common Stock. We relied on the closing price of our common stock as reported by the New York Stock Exchange on the date of grant to determine the fair value of our common stock.  Risk-Free Interest Rate. We based the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.  Expected Term. We estimated the expected term for stock options using the simplified method due to the lack of historical exercise activity for our Company. The simplified method calculated the expected term as the mid-point between the vesting date and the contractual expiration date of the award. For the 2015 ESPP, we used an expected term of 0.5 years to match the offering period.  Volatility. For the first offering period, we estimated the price volatility factor based on the historical volatilities of our comparable companies as we did not have a sufficient trading history for our common stock. To determine our comparable companies, we considered public enterprise cloud-based application providers and select those that are similar to us in size, stage of life cycle, and financial leverage. We applied this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our own common stock share price became available in connection with our initial IPO (as defined herein). For the remaining offering periods of the 2015 ESPP, we used the trading history of our own common stock to determine expected volatility.  Expected Dividend Yield. We have not paid and do not expect to pay dividends for the foreseeable future. In connection with the Take-Private Transaction on March 31, 2020, and except for certain executives, outstanding equity awards (including under the 2015 Plan, the Portfolium 2014 Plan and the 2015 ESPP) (each as defined herein), whether vested or unvested, were cancelled and replaced with the right to receive the Cash Replacement Awards (as defined herein).
Business Combinations	Business Combinations We estimate the fair value of assets acquired and liabilities assumed in a business combination. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates.
Foreign Currency	Foreign Currency The functional currency of our foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities denominated in a foreign currency are revalued into U.S. dollars at the exchange rates in effect at the balance sheet dates. Income and expense accounts are revalued on the date of the transaction using the exchange rate in effect on the transaction date. Non-monetary assets, liabilities, and equity transactions are converted at historical exchange rates in effect at the time of the transaction. Foreign currency transaction gains and losses are recorded in other income (expense), net on the consolidated statements of operations.
Research and Development	Research and Development With the exception of capitalized software development costs, research and development costs are expensed as incurred.
Risks And Uncertainties	Risks and Uncertainties We are subject to all of the risks inherent in an early stage business. These risks include, but are not limited to, a limited operating history, new and rapidly evolving markets, dependence on the development of new services, unfavorable economic and market conditions, changes in level of demand for our services, and the timing of new application introductions. If we fail to anticipate or to respond adequately to technological developments in our industry, changes in customer or supplier requirements, or changes in regulatory requirements or industry standards, or any significant delays in the development or introduction of services, our business could be harmed.
Income Taxes	Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards. Management must make assumptions, judgments and estimates to determine our current provision for income taxes and our deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the net amount that we believe is more likely than not to be realized. Accordingly, the need to establish such allowance is assessed periodically by considering matters such as future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. The evaluation of recoverability of the deferred tax assets requires that we weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. In recognizing tax benefits from uncertain tax positions, we assess whether it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As we expand internationally, we will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items, and as a result, we may record unrecognized tax benefits in the future. At that time, we would make adjustments to these potential future reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. Our estimate of the potential outcome of any uncertain tax position is subject to management’s assessment of relevant risks, facts and circumstances existing at that time. To the extent that the final tax outcome of these matters would be different to the amounts we may potentially record in the future, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results.
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale Assets and liabilities meeting the accounting requirements to be classified as held for sale are presented as single asset and liability amounts in our consolidated balance sheets at the lower of cost or fair value, less costs to sell. We assess all assets and liabilities held for sale each reporting period they remain classified as held for sale to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. The remeasurement of assets and liabilities held for sale is classified as a Level 3 fair value assessment as described in Note 14—Fair Value of Financial Instruments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted accounting pronouncements Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses, which requires the use of a forward-looking expected credit loss model for accounts receivables, loans and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through a provision for credit losses rather than as a reduction in the amortized cost basis of the securities. The adoption of this guidance did not have a material impact on our consolidated financial statements and related notes. Issued accounting pronouncements In January of 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refined the scope of Topic 848 and clarified some of its provisions. The amendments permit entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by the discounting transition. The Company is evaluating the impact of the ASU as it relates to arrangements that reference London Inter-Bank Offered Rate (“LIBOR”).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Each Asset Category	The estimated useful life of each asset category is as follows: Estimated Computer and office equipment 2 - 3 years Purchased software 2 - 3 years Furniture and fixtures 2 - 5 years Capitalized software development costs 3 years Leasehold improvement and other Lesser of lease term or useful life

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Reconciliation of the Denominator Used in the Calculation of Basic and Diluted Loss Per Share	Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Numerator: Net loss $ ( 13,261 ) $ ( 60,173 ) $ ( 68,025 ) $ ( 136,747 ) $ ( 22,203 ) Denominator: Weighted-average common shares outstanding—basic 136,647 126,240 129,643 126,240 38,369 Dilutive effect of share equivalents resulting from stock options and unvested restricted stock units — — — — — Weighted-average common shares outstanding—diluted 136,647 126,240 129,643 126,240 38,369 Net loss per common share $ ( 0.10 ) $ ( 0.48 ) $ ( 0.52 ) $ ( 1.08 ) $ ( 0.58 )
Summary of Shares Excluded from Calculation of Diluted Loss Per Share with a Potential Dilutive Impact	Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Options to purchase common stock — — — — 470 Restricted stock units 4,787 — 4,787 — 2,116 Employee stock purchase plan 76 — 76 — — Total 4,863 — 4,863 — 2,586

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Eesysoft Software International B.V. [Member]
Business Acquisition [Line Items]
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimated fair values of the consideration transferred, assets acquired and liabilities assumed as of the date of the Eesysoft acquisition subsequent to the measurement period adjustment (in thousands): Consideration transferred (unaudited) Cash paid $ 17,472 Deferred consideration 1,500 Total purchase consideration $ 18,972 Identifiable assets acquired Cash $ 586 Accounts receivable 624 Deposits 9 Intangible assets: developed technology 3,300 Intangible assets: customer relationships 1,700 Total assets acquired $ 6,219 Liabilities assumed Accounts payable and accrued liabilities $ 49 Deferred revenue 692 Payroll tax liability 91 Deferred tax liability 672 Lease liability 24 Total liabilities assumed $ 1,528 Goodwill 14,281 Total purchase consideration $ 18,972
Top Co [Member]
Business Acquisition [Line Items]
Schedule of Final Allocation of the Purchase Price	The final allocation of the purchase price was as follows (in thousands): Consideration transferred Cash paid $ 1,904,064 Total purchase consideration $ 1,904,064 Identifiable assets acquired Cash and cash equivalents $ 58,703 Accounts receivable 25,749 Prepaid expenses 44,177 Other assets 5,150 Intangible assets: developed technology 300,000 Intangible assets: customer relationships 395,000 Intangible assets: trade name 130,900 Property and equipment 14,353 Right-of-use assets 34,539 Total assets acquired $ 1,008,571 Liabilities assumed Accounts payable and accrued liabilities $ 40,254 Deferred revenue 86,600 Lease liabilities 39,189 Deferred tax liability 88,461 Other liabilities 80 Total liabilities assumed $ 254,584 Goodwill 1,150,077 Total purchase consideration $ 1,904,064
Certica Holdings L L C [Member]
Business Acquisition [Line Items]
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the consideration transferred, assets acquired and liabilities assumed as of the date of the Certica acquisition (in thousands): Consideration transferred Cash paid $ 133,416 Total purchase consideration $ 133,416 Identifiable assets acquired Cash $ 12,243 Accounts receivable 2,533 Prepaid expenses 1,360 Other assets 537 Intangible assets: developed technology 28,300 Intangible assets: customer relationships 60,900 Intangible assets: trade name 700 Total assets acquired $ 106,573 Liabilities assumed Accounts payable and accrued liabilities $ 896 Deferred revenue 7,802 Contingent consideration liability 750 Other liability 469 Deferred tax liability 15,170 Total liabilities assumed $ 25,087 Goodwill 51,930 Total purchase consideration $ 133,416

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Schedule of Property and Equipment, Net of Amount Held-for-Sale	Property and equipment, net of amounts held for sale, consisted of the following (in thousands): September 30, December 31, 2021 2020 (unaudited) Computer and office equipment $ 2,656 $ 2,249 Capitalized software development costs 3,746 2,377 Furniture and fixtures 1,326 1,296 Leasehold improvements and other 4,336 7,327 Total property and equipment 12,064 13,249 Less accumulated depreciation and amortization ( 1,800 ) ( 1,960 ) Total $ 10,264 $ 11,289

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill activity was as follows (in thousands): Total Balance as of December 31, 2020 $ 1,172,395 Additions (Note 4 - Acquisitions) 14,281 Balance as of September 30, 2021 (unaudited) $ 1,186,676
Schedule of Intangible Assets	Intangible assets, net of amounts held for sale, consisted of the following (in thousands): Weighted Average Remaining Useful Life (Years) September 30, December 31, (unaudited) Software 18 Months $ 21 $ 23 Trade names 100 Months 125,800 126,383 Developed technology 44 Months 311,600 310,311 Customer relationships 68 Months 412,400 413,947 Accumulated Amortization ( 189,791 ) ( 95,315 ) Total $ 660,030 $ 755,349
Estimated Future Amortization Expense	Based on the recorded intangible assets at September 30, 2021 (unaudited), estimated amortization expense is expected to be as follows (in thousands): Amortization Expense Years Ending December 31, (unaudited) Remainder of 2021 $ 33,589 2022 134,355 2023 134,349 2024 134,114 2025 91,402 2026 and thereafter 132,221 Total $ 660,030

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present the Company’s disaggregated revenues based on its two customer bases and by geographic region, based on the physical location of the customer (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Education $ 107,221 $ 77,585 $ 291,106 $ 135,296 $ 65,564 Corporate — 4,187 3,662 7,846 5,825 Total revenue $ 107,221 $ 81,772 $ 294,768 $ 143,142 $ 71,389 Percentage of revenue generated by Education 100 % 95 % 99 % 95 % 92 % Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) United States $ 86,757 $ 66,920 $ 237,455 $ 115,972 $ 56,850 Foreign 20,464 14,852 57,313 27,170 14,539 Total revenue $ 107,221 $ 81,772 $ 294,768 $ 143,142 $ 71,389 Percentage of revenue generated outside of the United States 19 % 18 % 19 % 19 % 20 %

Assets And Liabilities Held f_2

Assets And Liabilities Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held for Sale	The following table presents information related to the assets and liabilities that were classified as held for sale at December 31, 2020 (amounts in thousands): December 31, 2020 Assets Net receivables $ 228 Deferred commissions, current 576 Other current assets 406 Property and equipment, net 267 Deferred commissions, net of current portion 864 Goodwill 29,612 Net intangible assets 65,159 Total assets held for sale $ 97,112 Liabilities Accrued Liabilities $ 154 Deferred revenue 11,680 Total liabilities held for sale 11,834 Total net assets held for sale $ 85,278 Total net assets held for sale $ 85,278 Estimated fair value less costs to sell ( 45,500 ) Impairment of held-for-sale assets $ 39,778 Total assets held for sale $ 97,112 Impairment of held-for-sale goodwill and assets ( 39,778 ) Adjusted assets held for sale $ 57,334

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2021
Line of Credit Facility [Abstract]
Schedule of Maturities of Long-term Debt	The maturities of outstanding debt, as of September 30, 2021, are as follows (in thousands): Amount Years Ending December 31, (unaudited) Remainder of 2021 $ 1,348 2022 5,391 2023 5,391 2024 5,391 2025 5,391 Thereafter 508,394 Total $ 531,306

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense by Award Type	The following two tables show stock-based compensation by award type and where the stock-based compensation expense was recorded in our consolidated statements of operations (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Options $ 28 $ 186 $ 104 $ 1,594 $ 367 Restricted stock units 7,784 3,907 12,151 35,852 6,076 Employee stock purchase plan 565 — 565 — 666 Class A and Class B Units 2 2,629 4,902 3,104 — Total stock-based compensation $ 8,379 $ 6,722 $ 17,722 $ 40,550 $ 7,109
Summary of Stock-Based Compensation Expense Recorded in Consolidated Statement of Operations	Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Subscription and support cost of revenue $ 257 $ 333 $ 652 $ 653 $ 301 Professional services and other cost of revenue 323 222 610 463 285 Sales and marketing 2,139 1,843 4,814 5,435 1,977 Research and development 2,292 2,149 4,896 7,193 1,874 General and administrative 3,368 2,175 6,750 26,806 2,672 Total stock-based compensation $ 8,379 $ 6,722 $ 17,722 $ 40,550 $ 7,109
Summary of Restricted Stock Unit Activity	Restricted Stock Unit activity on or after the IPO date was as follows during the periods indicated, presented for awards granted to employees and members of the board of directors (unaudited, in thousands, except per unit amounts): RSUs Weighted Average Grant Date Fair Value Per Unit Outstanding as June 30, 2021 — $ — Granted 1,719 20.04 Vested — — Forfeited or cancelled ( 62 ) 20.00 Outstanding at September 30, 2021 1,657 $ 20.04
Summary of Incentive Unit Activity	The following table summarizes the activity under the 2020 Plan, inclusive of the Incentive Carry and Board Carry, and their conversion into RSUs under the 2021 Plan (unaudited, in thousands, except per unit amounts): RSUs - Pre IPO Weighted Average Grant Date Fair Value Per Unit Outstanding Incentive Units at December 31, 2020 8,666 $ 4.03 Incentive Units granted — — Incentive Units forfeited or cancelled ( 268 ) 4.09 Incentive Units vested at IPO ( 2,271 ) 4.04 Incentive Units exchanged for RSUs ( 6,127 ) — Incentive Units after IPO — — RSUs exchanged from Incentive Units 3,497 — RSUs forfeited or cancelled ( 60 ) 11.03 RSUs vested ( 306 ) 9.32 Outstanding RSUs at September 30, 2021 3,131 $ 10.76
Summary of Assumptions Relating to Incentive Units	The following table summarizes the assumptions relating to our Incentive Units used in the option pricing model to establish the grant date fair value for the Successor Period from April 1, 2020 to December 31, 2020: Period from April 1 to December 31, 2020 Dividend yield None Volatility 60 % Risk-free interest rate 0.3 % Expected life (years) 4.3 - 4.7
Summary of Assumptions Relating to Stock Options and ESPP Purchase Rights	The following table summarizes the assumptions relating to 2021 ESPP purchase rights used in a Black-Scholes option pricing model for the three months ended September 30, 2021: Three months 2021 Dividend yield None Volatility 47 % Risk-free interest rate 0.06 % Expected life (years) .6 The following table summarizes the assumptions relating to the 2015 ESPP purchase rights used in a Black Scholes option pricing model for the unaudited three months ended March 31, 2020: Three Months Ended March 31, 2020 2015 Employee Stock Purchase Plan Dividend yield None Volatility 29.69 % Risk-free interest rate 1.62 % Expected life (years) 0.5 Fair value of common stock $ 52.52 The Company did no t grant any employee stock options during the unaudited three months ended March 31, 2020.
Summary of Stock Option Activity	The following table summarizes the stock option activity for the unaudited three months ended March 31, 2020 (in thousands, except per share amounts): Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Fair Value Outstanding at January 1, 2020 601 $ 18.25 6.2 $ 17,992 Granted — — Exercised ( 131 ) 8.16 5,297 Forfeited or cancelled — 12.24 13 Outstanding at March 31, 2020 470 21.07 3.2 13,113 Vested and expected to vest - March 31, 2020 470 21.07 3.2 13,113 Exercisable at March 31, 2020 (1) 343 $ 16.84 3.6 $ 11,033 (1) Options were exchanged for rights to receive $ 49.00 per share in cash, less applicable exercise price, on March 31, 2020 upon consummation of the Take-Private Transaction.
Summary of Activity of Unvested Stock Options	The following table summarizes the activity of our unvested stock options for the unaudited three months ended March 31, 2020 (in thousands, except per share amounts): Shares Underlying Options Weighted Average Grant Date Fair Value Per Share Unvested at January 1, 2020 159 $ 17.92 Granted — — Vested ( 32 ) 16.05 Forfeited — — Unvested at March 31, 2020 (1) 127 $ 18.38 (1) Options were replaced for rights to receive $ 49.00 per share in cash, less applicable exercise price, on March 31, 2020 upon consummation of the Take-Private Transaction upon meeting certain vesting conditions in the Successor Period.
Summary of Restricted Stock Units Activity	The activity for RSUs for the unaudited three months ended March 31, 2020 is as follows (in thousands, except per share amounts): RSUs Outstanding Shares Weighted Average Grant Date Fair Value Per Share Unvested and outstanding at January 1, 2020 2,584 $ 40.38 Granted 5 48.27 Vested ( 233 ) 36.97 Cancelled ( 240 ) 38.90 Unvested and outstanding at March 31, 2020 (1) 2,116 Shares were replaced for rights to receive $ 49.00 per share in cash on March 31, 2020, upon consummation of the Take-Private Transaction upon meeting certain vesting conditions in the Successor Period.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis.	Assets measured at fair value on a recurring basis as of September 30, 2021 (unaudited) were as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 3,343 $ — $ — $ 3,343 Total assets $ 3,343 $ — $ — $ 3,343 Assets measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 3,342 $ — $ — $ 3,342 Total assets $ 3,342 $ — $ — $ 3,342

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Components of Operating Lease Expense	The Company performed evaluations of its contracts and determined that each of its identified leases are operating leases. The components of operating lease expense were as follows (in thousands): Successor Predecessor Three months Three months Nine months Six months Three months 2021 2020 2021 2020 2020 (unaudited) Operating lease cost, gross $ 1,731 $ 2,361 $ 5,621 $ 4,657 $ 2,235 Variable lease cost, gross (1) 435 389 1,371 1,128 531 Sublease income ( 300 ) ( 177 ) ( 777 ) ( 354 ) ( 177 ) Total lease costs (2) $ 1,866 $ 2,573 $ 6,215 $ 5,431 $ 2,589 (1) Variable rent expense was not included within the measurement of the Company's operating right-of-use assets and lease liabilities. Variable rent expense is comprised primarily of the Company's proportionate share of operating expenses, property taxes and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components. (2) Short-term lease costs for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor) were not significant and are not included in the table above.
Schedule of Maturities of The Company’s Operating Lease Liabilities	As of September 30, 2021 (unaudited), the maturities of the Company’s operating lease liabilities were as follows (in thousands): Remainder of 2021 $ 2,172 2022 8,861 2023 8,713 2024 8,458 2025 4,395 2026 and thereafter 5,920 Total lease payments 38,519 Less: Imputed interest ( 6,558 ) Lease liabilities 31,961 Tenant improvement reimbursements included in the measurement of lease liabilities but not yet received ( 280 ) Lease liabilities, net 31,681

Description of Business and B_3

Description of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions	Aug. 19, 2021USD ($)$ / sharesshares	Jul. 26, 2021USD ($)$ / sharesshares	Jul. 09, 2021shares	Sep. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Stock split of issued and outstanding common stock			126,239.815
Authorized shares of common stock				500,000,000	252,480,000
Preferred stock, shares issued				0
Preferred stock, shares outstanding				0
Common stock, shares, issued				140,423,000	126,219,000
Offering price per share | $ / shares				$ 0.01	$ 0.01
Maximum
Authorized shares of common stock			500,000,000
Authorized shares of preferred stock			50,000,000
Minimum
Authorized shares of common stock			2,000
Authorized shares of preferred stock			0
IPO Member
Common stock, shares, issued		12,500,000
Offering price per share | $ / shares		$ 20
Net proceeds after underwriting discounts and commission deduction | $		$ 233.1
Over Allotment Option Member
Common stock, shares, issued	1,675,000
Offering price per share | $ / shares	$ 20
Net proceeds after underwriting discounts and commission deduction | $	$ 31.3
Top Co [Member]
Business acquisition, percentage acquired				100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)CustomerCZK (Kč)	Dec. 31, 2020USD ($)Customer	Dec. 31, 2022	Dec. 31, 2020USD ($)Customer
Concentration Risk [Line Items]
Provision for credit losses | $	$ 0.9			$ 0.9
Number of reporting units | Kč	1
Unbilled receivables | $	$ 1.7	$ 0.8		$ 0.8
2015 Employee Stock Purchase Plan
Concentration Risk [Line Items]
Expected life (years)	6 months
2021 Employee Stock Purchase Plan
Concentration Risk [Line Items]
Expected life (years)	7 months 6 days
2021 Employee Stock Purchase Plan | Forecast [Member]
Concentration Risk [Line Items]
Expected life (years)			6 months
Maximum
Concentration Risk [Line Items]
Finite-lived intangible asset, useful life	10 years
Expected life (years)		4 years 8 months 12 days
Minimum
Concentration Risk [Line Items]
Finite-lived intangible asset, useful life	3 years
Expected life (years)		4 years 3 months 18 days
Revenue
Concentration Risk [Line Items]
Number of customers greater than 10 % of total revenue | Customer	0
Accounts Receivable
Concentration Risk [Line Items]
Number of other customers greater than 10 % of accounts receivable | Customer	0	0		0
Customer Concentration Risk | Accounts Receivable | International Customers
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%			11.30%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Each Asset Category (Details)	9 Months Ended
	Sep. 30, 2021
Computer and office equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	2 years
Computer and office equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Purchased Software | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	2 years
Purchased Software | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	2 years
Furniture and Fixtures | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Capitalized software development costs
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Leasehold improvement and other
Property Plant And Equipment [Line Items]
Estimated useful lives	Lesser of lease term or useful life

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Reconciliation of the Denominator Used in the Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Numerator:
Net loss	$ (13,261)	$ (60,173)	$ (22,203)	$ (136,747)	$ (68,025)
Denominator:
Weighted-average common shares outstanding--basic	136,647	126,240	38,369	126,240	129,643
Dilutive effect of share equivalents resulting from stock options and unvested restricted stock units	0	0	0	0	0
Weighted-average common shares outstanding--diluted	136,647	126,240	38,369	126,240	129,643
Net loss per common share	$ (0.10)	$ (0.48)	$ (0.58)	$ (1.08)	$ (0.52)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Shares Excluded from Calculation of Diluted Loss Per Share with a Potential Dilutive Impact (Details) - shares	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted loss per share with a potential dilutive impact	4,863,000	0	2,586,000	0	4,863
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted loss per share with a potential dilutive impact	0	0	470,000	0	0
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted loss per share with a potential dilutive impact	4,787,000	0	2,116,000	0	4,787
Employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted loss per share with a potential dilutive impact	76,000	0	0	0	76

Acquisitions - Additional infor

Acquisitions - Additional information (Details) - USD ($) $ in Thousands	Jun. 28, 2021	Dec. 22, 2020	Sep. 30, 2021	Sep. 30, 2021	Mar. 24, 2020
Business Acquisition [Line Items]
Increase (decrease) in deferred liabilities		$ 15,200
Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				3 years
Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				10 years
Developed Technology
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				5 years
Customer Relationship | Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				4 years
Customer Relationship | Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				7 years
Trade Names | Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				3 years
Trade Names | Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				10 years
Top Co
Business Acquisition [Line Items]
Business acquisition, costs					$ 14,000
Deferred tax liability					$ 88,461
Certica Holdings LLC
Business Acquisition [Line Items]
Deferred tax liability		$ 15,170
Deferred tax liabilities, Net			$ 88,300	$ 88,300
Eesysoft Software International B.V. [Member]
Business Acquisition [Line Items]
Purchase Price, Future Payment	$ 1,500
Deferred tax liability	$ 672
Measurement period adjustment			$ 900

Acquisitions - Schedule of Fair

Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 28, 2021	Dec. 22, 2020	Mar. 24, 2020	Sep. 30, 2021	Dec. 31, 2020
Liabilities assumed
Goodwill				$ 1,186,676	$ 1,172,395
Eesysoft Software International B.V. [Member]
Business Acquisition [Line Items]
Cash paid	$ 17,472
Deferred consideration	1,500
Total purchase consideration	18,972
Identifiable assets acquired
Cash	586
Accounts receivable	624
Deposits	9
Total assets acquired	6,219
Liabilities assumed
Accounts payable and accrued liabilities	49
Deferred revenue	692
Payroll tax liability	91
Deferred tax liability	672
Lease liability	24
Total liabilities assumed	1,528
Goodwill	14,281
Total purchase consideration	18,972
Top Co
Business Acquisition [Line Items]
Cash paid			$ 1,904,064
Total purchase consideration			1,904,064
Identifiable assets acquired
Cash			58,703
Accounts receivable			25,749
Prepaid Expenses			44,177
Other assets			5,150
Property and Equipment			14,353
Right-of-use assets			34,539
Total assets acquired			1,008,571
Liabilities assumed
Accounts payable and accrued liabilities			40,254
Deferred revenue			86,600
Deferred tax liability			88,461
Lease liability			39,189
Other Liabilities			80
Total liabilities assumed			254,584
Goodwill			1,150,077
Total purchase consideration			1,904,064
Certica Holdings LLC
Business Acquisition [Line Items]
Cash paid		$ 133,416
Total purchase consideration		133,416
Identifiable assets acquired
Cash		12,243
Accounts receivable		2,533
Prepaid Expenses		1,360
Other assets		537
Total assets acquired		106,573
Liabilities assumed
Accounts payable and accrued liabilities		896
Deferred revenue		7,802
Contingent consideration liability		750
Deferred tax liability		15,170
Other Liabilities		469
Total liabilities assumed		25,087
Goodwill		51,930
Total purchase consideration		133,416
Developed Technology | Eesysoft Software International B.V. [Member]
Identifiable assets acquired
Intangible assets	3,300
Developed Technology | Top Co
Identifiable assets acquired
Intangible assets			300,000
Developed Technology | Certica Holdings LLC
Identifiable assets acquired
Intangible assets		28,300
Customer Relationships | Eesysoft Software International B.V. [Member]
Identifiable assets acquired
Intangible assets	$ 1,700
Customer Relationships | Top Co
Identifiable assets acquired
Intangible assets			395,000
Customer Relationships | Certica Holdings LLC
Identifiable assets acquired
Intangible assets		60,900
Trade Names | Top Co
Identifiable assets acquired
Intangible assets			$ 130,900
Trade Names | Certica Holdings LLC
Identifiable assets acquired
Intangible assets		$ 700

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net of Amount Held-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 12,064	$ 13,249
Less accumulated depreciation and amortization	(1,800)	(1,960)
Total	10,264	11,289
Computer and office equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,656	2,249
Capitalized software development costs
Property Plant And Equipment [Line Items]
Total property and equipment	3,746	2,377
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,326	1,296
Leasehold improvement and other
Property Plant And Equipment [Line Items]
Total property and equipment	$ 4,336	$ 7,327

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Capitalized computer software, accumulated amortization	$ 0.6				$ 0.6	$ 0.5
Capitalized computer software, amortization	$ 0.2	$ 0.2	$ 1.8	$ 0.3	$ 0.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance as of December 31, 2020	$ 1,172,395
Additions (Note 4 - Acquisitions)	14,281
Balance as of June 30, 2021	$ 1,186,676

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Acquired Indefinite-lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 33,600	$ 32,600	$ 2,620	$ 65,602	$ 100,319
Developed Technology
Acquired Indefinite-lived Intangible Assets [Line Items]
Amortization of intangible assets	15,600	15,000	1,300	30,200	46,400
Trade Names And Customer Relationships
Acquired Indefinite-lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 18,000	$ 17,600	$ 1,300	$ 35,400	$ 53,900

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Acquired Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 660,030	$ 755,349
Accumulated Amortization	(189,791)	(95,315)
Software
Acquired Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21	23
Weighted Average Remaining Useful Life (Years)	18 months
Trade Names
Acquired Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 125,800	126,383
Weighted Average Remaining Useful Life (Years)	100 months
Developed Technology
Acquired Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 311,600	310,311
Weighted Average Remaining Useful Life (Years)	44 months
Customer Relationships
Acquired Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 412,400	$ 413,947
Weighted Average Remaining Useful Life (Years)	68 months

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 33,589
2022	134,355
2023	134,349
2024	134,114
2025	91,402
2026 and thereafter	132,221
Net Carrying Amount	$ 660,030

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020	Sep. 30, 2021USD ($)CustomerSegment	Dec. 31, 2020USD ($)
Disaggregation Of Revenue [Line Items]
Number of Operating Segments | Segment			1
Number of Customer Bases | Customer			2
Percentage of revenue recognized included in deferred revenue	77.00%	71.00%	62.00%
Revenue, remaining performance obligation expected to be recognized	$ 684		$ 684	$ 599.2
Bridge
Disaggregation Of Revenue [Line Items]
Unrecognized revenue performance obligation				$ 22.3

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 107,221	$ 81,772	$ 71,389	$ 143,142	$ 294,768
United States
Disaggregation Of Revenue [Line Items]
Total revenue	86,757	66,920	56,850	115,972	237,455
Foreign
Disaggregation Of Revenue [Line Items]
Total revenue	20,464	14,852	14,539	27,170	57,313
Customer Concentration Risk | Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	107,221	81,772	71,389	143,142	294,768
Geographic Concentration Risk | Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	$ 107,221	$ 81,772	$ 71,389	$ 143,142	$ 294,768
Geographic Concentration Risk | Revenue | Foreign
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	19.00%	18.00%	20.00%	19.00%	19.00%
Education
Disaggregation Of Revenue [Line Items]
Total revenue	$ 107,221	$ 77,585	$ 65,564	$ 135,296	$ 291,106
Education | Customer Concentration Risk | Revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	95.00%	92.00%	95.00%	99.00%
Corporate
Disaggregation Of Revenue [Line Items]
Total revenue	$ 0	$ 4,187	$ 5,825	$ 7,846	$ 3,662

Revenue - Additional Informat_2

Revenue - Additional Information (Details1)	Sep. 30, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Disaggregation Of Revenue [Line Items]
Revenue, Remaining performance obligation, percentage		77.00%
Revenue, Remaining performance obligation period		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Disaggregation Of Revenue [Line Items]
Revenue, Remaining performance obligation, percentage	77.00%
Revenue, Remaining performance obligation period	24 months

Deferred Commissions - Addition

Deferred Commissions - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs [Abstract]
Deferred commissions	$ 28,800				$ 28,800	$ 23,100
Amortization of deferred sales commissions	3,000	$ 2,700	$ 3,400	$ 3,200	7,700
Deferred commissions impairment charges	$ 0	$ 0	$ 0		$ 0

Assets And Liabilities Held f_3

Assets And Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	Feb. 26, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Gross proceeds from sale of business						$ 47,000
Impairment of held-for-sale goodwill				$ 29,612		$ 29,600
Purchase price of bridge	$ 47,000
Proceeds net of transaction costs	$ 46,000
Pre tax loss on sale of business		$ 1,200

Assets And Liabilities Held f_4

Assets And Liabilities Held for Sale - Summary of Assets And Liabilities Held for Sale (Details) $ in Thousands	Dec. 31, 2020USD ($)
Assets
Net receivables	$ 228
Deferred commissions, current	576
Other current assets	406
Property and equipment, net	267
Deferred commissions, net of current portion	864
Goodwill	29,612
Net intangible assets	65,159
Total assets held for sale	97,112
Liabilities
Accrued Liabilities	154
Deferred revenue	11,680
Total liabilities held for sale	11,834
Total net assets held for sale	85,278
Estimated fair value less costs to sell	(45,500)
Impairment of held-for-sale assets	39,778
Total assets held for sale	97,112
Impairment of held-for-sale goodwill and assets	(39,778)
Adjusted assets held for sale	$ 57,334

Credit Facility - Additional In

Credit Facility - Additional Information (Details) - USD ($)

Oct. 29, 2021

Mar. 24, 2020

Aug. 31, 2021

Mar. 24, 2020

Sep. 30, 2021

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

May 27, 2021

Debt Instrument [Line Items]

Line of credit facility,maturity date

Mar. 24, 2026

Letters of credit, outstanding amount

$ 4,300,000

$ 4,300,000

$ 4,700,000

Percentage of principal amount redeemed

0.25%

Line of credit facility, interest rate

6.00%

Line of credit facility, Variable rate

0.50%

0.50%

Debt discount costs

13,600,000

13,600,000

Additional debt discount costs

3,800,000

3,800,000

Amortization of debt discount cost

700

$ 1,000,000

1,900,000

$ 500,000

Amortization of deferred financing costs

$ 0

1,018,000

1,958,000

Prepayment premium in conjunction with principal payment

1.50%

Other Current Assets

Debt Instrument [Line Items]

Unamortized debt issuance costs

100,000

100,000

100,000

Other Assets

Debt Instrument [Line Items]

Unamortized debt issuance costs

400,000

400,000

500,000

Minimum

Debt Instrument [Line Items]

Loan unused commitiment fee, percentage

0.40%

Maximum

Debt Instrument [Line Items]

Loan unused commitiment fee, percentage

0.50%

Federal Fund

Debt Instrument [Line Items]

Line of credit facility, Variable rate

1.00%

Eurodollar

Debt Instrument [Line Items]

Line of credit facility, Variable rate

1.00%

7.00%

Euro Dollar Floor

Debt Instrument [Line Items]

Line of credit facility, Variable rate

1.00%

Base Rate | Minimum

Debt Instrument [Line Items]

Line of credit facility, interest rate

1.00%

Base Rate | Maximum

Debt Instrument [Line Items]

Line of credit facility, interest rate

1.50%

Letter of Credit

Debt Instrument [Line Items]

Letters of credit, outstanding amount

10,000,000

10,000,000

Initial Term Loan

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 775,000,000

$ 775,000,000

487,000,000

487,000,000

769,200,000

Incremental Term Loan

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

70,000,000

70,000,000

44,300,000

44,300,000

70,000,000

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

50,000,000

$ 50,000,000

Loan unused commitiment fee, percentage

0.50%

Borrowings outstanding

0

0

Line of credit Facility, available

50,000,000

$ 50,000,000

$ 50,000,000

Debt issuance costs

$ 700,000

$ 700,000

Euro Dollar Loan

Debt Instrument [Line Items]

Line of credit facility, interest rate

5.50%

Euro Dollar Loan | Minimum

Debt Instrument [Line Items]

Line of credit facility, interest rate

5.50%

5.50%

Euro Dollar Loan | Maximum

Debt Instrument [Line Items]

Line of credit facility, interest rate

7.00%

7.00%

A B R Loan | Minimum

Debt Instrument [Line Items]

Line of credit facility, Variable rate

4.50%

A B R Loan | Maximum

Debt Instrument [Line Items]

Line of credit facility, Variable rate

6.00%

Term Loan

Debt Instrument [Line Items]

Line of credit facility, interest rate

6.50%

8.00%

Unamortized debt discount costs

14,100,000

$ 14,100,000

$ 12,100,000

Amortization of deferred financing costs

$ 29,000

$ 30,000

$ 100,000

$ 100,000

Term Loan | IPO [Member]

Debt Instrument [Line Items]

Borrowings outstanding

$ 224,300,000

Term Loan | Over Allotment Option Member

Debt Instrument [Line Items]

Borrowings outstanding

$ 30,800,000

Senior Term Loan

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 500,000,000

Percentage of principal amount redeemed

0.25%

Line of credit facility, expiration period

7 years

Senior Term Loan | Eurodollar

Debt Instrument [Line Items]

Line of credit facility, interest rate

2.75%

Senior Term Loan | Eurodollar | Maximum

Debt Instrument [Line Items]

Line of credit facility, interest rate

0.50%

Senior Term Loan | Base Rate

Debt Instrument [Line Items]

Line of credit facility, interest rate

1.75%

Senior Revolver

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 125,000,000

Line of credit facility, expiration period

5 years

Line of credit percentage of outstanding amount

35.00%

Senior Revolver | Minimum

Debt Instrument [Line Items]

Net leverage ratio

100

Senior Revolver | Maximum

Debt Instrument [Line Items]

Net leverage ratio

0.0775

Senior Revolver | Eurodollar | Minimum

Debt Instrument [Line Items]

Line of credit facility, interest rate

2.00%

Senior Revolver | Eurodollar | Maximum

Debt Instrument [Line Items]

Line of credit facility, interest rate

2.50%

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Minimum Principal Payments Related to the Credit Facility (Details) $ in Thousands	Sep. 30, 2021USD ($)
Line of Credit Facility [Abstract]
Remainder of 2021	$ 1,348
2022	5,391
2023	5,391
2024	5,391
2025	5,391
Thereafter	508,394
Total	$ 531,306

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Jul. 09, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000		252,480,000
Common stock par value	$ 0.01		$ 0.01
Common stock, shares, issued	140,423,000		126,219,000
Common stock, shares, outstanding	140,423,000		126,219,000
Take-Private Transaction
Class Of Stock [Line Items]
Common stock, shares authorized	2,000
Common stock par value	$ 0.01
Common stock, shares, issued		998.10	999.84
Common stock, shares, outstanding		998.10	999.84
Partnership
Class Of Stock [Line Items]
Percentage annual return on remaining unreturned capital contributions	9.00%
Redemption and conversion, description	No conversion or redemption rights are associated with Class A or Class B Units. In connection with the IPO, TopCo effected a series of transactions that resulted in TopCo’s equityholders holding shares of our common stock directly, and then TopCo being liquidated and dissolved.I
Partnership | Common Class A
Class Of Stock [Line Items]
Units issued	1,250,000
Unit par value	$ 0
Partnership | Common Class B
Class Of Stock [Line Items]
Units issued	90,000,000
Unit par value	$ 0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 8,379	$ 6,722	$ 7,109	$ 40,550	$ 17,722
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	28	186	367	1,594	104
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	7,784	3,907	6,076	35,852	12,151
Employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	565	0	666	0	565
Class A and Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2	$ 2,629	$ 0	$ 3,104	$ 4,902

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 8,379	$ 6,722	$ 7,109	$ 40,550	$ 17,722
Subscription and Support Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	257	333	301	653	652
Professional Services And Other Cost Of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	323	222	285	463	610
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,139	1,843	1,977	5,435	4,814
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,292	2,149	1,874	7,193	4,896
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,368	$ 2,175	$ 2,672	$ 26,806	$ 6,750

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 21, 2021	Mar. 31, 2020	Jul. 31, 2021	Apr. 30, 2020	Aug. 31, 2015	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash value per share of stock repurchased and retired during period										$ 49
Stock-based compensation expense						$ 8,379			$ 6,722	$ 7,109	$ 40,550	$ 17,722
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares										32,000
Common stock, shares, issued						140,423,000						140,423,000	126,219,000
Unvested shares		127,000								127,000				159,000
Incremental expense												$ 12,400
Stock issued during period, value, new issues						$ 259,604						259,604
Cash investment				$ 2,500
Options granted										0
Unrecognized stock-based compensation						32,500						$ 32,500	$ 28,200
Total unrecognized compensation cost, period for recognition												2 years 6 months	3 years 3 months 18 days
Options to purchase outstanding common stock		470,000								470,000				601,000
Granted										0
Weighted Average Grant Date Fair Value Per Unit, Granted										$ 0
Aggregate Fair Value Exercised								$ 5,300		$ 5,297
Options, vested in period, fair value										500
Total stock-based compensation						$ 8,379			6,722	$ 7,109	40,550	$ 17,722
Optionse expected to vest		470,000								470,000
IPO Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares, issued															12,500,000
Conversion of shares												1,305,738
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Description												The 2021 Plan also contains a provision that will add an additional number of shares of common stock to the Plan Share Reserve on the first day of each year starting with January 1, 2022, equal to the lesser of (i) the positive difference between (x) 4% of the outstanding common stock on the last day of the immediately preceding year, and (y) the Plan Share Reserve on the last day of the immediately preceding year, and (ii) a lower number of shares of common stock as may be determined by the board of directors.
Purchase price of common stock, percent												4.00%
2021 Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock authorized			18,000,000
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Description					In August 2015, our board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”) and our stockholders approved the 2015 Plan in October 2015. The 2015 Plan became effective in connection with the Predecessor's first initial public offering (the “initial IPO”) and provided for the grant of incentive stock options, nonqualified options, restricted stock units, stock appreciation rights, and shares of restricted stock. As of December 31, 2019, there were 7,491,786 shares of common stock authorized under the 2015 Plan. The 2015 Plan also provided that the number of shares reserved and available for issuance under the plan automatically increased each January 1, beginning on January 1, 2016 and continuing through and including January 1, 2025, by 4.5% of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by our board of directors.
Common stock authorized														7,491,786
Percentage of total number of shares of our capital stock outstanding														4.50%
Portfolium 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares are available for issuance							0
2015 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance					333,333									602,094
Stock issued during period, value, new issues										$ 0
Share-based compensation arrangement by share-based payment award, Description					In August 2015, our board of directors adopted the 2015 ESPP. Our stockholders approved the 2015 ESPP in October 2015, which became effective on the closing date of the initial IPO. A total of 333,333 shares of our common stock were initially reserved for issuance under the 2015 ESPP. The number of shares reserved for issuance increased automatically each year, beginning January 1, 2016 through and including January 1, 2025 by the lesser of 1% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year; 333,333 shares of common stock; or such lesser number as determined by our board of directors.
Common stock authorized														1,533,205
Percentage of total number of shares of our capital stock outstanding					1.00%
Total number of shares of capital stock outstanding					333,333
Discount on share market price														15.00%
Share-based payment award, expiration period														27 months
Purchase price of common stock, percent														85.00%
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Description			In July 2021, our board of directors adopted, and our stockholders approved, the 2021 ESPP. The 2021 ESPP became effective upon the closing of our IPO and provides for the grant of rights to purchase shares of our common stock. The 2021 Plan initially reserves 1,900,000 shares of common stock under the plan, which automatically increases on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031 by an amount equal to 1% of the shares outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares as is determined by the board of directors. The plan allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The initial offering will consist of one offering period, which will end on February 28, 2022. After the initial offering ends, a new offering period will begin on the date designated by the board of directors. Each new offering will begin on or about March 1 and September 1 and will be approximately six months in duration. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of (1) the fair market value of our common stock on the offering date or (2) the fair market value of our common stock on the purchase date.
Common stock authorized			1,900,000
Percentage of total number of shares of our capital stock outstanding			1.00%
Discount on share market price			15.00%
Purchase price of common stock, percent			85.00%
Common Class B
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares offered to employees				72
Stock issued during period, value, new issues				$ 1,000
Common Class A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares offered to employees				1
Incentive Carry
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period				4 years
Weighted Average Grant Date Fair Value Per Unit, Granted						$ 10.76	$ 0	$ 0
Incentive Carry | IPO Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares												2,271,698
Unvested shares						6,126,802						6,126,802
Incentive Carry | Common Class B
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance				10,000,000
Board Carry
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period				4 years
Options granted				480,000
Granted				480,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash value per share of stock repurchased and retired during period		$ 49
Stock-based compensation expense						$ 7,784			3,907	$ 6,076	35,852	$ 12,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period										233,000
RSU granted										5,000
Total unrecognized compensation cost						31,000						$ 31,000
Vesting rights												The RSUs will generally vest in 11 equal quarterly installments commencing September 1, 2021.
Total unrecognized compensation cost, period for recognition												3 years 6 months
Share-based payment arrangement, expense						31,000						$ 31,000
Total stock-based compensation						7,784			3,907	$ 6,076	35,852	$ 12,151
Restricted Stock Units | 2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period												4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period												3,496,739
RSU granted	1,689,950
Share-based compensation arrangement by share-based payment award, Description	Each RSU entitles the recipient to receive one share of the Company's common stock upon vesting. The RSUs are subject to time-based service requirements and generally vest over four years with one quarter of the RSUs vesting on the first anniversary of the vesting commencement date and then one sixteenth vesting quarterly thereafter with vesting commencement dates generally ranging from March 2021 to September 2021.
Restricted Stock Units | 2021 Plan | IPO Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount per share of RSU granted												$ 20
Aggregate fair value of RSU						$ 34,000						$ 34,000
Restricted Stock Units | Incentive Carry
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted						3,131	6,127,000	0
Options to purchase outstanding common stock							3,497,000	2,271,000					8,666,000
Total number of shares of capital stock outstanding						(306)
Granted						3,131	6,127,000	0
Cash Replacement Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense						$ 1,700			4,100		37,400	6,100
Total stock-based compensation						$ 1,700			$ 4,100		$ 37,400	$ 6,100

Stock-based Compensation - Su_3

Stock-based Compensation - Summary of Activity Under Stock Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	470,000				601,000
Granted					0
Ending Balance					470,000
Weighted Average Grant Date Fair Value Per Unit, Beginning balance	$ 18.38				$ 17.92
Weighted Average Grant Date Fair Value Per Unit, Vested at IPO					21.07
Weighted Average Grant Date Fair Value Per Unit, Granted					0
Weighted Average Grant Date Fair Value Per Unit, Forfeited or cancelled					0
Weighted Average Grant Date Fair Value Per Unit, Ending balance					$ 18.38
Aggregate Fair Value, Beginning balance	$ 13,113				$ 17,992
Aggregate Fair Value, Ending balance					13,113
Vested and expected to vest					$ 13,113
Incentive Carry
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value Per Unit, Beginning balance		$ 0	$ 4.04	$ 4.03
Weighted Average Grant Date Fair Value Per Unit, Vested at IPO			11.03
Weighted Average Grant Date Fair Value Per Unit, Effect of stock split and IPO		9.32
Weighted Average Grant Date Fair Value Per Unit, Granted		$ 10.76	0	0
Weighted Average Grant Date Fair Value Per Unit, Forfeited or cancelled			0	4.09
Weighted Average Grant Date Fair Value Per Unit, Ending balance			$ 0	$ 4.04
Incentive Carry | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance		3,497,000	2,271,000	8,666,000
Vested at IPO			(60,000)
Effect of stock split and IPO		(306)
Granted		3,131	6,127,000	0
Forfeited or cancelled			0	(268,000)
Ending Balance			3,497,000	2,271,000
Board Carry
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	480,000

Stock-based Compensation - Su_4

Stock-based Compensation - Summary of Assumptions Relating to Incentive Units (Details)	9 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Volatility	60.00%
Risk-free interest rate	0.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	4 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	4 years 8 months 12 days

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Assumptions Relating to Stock Options and ESPP Purchase Rights (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield			0.00%
Volatility			60.00%
Risk-free interest rate			0.30%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	47.00%	29.69%
Risk-free interest rate	0.06%	1.62%
Expected life (years)	7 months 6 days	6 months
Fair value of common stock		$ 52.52

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Beginning Balance		601,000
Granted		0
Exercise of common stock options, shares		131,000
Share options forfeited or cancelled		0
Ending Balance		470,000	601,000
Share options vested and expected to vest - March 31, 2020		470,000
Share exerciseable at March 31, 2020		343,000
Weighted Average Exercise Price, Outstanding beginning		$ 18.25
Weighted Average Exercise Price, Granted		0
Weighted Average Exercise Price, Exercised		8.16
Weighted Average Exercise Price, Forfeited or cancelled		12.24
Weighted Average Exercise Price, Outstanding ending		21.07	$ 18.25
Weighted Average Grant Date Fair Value Per Unit, Vested at IPO		21.07
Weighted Average Exercise Price, Exercisable		$ 16.84
Weighted Average Remaining Life		3 years 2 months 12 days	6 years 2 months 12 days
Weighted Average Remaining Life (in years) Vested and expected to vest		3 years 2 months 12 days
Weighted Average Remaining Life (in years) Exercisable		3 years 7 months 6 days
Aggregate Fair Value, Beginning balance		$ 17,992
Aggregate Fair Value Exercised	$ 5,300	5,297
Aggregate Fair Value Forfeited or cancelled		13
Aggregate Fair Value, Ending balance		13,113	$ 17,992
Vested and expected to vest		13,113
Aggregate Fair Value Exercisable		$ 11,033

Stock-Based Compensation - Su_7

Stock-Based Compensation - Summary of Activity of Unvested Stock Options (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Payment Arrangement [Abstract]
Unvested at January 1, 2020 | shares	159
Granted | shares	0
Vested | shares	(32)
Forfeited | shares	0
Unvested at March 31, 2020 | shares	127
Weighted Average Grant Date Fair Value Per Unit, Beginning balance | $ / shares	$ 17.92
Weighted Average Grant Date Fair Value Per Unit, Granted | $ / shares	0
Vested | $ / shares	16.05
Weighted Average Grant Date Fair Value Per Unit, Forfeited or cancelled | $ / shares	0
Weighted Average Grant Date Fair Value Per Unit, Ending balance | $ / shares	$ 18.38

Stock-Based Compensation - Su_8

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - $ / shares	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested and outstanding, Beginning Balance		2,584,000
Granted		5,000
Vested		(233,000)
Cancelled		(240,000)
Unvested and outstanding, Ending Balance		2,116,000
Outstanding, Weighted Average Grant Date Fair Value, Beginning balance		$ 40.38
Granted		48.27
Vested		36.97
Cancelled		$ 38.90
Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested and outstanding, Beginning Balance	0
Granted	1,719
Vested	0
Cancelled	(62)
Unvested and outstanding, Ending Balance	1,657
Outstanding, Weighted Average Grant Date Fair Value, Beginning balance	$ 0
Granted	20.04
Vested	0
Cancelled	20
Outstanding, Weighted Average Grant Date Fair Value, Ending balance	$ 20.04

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		$ 3,342
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		3,342
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		0
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		0
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		3,342
Money Market Funds | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		3,342
Money Market Funds | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		0
Money Market Funds | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		$ 0
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 3,343
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	3,343
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0
Fair Value, Recurring | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	3,343
Fair Value, Recurring | Money Market Funds | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	3,343
Fair Value, Recurring | Money Market Funds | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0
Fair Value, Recurring | Money Market Funds | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Location
Lessee Lease Description [Line Items]
Number of subleases locations	5
Minimum
Lessee Lease Description [Line Items]
Lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Lease term	7 years
Property One
Lessee Lease Description [Line Items]
Sublease remaining lease term	21 months
Property Two
Lessee Lease Description [Line Items]
Sublease remaining lease term	42 months
Property Three
Lessee Lease Description [Line Items]
Sublease remaining lease term	87 months
Property Four
Lessee Lease Description [Line Items]
Sublease remaining lease term	52 months
Property Five
Lessee Lease Description [Line Items]
Sublease remaining lease term	38 months

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Expense (Details) - USD ($)		3 Months Ended			6 Months Ended	9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Leases [Abstract]
Operating lease cost, gross		$ 1,731,000	$ 2,361,000	$ 2,235,000	$ 4,657,000	$ 5,621,000
Variable lease cost, gross	[1]	435,000	389,000	531,000	1,128,000	1,371,000
Sublease Income		(300,000)	(177,000)	(177,000)	(354,000)	(777,000)
Lease, Cost, Total	[2]	$ 1,866,000	$ 2,573,000	$ 2,589,000	$ 5,431,000	$ 6,215,000
[1]	Variable rent expense was not included within the measurement of the Company's operating right-of-use assets and lease liabilities. Variable rent expense is comprised primarily of the Company's proportionate share of operating expenses, property taxes and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components.
[2]	Short-term lease costs for the unaudited nine and three months ended September 30, 2021 (Successor), unaudited six and three months ended September 30, 2020 (Successor), and unaudited three months ended March 31, 2020 (Predecessor) were not significant and are not included in the table above.

Leases - Summary of Measurement

Leases - Summary of Measurement of Operating Lease Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021
Leases [Abstract]
Measurement of operating lease liabilities	$ 2.2	$ 2	$ 2.5	$ 4.4	$ 6.5

Leases - Schedule of Maturities

Leases - Schedule of Maturities of the Company's Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 2,172
2022	8,861
2023	8,713
2024	8,458
2025	4,395
Thereafter	5,920
Total lease payments	38,519
Imputed interest	(6,558)
Lease liabilities	31,961
Tenant improvement reimbursements included in the measurement of lease liabilities but not yet received	(280)
Lease liabilities, net	$ 31,681

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term - Additional Information (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	4 years 8 months 12 days	5 years 3 months 18 days
Weighted average discount rate, percent	8.19%	8.19%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of credit, outstanding amount	$ 4.3	$ 4.7

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Aug. 31, 2021	Mar. 24, 2020
Related Party Transaction [Line Items]
Salary and short-term incentive award					$ 100
Term loan	$ 531,306				531,306
Affiliates Of Thoma Bravo
Related Party Transaction [Line Items]
Acquisition of term loan								$ 129,200
Acquisition of term loan at the end	88,600				88,600
Interest paid to affiliates of Thomas Bravo	1,700	$ 2,600		$ 5,500	7,000
Principal payment to related party							$ 42,500
Term loan							$ 88,600
Take-Private Transaction
Related Party Transaction [Line Items]
Related party expense	$ 100		$ 47,000	$ 500	$ 400
Salary and short-term incentive award						$ 200
Related party transaction						100
Long term incentive awards						$ 100

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - Kimono LLC	Nov. 05, 2021USD ($)
Subsequent Event [Line Items]
Cash paid	$ 10,000
Business acquisition, percentage acquired	100.00%