0001842718-22-000012 | 10-Q | XBRL Viewer | Integral AD Science Holding Corp

Net income (loss) per share – basic (in usd per share)

$ 1,159

$ (2,772)

^[1]

$ 0.01

$ (0.02)

Net income (loss) per share – diluted (in usd per share)

^[1]

$ 0.01

$ (0.02)

Basic weighted average shares outstanding (in shares)

154,477,403

134,007,742

Diluted weighted average shares outstanding (in shares)

157,159,026

134,007,742

Other comprehensive income (loss):

Foreign currency translation adjustments

$ (974)

$ (1,904)

Total comprehensive income (loss)

$ 185

$ (4,676)

[1]	Amounts for periods prior to the Company’s conversion to a Delaware corporation have been retrospectively adjusted to give effect to the corporate conversion described in Note 1.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’/ STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands

Total

Common Stock

Member’s Interest

Additional paid-in capital

Accumulated other comprehensive income (loss)

Accumulated deficit

Beginning balance (in units) at Dec. 31, 2020

^[1]

134,039,494

Beginning balance at Dec. 31, 2020

$ 431,479

$ 553,717

$ 4,523

$ (126,761)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase of units (in units)

(99,946)

^[1]

Repurchase of units

(1,202)

$ (1,202)

$ (413)

(789)

Foreign currency translation adjustment

(1,904)

Ending balance (in units) at Mar. 31, 2021

(2,772)

^[1]

133,939,548

Ending balance at Mar. 31, 2021

425,601

$ 553,304

2,619

(130,322)

Beginning balance (in shares) at Dec. 31, 2021

154,398,495

Beginning balance at Dec. 31, 2021

767,190

$ 154

$ 781,951

(315)

(14,600)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

RSUs vested (in shares)

12,094

RSUs vested

$ 0

Option exercises (in shares)

605,682

Option exercises

$ 2,532

$ 1

2,531

Stock-based compensation

8,134

Foreign currency translation adjustment

(974)

Ending balance (in shares) at Mar. 31, 2022

1,159

155,016,271

Ending balance at Mar. 31, 2022

$ 778,041

$ 155

$ 792,616

$ (1,289)

$ (13,441)

[1]	Amounts for periods prior to the Company’s conversion to a Delaware corporation have been retrospectively adjusted to give effect to the corporate conversion described in Note 1.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 1,159	$ (2,772)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	12,458	14,395
Stock-based compensation	8,139	0
Deferred tax benefit	(719)	0
Amortization of debt issuance costs	116	341
Allowance for (reversal of) doubtful accounts	314	(266)
Non-cash interest expense	0	395
Impairment of assets	49	0
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	(1,673)	3,556
Decrease in unbilled receivables	649	2,939
Increase in prepaid expenses and other current assets	(2,612)	(3,743)
Operating leases, net	(195)
Increase in other long-term assets	(185)	(151)
Decrease in accounts payable and accrued expenses	(6,520)	(6,833)
Increase in accrued rent	0	31
Increase (decrease) in deferred revenue	173	(44)
Increase (decrease) in due to/from related party	34	(151)
Net cash provided by operating activities	11,187	7,697
Cash flows from investing activities:
Purchase of property and equipment	(328)
Proceeds from sale of property and equipment		5
Acquisition and development of internal use software and other	(2,677)	(6,382)
Net cash used in investing activities	(3,005)	(6,377)
Cash flows from financing activities:
Principal payments on capital lease obligations	0	(136)
Cash paid for unit repurchases	0	(1,202)
Repayment of short-term debt	(1,934)	0
Exercise of stock options	2,532	0
Net cash provided by (used in) financing activities	598	(1,338)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,780	(18)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	278	(846)
Cash, cash equivalents and restricted cash at beginning of period	76,078	54,721
Cash, cash equivalents, and restricted cash, at end of period	85,137	53,857
Cash paid during the period for:
Interest	1,298	6,281
Taxes	977	326
Non-cash investing and financing activities:
Deferred offering costs accrued, not yet paid	0	1,676
Property and equipment acquired included in accounts payable	16	93
Internal use software acquired included in accounts payable	1,128	$ 480
Lease liabilities arising from right of use assets	$ 27,650

Description of business	3 Months Ended
Description of business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Description of business Integral Ad Science Holding Corp. and its wholly-owned subsidiaries (together, the “Company”), formerly known as Kavacha Topco, LLC, is a leading global digital advertising verification company by revenue. The Company’s mission is to be the global benchmark for trust and transparency in digital media quality for the world’s leading brands, publishers, and platforms. The Company’s cloud-based technology platform provides actionable insights and deliver independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV (“CTV”), social, display, and video. The Company’s proprietary and Media Rating Council (the “MRC”) accredited Quality Impressions® metric is designed to verify that digital ads are served to a real person rather than a bot, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. The Company is an independent, trusted partner for buyers and sellers of digital advertising to increase accountability, transparency, and effectiveness in the market. The Company helps advertisers optimize their ad spend and better measure consumer engagement with campaigns across platforms, while enabling publishers to improve their inventory yield and revenue. The Company has its operations within the United States ("U.S.") in New York, California, and Illinois. Operations outside the U.S. are within the United Kingdom ("U.K."), Germany, Italy, Spain, Sweden, Singapore, Australia, France, Japan, Canada, Brazil and India. Corporate conversion On February 23, 2021, the Company amended the certificate of formation of Kavacha Topco, LLC to change the name of the Company to Integral Ad Science Holding LLC and on June 29, 2021, the Company converted to a Delaware corporation pursuant to a statutory conversion and changed its legal name to Integral Ad Science Holding Corp. in connection with its initial public offering ("IPO"). All of the outstanding member units were converted into 134,203,403 shares of common stock of the Company on a proportion of 1 member unit for 242 shares of common stock with the same voting rights. On June 29, 2021, the Company priced its IPO, which closed on July 2, 2021.

Basis of presentation and summary of significant accounting policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies

This summary of significant accounting policies is presented to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies have been consistently applied in the preparation of the condensed consolidated financial statements.

(a) Basis of presentation

The Company’s condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP.

The accompanying interim condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss), of cash flows and of members’/stockholders’ equity for the three months ended March 31, 2022 and 2021, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company. All adjustments made were of a normal recurring nature. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any future period.

The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements for the years ended December 31, 2021, 2020 and 2019. There have been no significant changes to these policies, except for the adoption of ASC 842, Leases as disclosed in Note 2(g), that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the three months ended March 31, 2022. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2022.

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of Integral Ad Science Holding Corp. and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include fair value of assets acquired in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets and internal use software, the allowance for doubtful accounts, goodwill impairment testing; assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. The Company bases its estimates on past experience, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to the COVID-19 pandemic.

(d) Cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows.


	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	82,255	$	73,210
Short term restricted cash	78		70
Long term restricted cash (held in other long-term assets)	2,804		2,798
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	85,137	$	76,078

(e) Accounts receivable, net

Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts. The allowance is estimated based on management’s knowledge of its customers’ financial condition, credit history, and existing economic conditions. Invoices are typically issued with net 30-days to net 90-days terms. Account balances are considered delinquent if payment is not received by the due date, and the receivables are written off when deemed uncollectible. These costs are recorded in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).

The activity in our allowance for doubtful accounts consists of the following as of:


	March 31, 2022		March 31, 2021
Balance, beginning of period	$	5,883	4,257
Additional provision (reversal)	314		(266)
Receivables written off	(207)		(574)
Balance, end of period	$	5,990	3,417

(f) Stock-based compensation

Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company used the following assumptions in valuing its time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options") and return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of Vista Equity Partners ("Vista"), the Company’s equity sponsor and funds controlled by Vista and registration of the shares held by Vista.

Expected term — For time-based awards, the estimated expected term of options granted is generally calculated as the vesting period plus the midpoint of the remaining contractual term, as the Company does not have sufficient historical information to develop reasonable expectations surrounding future exercise patterns and post-vesting employment termination behavior. For awards subject to market and performance conditions, the expected term represents the period of time that the options granted are expected to be outstanding.

Expected volatility — Since the Company does not have substantive trading history of its common stock, volatility is estimated based upon observed option-implied volatilities for a group of peer companies. The Company believes this is the best estimate of the expected volatility over the weighted-average expected term of its option grants.

Risk-free interest rate — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury instruments with terms approximately equal to the expected term of the option.

Expected dividend — The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company currently has no history or expectation of paying cash dividends on its units.

Fair value —Prior to the IPO, because there was no public market for the Company’s common stock/units, the board of directors determined the best estimate of the fair value of the Company’s option grants, based on reasonable judgment and numerous objective and subjective factors, including independent third-party valuations of the Company’s common stock/units, operating and financial performance, and general and industry-specific economic outlook, amongst other factors. Following the pricing of the IPO, the Company’s shares are traded in the public market, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.

The Company used the following assumptions in valuing its stock-based compensation:


	March 31, 2022			March 31, 2021 (1)
Estimated fair value	$8.16	-	$14.04	$2.29
Expected volatility (%)	65%	-	80%	70%	-	75%
Expected term (in years)	3.00	-	10.00	3.25	-	6.63
Risk-free interest rate (%)	0.46%	-	0.98%	0.26%	-	0.55%
Dividend yield	—			—

(1) For issuances prior to the pricing of the IPO, the fair value of the Company’s option grants was estimated at the grant date using the Monte Carlo simulation model and relate to the Return-Target Options only as the Time-Based Options were not within the scope of ASC 718, Compensation - Stock Compensation for the three months ended March 31, 2021.

(g) Recently adopted accounting pronouncements

In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) effective January 1, 2021, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company early adopted ASU No. 2019-12, which did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”), which requires customers in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. The guidance requires certain costs incurred during the application development stage to be capitalized and other costs incurred during the preliminary project and post-implementation stages to be expensed as they are incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrange is ready for its intended use. A customer’s accounting for the hosting component of the arrangement is not affected. The Company adopted this guidance on January 1, 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements.

In February 2016, the FASB issued ASU 2016-2, “Leases (Topic 842)” (“ASU No. 2016-2”). Under ASU No. 2016-2, lessees are required to put most leases on their balance sheets but to recognize expenses in the income statement in a manner similar to current accounting. ASU No. 2016-2 also eliminated the current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. The updated guidance is effective for the Company beginning January 1, 2022. Upon adoption, entities will be required to use the modified retrospective approach for leases that exist, or are entered into, after the beginning of the earliest comparative period in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows entities to not apply the new leases standard, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption.

The Company adopted ASU No. 2016-2 on January 1, 2022 using the modified retrospective transition approach, which resulted in the recognition of right-of-use assets ("ROU assets") of $21,666 and lease liabilities of $29,361. Differences between ROU assets and lease liabilities are attributed to deferred rent, lease incentive obligations and cease-use liability previously recognized under ASC 420 Exit or Disposal Cost Obligations. The Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. In addition, the Company elected the expedient permitting the combination of lease and non-lease components into a single lease component. The Company made a policy election to not recognize right-of-use assets and lease liabilities for short-term leases for all asset classes.

The adoption of ASU No. 2016-2 did not have a material impact on the Consolidated Statements of Operations and Comprehensive Income (Loss) or the Consolidated Statement of Cash Flows. Expanded disclosures around the Company's lease agreements under ASU No. 2016-2 are included in Note 14, Leases.

(h) Accounting pronouncements not yet adopted

In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which is intended to improve the accounting for acquired revenue contracts with customers in a business combination and create consistency in practice related to (i) the recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company will evaluate the impact of this guidance on future acquisitions as transactions occur.

In March 2020, the FASB issued ASU 2020-4, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-4”) which is intended to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments in ASU No. 2020-4 provide operational expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions to affected by reference rate reform if certain criteria are met. The amendments in ASU No. 2020-4 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The optional amendments are effective for all entities as of March 12, 2020, through December 31, 2022. The Company intends to elect to apply certain of the optional expedients when evaluating the impact of reference rate reform on its debt instruments that reference LIBOR. The Company does not expect the adoption of ASU No. 2020-4 to have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU No. 2016-13”) which is intended to provide more decision-useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to accounts receivable. This guidance will be effective for the Company beginning January 1, 2023, including interim periods within that reporting period. Early adoption is permitted and the update allows for a modified retrospective method of adoption. The Company is currently evaluating the potential effect that adopting this guidance will have on its Condensed Consolidated Financial Statements.

Business combinations

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business combinations

Publica LLC

On August 9, 2021, a wholly-owned subsidiary of the Company acquired, directly or indirectly, all the membership units and membership interests of Publica LLC ("Publica"). The purchase price related to this acquisition was $171,366 in cash and 2,888,889 shares of common stock of the Company, valued at $49,631. The acquisition was financed with proceeds received from the Company's IPO.

The acquisition was accounted for in accordance with ASC 805, using the acquisition method of accounting. The assets and liabilities of Publica, including identifiable intangible assets, have been measured at their fair value primarily using Level 3 inputs. Determining the fair value of the assets acquired and liabilities assumed requires judgement and involved the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, and other items. The use of different estimates and judgements could yield materially different results.

The fair values allocated to the assets acquired are based on management's estimates and assumptions and may be subject to change as additional information becomes available. The fair value of the customer relationship intangible asset acquired was determined using the excess earnings method. The fair value of the trademark and developed technology intangible assets acquired were determined using the relief from royalty method.

The excess of the purchase price, over the fair value of net assets acquired, including the amount assigned to the identifiable intangible assets, has been recorded to goodwill. The resulting goodwill has been allocated to the Company's single reporting unit. $57,972 of goodwill will be deductible for tax purposes.

The allocation of purchase consideration to the assets acquired and liabilities assumed is as follows:


	Fair Value		Useful Life
Assets acquired:
Cash and cash equivalents	$	4,482
Accounts receivable	2,391
Property, plant and equipment	46
Prepaid expenses	188
Security deposits	12
Intangible assets:
Developed technology	15,200		5 years
Trademarks	2,200		5 years
Customer relationships	42,800		6 years
Total intangible assets	60,200
Total identifiable assets acquired	$	67,319
Liabilities assumed:
Accounts payable	$	560
Other current liabilities	2
Deferred tax liability	36,161
Total liabilities assumed	36,723
Goodwill	190,401		Indefinite
Total purchase consideration	$	220,997

Context

On December 31, 2021, a wholly-owned subsidiary of the Company acquired, directly or indirectly, all the common equity of Nobora SAS ("Context"). The Context acquisition builds on the Company's current, market-leading media classification and contextual targeting capabilities. The integration of Context's technology will enable marketing partners to identify brand suitable content beyond standard frameworks and contextually target with granularity. The purchase price related to this acquisition was $22,575 in cash, of which $1,354 is payable on May 15, 2022 and $966 is payable on December 31, 2023, and 457,959 shares of common stock of the Company, valued at $10,391.

The Context acquisition was accounted for in accordance with ASC 805, using the acquisition method of accounting. The assets and liabilities of Context, including identifiable intangible assets, have been measured at their fair value primarily using Level 3 inputs. Determining the fair value of the assets acquired and liabilities assumed requires judgement and involved the use of significant estimates and assumptions, including assumptions with respect to discount rates, opportunity costs, and assets useful lives. The use of different estimates and judgements could yield materially different results.

The excess of the purchase price, over the fair value of net assets acquired, including the amount assigned to the identifiable intangible assets, has been recorded to goodwill. The resulting goodwill has been allocated to the Company's single reporting unit, none of which will be deductible for tax purposes.

The allocation of purchase consideration to the assets acquired and liabilities assumed is as follows:


	Fair Value		Useful Life
Assets acquired:
Accounts receivable	$	122
Other assets	112
Developed technology	7,670		5 years
Total identifiable assets acquired	$	7,904
Liabilities assumed:
Accounts payable	$	318
Short-term debt	2,354
Deferred tax liability	142
Total liabilities assumed	2,814
Goodwill	27,876		Indefinite
Total purchase consideration	$	32,966

The Company recognized a deferred tax liability of $142 on its purchase of Context.

Property and equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment consisted of the following:


	Estimated useful life (in years)			March 31, 2022		December 31, 2021
Computer and office equipment	1	-	3 years	$	3,324	$	3,100
Computer software	3	-	5 years	218		218
Leasehold improvements	Various			405		412
Furniture	5 years			78		66
Total property and equipment				4,025		3,796
Less: accumulated depreciation				(2,647)		(2,383)
Total property and equipment, net				$	1,378	$	1,413

Depreciation expense of property and equipment for the three months ended March 31, 2022 and 2021 was $218 and $510, respectively.

Internal use software, net

3 Months Ended

Mar. 31, 2022

Internal Use Software [Abstract]

Internal use software, net

Internal use software consisted of the following:


	Estimated useful life (in years)			March 31, 2022		December 31, 2021
Internal use software	3	-	5 years	$	35,489	$	32,591
Less: Accumulated amortization				(16,681)		(14,491)
Total internal use software, net				$	18,808	$	18,100

Amortization expense for the three months ended March 31, 2022 and 2021 was $2,227 and $1,686, respectively. For the three months ended March 31, 2022, the Company impaired $49 of costs related to projects that were no longer being implemented, recorded in general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Intangible assets, net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

The gross book value, accumulated amortization, net book value and amortization periods of the intangible assets were as follows:


	March 31, 2022
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	302,005	$	(89,727)	$	212,278	10.2 years
Developed technology	4	-	5 years	138,098		(114,006)		24,092		4.2 years
Trademarks	5	-	9 years	19,700		(8,043)		11,657		5.1 years
Favorable leases	6 years			198		(123)		75		2.3 years
Total				$	460,001	$	(211,899)	$	248,102

	December 31, 2021
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	302,026	$	(82,105)	$	219,921	10.4 years
Developed technology	4	-	5 years	138,342		(112,347)		25,995		4.5 years
Trademarks	5	-	9 years	19,700		(7,384)		12,316		5.4 years
Favorable leases	6 years			198		(114)		84		2.5 years
Total				$	460,266	$	(201,950)	$	258,316

Amortization expense related to intangibles for the three months ended March 31, 2022 and 2021 was $10,013 and $12,067, respectively.

Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table provides a roll forward of the changes in the goodwill balance:



Goodwill as of December 31, 2021	$	676,513
Measurement period adjustments	(252)
Impact of exchange rates	(629)
Goodwill as of March 31, 2022	$	675,632

Accounts payable and accrued expenses

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following:


	March 31, 2022		December 31, 2021
Accounts payable	$	17,383	$	8,307
Accrued payroll	5,908		5,047
Accrued professional fees	1,496		2,334
Accrued interest	48		33
Accrued bonuses and commissions	6,210		16,454
Accrued revenue sharing	3,428		8,497
Taxes payable	6,230		6,076
Short term debt	—		1,976
Accrued hosting fees	3,089		2,465
Cease use liability (short-term)	—		1,298
Other accrued expenses	3,892		3,770
Total accounts payable and accrued expenses	$	47,684	$	56,257

Other long-term liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Purchase price payable for the acquisition of Context	$	967	$	2,320
Cease use liability (long-term)	—		5,689
Security deposit received	672		672
Total Other long-term liabilities	$	1,639	$	8,681

Long-term debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term debt

New Credit Agreement

On September 29, 2021, the Company entered into a new credit agreement with various lenders (the “New Credit Agreement” or the “New Revolver”), that provides for an initial $300,000 in commitments for revolving credit loans, which amount may be increased or decreased under specific circumstances, with a $30,000 letter of credit sublimit and a $100,000 alternative currency sublimit. In addition, the New Credit Agreement provides for the ability to request incremental term loan facilities, in a minimum amount of $5,000 for each facility. Borrowings pursuant to the New Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the New Credit Agreement. The Company drew down $235,000 on the New Revolver on September 29, 2021 and an additional $10,000 on December 23, 2021.

Borrowings under the New Credit Agreement are scheduled to mature on September 29, 2026. The New Credit Agreement contains certain customary events of default including failure to make payments when due thereunder, and failure to observe or perform certain covenants.

The proceeds of the New Revolver, together with cash on hand, were used to repay the outstanding balance of the Term Loan and Revolving Loan. In connection with the New Revolver, the Company incurred costs of $2,318 that are included in Long-term debt, net, in the Condensed Consolidated Balance Sheets. In connection with the extinguishment of the Term Loan and Revolving Loan, the Company wrote off deferred financing costs of $3,721 as a loss on extinguishment.

The interest rates for the New Revolver under the New Credit Agreement for U.S. dollar loans are equal to (i) the applicable rate for base rate loans range from 0.75% to 1.50% per annum, (ii) for LIBO Rate (as defined in the New Credit Agreement) loans range from 1.75% to 2.50% per annum, (iii) for RFR Loans (as defined in the New Credit Agreement) denominated in sterling range from 1.7826% to 2.5326%, and (iv) for RFR Loans denominated in euro range from 1.7965% to 2.5456%, in each case, based on the Senior Secured Net Leverage Ratio (as defined in the New Credit Agreement). Base rate borrowings may only be made in dollars. The Company will pay a commitment fee during the term of the New Credit Agreement ranging from 0.20% to 0.35% per annum of the average daily undrawn portion of the revolving commitments based on the Senior Secured Net Leverage Ratio. The interest rate on March 31, 2022 was 2.5%.

Any borrowings under the New Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders.

The New Credit Agreement contains covenants requiring certain financial information to be submitted quarterly and annually. In addition, the Company is also required to comply with certain financial covenants such as maintaining a Net Leverage Ratio (as defined in the New Credit Agreement) of 3.50:1.00 or lower and maintaining a minimum Interest Coverage Ratio (as defined in the New Credit Agreement) of 2.50 to 1.00. As of March 31, 2022, the Company was in compliance with all covenants contained in the New Credit Agreement.


	March 31, 2022		December 31, 2021
New Revolver	$	245,000	$	245,000
Less: Unamortized debt issuance costs	(2,086)		(2,202)
Total carrying amount	$	242,914	$	242,798

Amortization of debt issuance costs for the three months ended March 31, 2022 and 2021 was $116 and $341, respectively. Amortization of debt issuance costs is recorded to interest expense, net on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company recognized interest expense of $1,312 and $6,222 during the three months ended March 31, 2022 and 2021, respectively. Future principal payments of long-term debt as of March 31, 2022 are as follows:


Year Ending
2022 (remaining nine months)	$	—
2023	—
2024	—
2025	—
2026	245,000
	$	245,000

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxesAt the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company’s tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs. For the three months ended March 31, 2022 and 2021, the Company recorded an income tax provision of $825 and an income tax benefit of $912, respectively. The Company’s effective tax rate for the three months ended March 31, 2022 and 2021 was 41.6% and 24.8%, respectively. The Company's effective tax rate for the three months ended March 31, 2022 is higher than for the respective three months ended March 31, 2021 primarily due to non-deductible stock-based compensation as the Company became subject to the provisions of Section 162(m) of the Internal Revenue Code as a result of becoming a public company. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. The Company is not currently under audit in any taxing jurisdiction.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Segment data

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment data

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is the CODM.

The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. The Company’s CODM allocates resources and assesses performance based upon financial information at the consolidated level. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.

The following table summarizes revenue by geographic area:


	Three Months Ended March 31,
	2022		2021
North and South America (“Americas”)	$	60,559	$	41,190
Europe, Middle East and Africa (“EMEA”)	21,658		18,917
Asia and Pacific Rim (“APAC”)	7,025		6,845
Total	$	89,242	$	66,952

For the three months ended March 31, 2022 and 2021, revenue in the U.S. was $57,432 and $38,901, respectively.

The following table summarizes long lived assets by geographic area:


	March 31, 2022		December 31, 2021
Long lived assets
Americas	$	16,748	$	876
EMEA	887		181
APAC	3,893		356
Total	$	21,528	$	1,413

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Share-based Payment Arrangement [Abstract]

Stock-based compensation

3 Months Ended

Mar. 31, 2022

Stock-based compensation

Integral Ad Science Holding Corp. Amended and Restated 2018 Stock Option Plan

On August 1, 2018, the Company adopted the 2018 Non-Qualified Stock Option Plan (“2018 Plan”). Under the 2018 Plan, the Company had issued (i) Time-Based Options that vest over four years with 25% vesting after twelve months and an additional 6.25% vesting at the end of each successive quarter thereafter; and (ii) Return-Target Options that vest upon the first to occur of sale of the Company, or, sale or transfer to any third party of shares, as a result of which, any person or group other than Vista, obtains possession of voting power to elect a majority of the Company’s board of directors or any other governing body and the achievement of a total equity return multiple of 3.0 or greater.

The 2018 Plan contained a provision wherein, the Time-Based Options can be repurchased by the Company at cost upon resignation of the employee. Due to this repurchase feature, the Time-Based Options did not provide the employee with the potential benefits associated with a stock award holder, and therefore, these awards were not accounted for as a stock-based award under ASC 718, Compensation - Stock Compensation but instead, compensation cost was recognized when the benefit to the employee was determined to be probable.

The Return-Target Options were considered to contain both market (total stockholder return threshold) and performance (exit event) conditions. As such, the award was measured on the date of grant. Since the conditions for vesting related to the Return-Target Options were not met prior to the IPO, no stock-based compensation was recognized in the pre-IPO financial statements of the Company.

In connection with the Company’s IPO, the 2018 Plan was amended and restated (“Amended and Restated 2018 Plan”) with the following modifications: (i) the provision to repurchase the Time-Based Options at cost upon resignation of the employee was removed and (ii) the Return-Target Options were modified to include vesting upon a sale of shares by Vista following the IPO resulting in Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion.

As a result of the modification to the Time-Based Options, the awards became subject to the guidance in ASC 718, Compensation - Stock Compensation. During the three months ended March 31, 2022, the Company recognized stock compensation expense of $3,876 related to the Time-Based Options.

As the return multiple and vesting conditions associated with the Return-Target Options were also modified, the Company fair valued the Return-Target Options using a Monte Carlo simulation model. The Return-Target Options become exercisable following both (i) a registration of shares of common stock held by Vista and (ii) Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion. As of March 31, 2022, the condition relating to Vista's cash return was not deemed probable and therefore, no stock-based compensation expense was recognized relating to the Return-Target Options.

Vesting of the Time-Based Options accelerate when the Return-Target Options vest and therefore, recognition of the remaining unamortized stock compensation expense related to the Time-Based Options will accelerate when it becomes probable that the Return-Target Options would vest.

The total number of Time-Based Options and Return Target Options outstanding under the Amended and Restated 2018 Plan as of March 31, 2022 were 4,586,408 and 2,270,455, respectively. The Company does not expect to issue any additional awards under the Amended and Restated 2018 Plan.

2021 Omnibus Incentive Plan (“2021 Plan”)

On June 29, 2021, the Company adopted the 2021 Plan to incentivize executive officers, management, employees, consultants and directors of the Company and to align the interests of the participants with those of the Company’s shareholders. As of March 31, 2022, there were 27,421,802 shares reserved for issuance under the 2021 Plan and the total number of shares reserved for issuance under the 2021 Plan will be increased on January 1 of each of the first 10 calendar years during the term of the 2021 Plan, by the lesser of (i) 5% of the total number of shares of common stock outstanding on each December 31 immediately prior to the date of increase or (ii) such number of shares of common stock determined by our Board or compensation committee.

During the three months ended March 31, 2022, the Company recognized stock compensation expense of $868 related to the stock options. As of March 31, 2022, there are 1,883,690 total options outstanding under the 2021 Plan, consisting of two-thirds or 1,255,471 Time-Based Options and one-third or 628,219 Return-Target Options. The vesting conditions for the options issued under the 2021 Plan are identical to the those described under the Amended and Restated 2018 Plan.

Stock option activity for the three months ended March 31, 2022 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2022	6,648,975	$	7.46	7.76	$	98,055
Granted	—	—		—	—
Canceled or forfeited	(201,414)	4.13		—	—
Exercised	(605,682)	4.18		—	—
Outstanding at March 31, 2022	5,841,879	$	7.92	7.61	$	39,635
Vested and expected to vest at March 31, 2022	5,841,879	$	7.92	7.61	—
Exercisable as of March 31, 2022	2,883,956	$	4.64	6.83	$	26,425

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2022	3,265,126	$	7.53	7.27	47,947
Granted	—	—		—	—
Canceled or forfeited	(366,452)	4.13		—	—
Exercised	—	—		—	—
Outstanding at March 31, 2022	2,898,674	$	7.95	7.75	$	19,582
Vested and expected to vest at March 31, 2022	2,898,674	$	7.95	7.75	—
Exercisable as of March 31, 2022	—	—		—	—

As of March 31, 2022, unamortized stock-based compensation expense related to the Time-Based Options was $31,102, which will be recognized over the weighted average vesting term of 2.3 years. In addition, unamortized stock-based compensation expense related to the Return-Target Options of $35,236 will be recognized when events that trigger vesting are deemed probable.

2021 Employee Stock Purchase Plan (“ESPP”)

The Company adopted the ESPP for the primary purpose of incentivizing employees in future periods. As of March 31, 2022, 3,033,556 shares of common stock are reserved for issuance under the ESPP, and the number of shares available for issuance will be increased on January 1 of each calendar year, ending in and including 2031, by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our Board, subject to a maximum of 16,000,000 shares of our common stock for the portion of the ESPP intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. All Company employees and employees of designated subsidiaries are eligible to participate in the ESPP and can purchase shares through payroll deductions of up to 15% of their eligible compensation, subject to a maximum of $25,000 in any annual period for the portion of the ESPP intended to qualify as an employee purchase plan under Section 423 of the Internal Revenue Code. There are no shares issued under the ESPP plan as of March 31, 2022.

Integral Ad Science Holding Corp. Long-Term Incentive Plan

In 2018, the Company adopted the Long-Term Incentive Plan (“LTIP”). Under the LTIP, certain employees were granted long-term target incentive cash awards which would be payable subject to continued employment, upon the sale of the Company, or, sale to a third party of at least 50% of the Vista’s equity interest, provided if such sale of equity interests is through a public offering (whether initial or secondary), it would require the transfer of an aggregate of at least 75% of Vista’s equity interest and the achievement of a total equity return multiple of 3.0 or greater. Since the liquidity events described above were contingent and generally not considered probable until the event occurred, no stock-based compensation expense was recognized in the three months ended March 31, 2022.

In July 2021, the Company offered employees with LTIP grants the opportunity to convert their cash award into Restricted Stock Units (“RSUs”). The conversion was at a 10% premium to the cash value of the award. The RSUs issued in exchange for LTIP grants vest 50% each year and become fully vested after two years of service. Certain employees did not convert their cash award to RSUs and to cover those cash awards, the Company adopted the Amended and Restated Long-Term Incentive Plan (“Amended and Restated LTIP”) to modify the vesting conditions to include vesting upon the occurrence of a sell down event by Vista following the IPO resulting in Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion. The fair value of the cash awards held by employees under the Amended and Restated LTIP as of March 31, 2022 was $159. As of March 31, 2022, since the sell down event was not deemed probable, no stock-based compensation expense was recognized relating to these LTIP cash awards.

Restricted Stock Units

The majority of RSUs under the 2021 Plan vest 25% each year and become fully vested after 4 years of service.

The RSU activity for the three months ended March 31, 2022 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2022	2,426,147	$	19.43
Granted	524,411	18.14
Canceled or forfeited	(152,088)	18.64
Vested	(12,094)	12.40
Outstanding as of March 31, 2022	2,786,376	$	19.27
Expected to vest as of March 31, 2022	2,786,376

During the three months ended March 31, 2022, the Company recognized $3,395 of stock-based compensation expense related to these RSU awards. Unamortized stock-based compensation expense related to RSUs was $44,257, which will be recognized over the weighted average vesting term of 3.2 years.

Performance Stock Units

The Company granted Performance Stock Units under the 2021 Plan, which are contingent upon achieving specified revenue performance goals by December 31, 2023. As of March 31, 2022, no stock-based compensation expense has been recognized as performance vesting conditions were not deemed probable to occur. The unrecognized compensation expense is $12,000 assuming performance at the highest tier.

Total stock-based compensation expense for all equity arrangements for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	56	$	—
Sales and marketing	2,531		—
Technology and development	1,536		—
General and administrative	4,016		—
Total	$	8,139	$	—

Members’/ Stockholders’ equity	3 Months Ended
Members’/ Stockholders’ equity	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Members’/ Stockholders’ equity	Members’/ Stockholders’ equity As discussed in Note 1, the Company converted to a Delaware corporation, which created new elements of the capital structure upon its IPO. Common stock As of March 31, 2022, our authorized common stock consists of 500,000,000 shares of common stock, par value $0.001 per share and 50,000,000 preferred stock, par value $0.001 per share. For the three months ended March 31, 2022, the Company issued 12,094 shares of common stock for vested RSUs and employees exercised stock options in exchange for 605,682 shares of common stock for $2,532. Members’ equity Prior to the IPO, the Company was a single member LLC, and the Company’s Board of Directors, through the Kavacha Topco, LLC Amended and Restated Limited Liability Company Agreement (the “Operating Agreement”), had the authority to admit additional members. Under the terms of the Operating Agreement, the members of the Company were not obligated for debt, liabilities, contracts or other obligations of the Company. Profits and losses are allocated to members as defined in the Operating Agreement. In conjunction with the pricing of the IPO, the Operating Agreement was terminated, and the Company converted from a Delaware domestic limited liability company to a Delaware domestic corporation. All outstanding member units were converted into 134,203,403 shares of common stock of the Company on a proportion of 1 member unit for 242 shares of common stock. For the three months ended March 31, 2021, the Company repurchased 99,946 shares of common stock from members of the Company for $1,202. The repurchases in excess of par value for the three months ended March 31, 2021 was $789. The repurchase of shares has been accounted for as a reduction in members’/shareholders’ equity in these condensed consolidated financial statements.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Net income (loss) per share

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Determination of a leasing arrangement is performed at inception. Right-of-use assets represent the Company's right to use leased assets over the term of the lease, adjusted for lease incentives such as tenant improvements. Lease liabilities represent the Company's contractual obligation to make lease payments over the lease term. Right-of-use assets and lease liabilities are determined based on the present value of future lease payments using the interest rate implicit in the loan or, if that rate cannot be readily determined, the incremental borrowing rate. Incremental borrowing rates were determined for each lease based on the Company's borrowing rate adjusted for term differences and foreign currency risk.

Some real estate leases contain lease and non-lease components. Non-lease components generally represent use-based charges for common area maintenance, taxes and utilities. The Company has elected not to separate lease and non-lease components. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. Some contracts also contain lease incentives such as tenant improvement allowances and rent holidays, which are treated as a reduction of lease payments for the measurement of the lease liability.

The Company leases office spaces under non-cancelable lease terms, and have a remaining lease term of up to 4.9 years, with a number of month-to-month leases that are accounted for as short-term leases. The Company has not recognized renewal options as part of its right-of-use assets and lease liabilities, as the renewal options are not reasonably certain of exercise or occurrence as of March 31, 2022. Additionally, these lease arrangements do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts.

The weighted-average remaining term of the Company's operating leases was 4.5 years as of March 31, 2022. The weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.5% as of March 31, 2022.

The following table presents components of lease cost recorded in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2022.


	Three Months Ended March 31, 2022
Lease costs:
Operating lease costs	$	1,651
Short-term lease costs	727
Variable lease costs	85
Sublease income	(656)
Total lease costs	$	1,808

For the three months ended March 31, 2022, operating cash flows included $1,848 of cash paid for operating lease liabilities. For the three months ended March 31, 2022, there was no cash received from the sublease. As of March 31, 2022, there are no material operating leases that have not yet commenced.

As of March 31, 2022, the maturities of remaining lease payments included in the measurement of operating leases are as follows:


Year Ended December 31,
2022 (remaining nine months)	$	5,248
2023	6,284
2024	6,328
2025	6,451
2026	5,154
Thereafter	1,149
Total lease payments	30,614
Less: imputed interest	2,964
Total operating lease liability	$	27,650

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, the following table summarizes the future minimum lease payments related to operating leases as of December 31, 2021 under ASC 840.


Year Ended December 31,
2022	$	6,957
2023	6,276
2024	6,345
2025	6,467
2026	5,157
2027 and thereafter	1,149
	$	32,351

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021,the following table summarizes the future minimum sublease rentals, by year and in the aggregate under the non-cancelable sublease, under ASC 840.


Year Ended December 31,
2022	$	1,569
2023	2,756
2024	2,825
2025	2,896
2026	2,968
2027 and thereafter	761
	$	13,775

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Indemnifications In its normal course of business, the Company has made certain indemnities, commitments, and guarantees under which it may be required to make payments in relation to certain transactions. Those indemnities include intellectual property indemnities to the Company’s customers, indemnities to directors and officers of the Company to the maximum extent permitted under the laws of the State of Delaware, and indemnifications related to the Company’s lease agreements. In addition, the Company’s advertiser and distribution partner agreements contain certain indemnification provisions which are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under indemnification provisions historically and does not expect to incur significant obligations in the future. Accordingly, the Company has not recorded any liability for these indemnities, commitments, and guarantees in the accompanying balance sheets. Purchase commitments In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting and data services, and information technology operations. Total non-cancelable purchase commitments as of March 31, 2022 were approximately $114,250 for periods through 2026.

Net income (loss) per share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net income (loss) per shareFor periods prior to the Company’s conversion to a Delaware corporation, including fiscal 2021 for which a portion of the period preceded the conversion, the Company has retrospectively presented net income (loss) per share as if the conversion had occurred at the beginning of the earliest period presented. The weighted average shares used in computing net income (loss) per share in these periods are based on the number of units held by members after giving effect to the conversion ratio.

Basic and diluted income (loss) per share is computed by dividing net income (loss) by the weighted-average shares outstanding:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	1,159	$	(2,772)
Denominator:
Basic Shares:
Weighted-average shares outstanding	154,477,403		134,007,742
Diluted Shares:
Basic weighted-average shares outstanding	154,477,403		134,007,742
Dilutive effect of stock based awards	2,681,623		—
Weighted-average diluted shares outstanding	157,159,026		134,007,742
Net income (loss) per share
Basic	$	0.01	$	(0.02)
Diluted	$	0.01	$	(0.02)

The following potential outstanding Time-Based Options were excluded from the computation of diluted net income (loss) per share attributable to common stock/unit-holders for the periods presented given that their inclusion would have been anti-dilutive. Since the conditions associated with the vesting of the Return-Target Options have not occurred as of the reporting date, such options are excluded from potentially dilutive securities.


	Three months ended March 31,
	2022	2021
Options to purchase common stock/member units	1,655,206	6,235,372
Restricted stock units	1,034,418	39,025
Total	2,689,624	6,274,397

Fair value disclosures	3 Months Ended
Fair value disclosures	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value disclosures	Fair value disclosuresFinancial instrumentsThe carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated fair value due to their short maturities. The carrying value of long-term debt approximates its fair value based on Level 2 inputs as the principal amounts outstanding are subject to variable interest rates that are based on market rates (see Note 9).

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Schedule of Cash and Cash Equivalents

Related-party transactions	3 Months Ended
Related-party transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-party transactions	Related-party transactions The Company incurs expenses for consulting services and other expenses related to services provided by Vista Consulting Group, LLC (“VCG”). For the three months ended March 31, 2022 and 2021, the Company incurred expenses of $15 and $88, respectively. These costs were included in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to VCG as March 31, of 2022 and December 31, 2021 were $7 and $0, respectively. The Company incurs various travel and other expenses related to services provided by Vista Equity Partners Management, LLC (“VEP”). For the three months ended March 31, 2022 and 2021, the Company incurred expenses of $10 and $0.5, respectively. These costs were included in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to VEP as of March 31, 2022 and December 31, 2021 were $3 and $0, respectively. The Company has revenue arrangements with companies owned by Vista as follows: Total revenue contracted by the Company for TripleLift Inc. (“TripleLift”) (the Vista related party) were $62 and $0, respectively, for the three months ended March 31, 2022 and 2021. These revenues were included in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due from TripleLift as of March 31, 2022 and December 31, 2021 were $0 and $2, respectively. Total revenues contracted by the Company for VideoAmp Inc. (“VideoAmp”) (the Vista related party) were $9 and $2, respectively, for the three months ended March 31, 2022 and 2021. These revenues are included in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due from VideoAmp as of March 31, 2022 and December 31, 2021 were $25 and $13, respectively. The Company has subscription software arrangements with companies owned by Vista as follows: Total expenses incurred by the Company for Mediaocean LLC (“Mediaocean”) (the Vista related party) were $10 and $30, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in cost of revenue. Amounts due to Mediaocean as of March 31, 2022 and December 31, 2021 were $0 and $10. Total expenses incurred by the Company for Navex Global, Inc. (“Navex”) (the Vista related party) were $4 and $27, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Navex as of March 31, 2022 and December 31, 2021 were $15 and $0. Total expenses incurred by the Company for Cvent, Inc. (“Cvent”) (the Vista related party), were $0 and $20, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in sales and marketing expenses. There were no amounts due to Cvent as of March 31, 2022 and December 31, 2021. Total expenses incurred by the Company for Marketo, Inc. (“Marketo”) (the Vista related party) were $40 and $34, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Marketo as of March 31, 2022 and December 31, 2021 were $40 and $40, respectively. Total expenses incurred by the Company for Poppulo, Inc. (“Poppulo”) (the Vista related party) were $8 and $8, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Poppulo as of March 31, 2022 and December 31, 2021 were $26 and $0, respectively. Total expenses incurred by the Company for Lucid, Inc. (“Lucid”) (the Vista related party) were $3 and $1, respectively, for the three months ended March 31, 2022 and 2021. The majority of these costs were included in technology and development in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Lucid as of March 31, 2022 and December 31, 2021 were $0 and $16, respectively. Total expenses incurred by the Company for A Cloud Guru, Inc. (“A Cloud Guru”) (the Vista related party) were $5 and $4, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in technology and development expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). There were no amounts due to A Cloud Guru as of March 31, 2022 and December 31, 2021. Total expenses incurred by the Company for Pluralsight, Inc. (“Pluralsight”) (the Vista related party) were $5 and $2 , respectively, for the three months ended March 31, 2022 and 2021. These costs were included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Pluralsight as of March 31, 2022 and December 31, 2021 were $6 and $0, respectively. Total expenses incurred by the Company for Statista Limited (“Statista”) (the Vista related party) were $1 and $0, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in sales and marketing expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to Statista as of March 31, 2022 and December 31, 2021 were $0 and $8, respectively. Total expenses incurred by the Company for InVisionApp, Inc. (“InVisionApp”) (the Vista related party) were $2 and $1, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in technology and development expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts due to InVisionApp as of March 31, 2022 and December 31, 2021 were $1 and $0. Total expenses incurred by the Company for Drift.com, Inc. (“Drift.com”) (the Vista related party) were $10 and $0, respectively, for the three months ended March 31, 2022 and 2021. These costs were included in sales and marketing expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). There were no amounts due to Drift.com as of March 31, 2022 and December 31, 2021.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent events	Subsequent EventsEquity grantsSubsequent to quarter end, the Company approved the issuance of RSUs aggregating approximately $40,000 to employees and market performance based restricted stock units ("MSUs") aggregating $17,150 to certain executive officers. The RSUs vest quarterly over a four year period and the MSUs vest based on the ratio of the stock price at the vesting date to the stock price at the grant date with a cap on the maximum number of shares. The MSUs vest 25% after 12 months and an additional 6.25% vesting at the end of each successive quarter thereafter.

Basis of presentation and summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying interim condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss), of cash flows and of members’/stockholders’ equity for the three months ended March 31, 2022 and 2021, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company. All adjustments made were of a normal recurring nature. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any future period. The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements for the years ended December 31, 2021, 2020 and 2019. There have been no significant changes to these policies, except for the adoption of ASC 842, Leases as disclosed in Note 2(g), that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the three months ended March 31, 2022. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2022.
Basis of consolidation	Basis of consolidationThe condensed consolidated financial statements include the accounts of Integral Ad Science Holding Corp. and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include fair value of assets acquired in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets and internal use software, the allowance for doubtful accounts, goodwill impairment testing; assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. The Company bases its estimates on past experience, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to the COVID-19 pandemic.
Accounts receivable, net	Accounts receivable, netAccounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts. The allowance is estimated based on management’s knowledge of its customers’ financial condition, credit history, and existing economic conditions. Invoices are typically issued with net 30-days to net 90-days terms. Account balances are considered delinquent if payment is not received by the due date, and the receivables are written off when deemed uncollectible. These costs are recorded in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).
Stock-based compensation	Stock-based compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company used the following assumptions in valuing its time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options") and return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of Vista Equity Partners ("Vista"), the Company’s equity sponsor and funds controlled by Vista and registration of the shares held by Vista. Expected term — For time-based awards, the estimated expected term of options granted is generally calculated as the vesting period plus the midpoint of the remaining contractual term, as the Company does not have sufficient historical information to develop reasonable expectations surrounding future exercise patterns and post-vesting employment termination behavior. For awards subject to market and performance conditions, the expected term represents the period of time that the options granted are expected to be outstanding. Expected volatility — Since the Company does not have substantive trading history of its common stock, volatility is estimated based upon observed option-implied volatilities for a group of peer companies. The Company believes this is the best estimate of the expected volatility over the weighted-average expected term of its option grants. Risk-free interest rate — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury instruments with terms approximately equal to the expected term of the option. Expected dividend — The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company currently has no history or expectation of paying cash dividends on its units. Fair value —Prior to the IPO, because there was no public market for the Company’s common stock/units, the board of directors determined the best estimate of the fair value of the Company’s option grants, based on reasonable judgment and numerous objective and subjective factors, including independent third-party valuations of the Company’s common stock/units, operating and financial performance, and general and industry-specific economic outlook, amongst other factors. Following the pricing of the IPO, the Company’s shares are traded in the public market, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.
Recently adopted accounting pronouncements & Accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) effective January 1, 2021, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company early adopted ASU No. 2019-12, which did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”), which requires customers in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. The guidance requires certain costs incurred during the application development stage to be capitalized and other costs incurred during the preliminary project and post-implementation stages to be expensed as they are incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrange is ready for its intended use. A customer’s accounting for the hosting component of the arrangement is not affected. The Company adopted this guidance on January 1, 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, “Leases (Topic 842)” (“ASU No. 2016-2”). Under ASU No. 2016-2, lessees are required to put most leases on their balance sheets but to recognize expenses in the income statement in a manner similar to current accounting. ASU No. 2016-2 also eliminated the current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. The updated guidance is effective for the Company beginning January 1, 2022. Upon adoption, entities will be required to use the modified retrospective approach for leases that exist, or are entered into, after the beginning of the earliest comparative period in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows entities to not apply the new leases standard, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The Company adopted ASU No. 2016-2 on January 1, 2022 using the modified retrospective transition approach, which resulted in the recognition of right-of-use assets ("ROU assets") of $21,666 and lease liabilities of $29,361. Differences between ROU assets and lease liabilities are attributed to deferred rent, lease incentive obligations and cease-use liability previously recognized under ASC 420 Exit or Disposal Cost Obligations. The Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. In addition, the Company elected the expedient permitting the combination of lease and non-lease components into a single lease component. The Company made a policy election to not recognize right-of-use assets and lease liabilities for short-term leases for all asset classes. The adoption of ASU No. 2016-2 did not have a material impact on the Consolidated Statements of Operations and Comprehensive Income (Loss) or the Consolidated Statement of Cash Flows. Expanded disclosures around the Company's lease agreements under ASU No. 2016-2 are included in Note 14, Leases. (h) Accounting pronouncements not yet adopted In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which is intended to improve the accounting for acquired revenue contracts with customers in a business combination and create consistency in practice related to (i) the recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company will evaluate the impact of this guidance on future acquisitions as transactions occur. In March 2020, the FASB issued ASU 2020-4, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-4”) which is intended to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments in ASU No. 2020-4 provide operational expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions to affected by reference rate reform if certain criteria are met. The amendments in ASU No. 2020-4 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The optional amendments are effective for all entities as of March 12, 2020, through December 31, 2022. The Company intends to elect to apply certain of the optional expedients when evaluating the impact of reference rate reform on its debt instruments that reference LIBOR. The Company does not expect the adoption of ASU No. 2020-4 to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU No. 2016-13”) which is intended to provide more decision-useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to accounts receivable. This guidance will be effective for the Company beginning January 1, 2023, including interim periods within that reporting period. Early adoption is permitted and the update allows for a modified retrospective method of adoption. The Company is currently evaluating the potential effect that adopting this guidance will have on its Condensed Consolidated Financial Statements.

Basis of presentation and summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]


	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	82,255	$	73,210
Short term restricted cash	78		70
Long term restricted cash (held in other long-term assets)	2,804		2,798
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	85,137	$	76,078

Schedule of Restricted Cash


	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	82,255	$	73,210
Short term restricted cash	78		70
Long term restricted cash (held in other long-term assets)	2,804		2,798
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	85,137	$	76,078

Schedule of Allowance for Doubtful Accounts

The activity in our allowance for doubtful accounts consists of the following as of:


	March 31, 2022		March 31, 2021
Balance, beginning of period	$	5,883	4,257
Additional provision (reversal)	314		(266)
Receivables written off	(207)		(574)
Balance, end of period	$	5,990	3,417

Schedule of Valuation Assumptions of Stock Options

The Company used the following assumptions in valuing its stock-based compensation:


	March 31, 2022			March 31, 2021 (1)
Estimated fair value	$8.16	-	$14.04	$2.29
Expected volatility (%)	65%	-	80%	70%	-	75%
Expected term (in years)	3.00	-	10.00	3.25	-	6.63
Risk-free interest rate (%)	0.46%	-	0.98%	0.26%	-	0.55%
Dividend yield	—			—

Business combinations (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The allocation of purchase consideration to the assets acquired and liabilities assumed is as follows:


	Fair Value		Useful Life
Assets acquired:
Cash and cash equivalents	$	4,482
Accounts receivable	2,391
Property, plant and equipment	46
Prepaid expenses	188
Security deposits	12
Intangible assets:
Developed technology	15,200		5 years
Trademarks	2,200		5 years
Customer relationships	42,800		6 years
Total intangible assets	60,200
Total identifiable assets acquired	$	67,319
Liabilities assumed:
Accounts payable	$	560
Other current liabilities	2
Deferred tax liability	36,161
Total liabilities assumed	36,723
Goodwill	190,401		Indefinite
Total purchase consideration	$	220,997

The allocation of purchase consideration to the assets acquired and liabilities assumed is as follows:


	Fair Value		Useful Life
Assets acquired:
Accounts receivable	$	122
Other assets	112
Developed technology	7,670		5 years
Total identifiable assets acquired	$	7,904
Liabilities assumed:
Accounts payable	$	318
Short-term debt	2,354
Deferred tax liability	142
Total liabilities assumed	2,814
Goodwill	27,876		Indefinite
Total purchase consideration	$	32,966

The Company recognized a deferred tax liability of $142 on its purchase of Context

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	Estimated useful life (in years)			March 31, 2022		December 31, 2021
Computer and office equipment	1	-	3 years	$	3,324	$	3,100
Computer software	3	-	5 years	218		218
Leasehold improvements	Various			405		412
Furniture	5 years			78		66
Total property and equipment				4,025		3,796
Less: accumulated depreciation				(2,647)		(2,383)
Total property and equipment, net				$	1,378	$	1,413

Internal use software, net (Tables)

3 Months Ended

Mar. 31, 2022

Internal Use Software [Abstract]

Schedule of Internal Use Software, Net

Internal use software consisted of the following:


	Estimated useful life (in years)			March 31, 2022		December 31, 2021
Internal use software	3	-	5 years	$	35,489	$	32,591
Less: Accumulated amortization				(16,681)		(14,491)
Total internal use software, net				$	18,808	$	18,100

Intangible assets, net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Book Value, Accumulated Amortization, Net Book Value and Amortization Periods of Intangible Assets

The gross book value, accumulated amortization, net book value and amortization periods of the intangible assets were as follows:


	March 31, 2022
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	302,005	$	(89,727)	$	212,278	10.2 years
Developed technology	4	-	5 years	138,098		(114,006)		24,092		4.2 years
Trademarks	5	-	9 years	19,700		(8,043)		11,657		5.1 years
Favorable leases	6 years			198		(123)		75		2.3 years
Total				$	460,001	$	(211,899)	$	248,102

	December 31, 2021
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	302,026	$	(82,105)	$	219,921	10.4 years
Developed technology	4	-	5 years	138,342		(112,347)		25,995		4.5 years
Trademarks	5	-	9 years	19,700		(7,384)		12,316		5.4 years
Favorable leases	6 years			198		(114)		84		2.5 years
Total				$	460,266	$	(201,950)	$	258,316

Goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table provides a roll forward of the changes in the goodwill balance:



Goodwill as of December 31, 2021	$	676,513
Measurement period adjustments	(252)
Impact of exchange rates	(629)
Goodwill as of March 31, 2022	$	675,632

Accounts payable and accrued expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	March 31, 2022		December 31, 2021
Accounts payable	$	17,383	$	8,307
Accrued payroll	5,908		5,047
Accrued professional fees	1,496		2,334
Accrued interest	48		33
Accrued bonuses and commissions	6,210		16,454
Accrued revenue sharing	3,428		8,497
Taxes payable	6,230		6,076
Short term debt	—		1,976
Accrued hosting fees	3,089		2,465
Cease use liability (short-term)	—		1,298
Other accrued expenses	3,892		3,770
Total accounts payable and accrued expenses	$	47,684	$	56,257

Other Noncurrent Liabilities

Other long-term liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Purchase price payable for the acquisition of Context	$	967	$	2,320
Cease use liability (long-term)	—		5,689
Security deposit received	672		672
Total Other long-term liabilities	$	1,639	$	8,681

Long-term debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments


	March 31, 2022		December 31, 2021
New Revolver	$	245,000	$	245,000
Less: Unamortized debt issuance costs	(2,086)		(2,202)
Total carrying amount	$	242,914	$	242,798

Schedule of Future Principal Payments of Long-term Debt

Future principal payments of long-term debt as of March 31, 2022 are as follows:


Year Ending
2022 (remaining nine months)	$	—
2023	—
2024	—
2025	—
2026	245,000
	$	245,000

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Segment data (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

The following table summarizes revenue by geographic area:


	Three Months Ended March 31,
	2022		2021
North and South America (“Americas”)	$	60,559	$	41,190
Europe, Middle East and Africa (“EMEA”)	21,658		18,917
Asia and Pacific Rim (“APAC”)	7,025		6,845
Total	$	89,242	$	66,952

The following table summarizes long lived assets by geographic area:


	March 31, 2022		December 31, 2021
Long lived assets
Americas	$	16,748	$	876
EMEA	887		181
APAC	3,893		356
Total	$	21,528	$	1,413

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2022 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2022	6,648,975	$	7.46	7.76	$	98,055
Granted	—	—		—	—
Canceled or forfeited	(201,414)	4.13		—	—
Exercised	(605,682)	4.18		—	—
Outstanding at March 31, 2022	5,841,879	$	7.92	7.61	$	39,635
Vested and expected to vest at March 31, 2022	5,841,879	$	7.92	7.61	—
Exercisable as of March 31, 2022	2,883,956	$	4.64	6.83	$	26,425

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2022	3,265,126	$	7.53	7.27	47,947
Granted	—	—		—	—
Canceled or forfeited	(366,452)	4.13		—	—
Exercised	—	—		—	—
Outstanding at March 31, 2022	2,898,674	$	7.95	7.75	$	19,582
Vested and expected to vest at March 31, 2022	2,898,674	$	7.95	7.75	—
Exercisable as of March 31, 2022	—	—		—	—

Schedule of Restricted Stock Unit Activity

The RSU activity for the three months ended March 31, 2022 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2022	2,426,147	$	19.43
Granted	524,411	18.14
Canceled or forfeited	(152,088)	18.64
Vested	(12,094)	12.40
Outstanding as of March 31, 2022	2,786,376	$	19.27
Expected to vest as of March 31, 2022	2,786,376

Schedule of Allocation of Recognized Period Costs

Total stock-based compensation expense for all equity arrangements for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	56	$	—
Sales and marketing	2,531		—
Technology and development	1,536		—
General and administrative	4,016		—
Total	$	8,139	$	—

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease, Cost

The following table presents components of lease cost recorded in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2022.


	Three Months Ended March 31, 2022
Lease costs:
Operating lease costs	$	1,651
Short-term lease costs	727
Variable lease costs	85
Sublease income	(656)
Total lease costs	$	1,808

Lessee, Operating Lease, Liability, Maturity

As of March 31, 2022, the maturities of remaining lease payments included in the measurement of operating leases are as follows:


Year Ended December 31,
2022 (remaining nine months)	$	5,248
2023	6,284
2024	6,328
2025	6,451
2026	5,154
Thereafter	1,149
Total lease payments	30,614
Less: imputed interest	2,964
Total operating lease liability	$	27,650

Schedule of Future Minimum Rental Payments for Operating Leases


Year Ended December 31,
2022	$	6,957
2023	6,276
2024	6,345
2025	6,467
2026	5,157
2027 and thereafter	1,149
	$	32,351

Schedule of Future Minimum Rental Payments Receivable for Operating Leases


Year Ended December 31,
2022	$	1,569
2023	2,756
2024	2,825
2025	2,896
2026	2,968
2027 and thereafter	761
	$	13,775

Net income (loss) per share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

Basic and diluted income (loss) per share is computed by dividing net income (loss) by the weighted-average shares outstanding:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	1,159	$	(2,772)
Denominator:
Basic Shares:
Weighted-average shares outstanding	154,477,403		134,007,742
Diluted Shares:
Basic weighted-average shares outstanding	154,477,403		134,007,742
Dilutive effect of stock based awards	2,681,623		—
Weighted-average diluted shares outstanding	157,159,026		134,007,742
Net income (loss) per share
Basic	$	0.01	$	(0.02)
Diluted	$	0.01	$	(0.02)

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Three months ended March 31,
	2022	2021
Options to purchase common stock/member units	1,655,206	6,235,372
Restricted stock units	1,034,418	39,025
Total	2,689,624	6,274,397

Description of business - Narrative (Details)	Jul. 02, 2021 shares
Member’s Interest
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, conversion of units (in shares)	134,203,403
Common Stock
Subsidiary, Sale of Stock [Line Items]
Ratio of conversion of member units to common stock	242

Basis of presentation and summary of significant accounting policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 82,255	$ 73,210
Short term restricted cash	78	70
Long term restricted cash (held in other long-term assets)	2,804	2,798
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 85,137	$ 76,078	$ 53,857	$ 54,721

Amount of cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

Basis of presentation and summary of significant accounting policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 5,883	$ 4,257
Additional provision (reversal)	314	(266)
Receivables written off	(207)	(574)
Balance, end of period	$ 5,990	$ 3,417

Basis of presentation and summary of significant accounting policies - Valuation Assumptions of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in usd per share)		$ 2.29
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in usd per share)	$ 8.16
Expected volatility (%)	65.00%	70.00%
Expected term (in years)	3 years	3 years 3 months
Risk-free interest rate (%)	0.46%	0.26%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in usd per share)	$ 14.04
Expected volatility (%)	80.00%	75.00%
Expected term (in years)	10 years	6 years 7 months 17 days
Risk-free interest rate (%)	0.98%	0.55%

Basis of presentation and summary of significant accounting policies - Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Operating lease right-of-use assets	$ 20,150	$ 21,666
Total operating lease liability	$ 27,650	$ 29,361

Business combinations - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Aug. 09, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Purchase price payable for the acquisition of Context	$ 2,320		$ 967
Publica LLC
Business Acquisition [Line Items]
Purchase price		$ 171,366
Stock issued for acquisition (in shares)		2,888,889
Value of stock issued for acquisition		$ 49,631
Portion of goodwill acquired expected to be deductible for tax purposes		$ 57,972
Norbora SAS (Context)
Business Acquisition [Line Items]
Purchase price	$ 22,575
Stock issued for acquisition (in shares)	457,959
Value of stock issued for acquisition	$ 10,391
Portion of goodwill acquired expected to be deductible for tax purposes	0
Business combination, consideration payable, current	1,354
Purchase price payable for the acquisition of Context	$ 966

Business combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Aug. 09, 2021	Mar. 31, 2022
Liabilities assumed:
Goodwill	$ 676,513		$ 675,632
Publica LLC
Assets acquired:
Cash and cash equivalents		$ 4,482
Accounts receivable		2,391
Property, plant and equipment		46
Prepaid expenses		188
Security deposits		12
Intangible assets:		60,200
Total identifiable assets acquired		67,319
Liabilities assumed:
Accounts payable		560
Other current liabilities		2
Deferred tax liability		36,161
Total liabilities assumed		36,723
Goodwill		190,401
Total purchase consideration		220,997
Publica LLC \| Developed technology
Assets acquired:
Intangible assets:		$ 15,200
Liabilities assumed:
Estimate useful lives of acquired intangible assets		5 years
Publica LLC \| Trademarks
Assets acquired:
Intangible assets:		$ 2,200
Liabilities assumed:
Estimate useful lives of acquired intangible assets		5 years
Publica LLC \| Customer relationships
Assets acquired:
Intangible assets:		$ 42,800
Liabilities assumed:
Estimate useful lives of acquired intangible assets		6 years
Norbora SAS (Context)
Assets acquired:
Accounts receivable	122
Other assets	112
Total identifiable assets acquired	7,904
Liabilities assumed:
Accounts payable	318
Short-term debt	2,354
Deferred tax liability	142
Total liabilities assumed	2,814
Goodwill	27,876
Total purchase consideration	32,966
Norbora SAS (Context) \| Developed technology
Assets acquired:
Intangible assets:	$ 7,670
Liabilities assumed:
Estimate useful lives of acquired intangible assets	5 years

Property and equipment, net - Summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,025	$ 3,796
Less: accumulated depreciation	(2,647)	(2,383)
Total property and equipment, net	1,378	1,413
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,324	3,100
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	218	218
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 405	$ 412
Furniture
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years	5 years
Total property and equipment	$ 78	$ 66
Minimum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	1 year	1 year
Minimum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years	3 years
Maximum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years	3 years
Maximum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years	5 years

Property and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 218	$ 510

Internal use software, net - Summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Internal Use Software [Line Items]
Internal use software	$ 35,489	$ 32,591
Less: Accumulated amortization	(16,681)	(14,491)
Total internal use software, net	$ 18,808	$ 18,100
Minimum
Internal Use Software [Line Items]
Estimated useful life	3 years	3 years
Maximum
Internal Use Software [Line Items]
Estimated useful life	5 years	5 years

Internal use software, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Internal Use Software [Abstract]
Capitalized computer software, amortization	$ 2,227	$ 1,686
Impairment of assets	$ 49	$ 0

Intangible assets, net - Summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 460,001	$ 460,266
Accumulated amortization	(211,899)	(201,950)
Net book value	248,102	258,316
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross book value	302,005	302,026
Accumulated amortization	(89,727)	(82,105)
Net book value	$ 212,278	$ 219,921
Weighted average remaining useful life	10 years 2 months 12 days	10 years 4 months 24 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 138,098	$ 138,342
Accumulated amortization	(114,006)	(112,347)
Net book value	$ 24,092	$ 25,995
Weighted average remaining useful life	4 years 2 months 12 days	4 years 6 months
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 19,700	$ 19,700
Accumulated amortization	(8,043)	(7,384)
Net book value	$ 11,657	$ 12,316
Weighted average remaining useful life	5 years 1 month 6 days	5 years 4 months 24 days
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	6 years	6 years
Gross book value	$ 198	$ 198
Accumulated amortization	(123)	(114)
Net book value	$ 75	$ 84
Weighted average remaining useful life	2 years 3 months 18 days	2 years 6 months
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years	5 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years	4 years
Minimum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years	5 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years	15 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years	5 years
Maximum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years	9 years

Intangible assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,013	$ 12,067

Goodwill - Summary (Details) $ in Thousands	3 Months Ended
Goodwill - Summary (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 676,513
Measurement period adjustments	(252)
Impact of exchange rates	(629)
Goodwill at end of period	$ 675,632

Accounts payable and accrued expenses - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 17,383	$ 8,307
Accrued payroll	5,908	5,047
Accrued professional fees	1,496	2,334
Accrued interest	48	33
Accrued bonuses and commissions	6,210	16,454
Accrued revenue sharing	3,428	8,497
Taxes payable	6,230	6,076
Short term debt	0	1,976
Accrued hosting fees	3,089	2,465
Cease use liability (short-term)	0	1,298
Other accrued expenses	3,892	3,770
Accounts payable and accrued expenses	$ 47,684	$ 56,257

Accounts payable and accrued expenses - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Purchase price payable for the acquisition of Context	$ 967	$ 2,320
Cease use liability (long-term)	0	5,689
Security deposit received	672	672
Other long-term liabilities	$ 1,639	$ 8,681

Long-term debt - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Dec. 23, 2021	Sep. 29, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 116	$ 341
Interest expense, debt			$ 1,312	$ 6,222
Revolving Credit Facility \| New Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300,000
Incremental increases in maximum borrowing capacity		5,000
Proceeds from long-term lines of credit	$ 10,000	235,000
Debt costs		2,318
Loss on debt refinancing		$ 3,721
Effective interest rate on debt (as a percent)			2.50%
Minimum net leverage ratio			3.50
Minimum interest coverage ratio			2.50
Revolving Credit Facility \| New Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)		0.20%
Revolving Credit Facility \| New Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.75%
Revolving Credit Facility \| New Credit Agreement \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.75%
Revolving Credit Facility \| New Credit Agreement \| Minimum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.7826%
Revolving Credit Facility \| New Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.7965%
Revolving Credit Facility \| New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)		0.35%
Revolving Credit Facility \| New Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
Revolving Credit Facility \| New Credit Agreement \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
Revolving Credit Facility \| New Credit Agreement \| Maximum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.5326%
Revolving Credit Facility \| New Credit Agreement \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.5456%
Letter of Credit \| New Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 30,000
Incremental increases in maximum borrowing capacity		5,000
Alternative Currency \| New Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		100,000
Incremental increases in maximum borrowing capacity		$ 5,000

Long-term debt - Summary of Carrying Amount of The Term Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (2,086)	$ (2,202)
Total carrying amount	242,914	242,798
Revolving Credit Facility
Debt Instrument [Line Items]
New Revolver	$ 245,000	$ 245,000

Long-term debt - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Maturities of Long-term Debt [Abstract]
2022 (remaining nine months)	$ 0
2023	0
2024	0
2025	0
2026	245,000
Long-term debt	$ 245,000

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

Income taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 825	$ (912)
Effective tax rate (percent)	41.60%	24.80%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Segment data - Narrative (Details) $ in Thousands	3 Months Ended
Segment data - Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Revenue	$ 89,242	$ 66,952
United States
Segment Reporting Information [Line Items]
Revenue	$ 57,432	$ 38,901

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Segment data - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
Segment data - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 89,242	$ 66,952
Long lived assets	21,528		$ 1,413
North and South America (“Americas”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	60,559	41,190
Long lived assets	16,748		876
Europe, Middle East and Africa (“EMEA”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	21,658	18,917
Long lived assets	887		181
Asia and Pacific Rim (“APAC”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	7,025	$ 6,845
Long lived assets	$ 3,893		$ 356

Stock-based compensation - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 02, 2021	Jun. 29, 2021	Aug. 01, 2018	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2018	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 8,139,000	$ 0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for awards (in shares)					3,033,556
Increase in stock reserved for future issuance, proportion of common stock outstanding (as a percent)					1.00%
Increase in stock reserved for future issuance, maximum shares of common stock allotted for ESPP (in shares)					16,000,000
Maximum employee payroll deductions of eligible compensation for ESPP (as a percent)					15.00%
Maximum annual employee payroll deductions of eligible compensation for ESPP					$ 25,000
Stock issued under the ESPP (in shares)					0
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum equity return multiple							3.0
Stock-based compensation expense					$ 0
Maximum proportion for sale of equity interest to third-party (as a percent)							50.00%
Maximum proportion for transfer of equity interest to third-party (as a percent)							75.00%
Amended and Restated LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Award vesting rate (as a percent)				50.00%
Stock-based compensation expense					0
Conversion premium (as a percent)				10.00%
Cash distribution for awards	$ 1,170,000,000
Fair value of awards					$ 159,000
Time Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					5,841,879			6,648,975
Unrecognized stock-based compensation expense					$ 31,102,000
Recognition period for unamortized stock-based compensation expense					2 years 3 months 18 days
Fair value of awards					$ 39,635,000			$ 98,055,000
Time Based Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Stock-based compensation expense					$ 3,876,000
Time Based Options \| 2018 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			12 months
Award vesting rate (as a percent)			25.00%
Time Based Options \| 2018 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate (as a percent)			6.25%
Time Based Options \| Amended and Restated 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					4,586,408
Time Based Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					1,255,471
Return Target Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					2,898,674			3,265,126
Unrecognized stock-based compensation expense					$ 35,236,000
Fair value of awards					19,582,000			$ 47,947,000
Return Target Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum equity return multiple			3.0
Return Target Options \| Amended and Restated 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting upon sale of share resulting in cash return, threshold	$ 1,170,000,000
Stock-based compensation expense					$ 0
Stock options outstanding (in shares)					2,270,455
Return Target Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					628,219
Stock Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 868,000
Stock options outstanding (in shares)					1,883,690
Stock authorized for awards (in shares)					27,421,802
Period of increase in stock reserved for future issuance		10 years
Increase in stock reserved for future issuance, proportion of common stock outstanding (as a percent)		5.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 3,395,000
Unrecognized stock-based compensation expense					$ 44,257,000
Recognition period for unamortized stock-based compensation expense					3 years 2 months 12 days
Restricted stock units \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Award vesting rate (as a percent)					25.00%
Performance Stock Units (PSUs) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 0
Unrecognized stock-based compensation expense					$ 12,000,000

Stock-based compensation - Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stock options
Stock options - exercised (in shares)	(605,682)
Time Based Options
Stock options
Stock options - beginning balance (in shares)	6,648,975
Stock options - granted (in shares)	0
Stock options - canceled or forfeited (in shares)	(201,414)
Stock options - exercised (in shares)	(605,682)
Stock options - ending balance (in shares)	5,841,879	6,648,975
Stock options - vested and expected to vest (in shares)	5,841,879
Stock options - exercisable (in shares)	2,883,956
Weighted average exercise price
Weighted average exercise price - beginning balance (in usd per share)	$ 7.46
Weighted average exercise price - granted (in usd per share)	0
Weighted average exercise price - canceled or forfeited (in usd per share)	4.13
Weighted average exercise price - exercised (in usd per share)	4.18
Weighted average exercise price - ending balance (in usd per share)	7.92	$ 7.46
Weighted average exercise price - vested and expected to vest (in usd per share)	7.92
Weighted average exercise price - exercisable (in usd per share)	$ 4.64
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years) - beginning balance	7 years 7 months 9 days	7 years 9 months 3 days
Weighted average remaining contractual life (years) - ending balance	7 years 7 months 9 days	7 years 9 months 3 days
Weighted average remaining contractual life (years) - vested and expected to vest	7 years 7 months 9 days
Weighted average remaining contractual life (years) - exercisable	6 years 9 months 29 days
Aggregate intrinsic value
Aggregate intrinsic value - beginning balance	$ 98,055,000
Aggregate intrinsic value - ending balance	39,635,000	$ 98,055,000
Aggregate intrinsic value - vested and expected to vest	0
Aggregate intrinsic value - exercisable	$ 26,425,000
Return Target Options
Stock options
Stock options - beginning balance (in shares)	3,265,126
Stock options - granted (in shares)	0
Stock options - canceled or forfeited (in shares)	(366,452)
Stock options - exercised (in shares)	0
Stock options - ending balance (in shares)	2,898,674	3,265,126
Stock options - vested and expected to vest (in shares)	2,898,674
Stock options - exercisable (in shares)	0
Weighted average exercise price
Weighted average exercise price - beginning balance (in usd per share)	$ 7.53
Weighted average exercise price - granted (in usd per share)	0
Weighted average exercise price - canceled or forfeited (in usd per share)	4.13
Weighted average exercise price - exercised (in usd per share)	0
Weighted average exercise price - ending balance (in usd per share)	7.95	$ 7.53
Weighted average exercise price - vested and expected to vest (in usd per share)	7.95
Weighted average exercise price - exercisable (in usd per share)	$ 0
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years) - beginning balance	7 years 9 months	7 years 3 months 7 days
Weighted average remaining contractual life (years) - ending balance	7 years 9 months	7 years 3 months 7 days
Weighted average remaining contractual life (years) - vested and expected to vest	7 years 9 months
Aggregate intrinsic value
Aggregate intrinsic value - beginning balance	$ 47,947,000
Aggregate intrinsic value - ending balance	19,582,000	$ 47,947,000
Aggregate intrinsic value - vested and expected to vest	0
Aggregate intrinsic value - exercisable	$ 0

Stock-based compensation - Restricted Stock Unit Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Awards - beginning balance (in shares)	2,426,147
Awards - granted (in shares)	524,411
Awards - canceled or forfeited (in shares)	(152,088)
Awards - vested (in shares)	(12,094)
Awards - ending balance (in shares)	2,786,376
Weighted Average Grant Date Fair Value
Weighted average grant date fair value - outstanding beginning balance (in usd per share) \| $ / shares	$ 19.43
Weighted average grant date fair value - granted (in usd per share) \| $ / shares	18.14
Weighted average grant date fair value - canceled or forfeited (in usd per share) \| $ / shares	18.64
Weighted average grant date fair value - vested (in usd per share) \| $ / shares	12.40
Weighted average grant date fair value - outstanding ending balance (in usd per share) \| $ / shares	$ 19.27
Expected to vest at end of period (in shares)	2,786,376

Stock-based compensation - Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,139	$ 0
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	56	0
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,531	0
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,536	0
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,016	$ 0

Members’/ Stockholders’ equity - Narrative (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

Jul. 02, 2021

Mar. 31, 2022

USD ($)

$ / shares

Mar. 31, 2021

USD ($)

Dec. 31, 2021

$ / shares

Common stock, shares authorized (in shares)

500,000,000

Common stock, par value (in usd per share) | $ / shares

$ 0.001

Preferred stock, shares authorized (in shares)

50,000,000

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

Option exercises (in shares)

605,682

Option exercises | $

$ 2,532

Repurchase of units | $

$ 1,202

Restricted stock units

RSUs vested (in shares)

12,094

Member’s Interest

Stock issued during period, conversion of units (in shares)

134,203,403

Stock repurchased during period (in shares)

^[1]

99,946

Repurchase of units | $

$ 413

Common Stock

Option exercises (in shares)

RSUs vested (in shares)

12,094

605,682

Option exercises | $

$ 1

Ratio of conversion of member units to common stock

242

Stock repurchased during period (in shares)

99,946

Repurchase of units | $

$ 1,202

Stock repurchased during period, value, in excess of par value | $

$ 789

[1]	Amounts for periods prior to the Company’s conversion to a Delaware corporation have been retrospectively adjusted to give effect to the corporate conversion described in Note 1.

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 6 months
Weighted-average discount rate	4.50%
Operating lease, cash paid	$ 1,848,000
Cash received from sublease	$ 0
Maximum
Lessee, Lease, Description [Line Items]
Operating lease remaining term	4 years 10 months 24 days

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
Operating lease costs	$ 1,651
Short-term lease costs	727
Variable lease costs	85
Sublease income	(656)
Total lease costs	$ 1,808

Leases - Maturities of Remaining Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Leases [Abstract]
2022 (remaining nine months)	$ 5,248
2023	6,284
2024	6,328
2025	6,451
2026	5,154
Thereafter	1,149
Total lease payments	30,614
Less: imputed interest	2,964
Total operating lease liability	$ 27,650	$ 29,361

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 6,957
2023	6,276
2024	6,345
2025	6,467
2026	5,157
2027 and thereafter	1,149
Operating leases, future minimum payments due	$ 32,351

Leases - Future Minimum Sublease Rentals (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 1,569
2023	2,756
2024	2,825
2025	2,896
2026	2,968
2027 and thereafter	761
Operating leases, future minimum payments receivable	$ 13,775

Commitments and contingencies - Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 114,250

Net income (loss) per share - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Numerator:

Weighted average shares outstanding - basic (in shares)

$ 1,159

$ (2,772)

Denominator:

154,477,403

134,007,742

Dilutive effect of stock based awards (in shares)

2,681,623

Weighted average shares outstanding - diluted (in shares)

157,159,026

134,007,742

Net income (loss) per share – basic (in usd per share)

^[1]

$ 0.01

$ (0.02)

Net income (loss) per share – diluted (in usd per share)

^[1]

$ 0.01

$ (0.02)

[1]	Amounts for periods prior to the Company’s conversion to a Delaware corporation have been retrospectively adjusted to give effect to the corporate conversion described in Note 1.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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