CCC Intelligent Solutions Holdings Inc 8-K/A, filed Aug 12, 2021

CCC Intelligent Solutions Holdings Inc. (CCC)

8-K/A 2021-08-12 For: 2021-07-30

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Added on April 07, 2026

About this 8-K/A

CCC Intelligent Solutions Holdings Inc filed this 8-K/A on August 12, 2021, reporting on events of July 30, 2021.

Items reported

Item 4.01: Change of auditor
Item 9.01: Financial statements and exhibits

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Delaware	001-39447	98-1546280
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	CCCS	The New York Stock Exchange
Warrants to purchase one share of common stock at an exercise price of $11.50	CCCS WS	The New York Stock Exchange


Exhibit No.		Description

16.1		Letter from WithumSmith+Brown, PC to the SEC, dated August 12, 2021.

99.1		Unaudited pro forma condensed financial information of the Company as of June 30, 2021, for the year-ended December 31, 2020 and for the six months ended June 30, 2021.

99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company for the three and six months ended June 30, 2021 and 2020.

99.3		Unaudited condensed consolidated financial statements of the Company as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	CCC INTELLIGENT SOLUTIONS HOLDINGS INC.

Date: August 12, 2021	By:	/s/ Brian Herb
		Brian Herb
		Executive Vice President, Chief Financial and Administrative Officer


	Dragoneer (Historical)		CCC (Historical)		Pro Forma Adjustments					Pro Forma
ASSETS
Current assets:
Cash and cash equivalents	$	1,442	$	58,506	$	479,913		(b.1	)	$	140,473
						150,000		(b.2	)
						175,000		(c	)
						(24,150	)	(d	)
						(14,234	)	(d	)
						(7,210	)	(d	)
						(2	)	(l	)
						(134,570	)	(g	)
						(10,218	)	(i	)
						(9,004	)	(j	)
						(525,000	)	(n	)
Accounts and notes receivable, net of allowances of $4,218 for June 30, 2021		—		81,817		—					81,817
Income taxes receivable		—		1,244		—					1,244
Deferred contract costs		—		12,681		—					12,681
Prepaid expenses		253		—		(253	)	(k	)		—
Other current assets		—		33,524		253		(k	)		30,826
						(2,951	)	(d1	)

Total current assets		1,695		187,772		77,574					267,041
Investments held in Trust Account		690,022				(210,109	)	(a.1	)		—
						(479,913	)	(b.1	)
Software, equipment and property—net		—		108,640		—					108,640
Operating lease assets				41,859							41,859
Intangible assets—net		—		1,262,608		—					1,262,608
Goodwill		—		1,466,884		—					1,466,884
Deferred financing fees, revolver—net		—		598		—					598
Long-term deferred contract costs		—		15,986		—					15,986
Equity method investment		—		10,228		—					10,228
Other assets		—		16,684		—					16,684

TOTAL ASSETS		691,717		3,111,259		(612,448	)				3,190,528

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses		—		16,826		—					16,826
Accrued expenses		5,086		58,393		(4,300	)	(i	)		59,179
Convertible note- related party, net of debt discount		2,000		—		(2,000	)	(m	)		—
Advance from related party		2		—		(2	)	(l	)		—
Income taxes payable		—		4,293		—					4,293
Current portion of long-term debt		—		13,846		(13,846	)	(n	)		—
Current portion of long-term licensing agreement—net of discount		—		2,620		—					2,620
Operating lease liabilities		—		9,546		—					9,546
Deferred revenues		—		28,824		—					28,824
Interest rate swap derivatives		—		11,993		—					11,993

Total current liabilities		7,088		146,341		(20,148	)				133,281


	Shares		Ownership %			Voting Right %
Advent Investor(1)		372,634,844		62.7	%		62.7	%
OH Investor(1)		53,082,833		8.9	%		8.9	%
TCV Investor(1)		53,082,832		8.9	%		8.9	%
Other legacy CCC shareholders(1)(4)		26,629,869		4.5	%		4.5	%
Dragoneer public shareholders(2)		47,990,002		8.1	%		8.1	%
Sponsor and other initial shareholders and certain affiliates of Willett Advisors LLC(1)(3)		26,125,000		4.4	%		4.4	%
PIPE Investors		15,000,000		2.5	%		2.5	%

Total		594,545,380		100.00	%		100.00	%


	Six Months ended June 30, 2021
Pro Forma Income per Share
Numerator:
Pro forma net income attributable to common stockholders total—basic and diluted	$	118,701

Denominator: Basic
Historical weighted average shares outstanding—basic (as reported)		1,483,634
Exchange Ratio		340.55
Weighted average number of shares outstanding, as exchanged—basic		505,252,576
Pro forma adjustment for shares issued		89,115,002
Pro forma weighted average shares outstanding—basic (actual redemptions)		594,367,578

Denominator: Diluted
Historical weighted average shares outstanding—diluted		1,537,036
Exchange ratio		340.55
Weighted average number of shares outstanding, as exchanged—diluted		523,438,664
Pro forma adjustment for shares issued		89,115,002
Pro forma weighted average shares outstanding—diluted (actual redemptions)		612,553,666
Pro forma net income per share:
Basic	$	0.20
Diluted	$	0.19

	Year ended December 31, 2020
Pro Forma Loss per Share
Numerator:
Pro forma net loss attributable to common stockholders total—basic and diluted	$	(341,323	)

Denominator:
Historical weighted average shares outstanding—basic and diluted (as reported)		1,480,296
Exchange Ratio		340.55
Weighted average number of shares outstanding, as exchanged—basic and diluted		504,115,818
Pro forma adjustment for shares issued		89,115,002

Pro forma weighted average shares outstanding—basic and diluted		593,230,820
Pro forma net loss per share:
Basic and diluted	$	(0.58	)


	Quarter Ending	2021			2020
Software NDR	March 31		106	%		105	%
	June 30		110	%		103	%
	September 30					103	%
	December 31					103	%


	Three Months Ended June 30,						Change
(dollar amounts in thousands, except share and per share data)	2021			2020			$			%
Revenue	$	166,789		$	150,716		$	16,073			10.7	%
Cost of revenue, exclusive of amortization of acquired technologies		38,932			43,408			(4,476	)		-10.3	%
Amortization of acquired technologies		6,580			6,574			6			0.1	%

Cost of revenue		45,512			49,982			(4,470	)		-8.9	%

Gross profit		121,277			100,734			20,543			20.4	%
Operating expenses:
Research and development		31,253			27,772			3,481			12.5	%
Selling and marketing		21,551			17,702			3,849			21.7	%
General and administrative		28,394			21,566			6,828			31.7	%
Amortization of intangible assets		18,078			18,078			—			0.0	%

Total operating expenses		99,276			85,118			14,158			16.6	%

Operating income		22,001			15,616			6,385			40.9	%
Other income (expense):
Interest expense		(18,903	)		(18,643	)		(260	)		-1.4	%
Gain on change in fair value of interest rate swaps		3,089			620			2,469			398.2	%
Other income, net		4			115			(111	)		-96.5	%

Total other income (expense)		(15,810	)		(17,908	)		2,098			11.7	%
Income (loss) before income taxes		6,191			(2,292	)		8,483			NM
Income tax (provision) benefit		(2,375	)		331			(2,706	)		NM

Net income (loss)	$	3,816		$	(1,961	)	$	5,777			NM

Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	$	2.57		$	(1.32	)
Diluted	$	2.48		$	(1.32	)

Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic		1,484,156			1,480,262
Diluted		1,537,767			1,480,262


	Six Months Ended June 30,						Change
(dollar amounts in thousands, except share and per share data)	2021			2020			$			%
Revenue	$	324,578		$	309,924		$	14,654			4.7	%
Cost of revenue, exclusive of amortization of acquired technologies		76,945			91,795			(14,850	)		-16.2	%
Amortization of acquired technologies		13,160			13,149			11			0.1	%

Cost of revenue		90,105			104,944			(14,839	)		-14.1	%

Gross profit		234,473			204,980			29,493			14.4	%
Operating expenses:
Research and development		61,877			55,315			6,562			11.9	%
Selling and marketing		40,968			39,181			1,787			4.6	%
General and administrative		66,233			44,566			21,667			48.6	%
Amortization of intangible assets		36,155			36,155			—			0.0	%

Total operating expenses		205,233			175,217			30,016			17.1	%

Operating income		29,240			29,763			(523	)		-1.8	%
Other income (expense):
Interest expense		(37,669	)		(37,800	)		131			0.3	%
Gain (loss) on change in fair value of interest rate swaps		6,366			(20,527	)		26,893			NM
Loss on early extinguishment of debt		—			(8,615	)		8,615			100.0	%
Other income, net		91			255			(164	)		-64.3	%

Total other income (expense)		(31,212	)		(66,687	)		35,475			53.2	%
Loss before income taxes		(1,972	)		(36,924	)		34,952			94.7	%
Income tax benefit		704			9,711			(9,007	)		-92.8	%

Net loss	$	(1,268	)	$	(27,213	)	$	25,945			95.3	%

Net loss per share attributable to Class A and Class B common stockholders—basic and diluted	$	(0.85	)	$	(18.39	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders—basic and diluted		1,483,634			1,479,918


	Three months ended June 30,						Six months ended June 30,
(amounts in thousands, except percentages)	2021			2020			2021			2020
Gross Profit	$	121,277		$	100,734		$	234,473		$	204,980
First Party Clinical Services—Gross Profit		—			(141	)		—			(2,390	)
Amortization of acquired technologies		6,580			6,574			13,160			13,149
Stock-based compensation		176			160			394			239

Adjusted Gross Profit	$	128,033		$	107,327		$	248,027		$	215,978

Gross Profit Margin		73	%		67	%		72	%		66	%
Adjusted Gross Profit Margin		77	%		74	%		76	%		70	%


	Three months ended June 30,						Six months ended June 30,
(dollar amounts in thousands)	2021			2020			2021			2020
Net income (loss)	$	3,816		$	(1,961	)	$	(1,268	)	$	(27,213	)
Interest expense		18,903			18,643			37,669			37,800
Income tax provision (benefit)		2,375			(331	)		(704	)		(9,711	)
Amortization of intangible assets		18,078			18,078			36,155			36,155
Amortization of acquired technologies—Cost of revenue		6,580			6,574			13,160			13,149
Depreciation and amortization related to software, equipment and property		5,314			4,243			10,467			8,543

EBITDA		55,066			45,246			95,479			58,723
(Gain) loss on change in fair value of interest rate swaps		(3,089	)		(620	)		(6,366	)		20,527
Stock-based compensation expense		2,883			2,371			15,537			5,601
Loss on early extinguishment of debt		—			—			—			8,615
Business combination transaction costs		1,953			—			4,955			—
Lease abandonment		925			—			1,850			—
Lease overlap costs		909			—			1,817			—
Net costs related to divestiture		1,494			—			2,266			—
First Party Clinical Services—Revenue		—			(6,603	)		—			(18,255	)
First Party Clinical Services—Cost of revenue		—			6,462			—			15,865

Adjusted EBITDA	$	60,141		$	46,856		$	115,538		$	91,076


	June 30,			December 31,
	2021			2020
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	58,506		$	162,118
Accounts receivable—Net of allowances of $4,218 and $4,224 for June 30, 2021 and December 31, 2020, respectively		81,817			74,107
Income taxes receivable		1,244			2,037
Deferred contract costs		12,681			11,917
Other current assets		33,524			31,586

Total current assets		187,772			281,765

SOFTWARE, EQUIPMENT, AND PROPERTY—Net		108,640			101,438
OPERATING LEASE ASSETS		41,859			—
INTANGIBLE ASSETS—Net		1,262,608			1,311,917
GOODWILL		1,466,884			1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net		598			746
DEFERRED CONTRACT COSTS		15,986			14,389
EQUITY METHOD INVESTMENT		10,228			—
OTHER ASSETS		16,684			18,416

TOTAL	$	3,111,259		$	3,195,555

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	16,826		$	13,164
Accrued expenses		58,393			52,987
Income taxes payable		4,293			5,129
Current portion of long-term debt		13,846			25,381
Current portion of long-term licensing agreement—Net		2,620			2,540
Operating lease liabilities		9,546			—
Deferred revenues		28,824			26,514
Interest rate swap derivatives		11,993			—

Total current liabilities		146,341			125,715

FIRST LIEN TERM LOAN—Net		1,299,774			1,292,597
DEFERRED INCOME TAXES—Net		311,280			322,348
LONG-TERM LICENSING AGREEMENT—Net		35,001			36,331
OPERATING LEASE LIABILITIES		41,338			—
OTHER LIABILITIES		11,711			32,770

Total liabilities		1,845,445			1,809,761

COMMITMENTS AND CONTINGENCIES (Notes 20 and 21)
MEZZANINE EQUITY:
Redeemable non-controlling interest		14,179			14,179
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par; 1,500,000 shares authorized; no shares issued and outstanding		—			—
Common stock—Series A, $0.001 par; 3,000,000 shares authorized; 1,450,978 shares issued and outstanding at June 30, 2021 and December 31, 2020		1			1
Common stock—Series B, $0.001 par; 500,000 shares authorized; 33,178 and 29,785 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		—			—
Additional paid-in capital		1,517,123			1,501,255
Accumulated deficit		(265,189	)		(129,370	)
Accumulated other comprehensive loss		(300	)		(271	)

Total stockholders’ equity		1,251,635			1,371,615

TOTAL	$	3,111,259		$	3,195,555


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
REVENUES	$	166,789		$	150,716		$	324,578		$	309,924

COST OF REVENUES
Cost of revenues, exclusive of amortization of acquired technologies		38,932			43,408			76,945			91,795
Amortization of acquired technologies		6,580			6,574			13,160			13,149

Total cost of revenues		45,512			49,982			90,105			104,944

GROSS PROFIT		121,277			100,734			234,473			204,980

OPERATING EXPENSES:
Research and development		31,253			27,772			61,877			55,315
Selling and marketing		21,551			17,702			40,968			39,181
General and administrative		28,394			21,566			66,233			44,566
Amortization of intangible assets		18,078			18,078			36,155			36,155

Total operating expenses		99,276			85,118			205,233			175,217

OPERATING INCOME		22,001			15,616			29,240			29,763

INTEREST EXPENSE		(18,903	)		(18,643	)		(37,669	)		(37,800	)

GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS		3,089			620			6,366			(20,527	)

LOSS ON EARLY EXINGUISHMENT OF DEBT		—			—			—			(8,615	)

OTHER INCOME—Net		4			115			91			255

PRETAX INCOME (LOSS)		6,191			(2,292	)		(1,972	)		(36,924	)

INCOME TAX (PROVISION) BENEFIT		(2,375	)		331			704			9,711

NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST		3,816			(1,961	)		(1,268	)		(27,213	)
Less: net income (loss) attributable to non-controlling interest		—			—			—			—

NET INCOME (LOSS) ATTRIBUTABLE TO CYPRESS HOLDINGS, INC.	$	3,816		$	(1,961	)	$	(1,268	)	$	(27,213	)

Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	$	2.57		$	(1.32	)	$	(0.85	)	$	(18.39	)
Diluted	$	2.48		$	(1.32	)	$	(0.85	)	$	(18.39	)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic		1,484,156			1,480,262			1,483,634			1,479,918
Diluted		1,537,767			1,480,262			1,483,634			1,479,918

COMPREHENSIVE INCOME (LOSS):
Net income (loss) including non-controlling interest		3,816			(1,961	)		(1,268	)		(27,213	)
Other comprehensive loss—Foreign currency translation adjustment		(36	)		(1	)		(29	)		(18	)

COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST		3,780			(1,962	)		(1,297	)		(27,231	)
Less: comprehensive income (loss) attributable to non-controlling interest		—			—			—			—

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CYPRESS HOLDINGS, INC.	$	3,780		$	(1,962	)	$	(1,297	)	$	(27,231	)


	Redeemable Non-Controlling Interest														Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)			Accumulated Other Comprehensive Loss			Total Stockholders’ Equity
			Issued Preferred Stock				Issued Common Stock
							Series A				Series B
			Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares		Par Value
BALANCE—December 31, 2020		14,179		—	$	—		1,450,978	$	1		29,785	$	—	$	1,501,255	$	(129,370	)	$	(271	)	$	1,371,615
Issuance of Series B common stock		—		—		—		—		—		325		—		1,007		—			—			1,007
Stock-based compensation expense		—		—		—		—		—		2,595		—		11,838		—			—			11,838
Exercise of stock options—net of tax		—		—		—		—		—		473		—		444		—			—			444
Dividend to shareholders		—		—		—		—		—		—		—		—		(134,551	)		—			(134,551	)
Foreign currency translation adjustment		—		—		—		—		—		—		—		—		—			7			7
Net loss		—		—		—		—		—		—		—		—		(5,084	)		—			(5,084	)

BALANCE—March 31, 2021		14,179		—		—		1,450,978		1		33,178		—		1,514,544		(269,005	)		(264	)		1,245,276
Stock-based compensation expense		—		—		—		—		—		—		—		2,579		—			—			2,579
Foreign currency translation adjustment		—		—		—		—		—		—		—		—		—			(36	)		(36	)
Net income		—		—		—		—		—		—		—		—		3,816			—			3,816

BALANCE—June 30, 2021	$	14,179		—	$	—		1,450,978	$	1		33,178	$	—	$	1,517,123	$	(265,189	)	$	(300	)	$	1,251,635


	Redeemable
	Non-Controlling		Issued Preferred Stock				Issued Common Stock												Retained			Accumulated
	Interest						Series A				Series B					Additional			Earnings			Other			Total
			Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares			Par Value		Paid-In Capital			(Accumulated Deficit)			Comprehensive Loss			Stockholders’ Equity
BALANCE—December 31, 2019		—		—	$	—		1,450,978	$	1		27,967		$	—	$	1,491,753		$	(112,494	)	$	(397	)	$	1,378,863
Issuance of non-controlling interest in subsidiary		14,179		—		—		—		—		—			—		—			—			—			—
Issuance of Series B common stock		—		—		—		—		—		1,000			—		1,560			—			—			1,560
Stock-based compensation expense		—		—		—		—		—		—			—		1,629			—			—			1,629
Exercise of stock options—net of tax		—		—		—		—		—		373			—		268			—			—			268
Repurchase and cancellation of Series B common stock		—		—		—		—		—		(55	)		—		(86	)		—			—			(86	)
Foreign currency translation adjustment		—		—		—		—		—		—			—		—			—			(17	)		(17	)
Net loss		—		—		—		—		—		—			—		—			(25,252	)		—			(25,252	)

BALANCE—March 31, 2020		14,179		—		—		1,450,978		1		29,285			—		1,495,124			(137,746	)		(414	)		1,356,965
Stock-based compensation expense		—		—		—		—		—		—			—		2,272			—			—			2,272
Exercise of stock options—net of tax		—		—		—		—		—		192			—		29			—			—			29
Repurchase and cancellation of Series B common stock		—		—		—		—		—		(83	)		—		(127	)		—			—			(127	)
Foreign currency translation adjustment		—		—		—		—		—		—			—		—			—			(1	)		(1	)
Net loss		—		—		—		—		—		—			—		—			(1,961	)		—			(1,961	)

BALANCE—June 30, 2020	$	14,179		—	$	—		1,450,978	$	1		29,394		$	—	$	1,497,298		$	(139,707	)	$	(415	)	$	1,357,177


CYPRESS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	For the Six Months Ended
	June 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(1,268	)	$	(27,213	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of software, equipment, and property		10,472			8,543
Amortization of intangible assets		49,315			49,304
Deferred income taxes		(11,068	)		(16,685	)
Stock-based compensation		15,537			5,601
Amortization of deferred financing fees		2,321			2,146
Amortization of discount on debt		392			327
Change in fair value of interest rate swaps		(6,366	)		20,527
Loss on early extinguishment of debt		—			8,615
Non-cash lease expense		3,667			—
Other		34			13
Changes in:
Accounts receivable—Net		(7,749	)		(9,834	)
Deferred contract costs		(765	)		128
Other current assets		(1,937	)		2,757
Deferred contract costs—Non-current		(1,597	)		(941	)
Other assets		1,699			(10,254	)
Operating lease assets		3,410			—
Income taxes		(43	)		7,256
Accounts payable		3,613			(115	)
Accrued expenses		4,031			(17,324	)
Operating lease liabilities		(3,900	)		—
Deferred revenues		2,303			1,127
Other liabilities		(2,281	)		(202	)

Net cash provided by operating activities		59,820			23,776

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and property		(13,158	)		(12,512	)
Purchase of equity method investment		(10,189	)		—
Purchase of intangible asset		(49	)		(560	)

Net cash used in investing activities		(23,396	)		(13,072	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of non-controlling interest in subsidiary		—			14,179
Principal payments on long-term debt		(6,923	)		(381,923	)
Proceeds from issuance of long-term debt, net of fees paid to lender		—			369,792
Proceeds from borrowings on revolving lines of credit		—			65,000
Repayment of borrowings on revolving lines of credit		—			(65,000	)
Proceeds from issuance of Series B common stock		1,007			—
Payment of fees associated with early extinguishment of long-term debt		—			(29	)
Proceeds from exercise of stock options		503			242
Repurchases of Series B common stock		—			(101	)
Dividend to stockholders		(134,549	)		—

Net cash used in financing activities		(139,962	)		2,160

NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(74	)		(46	)

NET CHANGE IN CASH AND CASH EQUIVALENTS		(103,612	)		12,818
CASH AND CASH EQUIVALENTS:
Beginning of period		162,118			93,201

End of period	$	58,506		$	106,019

NONCASH INVESTING AND FINANCING ACTIVITIES:
Unpaid liability related to software, equipment, and property	$	5,752		$	—

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	$	35,020		$	35,470

Cash received (paid) for income taxes—Net	$	(10,409	)	$	283


	June 30, 2021			December 31, 2020
Customer A		10	%		12	%
Customer B		13	%			*


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Software subscriptions	$	159,841	$	138,565	$	311,865	$	279,039
Other		6,948		12,151		12,713		30,885

Total revenues	$	166,789	$	150,716	$	324,578	$	309,924


Software, equipment, and property	Estimated Useful Life
Software and licenses		2-5 years
Computer equipment		3 years
Leasehold improvements		3-15 years
Furniture and other equipment		5 years
Database		25 years
Building		39 years
Land		Indefinite


	June 30, 2021		December 31, 2020
Accounts receivables-Net of allowances	$	81,817	$	74,107
Deferred contract costs		12,681		11,917
Long-term deferred contract costs		15,986		14,389
Deferred revenues		28,824		26,514
Other liabilities (deferred revenues, non-current)		1,932		2,001


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Balance at beginning of period	$	30,109		$	27,874		$	28,515		$	26,256
Revenue recognized¹		(82,159	)		(71,159	)		(163,121	)		(148,065	)
Additional amounts deferred¹		82,806			71,963			165,362			150,487

Balance at end of period	$	30,756		$	28,678		$	30,756		$	28,678


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2021			2020			2021			2020
Balance at beginning of period	$	26,554		$	23,608		$	26,361		$	23,270
Costs amortized		(3,612	)		(2,957	)		(7,317	)		(6,053	)
Additional amounts deferred		5,725			3,433			9,623			6,867

Balance at end of period	$	28,667		$	24,084		$	28,667		$	24,084

Classified as:
Current	$	12,681		$	10,679		$	12,681		$	10,679
Non-current		15,986			13,405			15,986			13,405

Total deferred contract costs	$	28,667		$	24,084		$	28,667		$	24,084


	Fair Value		Level 1		Level 2		Level 3
Liabilities
Interest rate swaps	$	11,993	$	—	$	11,993	$	—

Total	$	11,993	$	—	$	11,993	$	—


	June 30, 2021				December 31, 2020
	Carrying		Estimated		Carrying		Estimated
Description	Amount		Fair Value		Amount		Fair Value
First Lien Term Loan, including current portion	$	1,326,835	$	1,328,228	$	1,333,366	$	1,332,433


	For the Three Months		For the Six Months
	Ended June 30, 2021		Ended June 30, 2021
Operating lease costs	$	4,542	$	9,136
Variable lease costs		461		1,063

Total lease costs	$	5,003	$	10,199


Weighted-average remaining lease term (years)	11.1
Weighted-average discount rate	6.1	%


Years Ending December 31:

Remainder of 2021	$	5,506
2022		8,599
2023		6,092
2024		7,195
2025		7,243
Thereafter		68,416

Total Lease Payments		103,051
Less: Interest		(35,299	)
Less: Lease incentive recognized as offset to lease liability		(16,868	)

Total	$	50,884


Years Ending December 31:

2021	$	7,143
2022		6,090
2023		5,180
2024		7,059
2025		7,243
Thereafter		68,415

Total	$	101,130


			Weighted-
			Average
	Estimated		Remaining		Gross					Net
	Useful Life		Useful Life		Carrying		Accumulated			Carrying
	(Years)		(Years)		Amount		Amortization			Amount
Intangible assets:
Customer relationships		16–18		13.8	$	1,299,750	$	(301,699	)	$	998,051
Acquired technologies		3–7		2.8		183,160		(109,158	)		74,002
Favorable lease terms		6		1.8		280		(195	)		85

Subtotal						1,483,190		(411,052	)		1,072,138
Trademarks—indefinite life						190,470		—			190,470

Total intangible assets					$	1,673,660	$	(411,052	)	$	1,262,608


	Estimated Useful Life (Years)		Weighted- Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets:
Customer relationships		16–18		14.3	$	1,299,750	$	(265,567	)	$	1,034,183
Acquired technologies		3–7		3.3		183,154		(95,998	)		87,156
Favorable lease terms		6		2.3		280		(172	)		108

Subtotal						1,483,184		(361,737	)		1,121,447
Trademarks—indefinite life						190,470		—			190,470

Total intangible assets					$	1,673,654	$	(361,737	)	$	1,311,917


Years Ending December 31:
2021	$	49,318
2022		98,627
2023		98,333
2024		80,731
2025		72,263
Thereafter		672,866

Total	$	1,072,138


	Equity Method Investment
Equity method investment carrying value at December 31, 2020	$	—
Cash contributions		10,228
Share of net income (loss) from the Investee		—

Equity method investment carrying value at June 30, 2021	$	10,228


	June 30, 2021		December 31, 2020
Compensation	$	32,439	$	37,696
Professional services		13,530		2,753
Royalties and licenses		2,602		2,301
Sales tax		2,503		2,294
Employee insurance benefits		2,130		1,979
Software license agreement		1,917		—
Other		3,272		5,964

Total	$	58,393	$	52,987


	June 30, 2021		December 31, 2020
Phantom stock incentive plan	$	4,338	$	3,217
Payroll tax deferment		3,152		3,152
Software license agreement		2,168		234
Deferred revenue-non-current		1,932		2,001
Deferred rent		—		4,461
Fair value of interest rate swaps		—		18,359
Other		121		1,346

Total	$	11,711	$	32,770