<SEC-DOCUMENT>0001193125-21-113446.txt : 20210709
<SEC-HEADER>0001193125-21-113446.hdr.sgml : 20210709
<ACCEPTANCE-DATETIME>20210412175928
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-113446
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TaskUs, Inc.
		CENTRAL INDEX KEY:			0001829864
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				831586636
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1650 INDEPENDENCE DRIVE
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78132
		BUSINESS PHONE:		888-400-8275

	MAIL ADDRESS:	
		STREET 1:		1650 INDEPENDENCE DRIVE
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TU TopCo, Inc.
		DATE OF NAME CHANGE:	20201023
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL>&nbsp;&amp; B<SMALL>ARTLETT</SMALL> LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">425 L<SMALL>EXINGTON</SMALL> A<SMALL>VENUE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>, N.Y. 10017 - 3954 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(212) 455 - 2000 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F<SMALL>ACSIMILE</SMALL> (212) 455 - 2502 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">D<SMALL>IRECT</SMALL> D<SMALL>IAL</SMALL> N<SMALL>UMBER</SMALL></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-M</FONT><SMALL>AIL</SMALL> A<SMALL>DDRESS</SMALL></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(212) <FONT STYLE="white-space:nowrap">455-7614</FONT></P></TD>
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<TD VALIGN="bottom"><U>ELEWANDOWSKI@STBLAW.COM</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;12, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B><U>VIA EDGAR</U></B></TD>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TaskUs, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amendment No.&nbsp;3 to</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Draft Registration Statement on</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form <FONT
STYLE="white-space:nowrap">S-1</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Submitted March&nbsp;23, 2021</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(the &#147;Draft Registration</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statement&#148;)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>CIK No. 0001829864</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Edwin Kim, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Kim:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of TaskUs, Inc. (the &#147;Registrant&#148;, &#147;we&#148;, &#147;us&#148;, &#147;our&#148; or the &#147;Company&#148;),
transmitted herewith via EDGAR for filing with the Securities and Exchange Commission (the &#147;Commission&#148;) is a registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;Registration Statement&#148;) relating to
the offering of shares of the Registrant&#146;s common stock, marked to show changes from the above referenced Amendment No.&nbsp;3 to the Draft Registration Statement (&#147;Amendment No.&nbsp;3&#148;) confidentially submitted on March&nbsp;23,
2021. The Registration Statement has been revised in response to the Staff&#146;s comments and to reflect certain other changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, the Registrant is providing the following responses to your comment letter, dated April&nbsp;6, 2021, regarding Amendment No.&nbsp;3. To assist your review, the text of the Staff&#146;s comment is retyped in italics below. Please note that
all references to page numbers in the responses below refer to the page numbers of the Registration Statement. The responses and information described below are based upon information provided to us by the Registrant. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">S-1</FONT> DRS/A Submitted March</U><U></U><U>&nbsp;23, 2021</U>
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary Historical Consolidated Financial and Other Date, page 20</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>With respect to Adjusted EBITDA margin and Adjusted net income margin, disclose the respective comparable
ratios calculated using GAAP amounts. Refer to Items 10(e)1(i)(A) and (B)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and footnote 27 of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adopting Release <FONT
STYLE="white-space:nowrap">No.&nbsp;33-8176.</FONT> Please revise disclosure on pages <FONT STYLE="white-space:nowrap">80-84</FONT> and <FONT STYLE="white-space:nowrap">96-101</FONT> accordingly. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has revised pages 24-26, 85-87, 101 and 103-105 to disclose net income margin as a comparable ratio calculated using GAAP
amounts. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you have included incentive and leave pay granted to employees that are directly attributable
to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and you also included payments that will be due to sellers in the Blackstone Acquisition for certain tax benefits realized as a result of the Blackstock Acquisition. Please expand the
disclosure to clarify whether the adjustments are incremental to normal operations, how the adjustments are directly attributable to <FONT STYLE="white-space:nowrap">COVID-19</FONT> and whether the adjustments are based on actual or hypothetical
amounts. Refer to CF Disclosure Guidance Topic 9 for guidance. Please also expand the disclosure on pages 82, 84 and <FONT STYLE="white-space:nowrap">99-101</FONT> accordingly. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant respectfully submits that, based on Item 10 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and the relevant
Commission guidance, the adjustments to its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> metrics directly attributable to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and payments due to sellers in the Blackstone Acquisition for
certain tax benefits realized as a result of the Blackstone Acquisition are <FONT STYLE="white-space:nowrap">non-recurring,</FONT> incremental to normal operations and based on actual amounts. The Registrant has revised pages 18, 25-26, 86, 88,
101-103 and 105-106 to expand the disclosure and clarify the nature of these adjustments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Incentive and leave pay granted to employees
</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant views the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic as a once in a lifetime occurrence that is not
reasonably likely to recur. Therefore, the Registrant concluded it was appropriate to exclude only items that were directly attributable to <FONT STYLE="white-space:nowrap">COVID-19</FONT> and were: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Incremental to charges incurred prior to <FONT STYLE="white-space:nowrap">COVID-19;</FONT> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Not expected to recur once the pandemic subsides; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Clearly separable from normal operations. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant determined that the adjustments for both the incentive and leave pay were incremental to normal operations and were directly
attributable to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. In particular, in the interest of the health and safety of our employees and due to restrictions imposed by national or local governments, in March 2020, we rapidly
mobilized our operations to deliver our services remotely from the homes of our individual employees. This effort posed, and continues to pose, numerous operational risks and logistical challenges as well as significant personal and business
challenges, which adversely impact employee productivity and result in increased absenteeism and leaves of absence. As a result of the factors outlined above, the Registrant announced that it would provide incentive and leave pay to employees for
efforts during the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, notably:<I> </I> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Registrant offered bonus pay in addition to normal salary or wages to employees who were able to work from
March&nbsp;15 to March 30, 2020 as a one-time incentive to encourage work during the transition from in office work to work-from-home at the start of the COVID-19 pandemic. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Registrant granted additional paid sick leave for a period up to two weeks to employees who tested positive
for <FONT STYLE="white-space:nowrap">COVID-19.</FONT> Without the additional sick leave granted, the employees would not have been entitled to leave with pay. This program is scheduled to end once the pandemic subsides and our employees can return
to the office safely. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant determined that the adjustment for <FONT STYLE="white-space:nowrap">COVID-19</FONT>
expenses described above represent direct incremental charges specifically related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> that are one time in nature and easily separable from normal operations. The amounts represent actual payments
made to employees during the year ended December&nbsp;31, 2020. In total, the Registrant incurred expenses of $2.0&nbsp;million related to these incentive and leave payments, $1.5&nbsp;million of which was incurred during the first quarter of 2020.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Tax benefits realized as a result of the Blackstone Acquisition</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As part of the Blackstone Acquisition, the Registrant entered into a Stock Purchase Agreement (&#147;SPA&#148;) that provided that the sellers
in the transaction (&#147;Sellers&#148;) are entitled to receive cash payments for certain tax benefits, if any realized, that are received by the Registrant for a specified period after the closing date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We have chosen to avail ourselves of the provisions of the Coronavirus Aid, Relief, and
Economic Securities Act (the &#147;CARES Act&#148;) enacted on March&nbsp;27, 2020 in response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. The Registrant carried back net operating losses (&#147;NOLs&#148;) originating in the
period from October&nbsp;1, 2018 through December&nbsp;31, 2018 to claim a refund for taxes paid in fiscal year 2015, 2016, 2017, and the period from January&nbsp;1, 2018 through September&nbsp;30, 2018 resulting in an expected benefit of
approximately $5.2&nbsp;million. It was determined that $3.6&nbsp;million of the benefit realized is payable to the Sellers under the SPA. The Registrant applied for tax refunds related to these NOL carrybacks in June 2020 on a Form 1139 and
received confirmation from the Internal Revenue Service in March 2021 that such refund amounts were credited to our income tax account at the Internal Revenue Service. As such, we view this adjustment to be based on actual, not hypothetical,
amounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In addition, we view the NOL carrybacks that gave rise to amounts payable to the Sellers to be permitted solely as a result of
the CARES Act provisions. Therefore, while the tax refunds are treated as contingent consideration which could be viewed as &#145;normal operations&#146; for acquisitive peer companies, we view both the NOL carrybacks under the CARES Act and the
payments to Sellers to be <FONT STYLE="white-space:nowrap">non-recurring</FONT> and separable from normal operations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We would further
note that, in the calculation of Adjusted EBITDA, both the tax receivable and the liability for the payment to the Sellers are contemplated. The benefit realized by the Registrant is included in the provision for (benefit from) income taxes
adjustment and the payment to sellers is included in the contingent consideration adjustments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Dilution, page 78</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Clarify that there is a net tangible deficit. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has revised pages 82-83 to clarify that there will be a pro forma net tangible deficit after giving effect to (i)&nbsp;the
Class&nbsp;B Reclassification and (ii)&nbsp;the effectiveness of the Registrant&#146;s amended and restated certificate of incorporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Trends and Factors Affecting Our Performance</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>New Client Wins, page 87</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please explain why you no longer provide your metric Annual Contract Value (&#147;ACV&#148;) in your
prospectus. You previously disclosed that ACV was a leading indicator of revenue opportunity in existing and new clients. In your explanation, please clarify if there were material changes in ACV in fiscal year 2020 from the fiscal year 2019.
Further, please clarify whether your win rate metric is consistent with your ACV <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-year</FONT></FONT> changes. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Annual Contract Value (&#147;ACV&#148;) for the year ended December&nbsp;31, 2020 was $221 million, an increase of $42 million or 23% from ACV
of $179 million in the year ended December&nbsp;31, 2019. ACV represents the total estimated annual revenue value for our services and solutions under a client contract, estimated as of the date of that client contract. ACV requires us to make
certain assumptions about the timeline and duration of the client <FONT STYLE="white-space:nowrap">ramp-up</FONT> process, including assumptions about average headcount, rates paid, and working hours that ultimately impact our total estimated annual
revenue for each client. Because ACV is an estimate, it varies from actual revenue primarily due to client attrition, client <FONT STYLE="white-space:nowrap">ramp-up</FONT> processes that follow a different pace or timeline than originally
anticipated, or changes in scope. While the Registrant still believes ACV is a leading indicator of revenue opportunity in existing clients and new clients, we believe the disclosure of the metric may imply a certainty in our actual results that
does not correspond to the level of estimation inherent in the metric. Thus, we removed the metric as we do not consider it to be meaningful to investors given the risk of misinterpretation. We believe net revenue retention is a more meaningful key
performance indicator and we expect to continue to provide net revenue retention on an annual basis. In addition, we include &#147;win rate&#148; as a key performance indicator to help investors understand our sales performance. ACV is used to
calculate win rate. However, since the win rate represents the quotient of ACV for opportunities closed as &#147;won&#148; divided by ACV for all opportunities closed as either &#147;won&#148; or &#147;lost&#148; for a given period, it reduces the
risk of misinterpretation that ACV, when presented in isolation, creates. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>On page iii, we note that you changed the definition of New Client Win to remove the reference that it may
include new business generated from new unit or division of an existing client. Please explain the change in the definition and clarify whether your New Client Win metric no longer includes business from new divisions or units of existing clients.
</I></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has simplified its definition of New Client Win to align with the Net Revenue
Retention calculation. Previously, the Registrant calculated New Client Win based on new business generated from a new unit or division of an existing client. The metric no longer includes business from new divisions or units of existing clients.
There is no impact to the amount disclosed as new clients in 2020, new client win rate in 2020, and new client win rate from 2018 to 2020 in the Registrant&#146;s Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hiring and Retention of Employees, page 88</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you disclose your voluntary attrition rate for employees employed for more than 180 days for
2020. Please consider including the rate for 2019 for comparability or tell us why you believe such disclosure is not required. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has revised page 92 to disclose the 2019 voluntary attrition rate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Key Operating Metrics, page 96</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your Net Revenue Retention Rate declined from 139% in 2019 to 117% in 2020, which you attribute
to &#147;reduction in volumes in certain clients who experienced a decline in their end customer volumes because of lockdown restrictions globally.&#148; Please discuss whether this is a known material trend or uncertainty that will have, or is
reasonably likely to have, a material impact on your revenues in any material way. To the extent material, provide more details of these clients and clarify and quantify how much of the decline is attributable to specific clients or client
verticals. </I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Net Revenue Retention Rate declined 22%, from 139% in 2019 to 117% in 2020 for two reasons: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Decline in volume due to <FONT STYLE="white-space:nowrap">COVID-19</FONT> impact to ride sharing and self
driving autonomous vehicle markets: </I></B>The Company notes that the decline in net revenue retention rate (&#147;NRR&#148;) for fiscal year 2020 as compared to fiscal year 2019 is primarily driven by the impact of the COVID-19 pandemic due to the
reduction in volumes for certain clients in the ride sharing and self driving autonomous vehicle markets who experienced a decline in their end customer volumes, which were significantly impacted by the lockdown restrictions globally. Normalizing
for the decline in volume from the ride sharing and self-driving autonomous vehicle markets, NRR in 2020 would have been approximately 126%. We expect the uncertainty related to revenues from customers in these verticals will continue throughout the
duration of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Significant growth of our largest client in 2019</I></B>: Based on the definition of NRR as defined in
the Registration Statement, NRR is inherently affected by the rate of revenue growth between the two consecutive fiscal years included in the measurement period. Our NRR for the year ended December&nbsp;31, 2019 was positively affected by the
revenue growth in that year attributable to our largest client. The rapid growth during the fiscal year 2019 drove a higher NRR, which was a 19% increase as compared to NRR of 118% in 2018. In fiscal year 2020, the largest client had more steady
state year over year growth. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant does not believe either of the two reasons above are known material trends.
The Registrant has revised pages 24, 85 and 100 to provide more detail on the fluctuation of the NRR. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Financial Statements</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Note (2)</U><U></U><U>&nbsp;Summary of Significant Accounting Policies</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>(j) Revenue Recognition, page <FONT STYLE="white-space:nowrap">F-10</FONT></U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note on page 49 that your contracts with customers include obligations to satisfy certain performance
indicators, such as average handle time, job count, productivity, total review time and accuracy and that if you fail to meet such performance indicators, you could be obligated to reduce your clients&#146; payment under such contracts. Please
expand your revenue recognition accounting policy to explain how these contract terms impact your determination of performance obligations and amount and timing of revenue recognition. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant respectfully acknowledges the Staff&#146;s comment and has updated its revenue recognition accounting policy on page <FONT
STYLE="white-space:nowrap">F-11.</FONT> The Registrant&#146;s contracts with customers may include Service Level Agreements (&#147;SLAs&#148;) or provisions that include a guarantee of a certain level of our service performance. Depending on the
type of services being provided, the SLAs may reference certain performance indicators as noted on page 52, including average handle time, job count, productivity, total review time and accuracy. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant assessed the nature of the SLAs under ASC 606 and determined that the SLAs meet the definition of a warranty that provides
assurance that the services provided will comply with the level of performance agreed upon with clients. The warranty is not available for purchase separately, therefore the Registrant concluded that the warranty does not represent a performance
obligation. Further, the Registrant is not obligated to provide a service in addition to the assurance warranty. </P>
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Therefore, the Registrant concluded that the warranty should be accounted for under the scope of ASC Topic 460, Guarantees (&#147;ASC 460&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Based on the guidance in ASC 460, the Registrant records a liability and expense when the reduction to payment is both probable and reasonably
estimable. The Registrant notes that based on historical experience of its level of performance, the Registrant expects to satisfy the performance indicators in the majority of its contracts. For the year ended December&nbsp;31, 2020 and 2019,
payments related to the SLAs totaled $120&nbsp;thousand and $177&nbsp;thousand, respectively, which represented less than 1% of total revenue for each period. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>(l) Property and Equipment, page <FONT STYLE="white-space:nowrap">F-11</FONT></U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you extended the useful lives of leasehold improvements in 2020. In light of your recent lease
terminations, please expand the disclosure to explain the basis for your belief that the useful lives should be extended. Also, in light of your disclosure that the shorter lives are based in part on your historical use of the asset and normal
practice, supplementally provide us with your analysis as to why this change is a change in estimate rather than a correction of an error. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has revised page F-12 to expand the disclosure to clarify the rationale for the extension of the useful lives of the leasehold
improvements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the Registrant successfully mobilized and
implemented a virtual operating model in 2020. Due to the shift in its operating model, the Registrant performed a review of its real estate assets in September 2020, including its historical use of those assets and expected use going forward. As a
result of the review, the Registrant executed modification agreements on various leases and terminated its leases at its former Santa Monica headquarters and at one of its sites in San Antonio, which were due to expire in 2022 and 2023. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As a result of the review, the Registrant also extended the useful lives of its leasehold improvements from three years to the shorter of five
years or lease term, which we believe is more reflective of our estimated use of the underlying real estate for which the respective operating leases were not terminated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In particular, the Company considered the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company has historically and may continue to operate from time to time in temporary sites to accommodate
rapid growth before permanent sites are available. As the Company has continued to grow and expand its delivery strategy into more geographic locations, we have continued to gain better insight into which sites we expect to continue to use on a
longer-term or more permanent basis. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the United States, we historically entered into leases with terms that were shorter than 5 years. In the
Philippines we typically entered into leases that were 5 years in duration, however, given our strategy of utilizing temporary sites as needed, we did not have the experience to indicate that we would continue to utilize the real estate assets for
the full term of those leases. These assumptions contributed to our original estimates for the useful lives of our leasehold improvements of 3 years. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">As a result of the shift to a virtual operating model, we performed a comprehensive review of our real estate
assets to determine our capacity requirements for once we returned to office. We were able to better identify the leases that we expect to utilize as permanent locations and aligned the depreciation accordingly. We renewed certain leases that were
coming due and modified or terminated leases as described above. The majority of our ongoing leases are related to real estate located in the Philippines, for which the lease term is 5 years and which we confidently expect to utilize through the
duration of the lease term based on our historical experience. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Management evaluated the change in useful lives of the
leasehold improvements under the guidance in ASC <FONT STYLE="white-space:nowrap">250-10</FONT> and concluded that the change should be accounted for as a change in estimate rather than a correction of error. The Registrant noted that determining
whether an adjustment is a change in accounting estimate or a correction of error requires a degree of judgement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As noted in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">250-10-20</FONT></FONT> &#147;[c]hanges in accounting estimates result from new information&#148;. In contrast, as noted in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">250-10-20,</FONT></FONT><BR> &#147;[a]n&nbsp;error&nbsp;in recognition, measurement, presentation, or disclosure in financial statements result[s] from mathematical mistakes, mistakes in the application of generally
accepted accounting principles, or oversight or misuse of facts that existed at the time the financial statements were prepared.&#148; As noted above, the Registrant changed the useful lives of the leasehold improvements in response to a shift in
its operating model and resulting expectations of real estate use going forward, which was directly attributable to the COVID-19 pandemic. While we considered the historical use of the assets to logically inform our expected use of those assets
going forward, we view this to be new information arising from our real estate review rather than oversight or misuse of facts that existed at the time the financial statements were prepared. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant notes that, while we did extend our estimate of the useful lives of our leasehold improvements, the change in estimate will not
result in the useful life of any leasehold improvement extending beyond the life of the lease term. Additionally, the Registrant did not change its overall policy of straight-line depreciation over the useful life of the asset. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Note (10)</U><U></U><U>&nbsp;Income Taxes, page
<FONT STYLE="white-space:nowrap">F-25</FONT></U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note on pages 57 and 137 that under the PEZA registrations, favorable tax treatment for some of your
PEZA-registered sites expired at the end of 2020 but may be renewed for subsequent periods provided you meet certain criteria. Please expand the disclosure to detail these expirations and clarify whether you continue to meet criteria subsequent to
year end. If material, disclose the amount of the favorable tax treatment that may not meet the certain criteria subsequent to year end. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant respectfully acknowledges the Staff&#146;s comment and has updated our disclosures on pages 60 and 141-142. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Note (14)</U><U></U><U>&nbsp;Subsequent Events, page <FONT STYLE="white-space:nowrap">F-28</FONT></U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note on page 1 that references to &#147;common stock&#148; includes your Class&nbsp;A common stock,
Class&nbsp;B common stock and Class&nbsp;C common stock. We also note on page 166 that Class&nbsp;B will have 10 votes and Class&nbsp;B shareholders will control the registrant following the IPO. Please include detailed disclosure of the capital
structure change as a subsequent event that occurs prior to effectiveness. Please include in your disclosure the terms of the new classes on common stock and whether all shareholders prior to the capital structure change participated equally in the
issuance of Class&nbsp;B common stock. If not, disclose your accounting methodology for the change in capital structure regarding any preferential treatment of certain investors (i.e. special stock dividends). </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrant has revised page 21 to clarify that the Class&nbsp;B Reclassification is expected to take place after the effectiveness of the
Registration Statement and prior to the closing of the IPO. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">505-10-S99-4</FONT></FONT></FONT> states that a change in capital structure occurring
after the date of the latest reported balance sheet, but before the issuance of the financial statements or the effective date of the registration statement is a recognized subsequent event which should be given retroactive effect on the balance
sheet. However, given that the Class&nbsp;B Reclassification is expected to take place after the effectiveness of the Registration Statement, there is no disclosure required in the subsequent event footnote since the change takes place after the
effective date of the Registration Statement. To help investors understand the change in the capital structure, however, the Registrant has already included disclosure on the cover of the prospectus and on pages&nbsp;19-20 and 174-175 that the terms
of the Class&nbsp;A common stock and Class&nbsp;B common stock will be identical, except with respect to voting, transfer and conversion rights and provided on the same pages additional detail on the differences in such voting, transfer and
conversion rights. In addition, the Registrant has revised page 21 to clarify that all existing shareholders prior to the Class&nbsp;B Reclassification will participate equally in the issuance of Class&nbsp;B common stock in connection with the
Class&nbsp;B Reclassification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call Edgar J. Lewandowski at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-455-7614</FONT></FONT> or Joshua Ford Bonnie at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">202-636-5804</FONT></FONT> with any questions or further comments
you may have regarding this filing or if you wish to discuss the above responses. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very&nbsp;truly&nbsp;yours,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Edgar&nbsp;J.&nbsp;Lewandowski</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Edgar J. Lewandowski</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: &nbsp;&nbsp;&nbsp;&nbsp;Securities and Exchange Commission </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Jan Woo, Legal Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Robert Littlepage, Accounting Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Claire DeLabar, Staff Accountant </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">TaskUs, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Bryce Maddock
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Jaspar Weir </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Balaji Sekar
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Jeffrey Chugg </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Davis
Polk&nbsp;&amp; Wardwell LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Byron B. Rooney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Emily Roberts </P>
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