<SEC-DOCUMENT>0001193125-21-153540.txt : 20210709
<SEC-HEADER>0001193125-21-153540.hdr.sgml : 20210709
<ACCEPTANCE-DATETIME>20210506180701
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ACCESSION NUMBER:		0001193125-21-153540
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210506

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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<TYPE>CORRESP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL>&nbsp;&amp; B<SMALL>ARTLETT</SMALL>
<SMALL>LLP</SMALL> </P> <P STYLE="margin-top:0pt; 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:0pt; 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="font-size:6pt;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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>ELEPHONE</SMALL>: +1-212-455-2000 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F<SMALL>ACSIMILE</SMALL> +1-212-455-2502 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Direct Dial Number</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E-Mail Address</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(212) <FONT STYLE="white-space:nowrap">455-7614</FONT> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">elewandowski@stblaw.com</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2021 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">TaskUs, Inc. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed April&nbsp;12, 2021 <U> </U></P></TD></TR></TABLE>
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<TD WIDTH="9%">&nbsp;</TD>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;333-255190</FONT></U> </P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; 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:1pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission <BR>100 F Street, N.E. <BR>Washington, D.C. 20549</P></TD></TR>
</TABLE> <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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of TaskUs, Inc. (&#147;TaskUs&#148; or the &#147;Registrant&#148;), we hereby transmit via EDGAR for filing with the Securities and
Exchange Commission (the &#147;Commission&#148;) <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;) to the above-referenced Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT> relating to the offering of shares of the Registrant&#146;s Class&nbsp;A common stock. Amendment No.&nbsp;1 has been revised in response to comments from the Staff of the Division of Corporation Finance
(the &#147;Staff&#148;) and to reflect certain other changes, including the inclusion of the Registrant&#146;s unaudited financial statements as of and for the three month period ended March&nbsp;31, 2021. All references below to page numbers refer
to page numbers of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Amendment No.&nbsp;1 includes the expanded subsequent event disclosures on pages <FONT
STYLE="white-space:nowrap">F-48</FONT> through <FONT STYLE="white-space:nowrap">F-50</FONT> that TaskUs proposed in its April&nbsp;29, 2021 letter responding to the Staff&#146;s April&nbsp;27, 2021 comment letter, as supplemented to incorporate
additional disclosure regarding the unvested amount of compensation expense relating to certain <FONT STYLE="white-space:nowrap">IPO-related</FONT> equity grants, as discussed in our telephone conversation with the Staff on May&nbsp;4, 2021. The
dollar amounts in the additional disclosures will be populated in a subsequent <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registration Statement that includes the expected price range for the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Amendment No.&nbsp;1 includes on pages <FONT STYLE="white-space:nowrap">F-16</FONT> through
<FONT STYLE="white-space:nowrap">F-17</FONT> revisions to the Registrant&#146;s audited financial statements for the years ended December&nbsp;31, 2020 and 2019. Subsequent to the issuance of the financial statements, the Registrant determined that
it had improperly classified the cash outflows related to purchases of property and equipment for the years ended December&nbsp;31, 2020 and 2019, and the Registrant has revised their consolidated statement of cash flows for both years accordingly.
In addition, the Registrant adjusted the presentation of unrealized foreign exchange gains and losses on forward contracts on the statement of cash flows for the years ended December&nbsp;31, 2020 and 2019, which had an impact on changes in other
receivables, prepaid expenses, and other current assets but no impact to net cash flows provided by operating activities. </P>
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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 6, 2021</TD></TR></TABLE>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The error related to the
improper classification of cash outflows related to purchases of property and equipment was identified by management in the course of preparing the applicable support for the quarterly financial statements for the three months ended March&nbsp;31,
2021. The Registrant determined that the error arose as a result of a deficiency in the internal controls related to its financial reporting process, primarily related to the lack of appropriately designed and implemented controls over the review of
the statement of cash flows. Management concluded that their review of the consolidated statement of cash flows was not appropriately designed in order to ensure a <FONT STYLE="white-space:nowrap">tie-out</FONT> was performed that was inclusive of
all variables related to calculating the cash purchases for property and equipment, specifically prior year accruals. While the identified error is quantitatively material, the Registrant assessed that the error was not qualitatively material due to
a number of factors in accordance with Staff Accounting Bulletin (&#147;SAB&#148;) 99, <I>Materiality</I>, and SAB 108, <I>Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</I>,
most notably that the error does not impact the consolidated statement of income and consolidated balance sheets and therefore does not alter profitability or compliance metrics. Accordingly, the cash flow process deficiency does not rise to a level
of material weakness because the Registrant does not believe the resulting misstatement is material to the users of the financial statements. However, the deficiency does warrant the attention of those charged with governance. In making this
conclusion, the Registrant further considered that (a)&nbsp;the scope of the misstatement and deficiency is limited to specific line items within the statement of cash flows, which require additional inputs in order to determine the appropriate
disclosure as compared to singular balance sheet or trial balance accounts, (b)&nbsp;due to the limited scope of the misstatement and deficiency, the maximum potential misstatements have already occurred and have been identified, (c)&nbsp;potential
errors in the current period and in future periods is remote. In addition, TaskUs has expanded its risk factor disclosures on page 67 in regard to its internal controls over financial reporting. </P>
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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 6, 2021</TD></TR></TABLE>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </B></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="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Edgar J. Lewandowski </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Edgar J. Lewandowski </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Securities and Exchange Commission </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jan Woo </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Robert Littlepage </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Claire DeLabar </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">TaskUs, Inc.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Bryce Maddock </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Jaspar Weir
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Balaji Sekar </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Jeffrey Chugg
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left: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:9%; font-size:10pt; font-family:Times New Roman">Byron B. Rooney </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Emily Roberts
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