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FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number: 001-39157

Delaware

001-39157

87-2302509

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

222 W. Las Colinas Blvd. Suite 1650E, Irving, Texas

(971) 501-1140

75039

(Address of Principal Executive Offices)

(Registrant's telephone number, including area code)

(Zip Code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

AGIL

NASDAQ Capital Market

Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share

AGILW

NASDAQ Capital Market

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer			o			Accelerated filer			o
Non-accelerated filer			x			Smaller reporting company			x
						Emerging growth company			x

			TABLE OF CONTENTS
			AgileThought, Inc. - Quarterly Report on Form 10-Q
			September 30, 2022
						Page
PART I - FINANCIAL INFORMATION
Item 1.			Financial Statements			3
			Condensed Consolidated Balance Sheets			4
			Condensed Consolidated Statements of Operations			5
			Condensed Consolidated Statements of Comprehensive Loss			6
			Condensed Consolidated Statements of Stockholders’ Equity			7
			Condensed Consolidated Statements of Cash Flows			8
			Notes to Condensed Consolidated Financial Statements			9
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			30
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			54
Item 4.			Controls and Procedures			54
PART II - OTHER INFORMATION
Item 1.			Legal Proceedings			55
Item 1A.			Risk Factors			55
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			56
Item 3.			Defaults Upon Senior Securities			57
Item 4.			Mine Safety Disclosures			57
Item 5.			Other Information			57
Item 6.			Exhibits			57
SIGNATURES						58

•the financial and business performance of the Company;

(in thousands USD, except share data)			September 30, 2022						December 31, 2021
Assets
Current assets:
Cash, cash equivalents and restricted cash			$	10,361					$	8,640
Accounts receivable, net			33,261						31,387
Prepaid expenses and other current assets			4,145						7,490
Current VAT receivables			7,535						9,713
Total current assets			55,302						57,230
Property and equipment, net			3,198						3,107
Goodwill and indefinite-lived intangible assets			86,563						86,694
Finite-lived intangible assets, net			61,999						66,233
Operating lease right of use assets, net			5,578						6,434
Other noncurrent assets			642						1,612
Total noncurrent assets			157,980						164,080
Total assets			$	213,282					$	221,310
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	10,619					$	20,970
Accrued liabilities			11,547						9,778
Income taxes payable			100						97
Other taxes payable			8,651						9,733
Current portion of operating lease liabilities			1,953						2,834
Deferred revenue			2,690						1,789
Purchase price obligation note payable			9,364						8,791
Current portion of long-term debt and financing obligations			11,689						14,838
Embedded derivative liabilities			25						—
Other current liabilities			3,452						—
Total current liabilities			60,090						68,830
Long-term debt and financing obligations, net of current portion			66,291						42,274
Deferred tax liabilities, net			2,753						2,762
Operating lease liabilities, net of current portion			2,717						3,759
Warrant liability			2,250						2,137
Long-term, embedded derivative liabilities			6,083						—
Other noncurrent liabilities			—						6,900
Total liabilities			140,184						126,662
Commitments and contingencies (Note 18)
Stockholders' Equity
Class A common stock $0.0001 par value, 210,000,000 shares authorized, 48,243,382 and 50,402,763 shares issued as of September 30, 2022 and December 31, 2021, respectively			5						5
Treasury stock, 2,675,288 and 181,381 shares at cost as of September 30, 2022 and December 31, 2021, respectively			(655)						(294)
Additional paid-in capital			203,565						198,649
Accumulated deficit			(111,229)						(86,251)
Accumulated other comprehensive loss			(18,572)						(17,362)
Total stockholders' equity attributable to the Company			73,114						94,747
Noncontrolling interests			(16)						(99)
Total stockholders' equity			73,098						94,648
Total liabilities and stockholders' equity			$	213,282					$	221,310

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands USD, except share data)			2022						2021						2022						2021
Net revenues			$	43,395					$	40,420					$	133,785					$	116,573
Cost of revenue			28,517						29,666						89,692						82,709
Gross profit			14,878						10,754						44,093						33,864
Operating expenses:
Selling, general and administrative expenses			13,097						11,188						37,323						30,145
Depreciation and amortization			1,777						1,746						5,268						5,239
Change in fair value of purchase price obligation			—						—						—						(2,200)
Change in fair value of embedded derivative liabilities			(2,906)						(1,884)						(2,906)						(4,406)
Change in fair value of warrant liability			(843)						(759)						113						(759)
Loss on debt extinguishment			11,708						—						17,894						—
Equity-based compensation expense			2,018						6,469						4,555						6,481
Restructuring expense (income)			471						(135)						1,386						(113)
Other operating expenses (income), net			1,213						(96)						2,409						1,011
Total operating expenses			26,535						16,529						66,042						35,398
Loss from operations			(11,657)						(5,775)						(21,949)						(1,534)
Interest expense, net			(3,143)						(4,065)						(9,235)						(12,117)
Other (expense) income			(154)						(851)						6,653						(436)
Loss before income taxes			(14,954)						(10,691)						(24,531)						(14,087)
Income tax expense (benefit)			135						96						358						(13)
Net loss			(15,089)						(10,787)						(24,889)						(14,074)
Net (loss) income attributable to noncontrolling interests			(3)						(188)						89						(21)
Net loss attributable to the Company			$	(15,086)					$	(10,599)					$	(24,978)					$	(14,053)
Loss earning per share (Note 16):
Basic and Diluted Class A common stock			$	(0.33)					$	(0.28)					$	(0.54)					$	(0.39)
Weighted average number of shares:
Basic and Diluted Class A common stock			46,182,392						37,633,267						46,080,399						35,612,677

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands USD)			2022						2021						2022						2021
Net loss			$	(15,089)					$	(10,787)					$	(24,889)					$	(14,074)
Actuarial loss			—						—						3						—
Foreign currency translation adjustments			(626)						(886)						(1,219)						(122)
Comprehensive loss			(15,715)						(11,673)						(26,105)						(14,196)
Less: Comprehensive (loss) income attributable to noncontrolling interests			(5)						(154)						83						(15)
Comprehensive loss attributable to the Company			$	(15,710)					$	(11,519)					$	(26,188)					$	(14,181)

																		Common Stock												Treasury Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Loss						Noncontrolling Interests						Total Stockholders' Equity
(in thousands USD, except share data)																														Shares						Amount									Shares												Amount
December 31, 2021																														50,402,763						$	5					181,381						$	(294)					$	198,649					$	(86,251)					$	(17,362)					$	(99)					$	94,648
Net (loss) income																														—						—						—						—						—						(6,347)						—						49						(6,298)
Equity-based compensation																														87,999						—						—						—						518						—						—						—						518
Employee withholding taxes paid related to net share settlements																														(17,359)						—						17,359						(97)						97						—						—						—						—
Redemption of public warrants																														20						—						—						—						—						—						—						—						—
Other comprehensive expense																														—						—						—						—						—						—						4						—						4
Foreign currency translation adjustments																														—						—						—						—						—						—						344						(3)						341
March 31, 2022																														50,473,423						5						198,740						(391)						199,264						(92,598)						(17,014)						(53)						89,213
Net (loss) income																														—						—						—						—						—						(3,545)						—						43						(3,502)
Equity-based compensation																														161,398						—						—						—						2,019						—						—						—						2,019
Employee withholding taxes paid related to net share settlements																														(40,117)						—						40,117						(206)						206						—						—						—						—
Monroe share settlement																														(2,423,204)						—						2,423,204						—						—						—						—						—						—
Other comprehensive income																														—						—						—						—						—						—						(1)						—						(1)
Foreign currency translation adjustments																														—						—						—						—						—						—						(933)						(1)						(934)
June 30, 2022																														48,171,500						5						2,662,061						(597)						201,489						(96,143)						(17,948)						(11)						86,795
Net loss																														—						—						—						—						—						(15,086)						—						(3)						(15,089)
Equity-based compensation																														85,109						—						—						—						2,018						—						—						—						2,018
Employee withholding taxes paid related to net share settlements																														(13,227)						—						13,227						(58)						58						—						—						—						—
Foreign currency translation adjustments																														—						—						—						—						—						—						(624)						(2)						(626)
September 30, 2022																														48,243,382						$	5					2,675,288						$	(655)					$	203,565					$	(111,229)					$	(18,572)					$	(16)					$	73,098

December 31, 2020																														34,557,480						$	3					151,950						$	—					$	101,494					$	(66,181)					$	(16,981)					$	(137)					$	18,198
Net (loss) income																														—						—						—						—						—						(3,865)						—						30						(3,835)
Equity-based compensation																														—						—						—						—						12						—						—						—						12
Foreign currency translation adjustments																														—						—						—						—						—						—						(223)						5						(218)
March 31, 2021																														34,557,480						3						151,950						—						101,506						(70,046)						(17,204)						(102)						14,157
Net income																														—						—						—						—						—						411						—						137						548
Foreign currency translation adjustments																														—						—						—						—						—						—						1,015						(33)						982
June 30, 2021																														34,557,480						3						151,950						—						101,506						(69,635)						(16,189)						2						15,687
Net loss																														—						—						—						—						—						(10,599)						—						(188)						(10,787)
Equity-based compensation																														—						—						—						—						6,469						—						—						—						6,469
Foreign currency translation adjustments																														—						—						—						—						—						—						(920)						34						(886)
Business combination																														7,413,435						1						—						—						65,840						—						—						—						65,841
September 30, 2021																														41,970,915						$	4					151,950						$	—					$	173,815					$	(80,234)					$	(17,109)					$	(152)					$	76,324

			Nine Months Ended September 30,
(in thousands USD)			2022						2021
Operating activities
Net loss			$	(24,889)					$	(14,074)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of interest from convertible notes			1,922						3,068
Gain on forgiveness of debt			(7,280)						(1,306)
Loss on debt extinguishment			17,894						—
Recoveries of bad debt expense			(47)						(78)
Equity-based compensation			4,555						6,481
Right of use asset amortization			2,222						1,709
Foreign currency remeasurement			106						1,216
Deferred income tax provision			(55)						120
Obligations for purchase price			546						(1,648)
Embedded derivative liabilities			(2,906)						(4,406)
Warrant liability			113						(759)
Amortization of debt issuance costs			2,490						1,479
Depreciation and amortization			5,268						5,239
Changes in assets and liabilities:
Accounts receivable			(1,600)						(15,953)
Prepaid expenses and other current assets			3,313						(5,616)
Accounts payable			(10,829)						7,927
Accrued liabilities			1,407						(2,909)
Deferred revenue			721						(929)
Current VAT receivables and other taxes payable			1,134						(437)
Income taxes payable			3						1,430
Operating lease liabilities			(2,215)						(1,717)
Net cash used in operating activities			(8,127)						(21,163)
Investing activities
Purchase of property and equipment			(681)						(732)
Net cash used in investing activities			(681)						(732)
Financing activities
Proceeds from loans			58,000						3,873
Repayments of borrowings			(37,018)						(27,517)
Payment of debt issuance costs			(10,002)						—
Cash paid for shares withheld from a grantee to satisfy tax withholding			(361)						—
Payments for finance leases			(81)						—
Payments for PIPE transactions costs			—						(13,033)
Proceeds from PIPE investors			—						27,600
Proceeds from capital contributions			—						25,749
Net cash provided by financing activities			10,538						16,672
Effect of exchange rates on cash			(9)						(83)
Net increase (decrease) in cash and cash equivalents			1,721						(5,306)
Cash, cash equivalents and restricted cash at beginning of the period			8,640						9,432
Cash, cash equivalents and restricted cash at end of the period			$	10,361					$	4,126

Refer to Note 2, Summary of Significant Accounting Policies, within our annual Consolidated Financial Statements included in our Annual Report for the full listing of significant accounting policies.

•In May 2021, the FASB issued ASU 2021-04, Earnings Per Share, Debt-Modifications and Extinguishments, Compensation-Stock Compensation, and Derivatives and Hedging-Contracts in Entity’s Own Equity. This ASU reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This ASU is effective for fiscal years beginning after December 15, 2021 on a prospective basis. Early adoption is permitted for all entities, including adoption in an interim period. The ASU was adopted by the Company on January 1, 2022, resulting in no material impact to the Unaudited Condensed Consolidated Financial Statements.

•In October 2021, the FASB issued ASU 2021-08, Business Combinations: Accounting for Contract Asset and Contract Liabilities from Contracts with Customers. This ASU requires an entity to recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers. This ASU is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The ASU was adopted by the Company on January 1, 2022, resulting in no material impact to the Unaudited Condensed Consolidated Financial Statements.

As discussed in Note 1, Organization and Basis of Consolidation and Presentation, the Company consummated the Business Combination on August 23, 2021, pursuant to the Merger Agreement dated May 9, 2021. In connection with the Business Combination, the following occurred:

• On August 20, 2021, LIVK changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware by deregistering as an exempted company in the Cayman Islands and domesticating and continuing as a corporation formed under the laws of the State of Delaware. As a result, each of LIVK’s issued and outstanding Class A ordinary shares and Class B ordinary shares automatically converted by operation of law, on a one-for-one basis, into shares of Class A common stock. Similarly, all of LIVK’s outstanding warrants became warrants to acquire shares of Class A common Stock.

•LIVK entered into subscription agreements with certain investors pursuant to which such investors collectively subscribed for 2,760,000 shares of the Company's Class A common stock at $10.00 per share for aggregate proceeds of $27,600,000 (the “PIPE Financing”).

•Holders of 7,479,065 of LIVK’s Class A ordinary shares originally sold in LIVK's initial public offering, or 93% of the shares with redemption rights, exercised their right to redeem their shares for cash at a redemption price of approximately $10.07 per share, for an aggregate redemption amount of $75.3 million.

•The Business Combination was effected through the merger of Legacy AgileThought with and into LIVK, whereupon the separate corporate existence of Legacy AgileThought ceased and LIVK was the surviving corporation.

•On the Closing Date, the Company changed its name from LIV Capital Acquisition Corp. to AgileThought, Inc.

•An aggregate of 34,557,480 shares of Class A common stock were issued to holders of Legacy AT common stock and 2,000,000 shares of Class A common stock were issued to holders of Legacy AT preferred stock as merger consideration.

•After adjusting its embedded derivative liabilities to fair value, upon conversion of the preferred stock, the Company's embedded derivative liabilities were extinguished during the third quarter of 2021. Refer to Note 4, Fair Value Measurements, for additional information.

•The Company's private placement warrants meet the criteria for liability classification. For additional information on our warrants, refer to Note 14, Warrants, and Note 4, Fair Value Measurements.

The following table reconciles the elements of the Business Combination to the additional paid-in capital in the Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the year ended December 31, 2021:

(in thousands USD)			Business Combination
Cash - LIVK trust and cash, net of redemptions			$	5,749
Cash - PIPE Financing			27,600
Less: Transaction costs			(13,033)
Net proceeds from the Business Combination			20,316
Less: Initial fair value of warrant liabilities recognized in the Business Combination			(15,123)
Equity classification of Public Warrants			8,292
Surrender of related party receivables			(1,359)
Debt conversion			38,120
Conversion of mezzanine equity(a)			15,594
Net adjustment to total equity from the Business Combination			$	65,840

			Number of Shares
Class A ordinary shares of LIVK outstanding prior to the Business Combination			8,050,000
Less: redemption of LIVK's Class A ordinary shares			(7,479,065)
Shares of LIVK's Class A ordinary shares			570,935
Shares held by LIVK's sponsor and its affiliates			2,082,500
Shares issued in the PIPE Financing			2,760,000
Shares issued to convert Legacy AgileThought's preferred stock to Class A common stock			2,000,000
Shares issued to Legacy AgileThought's common stockholders			34,557,480
Total shares of Class A common stock immediately after the Business Combination			41,970,915

			Fair Value Hierarchy Level						September 30, 2022												December 31, 2021
(in thousands USD)									Carry Amount						Fair Value						Carry Amount						Fair Value
Bank credit agreement			Level 3						$	—					$	—					$	31,882					$	31,897
New Second Lien Facility			Level 3						20,228						17,617						16,120						16,214
Blue Torch Credit Facility			Level 3						55,000						52,302						—						—
Purchase Price Obligation Note Payable			Level 3						9,364						7,292						8,791						8,791

The above table excludes our revolving credit facilities, subordinated promissory note payable, and subordinated zero-coupon loan as these balances approximate fair value due to the short-term nature of our borrowings. The above table also excludes our Paycheck Protection Program loans (“PPP loans”) as the carrying value of the Company’s PPP loans approximates fair value based on the current yield for debt instruments with similar terms. Refer to Note 8, Long-term Debt, for additional information.

As of September 30, 2022, the Company has private placement warrants, which are liability classified, as discussed in Note 14, Warrants. The Company's private placement warrants are classified as Level 3 of the fair value hierarchy due to use of significant inputs that are unobservable in the market. Private placement warrants are fair valued using the Black-Scholes model, which require a risk-free rate assumption based upon constant-maturity treasury yields. Other significant inputs and assumptions in the model are the stock price, exercise price, volatility, and term or maturity. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company.

(in thousands USD)			Private Placement Warrants
Beginning balance, January 1, 2022			$	2,137
Change in valuation inputs and other assumptions			113
Ending balance, September 30, 2022			$	2,250

(in thousands USD)			Embedded Derivative Liability
Beginning balance, January 1, 2022			$	—
Recognition of embedded derivative liability			9,014
Change in valuation inputs and other assumptions			(2,906)
Ending balance, September 30, 2022			$	6,108
Less: Current Portion			25
Embedded derivative liability, net of current portion			$	6,083

(in thousands USD)			September 30, 2022						December 31, 2021
Cash and cash equivalents			$	10,165					$	8,463
Restricted cash			196						177
Total cash, cash equivalents and restricted cash			$	10,361					$	8,640

(in thousands USD)			September 30, 2022						December 31, 2021
Accounts receivables			$	15,003					$	19,173
Unbilled accounts receivables			17,748						11,716
Other receivables			652						686
Allowance for doubtful accounts			(142)						(188)
Total accounts receivable, net			$	33,261					$	31,387

(in thousands USD)			September 30, 2022						December 31, 2021
Income tax receivables			$	2,900					$	2,369
Prepaid expenses and other current assets			1,245						5,121
Total prepaid expenses and other current assets			$	4,145					$	7,490

(in thousands USD)			September 30, 2022						December 31, 2021
Accrued wages, vacation & other employee related items			$	6,160					$	2,387
Accrued interest			868						381
Accrued incentive compensation			894						654
Receipts not vouchered			2,904						5,872
Accrued liabilities - Related Party			—						17
Other accrued liabilities			721						467
Total accrued liabilities			$	11,547					$	9,778

			Nine Months Ended September 30,
(in thousands USD)			2022						2021
Beginning balance, January 1			$	188					$	267
Charges (recoveries) to expense			(47)						78
Foreign currency translation			1						(24)
Ending balance			$	142					$	321

(in thousands USD)			Purchase Price Obligation Note Payable
Opening balance, December 31, 2021			$	8,791
Cash payments			—
Accrued interest			546
Effect of exchange rate fluctuations			27
Ending balance, September 30, 2022			9,364
Less: Current portion			9,364
Purchase price obligation note payable, net of current portion			$	—

(in thousands USD)			September 30, 2022						December 31, 2021
Computer equipment			$	4,214					$	4,210
Leasehold improvements			1,265						2,179
Furniture and equipment			1,336						1,691
Computer software			2,935						2,240
Transportation equipment			21						55
Finance lease right-of-use assets			616						—
			10,387						10,375
Less: accumulated depreciation			(7,189)						(7,268)
Property and equipment, net			$	3,198					$	3,107

(in thousands USD)			LATAM						USA						Total
December 31, 2021			$	39,651					$	30,694					$	70,345
Foreign currency translation			(165)						—						(165)
September 30, 2022			$	39,486					$	30,694					$	70,180

			As of September 30, 2022
(in thousands USD)			Gross Carrying Amount						Currency Translation Adjustment						Accumulated Amortization						Net Carrying Amount						Weighted Average Remaining Useful Life (Years)
Customer relationships			$	89,915					$	(591)					$	(28,117)					61,207						11.4
Tradename			1,234						(17)						(425)						792						3.3
Total			$	91,149					$	(608)					$	(28,542)					$	61,999					10.9

			As of December 31, 2021
(in thousands USD)			Gross Carrying Amount						Currency Translation Adjustment						Accumulated Amortization						Net Carrying Amount						Weighted Average Remaining Useful Life (Years)
Customer relationships			$	89,915					$	(973)					(23,669)						$	65,273					11.8
Tradename			1,234						(31)						(243)						960						3.9
Total			$	91,149					$	(1,004)					$	(23,912)					$	66,233					11.7

In 2021, the Company changed the estimated life of a certain tradename from indefinite to finite-lived and began amortizing it over the average remaining economic life of five years. See Note 2, Summary of Significant Accounting Policies. No impairment charges were recognized related to finite-lived intangible assets during the three and nine months ended September 30, 2022 and 2021.

(in thousands USD)			September 30, 2022						December 31, 2021
Borrowings under revolving credit agreement, principal due May 27, 2026			$	3,000					$	—
Borrowings under term loan, principal due May 27, 2026			55,000						—
Unamortized debt issuance costs(a)			(5,119)						—
Blue Torch Credit Facility, net of unamortized debt issuance costs			52,881						—
Borrowings under bank revolving credit agreement, principal due Nov. 10, 2023			—						5,000
Borrowings under bank credit agreement, principal due Nov. 10, 2023			—						31,882
Unamortized debt issuance costs and debt premium(a)			—						(6,915)
Borrowing under bank credit agreements, net of unamortized debt issuance costs			—						29,967
Paycheck Protection Program loans, 1% interest, due May 2, 2025			257						7,673
Subordinated promissory note payable with a related party, 20% effective December 21, 2021, principal due January 31, 2023			673						673
Subordinated debt, guaranteed by a related party, principal due January 26, 2023			3,700						3,700
Unamortized debt issuance costs(a)			(317)						(76)
Subordinated debt, guaranteed by a related party, net of unamortized debt issuance costs			3,383						3,624
Borrowings under convertible note payable with a related party, 11% interest capitalized every three months, principal due September 15, 2026			3,316						3,037
Borrowings under convertible note payable with a related party, 17.41% interest capitalized every three months, principal due September 15, 2026			6,818						5,894
Borrowings under convertible note payable with a related party, 11% interest capitalized every three months, principal due June 15, 2023			3,623						3,336
Borrowings under convertible note payable with a related party, 17.41% interest capitalized every three months, principal due June 15, 2023			4,457						3,853
Unamortized debt issuance costs, premium, and discount(a)			2,014						(945)
New Second Lien Facility, net of unamortized debt issuance costs, premium, and discount			20,228						15,175
Total debt			77,422						57,112
Less: current portion of debt			11,054						14,838
Long-term debt, net of unamortized debt issuance costs, debt premium and current portion			$	66,368					$	42,274

On March 22, 2021, the Company used $20.0 million from proceeds of issuance of preferred stock to partially pay the First Lien Facility. Refer to Note 15, Stockholders’ Equity, for additional information on issuance of preferred stock.

On November 22, 2021, the Company entered into a new Second Lien Facility (the “New Second Lien Facility”) with Credit Suisse and Nexxus Capital (both of which are existing AgileThought shareholders and have representation on AgileThought’s Board of Directors), Manuel Senderos, Chief Executive Officer and Chairman of the Board of Directors, and Kevin Johnston, Global Chief Operating Officer. The New Second Lien Facility provides for a term loan facility, with Tranches for each of the aforementioned lenders, in an initial aggregate principal amount of approximately $20.7 million, accruing interest at a rate per annum from 11.00% for the US denominated loan and 17.41% for the Mexican Peso denominated loan. The New Second Lien Facility had an original maturity date of March 15, 2023; provided that if the Blue Torch Credit Facility, as the first lien facility, remained outstanding on December 15, 2022, the maturity date of the New Second Lien Facility would have been extended to May 10, 2024. As the Company does not intend to pay the outstanding balance under the Blue Torch Credit Facility prior to the maturity of the New Second Lien Facility on March 15, 2023, the amounts outstanding under the New Second Lien Facility were classified as non current in the Audited Consolidated Balance Sheet at December 31, 2021. The Company recognized $0.9 million in debt issuance costs with the issuance.

On August 10, 2022, the Company entered into an amendment to the New Second Lien Facility to extend the maturity date of the Tranche A (Credit Suisse), Tranche C (Senderos), Tranche D (Senderos) and Tranche E (Johnston) loans to September 15, 2026, and provide for potential increases, that step up over time from one percent to five percent, in the interest rate applicable to the Tranche A loans. The amendment also extends the maturity date of the Tranche B (Nexxus Capital) loans thereunder to June 15, 2023, and provides for a mandatory conversion of the Tranche B loans thereunder, including interest and fees, into equity securities of the Company upon the maturity of said loans at a conversion price equal to $4.64 per share, subject to regulatory approval. The amendment also provided for the covenants and certain other provisions of the New Second Lien Facility to be made consistent with those in the Blue Torch Credit Facility (and in certain cases for those covenants to be made less restrictive than those in the Blue Torch Credit Facility). This amendment was determined to substantially alter the debt agreement such that extinguishment accounting would be applied. The Company recognized a loss on debt extinguishment of $11.7 million for the three months ended September 30, 2022. As part of the reassessment of the debt instrument, the Company bifurcated the conversion option on the Mexican peso-dominated loans and recognized an embedded derivative liability of $9.0 million as of the amendment date. See Note 4, Fair Value Measurements, for additional information.

Each lender under the New Second Lien Facility has the option to convert all or any portion of its outstanding loans into AgileThought Class A Common Stock at any time at a conversion price equal to $4.64 per share, subject to regulatory approval.

On December 27, 2021, Manuel Senderos and Kevin Johnston exercised the conversion options for their respective principal amounts of $4.5 million and $0.2 million, respectively. See Note 15, Stockholders’ Equity, for additional information.

As of November 1, 2022, the Company entered into an amendment to the New Second Lien Facility to provide for an extension of the period of time which the Company has to satisfy certain reporting obligations under the New Second Lien Facility.

Revenue. Requires the Company's trailing annual aggregate revenue to exceed $150.0 million as of the end of each computation period as described below.

Computation Period Ending												Revenue
September 30, 2022, and December 31, 2022												$	150,000,000
March 31, 2023 and each fiscal month ending thereafter												150,000,000

Liquidity. Requires the Company's liquidity to be above $5.0 million at any time during the effective duration of the agreement. Liquidity is defined as the remaining capacity under the Blue Torch Credit Facility plus the total unrestricted cash on hand.

Leverage Ratio. The First Lien Leverage Ratio applies to the consolidated group and is determined in accordance with US GAAP. It is calculated as of the last day of any Computation Period as the ratio of (a) total debt (as defined in credit agreement) to (b) EBITDA for the Computation Period ending on such day.

Computation Period Ending

First Lien Leverage Ratio

December 31, 2022

4.00:1.00

March 31, 2023

3.75:1.00

June 30, 2023 and each quarter ending thereafter

3.50:1.00

Revenue. Requires the Company's trailing annual aggregate revenue to exceed $130.0 million as of the end of each computation period as described below.

Computation Period Ending												Revenue
September 30, 2022, and December 31, 2022												$	130,000,000
March 31, 2023 and each fiscal month ending thereafter												130,000,000

Liquidity. Requires the Company's liquidity to be above $3.0 million at any time during the effective duration of the agreement. Liquidity is defined as the remaining capacity under the Blue Torch Credit Facility plus the total unrestricted cash on hand.

Leverage Ratio. The Second Lien Leverage Ratio applies to the consolidated group and is determined in accordance with US GAAP. It is calculated as of the last day of any Computation Period as the ratio of (a) total debt (as defined in credit agreement) to (b) EBITDA for the Computation Period ending on such day.

Computation Period Ending

Second Lien Leverage Ratio

December 31, 2022

4.80:1.00

March 31, 2023

4.50:1.00

June 30, 2023 and each quarter ending thereafter

4.20:1.00

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands USD)			2022						2021						2022						2021
Foreign exchange loss			$	(100)					$	(790)					$	(106)					$	(1,530)
Forgiveness of PPP loans			—						—						7,280						1,306
Other interest income			—						20						—						66
Other non-operating expense			(54)						(81)						(521)						(278)
Total other (expense) income			$	(154)					$	(851)					$	6,653					$	(436)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands USD)			2022						2021						2022						2021
Income tax expense (benefit)			$	135					$	96					$	358					$	(13)
Effective tax rates			(0.9		%)				(0.9		%)				(1.5		%)				0.1		%

(in thousands USD)			Timing of Revenue Recognition						Three Months Ended September 30,												Nine Months Ended September 30,
Revenues by Contract Type									2022						2021						2022						2021
Time and materials			over time						$	29,955					$	33,858					$	96,057					$	96,650
Fixed price			over time						13,440						6,562						37,728						19,923
Total									$	43,395					$	40,420					$	133,785					$	116,573

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands USD)			2022						2021						2022						2021
United States			$	27,410					$	26,925					$	85,695					$	76,868
Latin America			15,985						13,495						48,090						39,705
Total			$	43,395					$	40,420					$	133,785					$	116,573