v3.23.2
Segment and Geographical Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
The Company is a provider of data analytics and digital operations and solutions.

The Company manages and reports financial information through its four reportable segments: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability.

The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments.

The Company does not allocate, and therefore the CODM does not evaluate, certain operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these assets on a total Company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented.

Revenues and cost of revenues for the three months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:
Three months ended June 30, 2023
InsuranceHealthcareEmerging BusinessAnalyticsTotal
Revenues, net$128,457 $27,156 $67,200 $182,183 $404,996 
Cost of revenues(1)
84,322 17,540 37,845 113,513 253,220 
Gross profit(1)
$44,135 $9,616 $29,355 $68,670 $151,776 
Operating expenses86,965 
Foreign exchange gain, net, interest expense and other income, net(255)
Income tax expense15,554 
Gain from equity-method investment66 
Net income$49,068 
(1) Exclusive of depreciation and amortization expense.

Three months ended June 30, 2022
InsuranceHealthcareEmerging BusinessAnalyticsTotal
Revenues, net$108,557 $23,051 $53,873 $161,301 $346,782 
Cost of revenues(1)
70,645 17,694 31,214 101,654 221,207 
Gross profit(1)
$37,912 $5,357 $22,659 $59,647 $125,575 
Operating expenses78,494 
Foreign exchange gain, net, interest expense and other loss, net(253)
Income tax expense11,125 
Gain from equity-method investment143 
Net income$35,846 
(1) Exclusive of depreciation and amortization expense.

Revenues and cost of revenues for the six months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:

Six months ended June 30, 2023
InsuranceHealthcareEmerging BusinessAnalyticsTotal
Revenues, net$254,393 $53,859 $133,361 $364,026 $805,639 
Cost of revenues(1)
166,646 36,349 73,815 227,879 504,689 
Gross profit(1)
$87,747 $17,510 $59,546 $136,147 $300,950 
Operating expenses176,691 
Foreign exchange gain, net, interest expense and other income, net(380)
Income tax expense23,612 
Gain from equity-method investment132 
Net income$100,399 
(1) Exclusive of depreciation and amortization expense.
Six months ended June 30, 2022
InsuranceHealthcareEmerging BusinessAnalyticsTotal
Revenues, net$211,823 $49,207 $104,620 $310,340 $675,990 
Cost of revenues(1)
135,727 35,345 60,427 197,224 428,723 
Gross profit(1)
$76,096 $13,862 $44,193 $113,116 $247,267 
Operating expenses156,211 
Foreign exchange gain, net, interest expense and other income, net3,038 
Income tax expense22,327 
Gain from equity-method investment257 
Net income$72,024 
(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:
Three months ended June 30,Six months ended June 30,
2023202220232022
Digital operations and solutions(1)
$222,813 $185,481 $441,613 $365,650 
Analytics services182,183 161,301 364,026 310,340 
Revenues, net$404,996 $346,782 $805,639 $675,990 
(1) Digital operations and solutions include revenues of the Company’s Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

The Company attributes the revenues to regions based upon the location of its customers.
 Three months ended June 30,Six months ended June 30,
 2023202220232022
Revenues, net
United States$340,675 $298,520 $679,748 $580,899 
Non-United States
United Kingdom43,648 32,090 85,222 64,863 
Rest of World20,673 16,172 40,669 30,228 
Total Non-United States64,321 48,262 125,891 95,091 
Revenues, net$404,996 $346,782 $805,639 $675,990 

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets were as follows:
As of
June 30, 2023December 31, 2022
Long-lived assets
United States$62,181 $60,709 
India45,769 50,118 
Philippines23,983 18,406 
Rest of World20,178 8,942 
Long-lived assets$152,111 $138,175