v3.24.2.u1
Revenues, net and Accounts Receivable, net
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues, net and Accounts Receivable, net Revenues, net and Accounts Receivable, net
Refer to Note 3 - Segment and Geographical Information to the unaudited consolidated financial statements for revenues disaggregated by reportable segments and geography.

Contract balances
The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:
As of
June 30, 2024December 31, 2023
Accounts receivable, net$327,613 $308,108 
Contract assets$6,448 $9,665 
Contract liabilities:
Deferred revenue (consideration received in advance)$12,588 $9,764 
Consideration received for process transition activities$16,440 $12,411 

Accounts receivable includes $168,408 and $148,735 as of June 30, 2024 and December 31, 2023, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables.

There was no significant impairment of contract assets as of June 30, 2024 and December 31, 2023.

Revenue recognized during the three and six months ended June 30, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods:

Three months ended June 30,Six months ended June 30,
2024202320242023
Deferred revenue (consideration received in advance)$1,231 $2,990 $8,292 $15,992 
Consideration received for process transition activities$647 $305 $1,279 $1,008 

Contract acquisition and fulfillment costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:
Contract Acquisition Costs
Three months endedSix months endedYear ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Opening Balance$1,901 $1,994 $2,122 $1,095 $1,095 
Additions364 397 371 1,476 1,841 
Amortization(275)(208)(503)(388)(814)
Closing Balance$1,990 $2,183 $1,990 $2,183 $2,122 
Contract Fulfillment Costs
Three months endedSix months endedYear ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Opening Balance$27,287 $17,873 $24,673 $13,871 $13,871 
Additions3,958 4,225 7,284 8,843 13,605 
Amortization(841)(653)(1,553)(1,269)(2,803)
Closing Balance$30,404 $21,445 $30,404 $21,445 $24,673 

There was no significant impairment for contract acquisition and contract fulfillment costs as of June 30, 2024 and December 31, 2023.

Allowance for expected credit losses

The following table provides information about accounts receivable, net of allowance for expected credit losses:

As of
June 30, 2024December 31, 2023
Accounts receivable, including unbilled receivables$331,173 $311,811 
Less: Allowance for expected credit losses(3,560)(3,703)
Accounts receivable, net$327,613 $308,108 


The movement in “Allowance for expected credit losses” was as follows:

Three months endedSix months endedYear ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023December 31, 2023
Opening Balance$3,358 $1,671 $3,703 $1,332 $1,332 
Additions/(reductions)201 134 (68)477 2,450 
Reductions due to write-off of accounts receivable— (5)(76)(8)(79)
Currency translation adjustments1 — 1 (1)— 
Closing Balance$3,560 $1,800 $3,560 $1,800 $3,703 

Customer and credit risk concentration

No single customer accounted for more than 10% of the Company's revenues, net during the three and six months ended June 30, 2024 and 2023. The Company’s management believes that the loss of any of its top ten clients could have a material adverse effect on its financial performance.

To reduce credit risk, the Company conducts ongoing credit evaluations of its customers. No customer accounted for more than 10% of accounts receivable, net, as of June 30, 2024 and December 31, 2023.