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Revenues, net and Accounts Receivable, net
 12 Months Ended
Dec. 31, 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 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
December 31, 2024December 31, 2023
Accounts receivable, net$304,322 $308,108 
Contract assets$39,700 $9,665 
Contract liabilities:
    Deferred revenue (consideration received in advance)$15,484 $9,764 
 Consideration received for process transition activities$21,993 $12,411 
Accounts receivable includes $121,817 and $148,735 as of December 31, 2024 and 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 performance risk associated with its unbilled receivables. Contract assets as of December 31, 2024, includes receivables of $33,472 from our payment integrity services. There are no performance risks associated with these contract assets.
There were no significant cumulative catch-up impact or impairment related to contract assets as of December 31, 2024 and 2023.
Revenue recognized during the years ended December 31, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods:
Year ended December 31,
20242023
Deferred revenue (consideration received in advance)
$9,321 $16,967 
Consideration received for process transition activities
$2,657 $1,762 

Contract acquisition and fulfillment costs
The following table provides details of the Company’s contract acquisition and fulfillment costs:
Contract Acquisition CostsContract Fulfillment Costs
Year ended December 31,Year ended December 31,
2024202320242023
Opening Balance$2,122 $1,095 $24,673 $13,871 
Additions1,240 1,841 15,118 13,605 
Amortization(1,075)(814)(3,769)(2,803)
Closing Balance$2,287 $2,122 $36,022 $24,673 
There was no significant impairment for contract acquisition and contract fulfillment costs as of December 31, 2024 and 2023.
Allowance for expected credit losses
The following table provides information about accounts receivable, net of allowance for expected credit losses:
As of
December 31, 2024December 31, 2023
Accounts receivable, including unbilled receivables$307,850 $311,811 
Less: Allowance for expected credit losses(3,528)(3,703)
Accounts receivable, net$304,322 $308,108 
The movement in “Allowance for expected credit losses” was as follows:
Year ended December 31,
20242023
Opening Balance$3,703 $1,332 
Additions/(reductions)(39)2,450 
Reductions due to write-off of accounts receivable(135)(79)
Currency translation adjustments(1)— 
Closing Balance$3,528 $3,703 
Customer and credit risk concentration

No single customer accounted for more than 10% of the Company's revenues, net during the years ended December 31, 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 December 31, 2024 and 2023.