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Revenues, net
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenues, net Revenues, 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
September 30, 2022December 31, 2021
Accounts receivable, net$256,911 $194,232 
Contract assets$1,180 $2,524 
Contract liabilities:
Deferred revenue (consideration received in advance)$16,342 $18,247 
Consideration received for process transition activities$4,515 $2,203 

Accounts receivable includes $134,334 and $93,336 as of September 30, 2022 and December 31, 2021, 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.

Contract assets represent upfront payments such as deal signing discounts or deal signing bonuses made to customers. These costs are amortized over the expected period of the benefit and are recorded as an adjustment to transaction price and reduced from revenues. The Company’s assessment did not indicate any impairment losses on its contract assets for the periods presented.
Contract liabilities represent that portion of deferred revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities are classified under contract liabilities and are included within “Deferred revenues” and “Other non-current liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled under the contract with customer.

Revenue recognized during the three and nine months ended September 30, 2022 and 2021, which was included in the contract liabilities balance at the beginning of the respective periods:

Three months ended September 30,Nine months ended September 30,
2022202120222021
Deferred revenue (consideration received in advance)$2,456 $1,778 $16,326 $28,731 
Consideration received for process transition activities$706 $411 $1,370 $1,598 

Contract acquisition and fulfillment costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:
Contract Acquisition Costs
Three months endedNine months endedYear ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021December 31, 2021
Opening Balance$983 $867 $511 $1,027 $1,027 
Additions / (reductions)78 (97)805 277 277 
Amortization(73)(158)(328)(692)(793)
Closing Balance$988 $612 $988 $612 $511 

Contract Fulfillment Costs
Three months endedNine months endedYear ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021December 31, 2021
Opening Balance$10,167 $3,694 $5,795 $5,631 $5,631 
Additions2,964 279 8,449 443 3,742 
Amortization(1,170)(693)(2,283)(2,794)(3,578)
Closing Balance$11,961 $3,280 $11,961 $3,280 $5,795 

There was no impairment for contract acquisition and contract fulfillment costs as of September 30, 2022 and December 31, 2021. The capitalized costs are amortized over the expected period of benefit of the contract.

Allowance for expected credit losses

The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future and estimates relating to the possible effects resulting from COVID-19.
As of
September 30, 2022December 31, 2021
Accounts receivable, including unbilled receivables$257,766 $194,805 
Less: Allowance for expected credit losses(855)(573)
Accounts receivable, net$256,911 $194,232 

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

Three months endedNine months endedYear ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021December 31, 2021
Opening Balance$844 $730 $573 $1,189 $1,189 
Additions / (reductions)9 (19)752 (414)(496)
Reductions due to write-off of Accounts Receivables— (41)(472)(114)(129)
Translation adjustment2 1 2 10 9 
Closing Balance$855 $671 $855 $671 $573