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Revenues, net and Accounts Receivable, net
 9 Months Ended
Sep. 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
September 30, 2024December 31, 2023
Accounts receivable, net$340,904 $308,108 
Contract assets$6,083 $9,665 
Contract liabilities:
Deferred revenue (consideration received in advance)$9,346 $9,764 
Consideration received for process transition activities$18,710 $12,411 
Accounts receivable includes $168,420 and $148,735 as of September 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 September 30, 2024 and December 31, 2023.

Revenue recognized during the three and nine months ended September 30, 2024 and 2023, 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,
2024202320242023
Deferred revenue (consideration received in advance)$803 $690 $9,095 $16,682 
Consideration received for process transition activities$717 $373 $1,996 $1,381 

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, 2024September 30, 2023September 30, 2024September 30, 2023December 31, 2023
Opening Balance$1,990 $2,183 $2,122 $1,095 $1,095 
Additions6 115 377 1,591 1,841 
Amortization(218)(233)(721)(621)(814)
Closing Balance$1,778 $2,065 $1,778 $2,065 $2,122 
Contract Fulfillment Costs
Three months endedNine months endedYear ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023December 31, 2023
Opening Balance$30,404 $21,445 $24,673 $13,871 $13,871 
Additions3,530 3,790 10,814 12,633 13,605 
Amortization(713)(878)(2,266)(2,147)(2,803)
Closing Balance$33,221 $24,357 $33,221 $24,357 $24,673 

There was no significant impairment for contract acquisition and contract fulfillment costs as of September 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
September 30, 2024December 31, 2023
Accounts receivable, including unbilled receivables$344,778 $311,811 
Less: Allowance for expected credit losses(3,874)(3,703)
Accounts receivable, net$340,904 $308,108 
The movement in “Allowance for expected credit losses” was as follows:

Three months endedNine months endedYear ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023December 31, 2023
Opening Balance$3,560 $1,800 $3,703 $1,332 $1,332 
Additions/(reductions)342 1,964 274 2,441 2,450 
Reductions due to write-off of accounts receivable(27)(70)(103)(78)(79)
Currency translation adjustments(1)2 — 1 — 
Closing Balance$3,874 $3,696 $3,874 $3,696 $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 nine months ended September 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 September 30, 2024 and December 31, 2023.