Revenues, net and Accounts Receivable, net

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenues, net and Accounts Receivable, net

Revenues, net and Accounts Receivable, net

Refer to Note 3 - Segment Information to the unaudited consolidated financial statements for revenues disaggregated by reportable segments, service type, geography and industry verticals.

Contract balances

The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:

	As of
	March 31, 2026		December 31, 2025
Accounts receivable, net	$	388,563	$	343,105
Contract assets	$	28,837	$	31,901
Contract liabilities:
Deferred revenue (consideration received in advance)	$	16,481	$	9,216
Consideration received for process transition activities	$	33,694	$	32,247

Accounts receivable includes $170,511 and $141,653 as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, include receivables of $21,783 and $24,849, respectively, from 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 March 31, 2026 and December 31, 2025.

Revenue recognized during the three months ended March 31, 2026 and 2025, which was included in the contract liabilities balance at the beginning of the respective periods:

	Three months ended March 31,
	2026		2025
Deferred revenue (consideration received in advance)	$	4,615	$	7,429
Consideration received for process transition activities	$	1,992	$	1,377

Contract acquisition and fulfillment costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:

	Contract Acquisition Costs				Contract Fulfillment Costs
	Three months ended				Three months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Opening balance	$	1,947	$	2,287	$	39,223	$	36,022
Additions	—		81		964		3,329
Amortization	(181)		(242)		(1,800)		(1,271)
Closing balance	$	1,766	$	2,126	$	38,387	$	38,080

There was no significant impairment for contract acquisition and contract fulfillment costs as of March 31, 2026 and December 31, 2025.

Allowance for expected credit losses

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

	As of
	March 31, 2026		December 31, 2025
Accounts receivable, including unbilled receivables	$	391,628	$	345,980
Less: Allowance for expected credit losses	(3,065)		(2,875)
Accounts receivable, net	$	388,563	$	343,105

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

	Three months ended March 31,
	2026		2025
Opening balance	$	2,875	$	3,528
Additions	250		1,219
Reductions due to write-off of accounts receivable	(61)		(13)
Currency translation adjustments	1		—
Closing balance	$	3,065	$	4,734

Customer and credit risk concentration

No single customer accounted for more than 10% of the Company's revenues, net during the three months ended March 31, 2026 and 2025. 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 March 31, 2026 and December 31, 2025.