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Revenues
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenues
Disaggregation of revenues
The tables below present disaggregated revenues from contracts with customers by customer location, verticals and contract-types. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors. The Company has a single reportable segment for the years ended December 31, 2023, 2022 and 2021.
The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon location of the customer served irrespective of the location billed, or the location of the
delivery center performing the work. Substantially all of the revenue in our North America region relates to operations in the United States.
For the years ended December 31,
202320222021
Customer Location(in thousands)
North America$238,989 $243,962 $168,561 
Europe60,756 53,109 36,595 
Other13,165 13,411 6,124 
Total Revenues$312,910 $310,482 $211,280 
The following table shows the disaggregation of the Company’s revenues by main vertical markets for the years ended December 31, 2023, 2022 and 2021:
For the years ended December 31,
202320222021
Vertical(in thousands)
Retail$102,551 $99,681 $61,717 
Tech, Media and Telecom98,830 98,334 67,689 
CPG/Manufacturing42,861 61,216 43,461 
Finance28,842 21,893 17,515 
Other39,826 29,358 20,898 
Total Revenues$312,910 $310,482 $211,280 

The following table shows the disaggregation of the Company’s revenues by contract types for the years ended December 31, 2023, 2022 and 2021:
For the years ended December 31,
202320222021
Contract Type(in thousands)
Time-and-material$281,282 $285,916 $194,926 
Fixed-fee29,991 24,566 16,354 
Other revenues
1,637 — — 
Total Revenues$312,910 $310,482 $211,280 
Contract balances
The payment terms included on the Company’s contracts with customers vary and depend on multiple factors including type of service provided, credit evaluation of a customer and prior payment history. When the timing of payment by a customer differs from the timing of rendering services, the Company records either a contract asset or a contract liability. Contract assets include amounts related to a right to consideration that is conditional upon factors other than the passage of time. Contract liabilities comprise amounts received in advance of the Company’s performance or billings in excess of revenues recognized.
As of December 31, 2023, 2022, and 2021, the Company did not have contract assets recorded in its consolidated balance sheet. As of December 31, 2023, 2022, and 2021, the Company recorded $0.6 million, $1.1 million and $0.4 million, respectively that were classified as Accrued and other current liabilities in the consolidated balance sheet.
Decrease in our contract liabilities from December 31, 2022 was largely attributed to a decline in number of fixed fee projects in the total project pool, specifically in the second half of 2023.
Revenues recognized during the year ended December 31, 2023 that were included in Accrued and other current liabilities at December 31, 2022 were $1.1 million. Revenues recognized during the year ended December 31, 2022 that were included in Accrued and other current liabilities at December 31, 2021 were $0.4 million. Revenues recognized during the year ended December 31, 2021 that were included in Accrued and other current liabilities at December 31, 2020 were $0.1 million.
Remaining performance obligation
As of December 31, 2023, the aggregate amount of transaction price allocated to remaining performance obligations was $5.3 million. Our remaining performance obligations represent commitments for future services for which work has not been performed and revenues are to be recorded in future periods. The Company expects to recognize approximately 55.5% of its remaining performance obligations as revenues in fiscal year 2024, and an additional 44.5% in 2025. Remaining performance obligations include currently recorded contract liability as well as amounts that will be invoiced in future periods and excludes the contracts that meet at least one of the following criteria under ASC Topic 606:
1)contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty,
2)contracts for which the Company recognizes revenues based on the right to invoice for services performed,
3)variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met, or
4)variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Many of our performance obligations met one or more of these exemptions as of December 31, 2023.
Transactions with related parties
During the years ended December 31, 2023, 2022, and 2021, the Company conducted transaction with a number of companies affiliated with the members of the Company’s Board of Directors. As a result, the Company recorded revenue from its related parties of $7.6 million, $6.8 million and $4.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, accounts receivable from related parties were $0.9 million in both periods, respectively.