v3.26.3
Revenues, net and Accounts Receivable, net
 9 Months Ended
Sep. 30, 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
September 30, 2026December 31, 2025
Accounts receivable, net$457,287 $343,105 
Contract assets$41,433 $31,901 
Contract liabilities:
Deferred revenue (consideration received in advance)$11,736 $9,216 
Consideration received for process transition activities$32,776 $32,247 

Accounts receivable includes $188,494 and $141,653 as of September 30, 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 September 30, 2026 and December 31, 2025, include receivables of $34,611 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 September 30, 2026 and December 31, 2025.

Revenue recognized during the three and nine months ended September 30, 2026 and 2025, 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,
2026202520262025
Deferred revenue (consideration received in advance)$1,646 $1,815 $8,144 $13,121 
Consideration received for process transition activities$2,429 $1,264 $6,353 $3,919 
Contract acquisition and fulfillment costs

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

Contract Acquisition Costs
Three months ended September 30,Nine months ended September 30,
2026202520262025
Opening balance$1,606 $2,192 $1,947 $2,287 
Additions11 198 11 563 
Amortization(163)(235)(504)(695)
Closing balance$1,454 $2,155 $1,454 $2,155 

Contract Fulfillment Costs
Three months ended September 30,Nine months ended September 30,
2026202520262025
Opening balance$38,621 $38,938 $39,223 $36,022 
Additions2,317 1,683 5,491 7,168 
Amortization(2,398)(1,388)(6,174)(3,957)
Closing balance$38,540 $39,233 $38,540 $39,233 

There was no significant impairment for contract acquisition and contract fulfillment costs as of September 30, 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
September 30, 2026December 31, 2025
Accounts receivable, including unbilled receivables$460,829 $345,980 
Less: Allowance for expected credit losses(3,542)(2,875)
Accounts receivable, net$457,287 $343,105 

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

Three months ended September 30,Nine months ended September 30,
2026202520262025
Opening balance$3,281 $4,727 $2,875 $3,528 
Additions 290 8 806 1,256 
Reductions due to write-off of accounts receivable(29)(8)(139)(55)
Currency translation adjustments— — — (2)
Closing balance$3,542 $4,727 $3,542 $4,727 
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, 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 September 30, 2026 and December 31, 2025.