Related Parties

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Parties

Related Parties

Related parties are defined as entities related to the Company’s directors or main shareholders as well as equity method affiliates. During the nine months ended September 30, 2023, the Company provided services to Claire, an equity method affiliate (refer to Note 17 – Equity Method Investment for additional information on the equity method affiliate) in exchange for fees through certain commercial arrangements. These arrangements facilitated Claire’s build out and operations.

In connection with the JV Agreement, the Company entered into commercial agreements with Claire, under which the Company agreed to provide custom software development and managed services in exchange for fees governed by the terms and conditions set forth therein. In accordance with guidance under ASC 606, Claire has been considered a customer of the Company.

Revenues for the services provided to Claire included in the Company’s condensed consolidated statements of operations were $3.8 million and $26.2 million for the nine months ended September 30, 2023 and 2022, respectively, and $12.9 million of revenue for the three months ended September 30, 2022. Accounts receivable totaled $2.1 million as of September 30, 2023 was included in the Company’s condensed consolidated balance sheets, for which the Company recognized $1.0 million in its allowance for credit losses. Total unbilled invoices and account receivables were $4.8 million and $1.4 million as of December 31, 2022, respectively