Segment and Geographical Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment and Geographical Information

Segment and Geographical InformationThe Company operates in the Business Process Management (“BPM”) industry and is a provider of operations management and analytics services.

The Company manages and reports financial information through its four strategic business units: Insurance, Healthcare, Analytics and Emerging Business. These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability.

The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments.

The Company does not allocate and therefore the CODM does not evaluate, certain operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these assets on a total Company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented.

Revenues and cost of revenues for the three months ended September 30, 2021 and 2020, respectively, for each of the reportable segments, are as follows:

	Three months ended September 30, 2021
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	98,008	$	27,341	$	44,513	$	120,463	$	290,325
Cost of revenues(1)	61,490		17,057		23,660		75,536		177,743
Gross profit(1)	$	36,518	$	10,284	$	20,853	$	44,927	$	112,582
Operating expenses									70,144
Loss on settlement of convertible notes, foreign exchange gain, interest expense and other income, net									(11,763)
Income tax expense									4,196
Gain from equity-method investment									28
Net income									$	26,507

(1) Exclusive of depreciation and amortization expense.

	Three months ended September 30, 2020
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	87,830	$	25,112	$	37,577	$	90,499	$	241,018
Cost of revenues(1)	56,831		17,993		20,792		56,471		152,087
Gross profit(1)	$	30,999	$	7,119	$	16,785	$	34,028	$	88,931
Operating expenses									54,525
Foreign exchange gain, interest expense and other income, net									573
Income tax expense									8,490
Loss from equity-method investment									71
Net income									$	26,418

(1) Exclusive of depreciation and amortization expense.

Revenues and cost of revenues for the nine months ended September 30, 2021 and 2020, respectively, for each of the reportable segments, are as follows:

	Nine months ended September 30, 2021
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	283,887	$	85,856	$	122,871	$	334,190	$	826,804
Cost of revenues(1)	176,942		52,133		66,850		211,340		507,265
Gross profit(1)	$	106,945	$	33,723	$	56,021	$	122,850	$	319,539
Operating expenses									199,716
Loss on settlement of convertible notes, foreign exchange gain, interest expense and other income, net									(11,345)
Income tax expense									22,019
Gain / (loss) from equity-method investment									—
Net income									$	86,459

(1) Exclusive of depreciation and amortization expense.

	Nine months ended September 30, 2020
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	252,851	$	77,119	$	114,902	$	264,609	$	709,481
Cost of revenues(1)	174,909		57,226		68,689		172,320		473,144
Gross profit(1)	$	77,942	$	19,893	$	46,213	$	92,289	$	236,337
Operating expenses									164,578
Foreign exchange gain, interest expense and other income, net									4,108
Income tax expense									18,416
Loss from equity-method investment									193
Net income									$	57,258

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
BPM and related services(1)	$	169,862	$	150,519	$	492,614	$	444,872
Analytics services	120,463		90,499		334,190		264,609
Revenues, net	$	290,325	$	241,018	$	826,804	$	709,481

(1) BPM and related services include revenues of the Company's Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

The Company attributes the revenues to regions based upon the location of its customers.

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Revenues, net
United States	$	249,726	$	203,928	$	709,382	$	600,840
Non-United States
United Kingdom	27,433		22,903		78,359		65,011
Rest of World	13,166		14,187		39,063		43,630
Total Non-United States	40,599		37,090		117,422		108,641
Revenues, net	$	290,325	$	241,018	$	826,804	$	709,481

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets were as follows:

	As of
	September 30, 2021		December 31, 2020
Long-lived assets
India	$	83,625	$	97,261
United States	46,875		46,659
Philippines	22,970		29,434
Rest of World	11,759		11,439
Long-lived assets	$	165,229	$	184,793