Segment and Geographical Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

Segment and Geographical Information

The Company is a provider of data analytics and digital operations and solutions.

The Company manages and reports financial information through its four reportable segments: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. 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 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 March 31, 2024 and 2023, respectively, for each of the reportable segments, are as follows:

	Three months ended March 31, 2024
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	145,139	$	26,250	$	74,392	$	190,726	$	436,507
Cost of revenues(1)	92,292		17,317		40,979		122,836		273,424
Gross profit(1)	$	52,847	$	8,933	$	33,413	$	67,890	$	163,083
Operating expenses									101,559
Foreign exchange gain, net, interest expense and other income, net									1,020
Income tax expense									13,753
Loss from equity-method investment									(28)
Net income									$	48,763

(1) Exclusive of depreciation and amortization expense.

	Three months ended March 31, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	125,937	$	26,703	$	66,161	$	181,842	$	400,643
Cost of revenues(1)	82,324		18,809		35,970		114,366		251,469
Gross profit(1)	$	43,613	$	7,894	$	30,191	$	67,476	$	149,174
Operating expenses									89,726
Foreign exchange gain, net, interest expense and other income, net									(125)
Income tax expense									8,058
Gain from equity-method investment									66
Net income									$	51,331

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:

	Three months ended March 31,
	2024		2023
Digital operations and solutions(1)	$	245,781	$	218,801
Analytics services	190,726		181,842
Revenues, net	$	436,507	$	400,643

(1) Digital operations and solutions 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 March 31,
	2024		2023
Revenues, net
The United States	$	362,306	$	339,073
Non-United States
The United Kingdom	50,402		41,574
Rest of World	23,799		19,996
Total Non-United States	74,201		61,570
Revenues, net	$	436,507	$	400,643

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

	As of
	March 31, 2024		December 31, 2023
Long-lived assets
The United States	$	60,177	$	61,592
India	54,601		53,813
The Philippines	24,455		21,952
South Africa	22,588		20,890
Rest of World	6,600		6,982
Long-lived assets	$	168,421	$	165,229