REVENUES

Disaggregation of Revenues

The Company’s revenues are sourced from four geographic markets: North America, Europe, CIS and APAC. CIS includes revenues from customers in Belarus, Kazakhstan, Russia and Ukraine and APAC, which stands for Asia Pacific, includes revenues from customers in Southeast Asia and Australia. The following tables present the disaggregation of the Company’s revenues by customer location, including a reconciliation of the disaggregated revenues with the reportable segments (Note 13 “Segment Information”) for the periods indicated:



	Three Months Ended March 31, 2019
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Customer Locations
North America	$	303,745	$	12,891	$	16	$	316,652	$	—		$	316,652
Europe	4,747		168,767		141		173,655		(147		)	173,508
CIS	1,739		13		16,423		18,175		(1		)	18,174
APAC	458		12,552		—		13,010		(11		)	12,999
Revenues	$	310,689	$	194,223	$	16,580	$	521,492	$	(159	)	$	521,333



	Three Months Ended March 31, 2018
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Customer Locations
North America	$	226,070	$	13,361	$	15	$	239,446	$	—		$	239,446
Europe	2,740		150,480		42		153,262		(177		)	153,085
CIS	2,003		63		19,714		21,780		—			21,780
APAC	383		9,439		15		9,837		—			9,837
Revenues	$	231,196	$	173,343	$	19,786	$	424,325	$	(177	)	$	424,148

The following tables present the disaggregation of the Company’s revenues by industry vertical, including a reconciliation of the disaggregated revenues with the reportable segments (Note 13 “Segment Information”) for the periods indicated:



	Three Months Ended March 31, 2019
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Industry Verticals
Financial Services	$	38,394	$	61,988	$	13,032	$	113,414	$	(153	)	$	113,261
Travel & Consumer	47,000		55,202		2,124		104,326		—			104,326
Software & Hi-Tech	79,121		20,370		440		99,931		—			99,931
Business Information & Media	62,361		32,536		140		95,037		(5		)	95,032
Life Sciences & Healthcare	50,156		4,556		62		54,774		—			54,774
Emerging Verticals	33,657		19,571		782		54,010		(1		)	54,009
Revenues	$	310,689	$	194,223	$	16,580	$	521,492	$	(159	)	$	521,333



	Three Months Ended March 31, 2018
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Industry Verticals
Financial Services	$	21,956	$	65,818	$	16,225	$	103,999	$	(177	)	$	103,822
Travel & Consumer	40,687		49,454		1,673		91,814		—			91,814
Software & Hi-Tech	60,564		20,294		764		81,622		—			81,622
Business Information & Media	57,337		18,870		—		76,207		—			76,207
Life Sciences & Healthcare	27,467		4,823		—		32,290		—			32,290
Emerging Verticals	23,185		14,084		1,124		38,393		—			38,393
Revenues	$	231,196	$	173,343	$	19,786	$	424,325	$	(177	)	$	424,148

The following tables present the disaggregation of the Company’s revenues by contract type including a reconciliation of the disaggregated revenues with the Company’s reportable segments (Note 13 “Segment Information”) for the periods indicated:



	Three Months Ended March 31, 2019
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Contract Types
Time-and-material	$	284,725	$	168,213	$	11,272	$	464,210	$	—		$	464,210
Fixed-price	24,740		25,246		5,287		55,273		—			55,273
Licensing	836		398		6		1,240		—			1,240
Other revenues	388		366		15		769		(159		)	610
Revenues	$	310,689	$	194,223	$	16,580	$	521,492	$	(159	)	$	521,333



	Three Months Ended March 31, 2018
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Contract Types
Time-and-material	$	214,316	$	159,466	$	10,096	$	383,878	$	—		$	383,878
Fixed-price	15,992		12,953		9,672		38,617		—			38,617
Licensing	662		619		10		1,291		—			1,291
Other revenues	226		305		8		539		(177		)	362
Revenues	$	231,196	$	173,343	$	19,786	$	424,325	$	(177	)	$	424,148

Timing of Revenue Recognition

The following tables present the timing of revenue recognition for the periods indicated:



	Three Months Ended March 31, 2019
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Timing of Revenue Recognition
Transferred at a point of time	$	404	$	205	$	1	$	610	$	(159	)	$	451
Transferred over time	310,285		194,018		16,579		520,882		—			520,882
Revenues	$	310,689	$	194,223	$	16,580	$	521,492	$	(159	)	$	521,333



	Three Months Ended March 31, 2018
	Reportable Segments
	North America		Europe		Russia		Total Segment Revenues		Other Income Included in Segment Revenues			Consolidated Revenues
Timing of Revenue Recognition
Transferred at a point of time	$	344	$	428	$	10	$	782	$	(177	)	$	605
Transferred over time	230,852		172,915		19,776		423,543		—			423,543
Revenues	$	231,196	$	173,343	$	19,786	$	424,325	$	(177	)	$	424,148

During the three months ended March 31, 2019 and March 31, 2018, the Company recognized $1,704 and $5,404 of revenues, respectively, from performance obligations satisfied in previous periods.

The following table includes the estimated revenues expected to be recognized in the future related to performance obligations that are partially or fully unsatisfied as of March 31, 2019. The Company applies a practical expedient and does not disclose the value of unsatisfied performance obligations for contracts that (i) have an original expected duration of one year or less and (ii) contracts for which it recognizes revenues at the amount to which it has the right to invoice for services provided:



	Less than 1 year		1 Year		2 Years		3 Years		Total
Contract Type
Fixed-price	$	8,962	$	530	$	310	$	—	$	9,802

The Company applies a practical expedient and does not disclose the amount of the transaction price allocated to the remaining performance obligations nor provide an explanation of when the Company expects to recognize that amount as revenue for certain variable consideration.

Contract Balances

The following table provides information on the classification of contract assets and liabilities in the condensed consolidated balance sheets:



	As of March 31, 2019		As of December 31, 2018
Contract assets included in Unbilled revenues	$	17,827	$	13,522
Contract liabilities included in Accrued expenses and other current liabilities	$	8,696	$	4,558
Contract liabilities included in Other noncurrent liabilities	$	146	$	224

Contract assets included in unbilled revenues are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. The Company recognizes an impairment loss when the contract carrying amount is greater than the remaining consideration receivable, less directly related costs to be incurred. Contract assets have increased from December 31, 2018 primarily due to new contracts entered into in 2019 where the Company’s right to bill is contingent upon achievement of contractual milestones.

Contract liabilities comprise amounts collected from the Company’s customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. Contract liabilities have increased from December 31, 2018 primarily due to the seasonal increase in customer prepayments during the three months ended March 31, 2019. During the three months ended March 31, 2019, the Company recognized $3,051 of revenues that were included in Accrued expenses and other current liabilities at December 31, 2018.