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Revenues
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenues
The tables below present disaggregated revenues from contracts with customer by customer location, industries and contract-types. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by industry, market and other economic factors. The Company has a single reportable segment for the three and nine months ended September 30, 2024 and 2023.
The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon location of the customer served irrespective of the location billed, or the location of the delivery center performing the work. Substantially all of the revenue in our North America region relates to operations in the United States.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Customer Location(in thousands)
North America$73,390 $59,791 $206,469 $178,316 
Europe11,263 14,910 36,271 46,574 
Other2,782 2,718 7,549 9,951 
Total Revenues$87,435 $77,419 $250,289 $234,841 
The following table shows the disaggregation of the Company’s revenues by main vertical markets:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Vertical(in thousands)
Retail$29,825 $26,544 $81,233 $77,972 
Technology, Media and Telecom24,188 23,732 71,449 74,639 
Finance14,158 7,299 36,967 20,562 
CPG/Manufacturing(1)
9,807 9,668 29,209 33,186 
Healthcare and Pharma
2,510 3,434 8,677 10,292 
Other6,947 6,742 22,754 18,190 
Total Revenues$87,435 $77,419 $250,289 $234,841 
__________________________
(1)CPG stands for Consumer Packaged Goods.
The following table shows the disaggregation of the Company’s revenues by contract types:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Contract Type(in thousands)
Time-and-material$82,373 $69,532 $235,399 $209,201 
Fixed-fee4,477 7,303 13,135 24,588 
Other revenues585 584 1,755 1,052 
Total Revenues$87,435 $77,419 $250,289 $234,841 
Contract balances

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. A contract liability, or deferred revenue, consists of advance payments and billings in excess of revenues recognized. As of September 30, 2024 and
December 31, 2023 the Company did not have contract assets recorded in its unaudited condensed consolidated balance sheet. Contract liabilities were $0.4 million and $0.6 million as of September 30, 2024 and December 31, 2023, respectively. These balances were classified as Accrued and other current liabilities in the unaudited condensed consolidated balance sheets.    
During the three and nine months ended September 30, 2024, the Company recognized $0.1 million and $0.5 million of revenues, respectively, that were included in Accrued and other current liabilities at December 31, 2023. During the three and nine months ended September 30, 2023, the Company recognized $0.1 million and $1.0 million of revenues, respectively, that were included in Accrued and other current liabilities at December 31, 2022.
Remaining performance obligations
As of September 30, 2024, the aggregate amount of transaction price allocated to remaining performance obligations was $6.5 million. Our remaining performance obligations represent commitments for future services for which work has not been performed and revenues are to be recorded in future periods. The Company expects to recognize approximately 31.0% of its remaining performance obligations as revenues during 3 months of the fiscal year 2024, and an additional 69.0% in 2025. Remaining performance obligations include currently recorded contract liability as well as amounts that will be invoiced in future periods and excludes the contracts that meet at least one of the following criteria under ASC Topic 606 “Revenue from Contracts with Customers”:
1)contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty,
2)contracts for which the Company recognizes revenues based on the right to invoice for services performed,
3)variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met, or
4)variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Many of the Company’s contracts met one or more of these exemptions as of September 30, 2024.
Customers concentration
The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Customer 117.1 %14.3 %16.8 %14.1 %
The following table shows number of customers exceeding 10% of the Company’s billed and unbilled receivable balances:
As of
September 30,
2024		December 31,
2023
Accounts receivable11
Unbilled receivable32
Transactions with related parties
During the nine months ended September 30, 2024 and 2023, the Company conducted transactions with a number of companies affiliated with the members of the Company’s Board of Directors. As a result, during the three and nine months ended September 30, 2024, the Company recorded revenues from related parties of $5.6 million and $12.9 million, respectively. During the same periods of 2023, the Company recorded revenues from its related parties of $2.0 million and $6.0 million, respectively. As of September 30, 2024 and December 31, 2023, accounts receivable from related parties were $4.0 million and $0.9 million, respectively. Unbilled receivables from related parties as of September 30, 2024 were $0.1 million. The Company did not have unbilled receivables from related parties as of December 31, 2023.