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v3.23.1

REVENUES | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Disaggregation of Revenues 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 14 “Segment Information”) for the periods indicated:
| Three Months Ended March 31, 2023
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Customer Locations |  |  |  |  |  |  |
Americas | $ | 683,553 |  |  | $ | 25,954 |  |  | $ | 295 |  |  | $ | 709,802 |
EMEA | 25,372 |  |  | 438,565 |  |  | — |  |  | 463,937 |
APAC | 726 |  |  | 26,084 |  |  | — |  |  | 26,810 |
CEE | 306 |  |  | 2,544 |  |  | 7,542 |  |  | 10,392 |
Revenues | $ | 709,957 |  |  | $ | 493,147 |  |  | $ | 7,837 |  |  | $ | 1,210,941 |
| Three Months Ended March 31, 2022
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Customer Locations |  |  |  |  |  |  |
Americas | $ | 659,776 |  |  | $ | 25,960 |  |  | $ | 1,057 |  |  | $ | 686,793 |
EMEA | 25,098 |  |  | 396,753 |  |  | 99 |  |  | 421,950 |
APAC | 783 |  |  | 28,799 |  |  | — |  |  | 29,582 |
CEE | 2,054 |  |  | 458 |  |  | 30,777 |  |  | 33,289 |
Revenues | $ | 687,711 |  |  | $ | 451,970 |  |  | $ | 31,933 |  |  | $ | 1,171,614 |
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 14 “Segment Information”) for the periods indicated:
| Three Months Ended March 31, 2023
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Industry Verticals |  |  |  |  |  |  |
Travel & Consumer | $ | 123,659 |  |  | $ | 153,055 |  |  | $ | 1,646 |  |  | $ | 278,360 |
Financial Services | 143,850 |  |  | 123,608 |  |  | 3,207 |  |  | 270,665 |
Business Information & Media | 116,158 |  |  | 86,108 |  |  | 114 |  |  | 202,380 |
Software & Hi-Tech | 149,798 |  |  | 38,682 |  |  | 711 |  |  | 189,191 |
Life Sciences & Healthcare | 96,597 |  |  | 14,526 |  |  | 135 |  |  | 111,258 |
Emerging Verticals | 79,895 |  |  | 77,168 |  |  | 2,024 |  |  | 159,087 |
Revenues | $ | 709,957 |  |  | $ | 493,147 |  |  | $ | 7,837 |  |  | $ | 1,210,941 |
| Three Months Ended March 31, 2022
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Industry Verticals |  |  |  |  |  |  |
Travel & Consumer | $ | 122,247 |  |  | $ | 136,788 |  |  | $ | 6,284 |  |  | $ | 265,319 |
Financial Services | 120,335 |  |  | 117,330 |  |  | 22,398 |  |  | 260,063 |
Business Information & Media | 110,946 |  |  | 82,901 |  |  | 456 |  |  | 194,303 |
Software & Hi-Tech | 156,282 |  |  | 32,454 |  |  | 747 |  |  | 189,483 |
Life Sciences & Healthcare | 111,371 |  |  | 12,282 |  |  | 150 |  |  | 123,803 |
Emerging Verticals | 66,530 |  |  | 70,215 |  |  | 1,898 |  |  | 138,643 |
Revenues | $ | 687,711 |  |  | $ | 451,970 |  |  | $ | 31,933 |  |  | $ | 1,171,614 |
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 14 “Segment Information”) for the periods indicated:
| Three Months Ended March 31, 2023
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Contract Types |  |  |  |  |  |  |
Time-and-material | $ | 644,628 |  |  | $ | 425,598 |  |  | $ | 4,753 |  |  | $ | 1,074,979 |
Fixed-price | 61,231 |  |  | 66,203 |  |  | 3,071 |  |  | 130,505 |
Licensing and other revenues | 4,098 |  |  | 1,346 |  |  | 13 |  |  | 5,457 |
Revenues | $ | 709,957 |  |  | $ | 493,147 |  |  | $ | 7,837 |  |  | $ | 1,210,941 |
| Three Months Ended March 31, 2022
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Contract Types |  |  |  |  |  |  |
Time-and-material | $ | 626,807 |  |  | $ | 377,655 |  |  | $ | 18,691 |  |  | $ | 1,023,153 |
Fixed-price | 56,765 |  |  | 73,608 |  |  | 13,190 |  |  | 143,563 |
Licensing and other revenues | 4,139 |  |  | 707 |  |  | 52 |  |  | 4,898 |
Revenues | $ | 687,711 |  |  | $ | 451,970 |  |  | $ | 31,933 |  |  | $ | 1,171,614 |
Timing of Revenue Recognition The following tables present the timing of revenue recognition reconciled with the Company’s reportable segments (Note 14 “Segment Information”) for the periods indicated:
| Three Months Ended March 31, 2023
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred over time | $ | 707,034 |  |  | $ | 492,397 |  |  | $ | 7,824 |  |  | $ | 1,207,255 |
Transferred at a point of time | 2,923 |  |  | 750 |  |  | 13 |  |  | 3,686 |
Revenues | $ | 709,957 |  |  | $ | 493,147 |  |  | $ | 7,837 |  |  | $ | 1,210,941 |
| Three Months Ended March 31, 2022
| Reportable Segments |  |
| North America |  | Europe |  | Russia |  | Consolidated Revenues
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred over time | $ | 685,109 |  |  | $ | 451,848 |  |  | $ | 31,891 |  |  | $ | 1,168,848 |
Transferred at a point of time | 2,602 |  |  | 122 |  |  | 42 |  |  | 2,766 |
Revenues | $ | 687,711 |  |  | $ | 451,970 |  |  | $ | 31,933 |  |  | $ | 1,171,614 |
During the three months ended March 31, 2023, the Company recognized $7.2 million of revenues from performance obligations satisfied in previous periods compared to $6.0 million during the three months ended March 31, 2022. 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, 2023. The Company applies a practical expedient and does not disclose the value of unsatisfied performance obligations for contracts (i) that have an original expected duration of one year or less and (ii) 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 | $ | 12,353 |  |  | $ | 3,124 |  |  | $ | 2,564 |  |  | $ | — |  |  | $ | 18,041 |
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, 2023 |  | As of December 31, 2022
Contract assets included in Trade receivables and contract assets, net | $ | 22,524 |  |  | $ | 11,490 |
Contract liabilities included in Accrued expenses and other current liabilities | $ | 35,598 |  |  | $ | 36,036 |
Contract liabilities included in Other noncurrent liabilities | $ | 319 |  |  | $ | 42 |
Contract assets comprise amounts where the Company’s right to bill is contingent on something other than the passage of time such as achievement of contractual milestones. Contract assets have increased since December 31, 2022 primarily due to contracts 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 and such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. During the three months ended March 31, 2023, the Company recognized $19.2 million of revenues that were included in Accrued expenses and other current liabilities at December 31, 2022. During the three months ended March 31, 2022, the Company recognized $26.3 million of revenues that were included in Accrued expenses and other current liabilities at December 31, 2021.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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