Net revenues

3 Months Ended

Mar. 31, 2020

20. Net revenues

Disaggregation of revenue

In the following table, the Company’s revenue is disaggregated by customer classification:

	Three months ended March 31,
	2019		2020
GE	$	109,042	$	121,657
Global Clients		700,164		801,535
Total net revenues	$	809,206	$	923,192

The entire amount of revenue from GE is included in revenue from the HMS segment, and the remainder of revenue from the HMS segment consists of revenue from Global Clients. All of the segment revenue from both the BCMI and CGRLH segments consists of revenue from Global Clients. Refer to Note 19 for details on the net revenues for each of the Company’s segments.

The Company has evaluated the impact of COVID-19 on the Company’s net revenues for the three months ended March 31, 2020, including as a result of constraints on the Company’s ability to render services, whether due to full or partial shutdowns of the Company’s facilities or significant travel restrictions, penalties relating to breaches of service level agreements and contract terminations or contract performance delays initiated by clients. Based on this evaluation, the Company has concluded that, during the three months ended March 31, 2020, the impact of COVID-19 was not material to the Company’s net revenues. Due to the nature of the pandemic, the Company continues to monitor developments to identify significant uncertainties relating to revenue in future periods.

20. Net revenues (Continued)

Contract balances

Accounts receivable include amounts for services that the Company has performed but for which payment has not been received. The Company typically follows a 30-day billing cycle and, as such, at any point in time may have accrued up to 30 days of revenues that have not been billed. The Company has determined that in instances where the timing of revenue recognition differs from the timing of invoicing, the related contracts generally do not include a significant financing component. Refer to Note 5 for details on the Company’s accounts receivable and allowance for credit losses.

The following table provides details of the Company’s contract liabilities:

	Three months ended March 31, 2019						Three months ended March 31, 2020
Particulars	Advance from customers			Deferred transition revenue			Advance from customers			Deferred transition revenue
Opening balance	$	22,892		$	95,648		$	44,818		$	131,108
Impact of opening balance offset with contract asset		3,821		$	25,604			12,515		$	43,289
Gross opening balance	$	26,713		$	121,252		$	57,333		$	174,397
Additions		14,147			24,217			50,200			23,091
Effect of business combinations		444			—			—			—
Revenue recognized		(10,912	)		(11,728	)		(31,506	)		(14,373	)
Currency translation adjustments		(16	)		128			(732	)		(699	)
Gross closing balance	$	30,376		$	133,869		$	75,295		$	182,416
Impact of closing balance offset with contract asset		(4,328	)		(36,732	)		(11,098	)		(54,374	)
Closing balance (Note a)	$	26,048		$	97,137		$	64,197		$	128,042

(a) Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheet.

The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of March 31, 2020:

Particulars	Total				Less than 1 year				1-3 years				3-5 years				After 5 years
Transaction price allocated to remaining performance obligations	$	192,239				121,316				53,870				14,735				2,318

20. Net revenues (Continued)

The following table provides details of the Company’s contract assets:

Particulars	Three months ended March 31, 2019			Three months ended March 31, 2020
Opening balance	$	45,035		$	40,346
Impact of opening balance offset with contract liability		29,425			55,804
Gross opening balance	$	74,460		$	96,150
Additions		27,113			24,155
Reduction in revenue recognized		(13,560	)		(11,628	)
Gross closing balance	$	88,013		$	108,677
Impact of closing balance offset with contract liability		(41,062	)		(65,472	)
Closing balance (Note b)	$	46,951		$	43,205

(b) Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheet.

The following table provides details of the Company’s contract cost assets:

	Three months ended March 31, 2019				Three months ended March 31, 2020
Particulars	Sales incentive programs		Transition activities		Sales incentive programs		Transition activities
Opening balance	$	25,891	$	134,302	$	35,366	$	170,132
Closing balance		36,380		144,423		34,417		176,649
Amortization		4,107		11,510		4,119		13,533