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Net revenues | 9 Months Ended
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Sep. 30, 2025
Revenues [Abstract] |
Net revenues | Net revenues Disaggregation of revenue Prior to the quarter commencing April 1, 2025, the Company disaggregated its revenue as revenue from either Data-Tech-AI or Digital Operations based on the nature of the solutions and services provided. Beginning with the second quarter ended June 30, 2025, the Company now also disaggregates its revenue as revenue from Advanced Technology Solutions or Core Business Services. Data-Tech-AI includes revenues from data and AI, digital technology, advisory, agentic solutions, decision support services, and technology services. Digital Operations includes revenues from services related to running client operations, as well as certain IT support services for legacy applications, including end-user computing support and infrastructure production support. In the following table, the Company’s revenue is disaggregated between Data-Tech-AI and Digital Operations:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Data-Tech-AI | $ | 569,420 |  |  | $ | 622,400 |  |  | $ | 1,639,298 |  |  | $ | 1,803,614 |
Digital Operations | 641,529 |  | 668,857 |  | 1,879,100 |  | 1,956,987
Net revenues | $ | 1,210,949 |  |  | $ | 1,291,257 |  |  | $ | 3,518,398 |  |  | $ | 3,760,601 |
Advanced Technology Solutions includes revenues from solutions and services focused on data and AI, digital technology, advisory and agentic solutions. Core Business services includes revenues from decision support services and technology services as well as Digital Operations. In the following table, the Company’s revenue is disaggregated by the nature of solutions and services provided between Advanced Technology Solutions and Core Business Services:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Advanced Technology Solutions | $ | 259,184 |  |  | $ | 310,986 |  |  | $ | 748,494 |  |  | $ | 881,268 |
Core Business Services | 951,765 |  | 980,271 |  | 2,769,904 |  | 2,879,333
Net revenues | $ | 1,210,949 |  |  | $ | 1,291,257 |  |  | $ | 3,518,398 |  |  | $ | 3,760,601 |
All three of the Company's segments include revenue from each of the service types included in the tables above. See Note 18 for additional information. Contract balances Contract assets represent the contract acquisition fees or other upfront fees paid to a customer. Such costs are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. The Company’s assessment did not indicate any significant impairment losses on its contract assets for the periods presented. Contract liabilities include that portion of revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities is also included as part of contract liabilities. The contract liabilities are included within “Accrued expenses and other current liabilities” and “Other liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled pursuant to the contract with the customer. 19. Net revenues (Continued) The following table shows the details of the Company’s contract balances:
| As of December 31, 2024 |  | As of September 30, 2025
Contract assets (Note a) | $ | 48,980 |  |  | $ | 67,382 |
Contract liabilities (Note b) |  |  |
Deferred transition revenue | $ | 106,769 |  |  | $ | 115,596 |
Advance from customers | $ | 45,420 |  |  | $ | 70,910 |
(a)Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheet. (b)Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheet. Changes in the Company’s contract asset and liability balances during the three and nine months ended September 30, 2024 and 2025 were a result of normal business activity and not materially impacted by any other factors. The amount of revenue recognized during the three months ended September 30, 2024 and 2025 that was included in the Company's contract liabilities balance at the beginning of each period was $53,189 and $51,149, respectively, and the amount of revenue recognized during the nine months ended September 30, 2024 and 2025 that was included in the Company's contract liabilities balance at the beginning of the period was $98,750 and $94,555, respectively. The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of September 30, 2025:
Particulars |  | Total |  | Less than 1 year |  | 1-3 years |  | 3-5 years |  | After 5 years
Transaction price allocated to remaining performance obligations |  | $ | 186,506 |  |  | $ | 125,338 |  |  | $ | 46,706 |  |  | $ | 13,441 |  |  | $ | 1,021 |
The following table provides details of the Company’s contract cost assets:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Particulars | Sales incentive programs |  | Transition activities |  | Sales incentive programs |  | Transition activities |  | Sales incentive programs |  | Transition activities |  | Sales incentive programs |  | Transition activities
Opening balance | $ | 40,252 |  |  | $ | 163,150 |  |  | $ | 36,486 |  |  | $ | 171,012 |  |  | $ | 41,964 |  |  | $ | 160,579 |  |  | $ | 41,348 |  |  | $ | 159,552 |
Closing balance | 40,078 |  | 160,362 |  | 35,591 |  | 168,547 |  | 40,078 |  | 160,362 |  | 35,591 |  | 168,547
Amortization | 7,604 |  | 20,060 |  | 6,580 |  | 22,428 |  | 21,286 |  | 57,075 |  | 18,549 |  | 60,711

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