0001866550-23-000078 | 10-Q | XBRL Viewer

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Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 287,215	$ 332,107	$ 594,271	$ 653,047
North America
Disaggregation of Revenue [Line Items]
Revenues	105,775	131,486	218,089	253,435
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 102,700	$ 123,500	$ 211,100	$ 238,600
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	35.80%	37.20%	35.50%	36.50%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 100,465	$ 109,674	$ 200,627	$ 211,880
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 30,300	$ 39,800	$ 59,200	$ 76,100
Australia \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.50%	12.00%	10.00%	11.70%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 70,182	$ 76,603	$ 153,232	$ 159,529
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues			$ 59,500	$ 70,300
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk			10.00%	10.80%
Germany
Disaggregation of Revenue [Line Items]
Revenues	$ 30,500		$ 63,300
Germany \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.60%		10.70%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 10,793	$ 14,344	$ 22,323	$ 28,203

Credit Agreements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Credit Agreements

Our subsidiaries are party to an amended and restated credit agreement, dated December 9, 2022 (as amended, the “Credit Agreement”), among Thoughtworks, Inc., Turing Acquisition LLC and Turing Midco LLC, Turing Topco LLC (“Holdings”), Credit Suisse AG, Cayman Islands Branch, as administrative agent, the lenders party thereto and the other parties from time-to-time party thereto, which provides for a senior secured term loan (the "Term Loan") of $715.0 million and a senior secured revolving credit facility (the "Revolver") of $300.0 million.

On February 24, 2023, the Company made a voluntary prepayment of $100.0 million on outstanding amounts owed on the Term Loan. As a result of the prepayment, the Company wrote off $0.9 million of deferred

financing fees, which is reflected in other (expense) income, net in the condensed consolidated statements of loss and comprehensive loss for the six months ended June 30, 2023.

On May 18, 2023, the Company amended and restated its credit agreement (the “Third Amendment and Restatement”) to transition the reference rate for the Term Loan borrowings under the Credit Agreement from LIBOR to SOFR.

The following table presents the Company's outstanding debt and borrowing capacity (in thousands, except percentages):


	June 30, 2023			December 31, 2022
Availability under Revolver (due March 26, 2026)	$	300,000		$	300,000
Borrowings under Revolver	$	—		$	—
Long-term debt (due March 24, 2028), including current portion (1)	$	296,529		$	399,006
Interest rate	7.7		%	6.9		%

(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below.

The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands):



	June 30, 2023		December 31, 2022
Long-term debt, less current portion	$	291,763	$	395,338
Capitalized deferred financing fees	(2,384)		(3,482)
Long-term debt	289,379		391,856
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	296,529	$	399,006

The Company estimates the fair value of the Term Loan using current market yields. These current market yields are considered Level 2 inputs. The book value of the Company’s credit facilities is considered to approximate its fair value as of June 30, 2023 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $392.0 million as of December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Summary of Significant Accounting Policies

Thoughtworks Holding, Inc. (together with its subsidiaries, the “Company”) develops, implements, and services complex enterprise application software, and provides business technology consulting. The Company conducts business in Australia, Brazil, Canada, Chile, China, Ecuador, Finland, Germany, Hong Kong, India, Italy, the Netherlands, Romania, Singapore, Spain, Thailand, the United Kingdom, the United States and Vietnam. Thoughtworks Holding, Inc. is the ultimate parent holding company of Thoughtworks, Inc. among other subsidiaries.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2022 Annual Report.

Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2023 presentation. These reclassifications had no effect on results of operations previously reported.

Preparation of Financial Statements and Use of Estimates

The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.

Restricted Cash

Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card.

Allowance for Credit Losses

The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.

Activity related to the Company’s allowance for credit losses is as follows (in thousands):


	Six Months Ended June 30, 2023
Allowance for credit losses, beginning balance	$	(9,531)

Current provision for expected credit losses	(2,596)
Write-offs charged against allowance	4,648

Recoveries of amounts previously written off	(96)
Changes due to exchange rates	(340)
Allowance for credit losses, ending balance	$	(7,915)

Recently Adopted Accounting Standards

In October 2021, the FASB issued ASU 2021-08, which amends ASC 805 to require acquiring entities to apply ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to recognize and measure contract assets and contract liabilities in a business combination. The guidance is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted the standard in the first quarter of 2023. The adoption did not have a material impact on the Company's condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions to ease the financial reporting burdens related to the expected market transition from London Interbank Offer Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The optional amendments are effective as of March 12, 2020 through December 31, 2024, and upon adoption may be applied prospectively through December 31, 2024. The Company elected to utilize the temporary optional expedients in connection with the amendment of our credit agreement, which transitioned the Term Loan from LIBOR to the Secured Overnight Financing Rate (“SOFR”) on May 18, 2023. Refer to Note 8, Credit Agreements.

Concentration of Credit Risk and Other Risks and Uncertainties

Revenue generated from the Company's operations outside of the United States for the three months ended June 30, 2023 and 2022 was 66% and 62%, respectively, and 66% and 63% for the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023 and December 31, 2022, 74% and 69%, respectively, of trade receivables and unbilled receivables was due from customers located outside the United States. At June 30, 2023 and December 31, 2022, the Company had net property and equipment of $23.8 million and $30.0 million, respectively, outside the United States.

Change in Accounting Principle - Stock-Based Compensation

In the fourth quarter of 2022, the Company changed its stock-based compensation policy for recognizing expense for graded vesting awards with only service conditions from the accelerated attribution method to the straight-line attribution method. The Company believes the straight-line attribution method for stock-based compensation expense for awards solely subject to time-based vesting conditions is the preferable accounting policy in accordance with ASC 250, Accounting Changes and Error Corrections, because it more accurately reflects how the award is earned over the service period and is the predominant method used in its industry. The Company applied the change retrospectively adjusting all periods presented resulting in an increase to net loss of $9.3 million and an increase to basic and diluted loss per share of $0.03 for the three months ended June 30, 2022 and a decrease to net loss of $7.0 million and a decrease to basic and diluted loss per share of $0.02 for the six months ended June 30, 2022.

Subsequent Events (Details) - Subsequent Event - Reorganization $ in Millions	Aug. 08, 2023 USD ($)
Minimum
Subsequent Event [Line Items]
Number of positions expected to be eliminated	5.00%
Expected restructuring costs	$ 20
Expected restructuring costs remainder of the year	$ 18
Maximum
Subsequent Event [Line Items]
Number of positions expected to be eliminated	6.00%
Expected restructuring costs	$ 25
Expected restructuring costs remainder of the year	20
Employee Severance \| Minimum
Subsequent Event [Line Items]
Expected restructuring costs	18
Employee Severance \| Maximum
Subsequent Event [Line Items]
Expected restructuring costs	22
Other Restructuring \| Minimum
Subsequent Event [Line Items]
Expected restructuring costs	2
Other Restructuring \| Maximum
Subsequent Event [Line Items]
Expected restructuring costs	$ 3

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 7,755
2024	15,510
2025	15,510
2026	15,510
2027	14,708
Thereafter	61,336
Finite-lived intangible assets, net	$ 130,329

Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 287,215	$ 332,107	$ 594,271	$ 653,047
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	69,695	95,247	143,828	180,596
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	75,313	76,605	159,352	153,715
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	44,485	62,628	92,397	125,063
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	52,778	59,671	107,933	118,135
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	$ 44,944	$ 37,956	$ 90,761	$ 75,538

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Acquisitions - Schedule of Acquisition (Details) - USD ($) $ in Thousands	Feb. 01, 2023	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 422,313	$ 405,017
ITOC Pty Ltd
Business Acquisition [Line Items]
Cash and cash equivalents	$ 1,788
Trade receivables, net of allowance	1,251
Customer relationships, net	3,500
Goodwill	13,766
Accounts payable	(110)
Accrued compensation	(363)
Accrued expenses	(927)
Deferred revenue	(235)
Income taxes payable	(178)
Lease liabilities, current	(173)
Deferred tax liabilities	(1,050)
Other assets/liabilities, net	508
Total gross purchase price	$ 17,777
Weighted average useful life	4 years

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Restructuring Actions On August 8, 2023, the Company announced that its Board of Directors approved and committed to a structural reorganization (the "Reorganization") on August 7, 2023 that will (i) move its operational functions from a geographic to a centralized model, (ii) create a new organizational home for the majority of its client facing workforce, our Digital Engineering Center, and (iii) evolve its regional market structure. Centralizing operations globally is expected to reduce overall costs, better align its resources to strategic priorities, right-size its operations, and increase operational efficiencies. The new Digital Engineering Center will provide supply across the regional markets and is expected to allow the Company to optimize resource allocation globally to better align to clients’ needs. Finally, these changes will enable its regional markets to have a more client and industry-based go-to-market focus while continuing to fund its investments in demand generation. The majority of the actions will be taken in the third quarter of 2023 and are expected to be completed within the next twelve months. The actions are expected to impact approximately 5% to 6% of our employee headcount globally. Thoughtworks expects to incur total pre-tax cash charges of approximately $20 million to $25 million (the “Total Charges”), of which approximately $18 million to $20 million are expected to be recognized in 2023. The Total Charges include $18 million to $22 million in wage-related expenses, such as employee severance and related benefits, and $2 million to $3 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees.

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The Company's preliminary allocation of the fair value of underlying assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands):


	Total
Cash and cash equivalents	$	1,788
Trade receivables, net of allowance	1,251
Customer relationships, net (1)	3,500
Goodwill	13,766
Accounts payable	(110)
Accrued compensation	(363)
Accrued expenses	(927)
Deferred revenue	(235)
Income taxes payable	(178)
Lease liabilities, current	(173)
Deferred tax liabilities	(1,050)
Other assets/liabilities, net	508
Total gross purchase price	$	17,777

(1)The weighted average amortization period is four years.

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The following table presents the change in the contingent consideration liability (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	14,267	$	—	$	14,255	$	—
Additions in the period	—		13,996		—		13,996
Payments in the period	(14,344)		—		(14,344)		—
Change in fair value	129		528		129		528
Change due to exchange rates	(52)		(142)		(40)		(142)
Balance at end of period	$	—	$	14,382	$	—	$	14,382

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesPrior to the Company's initial public offering ("IPO") in September 2021, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the effective tax rate for the full year to the pre-tax income or loss for the interim period, adjusting the provision for discrete tax items recorded in the period. Upon the IPO, due to the magnitude of transaction related stock-based compensation costs, the Company's forecasted pre-tax income for the year is causing the tax rate to be highly sensitive, whereby minor changes in forecasted pre-tax income generate significant variability in the estimated annual effective tax rate. This is impacting the customary relationship between income tax expense and pre-tax income in interim periods. Beginning in the third quarter of 2021, the Company concluded that it could not calculate a reliable estimate of the annual effective tax rate due to the range of potential impacts for the aforementioned forecast changes. Accordingly, the Company computed the effective tax rate for the six-month period ended June 30, 2023 using actual results, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company’s effective tax rate for the three months ended June 30, 2023 and June 30, 2022 was (60.0)% and (1.2)%, respectively, and (142.1)% and (6.2)% for the six months ended June 30, 2023 and June 30, 2022, respectively. The effective tax rate in each period differed from the U.S. statutory rate of 21% primarily due to U.S. corporate state income taxation and the effect of foreign operations, which reflects the impact of higher income tax rates in locations outside the United States, the unfavorable impact of valuation allowances on deferred tax assets of select foreign operations, the non-deductibility of China SAFE restricted stock units ("RSUs"), the unfavorable impact of capitalized research and experimental costs under Internal Revenue Code ("IRC") §174 increasing the Company's net global intangible low tax income ("GILTI") inclusion, impacted by excess tax deficiencies unfavorably and excess tax benefits favorably on stock-based compensation for the three and six months ended June 30, 2023 and June 30, 2022, respectively, and the unfavorable impact of providing for and settling of uncertain income tax positions for the three and six months ended June 30, 2023. The change in the effective tax rate for the three and six months ended June 30, 2023, as compared to the prior periods, and the negative effective tax rate for the three and six months ended June 30, 2023 and June 30, 2022 is a result of the aforementioned unique net unfavorable items when compared to the pre-tax loss recorded for the respective periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares)	13,013,946
Granted (in shares)	337,699
Forfeited (in shares)	(855,232)
Vested (in shares)	(955,725)
Ending balance (in shares)	11,540,688
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 17.37
Granted (in dollars per share) \| $ / shares	8.17
Forfeited (in dollars per share) \| $ / shares	17.88
Vested (in dollars per share) \| $ / shares	21.93
Ending balance (in dollars per share) \| $ / shares	$ 16.69
Net settled (in shares)	300,000

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 17,606	$ 68,965	$ 35,285	$ 169,148
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	10,696	49,573	21,226	119,482
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 6,910	$ 19,392	$ 14,059	$ 49,666

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following is a summary of the changes in the carrying value of goodwill (in thousands):


	Total



Balance as of December 31, 2022	$	405,017
Additions due to acquisitions	13,766
Changes due to exchange rates	3,530
Balance as of June 30, 2023	$	422,313

The following is a summary of other intangible assets (in thousands):


	June 30, 2023		December 31, 2022
Customer relationships	$	196,947	$	193,447
Less accumulated amortization	(66,618)		(59,369)
Customer relationships, net	130,329		134,078
Trademark	273,000		273,000
Total other intangible assets, after amortization	403,329		407,078
Changes due to exchange rates	(9,652)		(10,031)
Other intangible assets, net	$	393,677	$	397,047

Other than indefinite-lived trademarks, the Company’s intangible assets have finite lives and, as such, are subject to amortization. Amortization expense related to these intangible assets was $3.7 million and $3.3 million for the three months ended June 30, 2023 and 2022, respectively, and $7.3 million and $6.3 million for the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023, estimated amortization expense for the next five years and thereafter is as follows (in thousands):



Remainder of 2023	$	7,755
2024	15,510
2025	15,510
2026	15,510
2027	14,708
Thereafter	61,336
	$	130,329

The weighted average remaining useful life of the Company’s finite-lived intangible assets was 8.6 years as of June 30, 2023 and 9.2 years as of December 31, 2022.

Credit Agreements - Schedule of Borrowings (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Dec. 09, 2022
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 296,529,000	$ 399,006,000
Interest rate	7.70%	6.90%
Line of Credit \| Credit Agreements \| Revolving Credit Facility
Debt Instrument [Line Items]
Availability under Revolver (due March 26, 2026)	$ 300,000,000	$ 300,000,000	$ 300,000,000
Borrowings under Revolver	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Business and Summary of Significant Accounting Policies - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (9,531)
Current provision for expected credit losses	(2,596)	$ (2,038)
Write-offs charged against allowance	4,648
Recoveries of amounts previously written off	(96)
Changes due to exchange rates	(340)
Allowance for credit losses, ending balance	$ (7,915)

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company disaggregates revenues from contracts with customers by geographic customer location, industry vertical and revenue contract types. Geographic customer location is pertinent to understanding the Company's revenues, as the Company generates its revenues from providing professional services to customers in various regions across the world. The Company groups customers into one of five industry verticals. Revenue contract types are differentiated by the type of pricing structure for customer contracts, which is predominantly time-and-materials, but also includes fixed price contracts.

Disaggregation of Revenues

The following table presents the disaggregation of the Company’s revenues by customer location (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

North America (1)	$	105,775	$	131,486	$	218,089	$	253,435
APAC (2)	100,465		109,674		200,627		211,880
Europe (3)	70,182		76,603		153,232		159,529
LATAM	10,793		14,344		22,323		28,203
Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

(1)For the three months ended June 30, 2023 and 2022, the United States represented 35.8%, or $102.7 million, and 37.2%, or $123.5 million, respectively, of the Company’s total revenues. For the six months ended June 30, 2023 and 2022, the United States represented 35.5%, or $211.1 million, and 36.5%, or $238.6 million, of the Company’s total revenues, respectively. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three and six months ended June 30, 2023 and 2022.

(2)For the three months ended June 30, 2023 and 2022, Australia represented 10.5%, or $30.3 million, and 12.0%, or $39.8 million, respectively, of the Company's total revenues. For the six months ended June 30, 2023 and 2022, Australia represented 10.0%, or $59.2 million, and 11.7%, or $76.1 million, of the Company's total revenues, respectively.

(3)For the three months ended June 30, 2023 and 2022, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the six months ended June 30, 2023 and 2022, the United Kingdom represented 10.0%, or $59.5 million, and 10.8%, or $70.3 million, respectively, of the Company’s total revenues. For the three months ended June 30, 2023, Germany represented 10.6%, or $30.5 million of the Company's total revenues. For the six months ended June 30, 2023, Germany represented 10.7%, or $63.3 million of the Company's total revenues. For the three and six months ended June 30, 2022, revenue in Germany as a percentage of the Company’s total revenues was less than 10%.

Other non-U.S. countries were determined to be immaterial given the revenues as a percentage of the Company’s total revenues was less than 10% for the three and six months ended June 30, 2023 and 2022.

The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Technology and business services	$	69,695	$	95,247	$	143,828	$	180,596
Energy, public and health services	75,313		76,605		159,352		153,715
Retail and consumer	44,485		62,628		92,397		125,063
Financial services and insurance	52,778		59,671		107,933		118,135
Automotive, travel and transportation	44,944		37,956		90,761		75,538

Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

The following table presents the disaggregation of the Company’s revenues by contract type (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Time-and-material	$	235,119	$	275,932	$	492,369	$	547,295
Fixed-price	52,096		56,175		101,902		105,752

Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

Contract Balances

The following table is a summary of the Company’s contract assets and contract liabilities (in thousands):


	As of June 30, 2023		As of December 31, 2022
Contract assets included in unbilled receivables	$	39,548	$	39,941
Contract liabilities included in deferred revenue	$	6,007	$	5,167

Contract assets primarily relate to unbilled amounts on fixed-price contracts. Contract assets are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Professional services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in unbilled receivables.

Contract liabilities represent 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. For the three months ended June 30, 2023 and 2022, the Company recognized $0.8 million and $2.5 million, respectively, of revenues that were included in current liabilities at the prior year end. For the six months ended June 30, 2023 and 2022, the Company recognized $4.3 million and $12.6 million, respectively, of revenues that were included in current liabilities at the prior year end.

Costs to Obtain a Customer Contract

The Company incurs certain incremental costs to obtain a contract that the Company expects to recover. The Company applies a practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs would primarily relate to commissions paid to our account executives and are included in selling, general and administrative ("SG&A") expenses.

The following table is a summary of the Company’s costs to obtain contracts and related amortization and impairment where the amortization period of the assets is greater than one year (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	1,391	$	1,814	$	1,588	$	2,039
Costs to obtain contracts capitalized	281		147		349		238
Amortization of capitalized costs	(859)		(310)		(1,127)		(625)

Changes due to exchange rates	12		(9)		15		(10)
Balance at end of period	$	825	$	1,642	$	825	$	1,642

Transaction Price Allocated to Remaining Performance Obligations

The Company does not have material future performance obligations that extend beyond one year. Accordingly, the Company has applied the optional exemption for contracts that have an original expected duration of one year or less.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (20,379)	$ (82,893)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	18,220	16,656
Bad debt expense	2,596	2,038
Deferred income tax benefit	(12,033)	(19,618)
Stock-based compensation expense	35,285	169,148
Unrealized foreign currency exchange (gain) loss	(735)	7,794
Non-cash lease expense on right-of-use assets	9,312	8,870
Other operating activities, net	2,018	1,134
Changes in operating assets and liabilities:
Trade receivables	47,332	(20,069)
Unbilled receivables	(15,276)	(48,629)
Prepaid expenses and other assets	2,727	(2,690)
Lease liabilities	(9,495)	(6,951)
Accounts payable	(813)	1,699
Accrued expenses and other liabilities	(42,512)	(5,012)
Net cash provided by operating activities	16,247	21,477
Cash flows from investing activities:
Purchase of property and equipment	(3,681)	(12,459)
Proceeds from disposal of fixed assets	221	267
Acquisitions, net of cash acquired	(15,989)	(65,410)
Net cash used in investing activities	(19,449)	(77,602)
Cash flows from financing activities:
Payments of obligations of long-term debt	(103,575)	(3,575)
Payments of debt issuance costs	(99)	0
Proceeds from issuance of common stock on exercise of options, net of employee tax withholding	3,816	3,928
Withholding taxes paid on tender offer	0	(15,469)
Withholding taxes paid on dividends previously declared	0	(10,009)
Withholding taxes paid related to net share settlement of equity awards	(3,261)	(29,026)
Other financing activities, net	80	(48)
Net cash used in financing activities	(103,039)	(54,199)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	178	(8,884)
Net decrease in cash, cash equivalents and restricted cash	(106,063)	(119,208)
Cash, cash equivalents and restricted cash at beginning of the period	195,564	394,942
Cash, cash equivalents and restricted cash at end of the period	89,501	275,734
Supplemental disclosure of cash flow information:
Interest paid	12,544	8,987
Income taxes paid	31,929	10,554
Withholding taxes payable	(454)	0
Supplemental disclosures of non-cash financing activities:
Withholding taxes payable included within accrued compensation	0	219
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	88,151	274,527
Restricted cash included in other non-current assets	1,350	1,207
Total cash, cash equivalents and restricted cash	$ 89,501	$ 275,734

Credit Agreements - Narrative (Details) - USD ($)	Feb. 24, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 09, 2022
Debt Instrument [Line Items]
Write off of deferred financing fees	$ 900,000
Line of Credit \| Credit Agreements \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000	$ 300,000,000	$ 300,000,000
Line of Credit \| Credit Agreements \| Secured Debt
Debt Instrument [Line Items]
Term loan				$ 715,000,000
Repayments of debt	$ 100,000,000
Term loan, fair value			$ 392,000,000

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2023, the following directors or executive officers of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933):

Name and Position

Plan Adoption/Termination

Plan Adoption/Termination Date

Duration of the Plan (Expiration Date)

Number of Shares to be Purchased (Sold) under Plan

Rebecca Parsons

Adoption

May 17, 2023

May 31, 2024

(17,507)

CTO Emerita

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rebecca Parsons [Member]

Trading Arrangements, by Individual

Name

Rebecca Parsons

Title

CTO Emerita

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 17, 2023

Aggregate Available

(17,507)

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued interest expense	$ 194	$ 221
Accrued employee expense	1,393	2,016
Accrued travel expense	566	281
Operating lease expenses	406	425
Insurance charges	243	198
Professional fees	5,681	6,321
Withholding taxes payable	178	43
Other taxes payable	896	1,815
Rebates payable	1,116	1,168
Contingent consideration	0	14,255
Other accrued expenses	3,733	3,484
Accrued expenses	$ 14,406	$ 30,227

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 130,329
Trademark	273,000	$ 273,000
Total other intangible assets, after amortization	403,329	407,078
Changes due to exchange rates	(9,652)	(10,031)
Other intangible assets, net	393,677	397,047
Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademark	273,000	273,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	196,947	193,447
Less accumulated amortization	(66,618)	(59,369)
Finite-lived intangible assets, net	$ 130,329	$ 134,078

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following is a summary of the changes in the carrying value of goodwill (in thousands):


	Total



Balance as of December 31, 2022	$	405,017
Additions due to acquisitions	13,766
Changes due to exchange rates	3,530
Balance as of June 30, 2023	$	422,313

Schedule of Finite-Lived Intangible Assets

The following is a summary of other intangible assets (in thousands):


	June 30, 2023		December 31, 2022
Customer relationships	$	196,947	$	193,447
Less accumulated amortization	(66,618)		(59,369)
Customer relationships, net	130,329		134,078
Trademark	273,000		273,000
Total other intangible assets, after amortization	403,329		407,078
Changes due to exchange rates	(9,652)		(10,031)
Other intangible assets, net	$	393,677	$	397,047

Schedule of Indefinite-Lived Intangible Assets

The following is a summary of other intangible assets (in thousands):


	June 30, 2023		December 31, 2022
Customer relationships	$	196,947	$	193,447
Less accumulated amortization	(66,618)		(59,369)
Customer relationships, net	130,329		134,078
Trademark	273,000		273,000
Total other intangible assets, after amortization	403,329		407,078
Changes due to exchange rates	(9,652)		(10,031)
Other intangible assets, net	$	393,677	$	397,047

Schedule of Estimated Amortization Expense

As of June 30, 2023, estimated amortization expense for the next five years and thereafter is as follows (in thousands):



Remainder of 2023	$	7,755
2024	15,510
2025	15,510
2026	15,510
2027	14,708
Thereafter	61,336
	$	130,329

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Loss Per Share

The components of basic and diluted loss per share are as follows (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:


Net loss	$	(12,272)	$	(39,308)	$	(20,379)	$	(82,893)
Denominator:
Weighted average shares outstanding – Basic and diluted	317,341,907		310,575,050		316,899,214		308,394,443



Basic and diluted loss per share	$	(0.04)	$	(0.13)	$	(0.06)	$	(0.27)

The following potentially dilutive securities were excluded from the computation of diluted loss per share because the impact of including them would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Employee stock options, RSUs and performance stock units ("PSUs")	17,170,149	24,376,880	19,018,901	25,847,639

CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 287,215	$ 332,107	$ 594,271	$ 653,047
Operating expenses:
Cost of revenues	196,338	250,462	405,860	500,227
Selling, general and administrative expenses	86,626	99,352	172,966	204,117
Depreciation and amortization	5,874	4,215	11,416	10,061
Total operating expenses	288,838	354,029	590,242	714,405
(Loss) income from operations	(1,623)	(21,922)	4,029	(61,358)
Other (expense) income:
Interest expense	(6,150)	(4,984)	(13,012)	(9,631)
Net realized and unrealized foreign currency (loss) gain	(30)	(11,512)	1,155	(6,774)
Other income (expense), net	135	(413)	(588)	(325)
Total other (expense) income	(6,045)	(16,909)	(12,445)	(16,730)
Loss before income taxes	(7,668)	(38,831)	(8,416)	(78,088)
Income tax expense	4,604	477	11,963	4,805
Net loss	(12,272)	(39,308)	(20,379)	(82,893)
Other comprehensive (loss), net of tax:
Foreign currency translation adjustments	(651)	(20,760)	(409)	(26,231)
Comprehensive loss	$ (12,923)	$ (60,068)	$ (20,788)	$ (109,124)
Net loss per common share:
Basic (loss) earnings per common share (in USD per share)	$ (0.04)	$ (0.13)	$ (0.06)	$ (0.27)
Diluted (loss) earnings per common share (in USD per share)	$ (0.04)	$ (0.13)	$ (0.06)	$ (0.27)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	317,341,907	310,575,050	316,899,214	308,394,443
Weighted average shares outstanding, diluted (in shares)	317,341,907	310,575,050	316,899,214	308,394,443

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3.7	$ 3.3	$ 7.3	$ 6.3
Weighted average remaining useful life	8 years 7 months 6 days		8 years 7 months 6 days		9 years 2 months 12 days

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Common Share

The components of basic and diluted loss per share are as follows (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:


Net loss	$	(12,272)	$	(39,308)	$	(20,379)	$	(82,893)
Denominator:
Weighted average shares outstanding – Basic and diluted	317,341,907		310,575,050		316,899,214		308,394,443



Basic and diluted loss per share	$	(0.04)	$	(0.13)	$	(0.06)	$	(0.27)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities were excluded from the computation of diluted loss per share because the impact of including them would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Employee stock options, RSUs and performance stock units ("PSUs")	17,170,149	24,376,880	19,018,901	25,847,639

Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	21,607,562
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(217,638)
Exercised (in shares) \| shares	(1,308,049)
Cancelled (in shares) \| shares	0
Expired (in shares) \| shares	0
Ending balance (in shares) \| shares	20,081,875
Exercisable (in shares) \| shares	19,392,211
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 3.83
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	11.85
Exercised (in dollars per share) \| $ / shares	2.92
Cancelled (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	3.81
Weighted average exercise price, Exercisable (in dollars per share) \| $ / shares	$ 3.58
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value \| $	$ 87,637
Aggregate Intrinsic Value, Exercisable \| $	$ 86,927
Weighted-average period of recognition	5 years 1 month 6 days
Weighted Average Remaining Contractual Term, Exercisable	5 years

Acquisitions - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) - Connected - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 04, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition, Contingent Consideration [Line Items]
Balance at beginning of period		$ 14,267	$ 0	$ 14,255	$ 0
Additions in the period		0	13,996	0	13,996
Payments in the period	$ (14,300)	(14,344)	0	(14,344)	0
Change in fair value		129	528	129	528
Change due to exchange rates		(52)	(142)	(40)	(142)
Balance at end of period		$ 0	$ 14,382	$ 0	$ 14,382

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 405,017
Additions due to acquisitions	13,766
Changes due to exchange rates	3,530
Ending balance	$ 422,313

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) industryVertical	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of industry verticals \| industryVertical			5
Revenue recognized \| $	$ 0.8	$ 2.5	$ 4.3	$ 12.6

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following is a summary of the Company’s accrued expenses (in thousands):



	June 30, 2023		December 31, 2022
Accrued interest expense	$	194	$	221
Accrued employee expense	1,393		2,016
Accrued travel expense	566		281
Operating lease expenses	406		425
Insurance charges	243		198
Professional fees	5,681		6,321

Withholding taxes payable	178		43
Other taxes payable	896		1,815
Rebates payable	1,116		1,168
Contingent consideration	—		14,255
Other accrued expenses	3,733		3,484
Accrued expenses	$	14,406	$	30,227

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 39,548	$ 39,941
Contract liabilities included in deferred revenue	$ 6,007	$ 5,167

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 88,151	$ 194,294
Trade receivables, net of allowance of $7,915 and $9,531, respectively	154,208	201,695
Unbilled receivables	137,089	122,499
Prepaid expenses and other current assets	35,262	38,202
Total current assets	414,710	556,690
Property and equipment, net	32,062	38,798
Right-of-use assets	43,577	43,123
Intangibles and other assets:
Goodwill	422,313	405,017
Trademark	273,000	273,000
Customer relationships, net	120,677	124,047
Other non-current assets	20,888	21,175
Total assets	1,327,227	1,461,850
Current liabilities:
Accounts payable	4,555	5,248
Long-term debt - current	7,150	7,150
Income taxes payable	7,449	22,781
Accrued compensation	77,180	85,477
Deferred revenue	6,007	5,167
Value-added tax and sales tax payable	5,289	7,526
Accrued expenses	14,406	30,227
Lease liabilities, current	15,594	15,994
Total current liabilities	137,630	179,570
Lease liabilities, non-current	30,417	29,885
Long-term debt, less current portion	289,379	391,856
Deferred tax liabilities	54,224	62,555
Other long-term liabilities	21,849	19,762
Total liabilities	533,499	683,628
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 368,253,048 and 366,306,970 issued, 317,647,945 and 315,681,987 outstanding at June 30, 2023 and December 31, 2022, respectively	368	366
Treasury stock, 50,605,103 and 50,624,983 shares at June 30, 2023 and December 31, 2022, respectively	(624,687)	(624,934)
Additional paid-in capital	1,601,559	1,565,514
Accumulated other comprehensive loss	(39,619)	(39,210)
Retained deficit	(143,893)	(123,514)
Total stockholders' equity	793,728	778,222
Total liabilities and stockholders' equity	$ 1,327,227	$ 1,461,850

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenues	$	10,696	$	49,573	$	21,226	$	119,482
Selling, general and administrative expenses	6,910		19,392		14,059		49,666
Total stock-based compensation expense	$	17,606	$	68,965	$	35,285	$	169,148

Stock Options

The following is a summary of performance and time vesting stock option activity for the six months ended June 30, 2023 (in thousands, except share and per share data):


	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)
Balance at December 31, 2022	21,607,562	$	3.83
Granted	—	—
Forfeited	(217,638)	11.85
Exercised	(1,308,049)	2.92
Cancelled	—	—
Expired	—	—
Balance at June 30, 2023	20,081,875	$	3.81	$	87,637	5.1

Exercisable at June 30, 2023	19,392,211	$	3.58	$	86,927	5

As of June 30, 2023, total compensation cost related to time vesting options not yet recognized was $5.1 million, which will be recognized over a weighted-average period of 1.6 years. Unless otherwise prohibited by law in local jurisdictions, time vesting options will continue to vest according to the 2017 Stock Option Plan (the "2017 Plan") and the applicable award agreements.

Restricted Stock Units

The following is a summary of RSU activity for the six months ended June 30, 2023:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022	13,013,946	$	17.37
Granted	337,699	8.17
Forfeited	(855,232)	17.88
Vested (1)	(955,725)	21.93
Unvested balance at June 30, 2023	11,540,688	$	16.69

(1)Includes 0.3 million shares that were net settled when released and returned to the share pool for future grants.

As of June 30, 2023, total compensation cost related to RSUs not yet recognized was $112.7 million, of which $93.0 million is primarily related to the annual grant and considered recurring. The remainder of $19.7 million is IPO related or associated with one-time grants and considered non-recurring. The total unamortized expense is anticipated to be recognized over a weighted-average period of 2.4 years.

Performance Stock Units

The following is a summary of PSU activity for the six months ended June 30, 2023:


	Number of PSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022	76,697	$	20.11
Granted (1)	737,483	8.44
Adjustment for PSUs expected to vest as of current period end	(725,341)	8.25
Forfeited	—	—
Vested	—	—
Unvested balance at June 30, 2023	88,839	$	20.11

(1)Reflects shares granted at 100%.

For compensation expense purposes, the fair value of the non-market-based PSUs was determined using the closing stock price on the grant date and the fair value for the market-based PSUs was determined using a Monte-Carlo simulation.

As of June 30, 2023, total compensation cost related to PSUs not yet recognized was $6.0 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 2.2 years.

Stock-Based Compensation - Schedule of Performance Share Units Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of PSUs
Performance adjustment (in shares) \| shares	(725,341)
Weighted Average Grant Date Fair Value
Performance adjustment (in dollars per share) \| $ / shares	$ 8.25
Performance Shares
Number of PSUs
Beginning balance (in shares) \| shares	76,697
Granted (in shares) \| shares	737,483
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	0
Ending balance (in shares) \| shares	88,839
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 20.11
Granted (in dollars per share) \| $ / shares	8.44
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 20.11

Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Allowance for Credit Loss

Activity related to the Company’s allowance for credit losses is as follows (in thousands):


	Six Months Ended June 30, 2023
Allowance for credit losses, beginning balance	$	(9,531)

Current provision for expected credit losses	(2,596)
Write-offs charged against allowance	4,648

Recoveries of amounts previously written off	(96)
Changes due to exchange rates	(340)
Allowance for credit losses, ending balance	$	(7,915)

Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee stock options, RSUs and performance stock units ("PSUs")
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of Earnings Per Share (in shares)	17,170,149	24,376,880	19,018,901	25,847,639

Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Property and equipment, net	$ 32,062				$ 32,062		$ 38,798
(Increase) decrease to net loss	$ (12,272)	$ (8,107)	$ (39,308)	$ (43,585)	$ (20,379)	$ (82,893)
Basic loss per common share (in USD per share)	$ 0.04		$ 0.13		$ 0.06	$ 0.27
Diluted loss per common share (in USD per share)	$ 0.04		$ 0.13		$ 0.06	$ 0.27
Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
(Increase) decrease to net loss			$ (9,300)			$ 7,000
Basic loss per common share (in USD per share)			$ (0.03)			$ 0.02
Diluted loss per common share (in USD per share)			$ (0.03)			$ 0.02
Non-US
Concentration Risk [Line Items]
Property and equipment, net	$ 23,800				$ 23,800		$ 30,000
Non-US \| Revenue Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	66.00%		62.00%		66.00%	63.00%
Non-US \| Trade Accounts Receivable and Unbilled Accounts Receivable \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk		69.00%			74.00%

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(60.00%)	(1.20%)	(142.10%)	(6.20%)

Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

The following is a summary of the Company’s accrued expenses (in thousands):



	June 30, 2023		December 31, 2022
Accrued interest expense	$	194	$	221
Accrued employee expense	1,393		2,016
Accrued travel expense	566		281
Operating lease expenses	406		425
Insurance charges	243		198
Professional fees	5,681		6,321

Withholding taxes payable	178		43
Other taxes payable	896		1,815
Rebates payable	1,116		1,168
Contingent consideration	—		14,255
Other accrued expenses	3,733		3,484
Accrued expenses	$	14,406	$	30,227

Loss Per Share - Schedule of (Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (12,272)	$ (8,107)	$ (39,308)	$ (43,585)	$ (20,379)	$ (82,893)
Denominator:
Weighted average shares outstanding, basic (in shares)	317,341,907		310,575,050		316,899,214	308,394,443
Weighted average shares outstanding, diluted (in shares)	317,341,907		310,575,050		316,899,214	308,394,443
Basic loss per common share (in USD per share)	$ (0.04)		$ (0.13)		$ (0.06)	$ (0.27)
Diluted loss per common share (in USD per share)	$ (0.04)		$ (0.13)		$ (0.06)	$ (0.27)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	May 04, 2023	Feb. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired					$ 15,989	$ 65,410
ITOC Pty Ltd
Business Acquisition [Line Items]
Gross purchase price		$ 17,800
Acquisitions, net of cash acquired		16,000
Cash acquired from acquisition		$ 1,800
Acquisition related costs			$ 1,400		2,500
Connected
Business Acquisition [Line Items]
Contingent consideration liability			0	$ 14,382	0	14,382	$ 14,267	$ 14,255	$ 14,000	$ 0	$ 0
Payments in the period	$ 14,300		$ 14,344	$ 0	$ 14,344	$ 0

Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On February 1, 2023, the Company completed the acquisition of ITOC Pty Ltd ("Itoc"), a leading Amazon Web Services Advanced Consulting Partner and Cloud Managed Services Provider in Australia, in an all-cash transaction for a gross purchase price of $17.8 million, or $16.0 million net of cash acquired of $1.8 million. Itoc is now wholly owned by the Company. The acquisition expands Thoughtworks’ capabilities to help modernize and place digital at the center of client operations as they transition to the cloud.

The Company accounted for the acquisition under ASC 805, Business Combinations. The goodwill recognized in connection with the acquisition reflects the benefits expected to be derived from certain operational synergies. The fair value of the net assets acquired for the business was determined using Level 3 inputs, for which little or no market data exists, requiring the Company to develop assumptions regarding future cash flow projections. The results of operations of the acquired business have been included in the condensed consolidated statements of loss and comprehensive loss from the acquisition date. Pro forma results of operations for the acquisition are not presented because the pro forma effects were not material to the Company's consolidated results of operations.

Aggregate acquisition-related costs related to Itoc of $1.4 million and $2.5 million for the three and six months ended June 30, 2023 were included within SG&A expenses in the condensed consolidated statements of loss and comprehensive loss.

The Company's preliminary allocation of the fair value of underlying assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands):


	Total
Cash and cash equivalents	$	1,788
Trade receivables, net of allowance	1,251
Customer relationships, net (1)	3,500
Goodwill	13,766
Accounts payable	(110)
Accrued compensation	(363)
Accrued expenses	(927)
Deferred revenue	(235)
Income taxes payable	(178)
Lease liabilities, current	(173)
Deferred tax liabilities	(1,050)
Other assets/liabilities, net	508
Total gross purchase price	$	17,777

(1)The weighted average amortization period is four years.

Goodwill represents the excess of the purchase price over the fair values of assets acquired and liabilities assumed. The changes in fair value allocated to goodwill, tangible and intangible assets are not deductible for tax purposes.

As additional information is obtained about the assets and liabilities of the acquisition during the measurement period (not to exceed one year from the date of acquisition), including the completion or finalization of asset appraisals, the Company will refine its estimates of fair value to allocate the purchase price including finalizing the impact on taxes.

In connection with the acquisition of Connected Lab Inc. ("Connected") in the second quarter of 2022, the Company recorded a liability of $14.0 million of contingent consideration, which is included within the total purchase price and classified within accrued expenses in the condensed consolidated balance sheet. The present value of the contingent consideration liability was determined using a Monte Carlo Simulation that calculated the average present value of the earnout payment. The fair value measurement of the earnout includes a performance metric which is an unobservable Level 3 input. The contingent consideration is payable in cash dependent upon achievement of the performance metric. The liability was remeasured to fair value at each reporting date with adjustments recorded within other income (expense), net in the condensed consolidated statements of loss and comprehensive loss, and the final payout amount of $14.3 million was paid on May 4, 2023.

The following table presents the change in the contingent consideration liability (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	14,267	$	—	$	14,255	$	—
Additions in the period	—		13,996		—		13,996
Payments in the period	(14,344)		—		(14,344)		—
Change in fair value	129		528		129		528
Change due to exchange rates	(52)		(142)		(40)		(142)
Balance at end of period	$	—	$	14,382	$	—	$	14,382

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Geographic Areas

The following table presents the disaggregation of the Company’s revenues by customer location (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

North America (1)	$	105,775	$	131,486	$	218,089	$	253,435
APAC (2)	100,465		109,674		200,627		211,880
Europe (3)	70,182		76,603		153,232		159,529
LATAM	10,793		14,344		22,323		28,203
Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

Disaggregation of Revenue

The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Technology and business services	$	69,695	$	95,247	$	143,828	$	180,596
Energy, public and health services	75,313		76,605		159,352		153,715
Retail and consumer	44,485		62,628		92,397		125,063
Financial services and insurance	52,778		59,671		107,933		118,135
Automotive, travel and transportation	44,944		37,956		90,761		75,538

Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

The following table presents the disaggregation of the Company’s revenues by contract type (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Time-and-material	$	235,119	$	275,932	$	492,369	$	547,295
Fixed-price	52,096		56,175		101,902		105,752

Total revenues	$	287,215	$	332,107	$	594,271	$	653,047

Schedule of Contract Assets and Liabilities

The following table is a summary of the Company’s contract assets and contract liabilities (in thousands):


	As of June 30, 2023		As of December 31, 2022
Contract assets included in unbilled receivables	$	39,548	$	39,941
Contract liabilities included in deferred revenue	$	6,007	$	5,167

Schedule of Costs to Obtain Contracts and Related Amortization and Impairment


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	1,391	$	1,814	$	1,588	$	2,039
Costs to obtain contracts capitalized	281		147		349		238
Amortization of capitalized costs	(859)		(310)		(1,127)		(625)

Changes due to exchange rates	12		(9)		15		(10)
Balance at end of period	$	825	$	1,642	$	825	$	1,642

Revenue Recognition - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capitalized Contract Cost [Roll Forward]
Balance at beginning of period	$ 1,391	$ 1,814	$ 1,588	$ 2,039
Costs to obtain contracts capitalized	281	147	349	238
Amortization of capitalized costs	(859)	(310)	(1,127)	(625)
Changes due to exchange rates	12	(9)	15	(10)
Balance at end of period	$ 825	$ 1,642	$ 825	$ 1,642

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2022 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2023 presentation. These reclassifications had no effect on results of operations previously reported.
Preparation of Financial Statements	The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs.
Use of Estimates	The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.
Restricted Cash	Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card.
Allowance for Credit Losses	The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted	In October 2021, the FASB issued ASU 2021-08, which amends ASC 805 to require acquiring entities to apply ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to recognize and measure contract assets and contract liabilities in a business combination. The guidance is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted the standard in the first quarter of 2023. The adoption did not have a material impact on the Company's condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions to ease the financial reporting burdens related to the expected market transition from London Interbank Offer Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The optional amendments are effective as of March 12, 2020 through December 31, 2024, and upon adoption may be applied prospectively through December 31, 2024. The Company elected to utilize the temporary optional expedients in connection with the amendment of our credit agreement, which transitioned the Term Loan from LIBOR to the Secured Overnight Financing Rate (“SOFR”) on May 18, 2023. Refer to Note 8, Credit Agreements.
Change in Accounting Principle - Stock-Based Compensation	In the fourth quarter of 2022, the Company changed its stock-based compensation policy for recognizing expense for graded vesting awards with only service conditions from the accelerated attribution method to the straight-line attribution method. The Company believes the straight-line attribution method for stock-based compensation expense for awards solely subject to time-based vesting conditions is the preferable accounting policy in accordance with ASC 250, Accounting Changes and Error Corrections, because it more accurately reflects how the award is earned over the service period and is the predominant method used in its industry.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

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+ Details

Credit Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Credit Facilities

The following table presents the Company's outstanding debt and borrowing capacity (in thousands, except percentages):


	June 30, 2023			December 31, 2022
Availability under Revolver (due March 26, 2026)	$	300,000		$	300,000
Borrowings under Revolver	$	—		$	—
Long-term debt (due March 24, 2028), including current portion (1)	$	296,529		$	399,006
Interest rate	7.7		%	6.9		%

(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below.

The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands):



	June 30, 2023		December 31, 2022
Long-term debt, less current portion	$	291,763	$	395,338
Capitalized deferred financing fees	(2,384)		(3,482)
Long-term debt	289,379		391,856
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	296,529	$	399,006

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Deficit	Retained Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2021			305,132,181
Beginning balance at Dec. 31, 2021	$ 701,957	$ (841)	$ 356	$ (629,424)	$ 1,359,149	$ (10,844)	$ (17,280)	$ (841)
Treasury Shares, Beginning balance (in shares) at Dec. 31, 2021				50,985,571
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(43,585)						(43,585)
Other comprehensive loss, net of tax	(5,471)					(5,471)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			4,736,820
Issuance of common stock for equity incentive awards, net of withholding taxes	(28,042)		$ 5		(28,047)
Reissuance of treasury shares for equity incentive awards (in shares)			(155,806)	(155,806)
Reissuance of treasury shares for equity incentive awards	144			$ 1,940	(1,796)
Stock-based compensation expense	100,183				100,183
Ending balance (in shares) at Mar. 31, 2022			310,024,807
Ending balance at Mar. 31, 2022	724,345		$ 361	$ (627,484)	1,429,489	(16,315)	(61,706)
Treasury Shares, Ending balance (in shares) at Mar. 31, 2022				50,829,765
Beginning balance (in shares) at Dec. 31, 2021			305,132,181
Beginning balance at Dec. 31, 2021	701,957	(841)	$ 356	$ (629,424)	1,359,149	(10,844)	(17,280)	$ (841)
Treasury Shares, Beginning balance (in shares) at Dec. 31, 2021				50,985,571
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(82,893)
Ending balance (in shares) at Jun. 30, 2022			310,964,304
Ending balance at Jun. 30, 2022	735,828		$ 362	$ (626,845)	1,500,400	(37,075)	(101,014)
Treasury Shares, Ending balance (in shares) at Jun. 30, 2022				50,778,454
Beginning balance (in shares) at Mar. 31, 2022			310,024,807
Beginning balance at Mar. 31, 2022	724,345		$ 361	$ (627,484)	1,429,489	(16,315)	(61,706)
Treasury Shares, Beginning balance (in shares) at Mar. 31, 2022				50,829,765
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(39,308)						(39,308)
Other comprehensive loss, net of tax	(20,760)					(20,760)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			888,186
Issuance of common stock for equity incentive awards, net of withholding taxes	2,443		$ 1		2,442
Reissuance of treasury shares for equity incentive awards (in shares)			(51,311)	(51,311)
Reissuance of treasury shares for equity incentive awards	143			$ 639	(496)
Stock-based compensation expense	68,965				68,965
Ending balance (in shares) at Jun. 30, 2022			310,964,304
Ending balance at Jun. 30, 2022	735,828		$ 362	$ (626,845)	1,500,400	(37,075)	(101,014)
Treasury Shares, Ending balance (in shares) at Jun. 30, 2022				50,778,454
Beginning balance (in shares) at Dec. 31, 2022			315,681,987
Beginning balance at Dec. 31, 2022	$ 778,222		$ 366	$ (624,934)	1,565,514	(39,210)	(123,514)
Treasury Shares, Beginning balance (in shares) at Dec. 31, 2022	50,624,983			50,624,983
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (8,107)						(8,107)
Other comprehensive loss, net of tax	242					242
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			1,189,600
Issuance of common stock for equity incentive awards, net of withholding taxes	(179)		$ 1		(180)
Reissuance of treasury shares for equity incentive awards (in shares)			(12,798)	(12,798)
Reissuance of treasury shares for equity incentive awards	0			$ 159	(159)
Stock-based compensation expense	17,679				17,679
Ending balance (in shares) at Mar. 31, 2023			316,884,385
Ending balance at Mar. 31, 2023	787,857		$ 367	$ (624,775)	1,582,854	(38,968)	(131,621)
Treasury Shares, Ending balance (in shares) at Mar. 31, 2023				50,612,185
Beginning balance (in shares) at Dec. 31, 2022			315,681,987
Beginning balance at Dec. 31, 2022	$ 778,222		$ 366	$ (624,934)	1,565,514	(39,210)	(123,514)
Treasury Shares, Beginning balance (in shares) at Dec. 31, 2022	50,624,983			50,624,983
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (20,379)
Ending balance (in shares) at Jun. 30, 2023			317,647,945
Ending balance at Jun. 30, 2023	$ 793,728	793,728	$ 368	$ (624,687)	1,601,559	(39,619)	(143,893)
Treasury Shares, Ending balance (in shares) at Jun. 30, 2023	50,605,103			50,605,103
Beginning balance (in shares) at Mar. 31, 2023			316,884,385
Beginning balance at Mar. 31, 2023	$ 787,857		$ 367	$ (624,775)	1,582,854	(38,968)	(131,621)
Treasury Shares, Beginning balance (in shares) at Mar. 31, 2023				50,612,185
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(12,272)						(12,272)
Other comprehensive loss, net of tax	(651)					(651)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			756,478
Issuance of common stock for equity incentive awards, net of withholding taxes	1,188		$ 1		1,187
Reissuance of treasury shares for equity incentive awards (in shares)			(7,082)	(7,082)
Reissuance of treasury shares for equity incentive awards	0			$ 88	(88)
Stock-based compensation expense	17,606				17,606
Ending balance (in shares) at Jun. 30, 2023			317,647,945
Ending balance at Jun. 30, 2023	$ 793,728	$ 793,728	$ 368	$ (624,687)	$ 1,601,559	$ (39,619)	$ (143,893)
Treasury Shares, Ending balance (in shares) at Jun. 30, 2023	50,605,103			50,605,103

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Stock-based Compensation Expense

The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenues	$	10,696	$	49,573	$	21,226	$	119,482
Selling, general and administrative expenses	6,910		19,392		14,059		49,666
Total stock-based compensation expense	$	17,606	$	68,965	$	35,285	$	169,148

Schedule of Option Activity

The following is a summary of performance and time vesting stock option activity for the six months ended June 30, 2023 (in thousands, except share and per share data):


	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)
Balance at December 31, 2022	21,607,562	$	3.83
Granted	—	—
Forfeited	(217,638)	11.85
Exercised	(1,308,049)	2.92
Cancelled	—	—
Expired	—	—
Balance at June 30, 2023	20,081,875	$	3.81	$	87,637	5.1

Exercisable at June 30, 2023	19,392,211	$	3.58	$	86,927	5

Schedule of Restricted Stock Units Activity

The following is a summary of RSU activity for the six months ended June 30, 2023:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022	13,013,946	$	17.37
Granted	337,699	8.17
Forfeited	(855,232)	17.88
Vested (1)	(955,725)	21.93
Unvested balance at June 30, 2023	11,540,688	$	16.69

(1)Includes 0.3 million shares that were net settled when released and returned to the share pool for future grants.

Share-based Payment Arrangement, Performance Shares, Activity

The following is a summary of PSU activity for the six months ended June 30, 2023:


	Number of PSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022	76,697	$	20.11
Granted (1)	737,483	8.44
Adjustment for PSUs expected to vest as of current period end	(725,341)	8.25
Forfeited	—	—
Vested	—	—
Unvested balance at June 30, 2023	88,839	$	20.11

(1)Reflects shares granted at 100%.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40812
Entity Registrant Name	THOUGHTWORKS HOLDING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2668392
Entity Address, Address Line One	200 East Randolph Street, 25th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	373-1000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TWKS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		317,728,750
Entity Central Index Key	0001866550
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 7,915	$ 9,531
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	368,253,048	366,306,970
Common stock, shares outstanding (in shares)	317,647,945	315,681,987
Treasury Stock, Common, Shares	50,605,103	50,624,983

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 287,215	$ 332,107	$ 594,271	$ 653,047
Time-and-material
Disaggregation of Revenue [Line Items]
Revenues	235,119	275,932	492,369	547,295
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	$ 52,096	$ 56,175	$ 101,902	$ 105,752

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stock-Based Compensation - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs not yet recognized	$ 5,100
Compensation costs, weighted average period of recognition	1 year 7 months 6 days
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 4 months 24 days
Compensation costs, (other than options) not yet recognized	$ 112,700
Cost not yet recognized	93,000
RSU's \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, (other than options) not yet recognized	$ 19,700
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 2 months 12 days
Compensation costs, (other than options) not yet recognized	$ 6,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Credit Agreements - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 291,763	$ 395,338
Capitalized deferred financing fees	(2,384)	(3,482)
Long-term debt	289,379	391,856
Current portion of long-term debt	7,150	7,150
Total debt carrying value	$ 296,529	$ 399,006

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (12,272)	$ (8,107)	$ (39,308)	$ (43,585)	$ (20,379)	$ (82,893)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details