0001866550-24-000040 | 10-Q | XBRL Viewer

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Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 248,593	$ 307,056
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenues	177,787	257,250
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	$ 70,806	$ 49,806

- 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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- 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.

+ References

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+ Details

Restructuring Actions

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

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. The majority of the actions were taken in the third quarter of 2023.

As the Company has been implementing the Reorganization, additional opportunities have been identified to drive further cost savings. On May 1, 2024, the Company’s Board of Directors approved an increase to its restructuring plan to capture additional savings of $25 million to $30 million, for a total restructuring program savings of $100 million to $115 million. We still expect the restructuring program to be completed by the end of the third quarter of 2024.

Thoughtworks expects to incur additional pre-tax cash charges of approximately $6.5 million to $8.0 million, for total expected pre-tax charges of approximately $26.5 million to $33.0 million (the “Updated Total Charges”). The Updated Total Charges include $22.5 million to $27.5 million in wage-related expenses, such as employee severance and related benefits, and $4.0 million to $5.5 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees.

The total costs related to the Reorganization are reported in restructuring in the condensed consolidated statements of loss and comprehensive loss. The table below summarizes restructuring costs incurred (in thousands):


	Three Months Ended March 31, 2024		Total Costs Incurred to Date at March 31, 2024
Wage-related expenses	$	1,031	$	18,275
Non-wage related expenses	1,084		2,784
Total restructuring costs	$	2,115	$	21,059

The liability as of March 31, 2024 is reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheet. The table below summarizes the activities related to the restructuring for the three months ended March 31, 2024 (in thousands):



	Wage-related expenses		Non-wage related expenses		Total
Liability as of December 31, 2023	$	3,134	$	369	$	3,503
Charges	1,031		1,084		2,115
Payments	(1,875)		(753)		(2,628)
Non-cash items (1)	—		1		1
Liability as of March 31, 2024	$	2,290	$	701	$	2,991

(1) Non-wage related expenses includes charges related to reducing leased office space.

Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	18,595,731
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(19,504)
Exercised (in shares) \| shares	(389,247)
Cancelled (in shares) \| shares	0
Expired (in shares) \| shares	0
Ending balance (in shares) \| shares	18,186,980
Exercisable (in shares) \| shares	17,900,258
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 3.76
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	6.24
Exercised (in dollars per share) \| $ / shares	2.40
Cancelled (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	3.76
Weighted average exercise price, Exercisable (in dollars per share) \| $ / shares	$ 3.66
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value \| $	$ 2,978
Aggregate Intrinsic Value, Exercisable \| $	$ 2,978
Weighted average Period of recognition	4 years 2 months 12 days
Weighted average remaining contractual term, exercisable	4 years 2 months 12 days

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator:
Net loss - Basic and diluted	$	(30,882)	$	(8,107)
Denominator:
Weighted average shares outstanding – Basic and diluted	322,638,110		316,451,601



Basic and diluted loss per common share	$	(0.10)	$	(0.03)

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 March 31,
	2024	2023
Employee stock options, RSUs and performance stock units ("PSUs")	15,642,763	20,285,106

Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 248,593	$ 307,056
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	65,369	74,133
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	63,022	84,039
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	38,931	47,912
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	39,155	55,155
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	$ 42,116	$ 45,817

- 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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- Definition

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Credit Agreements - Narrative (Details) - Line of Credit - Credit Agreements - USD ($)	Mar. 31, 2024	Dec. 31, 2023	May 18, 2023
Secured Debt
Debt Instrument [Line Items]
Term loan			$ 715,000,000
Term loan, fair value		$ 294,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 300,000,000	$ 300,000,000

- 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 9,991	$ 9,550
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)	373,295,466	372,876,082
Common stock, shares outstanding (in shares)	322,826,928	322,407,385
Treasury stock (in shares)	50,468,538	50,468,697

Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2024
Concentration Risk [Line Items]
Property and equipment, net	$ 27,246		$ 26,046
Computer Equipment
Concentration Risk [Line Items]
Estimated useful life			3 years	4 years
Non-US
Concentration Risk [Line Items]
Property and equipment, net	$ 19,800		$ 18,700
Non-US \| Revenue Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	67.30%	65.60%
Non-US \| Trade Accounts Receivable and Unbilled Accounts Receivable \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	73.20%		74.80%

Credit Agreements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Credit Agreements

Our subsidiaries are party to an amended and restated credit agreement, dated May 18, 2023 (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.

Borrowings under the Term Loan bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate, at the Company's option, subject to interest rate floors.

Borrowings under the Revolver bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate at the Company's option. In addition to paying interest on outstanding borrowings under the Revolver, the Company is required to pay a commitment fee to the lenders under the Revolver in respect of unutilized commitments thereunder and customary letter of credit fees.

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


	March 31, 2024			December 31, 2023
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)	$	291,514		$	293,185
Interest rate	7.9		%	8.0		%

(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):



	March 31, 2024		December 31, 2023
Long-term debt, less current portion	$	286,400	$	288,188
Capitalized deferred financing fees	(2,036)		(2,153)
Long-term debt	284,364		286,035
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	291,514	$	293,185

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 March 31, 2024 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $294.0 million as of December 31, 2023.

- 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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Credit Facilities

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


	March 31, 2024			December 31, 2023
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)	$	291,514		$	293,185
Interest rate	7.9		%	8.0		%

(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):



	March 31, 2024		December 31, 2023
Long-term debt, less current portion	$	286,400	$	288,188
Capitalized deferred financing fees	(2,036)		(2,153)
Long-term debt	284,364		286,035
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	291,514	$	293,185

- 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.

+ References

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+ Details

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 28,291	$ 29,981
Contract liabilities included in deferred revenue	$ 12,138	$ 18,090

Loss Per Share

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator:
Net loss - Basic and diluted	$	(30,882)	$	(8,107)
Denominator:
Weighted average shares outstanding – Basic and diluted	322,638,110		316,451,601



Basic and diluted loss per common share	$	(0.10)	$	(0.03)

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 March 31,
	2024	2023
Employee stock options, RSUs and performance stock units ("PSUs")	15,642,763	20,285,106

Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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, Switzerland, 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 2023 Annual Report.

Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 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.

As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three months ended March 31, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year.

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):


	Three Months Ended March 31, 2024
Allowance for credit losses, beginning balance	$	(9,550)

Current period provision	(821)
Write-offs charged against allowance	—
Recoveries of amounts previously written off	—
Changes due to exchange rates	380
Allowance for credit losses, ending balance	$	(9,991)

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently assessing the impact of this ASU on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements.

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 March 31, 2024 and 2023 was 67.3% and 65.6%, respectively.

As of March 31, 2024 and December 31, 2023, 73.2% and 74.8%, respectively, of trade receivables and unbilled receivables was due from customers located outside the United States. At March 31, 2024 and December 31, 2023, the Company had net property and equipment of $19.8 million and $18.7 million, respectively, outside the United States.

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.10%)	(983.80%)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 72,554	$ 100,305
Trade receivables, net of allowance of $9,991 and $9,550, respectively	130,560	167,942
Unbilled receivables	133,980	115,150
Prepaid expenses	18,230	19,692
Other current assets	25,816	25,269
Total current assets	381,140	428,358
Property and equipment, net	27,246	26,046
Right-of-use assets	39,198	41,771
Intangibles and other assets:
Goodwill	419,875	424,565
Trademark	273,000	273,000
Customer relationships, net	108,933	114,186
Other non-current assets	19,128	19,310
Total assets	1,268,520	1,327,236
Current liabilities:
Accounts payable	4,266	2,767
Long-term debt, current	7,150	7,150
Accrued compensation	72,721	88,712
Deferred revenue	12,138	18,090
Accrued expenses and other current liabilities	22,223	27,260
Lease liabilities, current	14,092	15,301
Total current liabilities	132,590	159,280
Lease liabilities, non-current	28,032	29,791
Long-term debt, less current portion	284,364	286,035
Deferred tax liabilities	47,708	54,907
Other long-term liabilities	22,470	24,093
Total liabilities	515,164	554,106
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at March 31, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 373,295,466 and 372,876,082 issued, 322,826,928 and 322,407,385 outstanding at March 31, 2024 and December 31, 2023, respectively	373	373
Treasury stock, 50,468,538 and 50,468,697 shares at March 31, 2024 and December 31, 2023, respectively	(622,987)	(622,988)
Additional paid-in capital	1,638,964	1,627,491
Accumulated other comprehensive loss	(38,530)	(38,166)
Retained deficit	(224,464)	(193,580)
Total stockholders' equity	753,356	773,130
Total liabilities and stockholders' equity	$ 1,268,520	$ 1,327,236

CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 248,593	$ 307,056
Operating expenses:
Cost of revenues	178,813	209,522
Selling, general and administrative expenses	76,230	86,340
Depreciation and amortization	5,635	5,542
Restructuring	2,115	0
Total operating expenses	262,793	301,404
(Loss) income from operations	(14,200)	5,652
Other (expense) income:
Interest expense	(6,586)	(6,862)
Net realized and unrealized foreign currency (loss) gain	(10,408)	1,185
Other income (expense), net	349	(723)
Total other expense	(16,645)	(6,400)
Loss before income taxes	(30,845)	(748)
Income tax expense	37	7,359
Net loss	(30,882)	(8,107)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(364)	242
Comprehensive loss	$ (31,246)	$ (7,865)
Net loss per common share:
Basic loss per common share (in dollars per share)	$ (0.10)	$ (0.03)
Diluted loss per common share (in dollars per share)	$ (0.10)	$ (0.03)
Weighted average shares outstanding:
Basic (in shares)	322,638,110	316,451,601
Diluted (in shares)	322,638,110	316,451,601

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of 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 March 31,
	2024		2023

North America (1)	$	88,800	$	115,060
APAC (2)	86,713		97,484
Europe (3)	62,212		78,784
LATAM	10,868		15,728
Total revenues	$	248,593	$	307,056

(1)For the three months ended March 31, 2024 and 2023, the United States represented 32.7%, or $81.3 million, and 34.4%, or $105.7 million, respectively, of the Company’s total revenues. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three months ended March 31, 2024 and 2023.

(2)For the three months ended March 31, 2024 and 2023, Australia represented 12.1%, or $30.1 million, and 10.6%, or $32.5 million, respectively, of the Company's total revenues.

(3)For the three months ended March 31, 2024 and 2023, Germany represented 13.0%, or $32.3 million, and 11.6%, or $35.7 million, respectively, of the Company's total revenues. For the three months ended March 31, 2024, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the three months ended March 31, 2023, the United Kingdom represented 11.0%, or $33.8 million, of the Company’s total revenues.

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2024		2023
Technology and business services	$	65,369	$	74,133
Energy, public and health services	63,022		84,039
Retail and consumer	38,931		47,912
Financial services and insurance	39,155		55,155
Automotive, travel and transportation	42,116		45,817
Total revenues	$	248,593	$	307,056

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


	Three Months Ended March 31,
	2024		2023

Time-and-materials	$	177,787	$	257,250
Fixed-price	70,806		49,806

Total revenues	$	248,593	$	307,056

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 March 31, 2024		As of December 31, 2023
Contract assets included in unbilled receivables	$	28,291	$	29,981
Contract liabilities included in deferred revenue	$	12,138	$	18,090

Schedule of Costs to Obtain Contracts and Related Amortization and Impairment

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 March 31,
	2024		2023
Balance at beginning of period	$	876	$	1,588
Costs to obtain contracts capitalized	633		68
Amortization of capitalized costs	(198)		(268)

Changes due to exchange rates	(5)		3
Balance at end of period	$	1,306	$	1,391

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2024 and March 31, 2023, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to the impact of permanent differences on the Company's forecasted loss before income taxes, causing the tax rate to be highly sensitive whereby minor changes in the forecasted amounts generate significant variability in the estimated annual effective tax rate, thus distorting the customary relationship between income tax expense and pre-tax income in interim periods. The Company’s effective tax rate for the three months ended March 31, 2024 and March 31, 2023 was (0.1)% and (983.8)%, 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 and US operations, the unfavorable impact of providing for unrecognized tax benefits, 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, the non-deductibility of China SAFE restricted stock units ("RSUs"), and the unfavorable impact of excess tax deficiencies on stock-based compensation. The change in the effective tax rate for the three months ended March 31, 2024, as compared to the prior period, and the negative effective tax rate for the three months ended March 31, 2024 and March 31, 2023, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 248,593	$ 307,056
North America
Disaggregation of Revenue [Line Items]
Revenues	88,800	115,060
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 81,300	$ 105,700
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	32.70%	34.40%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 86,713	$ 97,484
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 30,100	$ 32,500
Australia \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	12.10%	10.60%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 62,212	$ 78,784
Germany
Disaggregation of Revenue [Line Items]
Revenues	$ 32,300	$ 35,700
Germany \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	13.00%	11.60%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		$ 33,800
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk		11.00%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 10,868	$ 15,728

Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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):


	Three Months Ended March 31, 2024
Allowance for credit losses, beginning balance	$	(9,550)

Current period provision	(821)
Write-offs charged against allowance	—
Recoveries of amounts previously written off	—
Changes due to exchange rates	380
Allowance for credit losses, ending balance	$	(9,991)

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs not yet recognized	$ 2.3
Compensation costs, weighted average period of recognition	10 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 6 months
Compensation costs, (other than options) not yet recognized	$ 85.4
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 1 month 6 days
Compensation costs, (other than options) not yet recognized	$ 6.7

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares)	13,336,829
Granted (in shares)	15,000
Forfeited (in shares)	(495,884)
Vested (in shares)	(41,378)
Ending balance (in shares)	12,814,567
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 7.96
Granted (in dollars per share) \| $ / shares	2.47
Forfeited (in dollars per share) \| $ / shares	9.35
Vested (in dollars per share) \| $ / shares	9.78
Ending balance (in dollars per share) \| $ / shares	$ 7.89
Net settled (in shares)	11,082

Revenue Recognition - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Contract Cost [Roll Forward]
Balance at beginning of period	$ 876	$ 1,588
Costs to obtain contracts capitalized	633	68
Amortization of capitalized costs	(198)	(268)
Changes due to exchange rates	(5)	3
Balance at end of period	$ 1,306	$ 1,391

Business and Summary of Significant Accounting Policies - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (9,550)
Current period provision	(821)	$ (1,452)
Write-offs charged against allowance	0
Recoveries of amounts previously written off	0
Changes due to exchange rates	380
Allowance for credit losses, ending balance	$ (9,991)

Stock-Based Compensation - Schedule of Performance Share Units Activity (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of PSUs
Beginning balance (in shares) \| shares	88,132
Granted (in shares) \| shares	1,469,106
Adjustment for PSUs expected to vest as of current period end (in shares) \| shares	(715,720)
Forfeited (in shares) \| shares	(10,357)
Vested (in shares) \| shares	0
Ending balance (in shares) \| shares	831,161
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 20.11
Granted (in dollars per share) \| $ / shares	2.41
Adjustment for PSUs expected to vest as of current period end (in dollars per share) \| $ / shares	2.35
Forfeited (in dollars per share) \| $ / shares	20.11
Vested (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 4.12

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (30,882)	$ (8,107)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	15,642,763	20,285,106

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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



	March 31, 2024		December 31, 2023

Value-added tax and sales tax payable	$	3,665	$	4,821
Income taxes payable	2,458		5,106
Restructuring	2,991		3,503
Other accrued expenses	13,109		13,830
Accrued expenses and other current liabilities	$	22,223	$	27,260

Credit Agreements - Schedule of Borrowings (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	May 18, 2023
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 291,514,000	$ 293,185,000
Interest rate	7.90%	8.00%
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.

+ References

+ 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

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10,619	$ 17,679
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,599	10,530
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,020	$ 7,149

- 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

Revenue Recognition

3 Months Ended

Mar. 31, 2024

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.

During the first quarter of 2024, in connection with the restructuring, the Company updated the disaggregation of revenue by customer location to reflect the geographical market based on contracting location, consistent with client ownership within our geographical markets, versus billing location, as previously reported. All corresponding disclosures and historical amounts, including revenue by country noted below, have been recast to reflect the change.

Disaggregation of Revenues

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


	Three Months Ended March 31,
	2024		2023

North America (1)	$	88,800	$	115,060
APAC (2)	86,713		97,484
Europe (3)	62,212		78,784
LATAM	10,868		15,728
Total revenues	$	248,593	$	307,056

(2)For the three months ended March 31, 2024 and 2023, Australia represented 12.1%, or $30.1 million, and 10.6%, or $32.5 million, respectively, of the Company's total revenues.

Other foreign 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 months ended March 31, 2024 and 2023.

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


	Three Months Ended March 31,
	2024		2023
Technology and business services	$	65,369	$	74,133
Energy, public and health services	63,022		84,039
Retail and consumer	38,931		47,912
Financial services and insurance	39,155		55,155
Automotive, travel and transportation	42,116		45,817
Total revenues	$	248,593	$	307,056

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


	Three Months Ended March 31,
	2024		2023

Time-and-materials	$	177,787	$	257,250
Fixed-price	70,806		49,806

Total revenues	$	248,593	$	307,056

Contract Balances

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


	As of March 31, 2024		As of December 31, 2023
Contract assets included in unbilled receivables	$	28,291	$	29,981
Contract liabilities included in deferred revenue	$	12,138	$	18,090

Contract assets primarily relate to unbilled amounts on fixed-price contracts, where the right to consideration is conditional on the satisfaction of performance obligations that are measured based on hours incurred and the end deliverable to the customer. 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 March 31, 2024 and 2023, the Company recognized $11.5 million and $3.5 million, respectively, of revenues that were included in contract 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. The Company capitalizes incremental costs of obtaining contracts where the contract term is greater than one year. These costs would primarily relate to commissions paid to our account executives and are included in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of loss and comprehensive loss for contracts one year or less and other current assets and other non-current assets on the condensed consolidated balance sheets for contracts greater than one year.


	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	876	$	1,588
Costs to obtain contracts capitalized	633		68
Amortization of capitalized costs	(198)		(268)

Changes due to exchange rates	(5)		3
Balance at end of period	$	1,306	$	1,391

Transaction Price Allocated to Remaining Performance Obligations

The Company had remaining performance obligations of approximately $11.7 million as of March 31, 2024, of which it expects to recognize as revenue 50% over the next 12 months and the remainder within 24 months. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (30,882)	$ (8,107)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	7,155	9,089
Bad debt expense	821	1,452
Deferred income tax benefit	(5,893)	(4,485)
Stock-based compensation expense	10,619	17,679
Unrealized foreign currency exchange loss/(gain)	10,202	(948)
Non-cash lease expense on right-of-use assets	4,044	4,525
Other operating activities, net	(52)	1,413
Changes in operating assets and liabilities:
Trade receivables	33,720	56,674
Unbilled receivables	(20,708)	(23,238)
Prepaid expenses and other assets	797	(1,393)
Lease liabilities	(3,931)	(4,705)
Accounts payable	645	1,975
Accrued expenses and other liabilities	(22,287)	(16,884)
Net cash (used in) provided by operating activities	(15,750)	33,047
Cash flows from investing activities:
Purchase of property and equipment	(4,224)	(1,657)
Proceeds from disposal of fixed assets	88	91
Acquisitions, net of cash acquired	0	(15,989)
Net cash used in investing activities	(4,136)	(17,555)
Cash flows from financing activities:
Payments of obligations of long-term debt	(1,788)	(101,788)
Payments of debt issuance costs	0	(99)
Proceeds from issuance of common stock on exercise of options	759	2,169
Withholding taxes paid related to net share settlement of equity awards	(4,053)	(2,348)
Other financing activities, net	298	25
Net cash used in financing activities	(4,784)	(102,041)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,783)	1,548
Net decrease in cash, cash equivalents and restricted cash	(27,453)	(85,001)
Cash, cash equivalents and restricted cash at beginning of the period	101,660	195,564
Cash, cash equivalents and restricted cash at end of the period	74,207	110,563
Supplemental disclosure of cash flow information:
Interest paid	6,063	6,645
Income taxes paid	5,623	6,856
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	72,554	109,268
Restricted cash included in other non-current assets	1,653	1,295
Total cash, cash equivalents and restricted cash	$ 74,207	$ 110,563

Restructuring Actions (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring

The table below summarizes restructuring costs incurred (in thousands):


	Three Months Ended March 31, 2024		Total Costs Incurred to Date at March 31, 2024
Wage-related expenses	$	1,031	$	18,275
Non-wage related expenses	1,084		2,784
Total restructuring costs	$	2,115	$	21,059

The table below summarizes the activities related to the restructuring for the three months ended March 31, 2024 (in thousands):



	Wage-related expenses		Non-wage related expenses		Total
Liability as of December 31, 2023	$	3,134	$	369	$	3,503
Charges	1,031		1,084		2,115
Payments	(1,875)		(753)		(2,628)
Non-cash items (1)	—		1		1
Liability as of March 31, 2024	$	2,290	$	701	$	2,991

(1) Non-wage related expenses includes charges related to reducing leased office space.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Deficit
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 stock, beginning balance (in shares) at Dec. 31, 2022			50,624,983
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(8,107)					(8,107)
Other comprehensive income (loss)	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 stock, ending balance (in shares) at Mar. 31, 2023			50,612,185
Beginning balance (in shares) at Dec. 31, 2023		322,407,385
Beginning balance at Dec. 31, 2023	$ 773,130	$ 373	$ (622,988)	1,627,491	(38,166)	(193,580)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	50,468,697		50,468,697
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (30,882)					(30,882)
Other comprehensive income (loss)	(364)				(364)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)		419,384
Issuance of common stock for equity incentive awards, net of withholding taxes	855			855
Reissuance of treasury shares for equity incentive awards (in shares)		159	(159)
Reissuance of treasury shares for equity incentive awards	(2)		$ 1	(1)		(2)
Stock-based compensation expense	10,619			10,619
Ending balance (in shares) at Mar. 31, 2024		322,826,928
Ending balance at Mar. 31, 2024	$ 753,356	$ 373	$ (622,987)	$ 1,638,964	$ (38,530)	$ (224,464)
Treasury stock, ending balance (in shares) at Mar. 31, 2024	50,468,538		50,468,538

Credit Agreements - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 286,400	$ 288,188
Capitalized deferred financing fees	(2,036)	(2,153)
Long-term debt	284,364	286,035
Current portion of long-term debt	7,150	7,150
Total debt carrying value	$ 291,514	$ 293,185

- Definition

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

+ References + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Cost of revenues	$	5,599	$	10,530
Selling, general and administrative expenses	5,020		7,149

Total stock-based compensation expense	$	10,619	$	17,679

Stock Options

The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2024 (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, 2023	18,595,731	$	3.76
Granted	—	—
Forfeited	(19,504)	6.24
Exercised	(389,247)	2.40
Cancelled	—	—
Expired	—	—
Balance at March 31, 2024	18,186,980	$	3.76	$	2,978	4.2

Exercisable at March 31, 2024	17,900,258	$	3.66	$	2,978	4.2

As of March 31, 2024, total compensation cost related to time vesting options not yet recognized was $2.3 million, which will be recognized over a weighted-average period of 0.9 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 three months ended March 31, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	13,336,829	$	7.96
Granted	15,000	2.47
Forfeited	(495,884)	9.35
Vested (1)	(41,378)	9.78
Unvested balance at March 31, 2024	12,814,567	$	7.89

(1)Includes 11,082 shares that were net settled when released and returned to the share pool for future grants.

As of March 31, 2024, total compensation cost related to RSUs not yet recognized was $85.4 million, which will be recognized over a weighted-average period of 2.5 years.

Performance Stock Units

The following is a summary of PSU activity for the three months ended March 31, 2024:


	Number of PSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	88,132	$	20.11
Granted (1)	1,469,106	2.41
Adjustment for PSUs expected to vest as of current period end	(715,720)	2.35
Forfeited	(10,357)	20.11
Vested	—	—
Unvested balance at March 31, 2024	831,161	$	4.12

(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 March 31, 2024, total compensation cost related to PSUs not yet recognized was $6.7 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 2.1 years.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restructuring Actions - Narrative (Details) - Reorganization - USD ($) $ in Thousands	May 01, 2024	Mar. 31, 2024
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, additional		$ 6,500
Expected restructuring costs, total		26,500
Minimum \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Expected savings, additional	$ 25,000
Expected savings, total	100,000
Minimum \| Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total		22,500
Minimum \| Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total		4,000
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, additional		8,000
Expected restructuring costs, total		33,000
Maximum \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Expected savings, additional	30,000
Expected savings, total	$ 115,000
Maximum \| Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total		27,500
Maximum \| Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total		$ 5,500

Restructuring Actions - Schedule of Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,115	$ 0
Restructuring Reserve [Roll Forward]
Charges	2,115	$ 0
Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,115
Restructuring costs incurred to date	21,059
Restructuring Reserve [Roll Forward]
Liability, beginning balance	3,503
Charges	2,115
Payments	(2,628)
Non-cash items	1
Liability, ending balance	2,991
Wage-related expenses \| Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,031
Restructuring costs incurred to date	18,275
Restructuring Reserve [Roll Forward]
Liability, beginning balance	3,134
Charges	1,031
Payments	(1,875)
Non-cash items	0
Liability, ending balance	2,290
Non-wage related expenses \| Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,084
Restructuring costs incurred to date	2,784
Restructuring Reserve [Roll Forward]
Liability, beginning balance	369
Charges	1,084
Payments	(753)
Non-cash items	1
Liability, ending balance	$ 701

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) industryVertical	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of industry verticals \| industryVertical	5
Revenue recognized	$ 11.5	$ 3.5
Remaining performance obligation, amount	$ 11.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	50.00%
Remaining performance obligation, expected timing of satisfaction	12 months

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Cost of revenues	$	5,599	$	10,530
Selling, general and administrative expenses	5,020		7,149

Total stock-based compensation expense	$	10,619	$	17,679

Schedule of Option Activity

The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2024 (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, 2023	18,595,731	$	3.76
Granted	—	—
Forfeited	(19,504)	6.24
Exercised	(389,247)	2.40
Cancelled	—	—
Expired	—	—
Balance at March 31, 2024	18,186,980	$	3.76	$	2,978	4.2

Exercisable at March 31, 2024	17,900,258	$	3.66	$	2,978	4.2

Schedule of Restricted Stock Units Activity

The following is a summary of RSU activity for the three months ended March 31, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	13,336,829	$	7.96
Granted	15,000	2.47
Forfeited	(495,884)	9.35
Vested (1)	(41,378)	9.78
Unvested balance at March 31, 2024	12,814,567	$	7.89

(1)Includes 11,082 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 three months ended March 31, 2024:


	Number of PSUs	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	88,132	$	20.11
Granted (1)	1,469,106	2.41
Adjustment for PSUs expected to vest as of current period end	(715,720)	2.35
Forfeited	(10,357)	20.11
Vested	—	—
Unvested balance at March 31, 2024	831,161	$	4.12

(1)Reflects shares granted at 100%.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Value-added tax and sales tax payable	$ 3,665	$ 4,821
Income taxes payable	2,458	5,106
Restructuring	2,991	3,503
Other accrued expenses	13,109	13,830
Accrued expenses and other current liabilities	$ 22,223	$ 27,260

Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 2023 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 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. As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three months ended March 31, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year.
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 Issued Accounting Pronouncements Not Yet Adopted	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently assessing the impact of this ASU on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements.

- 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.

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Loss Per Share - Schedule of (Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss (basic)	$ (30,882)	$ (8,107)
Net loss (diluted)	$ (30,882)	$ (8,107)
Denominator:
Weighted average shares outstanding – basic (in shares)	322,638,110	316,451,601
Weighted average shares outstanding – diluted (in shares)	322,638,110	316,451,601
Basic loss per share (in dollars per share)	$ (0.10)	$ (0.03)
Diluted loss per share (in dollars per share)	$ (0.10)	$ (0.03)

- 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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

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



	March 31, 2024		December 31, 2023

Value-added tax and sales tax payable	$	3,665	$	4,821
Income taxes payable	2,458		5,106
Restructuring	2,991		3,503
Other accrued expenses	13,109		13,830
Accrued expenses and other current liabilities	$	22,223	$	27,260

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		322,913,818
Entity Central Index Key	0001866550
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1