Thoughtworks Holding (TWKS) 10-Q/A 26 Feb 24 2023 Q3 Quarterly report (amended) Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Sep. 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		318,425,521
Entity Central Index Key	0001866550
Amendment Flag	true
Amendment Description	Thoughtworks Holding, Inc. (the "Company") is filing this Amendment No. 1 ("Amendment No. 1”) to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the "Original Filing"), originally filed with the Securities and Exchange Commission (“SEC”) on November 7, 2023 (the “Original Filing Date”) to correct a misstatement in its Condensed Consolidated Statement of Cash Flows (Unaudited) for the period ended September 30, 2023.
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 87,405	$ 194,294
Trade receivables, net of allowance of $9,074 and $9,531, respectively	153,318	201,695
Unbilled receivables	141,838	122,499
Prepaid expenses and other current assets	31,223	38,202
Total current assets	413,784	556,690
Property and equipment, net	28,592	38,798
Right-of-use assets	42,316	43,123
Intangibles and other assets:
Goodwill	416,372	405,017
Trademark	273,000	273,000
Customer relationships, net	115,230	124,047
Other non-current assets	23,451	21,175
Total assets	1,312,745	1,461,850
Current liabilities:
Accounts payable	4,119	5,248
Long-term debt - current	7,150	7,150
Income taxes payable	8,470	22,781
Accrued compensation	80,286	85,477
Accrued expenses and other current liabilities	32,860	42,920
Lease liabilities, current	14,709	15,994
Total current liabilities	147,594	179,570
Lease liabilities, non-current	30,007	29,885
Long-term debt, less current portion	287,706	391,856
Deferred tax liabilities	46,135	62,555
Other long-term liabilities	23,388	19,762
Total liabilities	534,830	683,628
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at September 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 368,678,928 and 366,306,970 issued, 318,073,825 and 315,681,987 outstanding at September 30, 2023 and December 31, 2022, respectively	369	366
Treasury stock, 50,605,103 and 50,624,983 shares at September 30, 2023 and December 31, 2022, respectively	(624,687)	(624,934)
Additional paid-in capital	1,615,417	1,565,514
Accumulated other comprehensive loss	(43,439)	(39,210)
Retained deficit	(169,745)	(123,514)
Total stockholders' equity	777,915	778,222
Total liabilities and stockholders' equity	$ 1,312,745	$ 1,461,850

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 9,074	$ 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)	368,678,928	366,306,970
Common stock, shares outstanding (in shares)	318,073,825	315,681,987
Treasury stock (in shares)	50,605,103	50,624,983

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 280,159	$ 332,447	$ 874,430	$ 985,494
Operating expenses:
Cost of revenues	185,985	244,139	591,845	744,366
Selling, general and administrative expenses	81,840	91,682	254,806	295,799
Depreciation and amortization	5,997	5,303	17,413	15,364
Restructuring	15,566	0	15,566	0
Total operating expenses	289,388	341,124	879,630	1,055,529
Loss from operations	(9,229)	(8,677)	(5,200)	(70,035)
Other (expense) income:
Interest expense	(6,649)	(5,871)	(19,661)	(15,502)
Net realized and unrealized foreign currency loss	(8,813)	(12,129)	(7,658)	(18,903)
Other income (expense), net	43	2,056	(545)	1,731
Total other expense	(15,419)	(15,944)	(27,864)	(32,674)
Loss before income taxes	(24,648)	(24,621)	(33,064)	(102,709)
Income tax expense	1,204	13,987	13,167	18,792
Net loss	(25,852)	(38,608)	(46,231)	(121,501)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(3,820)	(19,217)	(4,229)	(45,448)
Comprehensive loss	$ (29,672)	$ (57,825)	$ (50,460)	$ (166,949)
Net loss per common share:
Basic loss per common share (in dollars per share)	$ (0.08)	$ (0.12)	$ (0.15)	$ (0.39)
Diluted loss per common share (in dollars per share)	$ (0.08)	$ (0.12)	$ (0.15)	$ (0.39)
Weighted average shares outstanding:
Basic (in shares)	317,805,140	311,621,233	317,204,506	309,481,860
Diluted (in shares)	317,805,140	311,621,233	317,204,506	309,481,860

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN 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 stock, 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 stock, 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 stock, beginning balance (in shares) at Dec. 31, 2021				50,985,571
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(121,501)
Ending balance (in shares) at Sep. 30, 2022			314,733,382
Ending balance at Sep. 30, 2022	723,680		$ 365	$ (625,155)	1,544,384	(56,292)	(139,622)
Treasury stock, ending balance (in shares) at Sep. 30, 2022				50,642,723
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 stock, 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 stock, ending balance (in shares) at Jun. 30, 2022				50,778,454
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(38,608)						(38,608)
Other comprehensive loss, net of tax	(19,217)					(19,217)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			3,633,347
Issuance of common stock for equity incentive awards, net of withholding taxes	(13,632)		$ 3		(13,635)
Reissuance of treasury shares for equity incentive awards (in shares)			135,731	(135,731)
Reissuance of treasury shares for equity incentive awards	149			$ 1,690	(1,541)
Stock-based compensation expense	59,160				59,160
Ending balance (in shares) at Sep. 30, 2022			314,733,382
Ending balance at Sep. 30, 2022	723,680		$ 365	$ (625,155)	1,544,384	(56,292)	(139,622)
Treasury stock, ending balance (in shares) at Sep. 30, 2022				50,642,723
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			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 stock, 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 stock, beginning balance (in shares) at Dec. 31, 2022	50,624,983			50,624,983
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (46,231)
Ending balance (in shares) at Sep. 30, 2023			318,073,825
Ending balance at Sep. 30, 2023	$ 777,915		$ 369	$ (624,687)	1,615,417	(43,439)	(169,745)
Treasury stock, ending balance (in shares) at Sep. 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 stock, 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	$ 368	$ (624,687)	1,601,559	(39,619)	(143,893)
Treasury stock, ending balance (in shares) at Jun. 30, 2023				50,605,103
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(25,852)						(25,852)
Other comprehensive loss, net of tax	(3,820)					(3,820)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			425,880
Issuance of common stock for equity incentive awards, net of withholding taxes	1,053		$ 1		1,052
Stock-based compensation expense	12,806				12,806
Ending balance (in shares) at Sep. 30, 2023			318,073,825
Ending balance at Sep. 30, 2023	$ 777,915		$ 369	$ (624,687)	$ 1,615,417	$ (43,439)	$ (169,745)
Treasury stock, ending balance (in shares) at Sep. 30, 2023	50,605,103			50,605,103

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (46,231)	$ (121,501)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	27,367	25,561
Bad debt expense	4,145	2,447
Deferred income tax benefit	(21,759)	(24,989)
Stock-based compensation expense	48,091	228,308
Unrealized foreign currency exchange loss	9,488	22,242
Non-cash lease expense on right-of-use assets	13,935	13,807
Other operating activities, net	2,599	(546)
Changes in operating assets and liabilities:
Trade receivables	43,827	(10,803)
Unbilled receivables	(22,305)	(78,445)
Prepaid expenses and other assets	6,051	(4,856)
Lease liabilities	(14,219)	(11,842)
Accounts payable	(1,183)	(177)
Accrued expenses and other liabilities	(13,208)	17,135
Net cash provided by operating activities	36,598	56,341
Cash flows from investing activities:
Purchase of property and equipment	(6,351)	(19,672)
Proceeds from disposal of fixed assets	327	437
Acquisitions, net of cash acquired	(15,989)	(70,011)
Net cash used in investing activities	(22,013)	(89,246)
Cash flows from financing activities:
Payments of obligations of long-term debt	(105,363)	(105,363)
Payments of debt issuance costs	(99)	0
Proceeds from issuance of common stock on exercise of options, net of employee tax withholding	4,880	5,651
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	(3,501)	(33,017)
Payment of contingent consideration	(13,996)	0
Other financing activities, net	71	(6)
Net cash used in financing activities	(118,008)	(158,213)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,395)	(18,032)
Net decrease in cash, cash equivalents and restricted cash	(106,818)	(209,150)
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	88,746	185,792
Supplemental disclosure of cash flow information:
Interest paid	18,669	14,486
Income taxes paid	38,590	22,830
Withholding taxes payable	(683)	0
Supplemental disclosures of non-cash financing activities:
Withholding taxes payable included within accrued compensation	0	11,534
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	87,405	184,544
Restricted cash included in other non-current assets	1,341	1,248
Total cash, cash equivalents and restricted cash	$ 88,746	$ 185,792

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	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): Nine Months Ended September 30, 2023 Allowance for credit losses, beginning balance $ (9,531) Current provision for expected credit losses (4,145) Write-offs charged against allowance 4,679 Recoveries of amounts previously written off (96) Changes due to exchange rates 19 Allowance for credit losses, ending balance $ (9,074) 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. The adoption did not have a material impact on the Company's condensed 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 September 30, 2023 and 2022 was 65% and 62%, respectively, and 65% and 63% for the nine months ended September 30, 2023 and 2022, respectively. As of September 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 September 30, 2023 and December 31, 2022, the Company had net property and equipment of $20.6 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 $7.2 million and an increase to basic and diluted loss per share of $0.02 for the three months ended September 30, 2022 and an increase to net loss of $0.2 million and no impact to basic and diluted loss per share for the nine months ended September 30, 2022. Restatement of Condensed Consolidated Statement of Cash Flows Subsequent to the issuance of the Company's interim condensed consolidated financial statements for the period ended September 30, 2023, management determined that there was a misstatement in its Condensed Consolidated Statement of Cash Flows (Unaudited) for the period ended September 30, 2023. The misstatement was due to an inaccurate presentation of the change in cash flows ascribed to operating and financing activities in the condensed consolidated statement of cash flows. The misstatement relates solely to the inaccurate classification of the payment of contingent consideration. As disclosed in Note 3, Acquisitions, the Company made a payment of contingent consideration related to the acquisition of Connected Lab Inc. of $14.3 million. In the Original Filing, the Company included this payment in the operating activities section of the condensed consolidated statement of cash flows. Of the $14.3 million payment, $14.0 million reflects the fair value of the contingent consideration on the acquisition date and should have been included within the financing activities section, and not within the operating activities section, of the condensed consolidated statement of cash flows. A summary of the impact on the condensed consolidated statements of cash flows is as follows for the nine months ended September 30, 2023 (in thousands): Nine Months Ended September 30, 2023 As reported Adjustment As restated Cash flows from operating activities: Accrued expenses and other liabilities $ (27,204) $ 13,996 $ (13,208) Net cash provided by operating activities $ 22,602 $ 13,996 $ 36,598 Cash flows from financing activities: Payment of contingent consideration $ — $ (13,996) $ (13,996) Net cash used in financing activities $ (104,012) $ (13,996) $ (118,008)

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 North America (1) $ 105,666 $ 129,421 $ 323,755 $ 382,856 APAC (2) 97,155 108,353 297,782 320,233 Europe (3) 66,292 79,937 219,524 239,466 LATAM 11,046 14,736 33,369 42,939 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494 (1) For the three months ended September 30, 2023 and 2022, the United States represented 36.5%, or $102.3 million, and 36.4%, or $121.1 million, respectively, of the Company’s total revenues. For the nine months ended September 30, 2023 and 2022, the United States represented 35.8%, or $313.4 million, and 36.5%, or $359.7 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 and nine months ended September 30, 2023 and 2022. (2) For the three months ended September 30, 2023 and 2022, Australia represented 10.5%, or $29.4 million, and 11.5%, or $38.4 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2023 and 2022, Australia represented 10.1%, or $88.6 million, and 11.6%, or $114.5 million, respectively, of the Company's total revenues. (3) For the three and nine months ended September 30, 2023, Germany represented 11.3%, or $31.8 million, and 10.9%, or $95.1 million, respectively, of the Company's total revenues. For the three and nine months ended September 30, 2022, revenue in Germany as a percentage of the Company’s total revenues was less than 10%. For the three months ended September 30, 2023 and 2022 and nine months ended September 30, 2023, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the nine months ended September 30, 2022, the United Kingdom represented 10.4%, or $102.6 million, of the Company’s total revenues. 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 nine months ended September 30, 2023 and 2022. The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Technology and business services $ 70,612 $ 94,219 $ 214,440 $ 274,815 Energy, public and health services 71,662 83,386 231,014 237,101 Retail and consumer 44,663 57,919 137,060 182,982 Financial services and insurance 46,447 55,004 154,380 173,139 Automotive, travel and transportation 46,775 41,919 137,536 117,457 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494 The following table presents the disaggregation of the Company’s revenues by contract type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Time-and-material $ 215,779 $ 282,190 $ 708,148 $ 829,485 Fixed-price 64,380 50,257 166,282 156,009 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494 Contract Balances The following table is a summary of the Company’s contract assets and contract liabilities (in thousands): As of September 30, 2023 As of December 31, 2022 Contract assets included in unbilled receivables $ 49,659 $ 39,941 Contract liabilities included in deferred revenue $ 6,921 $ 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 September 30, 2023 and 2022, the Company recognized nil and $0.5 million, respectively, of revenues that were included in current liabilities at the prior year end. For the nine months ended September 30, 2023 and 2022, the Company recognized $4.3 million and $13.1 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 825 $ 1,642 $ 1,588 $ 2,039 Costs to obtain contracts capitalized 177 488 526 726 Amortization of capitalized costs (344) (291) (1,471) (916) Changes due to exchange rates 12 (3) 27 (13) Balance at end of period $ 670 $ 1,836 $ 670 $ 1,836 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.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	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 $1.1 million and $3.6 million for the three and nine months ended September 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 and other current liabilities (1,162) 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 and other current liabilities on 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ — $ 14,382 $ 14,255 $ — Additions in the period — — — 13,996 Payments in the period — — (14,344) — Change in fair value — (2,955) 129 (2,427) Change due to exchange rates — (793) (40) (935) Balance at end of period $ — $ 10,634 $ — $ 10,634

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	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 (2,411) Balance as of September 30, 2023 $ 416,372 The following is a summary of other intangible assets (in thousands): September 30, 2023 December 31, 2022 Customer relationships $ 196,947 $ 193,447 Less accumulated amortization (70,276) (59,369) Customer relationships, net 126,671 134,078 Trademark 273,000 273,000 Total other intangible assets, after amortization 399,671 407,078 Changes due to exchange rates (11,441) (10,031) Other intangible assets, net $ 388,230 $ 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 $3.6 million and $3.4 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $9.7 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, estimated amortization expense for the next five years and thereafter is as follows (in thousands): Remainder of 2023 $ 3,878 2024 15,510 2025 15,510 2026 15,510 2027 14,708 Thereafter 61,555 $ 126,671 The weighted average remaining useful life of the Company’s finite-lived intangible assets was 8.4 years as of September 30, 2023 and 9.2 years as of December 31, 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prior 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 nine-month period ended September 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 September 30, 2023 and September 30, 2022 was (4.9)% and (56.8)%, respectively, and (39.8)% and (18.3)% for the nine months ended September 30, 2023 and September 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, the unfavorable impact of excess tax deficiencies on stock-based compensation, and the unfavorable impact of providing for and settling of uncertain income tax positions for the three and nine months ended September 30, 2023. The change in the effective tax rate for the three and nine months ended September 30, 2023, as compared to the prior periods, and the negative effective tax rate for the three and nine months ended September 30, 2023 and September 30, 2022, is a result of the aforementioned unique net unfavorable items when compared to the pre-tax loss recorded for the respective periods.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share	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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (25,852) $ (38,608) $ (46,231) $ (121,501) Denominator: Weighted average shares outstanding – Basic and diluted 317,805,140 311,621,233 317,204,506 309,481,860 Basic and diluted loss per share $ (0.08) $ (0.12) $ (0.15) $ (0.39) 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee stock options, RSUs and performance stock units ("PSUs") 21,208,550 24,240,209 17,485,508 25,092,811

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 7,462 $ 41,558 $ 28,688 $ 161,040 Selling, general and administrative expenses 5,344 17,602 19,403 67,268 Total stock-based compensation expense $ 12,806 $ 59,160 $ 48,091 $ 228,308 Stock Options The following is a summary of performance and time vesting stock option activity for the nine months ended September 30, 2023 (in thousands, except share and per share data): Number of Stock Options Weighted Average Exercise Price Aggregate Weighted- Balance at December 31, 2022 21,607,562 $ 3.83 Granted — — Forfeited (326,341) 11.33 Exercised (1,705,330) 2.86 Cancelled — — Expired — — Balance at September 30, 2023 19,575,891 $ 3.79 $ 26,639 4.6 Exercisable at September 30, 2023 19,072,991 $ 3.61 $ 26,639 4.6 As of September 30, 2023, total compensation cost related to time vesting options not yet recognized was $3.8 million, which will be recognized over a weighted-average period of 1.4 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 nine months ended September 30, 2023: Number of RSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2022 13,013,946 $ 17.37 Granted 364,564 8.14 Forfeited (1,548,606) 17.58 Vested (1) (985,765) 21.86 Unvested balance at September 30, 2023 10,844,139 $ 16.63 (1) Includes 0.3 million shares that were net settled when released and returned to the share pool for future grants. As of September 30, 2023, to tal compensation cost related to RSUs not yet recognized was $89.7 million, of which $79.8 million is primarily related to the annual grant and considered recurring. The remainder of $9.9 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 2.3 years. Performance Stock Units The following is a summary of PSU activity for the nine months ended September 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 (718,483) 8.22 Forfeited (7,565) 11.45 Vested — — Unvested balance at September 30, 2023 88,132 $ 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 September 30, 2023, total compensation co st related to PSUs not yet recognized was $5.3 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 2.0 years.

Credit Agreements

Credit Agreements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Credit Agreements	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 income (expense), net in the condensed consolidated statements of loss and comprehensive loss for the nine months ended September 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): September 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) $ 294,856 $ 399,006 Interest rate 7.9 % 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): September 30, 2023 December 31, 2022 Long-term debt, less current portion $ 289,975 $ 395,338 Capitalized deferred financing fees (2,269) (3,482) Long-term debt 287,706 391,856 Current portion of long-term debt 7,150 7,150 Total debt carrying value $ 294,856 $ 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 September 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.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The following is a summary of the Company’s accrued expenses and other current liabilities (in thousands): September 30, 2023 December 31, 2022 Contingent consideration $ — $ 14,255 Deferred revenue 6,921 5,167 Professional fees 8,276 6,321 Value-added tax and sales tax payable 4,468 7,526 Restructuring 4,643 — Other accrued expenses 8,552 9,651 Accrued expenses and other current liabilities $ 32,860 $ 42,920

Restructuring Actions

Restructuring Actions	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Actions	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, and the Company expects actions to be completed by the end of the third quarter of 2024. 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 expected 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. The total costs related to the Reorganization are reported in restructuring in the condensed consolidated statements of loss and comprehensive loss. The liability as of September 30, 2023 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 and nine months ended September 30, 2023 (in thousands): Wage-related expenses Non-wage related expenses Total Liability as of December 31, 2022 $ — $ — $ — Charges 15,356 210 15,566 Payments (10,856) (67) (10,923) Liability as of September 30, 2023 $ 4,500 $ 143 $ 4,643

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (25,852)	$ (12,272)	$ (8,107)	$ (38,608)	$ (39,308)	$ (43,585)	$ (46,231)	$ (121,501)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 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 (1) Sai Mandapaty Adoption September 11, 2023 August 30, 2024 (216,099) Chief Commercial Officer Joanna Parke Adoption September 8, 2023 November 30, 2024 (195,278) Chief Talent and Operating Officer (1) Includes 29,607 shares for Sai Mandapaty and 45,278 shares for Joanna Parke which are to be issued upon the vesting of restricted stock units and includes shares that will be automatically sold to cover mandatory tax withholding obligations.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sai Mandapaty [Member]
Trading Arrangements, by Individual
Name	Sai Mandapaty
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 11, 2023
Arrangement Duration	354 days
Aggregate Available	216,099	216,099
Joanna Parke [Member]
Trading Arrangements, by Individual
Name	Joanna Parke
Title	Chief Talent and Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 8, 2023
Arrangement Duration	449 days
Aggregate Available	195,278	195,278
Sai Mandapaty, Trading Arrangement, Restricted Stock Units [Member] | Sai Mandapaty [Member]
Trading Arrangements, by Individual
Aggregate Available	29,607	29,607
Joanna Parke, Trading Arrangement, Restricted Stock Units [Member] | Joanna Parke [Member]
Trading Arrangements, by Individual
Aggregate Available	45,278	45,278

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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	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.
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.

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2023 Allowance for credit losses, beginning balance $ (9,531) Current provision for expected credit losses (4,145) Write-offs charged against allowance 4,679 Recoveries of amounts previously written off (96) Changes due to exchange rates 19 Allowance for credit losses, ending balance $ (9,074)
Schedule of Error Correction	A summary of the impact on the condensed consolidated statements of cash flows is as follows for the nine months ended September 30, 2023 (in thousands): Nine Months Ended September 30, 2023 As reported Adjustment As restated Cash flows from operating activities: Accrued expenses and other liabilities $ (27,204) $ 13,996 $ (13,208) Net cash provided by operating activities $ 22,602 $ 13,996 $ 36,598 Cash flows from financing activities: Payment of contingent consideration $ — $ (13,996) $ (13,996) Net cash used in financing activities $ (104,012) $ (13,996) $ (118,008)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 North America (1) $ 105,666 $ 129,421 $ 323,755 $ 382,856 APAC (2) 97,155 108,353 297,782 320,233 Europe (3) 66,292 79,937 219,524 239,466 LATAM 11,046 14,736 33,369 42,939 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494 (1) For the three months ended September 30, 2023 and 2022, the United States represented 36.5%, or $102.3 million, and 36.4%, or $121.1 million, respectively, of the Company’s total revenues. For the nine months ended September 30, 2023 and 2022, the United States represented 35.8%, or $313.4 million, and 36.5%, or $359.7 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 and nine months ended September 30, 2023 and 2022. (2) For the three months ended September 30, 2023 and 2022, Australia represented 10.5%, or $29.4 million, and 11.5%, or $38.4 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2023 and 2022, Australia represented 10.1%, or $88.6 million, and 11.6%, or $114.5 million, respectively, of the Company's total revenues. (3)
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Technology and business services $ 70,612 $ 94,219 $ 214,440 $ 274,815 Energy, public and health services 71,662 83,386 231,014 237,101 Retail and consumer 44,663 57,919 137,060 182,982 Financial services and insurance 46,447 55,004 154,380 173,139 Automotive, travel and transportation 46,775 41,919 137,536 117,457 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494 The following table presents the disaggregation of the Company’s revenues by contract type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Time-and-material $ 215,779 $ 282,190 $ 708,148 $ 829,485 Fixed-price 64,380 50,257 166,282 156,009 Total revenues $ 280,159 $ 332,447 $ 874,430 $ 985,494
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 September 30, 2023 As of December 31, 2022 Contract assets included in unbilled receivables $ 49,659 $ 39,941 Contract liabilities included in deferred revenue $ 6,921 $ 5,167
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 825 $ 1,642 $ 1,588 $ 2,039 Costs to obtain contracts capitalized 177 488 526 726 Amortization of capitalized costs (344) (291) (1,471) (916) Changes due to exchange rates 12 (3) 27 (13) Balance at end of period $ 670 $ 1,836 $ 670 $ 1,836

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 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 and other current liabilities (1,162) 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ — $ 14,382 $ 14,255 $ — Additions in the period — — — 13,996 Payments in the period — — (14,344) — Change in fair value — (2,955) 129 (2,427) Change due to exchange rates — (793) (40) (935) Balance at end of period $ — $ 10,634 $ — $ 10,634

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 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 (2,411) Balance as of September 30, 2023 $ 416,372
Schedule of Finite-Lived Intangible Assets	The following is a summary of other intangible assets (in thousands): September 30, 2023 December 31, 2022 Customer relationships $ 196,947 $ 193,447 Less accumulated amortization (70,276) (59,369) Customer relationships, net 126,671 134,078 Trademark 273,000 273,000 Total other intangible assets, after amortization 399,671 407,078 Changes due to exchange rates (11,441) (10,031) Other intangible assets, net $ 388,230 $ 397,047
Schedule of Indefinite-Lived Intangible Assets	The following is a summary of other intangible assets (in thousands): September 30, 2023 December 31, 2022 Customer relationships $ 196,947 $ 193,447 Less accumulated amortization (70,276) (59,369) Customer relationships, net 126,671 134,078 Trademark 273,000 273,000 Total other intangible assets, after amortization 399,671 407,078 Changes due to exchange rates (11,441) (10,031) Other intangible assets, net $ 388,230 $ 397,047
Schedule of Estimated Amortization Expense	As of September 30, 2023, estimated amortization expense for the next five years and thereafter is as follows (in thousands): Remainder of 2023 $ 3,878 2024 15,510 2025 15,510 2026 15,510 2027 14,708 Thereafter 61,555 $ 126,671

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (25,852) $ (38,608) $ (46,231) $ (121,501) Denominator: Weighted average shares outstanding – Basic and diluted 317,805,140 311,621,233 317,204,506 309,481,860 Basic and diluted loss per share $ (0.08) $ (0.12) $ (0.15) $ (0.39)
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee stock options, RSUs and performance stock units ("PSUs") 21,208,550 24,240,209 17,485,508 25,092,811

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 7,462 $ 41,558 $ 28,688 $ 161,040 Selling, general and administrative expenses 5,344 17,602 19,403 67,268 Total stock-based compensation expense $ 12,806 $ 59,160 $ 48,091 $ 228,308
Schedule of Option Activity	The following is a summary of performance and time vesting stock option activity for the nine months ended September 30, 2023 (in thousands, except share and per share data): Number of Stock Options Weighted Average Exercise Price Aggregate Weighted- Balance at December 31, 2022 21,607,562 $ 3.83 Granted — — Forfeited (326,341) 11.33 Exercised (1,705,330) 2.86 Cancelled — — Expired — — Balance at September 30, 2023 19,575,891 $ 3.79 $ 26,639 4.6 Exercisable at September 30, 2023 19,072,991 $ 3.61 $ 26,639 4.6
Schedule of Restricted Stock Units Activity	The following is a summary of RSU activity for the nine months ended September 30, 2023: Number of RSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2022 13,013,946 $ 17.37 Granted 364,564 8.14 Forfeited (1,548,606) 17.58 Vested (1) (985,765) 21.86 Unvested balance at September 30, 2023 10,844,139 $ 16.63 (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 nine months ended September 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 (718,483) 8.22 Forfeited (7,565) 11.45 Vested — — Unvested balance at September 30, 2023 88,132 $ 20.11 (1) Reflects shares granted at 100%.

Credit Agreements (Tables)

Credit Agreements (Tables)	9 Months Ended
	Sep. 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): September 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) $ 294,856 $ 399,006 Interest rate 7.9 % 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): September 30, 2023 December 31, 2022 Long-term debt, less current portion $ 289,975 $ 395,338 Capitalized deferred financing fees (2,269) (3,482) Long-term debt 287,706 391,856 Current portion of long-term debt 7,150 7,150 Total debt carrying value $ 294,856 $ 399,006

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Contingent consideration $ — $ 14,255 Deferred revenue 6,921 5,167 Professional fees 8,276 6,321 Value-added tax and sales tax payable 4,468 7,526 Restructuring 4,643 — Other accrued expenses 8,552 9,651 Accrued expenses and other current liabilities $ 32,860 $ 42,920

Restructuring Actions (Tables)

Restructuring Actions (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring	The table below summarizes the activities related to the restructuring for the three and nine months ended September 30, 2023 (in thousands): Wage-related expenses Non-wage related expenses Total Liability as of December 31, 2022 $ — $ — $ — Charges 15,356 210 15,566 Payments (10,856) (67) (10,923) Liability as of September 30, 2023 $ 4,500 $ 143 $ 4,643

Business and Summary of Signi_4

Business and Summary of Significant Accounting Policies - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (9,531)
Current provision for expected credit losses	(4,145)	$ (2,447)
Write-offs charged against allowance	4,679
Recoveries of amounts previously written off	(96)
Changes due to exchange rates	19
Allowance for credit losses, ending balance	$ (9,074)

Business and Summary of Signi_5

Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Property and equipment, net	$ 28,592						$ 28,592		$ 38,798
Increase to net loss	$ 25,852	$ 12,272	$ 8,107	$ 38,608	$ 39,308	$ 43,585	$ 46,231	$ 121,501
Basic loss per common share (in dollars per share)	$ 0.08			$ 0.12			$ 0.15	$ 0.39
Diluted loss per common share (in dollars per share)	$ 0.08			$ 0.12			$ 0.15	$ 0.39
Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Increase to net loss				$ 7,200				$ 200
Basic loss per common share (in dollars per share)				$ 0.02				$ 0
Diluted loss per common share (in dollars per share)				$ 0.02				$ 0
Non-US
Concentration Risk [Line Items]
Property and equipment, net	$ 20,600						$ 20,600		$ 30,000
Non-US | Revenue Benchmark | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	65%			62%			65%	63%
Non-US | Trade Accounts Receivable and Unbilled Accounts Receivable | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk							74%		69%

Business and Summary of Signi_6

Business and Summary of Significant Accounting Policies - Schedule of Error Correction (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Accrued expenses and other liabilities	$ (13,208)	$ 17,135
Net cash provided by operating activities	36,598	56,341
Cash flows from financing activities:
Payment of contingent consideration	(13,996)	0
Net cash used in financing activities	(118,008)	$ (158,213)
As reported
Cash flows from operating activities:
Accrued expenses and other liabilities	(27,204)
Net cash provided by operating activities	22,602
Cash flows from financing activities:
Payment of contingent consideration	0
Net cash used in financing activities	(104,012)
Adjustment
Cash flows from operating activities:
Accrued expenses and other liabilities	13,996
Net cash provided by operating activities	13,996
Cash flows from financing activities:
Payment of contingent consideration	(13,996)
Net cash used in financing activities	$ (13,996)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) industryVertical	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of industry verticals | industryVertical			5
Revenue recognized | $	$ 0	$ 500,000	$ 4,300,000	$ 13,100,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 280,159	$ 332,447	$ 874,430	$ 985,494
North America
Disaggregation of Revenue [Line Items]
Revenues	105,666	129,421	323,755	382,856
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 102,300	$ 121,100	$ 313,400	$ 359,700
United States | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	36.50%	36.40%	35.80%	36.50%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 97,155	$ 108,353	$ 297,782	$ 320,233
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 29,400	$ 38,400	$ 88,600	$ 114,500
Australia | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.50%	11.50%	10.10%	11.60%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 66,292	$ 79,937	$ 219,524	$ 239,466
Germany
Disaggregation of Revenue [Line Items]
Revenues	$ 31,800		$ 95,100
Germany | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	11.30%		10.90%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues				$ 102,600
United Kingdom | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk				10.40%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 11,046	$ 14,736	$ 33,369	$ 42,939

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 280,159	$ 332,447	$ 874,430	$ 985,494
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	70,612	94,219	214,440	274,815
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	71,662	83,386	231,014	237,101
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	44,663	57,919	137,060	182,982
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	46,447	55,004	154,380	173,139
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	$ 46,775	$ 41,919	$ 137,536	$ 117,457

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 280,159	$ 332,447	$ 874,430	$ 985,494
Time-and-material
Disaggregation of Revenue [Line Items]
Revenues	215,779	282,190	708,148	829,485
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	$ 64,380	$ 50,257	$ 166,282	$ 156,009

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 49,659	$ 39,941
Contract liabilities included in deferred revenue	$ 6,921	$ 5,167

Revenue Recognition - Schedul_5

Revenue Recognition - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Capitalized Contract Cost [Roll Forward]
Balance at beginning of period	$ 825	$ 1,642	$ 1,588	$ 2,039
Costs to obtain contracts capitalized	177	488	526	726
Amortization of capitalized costs	(344)	(291)	(1,471)	(916)
Changes due to exchange rates	12	(3)	27	(13)
Balance at end of period	$ 670	$ 1,836	$ 670	$ 1,836

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	May 04, 2023	Feb. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Apr. 26, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired					$ 15,989	$ 70,011
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			$ 1,100		3,600
Connected
Business Acquisition [Line Items]
Contingent consideration liability			0	$ 10,634	0	10,634	$ 0	$ 14,255	$ 14,382	$ 14,000	$ 0
Payments in the period	$ 14,300		$ 0	$ 0	$ 14,344	$ 0

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition (Details) - USD ($) $ in Thousands	Feb. 01, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 416,372	$ 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 and other current liabilities	(1,162)
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

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) - Connected - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 04, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Combination, Contingent Consideration [Roll Forward]
Balance at beginning of period		$ 0	$ 14,382	$ 14,255	$ 0
Additions in the period		0	0	0	13,996
Payments in the period	$ (14,300)	0	0	(14,344)	0
Change in fair value		0	(2,955)	129	(2,427)
Change due to exchange rates		0	(793)	(40)	(935)
Balance at end of period		$ 0	$ 10,634	$ 0	$ 10,634

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 405,017
Additions due to acquisitions	13,766
Changes due to exchange rates	(2,411)
Ending balance	$ 416,372

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 126,671
Trademark	273,000	$ 273,000
Total other intangible assets, after amortization	399,671	407,078
Changes due to exchange rates	(11,441)	(10,031)
Other intangible assets, net	388,230	397,047
Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademark	273,000	273,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Customer relationships	196,947	193,447
Less accumulated amortization	(70,276)	(59,369)
Finite-lived intangible assets, net	$ 126,671	$ 134,078

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3.6	$ 3.4	$ 10.9	$ 9.7
Weighted average remaining useful life	8 years 4 months 24 days		8 years 4 months 24 days		9 years 2 months 12 days

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 3,878
2024	15,510
2025	15,510
2026	15,510
2027	14,708
Thereafter	61,555
Finite-lived intangible assets, net	$ 126,671

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(4.90%)	(56.80%)	(39.80%)	(18.30%)

Loss Per Share - Schedule of (L

Loss Per Share - Schedule of (Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (25,852)	$ (12,272)	$ (8,107)	$ (38,608)	$ (39,308)	$ (43,585)	$ (46,231)	$ (121,501)
Denominator:
Weighted average shares outstanding – Basic (in shares)	317,805,140			311,621,233			317,204,506	309,481,860
Weighted average shares outstanding – Diluted (in shares)	317,805,140			311,621,233			317,204,506	309,481,860
Basic loss per share (in dollars per share)	$ (0.08)			$ (0.12)			$ (0.15)	$ (0.39)
Diluted loss per share (in dollars per share)	$ (0.08)			$ (0.12)			$ (0.15)	$ (0.39)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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)	21,208,550	24,240,209	17,485,508	25,092,811

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 12,806	$ 59,160	$ 48,091	$ 228,308
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	7,462	41,558	28,688	161,040
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5,344	$ 17,602	$ 19,403	$ 67,268

Stock-Based Compensation- Sched

Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 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	(326,341)
Exercised (in shares) | shares	(1,705,330)
Cancelled (in shares) | shares	0
Expired (in shares) | shares	0
Ending balance (in shares) | shares	19,575,891
Exercisable (in shares) | shares	19,072,991
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	11.33
Exercised (in dollars per share) | $ / shares	2.86
Cancelled (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	3.79
Weighted average exercise price, Exercisable (in dollars per share) | $ / shares	$ 3.61
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value | $	$ 26,639
Aggregate Intrinsic Value, Exercisable | $	$ 26,639
Weighted average Period of recognition	4 years 7 months 6 days
Weighted average remaining contractual term, exercisable	4 years 7 months 6 days

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs not yet recognized	$ 3.8
Compensation costs, weighted average period of recognition	1 year 4 months 24 days
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 3 months 18 days
Compensation costs, (other than options) not yet recognized	$ 89.7
Cost not yet recognized	79.8
RSU's | IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, (other than options) not yet recognized	$ 9.9
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years
Compensation costs, (other than options) not yet recognized	$ 5.3

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares)	13,013,946
Granted (in shares)	364,564
Forfeited (in shares)	(1,548,606)
Vested (in shares)	(985,765)
Ending balance (in shares)	10,844,139
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 17.37
Granted (in dollars per share) | $ / shares	8.14
Forfeited (in dollars per share) | $ / shares	17.58
Vested (in dollars per share) | $ / shares	21.86
Ending balance (in dollars per share) | $ / shares	$ 16.63
Net settled (in shares)	300,000

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Performance Share Units Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of PSUs
Adjustment for PSUs expected to vest as of current period end (in shares) | shares	(718,483)
Weighted Average Grant Date Fair Value
Performance adjustment (in dollars per share) | $ / shares	$ 8.22
Performance Shares
Number of PSUs
Beginning balance (in shares) | shares	76,697
Granted (in shares) | shares	737,483
Forfeited (in shares) | shares	(7,565)
Vested (in shares) | shares	0
Ending balance (in shares) | shares	88,132
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	11.45
Vested (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 20.11

Credit Agreements - Narrative (

Credit Agreements - Narrative (Details) - USD ($)	Feb. 24, 2023	Sep. 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 | Secured Debt
Debt Instrument [Line Items]
Term loan				$ 715,000,000
Repayments of debt	$ 100,000,000
Term loan, fair value			$ 392,000,000
Line of Credit | Credit Agreements | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000	$ 300,000,000	$ 300,000,000

Credit Agreements - Schedule of

Credit Agreements - Schedule of Borrowings (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 09, 2022
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 294,856,000	$ 399,006,000
Interest rate	7.90%	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

Credit Agreements - Schedule _2

Credit Agreements - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 289,975	$ 395,338
Capitalized deferred financing fees	(2,269)	(3,482)
Long-term debt	287,706	391,856
Current portion of long-term debt	7,150	7,150
Total debt carrying value	$ 294,856	$ 399,006

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Contingent consideration	$ 0	$ 14,255
Deferred revenue	6,921	5,167
Professional fees	8,276	6,321
Value-added tax and sales tax payable	4,468	7,526
Restructuring	4,643	0
Other accrued expenses	8,552	9,651
Accrued expenses and other current liabilities	$ 32,860	$ 42,920

Restructuring Actions - Narrati

Restructuring Actions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Aug. 08, 2023
Restructuring Cost and Reserve [Line Items]
Charges	$ 15,566	$ 0	$ 15,566	$ 0
Reorganization
Restructuring Cost and Reserve [Line Items]
Charges			15,566
Reorganization | Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Charges			15,356
Reorganization | Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Charges			$ 210
Minimum | Reorganization
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						$ 20,000
Minimum | Reorganization | Forecast
Restructuring Cost and Reserve [Line Items]
Charges					$ 18,000
Minimum | Reorganization | Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						18,000
Minimum | Reorganization | Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						2,000
Maximum | Reorganization
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						25,000
Maximum | Reorganization | Forecast
Restructuring Cost and Reserve [Line Items]
Charges					$ 20,000
Maximum | Reorganization | Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						22,000
Maximum | Reorganization | Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs						$ 3,000

Restructuring Actions - Schedul

Restructuring Actions - Schedule of Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Charges	$ 15,566	$ 0	$ 15,566	$ 0
Reorganization
Restructuring Reserve [Roll Forward]
Liability, beginning balance			0
Charges			15,566
Payments			(10,923)
Liability, ending balance	4,643		4,643
Wage-related expenses | Reorganization
Restructuring Reserve [Roll Forward]
Liability, beginning balance			0
Charges			15,356
Payments			(10,856)
Liability, ending balance	4,500		4,500
Non-wage related expenses | Reorganization
Restructuring Reserve [Roll Forward]
Liability, beginning balance			0
Charges			210
Payments			(67)
Liability, ending balance	$ 143		$ 143

Uncategorized Items - twks-2023

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