Thoughtworks Holding (TWKS) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40812
Entity Registrant Name	THOUGHTWORKS HOLDING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2668392
Entity Address, Address Line One	200 East Randolph Street, 25th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	373-1000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TWKS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		324,726,782
Entity Central Index Key	0001866550
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 46,956	$ 100,305
Trade receivables, net of allowance of $12,149 and $9,550, respectively	159,339	167,942
Unbilled receivables	121,129	115,150
Prepaid expenses	15,366	19,692
Other current assets	35,113	25,269
Total current assets	377,903	428,358
Property and equipment, net	26,432	26,046
Right-of-use assets	39,184	41,771
Intangibles and other assets:
Goodwill	426,476	424,565
Other non-current assets	20,712	19,310
Total assets	1,269,610	1,327,236
Current liabilities:
Accounts payable	3,127	2,767
Long-term debt, current	7,150	7,150
Accrued compensation	84,196	88,712
Deferred revenue	10,328	18,090
Accrued expenses and other current liabilities	37,066	27,260
Lease liabilities, current	13,350	15,301
Total current liabilities	155,217	159,280
Lease liabilities, non-current	29,037	29,791
Long-term debt, less current portion	281,026	286,035
Deferred tax liabilities	44,048	54,907
Other long-term liabilities	25,439	24,093
Total liabilities	534,767	554,106
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 374,237,846 and 372,876,082 issued, 323,802,308 and 322,407,385 outstanding at September 30, 2024 and December 31, 2023, respectively	374	373
Treasury stock, 50,435,538 and 50,468,697 shares at September 30, 2024 and December 31, 2023, respectively	(622,576)	(622,988)
Additional paid-in capital	1,656,937	1,627,491
Accumulated other comprehensive loss	(32,548)	(38,166)
Retained deficit	(267,344)	(193,580)
Total stockholders' equity	734,843	773,130
Total liabilities and stockholders' equity	1,269,610	1,327,236
Trademark
Intangibles and other assets:
Intangible assets, net	273,000	273,000
Other intangible assets, net
Intangibles and other assets:
Intangible assets, net	$ 105,903	$ 114,186

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 12,149	$ 9,550
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	374,237,846	372,876,082
Common stock, shares outstanding (in shares)	323,802,308	322,407,385
Treasury stock (in shares)	50,435,538	50,468,697

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 261,393	$ 280,159	$ 761,657	$ 874,430
Operating expenses:
Cost of revenues	169,456	185,985	529,713	591,845
Selling, general and administrative expenses	69,701	81,840	225,747	254,806
Depreciation and amortization	5,588	5,997	16,885	17,413
Restructuring	22,604	15,566	31,931	15,566
Total operating expenses	267,349	289,388	804,276	879,630
Loss from operations	(5,956)	(9,229)	(42,619)	(5,200)
Other (expense) income:
Interest expense	(7,059)	(6,649)	(20,282)	(19,661)
Net realized and unrealized foreign currency gain (loss)	11,062	(8,813)	(5,251)	(7,658)
Other (expense) income, net	59	43	552	(545)
Total other income (expense)	4,062	(15,419)	(24,981)	(27,864)
Loss before income taxes	(1,894)	(24,648)	(67,600)	(33,064)
Income tax expense	4,161	1,204	5,827	13,167
Net loss	(6,055)	(25,852)	(73,427)	(46,231)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	3,118	(3,820)	5,618	(4,229)
Comprehensive loss	$ (2,937)	$ (29,672)	$ (67,809)	$ (50,460)
Net loss per common share:
Basic loss per common share (in dollars per share)	$ (0.02)	$ (0.08)	$ (0.23)	$ (0.15)
Diluted loss per common share (in dollars per share)	$ (0.02)	$ (0.08)	$ (0.23)	$ (0.15)
Weighted average shares outstanding:
Basic (in shares)	323,452,180	317,805,140	323,031,967	317,204,506
Diluted (in shares)	323,452,180	317,805,140	323,031,967	317,204,506

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Deficit
Beginning balance (in shares) at Dec. 31, 2022		315,681,987
Beginning balance at Dec. 31, 2022	$ 778,222	$ 366	$ (624,934)	$ 1,565,514	$ (39,210)	$ (123,514)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			50,624,983
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(8,107)					(8,107)
Other comprehensive income (loss), 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
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
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 income (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 income (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
Beginning balance (in shares) at Dec. 31, 2023		322,407,385
Beginning balance at Dec. 31, 2023	$ 773,130	$ 373	$ (622,988)	1,627,491	(38,166)	(193,580)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	50,468,697		50,468,697
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (30,882)					(30,882)
Other comprehensive income (loss), net of tax	(364)				(364)
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)		419,384
Issuance of common stock for equity incentive awards, net of withholding taxes	855			855
Reissuance of treasury shares for equity incentive awards (in shares)		159	159
Reissuance of treasury shares for equity incentive awards	(2)		$ 1	(1)		(2)
Stock-based compensation expense	10,619			10,619
Ending balance (in shares) at Mar. 31, 2024		322,826,928
Ending balance at Mar. 31, 2024	753,356	$ 373	$ (622,987)	1,638,964	(38,530)	(224,464)
Treasury stock, ending balance (in shares) at Mar. 31, 2024			50,468,538
Beginning balance (in shares) at Dec. 31, 2023		322,407,385
Beginning balance at Dec. 31, 2023	$ 773,130	$ 373	$ (622,988)	1,627,491	(38,166)	(193,580)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	50,468,697		50,468,697
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	$ (73,427)
Ending balance (in shares) at Sep. 30, 2024		323,802,308
Ending balance at Sep. 30, 2024	$ 734,843	$ 374	$ (622,576)	1,656,937	(32,548)	(267,344)
Treasury stock, ending balance (in shares) at Sep. 30, 2024	50,435,538		50,435,538
Beginning balance (in shares) at Mar. 31, 2024		322,826,928
Beginning balance at Mar. 31, 2024	$ 753,356	$ 373	$ (622,987)	1,638,964	(38,530)	(224,464)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024			50,468,538
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(36,490)					(36,490)
Other comprehensive income (loss), net of tax	2,864				2,864
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)		282,615
Issuance of common stock for equity incentive awards, net of withholding taxes	266	$ 1		265
Stock-based compensation expense	9,338			9,338
Ending balance (in shares) at Jun. 30, 2024		323,109,543
Ending balance at Jun. 30, 2024	729,334	$ 374	$ (622,987)	1,648,567	(35,666)	(260,954)
Treasury stock, ending balance (in shares) at Jun. 30, 2024			50,468,538
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net loss	(6,055)					(6,055)
Other comprehensive income (loss), net of tax	3,118				3,118
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)		659,765
Issuance of common stock for equity incentive awards, net of withholding taxes	1,877			1,877
Reissuance of treasury shares for equity incentive awards (in shares)		33,000	33,000
Reissuance of treasury shares for equity incentive awards	(335)		$ 411	(411)		(335)
Stock-based compensation expense	6,904			6,904
Ending balance (in shares) at Sep. 30, 2024		323,802,308
Ending balance at Sep. 30, 2024	$ 734,843	$ 374	$ (622,576)	$ 1,656,937	$ (32,548)	$ (267,344)
Treasury stock, ending balance (in shares) at Sep. 30, 2024	50,435,538		50,435,538

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (73,427)	$ (46,231)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	21,508	27,367
Bad debt expense	4,167	4,145
Deferred income tax benefit	(12,972)	(21,759)
Stock-based compensation expense	26,861	48,091
Unrealized foreign currency exchange loss	4,814	9,488
Non-cash lease expense on right-of-use assets	11,616	13,935
Other operating activities, net	1,036	2,599
Changes in operating assets and liabilities:
Trade receivables	4,658	43,827
Unbilled receivables	(5,485)	(22,305)
Prepaid expenses	4,322	3,505
Other assets	(330)	2,546
Lease liabilities	(11,280)	(14,219)
Accounts payable	63	(1,183)
Accrued expenses and other liabilities	(7,440)	(13,208)
Net cash (used in) provided by operating activities	(31,889)	36,598
Cash flows from investing activities:
Purchase of property and equipment	(10,839)	(6,351)
Proceeds from disposal of fixed assets	527	327
Acquisitions, net of cash acquired	(1,399)	(15,989)
Net cash used in investing activities	(11,711)	(22,013)
Cash flows from financing activities:
Payments of obligations of long-term debt	(5,363)	(105,363)
Payments of debt issuance costs	0	(99)
Proceeds from issuance of common stock on exercise of options	2,818	4,880
Withholding taxes paid related to net share settlement of equity awards	(4,166)	(3,501)
Payment of contingent consideration	0	(13,996)
Other financing activities, net	(534)	71
Net cash used in financing activities	(7,245)	(118,008)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,149)	(3,395)
Net decrease in cash, cash equivalents and restricted cash	(52,994)	(106,818)
Cash, cash equivalents and restricted cash at beginning of the period	101,660	195,564
Cash, cash equivalents and restricted cash at end of the period	48,666	88,746
Supplemental disclosure of cash flow information:
Interest paid	18,673	18,669
Income taxes paid	13,947	38,590
Supplemental disclosure of non-cash activities:
ROU assets obtained in exchange for new operating lease liabilities	8,740	12,518
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	46,956	87,405
Restricted cash included in other non-current assets	1,710	1,341
Total cash, cash equivalents and restricted cash	$ 48,666	$ 88,746

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 19 countries. Thoughtworks Holding, Inc. is the ultimate parent holding company of Thoughtworks, Inc. among other subsidiaries. Proposed Merger On August 5, 2024, the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which affiliates of certain investment funds advised by Apax Partners LLP (“Apax” and such funds, the “Apax Funds”) will purchase all of the outstanding shares of Thoughtworks common stock that they do not already own (subject to certain limited exceptions), for $4.40 per share. To effectuate the transactions pursuant to the Merger Agreement, Tasmania Merger Sub, Inc., will merge (the “Merger”) with and into the Company, with the Company surviving the Merger as a wholly owned subsidiary of an investment entity controlled by the Apax Funds. The transaction is expected to close in the fourth calendar quarter of 2024, subject to the satisfaction of customary closing conditions. The transaction has been approved by an affiliate of the Apax Funds, in its capacity as the majority stockholder of Thoughtworks, and no other stockholder approval is required. If the transaction is consummated, the shares of our common stock will be delisted from Nasdaq and deregistered under the Securities Exchange Act of 1934, as amended. Pursuant to the rules adopted by the SEC, the Company prepared and filed with the SEC on October 21, 2024, a Definitive Information Statement on Schedule 14C, containing more information about the Merger Agreement and the Merger. Transaction costs for the three and nine months ended September 30, 2024 related to the Merger were $10.2 million and $11.5 million, respectively, of which $11.2 million is included in other current assets and $11.0 million is accrued within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of September 30, 2024. The Company will account for the Merger in accordance with ASC 805-50, Business Combinations — Related Issues — Transactions Between Entities Under Common Control. Upon closing, this will result in the Merger being accounted for as if the transaction had occurred at the beginning of the period, and the results of operations for that period will comprise those of the previously separate entities combined from the beginning of the period to the date the transfer is completed and those of the combined operations from that date forward. As the Apax Funds control the Company, controls the acquiring entity, and will continue to control the Company after the Merger, there will be no impact to the accounting basis (carrying value) of the Company’s assets and liabilities. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on results of operations previously reported. Preparation of Financial Statements and Use of Estimates The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and indefinite-lived intangible assets and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three and nine months ended September 30, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year. Restricted Cash Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card. Allowance for Credit Losses The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature. Activity related to the Company’s allowance for credit losses is as follows (in thousands): Nine Months Ended September 30, 2024 Allowance for credit losses, beginning balance $ (9,550) Current period provision (4,167) Write-offs charged against allowance 1,602 Recoveries of amounts previously written off — Changes due to exchange rates (34) Allowance for credit losses, ending balance $ (12,149) Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. As part of the adoption of this ASU, the Company will apply the guidance in ASC 280 and identify significant segment expenses and other segment items for its single reportable segment. The Company is currently assessing the impact of this ASU on the consolidated financial statements and is evaluating certain significant segment expense categories, such as payroll expense, for possible disclosure. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements. Concentration of Credit Risk and Other Risks and Uncertainties Revenue generated from the Company's operations outside of the United States for the three months ended September 30, 2024 and 2023 was 67.5% and 65.0% , respectively, and 67.5% and 65.4% for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, 73.4% and 74.8%, respectively, of trade receivables and unbilled receivables was due from customers located outside the United States. At September 30, 2024 and December 31, 2023, the Company had net property and equipment of $18.4 million and $18.7 million, respectively, outside the United States.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
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. During the first quarter of 2024, in connection with the Reorganization (as defined below), the Company updated the disaggregation of revenue by customer location to reflect the geographical market based on contracting location, consistent with client ownership within our geographical markets, versus billing location, as previously reported. All corresponding disclosures and historical amounts, including revenue by country noted below, have been recast to reflect the change. Disaggregation of Revenues The following table presents the disaggregation of the Company’s revenues by customer location (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America (1) $ 92,039 $ 105,241 $ 269,094 $ 327,871 APAC (2) 91,185 97,247 266,993 293,411 Europe (3) 66,149 63,228 191,415 207,775 LATAM 12,020 14,443 34,155 45,373 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430 (1) For the three months ended September 30, 2024 and 2023, the United States represented 32.5%, or $84.9 million, and 35.0%, or $98.2 million, respectively, of the Company’s total revenues. For the nine months ended September 30, 2024 and 2023, the United States represented 32.5% , or $247.2 million, and 34.6%, or $302.8 million, of the Company’s total revenues, respectively. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three and nine months ended September 30, 2024 and 2023. (2) For the three months ended September 30, 2024 and 2023, Australia represented 12.1%, or $31.6 million, and 10.7%, or $29.8 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2024 and 2023, Australia represented 12.2%, or $93.0 million, and 10.8%, or $94.2 million, respectively, of the Company's total revenues. (3) For the three months ended September 30, 2024 and 2023, Germany represented 13.0%, or $34.0 million, and 12.1%, or $34.0 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2024 and 2023, Germany represented 13.1%, or $99.6 million, and 11.8%, or $102.8 million, respectively, of the Company's total revenues. Other foreign countries were determined to be immaterial given the revenues as a percentage of the Company’s total revenues was less than 10% for the three and nine months ended September 30, 2024 and 2023. 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, 2024 2023 2024 2023 Technology and business services $ 67,203 $ 70,612 $ 196,692 $ 214,440 Energy, public and health services 67,059 71,662 193,611 231,014 Retail and consumer 44,663 44,663 126,281 137,060 Financial services and insurance 35,603 46,447 111,686 154,380 Automotive, travel and transportation 46,865 46,775 133,387 137,536 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430 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, 2024 2023 2024 2023 Time-and-materials $ 182,292 $ 215,779 $ 537,100 $ 708,148 Fixed-price 79,101 64,380 224,557 166,282 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430 Contract Balances The following table is a summary of the Company’s contract assets and contract liabilities (in thousands): As of September 30, 2024 As of December 31, 2023 Contract assets included in unbilled receivables $ 34,964 $ 29,981 Contract liabilities included in deferred revenue $ 10,328 $ 18,090 Contract assets primarily relate to unbilled amounts on fixed-price contracts, where the right to consideration is conditional on the satisfaction of performance obligations that are measured based on hours incurred and the end deliverable to the customer. Contract assets are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Professional services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in unbilled receivables. Contract liabilities represent amounts collected from the Company’s customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. For the three months ended September 30, 2024 and 2023, the Company recognized $2.3 million and nil, respectively, of revenues that were included in contract liabilities at the beginning of the period. For the nine months ended September 30, 2024 and 2023, the Company recognized $16.4 million and $4.3 million, respectively, of revenues that were included in contract liabilities at the prior year end. Costs to Obtain a Customer Contract The Company incurs certain incremental costs to obtain a contract that the Company expects to recover. The Company applies a practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The Company capitalizes incremental costs of obtaining contracts where the contract term is greater than one year. These costs would primarily relate to commissions paid to our account executives and are included in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of loss and comprehensive loss for contracts one year or less and other current assets and other non-current assets on the condensed consolidated balance sheets for contracts greater than one year. 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, 2024 2023 2024 2023 Balance at beginning of period $ 1,523 $ 825 $ 876 $ 1,588 Costs to obtain contracts capitalized 837 177 1,891 526 Amortization of capitalized costs (230) (344) (630) (1,471) Changes due to exchange rates 39 12 32 27 Balance at end of period $ 2,169 $ 670 $ 2,169 $ 670 Transaction Price Allocated to Remaining Performance Obligations The Company had remaining performance obligations of approximately $9.1 million as of September 30, 2024. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The Company has applied the optional exemption for contracts that have an original expected duration of one year or less. We expect to recognize our remaining performance obligations as of September 30, 2024 as revenue over the next 18 months.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2024 and September 30, 2023, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to the impact of permanent differences on the Company's forecasted loss before income taxes, causing the tax rate to be highly sensitive whereby minor changes in the forecasted amounts generate significant variability in the estimated annual effective tax rate, thus distorting the customary relationship between income tax expense and pre-tax income in interim periods. The Company’s effective tax rate for the three months ended September 30, 2024 and September 30, 2023 was (219.7)% and (4.9)%, respectively, and (8.6)% and (39.8)% for the nine months ended September 30, 2024 and September 30, 2023, respectively. The effective tax rate in each period differed from the U.S. statutory rate of 21% primarily due to U.S. corporate state income taxation and the effect of foreign operations, which reflects the impact of higher income tax rates in locations outside the United States, the unfavorable impact of valuation allowances on deferred tax assets of select foreign and US operations, the unfavorable impact of providing for and settling of unrecognized tax benefits, the unfavorable impact of capitalized research and experimental costs under Internal Revenue Code ("IRC") §174 increasing the Company's net global intangible low tax income ("GILTI") inclusion, the non-deductibility of China SAFE restricted stock units ("RSUs"), the unfavorable impact of excess tax deficiencies on stock-based compensation, offset by the favorable impact of IRC §41 research credits. The change in and the negative effective tax rate for the three and nine months ended September 30, 2024 and September 30, 2023, as compared to the prior periods, is a result of the aforementioned 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, 2024
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, 2024 2023 2024 2023 Numerator: Net loss - Basic and diluted $ (6,055) $ (25,852) $ (73,427) $ (46,231) Denominator: Weighted average shares outstanding – Basic and diluted 323,452,180 317,805,140 323,031,967 317,204,506 Basic and diluted loss per common share $ (0.02) $ (0.08) $ (0.23) $ (0.15) 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, 2024 2023 2024 2023 Employee stock options, RSUs and performance stock units ("PSUs") 15,804,739 21,208,550 14,271,746 17,485,508

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 Cost of revenues $ 3,719 $ 7,462 $ 14,391 $ 28,688 Selling, general and administrative expenses (1) 3,016 5,344 12,301 19,403 Restructuring 169 — 169 — Total stock-based compensation expense $ 6,904 $ 12,806 $ 26,861 $ 48,091 (1) The three and nine months ended September 30, 2024 include $0.2 million expense and a net reversal of $0.4 million, respectively, related to the CEO transition. Stock Options The following is a summary of performance and time vesting stock option activity for the nine months ended September 30, 2024 (in thousands, except share and per share data): Number of Stock Options Weighted Average Exercise Price Aggregate Weighted- Balance at December 31, 2023 18,595,731 $ 3.76 Granted — — Forfeited (203,265) 6.42 Exercised (1,207,919) 2.33 Cancelled — — Expired — — Balance at September 30, 2024 17,184,547 $ 3.83 $ 27,613 3.6 Exercisable at September 30, 2024 17,073,099 $ 3.77 $ 27,613 3.5 As of September 30, 2024, total compensation cost related to time vesting options not yet recognized was $0.9 million, which will be recognized over a weighted-average period of 0.5 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, 2024: Number of RSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2023 13,336,829 $ 7.96 Granted 586,520 2.74 Forfeited (1,936,632) 8.74 Vested (1) (270,982) 10.57 Unvested balance at September 30, 2024 11,715,735 $ 7.22 (1) Includes 41,953 shares that were net settled when released and returned to the share pool for future grants. As of September 30, 2024, to tal compensation cost related to RSUs not yet recognized was $56.9 million, which will be recognized over a weighted-average period of 2.1 years. Performance Stock Units The following is a summary of PSU activity for the nine months ended September 30, 2024: Number of PSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2023 88,132 $ 20.11 Granted (1) 1,469,106 2.41 Adjustment for PSUs expected to vest as of current period end (982,074) 2.39 Forfeited (95,872) 6.15 Vested — — Unvested balance at September 30, 2024 479,292 $ 4.15 (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, 2024, total compensation co st related to PSUs not yet recognized was $2.9 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 1.7 years.

Credit Agreements

Credit Agreements	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit Agreements	Credit Agreements Our subsidiaries are party to an amended and restated credit agreement, dated May 18, 2023 (as amended, the “Credit Agreement”), among Thoughtworks, Inc., Turing Acquisition LLC and Turing Midco LLC, Turing Topco LLC (“Holdings”), Credit Suisse AG, Cayman Islands Branch, as administrative agent, the lenders party thereto and the other parties from time-to-time party thereto, which provides for a senior secured term loan (the "Term Loan") of $715.0 million and a senior secured revolving credit facility (the "Revolver") of $300.0 million. Borrowings under the Term Loan bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate, at the Company's option, subject to interest rate floors. Borrowings under the Revolver bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate at the Company's option. In addition to paying interest on outstanding borrowings under the Revolver, the Company is required to pay a commitment fee to the lenders under the Revolver in respect of unutilized commitments thereunder and customary letter of credit fees. The following table presents the Company's outstanding debt and borrowing capacity (in thousands, except percentages): September 30, 2024 December 31, 2023 Availability under Revolver (due March 26, 2026) $ 300,000 $ 300,000 Borrowings under Revolver $ — $ — Long-term debt (due March 24, 2028), including current portion (1) $ 288,176 $ 293,185 Interest rate 7.7 % 8.0 % (1) The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below. The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands): September 30, 2024 December 31, 2023 Long-term debt, less current portion $ 282,825 $ 288,188 Capitalized deferred financing fees (1,799) (2,153) Long-term debt 281,026 286,035 Current portion of long-term debt 7,150 7,150 Total debt carrying value $ 288,176 $ 293,185 The Company estimates the fair value of the Term Loan using current market yields. These current market yields are considered Level 2 inputs. The book value of the Company’s credit facilities is considered to approximate its fair value as of September 30, 2024 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $294.0 million as of December 31, 2023.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Professional fees (1) $ 16,984 $ 4,948 Value-added tax and sales tax payable 5,041 4,821 Income taxes payable 1,200 5,106 Restructuring 4,393 3,503 Other accrued expenses 9,448 8,882 Accrued expenses and other current liabilities $ 37,066 $ 27,260 (1) The balance includes $11.0 million related to the proposed Merger.

Restructuring Actions

Restructuring Actions	9 Months Ended
	Sep. 30, 2024
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. As the Company had been implementing the Reorganization, additional opportunities were identified to drive further cost savings. On May 1, 2024, the Company’s Board of Directors approved an increase to its Reorganization plan to capture additional savings of $25 million to $30 million, with expected additional pre-tax cash charges of $6.5 million to $8.0 million. On August 2, 2024, the Company’s Board of Directors approved a second increase to its Reorganization plan to capture additional savings of $85 million to $95 million, for a total Reorganization savings of $185 million to $210 million. Thoughtworks expects to incur additional pre-tax cash charges of approximately $30.0 million to $35.0 million, for total expected pre-tax charges of approximately $56.5 million to $68.0 million (the “Updated 2024 Total Charges”). The Updated 2024 Total Charges include $51.0 million to $59.0 million in wage-related expenses, such as employee severance and related benefits, and $5.5 million to $9.0 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees. The Reorganization was completed in October 2024 as expected. The Company expects to record an immaterial amount of expense in the fourth quarter of 2024 due to closing out the program and the finalization of certain restructuring expenses, in addition to expense incurred in October related to restructuring actions taken. The total costs related to the Reorganization are reported in restructuring in the condensed consolidated statements of loss and comprehensive loss. The table below summarizes restructuring costs incurred (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Total Costs Incurred to Date at September 30, 2024 Wage-related expenses $ 21,091 $ 28,330 $ 45,574 Non-wage related expenses 1,513 3,601 5,301 Total restructuring costs $ 22,604 $ 31,931 $ 50,875 The liability as of September 30, 2024 is reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheet. The table below summarizes the activities related to the Reorganization for the three and nine months ended September 30, 2024 (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Wage-related expenses Non-wage related expenses Total Wage-related expenses Non-wage related expenses Total Liability at beginning of period $ 1,770 $ 472 $ 2,242 $ 3,134 $ 369 $ 3,503 Charges 21,091 1,513 22,604 28,330 3,601 31,931 Payments (19,071) (1,354) (20,425) (27,674) (3,340) (31,014) Non-cash items (1) — (28) (28) — (27) (27) Liability at end of period $ 3,790 $ 603 $ 4,393 $ 3,790 $ 603 $ 4,393

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (6,055)	$ (36,490)	$ (30,882)	$ (25,852)	$ (12,272)	$ (8,107)	$ (73,427)	$ (46,231)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on results of operations previously reported.
Preparation of Financial Statements	The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that
Use of Estimates	The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three and nine months ended September 30, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year.
Restricted Cash	Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card.
Allowance for Credit Losses	The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.
Recently Issued Accounting Pronouncements Not Yet Adopted	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. As part of the adoption of this ASU, the Company will apply the guidance in ASC 280 and identify significant segment expenses and other segment items for its single reportable segment. The Company is currently assessing the impact of this ASU on the consolidated financial statements and is evaluating certain significant segment expense categories, such as payroll expense, for possible disclosure. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements.

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Allowance for Credit Loss	Activity related to the Company’s allowance for credit losses is as follows (in thousands): Nine Months Ended September 30, 2024 Allowance for credit losses, beginning balance $ (9,550) Current period provision (4,167) Write-offs charged against allowance 1,602 Recoveries of amounts previously written off — Changes due to exchange rates (34) Allowance for credit losses, ending balance $ (12,149)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following table presents the disaggregation of the Company’s revenues by customer location (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America (1) $ 92,039 $ 105,241 $ 269,094 $ 327,871 APAC (2) 91,185 97,247 266,993 293,411 Europe (3) 66,149 63,228 191,415 207,775 LATAM 12,020 14,443 34,155 45,373 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430 (1) For the three months ended September 30, 2024 and 2023, the United States represented 32.5%, or $84.9 million, and 35.0%, or $98.2 million, respectively, of the Company’s total revenues. For the nine months ended September 30, 2024 and 2023, the United States represented 32.5% , or $247.2 million, and 34.6%, or $302.8 million, of the Company’s total revenues, respectively. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three and nine months ended September 30, 2024 and 2023. (2) For the three months ended September 30, 2024 and 2023, Australia represented 12.1%, or $31.6 million, and 10.7%, or $29.8 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2024 and 2023, Australia represented 12.2%, or $93.0 million, and 10.8%, or $94.2 million, respectively, of the Company's total revenues. (3) For the three months ended September 30, 2024 and 2023, Germany represented 13.0%, or $34.0 million, and 12.1%, or $34.0 million, respectively, of the Company's total revenues. For the nine months ended September 30, 2024 and 2023, Germany represented 13.1%, or $99.6 million, and 11.8%, or $102.8 million, respectively, of the Company's total revenues.
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Technology and business services $ 67,203 $ 70,612 $ 196,692 $ 214,440 Energy, public and health services 67,059 71,662 193,611 231,014 Retail and consumer 44,663 44,663 126,281 137,060 Financial services and insurance 35,603 46,447 111,686 154,380 Automotive, travel and transportation 46,865 46,775 133,387 137,536 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430 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, 2024 2023 2024 2023 Time-and-materials $ 182,292 $ 215,779 $ 537,100 $ 708,148 Fixed-price 79,101 64,380 224,557 166,282 Total revenues $ 261,393 $ 280,159 $ 761,657 $ 874,430
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, 2024 As of December 31, 2023 Contract assets included in unbilled receivables $ 34,964 $ 29,981 Contract liabilities included in deferred revenue $ 10,328 $ 18,090
Schedule of Costs to Obtain Contracts and Related Amortization and Impairment	The following table is a summary of the Company’s costs to obtain contracts and related amortization and impairment where the amortization period of the assets is greater than one year (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 1,523 $ 825 $ 876 $ 1,588 Costs to obtain contracts capitalized 837 177 1,891 526 Amortization of capitalized costs (230) (344) (630) (1,471) Changes due to exchange rates 39 12 32 27 Balance at end of period $ 2,169 $ 670 $ 2,169 $ 670

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net (Loss) Income Per Common Share	The components of basic and diluted loss per share are as follows (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss - Basic and diluted $ (6,055) $ (25,852) $ (73,427) $ (46,231) Denominator: Weighted average shares outstanding – Basic and diluted 323,452,180 317,805,140 323,031,967 317,204,506 Basic and diluted loss per common share $ (0.02) $ (0.08) $ (0.23) $ (0.15)
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, 2024 2023 2024 2023 Employee stock options, RSUs and performance stock units ("PSUs") 15,804,739 21,208,550 14,271,746 17,485,508

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Components of Stock-based Compensation Expense	The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 3,719 $ 7,462 $ 14,391 $ 28,688 Selling, general and administrative expenses (1) 3,016 5,344 12,301 19,403 Restructuring 169 — 169 — Total stock-based compensation expense $ 6,904 $ 12,806 $ 26,861 $ 48,091 (1) The three and nine months ended September 30, 2024 include $0.2 million expense and a net reversal of $0.4 million, respectively, related to the CEO transition.
Schedule of Option Activity	The following is a summary of performance and time vesting stock option activity for the nine months ended September 30, 2024 (in thousands, except share and per share data): Number of Stock Options Weighted Average Exercise Price Aggregate Weighted- Balance at December 31, 2023 18,595,731 $ 3.76 Granted — — Forfeited (203,265) 6.42 Exercised (1,207,919) 2.33 Cancelled — — Expired — — Balance at September 30, 2024 17,184,547 $ 3.83 $ 27,613 3.6 Exercisable at September 30, 2024 17,073,099 $ 3.77 $ 27,613 3.5
Schedule of Restricted Stock Units Activity	The following is a summary of RSU activity for the nine months ended September 30, 2024: Number of RSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2023 13,336,829 $ 7.96 Granted 586,520 2.74 Forfeited (1,936,632) 8.74 Vested (1) (270,982) 10.57 Unvested balance at September 30, 2024 11,715,735 $ 7.22 (1) Includes 41,953 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, 2024: Number of PSUs Weighted Average Grant Date Fair Value Unvested balance at December 31, 2023 88,132 $ 20.11 Granted (1) 1,469,106 2.41 Adjustment for PSUs expected to vest as of current period end (982,074) 2.39 Forfeited (95,872) 6.15 Vested — — Unvested balance at September 30, 2024 479,292 $ 4.15 (1) Reflects shares granted at 100%.

Credit Agreements (Tables)

Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Availability under Revolver (due March 26, 2026) $ 300,000 $ 300,000 Borrowings under Revolver $ — $ — Long-term debt (due March 24, 2028), including current portion (1) $ 288,176 $ 293,185 Interest rate 7.7 % 8.0 % (1) The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below. The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands): September 30, 2024 December 31, 2023 Long-term debt, less current portion $ 282,825 $ 288,188 Capitalized deferred financing fees (1,799) (2,153) Long-term debt 281,026 286,035 Current portion of long-term debt 7,150 7,150 Total debt carrying value $ 288,176 $ 293,185

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	The following is a summary of the Company’s accrued expenses and other current liabilities (in thousands): September 30, 2024 December 31, 2023 Professional fees (1) $ 16,984 $ 4,948 Value-added tax and sales tax payable 5,041 4,821 Income taxes payable 1,200 5,106 Restructuring 4,393 3,503 Other accrued expenses 9,448 8,882 Accrued expenses and other current liabilities $ 37,066 $ 27,260 (1) The balance includes $11.0 million related to the proposed Merger.

Restructuring Actions (Tables)

Restructuring Actions (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring	The table below summarizes restructuring costs incurred (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Total Costs Incurred to Date at September 30, 2024 Wage-related expenses $ 21,091 $ 28,330 $ 45,574 Non-wage related expenses 1,513 3,601 5,301 Total restructuring costs $ 22,604 $ 31,931 $ 50,875 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Wage-related expenses Non-wage related expenses Total Wage-related expenses Non-wage related expenses Total Liability at beginning of period $ 1,770 $ 472 $ 2,242 $ 3,134 $ 369 $ 3,503 Charges 21,091 1,513 22,604 28,330 3,601 31,931 Payments (19,071) (1,354) (20,425) (27,674) (3,340) (31,014) Non-cash items (1) — (28) (28) — (27) (27) Liability at end of period $ 3,790 $ 603 $ 4,393 $ 3,790 $ 603 $ 4,393

Business and Summary of Signi_4

Business and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) business	Sep. 30, 2023	Sep. 30, 2024 USD ($) business	Sep. 30, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2024 $ / shares	Jan. 01, 2024
Concentration Risk [Line Items]
Number of countries | business	19		19
Transaction costs	$ 10,200		$ 11,500
Property and equipment, net	26,432		26,432		$ 26,046
Other current assets
Concentration Risk [Line Items]
Transaction costs accrued	11,200		11,200
Accrued expenses and other current liabilities
Concentration Risk [Line Items]
Transaction costs accrued	11,000		11,000
Apax Partners LLP | Forecast
Concentration Risk [Line Items]
Price per share of common stock (in dollars per share) | $ / shares						$ 4.40
Computer Equipment
Concentration Risk [Line Items]
Estimated useful life					3 years		4 years
Non-US
Concentration Risk [Line Items]
Property and equipment, net	$ 18,400		$ 18,400		$ 18,700
Non-US | Revenue Benchmark | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	67.50%	65%	67.50%	65.40%
Non-US | Trade Accounts Receivable and Unbilled Accounts Receivable | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk			73.40%		74.80%

Business and Summary of Signi_5

Business and Summary of Significant Accounting Policies - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (9,550)
Current period provision	(4,167)	$ (4,145)
Write-offs charged against allowance	1,602
Recoveries of amounts previously written off	0
Changes due to exchange rates	(34)
Allowance for credit losses, ending balance	$ (12,149)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) industryVertical	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of industry verticals | industryVertical			5
Revenue recognized	$ 2.3	$ 0	$ 16.4	$ 4.3
Remaining performance obligation, amount	$ 9.1		$ 9.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction	18 months		18 months

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 261,393	$ 280,159	$ 761,657	$ 874,430
North America
Disaggregation of Revenue [Line Items]
Revenues	92,039	105,241	269,094	327,871
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 84,900	$ 98,200	$ 247,200	$ 302,800
United States | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	32.50%	35%	32.50%	34.60%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 91,185	$ 97,247	$ 266,993	$ 293,411
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 31,600	$ 29,800	$ 93,000	$ 94,200
Australia | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	12.10%	10.70%	12.20%	10.80%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 66,149	$ 63,228	$ 191,415	$ 207,775
Germany
Disaggregation of Revenue [Line Items]
Revenues	$ 34,000	$ 34,000	$ 99,600	$ 102,800
Germany | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	13%	12.10%	13.10%	11.80%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 12,020	$ 14,443	$ 34,155	$ 45,373

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 261,393	$ 280,159	$ 761,657	$ 874,430
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	67,203	70,612	196,692	214,440
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	67,059	71,662	193,611	231,014
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	44,663	44,663	126,281	137,060
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	35,603	46,447	111,686	154,380
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	$ 46,865	$ 46,775	$ 133,387	$ 137,536

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 261,393	$ 280,159	$ 761,657	$ 874,430
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenues	182,292	215,779	537,100	708,148
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	$ 79,101	$ 64,380	$ 224,557	$ 166,282

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 34,964	$ 29,981
Contract liabilities included in deferred revenue	$ 10,328	$ 18,090

Revenue Recognition - Schedul_5

Revenue Recognition - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Roll Forward]
Balance at beginning of period	$ 1,523	$ 825	$ 876	$ 1,588
Costs to obtain contracts capitalized	837	177	1,891	526
Amortization of capitalized costs	(230)	(344)	(630)	(1,471)
Changes due to exchange rates	39	12	32	27
Balance at end of period	$ 2,169	$ 670	$ 2,169	$ 670

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(219.70%)	(4.90%)	(8.60%)	(39.80%)

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss (basic)	$ (6,055)	$ (25,852)	$ (73,427)	$ (46,231)
Net loss (diluted)	$ (6,055)	$ (25,852)	$ (73,427)	$ (46,231)
Denominator:
Weighted average shares outstanding – basic (in shares)	323,452,180	317,805,140	323,031,967	317,204,506
Weighted average shares outstanding – diluted (in shares)	323,452,180	317,805,140	323,031,967	317,204,506
Basic loss per share (in dollars per share)	$ (0.02)	$ (0.08)	$ (0.23)	$ (0.15)
Diluted loss per share (in dollars per share)	$ (0.02)	$ (0.08)	$ (0.23)	$ (0.15)

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee stock options, RSUs and performance stock units ("PSUs")
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,804,739	21,208,550	14,271,746	17,485,508

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,904	$ 12,806	$ 26,861	$ 48,091
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,719	7,462	14,391	28,688
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,016	5,344	12,301	19,403
Stock-based compensation expense, increase (decrease) related to CEO transition	200		(400)
Restructuring
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 169	$ 0	$ 169	$ 0

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) | shares	18,595,731
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(203,265)
Exercised (in shares) | shares	(1,207,919)
Cancelled (in shares) | shares	0
Expired (in shares) | shares	0
Ending balance (in shares) | shares	17,184,547
Exercisable (in shares) | shares	17,073,099
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 3.76
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	6.42
Exercised (in dollars per share) | $ / shares	2.33
Cancelled (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	3.83
Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 3.77
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value | $	$ 27,613
Aggregate Intrinsic Value, Exercisable | $	$ 27,613
Weighted average Period of recognition	3 years 7 months 6 days
Weighted average remaining contractual term, exercisable	3 years 6 months

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs not yet recognized	$ 0.9
Compensation costs, weighted average period of recognition	6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	2 years 1 month 6 days
Compensation costs, (other than options) not yet recognized	$ 56.9
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition	1 year 8 months 12 days
Compensation costs, (other than options) not yet recognized	$ 2.9

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares)	13,336,829
Granted (in shares)	586,520
Forfeited (in shares)	(1,936,632)
Vested (in shares)	(270,982)
Ending balance (in shares)	11,715,735
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 7.96
Granted (in dollars per share) | $ / shares	2.74
Forfeited (in dollars per share) | $ / shares	8.74
Vested (in dollars per share) | $ / shares	10.57
Ending balance (in dollars per share) | $ / shares	$ 7.22
Net settled (in shares)	41,953

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Performance Share Units Activity (Details) - Performance Shares	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of PSUs
Beginning balance (in shares) | shares	88,132
Granted (in shares) | shares	1,469,106
Adjustment for PSUs expected to vest as of current period end (in shares) | shares	(982,074)
Forfeited (in shares) | shares	(95,872)
Vested (in shares) | shares	0
Ending balance (in shares) | shares	479,292
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 20.11
Granted (in dollars per share) | $ / shares	2.41
Adjustment for PSUs expected to vest as of current period end (in dollars per share) | $ / shares	2.39
Forfeited (in dollars per share) | $ / shares	6.15
Vested (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 4.15

Credit Agreements - Narrative (

Credit Agreements - Narrative (Details) - Line of Credit - Credit Agreements - USD ($)	Sep. 30, 2024	Dec. 31, 2023	May 18, 2023
Secured Debt
Debt Instrument [Line Items]
Term loan			$ 715,000,000
Term loan, fair value		$ 294,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 300,000,000	$ 300,000,000

Credit Agreements - Schedule of

Credit Agreements - Schedule of Borrowings (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	May 18, 2023
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 288,176,000	$ 293,185,000
Interest rate	7.70%	8%
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, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 282,825	$ 288,188
Capitalized deferred financing fees	(1,799)	(2,153)
Long-term debt	281,026	286,035
Current portion of long-term debt	7,150	7,150
Total debt carrying value	$ 288,176	$ 293,185

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Professional fees	$ 16,984	$ 4,948
Value-added tax and sales tax payable	5,041	4,821
Income taxes payable	1,200	5,106
Restructuring	4,393	3,503
Other accrued expenses	9,448	8,882
Accrued expenses and other current liabilities	37,066	$ 27,260
Accrued expenses and other current liabilities
Business Acquisition [Line Items]
Transaction costs accrued	$ 11,000

Restructuring Actions - Narrati

Restructuring Actions - Narrative (Details) - Reorganization - USD ($) $ in Thousands	Aug. 02, 2024	May 01, 2024
Minimum
Restructuring Cost and Reserve [Line Items]
Expected savings, additional	$ 85,000	$ 25,000
Expected restructuring costs remaining	30,000	6,500
Expected savings, total	185,000
Expected restructuring costs, total	56,500
Minimum | Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total	51,000
Minimum | Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total	5,500
Maximum
Restructuring Cost and Reserve [Line Items]
Expected savings, additional	95,000	30,000
Expected restructuring costs remaining	35,000	$ 8,000
Expected savings, total	210,000
Expected restructuring costs, total	68,000
Maximum | Wage-related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total	59,000
Maximum | Non-wage related expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs, total	$ 9,000

Restructuring Actions - Schedul

Restructuring Actions - Schedule of Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 22,604	$ 15,566	$ 31,931	$ 15,566
Restructuring Reserve [Roll Forward]
Charges	22,604	$ 15,566	31,931	$ 15,566
Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	22,604		31,931
Restructuring costs incurred to date	50,875		50,875
Restructuring Reserve [Roll Forward]
Liability, beginning balance	2,242		3,503
Charges	22,604		31,931
Payments	(20,425)		(31,014)
Non-cash items	(28)		(27)
Liability, ending balance	4,393		4,393
Wage-related expenses | Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	21,091		28,330
Restructuring costs incurred to date	45,574		45,574
Restructuring Reserve [Roll Forward]
Liability, beginning balance	1,770		3,134
Charges	21,091		28,330
Payments	(19,071)		(27,674)
Non-cash items	0		0
Liability, ending balance	3,790		3,790
Non-wage related expenses | Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,513		3,601
Restructuring costs incurred to date	5,301		5,301
Restructuring Reserve [Roll Forward]
Liability, beginning balance	472		369
Charges	1,513		3,601
Payments	(1,354)		(3,340)
Non-cash items	(28)		(27)
Liability, ending balance	$ 603		$ 603