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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For transition period from ______ to _____
Commission File Number 001-40812
THOUGHTWORKS HOLDING, INC.
(Exact name of registrant as specified in its charter)
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Delaware | | 82-2668392 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
200 East Randolph Street, 25th Floor
Chicago, Illinois 60601
(312) 373-1000
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Common Stock, $0.001 par value | | TWKS | | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As of May 2, 2024, there were 322,913,818 shares of the registrant's common stock outstanding.
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THOUGHTWORKS HOLDING, INC. |
QUARTERLY REPORT ON FORM 10-Q |
TABLE OF CONTENTS |
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FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” "strive," “will,” “would” or similar expressions and the negatives of those terms but the absence of these words does not mean that the statement is not forward-looking. The forward-looking statements are contained principally in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements may include information concerning our possible or assumed future results of operations, client demand, business strategies, technology developments, financing and investment plans, competitive position, our industry, macroeconomic and regulatory environment, potential growth opportunities and the effects of competition.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this Quarterly Report. You should read this Quarterly Report and the documents that we have filed as exhibits hereto, completely and with the understanding that our actual future results may be materially different from what we expect.
Important risk factors that could cause actual results to differ materially from our expectations include:
•economic conditions have resulted in, and may continue to result in, client delays, reductions or cancellations and a decrease in pricing, making it more difficult to forecast client demand and effectively build a pipeline;
•we have, and may continue to, offer significant discounts for our services, which has, and may continue to, put pressure on our margins;
•we face risks associated with having a long selling and implementation cycle for our services that require us to make significant resource commitments prior to realizing revenues for those services;
•our business has been, and may continue to be, adversely affected by volatile or uncertain operational, geopolitical, regulatory, legal and economic conditions;
•we may be unable to implement our strategy;
•we may not be successful at attracting new clients or retaining and expanding our relationships with our existing clients;
•our ability to generate and retain business depends on our reputation in the marketplace;
•if we fail to adequately innovate, adapt and/or remain at the forefront of emerging technologies and related client demands, we could be materially adversely affected;
•we may not be successful in our emerging technology initiatives, which could adversely affect our business, reputation, or financial results;
•if we fail to manage our acquisition strategy, our culture and growth plans could be materially adversely affected;
•our business, financial condition and results of operations may be adversely affected by fluctuations in foreign currency exchange rates;
•our cash flows and results of operations may be adversely affected if we are unable to collect on billed and unbilled receivables from clients;
•our effective tax rate could be materially adversely affected by several factors;
•we must successfully attract, hire, train and retain skilled professionals to service our clients’ projects and we must productively deploy our professionals to remain profitable;
•increases in wages, equity compensation and other compensation expenses could prevent us from sustaining our competitive advantage and increase our costs;
•our business and operations may be harmed if we cannot positively evolve and preserve our Thoughtworks culture;
•we face intense competition and operate in a rapidly evolving industry, which makes it difficult to evaluate our future prospects;
•our existing indebtedness could adversely affect our business and growth prospect;
•if we cause disruptions to our clients’ businesses, provide inadequate service, or breach contractual obligations, our clients may have claims against us, which our insurance may not adequately protect against, and our reputation may be damaged;
•we face risks associated with security breaches as well as privacy and data protection regulations, and we may incur significant liabilities if we fail to manage those risks;
•a significant failure in our systems, telecommunications or IT infrastructure could harm our service model, which could result in a reduction of our revenues and otherwise disrupt our business;
•changes in privacy and data protection regulations could expose us to risks of noncompliance and costs associated with compliance;
•we are subject to laws and regulations in the U.S. and other countries in which we operate, compliance with these laws requires significant resources and non-compliance may result in civil or criminal penalties and other remedial measures;
•we may become subject to disputes or legal or other proceedings that could involve significant expenditures by us, which could have a material adverse effect on us, including our financial results;
•our environmental, social and governance (ESG) commitments and disclosures may expose us to reputational risks and legal liability;
•we may face intellectual property infringement or misappropriation claims that could be costly to defend or if we do not protect our brand through our intellectual property rights, our business may be harmed;
•we may not be able to prevent unauthorized use of our client's intellectual property and our business and competitive position may be damaged as a result;
•our stock price may be volatile, and the value of our common stock may decline;
•our issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plans, or otherwise will dilute all other stockholders;
•if securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, the market price and trading volume of our common stock could decline;
•we do not intend to pay dividends for the foreseeable future and, as a result, the ability of the holders of our common stock to achieve a return on their investment will depend on appreciation in the price of our common stock;
•investment funds (the "Apax Funds") advised by Apax Partners L.L.P. ("Apax Partners") control us, and such control may give rise to actual or perceived conflicts of interests;
•our status as a “controlled company” grants us exemptions from certain corporate governance requirements;
•as a result of being a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our common stock;
•we may fail to comply with the rules that apply to public companies, which could result in sanctions or other penalties;
•provisions of our corporate governance documents could make an acquisition of us more difficult and may prevent attempts by our shareholders to replace or remove our current management, even if beneficial to our shareholders;
•provisions of our certificate of incorporation could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us;
•a significant portion of our total outstanding shares may be sold into the market, which could cause the market price of common stock to drop; and
•other factors disclosed in the subsection entitled “Risk Factor Summary" and the section entitled "Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2023 (the "2023 Annual Report") and the section entitled "Risk Factors" in this Quarterly Report.
We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, include, but are not limited to, those disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and in our 2023 Annual Report. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by
these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this Quarterly Report in the context of these risks and uncertainties.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
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THOUGHTWORKS HOLDING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data and per share data) |
| March 31, 2024 | | December 31, 2023 |
| (unaudited) | | |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 72,554 | | | $ | 100,305 | |
Trade receivables, net of allowance of $9,991 and $9,550, respectively | 130,560 | | | 167,942 | |
Unbilled receivables | 133,980 | | | 115,150 | |
Prepaid expenses | 18,230 | | | 19,692 | |
Other current assets | 25,816 | | | 25,269 | |
Total current assets | 381,140 | | | 428,358 | |
Property and equipment, net | 27,246 | | | 26,046 | |
Right-of-use assets | 39,198 | | | 41,771 | |
Intangibles and other assets: | | | |
Goodwill | 419,875 | | 424,565 |
Trademark | 273,000 | | 273,000 |
Customer relationships, net | 108,933 | | 114,186 |
Other non-current assets | 19,128 | | | 19,310 | |
Total assets | $ | 1,268,520 | | | $ | 1,327,236 | |
Liabilities and stockholders' equity | | |
Current liabilities: | | | |
Accounts payable | $ | 4,266 | | | $ | 2,767 | |
Long-term debt, current | 7,150 | | | 7,150 | |
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Accrued compensation | 72,721 | | | 88,712 | |
Deferred revenue | 12,138 | | | 18,090 | |
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Accrued expenses and other current liabilities | 22,223 | | | 27,260 | |
Lease liabilities, current | 14,092 | | | 15,301 | |
Total current liabilities | 132,590 | | | 159,280 | |
Lease liabilities, non-current | 28,032 | | | 29,791 | |
Long-term debt, less current portion | 284,364 | | | 286,035 | |
Deferred tax liabilities | 47,708 | | | 54,907 | |
Other long-term liabilities | 22,470 | | | 24,093 | |
Total liabilities | 515,164 | | | 554,106 | |
Commitments and contingencies | | | |
Stockholders’ equity: | | | |
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at March 31, 2024 and December 31, 2023, respectively | — | | | — | |
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 373,295,466 and 372,876,082 issued, 322,826,928 and 322,407,385 outstanding at March 31, 2024 and December 31, 2023, respectively | 373 | | | 373 | |
Treasury stock, 50,468,538 and 50,468,697 shares at March 31, 2024 and December 31, 2023, respectively | (622,987) | | | (622,988) | |
Additional paid-in capital | 1,638,964 | | | 1,627,491 | |
Accumulated other comprehensive loss | (38,530) | | | (38,166) | |
Retained deficit | (224,464) | | | (193,580) | |
Total stockholders' equity | 753,356 | | | 773,130 | |
Total liabilities and stockholders' equity | $ | 1,268,520 | | | $ | 1,327,236 | |
The accompanying notes form an integral part of the condensed consolidated financial statements.
THOUGHTWORKS HOLDING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited)
(In thousands, except share and per share data)
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
Operating expenses: | | | | | | | |
Cost of revenues | 178,813 | | | 209,522 | | | | | |
Selling, general and administrative expenses | 76,230 | | | 86,340 | | | | | |
Depreciation and amortization | 5,635 | | | 5,542 | | | | | |
Restructuring | 2,115 | | | — | | | | | |
Total operating expenses | 262,793 | | | 301,404 | | | | | |
(Loss) income from operations | (14,200) | | | 5,652 | | | | | |
Other (expense) income: | | | | | | | |
Interest expense | (6,586) | | | (6,862) | | | | | |
Net realized and unrealized foreign currency (loss) gain | (10,408) | | | 1,185 | | | | | |
Other income (expense), net | 349 | | | (723) | | | | | |
Total other expense | (16,645) | | | (6,400) | | | | | |
Loss before income taxes | (30,845) | | | (748) | | | | | |
Income tax expense | 37 | | | 7,359 | | | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | | | | | |
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Other comprehensive (loss) income, net of tax: | | | | | | | |
Foreign currency translation adjustments | (364) | | | 242 | | | | | |
Comprehensive loss | $ | (31,246) | | | $ | (7,865) | | | | | |
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Net loss per common share: | | | | | | | |
Basic loss per common share | $ | (0.10) | | | $ | (0.03) | | | | | |
Diluted loss per common share | $ | (0.10) | | | $ | (0.03) | | | | | |
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Weighted average shares outstanding: | | | | | | | |
Basic | 322,638,110 | | | 316,451,601 | | | | | |
Diluted | 322,638,110 | | | 316,451,601 | | | | | |
The accompanying notes form an integral part of the condensed consolidated financial statements.
THOUGHTWORKS HOLDING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited)
(In thousands, except share data)
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| Common Stock | | Treasury | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Deficit | | |
| Shares | | Amount | | Shares | | Amount | | | | | Total |
Balance as of December 31, 2022 | 315,681,987 | | | $ | 366 | | | 50,624,983 | | | $ | (624,934) | | | $ | 1,565,514 | | | $ | (39,210) | | | $ | (123,514) | | | $ | 778,222 | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | (8,107) | | | (8,107) | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 242 | | | — | | | 242 | |
Issuance of common stock for equity incentive awards, net of withholding taxes | 1,189,600 | | | 1 | | | — | | | — | | | (180) | | | — | | | — | | | (179) | |
Reissuance of treasury shares for equity incentive awards | 12,798 | | | — | | | (12,798) | | | 159 | | | (159) | | | — | | | — | | | — | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 17,679 | | | — | | | — | | | 17,679 | |
Balance as of March 31, 2023 | 316,884,385 | | | $ | 367 | | | 50,612,185 | | | $ | (624,775) | | | $ | 1,582,854 | | | $ | (38,968) | | | $ | (131,621) | | | $ | 787,857 | |
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Balance as of December 31, 2023 | 322,407,385 | | | $ | 373 | | | 50,468,697 | | | $ | (622,988) | | | $ | 1,627,491 | | | $ | (38,166) | | | $ | (193,580) | | | $ | 773,130 | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | (30,882) | | | (30,882) | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (364) | | | — | | | (364) | |
Issuance of common stock for equity incentive awards, net of withholding taxes | 419,384 | | | — | | | — | | | — | | | 855 | | | — | | | — | | | 855 | |
Reissuance of treasury shares for equity incentive awards | 159 | | | — | | | (159) | | | 1 | | | (1) | | | — | | | (2) | | | (2) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 10,619 | | | — | | | — | | | 10,619 | |
Balance as of March 31, 2024 | 322,826,928 | | | $ | 373 | | | 50,468,538 | | | $ | (622,987) | | | $ | 1,638,964 | | | $ | (38,530) | | | $ | (224,464) | | | $ | 753,356 | |
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The accompanying notes form an integral part of the condensed consolidated financial statements.
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THOUGHTWORKS HOLDING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | | | |
Depreciation and amortization expense | 7,155 | | | 9,089 | |
Bad debt expense | 821 | | | 1,452 | |
Deferred income tax benefit | (5,893) | | | (4,485) | |
Stock-based compensation expense | 10,619 | | | 17,679 | |
Unrealized foreign currency exchange loss/(gain) | 10,202 | | | (948) | |
Non-cash lease expense on right-of-use assets | 4,044 | | | 4,525 | |
Other operating activities, net | (52) | | | 1,413 | |
Changes in operating assets and liabilities: | | | |
Trade receivables | 33,720 | | | 56,674 | |
Unbilled receivables | (20,708) | | | (23,238) | |
Prepaid expenses and other assets | 797 | | | (1,393) | |
Lease liabilities | (3,931) | | | (4,705) | |
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Accounts payable | 645 | | | 1,975 | |
Accrued expenses and other liabilities | (22,287) | | | (16,884) | |
Net cash (used in) provided by operating activities | (15,750) | | | 33,047 | |
Cash flows from investing activities: | | | |
Purchase of property and equipment | (4,224) | | | (1,657) | |
Proceeds from disposal of fixed assets | 88 | | | 91 | |
Acquisitions, net of cash acquired | — | | | (15,989) | |
Net cash used in investing activities | (4,136) | | | (17,555) | |
Cash flows from financing activities: | | | |
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Payments of obligations of long-term debt | (1,788) | | | (101,788) | |
Payments of debt issuance costs | — | | | (99) | |
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Proceeds from issuance of common stock on exercise of options | 759 | | | 2,169 | |
Withholding taxes paid related to net share settlement of equity awards | (4,053) | | | (2,348) | |
Other financing activities, net | 298 | | | 25 | |
Net cash used in financing activities | (4,784) | | | (102,041) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,783) | | | 1,548 | |
Net decrease in cash, cash equivalents and restricted cash | (27,453) | | | (85,001) | |
Cash, cash equivalents and restricted cash at beginning of the period | 101,660 | | | 195,564 | |
Cash, cash equivalents and restricted cash at end of the period | $ | 74,207 | | | $ | 110,563 | |
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Supplemental disclosure of cash flow information: | | | |
Interest paid | $ | 6,063 | | | $ | 6,645 | |
Income taxes paid | $ | 5,623 | | | $ | 6,856 | |
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Reconciliation of cash, cash equivalents and restricted cash: | | | |
Cash and cash equivalents | $ | 72,554 | | | $ | 109,268 | |
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Restricted cash included in other non-current assets | 1,653 | | | 1,295 | |
Total cash, cash equivalents and restricted cash | $ | 74,207 | | | $ | 110,563 | |
The accompanying notes form an integral part of the condensed consolidated financial statements.
THOUGHTWORKS HOLDING, INC.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Business and Summary of Significant Accounting Policies
Thoughtworks Holding, Inc. (together with its subsidiaries, the “Company”) develops, implements, and services complex enterprise application software, and provides business technology consulting. The Company conducts business in Australia, Brazil, Canada, Chile, China, Ecuador, Finland, Germany, Hong Kong, India, Italy, the Netherlands, Romania, Singapore, Spain, Switzerland, Thailand, the United Kingdom, the United States and Vietnam. Thoughtworks Holding, Inc. is the ultimate parent holding company of Thoughtworks, Inc. among other subsidiaries.
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 Annual Report.
Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on results of operations previously reported.
Preparation of Financial Statements and Use of Estimates
The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.
As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three months ended March 31, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year.
Restricted Cash
Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card.
Allowance for Credit Losses
The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.
Activity related to the Company’s allowance for credit losses is as follows (in thousands):
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| Three Months Ended March 31, 2024 |
Allowance for credit losses, beginning balance | $ | (9,550) | | | |
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Current period provision | (821) | | | |
Write-offs charged against allowance | — | | | |
Recoveries of amounts previously written off | — | | | |
Changes due to exchange rates | 380 | | | |
Allowance for credit losses, ending balance | $ | (9,991) | | | |
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently assessing the impact of this ASU on the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements.
Concentration of Credit Risk and Other Risks and Uncertainties
Revenue generated from the Company's operations outside of the United States for the three months ended March 31, 2024 and 2023 was 67.3% and 65.6%, respectively.
As of March 31, 2024 and December 31, 2023, 73.2% and 74.8%, respectively, of trade receivables and unbilled receivables was due from customers located outside the United States. At March 31, 2024 and December 31, 2023, the Company had net property and equipment of $19.8 million and $18.7 million, respectively, outside the United States.
Note 2 – Revenue Recognition
The Company disaggregates revenues from contracts with customers by geographic customer location, industry vertical and revenue contract types. Geographic customer location is pertinent to understanding the Company's revenues, as the Company generates its revenues from providing professional services to customers in various regions across the world. The Company groups customers into one of five industry verticals. Revenue contract types are differentiated by the type of pricing structure for customer contracts, which is predominantly time-and-materials but also includes fixed price contracts.
During the first quarter of 2024, in connection with the restructuring, the Company updated the disaggregation of revenue by customer location to reflect the geographical market based on contracting location, consistent with client ownership within our geographical markets, versus billing location, as previously reported. All corresponding disclosures and historical amounts, including revenue by country noted below, have been recast to reflect the change.
Disaggregation of Revenues
The following table presents the disaggregation of the Company’s revenues by customer location (in thousands):
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
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North America (1) | $ | 88,800 | | | $ | 115,060 | | | | | |
APAC (2) | 86,713 | | | 97,484 | | | | | |
Europe (3) | 62,212 | | | 78,784 | | | | | |
LATAM | 10,868 | | | 15,728 | | | | | |
Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
(1)For the three months ended March 31, 2024 and 2023, the United States represented 32.7%, or $81.3 million, and 34.4%, or $105.7 million, respectively, of the Company’s total revenues. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three months ended March 31, 2024 and 2023.
(2)For the three months ended March 31, 2024 and 2023, Australia represented 12.1%, or $30.1 million, and 10.6%, or $32.5 million, respectively, of the Company's total revenues.
(3)For the three months ended March 31, 2024 and 2023, Germany represented 13.0%, or $32.3 million, and 11.6%, or $35.7 million, respectively, of the Company's total revenues. For the three months ended March 31, 2024, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the three months ended March 31, 2023, the United Kingdom represented 11.0%, or $33.8 million, of the Company’s total revenues.
Other foreign countries were determined to be immaterial given the revenues as a percentage of the Company’s total revenues was less than 10% for the three months ended March 31, 2024 and 2023.
The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands):
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Technology and business services | $ | 65,369 | | | $ | 74,133 | | | | | |
Energy, public and health services | 63,022 | | | 84,039 | | | | | |
Retail and consumer | 38,931 | | | 47,912 | | | | | |
Financial services and insurance | 39,155 | | | 55,155 | | | | | |
Automotive, travel and transportation | 42,116 | | | 45,817 | | | | | |
Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
The following table presents the disaggregation of the Company’s revenues by contract type (in thousands):
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
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Time-and-materials | $ | 177,787 | | | $ | 257,250 | | | | | |
Fixed-price | 70,806 | | | 49,806 | | | | | |
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Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
Contract Balances
The following table is a summary of the Company’s contract assets and contract liabilities (in thousands):
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| As of March 31, 2024 | | As of December 31, 2023 |
Contract assets included in unbilled receivables | $ | 28,291 | | | $ | 29,981 | |
Contract liabilities included in deferred revenue | $ | 12,138 | | | $ | 18,090 | |
Contract assets primarily relate to unbilled amounts on fixed-price contracts, where the right to consideration is conditional on the satisfaction of performance obligations that are measured based on hours incurred and the end deliverable to the customer. Contract assets are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Professional services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in unbilled receivables.
Contract liabilities represent amounts collected from the Company’s customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. For the three months ended March 31, 2024 and 2023, the Company recognized $11.5 million and $3.5 million, respectively, of revenues that were included in contract liabilities at the prior year end.
Costs to Obtain a Customer Contract
The Company incurs certain incremental costs to obtain a contract that the Company expects to recover. The Company applies a practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The Company capitalizes incremental costs of obtaining contracts where the contract term is greater than one year. These costs would primarily relate to commissions paid to our account executives and are included in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of loss and comprehensive loss for contracts one year or less and other current assets and other non-current assets on the condensed consolidated balance sheets for contracts greater than one year.
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):
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Balance at beginning of period | $ | 876 | | | $ | 1,588 | | | | | |
Costs to obtain contracts capitalized | 633 | | | 68 | | | | | |
Amortization of capitalized costs | (198) | | | (268) | | | | | |
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Changes due to exchange rates | (5) | | | 3 | | | | | |
Balance at end of period | $ | 1,306 | | | $ | 1,391 | | | | | |
Transaction Price Allocated to Remaining Performance Obligations
The Company had remaining performance obligations of approximately $11.7 million as of March 31, 2024, of which it expects to recognize as revenue 50% over the next 12 months and the remainder within 24 months. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The Company has applied the optional exemption for contracts that have an original expected duration of one year or less.
Note 3 – Income Taxes
For the three months ended March 31, 2024 and March 31, 2023, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to the impact of permanent differences on the Company's forecasted loss before income taxes, causing the tax rate to be highly sensitive whereby minor changes in the forecasted amounts generate significant variability in the estimated annual effective tax rate, thus distorting the customary relationship between income tax expense and pre-tax income in interim periods.
The Company’s effective tax rate for the three months ended March 31, 2024 and March 31, 2023 was (0.1)% and (983.8)%, respectively. The effective tax rate in each period differed from the U.S. statutory rate of 21% primarily due to U.S. corporate state income taxation and the effect of foreign operations, which reflects the impact of higher income tax rates in locations outside the United States, the unfavorable impact of valuation allowances on deferred tax assets of select foreign and US operations, the unfavorable impact of providing for unrecognized tax benefits, the unfavorable impact of capitalized research and experimental costs under Internal Revenue Code ("IRC") §174 increasing the Company's net global intangible low tax income ("GILTI") inclusion, the non-deductibility of China SAFE restricted stock units ("RSUs"), and the unfavorable impact of excess tax deficiencies on stock-based compensation. The change in the effective tax rate for the three months ended March 31, 2024, as compared to the prior period, and the negative effective tax rate for the three months ended March 31, 2024 and March 31, 2023, is a result of the aforementioned unique net unfavorable items when compared to the pre-tax loss recorded for the respective periods.
Note 4 – Loss Per Share
The components of basic and diluted loss per share are as follows (in thousands, except share and per share data):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Numerator: | | | | | | | |
Net loss - Basic and diluted | $ | (30,882) | | | $ | (8,107) | | | | | |
Denominator: | | | | | | | |
Weighted average shares outstanding – Basic and diluted | 322,638,110 | | | 316,451,601 | | | | | |
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Basic and diluted loss per common share | $ | (0.10) | | | $ | (0.03) | | | | | |
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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:
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Employee stock options, RSUs and performance stock units ("PSUs") | 15,642,763 | | | 20,285,106 | | | | | |
Note 5 – Stock-Based Compensation
The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands):
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| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Cost of revenues | $ | 5,599 | | | $ | 10,530 | | | | | |
Selling, general and administrative expenses | 5,020 | | | 7,149 | | | | | |
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Total stock-based compensation expense | $ | 10,619 | | | $ | 17,679 | | | | | |
Stock Options
The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2024 (in thousands, except share and per share data):
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| Number of Stock Options | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | | Weighted- Average Remaining Contractual Term (years) |
Balance at December 31, 2023 | 18,595,731 | | | $ | 3.76 | | | | | |
Granted | — | | | — | | | | | |
Forfeited | (19,504) | | | 6.24 | | | | | |
Exercised | (389,247) | | | 2.40 | | | | | |
Cancelled | — | | | — | | | | | |
Expired | — | | | — | | | | | |
Balance at March 31, 2024 | 18,186,980 | | | $ | 3.76 | | | $ | 2,978 | | | 4.2 |
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Exercisable at March 31, 2024 | 17,900,258 | | | $ | 3.66 | | | $ | 2,978 | | | 4.2 |
As of March 31, 2024, total compensation cost related to time vesting options not yet recognized was $2.3 million, which will be recognized over a weighted-average period of 0.9 years. Unless otherwise prohibited by law in local jurisdictions, time vesting options will continue to vest according to the 2017 Stock Option Plan (the "2017 Plan") and the applicable award agreements.
Restricted Stock Units
The following is a summary of RSU activity for the three months ended March 31, 2024:
| | | | | | | | | | | | | | | |
| Number of RSUs | | Weighted Average Grant Date Fair Value | | | | |
Unvested balance at December 31, 2023 | 13,336,829 | | | $ | 7.96 | | | | | |
Granted | 15,000 | | | 2.47 | | | | | |
Forfeited | (495,884) | | | 9.35 | | | | | |
Vested (1) | (41,378) | | | 9.78 | | | | | |
Unvested balance at March 31, 2024 | 12,814,567 | | | $ | 7.89 | | | | | |
(1)Includes 11,082 shares that were net settled when released and returned to the share pool for future grants.
As of March 31, 2024, total compensation cost related to RSUs not yet recognized was $85.4 million, which will be recognized over a weighted-average period of 2.5 years.
Performance Stock Units
The following is a summary of PSU activity for the three months ended March 31, 2024:
| | | | | | | | | | | |
| Number of PSUs | | Weighted Average Grant Date Fair Value |
Unvested balance at December 31, 2023 | 88,132 | | | $ | 20.11 | |
Granted (1) | 1,469,106 | | | 2.41 | |
Adjustment for PSUs expected to vest as of current period end | (715,720) | | | 2.35 | |
Forfeited | (10,357) | | | 20.11 | |
Vested | — | | | — | |
Unvested balance at March 31, 2024 | 831,161 | | | $ | 4.12 | |
(1)Reflects shares granted at 100%.
For compensation expense purposes, the fair value of the non-market-based PSUs was determined using the closing stock price on the grant date and the fair value for the market-based PSUs was determined using a Monte-Carlo simulation.
As of March 31, 2024, total compensation cost related to PSUs not yet recognized was $6.7 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 2.1 years.
Note 6 – Credit Agreements
Our subsidiaries are party to an amended and restated credit agreement, dated May 18, 2023 (as amended, the “Credit Agreement”), among Thoughtworks, Inc., Turing Acquisition LLC and Turing Midco LLC, Turing Topco LLC (“Holdings”), Credit Suisse AG, Cayman Islands Branch, as administrative agent, the lenders party thereto and the other parties from time-to-time party thereto, which provides for a senior secured term loan (the "Term Loan") of $715.0 million and a senior secured revolving credit facility (the "Revolver") of $300.0 million.
Borrowings under the Term Loan bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate, at the Company's option, subject to interest rate floors.
Borrowings under the Revolver bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) the SOFR rate at the Company's option. In addition to paying interest on outstanding borrowings under the Revolver, the Company is required to pay a commitment fee to the lenders under the Revolver in respect of unutilized commitments thereunder and customary letter of credit fees.
The following table presents the Company's outstanding debt and borrowing capacity (in thousands, except percentages):
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Availability under Revolver (due March 26, 2026) | $ | 300,000 | | | $ | 300,000 | |
Borrowings under Revolver | $ | — | | | $ | — | |
Long-term debt (due March 24, 2028), including current portion (1) | $ | 291,514 | | | $ | 293,185 | |
Interest rate | 7.9 | % | | 8.0 | % |
(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below.
The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands):
| | | | | | | | | | | |
| |
| March 31, 2024 | | December 31, 2023 |
Long-term debt, less current portion | $ | 286,400 | | | $ | 288,188 | |
Capitalized deferred financing fees | (2,036) | | | (2,153) | |
Long-term debt | 284,364 | | | 286,035 | |
Current portion of long-term debt | 7,150 | | | 7,150 | |
Total debt carrying value | $ | 291,514 | | | $ | 293,185 | |
The Company estimates the fair value of the Term Loan using current market yields. These current market yields are considered Level 2 inputs. The book value of the Company’s credit facilities is considered to approximate its fair value as of March 31, 2024 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $294.0 million as of December 31, 2023.
Note 7 – Accrued Expenses and Other Current Liabilities
The following is a summary of the Company’s accrued expenses and other current liabilities (in thousands):
| | | | | | | | | | | |
| | | |
| March 31, 2024 | | December 31, 2023 |
| | | |
Value-added tax and sales tax payable | $ | 3,665 | | | $ | 4,821 | |
Income taxes payable | 2,458 | | | 5,106 | |
Restructuring | 2,991 | | | 3,503 | |
Other accrued expenses | 13,109 | | | 13,830 | |
Accrued expenses and other current liabilities | $ | 22,223 | | | $ | 27,260 | |
Note 8 – Restructuring Actions
On August 8, 2023, the Company announced that its Board of Directors approved and committed to a structural reorganization (the "Reorganization") on August 7, 2023 that will (i) move its operational functions from a geographic to a centralized model, (ii) create a new organizational home for the majority of its client facing workforce, our Digital Engineering Center, and (iii) evolve its regional market structure. The majority of the actions were taken in the third quarter of 2023.
As the Company has been implementing the Reorganization, additional opportunities have been identified to drive further cost savings. On May 1, 2024, the Company’s Board of Directors approved an increase to its restructuring plan to capture additional savings of $25 million to $30 million, for a total restructuring program savings of $100 million to $115 million. We still expect the restructuring program to be completed by the end of the third quarter of 2024.
Thoughtworks expects to incur additional pre-tax cash charges of approximately $6.5 million to $8.0 million, for total expected pre-tax charges of approximately $26.5 million to $33.0 million (the “Updated Total Charges”). The Updated Total Charges include $22.5 million to $27.5 million in wage-related expenses, such as employee severance and related benefits, and $4.0 million to $5.5 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees.
The total costs related to the Reorganization are reported in restructuring in the condensed consolidated statements of loss and comprehensive loss. The table below summarizes restructuring costs incurred (in thousands):
| | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | | | Total Costs Incurred to Date at March 31, 2024 |
Wage-related expenses | $ | 1,031 | | | | | $ | 18,275 | |
Non-wage related expenses | 1,084 | | | | | 2,784 | |
Total restructuring costs | $ | 2,115 | | | | | $ | 21,059 | |
The liability as of March 31, 2024 is reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheet. The table below summarizes the activities related to the restructuring for the three months ended March 31, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| Wage-related expenses | | Non-wage related expenses | | Total | | | | | | |
Liability as of December 31, 2023 | $ | 3,134 | | | $ | 369 | | | $ | 3,503 | | | | | | | |
Charges | 1,031 | | | 1,084 | | | 2,115 | | | | | | | |
Payments | (1,875) | | | (753) | | | (2,628) | | | | | | | |
Non-cash items (1) | — | | | 1 | | | 1 | | | | | | | |
Liability as of March 31, 2024 | $ | 2,290 | | | $ | 701 | | | $ | 2,991 | | | | | | | |
(1) Non-wage related expenses includes charges related to reducing leased office space.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our interim condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and the related notes included in our 2023 Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Risk Factors” in our 2023 Annual Report and in this Quarterly Report on Form 10-Q and “Forward-Looking Statements” herein for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Quarterly results reflected herein are not necessarily indicative of our operating results for a full year or any future period.
Overview
We are a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 10,760 Thoughtworkers strong across 47 offices in 19 countries. Over the last 30+ years, we have delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.
Our revenues are generated from providing professional services based on the mix and locations of delivery professionals involved, the pricing structure, which is predominantly time-and-materials, and the type of services, including: enterprise modernization, platforms & cloud; customer experience, product & design; data & artificial intelligence; DAMO™ managed services; and digital transformation & operations.
Key Operational and Business Metrics
In addition to the measures presented in our condensed consolidated financial statements, we use the following key operational and business metrics to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions (in thousands, except percentages):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
Revenue Growth Rate as reported (1) | (19.0) | % | | (4.3) | % | | | | |
Revenue Growth Rate at constant currency (1) | (18.7) | % | | (0.9) | % | | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | | | | | |
Net loss margin | (12.4) | % | | (2.6) | % | | | | |
Adjusted Net (Loss) Income (2) | $ | (7,443) | | | $ | 10,067 | | | | | |
Adjusted EBITDA (3) | $ | 6,776 | | | $ | 34,900 | | | | | |
Adjusted EBITDA Margin (3) | 2.7 | % | | 11.4 | % | | | | |
(1)Revenue Growth Rate as reported is calculated by comparing to the prior year's corresponding period. Certain of our subsidiaries use functional currencies other than the U.S. dollar and the translation of these foreign currency amounts into the U.S. dollar can impact the comparability of our revenues between periods. Accordingly, we use Revenue Growth Rate at constant currency as an important indicator of our underlying performance. Revenue Growth Rate at constant currency is a Non-GAAP measure and is calculated by applying the average exchange rates in effect during the earlier comparative fiscal period to the later fiscal period.
(2)We use Adjusted Net (Loss) Income as an important indicator of our performance. See “—Non-GAAP Financial Measures” below for a definition of and reconciliation of Adjusted Net (Loss) Income to net loss,
the most directly comparable GAAP measure, how we use this measure and an explanation of why we consider this non-GAAP measure to be helpful for investors.
(3)We also use Adjusted EBITDA and Adjusted EBITDA Margin as important indicators of our performance. See “—Non-GAAP Financial Measures” below for a definition of and a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, how we use Adjusted EBITDA and Adjusted EBITDA Margin and an explanation of why we consider these non-GAAP measures to be helpful for investors.
Revenue Growth Rate and Revenue Growth Rate at constant currency
For the three months ended March 31, 2024, revenues decreased 19.0% compared to the three months ended March 31, 2023. The decrease in revenue was due to a more cautionary macroeconomic environment compared to the prior year, particularly in the IT services market, combined with incremental project start ups, shorter contract terms, client budget caution and lower headcount. The decrease was also attributable to lower bill rates driven by a larger percentage of work performed offshore. Had our consolidated revenues been expressed in constant currency terms using the exchange rates in effect for the three months ended March 31, 2023, we would have reported a decrease in revenues of 18.7%. The negative impact to revenues from foreign currencies for the three months ended March 31, 2024 was due to the appreciation of the U.S. dollar, relative to certain principal functional currencies of our subsidiaries.
For more detail regarding our exposure to foreign currency rate fluctuations, see Note 2, Revenue Recognition, to our condensed consolidated financial statements and “Item 3. Quantitative and Qualitative Disclosures About Market Risk.”
Net Loss, Net Loss Margin and Adjusted Net (Loss) Income
For the three months ended March 31, 2024, the $22.8 million increase in net loss as compared to the three months ended March 31, 2023 was driven by a $58.5 million decrease in revenue, as discussed above, and $11.6 million increase in net realized and unrealized foreign currency loss, partially offset by a decrease in payroll expense (excluding stock-based compensation) of $27.4 million resulting from a lower headcount, a $7.3 million decrease in income tax expense and a $7.1 million decrease in stock-based compensation expense. For the three months ended March 31, 2024, the 9.8 percentage point increase in net loss margin as compared to the three months ended March 31, 2023 was primarily due to the factors driving a decrease in revenue, as discussed above, paired with payroll expense (excluding stock-based compensation) and net realized and unrealized foreign currency loss, as a percentage of revenues.
For the three months ended March 31, 2024, the decrease in Adjusted Net (Loss) Income as compared to the three months ended March 31, 2023 of $17.5 million, or 173.9%, was primarily due to a decrease in revenue of $58.5 million, as discussed above, partially offset by decreases in payroll expense (excluding stock-based compensation) of $27.3 million, income tax expense of $7.4 million and professional fees of $3.8 million.
Adjusted EBITDA and Adjusted EBITDA Margin
For the three months ended March 31, 2024, the decrease in Adjusted EBITDA as compared to the three months ended March 31, 2023 of $28.1 million, or 80.6%, was driven by a $58.5 million decrease in revenue, as discussed above, partially offset by decreases in payroll expense (excluding stock-based compensation) of $27.3 million resulting from a lower headcount and professional fees of $3.8 million.
For the three months ended March 31, 2024, the decrease in Adjusted EBITDA Margin as compared to the three months ended March 31, 2023 was primarily due to a decrease in revenue, as discussed above, paired with payroll expense (excluding stock-based compensation), as a percentage of revenues.
Results of Operations
The following table sets forth a summary of our condensed consolidated results of operations for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
Operating expenses: | | | | | | | |
Cost of revenues (1) | 178,813 | | | 209,522 | | | | | |
Selling, general and administrative expenses (1) | 76,230 | | | 86,340 | | | | | |
Depreciation and amortization | 5,635 | | | 5,542 | | | | | |
Restructuring | 2,115 | | | — | | | | | |
(Loss) income from operations | (14,200) | | | 5,652 | | | | | |
Other (expense) income: | | | | | | | |
Interest expense | (6,586) | | | (6,862) | | | | | |
Net realized and unrealized foreign currency (loss) gain | (10,408) | | | 1,185 | | | | | |
Other income (expense), net | 349 | | | (723) | | | | | |
Total other expense | (16,645) | | | (6,400) | | | | | |
Loss before income taxes | (30,845) | | | (748) | | | | | |
Income tax expense | 37 | | | 7,359 | | | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | | | | | |
Effective tax rate | (0.1) | % | | NM | | | | |
NM - not meaningful.
(1)Includes stock-based compensation as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Cost of revenues | $ | 5,599 | | | $ | 10,530 | | | | | |
Selling, general and administrative expenses | 5,020 | | | 7,149 | | | | | |
| | | | | | | |
Total stock-based compensation expense | $ | 10,619 | | | $ | 17,679 | | | | | |
Summary Comparison of the Three Months Ended March 31, 2024 with the Three Months Ended March 31, 2023
Revenues
We have a global footprint with the ability to deliver services from multiple geographic regions. While we continue to derive a substantial part of our overall revenues from existing clients, we maintain relatively low client concentration among our largest clients. We remain focused on acquiring new clients through programs designed to generate new business demand and position us as a trusted partner, and we have dedicated new business teams working with marketing using data-driven approaches to focus on client acquisition efforts.
The following table presents our number of clients, number of clients generating greater than $10 million in revenues and net dollar retention rate:
| | | | | | | | | | | |
| Trailing twelve months ended |
| March 31, 2024 | | March 31, 2023 |
Number of clients (1) | 501 | | 442 |
Number of clients generating greater than $10 million in revenues | 27 | | 39 |
Net dollar retention rate (2) | 86% | | 106% |
(1)We define clients as those with spend in excess of $25,000 within the preceding twelve months.
(2)The net dollar retention rate is calculated by dividing (a) the current period revenue from existing clients by (b) the prior comparative period revenue from the same existing clients. We utilize the net dollar retention rate to measure revenue growth from our clients. Net dollar retention rate provides visibility into the risks associated with our revenues and expected growth, and it measures our ability to continually offer and deliver innovative services to our clients. We use this metric to appropriately manage resources and client retention and growth, such as account management and capability development of our account leadership teams. The decrease was due to the revenue drivers as discussed above.
The following table presents the percentage of revenues from new and existing clients:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | Trailing twelve months ended March 31, |
| 2024 | | 2023 | | | | | | 2024 | | 2023 |
Existing clients (1) | 98.0% | | 97.2% | | | | | | 95.3% | | 89.2% |
New clients | 2.0% | | 2.8% | | | | | | 4.7% | | 10.8% |
(1)For the three months ended March 31, 2024 and 2023, we define existing clients as clients for whom we have done work and generated revenues in excess of $25,000 within the preceding fiscal year. For the trailing twelve months ended March 31, 2024 and 2023, we define existing clients as clients for whom we have done work and generated revenues in excess of $25,000 within the preceding twelve months.
During the three months ended March 31, 2024, we contracted with 49 new logos with a higher number of new logo additions within the energy, public and health services, technology and business services, and financial services and insurance industry verticals.
Revenues by Industry Vertical
The following table presents our revenues by industry vertical and revenues as a percentage of total revenues by industry vertical for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Technology and business services | $65,369 | | 26.3% | | $74,133 | | 24.1% | | | | | | | | |
Energy, public and health services | 63,022 | | 25.3% | | 84,039 | | 27.4% | | | | | | | | |
Retail and consumer | 38,931 | | 15.7% | | 47,912 | | 15.6% | | | | | | | | |
Financial services and insurance | 39,155 | | 15.8% | | 55,155 | | 18.0% | | | | | | | | |
Automotive, travel and transportation | 42,116 | | 16.9% | | 45,817 | | 14.9% | | | | | | | | |
Total revenues | $248,593 | | 100.0% | | $307,056 | | 100.0% | | | | | | | | |
The following table presents the percentage change in our revenues by industry vertical (in thousands, except percentages):
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | % Change |
Technology and business services | $65,369 | | $74,133 | | (11.8)% |
Energy, public and health services | 63,022 | | 84,039 | | (25.0)% |
Retail and consumer | 38,931 | | 47,912 | | (18.7)% |
Financial services and insurance | 39,155 | | 55,155 | | (29.0)% |
Automotive, travel and transportation | 42,116 | | 45,817 | | (8.1)% |
Total revenues | $248,593 | | $307,056 | | (19.0)% |
Revenues by Customer Location
Our revenues are sourced from four geographic markets: North America, Asia-Pacific region ("APAC"), Europe and Latin America ("LATAM"). We present and discuss our revenues by the geographic location where the revenues are under client contract; however, the delivery of those client contracts could be supported by offshore delivery locations.
During the first quarter of 2024, in connection with the restructuring, the Company updated the disaggregation of revenue by customer location to reflect the geographical market based on contracting location, consistent with client ownership within our geographical markets, versus billing location, as previously reported. All corresponding disclosures and historical amounts, including revenue by country noted below, have been recast to reflect the change.
The following table presents our revenues by customer location and revenues as a percentage of total revenues by customer location for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
| | | | | | | | | | | | | | | |
North America | $88,800 | | 35.7% | | $115,060 | | 37.5% | | | | | | | | |
APAC | 86,713 | | 34.9% | | 97,484 | | 31.7% | | | | | | | | |
Europe | 62,212 | | 25.0% | | 78,784 | | 25.7% | | | | | | | | |
LATAM | 10,868 | | 4.4% | | 15,728 | | 5.1% | | | | | | | | |
Total revenues | $248,593 | | 100.0% | | $307,056 | | 100.0% | | | | | | | | |
The following table presents the percentage change in our revenues by customer location (in thousands, except percentages):
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | % Change |
North America (1) | $88,800 | | $115,060 | | (22.8)% |
APAC (2) | 86,713 | | 97,484 | | (11.0)% |
Europe (3) | 62,212 | | 78,784 | | (21.0)% |
LATAM (4) | 10,868 | | 15,728 | | (30.9)% |
Total revenues | $248,593 | | $307,056 | | (19.0)% |
(1)The United States contributed revenues of $81.3 million, compared to $105.7 million for the same period in 2023. The largest revenue contribution in North America came from the energy, public and health services and technology and business services industry verticals.
(2)The top revenue contributing country was Australia with revenues of $30.1 million, compared to $32.5 million for the same period in 2023. The largest revenue contribution in APAC came from the financial services and insurance and technology and business services industry verticals.
(3)The top revenue contributing country was Germany with revenues of $32.3 million, compared to $35.7 million for the same period in 2023. The largest revenue contribution in Europe came from the automotive, travel and transportation industry vertical.
(4)The top revenue contributing country was Brazil. The largest revenue contribution in LATAM came from the retail and consumer industry vertical.
Revenues by Client Concentration
We have long-standing relationships with many of our clients. We seek to grow revenues from our existing clients by continually increasing the value we provide and expanding the scope and size of our engagements. Revenues derived from these clients may fluctuate as these accounts mature or upon beginning or completing multi-year projects. We believe there is significant potential for future growth as we expand our capabilities and offerings within existing clients. In addition, we remain committed to diversifying our client base and adding new clients to our client mix.
The following table presents revenues contributed by our largest clients by amount and as a percentage of total revenues for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Top five clients | $44,338 | | 17.8% | | $52,590 | | 17.1% | | | | | | | | |
Top ten clients | $71,526 | | 28.8% | | $82,558 | | 26.9% | | | | | | | | |
Top fifty clients | $168,793 | | 67.9% | | $206,577 | | 67.3% | | | | | | | | |
People Metrics
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of employees | | Average revenue per employee (1) | | Trailing Twelve Months Voluntary Attrition |
As of | | Three Months Ended | | Annualized as of | | As of |
March 31, 2024 | | March 31, 2023 | | March 31, 2024 | | March 31, 2023 | | March 31, 2024 | | March 31, 2023 | | March 31, 2024 | | March 31, 2023 |
10,760 | | 11,840 | | $23,000 | | $25,000 | | $92,000 | | $100,000 | | 12.4% | | 13.1% |
(1)We define average revenue per employee as total revenues for the period divided by the average number of employees in such period.
The decrease in average revenue per employee compared to the three months ended March 31, 2023 was driven by the negative impact to revenues from client budget caution and onshore/offshore mix. We believe our low voluntary attrition reflects our ability to retain our employees due to our unique, cultivating culture, our focus on career development, our intensive training programs and our interesting work opportunities.
Bookings
We use Bookings ("Bookings") as a forward-looking metric that measures the value of new contracts, renewals, extensions and changes to existing contracts during the fiscal period. We believe Bookings provides a broad measure of useful trend information regarding changes in the volume of our business. We use Bookings to evaluate the results of our operations, generate future operating plans and assess the performance of our company. However, Bookings can vary significantly quarter to quarter due to both timing and demand from our clients and thus the conversion of Bookings to revenues is uncertain. The amount of Bookings involves estimates and judgments and is not a reliable predictor of revenues over time. There is no standard definition or measurement of Bookings thus our methodology may not be comparable to other companies. Bookings were $1.2 billion and $1.5 billion for the trailing twelve months ended March 31, 2024 and 2023, respectively. The 20.0% decrease is primarily a result of reduced client budgets reflecting caution
around the macroeconomic environment and smaller contract sizes which reflect a shift to offshore services, where bill rates are lower compared to onshore work, and, in certain cases, discounts or pricing adjustments.
Cost of Revenues
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Cost of revenues | $178,813 | | $209,522 | | $(30,709) | | (14.7)% | | | | | | | | |
During the three months ended March 31, 2024, cost of revenues (including stock-based compensation) decreased (14.7)% compared to the three months ended March 31, 2023. The decrease was primarily driven by a decrease in payroll expense (excluding stock-based compensation) of $22.9 million, resulting from a lower headcount, and a decrease in stock-based compensation expense of $4.9 million.
Gross Profit and Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Gross profit | $69,780 | | $97,534 | | $(27,754) | | (28.5)% | | | | | | | | |
Gross margin | 28.1% | | 31.8% | | | | | | | | | | | | |
Our gross margin decreased by 3.7 percentage points for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to payroll expense (excluding stock-based compensation) partially offset by stock-based compensation expense, as a percentage of revenues.
SG&A Expenses and SG&A Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
SG&A expenses | $76,230 | | $86,340 | | $(10,110) | | (11.7)% | | | | | | | | |
SG&A margin | 30.7% | | 28.1% | | | | | | | | | | | | |
For the three months ended March 31, 2024, SG&A expenses decreased 11.7% compared to the three months ended March 31, 2023. The decrease was primarily due to decreases in payroll expense (excluding stock-based compensation) of $4.4 million, stock-based compensation expense of $2.1 million and professional fees of $1.8 million. The increase in SG&A margin for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by payroll expense (excluding stock-based compensation), as a percentage of revenues.
Depreciation and Amortization
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Depreciation and amortization | $5,635 | | $5,542 | | $93 | | 1.7% | | | | | | | | |
There was a non-material change in depreciation and amortization for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023.
Restructuring
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Restructuring | $2,115 | | $— | | $2,115 | | NM | | | | | | | | |
NM - not meaningful
Restructuring includes non-wage related expenses of $1.1 million, including costs related to reducing leased office space, vendor contract cancellations, professional fees and other reorganization costs and wage-related expenses of $1.0 million, such as employee severance and related benefits, of which relates to operations.
Loss (Income) from Operations and Loss (Income) from Operations Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
(in thousands, except percentages) | 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
Loss (income) from operations | $(14,200) | | $5,652 | | $(19,852) | | (351.2)% | | | | | | | | |
Loss (income) from operations margin | (5.7)% | | 1.8% | | | | | | | | | | | | |
The increase in loss from operations for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by a decrease in revenue of $58.5 million; partially offset by decreases in payroll expense (excluding stock-based compensation) of $27.4 million, stock-based compensation expense of $7.1 million and professional fees of $4.0 million. The increase in loss from operations margin was driven by payroll expense (excluding stock-based compensation), as a percentage of revenues.
Interest Expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Interest expense | $6,586 | | $6,862 | | $(276) | | (4.0)% | | | | | | | | |
Interest expense is primarily related to our Term Loan and Revolver. There was a non-material change in interest expense for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
Income Tax Expense and Effective Tax Rate
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | |
| 2024 | | 2023 | | $ Change | | % Change | | | | | | | | |
(in thousands, except percentages) | | | | | | | | | | | | | | | |
Income tax expense | $37 | | $7,359 | | $(7,322) | | (99.5)% | | | | | | | | |
Effective tax rate | (0.1)% | | NM | | | | | | | | | | | | |
See Note 3, Income Taxes, for additional discussion around forecasting uncertainties related to our income tax rate.
Income tax expense decreased by $7.3 million for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 primarily due to the change in loss before income taxes.
The effective tax rate in each period differed from the U.S. statutory tax rate of 21% principally due to U.S. corporate state income taxation and the effect of foreign operations which reflects the impact of different income tax rates in locations outside the United States, the unfavorable impact of valuation allowances on deferred tax assets of select foreign and US operations, the unfavorable impact of providing for unrecognized tax benefits, the unfavorable impact of capitalized research and experimental costs under IRC §174 increasing the Company's net GILTI inclusion, the non-deductibility of China SAFE RSUs, and the unfavorable impact of excess tax deficiencies on stock-based compensation. The change in the effective tax rate for the three months ended March 31, 2024 as compared to the prior period, and the negative effective tax rate for all periods presented, is a result of the aforementioned net unfavorable items, when compared to the pre-tax loss.
Foreign Currency Exchange Gains and Losses
See “Item 3. Quantitative and Qualitative Disclosures About Market Risk” included elsewhere in this Quarterly Report as well as “Item 1A. Risk Factors—Risks Related to Our Global Operations—Our business, financial condition and results of operations may be adversely affected by fluctuations in foreign currency exchange rates" as included in our 2023 Annual Report.
Non-GAAP Financial Measures
We define Adjusted Net (Loss) Income as net loss adjusted for unrealized loss (gain) on foreign currency exchange, stock-based compensation expense, amortization of acquisition-related intangibles, acquisition costs, certain professional fees that are considered unrelated to our ongoing revenue-generating operations, employer payroll related expense on employee equity incentive plan, restructuring costs and income tax effects of adjustments.
We define Adjusted EBITDA as net loss adjusted to exclude income tax expense; interest expense; other (income) expense, net, excluding a gain related to the mark to market adjustment on shares received in relation to the sale and settlement of trade receivables in 2022; unrealized loss (gain) on foreign currency exchange; stock-based compensation expense; depreciation and amortization expense; acquisition costs; certain professional fees that are considered unrelated to our ongoing revenue-generating operations; employer payroll related expense on employee equity incentive plan; and restructuring costs. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.
We use Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net (Loss) Income as measures of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for supplemental period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
•Our management uses Adjusted Net (Loss) Income to assess our overall performance, without regard to items that are considered to be unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations, net of the income tax effect of the adjustments;
•Adjusted EBITDA and Adjusted EBITDA Margin are widely used by investors and securities analysts to measure a company’s operating performance without regard to the aforementioned adjustments which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired or costs that are unique or non-recurring in nature or otherwise unrelated to our ongoing revenue-generating operations;
•Our management uses Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance; and
•Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin provide consistency and comparability with our past financial performance, facilitate period-to-period comparisons of our core
operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider these measures in isolation or as substitutes for analysis of our financial results as reported under GAAP. Some of these limitations are, or may in the future be, as follows:
•Although depreciation and amortization expense is a non-cash charge, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
•Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin exclude stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring non-cash expense for our business and an important part of our compensation strategy;
•Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect changes in, or cash requirements for, our working capital needs;
•Adjusted EBITDA and Adjusted EBITDA Margin do not reflect (i) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (ii) accruals or tax payments that may represent a reduction in cash available to us;
•Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect transaction costs related to acquisitions; and
•The expenses and other items that we exclude in our calculations of Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin may differ from the expenses and other items, if any, that other companies may exclude from similarly-titled non-GAAP measures when they report their operating results, and we may, in the future, exclude other significant, unusual or non-recurring expenses or other items from these financial measures.
Because of these limitations, Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin should be considered along with other financial performance measures presented in accordance with GAAP.
The following tables present a reconciliation of Adjusted Net (Loss) Income, Adjusted EBITDA and Adjusted EBITDA Margin to their most directly comparable financial measure prepared in accordance with GAAP, for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | | | | | |
Unrealized foreign exchange loss (gain) | 10,202 | | | (948) | | | | | |
Stock-based compensation | 10,619 | | | 17,679 | | | | | |
Amortization of acquisition-related intangibles | 3,657 | | | 3,591 | | | | | |
Acquisition costs (a) | 909 | | | 1,706 | | | | | |
Certain professional fees (b) | — | | | 225 | | | | | |
Employer payroll related expense on employee equity incentive plan (c) | 221 | | | 242 | | | | | |
Restructuring (d) | 2,115 | | | — | | | | | |
Income tax effects of adjustments (e) | (4,284) | | | (4,321) | | | | | |
Adjusted Net (Loss) Income | $ | (7,443) | | | $ | 10,067 | | | | | |
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Net loss | $ | (30,882) | | | $ | (8,107) | | | | | |
Income tax expense | 37 | | | 7,359 | | | | | |
Interest expense | 6,586 | | | 6,862 | | | | | |
Other (income) expense, net (f) | (186) | | | 793 | | | | | |
Unrealized foreign exchange loss (gain) | 10,202 | | | (948) | | | | | |
Stock-based compensation | 10,619 | | | 17,679 | | | | | |
Depreciation and amortization | 7,155 | | | 9,089 | | | | | |
Acquisition costs (a) | 909 | | | 1,706 | | | | | |
Certain professional fees (b) | — | | | 225 | | | | | |
Employer payroll related expense on employee equity incentive plan (c) | 221 | | | 242 | | | | | |
Restructuring (d) | 2,115 | | | — | | | | | |
Adjusted EBITDA | $ | 6,776 | | | $ | 34,900 | | | | | |
Net loss margin | (12.4) | % | | (2.6) | % | | | | |
Adjusted EBITDA Margin | 2.7 | % | | 11.4 | % | | | | |
(a)Adjusts for certain professional fees and retention wage expenses related to certain acquisitions.
(b)Adjusts for certain one-time professional fees.
(c)Adjusts for employer payroll related expense on employee equity incentive plan as these expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise. As a result, these expenses may vary in any particular period independent of the financial and operating performance of our business.
(d)Adjusts for restructuring costs which include wage-related expenses, such as employee severance and related benefits, and non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations, professional fees, and other reorganization costs.
(e)Adjusts for the income tax effects of the foregoing adjusted items, determined under the discrete method consistent with our non-GAAP measures of profitability.
(f)Q1 2024 and Q1 2023 exclude a $0.2 million gain and $0.1 million gain, respectively, which were included within other income (expense), net in the condensed consolidated statements of loss and comprehensive loss, related to the mark to market adjustment on shares received in relation to the sale and settlement of trade receivables.
Liquidity and Capital Resources
The following table summarizes certain key measures of our liquidity and capital resources (in thousands):
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| | | |
Cash and cash equivalents | $ | 72,554 | | | $ | 100,305 | |
Availability under Revolver | 300,000 | | | 300,000 | |
Borrowings under Revolver | — | | | — | |
Long-term debt, including current portion (1) | 291,514 | | | 293,185 | |
(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented in Note 6, Credit Agreements.
Our cash generated from operations and financing activities has been our primary source of liquidity to fund operations and investments. Our capital investments focus on our technology solutions, corporate infrastructure and strategic acquisitions to further expand into new business sectors and/or expand sales in
existing sectors. The Company generates sufficient cash flows for working capital and expects to do so for the foreseeable future.
As of March 31, 2024, our principal sources of liquidity were cash and cash equivalents of $72.6 million and $300.0 million of available borrowings under our Revolver.
In the future, we may enter into arrangements to acquire or invest in complementary businesses, services and technologies, or intellectual property rights. To fund these acquisitions or investments, we may seek to access the debt or capital markets. Our ability to obtain additional funding will be subject to various factors, including general market conditions, our operating performance, the market’s perception of our growth potential, lender sentiment and our ability to incur additional debt in compliance with our contractual restrictions, including those in our Credit Agreement.
Our Credit Facilities
Our subsidiaries are party to the Credit Agreement. The Credit Agreement provides for a Term Loan and the Revolver. See Note 12, Credit Agreements, in the notes to our consolidated financial statements included in the 2023 Annual Report for a discussion of our Term Loan and Revolver as well as Note 6, Credit Agreements, with respect to this Quarterly Report. As of March 31, 2024, we had $293.6 million outstanding, gross of deferred financing fees, under our Term Loan with an interest rate of 7.9% and no borrowings outstanding under the Revolver.
The Credit Agreement requires compliance with certain covenants customary for agreements of this type. As of March 31, 2024, we were in compliance with our debt covenants.
Cash Flows
The following table shows a summary of our cash flows for the periods indicated (in thousands):
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Net cash (used in) provided by: | | | |
Operating activities | $ | (15,750) | | | $ | 33,047 | |
Investing activities | (4,136) | | | (17,555) | |
Financing activities | (4,784) | | | (102,041) | |
Effect of exchange rate changes on cash and cash equivalents | (2,783) | | | 1,548 | |
Net decrease in cash and cash equivalents | $ | (27,453) | | | $ | (85,001) | |
Operating Activities
Net cash used in operating activities during the three months ended March 31, 2024 was $15.8 million comprised of net loss of $30.9 million, adjusted for non-cash items including $10.6 million of stock-based compensation expense, $10.2 million unrealized foreign currency exchange loss and $7.2 million of depreciation and amortization. Cash used in operating activities during the three months ended March 31, 2024 was further benefited by the change in trade receivables of $33.7 million offset by the change in unbilled receivables of $20.7 million and the change in accrued expenses and other liabilities of $22.3 million driven by decreases in accrued compensation and deferred revenue.
Net cash provided by operating activities during the three months ended March 31, 2023 was $33.0 million comprised of net loss of $8.1 million, adjusted for non-cash items including $17.7 million of stock-based compensation expense and $9.1 million of depreciation and amortization. Cash provided by operating activities during the three months ended March 31, 2023 was further benefited by the change in trade receivables of $56.7 million, partially offset by the change in unbilled receivables of $23.2 million and the change in accrued expenses and other liabilities of $16.9 million driven by a decrease in accrued compensation.
Cash provided by operating activities can be significantly impacted by the timing of cash receipts from customers and payments to vendors as well as vendor payment terms.
Investing Activities
Net cash used in investing activities during the three months ended March 31, 2024 was $4.1 million driven primarily by the purchase of property and equipment.
Net cash used in investing activities during the three months ended March 31, 2023 was $17.6 million driven primarily by the acquisition of Itoc in the first quarter of 2023.
Financing Activities
Net cash used in financing activities during the three months ended March 31, 2024 was $4.8 million driven primarily by the payment of withholding taxes of $4.1 million related to net share settlement of equity awards.
Net cash used in financing activities during the three months ended March 31, 2023 was $102.0 million driven primarily by the repayment of long-term debt of $101.8 million.
Contractual Obligations and Future Capital Requirements
Contractual Obligations
Refer to Note 8, Leases, of the notes to our consolidated financial statements included in Part II, Item 8 of the 2023 Annual Report for additional information related to our lease commitments.
There were no material changes in our contractual obligations and commitments during the three months ended March 31, 2024 from the contractual obligations and commitments disclosed in the 2023 Annual Report.
Except as disclosed in “—Our Credit Facilities” and those mentioned above, we did not have other material contractual obligations for cash expenditures.
Future Capital Requirements
We believe that our existing cash and cash equivalents combined with our expected cash flow from operations will be sufficient to meet our projected operating and capital expenditure requirements for at least the next twelve months and that we possess the financial flexibility to execute our strategic objectives, including the ability to make acquisitions and strategic investments in the foreseeable future. However, our ability to generate cash is subject to our performance, general economic conditions, industry trends and other factors, and due to our global operations, the value of cash generated may be adversely affected by fluctuations in foreign currency exchange rates. To the extent that existing cash and cash equivalents and operating cash flow are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing. If we incur new debt, the debt holders would have rights senior to common stockholders to make claims on our assets, and the terms of any debt could restrict our operations, including our ability to pay dividends on our common stock. If we issue additional equity or convertible debt securities, existing stockholders may experience dilution, and such new securities could have rights senior to those of our common stock. These factors may make the timing, amount, terms and conditions of additional financings unattractive. Our inability to raise capital could impede our growth or otherwise require us to forego growth opportunities and could materially adversely affect our business, financial condition and results of operations. There is no assurance that we would be able to raise additional funds on favorable terms or at all.
Commitments and Contingencies
Certain conditions may exist as of the date of the condensed consolidated financial statements which may result in a loss to the Company but will only be resolved when one or more future events occur or fail to occur. Such liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources, are recorded when the Company assesses that it is probable that a future liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which the Company assesses as being probable of realization, are recorded to the extent of related contingent liabilities
accrued. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. The Company records gain contingencies when realized.
Off-Balance Sheet Arrangements
We did not have during any of the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
Recent Accounting Pronouncements
See Note 1, Business and Summary of Significant Accounting Policies, in the notes to our condensed consolidated financial statements included in Part I, Item I of this Quarterly Report for a discussion of recent accounting pronouncements.
Critical Accounting Policies and Estimates
Our condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report are prepared in accordance with GAAP. In preparing the condensed consolidated financial statements, we make estimates and judgments that affect the reported amounts of assets, liabilities, stockholders’ equity, revenues, expenses and related disclosures. We re-evaluate our estimates on an on-going basis. Our estimates are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Because of the uncertainty inherent in these matters, actual results may differ from these estimates and could differ based upon other assumptions or conditions.
There have been no material changes to our critical accounting policies and estimates as compared to those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our 2023 Annual Report.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to certain market risks in the ordinary course of our business. These risks primarily result from changes in concentration of credit, interest rates and foreign currency exchange rates. In addition, our international operations are subject to risks related to differing economic conditions, civil unrest, political instability or uncertainty, military activities, broad-based sanctions, differing tax structures, and other regulations and restrictions.
There were no material changes to the information on market risk disclosure from our 2023 Annual Report.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, the "Exchange Act"), as of the end of the period covered by this Quarterly Report.
Based on such evaluation, our principal executive officer and principal financial officer have concluded that as of such date, our disclosure controls and procedures are designed to, and are effective to, provide assurance at a reasonable level that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (identified in management's evaluation pursuant to Rules 13a-15(d) and 15d-15(d) under the Exchange Act) that occurred during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may be involved in litigation relating to claims arising out of our operations and businesses that cover a wide range of matters, including, among others, intellectual property, data privacy and cybersecurity, contract and employment, personal injury, product liability and warranty. Currently, there are no claims or proceedings against us that we believe will have a material adverse effect on our business, financial condition, results of operations or cash flows. However, the results of any current or future litigation cannot be predicted with certainty and, regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of litigation.
Item 1A. Risk Factors
The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in the 2023 Annual Report in Part I, Item 1A. “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price. There have been no material changes to the Company’s risk factors since those set forth in the 2023 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no unregistered sales of the Company's equity securities during the first quarter of 2024.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
Insider Trading Arrangements and Policies
Our directors and executive officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s insider trading policy. During the three months ended March 31, 2024, none of our 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).
Item 6. Exhibits
| | | | | | | | | | | | | | | | | |
Exhibit Number | | Description |
31.1* | | |
31.2* | | |
32.1** | | |
32.2** | | |
101.INS* | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH* | | Inline XBRL Taxonomy Extension Schema Document |
101.CAL* | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104* | | Cover Page Interactive Data File - (formatted as inline XBRL and contained in Exhibit 101) |
| | | | | |
| | |
* | | Exhibits filed herewith |
** | | Exhibits furnished herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 7, 2024
| | | | | | | | | | | | | | |
| | THOUGHTWORKS HOLDING, INC. |
| | | | |
| | By: | /s/ Guo Xiao |
| | | Guo Xiao | |
| | | Chief Executive Officer and Director |
| | | (Principal Executive Officer) |
| | | | |
| | By: | /s/ Erin Cummins |
| | | Erin Cummins |
| | | Chief Financial Officer |
| | | (Principal Financial Officer and Principal Accounting Officer) |
| | | | |
| | | | |
EXHIBIT 31.1
Certification by Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Guo Xiao, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Thoughtworks Holding, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: May 7, 2024
| | | | | |
/s/ Guo Xiao |
Guo Xiao | |
| |
Chief Executive Officer and Director |
(Principal Executive Officer) |
EXHIBIT 31.2
Certification by Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Erin Cummins, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Thoughtworks Holding, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: May 7, 2024
| | | | | |
/s/ Erin Cummins |
Erin Cummins |
| |
Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Thoughtworks Holding, Inc. (the "Company") for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Guo Xiao, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
i.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
ii.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
Date: May 7, 2024
| | | | | |
/s/ Guo Xiao |
Guo Xiao | |
| |
Chief Executive Officer and Director |
(Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Thoughtworks Holding, Inc. (the "Company") for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Erin Cummins, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to her knowledge:
i.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
ii.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
Date: May 7, 2024
| | | | | |
/s/ Erin Cummins |
Erin Cummins |
| |
Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |
v3.24.1.u1
Cover Page - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 02, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-40812
|
|
Entity Registrant Name |
THOUGHTWORKS HOLDING, INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
82-2668392
|
|
Entity Address, Address Line One |
200 East Randolph Street, 25th Floor
|
|
Entity Address, City or Town |
Chicago
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60601
|
|
City Area Code |
312
|
|
Local Phone Number |
373-1000
|
|
Title of 12(b) Security |
Common Stock, $0.001 par value
|
|
Trading Symbol |
TWKS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Large Accelerated Filer
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Entity Small Business |
false
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Entity Emerging Growth Company |
false
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Entity Shell Company |
false
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Entity Common Stock, Shares Outstanding |
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322,913,818
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Entity Central Index Key |
0001866550
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Amendment Flag |
false
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Current Fiscal Year End Date |
--12-31
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Document Fiscal Year Focus |
2024
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Q1
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 72,554
|
$ 100,305
|
Trade receivables, net of allowance of $9,991 and $9,550, respectively |
130,560
|
167,942
|
Unbilled receivables |
133,980
|
115,150
|
Prepaid expenses |
18,230
|
19,692
|
Other current assets |
25,816
|
25,269
|
Total current assets |
381,140
|
428,358
|
Property and equipment, net |
27,246
|
26,046
|
Right-of-use assets |
39,198
|
41,771
|
Intangibles and other assets: |
|
|
Goodwill |
419,875
|
424,565
|
Trademark |
273,000
|
273,000
|
Customer relationships, net |
108,933
|
114,186
|
Other non-current assets |
19,128
|
19,310
|
Total assets |
1,268,520
|
1,327,236
|
Current liabilities: |
|
|
Accounts payable |
4,266
|
2,767
|
Long-term debt, current |
7,150
|
7,150
|
Accrued compensation |
72,721
|
88,712
|
Deferred revenue |
12,138
|
18,090
|
Accrued expenses and other current liabilities |
22,223
|
27,260
|
Lease liabilities, current |
14,092
|
15,301
|
Total current liabilities |
132,590
|
159,280
|
Lease liabilities, non-current |
28,032
|
29,791
|
Long-term debt, less current portion |
284,364
|
286,035
|
Deferred tax liabilities |
47,708
|
54,907
|
Other long-term liabilities |
22,470
|
24,093
|
Total liabilities |
515,164
|
554,106
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
0
|
0
|
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 373,295,466 and 372,876,082 issued, 322,826,928 and 322,407,385 outstanding at March 31, 2024 and December 31, 2023, respectively |
373
|
373
|
Treasury stock, 50,468,538 and 50,468,697 shares at March 31, 2024 and December 31, 2023, respectively |
(622,987)
|
(622,988)
|
Additional paid-in capital |
1,638,964
|
1,627,491
|
Accumulated other comprehensive loss |
(38,530)
|
(38,166)
|
Retained deficit |
(224,464)
|
(193,580)
|
Total stockholders' equity |
753,356
|
773,130
|
Total liabilities and stockholders' equity |
$ 1,268,520
|
$ 1,327,236
|
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Trade receivables, allowances |
$ 9,991
|
$ 9,550
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized (in shares) |
100,000,000
|
100,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
1,000,000,000
|
1,000,000,000
|
Common stock, shares issued (in shares) |
373,295,466
|
372,876,082
|
Common stock, shares outstanding (in shares) |
322,826,928
|
322,407,385
|
Treasury stock (in shares) |
50,468,538
|
50,468,697
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 248,593
|
$ 307,056
|
Operating expenses: |
|
|
Cost of revenues |
178,813
|
209,522
|
Selling, general and administrative expenses |
76,230
|
86,340
|
Depreciation and amortization |
5,635
|
5,542
|
Restructuring |
2,115
|
0
|
Total operating expenses |
262,793
|
301,404
|
(Loss) income from operations |
(14,200)
|
5,652
|
Other (expense) income: |
|
|
Interest expense |
(6,586)
|
(6,862)
|
Net realized and unrealized foreign currency (loss) gain |
(10,408)
|
1,185
|
Other income (expense), net |
349
|
(723)
|
Total other expense |
(16,645)
|
(6,400)
|
Loss before income taxes |
(30,845)
|
(748)
|
Income tax expense |
37
|
7,359
|
Net loss |
(30,882)
|
(8,107)
|
Other comprehensive (loss) income, net of tax: |
|
|
Foreign currency translation adjustments |
(364)
|
242
|
Comprehensive loss |
$ (31,246)
|
$ (7,865)
|
Net loss per common share: |
|
|
Basic loss per common share (in dollars per share) |
$ (0.10)
|
$ (0.03)
|
Diluted loss per common share (in dollars per share) |
$ (0.10)
|
$ (0.03)
|
Weighted average shares outstanding: |
|
|
Basic (in shares) |
322,638,110
|
316,451,601
|
Diluted (in shares) |
322,638,110
|
316,451,601
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Retained Deficit |
Beginning balance (in shares) at Dec. 31, 2022 |
|
315,681,987
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 778,222
|
$ 366
|
$ (624,934)
|
$ 1,565,514
|
$ (39,210)
|
$ (123,514)
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
|
|
50,624,983
|
|
|
|
Increase (Decrease in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net loss |
(8,107)
|
|
|
|
|
(8,107)
|
Other comprehensive income (loss) |
242
|
|
|
|
242
|
|
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares) |
|
1,189,600
|
|
|
|
|
Issuance of common stock for equity incentive awards, net of withholding taxes |
(179)
|
$ 1
|
|
(180)
|
|
|
Reissuance of treasury shares for equity incentive awards (in shares) |
|
12,798
|
(12,798)
|
|
|
|
Reissuance of treasury shares for equity incentive awards |
0
|
|
$ 159
|
(159)
|
|
|
Stock-based compensation expense |
17,679
|
|
|
17,679
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
316,884,385
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
787,857
|
$ 367
|
$ (624,775)
|
1,582,854
|
(38,968)
|
(131,621)
|
Treasury stock, ending balance (in shares) at Mar. 31, 2023 |
|
|
50,612,185
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
322,407,385
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 773,130
|
$ 373
|
$ (622,988)
|
1,627,491
|
(38,166)
|
(193,580)
|
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 |
50,468,697
|
|
50,468,697
|
|
|
|
Increase (Decrease in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net loss |
$ (30,882)
|
|
|
|
|
(30,882)
|
Other comprehensive income (loss) |
(364)
|
|
|
|
(364)
|
|
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares) |
|
419,384
|
|
|
|
|
Issuance of common stock for equity incentive awards, net of withholding taxes |
855
|
|
|
855
|
|
|
Reissuance of treasury shares for equity incentive awards (in shares) |
|
159
|
(159)
|
|
|
|
Reissuance of treasury shares for equity incentive awards |
(2)
|
|
$ 1
|
(1)
|
|
(2)
|
Stock-based compensation expense |
10,619
|
|
|
10,619
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
|
322,826,928
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 753,356
|
$ 373
|
$ (622,987)
|
$ 1,638,964
|
$ (38,530)
|
$ (224,464)
|
Treasury stock, ending balance (in shares) at Mar. 31, 2024 |
50,468,538
|
|
50,468,538
|
|
|
|
X |
- DefinitionShare-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Reissuance Of Treasury Shares
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (30,882)
|
$ (8,107)
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
Depreciation and amortization expense |
7,155
|
9,089
|
Bad debt expense |
821
|
1,452
|
Deferred income tax benefit |
(5,893)
|
(4,485)
|
Stock-based compensation expense |
10,619
|
17,679
|
Unrealized foreign currency exchange loss/(gain) |
10,202
|
(948)
|
Non-cash lease expense on right-of-use assets |
4,044
|
4,525
|
Other operating activities, net |
(52)
|
1,413
|
Changes in operating assets and liabilities: |
|
|
Trade receivables |
33,720
|
56,674
|
Unbilled receivables |
(20,708)
|
(23,238)
|
Prepaid expenses and other assets |
797
|
(1,393)
|
Lease liabilities |
(3,931)
|
(4,705)
|
Accounts payable |
645
|
1,975
|
Accrued expenses and other liabilities |
(22,287)
|
(16,884)
|
Net cash (used in) provided by operating activities |
(15,750)
|
33,047
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(4,224)
|
(1,657)
|
Proceeds from disposal of fixed assets |
88
|
91
|
Acquisitions, net of cash acquired |
0
|
(15,989)
|
Net cash used in investing activities |
(4,136)
|
(17,555)
|
Cash flows from financing activities: |
|
|
Payments of obligations of long-term debt |
(1,788)
|
(101,788)
|
Payments of debt issuance costs |
0
|
(99)
|
Proceeds from issuance of common stock on exercise of options |
759
|
2,169
|
Withholding taxes paid related to net share settlement of equity awards |
(4,053)
|
(2,348)
|
Other financing activities, net |
298
|
25
|
Net cash used in financing activities |
(4,784)
|
(102,041)
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(2,783)
|
1,548
|
Net decrease in cash, cash equivalents and restricted cash |
(27,453)
|
(85,001)
|
Cash, cash equivalents and restricted cash at beginning of the period |
101,660
|
195,564
|
Cash, cash equivalents and restricted cash at end of the period |
74,207
|
110,563
|
Supplemental disclosure of cash flow information: |
|
|
Interest paid |
6,063
|
6,645
|
Income taxes paid |
5,623
|
6,856
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
Cash and cash equivalents |
72,554
|
109,268
|
Restricted cash included in other non-current assets |
1,653
|
1,295
|
Total cash, cash equivalents and restricted cash |
$ 74,207
|
$ 110,563
|
X |
- DefinitionIncrease (Decrease) Unbilled Receivables
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v3.24.1.u1
Business and Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business and Summary of Significant Accounting Policies |
Business and Summary of Significant Accounting Policies Thoughtworks Holding, Inc. (together with its subsidiaries, the “Company”) develops, implements, and services complex enterprise application software, and provides business technology consulting. The Company conducts business in Australia, Brazil, Canada, Chile, China, Ecuador, Finland, Germany, Hong Kong, India, Italy, the Netherlands, Romania, Singapore, Spain, Switzerland, Thailand, the United Kingdom, the United States and Vietnam. Thoughtworks Holding, Inc. is the ultimate parent holding company of Thoughtworks, Inc. among other subsidiaries. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on results of operations previously reported. Preparation of Financial Statements and Use of Estimates The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three months ended March 31, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year. Restricted Cash Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card. Allowance for Credit Losses The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature. Activity related to the Company’s allowance for credit losses is as follows (in thousands): | | | | | | | | | Three Months Ended March 31, 2024 | Allowance for credit losses, beginning balance | $ | (9,550) | | | | | | | | Current period provision | (821) | | | | Write-offs charged against allowance | — | | | | Recoveries of amounts previously written off | — | | | | Changes due to exchange rates | 380 | | | | Allowance for credit losses, ending balance | $ | (9,991) | | | |
Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently assessing the impact of this ASU on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements. Concentration of Credit Risk and Other Risks and Uncertainties Revenue generated from the Company's operations outside of the United States for the three months ended March 31, 2024 and 2023 was 67.3% and 65.6%, respectively. As of March 31, 2024 and December 31, 2023, 73.2% and 74.8%, respectively, of trade receivables and unbilled receivables was due from customers located outside the United States. At March 31, 2024 and December 31, 2023, the Company had net property and equipment of $19.8 million and $18.7 million, respectively, outside the United States.
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v3.24.1.u1
Revenue Recognition
|
3 Months Ended |
Mar. 31, 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 restructuring, the Company updated the disaggregation of revenue by customer location to reflect the geographical market based on contracting location, consistent with client ownership within our geographical markets, versus billing location, as previously reported. All corresponding disclosures and historical amounts, including revenue by country noted below, have been recast to reflect the change. Disaggregation of Revenues The following table presents the disaggregation of the Company’s revenues by customer location (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | | | | | | | | | North America (1) | $ | 88,800 | | | $ | 115,060 | | | | | | APAC (2) | 86,713 | | | 97,484 | | | | | | Europe (3) | 62,212 | | | 78,784 | | | | | | LATAM | 10,868 | | | 15,728 | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
(1)For the three months ended March 31, 2024 and 2023, the United States represented 32.7%, or $81.3 million, and 34.4%, or $105.7 million, respectively, of the Company’s total revenues. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three months ended March 31, 2024 and 2023. (2)For the three months ended March 31, 2024 and 2023, Australia represented 12.1%, or $30.1 million, and 10.6%, or $32.5 million, respectively, of the Company's total revenues. (3)For the three months ended March 31, 2024 and 2023, Germany represented 13.0%, or $32.3 million, and 11.6%, or $35.7 million, respectively, of the Company's total revenues. For the three months ended March 31, 2024, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the three months ended March 31, 2023, the United Kingdom represented 11.0%, or $33.8 million, of the Company’s total revenues. Other foreign countries were determined to be immaterial given the revenues as a percentage of the Company’s total revenues was less than 10% for the three months ended March 31, 2024 and 2023. The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Technology and business services | $ | 65,369 | | | $ | 74,133 | | | | | | Energy, public and health services | 63,022 | | | 84,039 | | | | | | Retail and consumer | 38,931 | | | 47,912 | | | | | | Financial services and insurance | 39,155 | | | 55,155 | | | | | | Automotive, travel and transportation | 42,116 | | | 45,817 | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
The following table presents the disaggregation of the Company’s revenues by contract type (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | | | | | | | | | Time-and-materials | $ | 177,787 | | | $ | 257,250 | | | | | | Fixed-price | 70,806 | | | 49,806 | | | | | | | | | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
Contract Balances The following table is a summary of the Company’s contract assets and contract liabilities (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Contract assets included in unbilled receivables | $ | 28,291 | | | $ | 29,981 | | Contract liabilities included in deferred revenue | $ | 12,138 | | | $ | 18,090 | |
Contract assets primarily relate to unbilled amounts on fixed-price contracts, where the right to consideration is conditional on the satisfaction of performance obligations that are measured based on hours incurred and the end deliverable to the customer. Contract assets are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Professional services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in unbilled receivables. Contract liabilities represent amounts collected from the Company’s customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. For the three months ended March 31, 2024 and 2023, the Company recognized $11.5 million and $3.5 million, respectively, of revenues that were included in contract liabilities at the prior year end. Costs to Obtain a Customer Contract The Company incurs certain incremental costs to obtain a contract that the Company expects to recover. The Company applies a practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The Company capitalizes incremental costs of obtaining contracts where the contract term is greater than one year. These costs would primarily relate to commissions paid to our account executives and are included in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of loss and comprehensive loss for contracts one year or less and other current assets and other non-current assets on the condensed consolidated balance sheets for contracts greater than one year. The following table is a summary of the Company’s costs to obtain contracts and related amortization and impairment where the amortization period of the assets is greater than one year (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Balance at beginning of period | $ | 876 | | | $ | 1,588 | | | | | | Costs to obtain contracts capitalized | 633 | | | 68 | | | | | | Amortization of capitalized costs | (198) | | | (268) | | | | | | | | | | | | | | Changes due to exchange rates | (5) | | | 3 | | | | | | Balance at end of period | $ | 1,306 | | | $ | 1,391 | | | | | |
Transaction Price Allocated to Remaining Performance Obligations The Company had remaining performance obligations of approximately $11.7 million as of March 31, 2024, of which it expects to recognize as revenue 50% over the next 12 months and the remainder within 24 months. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The Company has applied the optional exemption for contracts that have an original expected duration of one year or less.
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v3.24.1.u1
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes For the three months ended March 31, 2024 and March 31, 2023, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to the impact of permanent differences on the Company's forecasted loss before income taxes, causing the tax rate to be highly sensitive whereby minor changes in the forecasted amounts generate significant variability in the estimated annual effective tax rate, thus distorting the customary relationship between income tax expense and pre-tax income in interim periods. The Company’s effective tax rate for the three months ended March 31, 2024 and March 31, 2023 was (0.1)% and (983.8)%, respectively. The effective tax rate in each period differed from the U.S. statutory rate of 21% primarily due to U.S. corporate state income taxation and the effect of foreign operations, which reflects the impact of higher income tax rates in locations outside the United States, the unfavorable impact of valuation allowances on deferred tax assets of select foreign and US operations, the unfavorable impact of providing for unrecognized tax benefits, the unfavorable impact of capitalized research and experimental costs under Internal Revenue Code ("IRC") §174 increasing the Company's net global intangible low tax income ("GILTI") inclusion, the non-deductibility of China SAFE restricted stock units ("RSUs"), and the unfavorable impact of excess tax deficiencies on stock-based compensation. The change in the effective tax rate for the three months ended March 31, 2024, as compared to the prior period, and the negative effective tax rate for the three months ended March 31, 2024 and March 31, 2023, is a result of the aforementioned unique net unfavorable items when compared to the pre-tax loss recorded for the respective periods.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.u1
Loss Per Share
|
3 Months Ended |
Mar. 31, 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 March 31, | | | | 2024 | | 2023 | | | | | Numerator: | | | | | | | | Net loss - Basic and diluted | $ | (30,882) | | | $ | (8,107) | | | | | | Denominator: | | | | | | | | Weighted average shares outstanding – Basic and diluted | 322,638,110 | | | 316,451,601 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basic and diluted loss per common share | $ | (0.10) | | | $ | (0.03) | | | | | | | | | | | | | |
The following potentially dilutive securities were excluded from the computation of diluted loss per share because the impact of including them would have been anti-dilutive: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Employee stock options, RSUs and performance stock units ("PSUs") | 15,642,763 | | | 20,285,106 | | | | | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.1.u1
Stock-Based Compensation
|
3 Months Ended |
Mar. 31, 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 March 31, | | | | 2024 | | 2023 | | | | | Cost of revenues | $ | 5,599 | | | $ | 10,530 | | | | | | Selling, general and administrative expenses | 5,020 | | | 7,149 | | | | | | | | | | | | | | Total stock-based compensation expense | $ | 10,619 | | | $ | 17,679 | | | | | |
Stock Options The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2024 (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | | Weighted- Average Remaining Contractual Term (years) | Balance at December 31, 2023 | 18,595,731 | | | $ | 3.76 | | | | | | Granted | — | | | — | | | | | | Forfeited | (19,504) | | | 6.24 | | | | | | Exercised | (389,247) | | | 2.40 | | | | | | Cancelled | — | | | — | | | | | | Expired | — | | | — | | | | | | Balance at March 31, 2024 | 18,186,980 | | | $ | 3.76 | | | $ | 2,978 | | | 4.2 | | | | | | | | | Exercisable at March 31, 2024 | 17,900,258 | | | $ | 3.66 | | | $ | 2,978 | | | 4.2 |
As of March 31, 2024, total compensation cost related to time vesting options not yet recognized was $2.3 million, which will be recognized over a weighted-average period of 0.9 years. Unless otherwise prohibited by law in local jurisdictions, time vesting options will continue to vest according to the 2017 Stock Option Plan (the "2017 Plan") and the applicable award agreements. Restricted Stock Units The following is a summary of RSU activity for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value | | | | | Unvested balance at December 31, 2023 | 13,336,829 | | | $ | 7.96 | | | | | | Granted | 15,000 | | | 2.47 | | | | | | Forfeited | (495,884) | | | 9.35 | | | | | | Vested (1) | (41,378) | | | 9.78 | | | | | | Unvested balance at March 31, 2024 | 12,814,567 | | | $ | 7.89 | | | | | |
(1)Includes 11,082 shares that were net settled when released and returned to the share pool for future grants. As of March 31, 2024, total compensation cost related to RSUs not yet recognized was $85.4 million, which will be recognized over a weighted-average period of 2.5 years. Performance Stock Units The following is a summary of PSU activity for the three months ended March 31, 2024: | | | | | | | | | | | | | Number of PSUs | | Weighted Average Grant Date Fair Value | Unvested balance at December 31, 2023 | 88,132 | | | $ | 20.11 | | Granted (1) | 1,469,106 | | | 2.41 | | Adjustment for PSUs expected to vest as of current period end | (715,720) | | | 2.35 | | Forfeited | (10,357) | | | 20.11 | | Vested | — | | | — | | Unvested balance at March 31, 2024 | 831,161 | | | $ | 4.12 | |
(1)Reflects shares granted at 100%. For compensation expense purposes, the fair value of the non-market-based PSUs was determined using the closing stock price on the grant date and the fair value for the market-based PSUs was determined using a Monte-Carlo simulation. As of March 31, 2024, total compensation cost related to PSUs not yet recognized was $6.7 million. The unamortized expense is anticipated to be recognized over a weighted-average period of 2.1 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
Credit Agreements
|
3 Months Ended |
Mar. 31, 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): | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Availability under Revolver (due March 26, 2026) | $ | 300,000 | | | $ | 300,000 | | Borrowings under Revolver | $ | — | | | $ | — | | Long-term debt (due March 24, 2028), including current portion (1) | $ | 291,514 | | | $ | 293,185 | | Interest rate | 7.9 | % | | 8.0 | % |
(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below. The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands): | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Long-term debt, less current portion | $ | 286,400 | | | $ | 288,188 | | Capitalized deferred financing fees | (2,036) | | | (2,153) | | Long-term debt | 284,364 | | | 286,035 | | Current portion of long-term debt | 7,150 | | | 7,150 | | Total debt carrying value | $ | 291,514 | | | $ | 293,185 | |
The Company estimates the fair value of the Term Loan using current market yields. These current market yields are considered Level 2 inputs. The book value of the Company’s credit facilities is considered to approximate its fair value as of March 31, 2024 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $294.0 million as of December 31, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.u1
Accrued Expenses and Other Current Liabilities
|
3 Months Ended |
Mar. 31, 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): | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | | Value-added tax and sales tax payable | $ | 3,665 | | | $ | 4,821 | | Income taxes payable | 2,458 | | | 5,106 | | Restructuring | 2,991 | | | 3,503 | | Other accrued expenses | 13,109 | | | 13,830 | | Accrued expenses and other current liabilities | $ | 22,223 | | | $ | 27,260 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.u1
Restructuring Actions
|
3 Months Ended |
Mar. 31, 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. The majority of the actions were taken in the third quarter of 2023. As the Company has been implementing the Reorganization, additional opportunities have been identified to drive further cost savings. On May 1, 2024, the Company’s Board of Directors approved an increase to its restructuring plan to capture additional savings of $25 million to $30 million, for a total restructuring program savings of $100 million to $115 million. We still expect the restructuring program to be completed by the end of the third quarter of 2024. Thoughtworks expects to incur additional pre-tax cash charges of approximately $6.5 million to $8.0 million, for total expected pre-tax charges of approximately $26.5 million to $33.0 million (the “Updated Total Charges”). The Updated Total Charges include $22.5 million to $27.5 million in wage-related expenses, such as employee severance and related benefits, and $4.0 million to $5.5 million in non-wage related expenses, including costs related to reducing leased office space, vendor contract cancellations and professional fees. The total costs related to the Reorganization are reported in restructuring in the condensed consolidated statements of loss and comprehensive loss. The table below summarizes restructuring costs incurred (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | Total Costs Incurred to Date at March 31, 2024 | Wage-related expenses | $ | 1,031 | | | | | $ | 18,275 | | Non-wage related expenses | 1,084 | | | | | 2,784 | | Total restructuring costs | $ | 2,115 | | | | | $ | 21,059 | |
The liability as of March 31, 2024 is reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheet. The table below summarizes the activities related to the restructuring for the three months ended March 31, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Wage-related expenses | | Non-wage related expenses | | Total | | | | | | | Liability as of December 31, 2023 | $ | 3,134 | | | $ | 369 | | | $ | 3,503 | | | | | | | | Charges | 1,031 | | | 1,084 | | | 2,115 | | | | | | | | Payments | (1,875) | | | (753) | | | (2,628) | | | | | | | | Non-cash items (1) | — | | | 1 | | | 1 | | | | | | | | Liability as of March 31, 2024 | $ | 2,290 | | | $ | 701 | | | $ | 2,991 | | | | | | | |
(1) Non-wage related expenses includes charges related to reducing leased office space.
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v3.24.1.u1
Business and Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and Consolidation |
The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on results of operations previously reported.
|
Preparation of Financial Statements |
The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs.
|
Use of Estimates |
The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. As a result of changes in the business, the Company re-evaluated the estimated useful lives of its long-lived assets and determined the estimated useful life for computer equipment should be updated from three years to four years, effective January 1, 2024. The change in estimate is accounted for prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three months ended March 31, 2024. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful life for the full year.
|
Restricted Cash |
Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held to secure bank guarantees of amounts related to government requirements and as collateral for a corporate credit card.
|
Allowance for Credit Losses |
The Company analyzes its historical credit loss experience and considers current conditions and reasonable and supportable forecasts in developing the expected credit loss rates. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.
|
Recently Issued Accounting Pronouncements Not Yet Adopted |
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently assessing the impact of this ASU on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to provide annual disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance is effective for public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU applies on a prospective basis, however, retrospective application is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements.
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.24.1.u1
Revenue Recognition (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenue from External Customers by Geographic Areas |
The following table presents the disaggregation of the Company’s revenues by customer location (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | | | | | | | | | North America (1) | $ | 88,800 | | | $ | 115,060 | | | | | | APAC (2) | 86,713 | | | 97,484 | | | | | | Europe (3) | 62,212 | | | 78,784 | | | | | | LATAM | 10,868 | | | 15,728 | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
(1)For the three months ended March 31, 2024 and 2023, the United States represented 32.7%, or $81.3 million, and 34.4%, or $105.7 million, respectively, of the Company’s total revenues. Canadian operations were determined to be immaterial given revenue as a percentage of total North America revenues was less than 10% for the three months ended March 31, 2024 and 2023. (2)For the three months ended March 31, 2024 and 2023, Australia represented 12.1%, or $30.1 million, and 10.6%, or $32.5 million, respectively, of the Company's total revenues. (3)For the three months ended March 31, 2024 and 2023, Germany represented 13.0%, or $32.3 million, and 11.6%, or $35.7 million, respectively, of the Company's total revenues. For the three months ended March 31, 2024, revenue in the United Kingdom as a percentage of the Company's total revenues was less than 10%. For the three months ended March 31, 2023, the United Kingdom represented 11.0%, or $33.8 million, of the Company’s total revenues.
|
Schedule of Disaggregation of Revenue |
The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Technology and business services | $ | 65,369 | | | $ | 74,133 | | | | | | Energy, public and health services | 63,022 | | | 84,039 | | | | | | Retail and consumer | 38,931 | | | 47,912 | | | | | | Financial services and insurance | 39,155 | | | 55,155 | | | | | | Automotive, travel and transportation | 42,116 | | | 45,817 | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
The following table presents the disaggregation of the Company’s revenues by contract type (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | | | | | | | | | Time-and-materials | $ | 177,787 | | | $ | 257,250 | | | | | | Fixed-price | 70,806 | | | 49,806 | | | | | | | | | | | | | | Total revenues | $ | 248,593 | | | $ | 307,056 | | | | | |
|
Schedule of Contract Assets and Liabilities |
The following table is a summary of the Company’s contract assets and contract liabilities (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Contract assets included in unbilled receivables | $ | 28,291 | | | $ | 29,981 | | Contract liabilities included in deferred revenue | $ | 12,138 | | | $ | 18,090 | |
|
Schedule of Costs to Obtain Contracts and Related Amortization and Impairment |
The following table is a summary of the Company’s costs to obtain contracts and related amortization and impairment where the amortization period of the assets is greater than one year (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Balance at beginning of period | $ | 876 | | | $ | 1,588 | | | | | | Costs to obtain contracts capitalized | 633 | | | 68 | | | | | | Amortization of capitalized costs | (198) | | | (268) | | | | | | | | | | | | | | Changes due to exchange rates | (5) | | | 3 | | | | | | Balance at end of period | $ | 1,306 | | | $ | 1,391 | | | | | |
|
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v3.24.1.u1
Loss Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Basic and Diluted Net (Loss) Income Per Common Share |
The components of basic and diluted loss per share are as follows (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Numerator: | | | | | | | | Net loss - Basic and diluted | $ | (30,882) | | | $ | (8,107) | | | | | | Denominator: | | | | | | | | Weighted average shares outstanding – Basic and diluted | 322,638,110 | | | 316,451,601 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basic and diluted loss per common share | $ | (0.10) | | | $ | (0.03) | | | | | | | | | | | | | |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following potentially dilutive securities were excluded from the computation of diluted loss per share because the impact of including them would have been anti-dilutive: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Employee stock options, RSUs and performance stock units ("PSUs") | 15,642,763 | | | 20,285,106 | | | | | |
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v3.24.1.u1
Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Components of Stock-based Compensation Expense |
The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Cost of revenues | $ | 5,599 | | | $ | 10,530 | | | | | | Selling, general and administrative expenses | 5,020 | | | 7,149 | | | | | | | | | | | | | | Total stock-based compensation expense | $ | 10,619 | | | $ | 17,679 | | | | | |
|
Schedule of Option Activity |
The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2024 (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | | Weighted- Average Remaining Contractual Term (years) | Balance at December 31, 2023 | 18,595,731 | | | $ | 3.76 | | | | | | Granted | — | | | — | | | | | | Forfeited | (19,504) | | | 6.24 | | | | | | Exercised | (389,247) | | | 2.40 | | | | | | Cancelled | — | | | — | | | | | | Expired | — | | | — | | | | | | Balance at March 31, 2024 | 18,186,980 | | | $ | 3.76 | | | $ | 2,978 | | | 4.2 | | | | | | | | | Exercisable at March 31, 2024 | 17,900,258 | | | $ | 3.66 | | | $ | 2,978 | | | 4.2 |
|
Schedule of Restricted Stock Units Activity |
The following is a summary of RSU activity for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value | | | | | Unvested balance at December 31, 2023 | 13,336,829 | | | $ | 7.96 | | | | | | Granted | 15,000 | | | 2.47 | | | | | | Forfeited | (495,884) | | | 9.35 | | | | | | Vested (1) | (41,378) | | | 9.78 | | | | | | Unvested balance at March 31, 2024 | 12,814,567 | | | $ | 7.89 | | | | | |
(1)Includes 11,082 shares that were net settled when released and returned to the share pool for future grants.
|
Share-based Payment Arrangement, Performance Shares, Activity |
The following is a summary of PSU activity for the three months ended March 31, 2024: | | | | | | | | | | | | | Number of PSUs | | Weighted Average Grant Date Fair Value | Unvested balance at December 31, 2023 | 88,132 | | | $ | 20.11 | | Granted (1) | 1,469,106 | | | 2.41 | | Adjustment for PSUs expected to vest as of current period end | (715,720) | | | 2.35 | | Forfeited | (10,357) | | | 20.11 | | Vested | — | | | — | | Unvested balance at March 31, 2024 | 831,161 | | | $ | 4.12 | |
(1)Reflects shares granted at 100%.
|
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v3.24.1.u1
Credit Agreements (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Credit Facilities |
The following table presents the Company's outstanding debt and borrowing capacity (in thousands, except percentages): | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Availability under Revolver (due March 26, 2026) | $ | 300,000 | | | $ | 300,000 | | Borrowings under Revolver | $ | — | | | $ | — | | Long-term debt (due March 24, 2028), including current portion (1) | $ | 291,514 | | | $ | 293,185 | | Interest rate | 7.9 | % | | 8.0 | % |
(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below. The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands): | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Long-term debt, less current portion | $ | 286,400 | | | $ | 288,188 | | Capitalized deferred financing fees | (2,036) | | | (2,153) | | Long-term debt | 284,364 | | | 286,035 | | Current portion of long-term debt | 7,150 | | | 7,150 | | Total debt carrying value | $ | 291,514 | | | $ | 293,185 | |
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Accrued Expenses and Other Current Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses and Other Current Liabilities |
The following is a summary of the Company’s accrued expenses and other current liabilities (in thousands): | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | | Value-added tax and sales tax payable | $ | 3,665 | | | $ | 4,821 | | Income taxes payable | 2,458 | | | 5,106 | | Restructuring | 2,991 | | | 3,503 | | Other accrued expenses | 13,109 | | | 13,830 | | Accrued expenses and other current liabilities | $ | 22,223 | | | $ | 27,260 | |
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|
3 Months Ended |
Mar. 31, 2024 |
Restructuring and Related Activities [Abstract] |
|
Schedule of Restructuring |
The table below summarizes restructuring costs incurred (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | Total Costs Incurred to Date at March 31, 2024 | Wage-related expenses | $ | 1,031 | | | | | $ | 18,275 | | Non-wage related expenses | 1,084 | | | | | 2,784 | | Total restructuring costs | $ | 2,115 | | | | | $ | 21,059 | |
The table below summarizes the activities related to the restructuring for the three months ended March 31, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Wage-related expenses | | Non-wage related expenses | | Total | | | | | | | Liability as of December 31, 2023 | $ | 3,134 | | | $ | 369 | | | $ | 3,503 | | | | | | | | Charges | 1,031 | | | 1,084 | | | 2,115 | | | | | | | | Payments | (1,875) | | | (753) | | | (2,628) | | | | | | | | Non-cash items (1) | — | | | 1 | | | 1 | | | | | | | | Liability as of March 31, 2024 | $ | 2,290 | | | $ | 701 | | | $ | 2,991 | | | | | | | |
(1) Non-wage related expenses includes charges related to reducing leased office space.
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3 Months Ended |
12 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Jan. 01, 2024 |
Concentration Risk [Line Items] |
|
|
|
|
Property and equipment, net |
$ 27,246
|
|
$ 26,046
|
|
Computer Equipment |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Estimated useful life |
|
|
3 years
|
4 years
|
Non-US |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Property and equipment, net |
$ 19,800
|
|
$ 18,700
|
|
Non-US | Revenue Benchmark | Geographic Concentration Risk |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk |
67.30%
|
65.60%
|
|
|
Non-US | Trade Accounts Receivable and Unbilled Accounts Receivable | Geographic Concentration Risk |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk |
73.20%
|
|
74.80%
|
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3 Months Ended |
Mar. 31, 2024
USD ($)
industryVertical
|
Mar. 31, 2023
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Number of industry verticals | industryVertical |
5
|
|
Revenue recognized |
$ 11.5
|
$ 3.5
|
Remaining performance obligation, amount |
$ 11.7
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Remaining performance obligation, percentage |
50.00%
|
|
Remaining performance obligation, expected timing of satisfaction |
12 months
|
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v3.24.1.u1
Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 248,593
|
$ 307,056
|
North America |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
88,800
|
115,060
|
United States |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 81,300
|
$ 105,700
|
United States | Revenue Benchmark | Geographic Concentration Risk |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Concentration risk |
32.70%
|
34.40%
|
APAC |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 86,713
|
$ 97,484
|
Australia |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 30,100
|
$ 32,500
|
Australia | Revenue Benchmark | Geographic Concentration Risk |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Concentration risk |
12.10%
|
10.60%
|
Europe |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 62,212
|
$ 78,784
|
Germany |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 32,300
|
$ 35,700
|
Germany | Revenue Benchmark | Geographic Concentration Risk |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Concentration risk |
13.00%
|
11.60%
|
United Kingdom |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
$ 33,800
|
United Kingdom | Revenue Benchmark | Geographic Concentration Risk |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Concentration risk |
|
11.00%
|
LATAM |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 10,868
|
$ 15,728
|
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v3.24.1.u1
Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 248,593
|
$ 307,056
|
Technology and business services |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
65,369
|
74,133
|
Energy, public and health services |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
63,022
|
84,039
|
Retail and consumer |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
38,931
|
47,912
|
Financial services and insurance |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
39,155
|
55,155
|
Automotive, travel and transportation |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 42,116
|
$ 45,817
|
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v3.24.1.u1
v3.24.1.u1
Loss Per Share - Schedule of (Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Numerator: |
|
|
Net loss (basic) |
$ (30,882)
|
$ (8,107)
|
Net loss (diluted) |
$ (30,882)
|
$ (8,107)
|
Denominator: |
|
|
Weighted average shares outstanding – basic (in shares) |
322,638,110
|
316,451,601
|
Weighted average shares outstanding – diluted (in shares) |
322,638,110
|
316,451,601
|
Basic loss per share (in dollars per share) |
$ (0.10)
|
$ (0.03)
|
Diluted loss per share (in dollars per share) |
$ (0.10)
|
$ (0.03)
|
X |
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v3.24.1.u1
Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Number of Stock Options |
|
Beginning balance (in shares) | shares |
18,595,731
|
Granted (in shares) | shares |
0
|
Forfeited (in shares) | shares |
(19,504)
|
Exercised (in shares) | shares |
(389,247)
|
Cancelled (in shares) | shares |
0
|
Expired (in shares) | shares |
0
|
Ending balance (in shares) | shares |
18,186,980
|
Exercisable (in shares) | shares |
17,900,258
|
Weighted Average Exercise Price |
|
Beginning balance (in dollars per share) | $ / shares |
$ 3.76
|
Granted (in dollars per share) | $ / shares |
0
|
Forfeited (in dollars per share) | $ / shares |
6.24
|
Exercised (in dollars per share) | $ / shares |
2.40
|
Cancelled (in dollars per share) | $ / shares |
0
|
Expired (in dollars per share) | $ / shares |
0
|
Ending balance (in dollars per share) | $ / shares |
3.76
|
Weighted average exercise price, Exercisable (in dollars per share) | $ / shares |
$ 3.66
|
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years) |
|
Aggregate Intrinsic Value | $ |
$ 2,978
|
Aggregate Intrinsic Value, Exercisable | $ |
$ 2,978
|
Weighted average Period of recognition |
4 years 2 months 12 days
|
Weighted average remaining contractual term, exercisable |
4 years 2 months 12 days
|
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v3.24.1.u1
Credit Agreements - Narrative (Details) - Line of Credit - Credit Agreements - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
May 18, 2023 |
Secured Debt |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Term loan |
|
|
$ 715,000,000
|
Term loan, fair value |
|
$ 294,000,000
|
|
Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 300,000,000
|
$ 300,000,000
|
$ 300,000,000
|
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v3.24.1.u1
Credit Agreements - Schedule of Borrowings (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
May 18, 2023 |
Debt Instrument [Line Items] |
|
|
|
Long-term debt (due March 24, 2028), including current portion |
$ 291,514,000
|
$ 293,185,000
|
|
Interest rate |
7.90%
|
8.00%
|
|
Line of Credit | Credit Agreements | Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Availability under Revolver (due March 26, 2026) |
$ 300,000,000
|
$ 300,000,000
|
$ 300,000,000
|
Borrowings under Revolver |
$ 0
|
$ 0
|
|
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v3.24.1.u1
Credit Agreements - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Long-term debt, less current portion |
$ 286,400
|
$ 288,188
|
Capitalized deferred financing fees |
(2,036)
|
(2,153)
|
Long-term debt |
284,364
|
286,035
|
Current portion of long-term debt |
7,150
|
7,150
|
Total debt carrying value |
$ 291,514
|
$ 293,185
|
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v3.24.1.u1
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Value-added tax and sales tax payable |
$ 3,665
|
$ 4,821
|
Income taxes payable |
2,458
|
5,106
|
Restructuring |
2,991
|
3,503
|
Other accrued expenses |
13,109
|
13,830
|
Accrued expenses and other current liabilities |
$ 22,223
|
$ 27,260
|
X |
- DefinitionAmount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.
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v3.24.1.u1
Restructuring Actions - Narrative (Details) - Reorganization - USD ($) $ in Thousands |
May 01, 2024 |
Mar. 31, 2024 |
Minimum |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, additional |
|
$ 6,500
|
Expected restructuring costs, total |
|
26,500
|
Minimum | Subsequent Event |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected savings, additional |
$ 25,000
|
|
Expected savings, total |
100,000
|
|
Minimum | Wage-related expenses |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, total |
|
22,500
|
Minimum | Non-wage related expenses |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, total |
|
4,000
|
Maximum |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, additional |
|
8,000
|
Expected restructuring costs, total |
|
33,000
|
Maximum | Subsequent Event |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected savings, additional |
30,000
|
|
Expected savings, total |
$ 115,000
|
|
Maximum | Wage-related expenses |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, total |
|
27,500
|
Maximum | Non-wage related expenses |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Expected restructuring costs, total |
|
$ 5,500
|
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v3.24.1.u1
Restructuring Actions - Schedule of Restructuring (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
Restructuring costs |
$ 2,115
|
$ 0
|
Restructuring Reserve [Roll Forward] |
|
|
Charges |
2,115
|
$ 0
|
Reorganization |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Restructuring costs |
2,115
|
|
Restructuring costs incurred to date |
21,059
|
|
Restructuring Reserve [Roll Forward] |
|
|
Liability, beginning balance |
3,503
|
|
Charges |
2,115
|
|
Payments |
(2,628)
|
|
Non-cash items |
1
|
|
Liability, ending balance |
2,991
|
|
Wage-related expenses | Reorganization |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Restructuring costs |
1,031
|
|
Restructuring costs incurred to date |
18,275
|
|
Restructuring Reserve [Roll Forward] |
|
|
Liability, beginning balance |
3,134
|
|
Charges |
1,031
|
|
Payments |
(1,875)
|
|
Non-cash items |
0
|
|
Liability, ending balance |
2,290
|
|
Non-wage related expenses | Reorganization |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Restructuring costs |
1,084
|
|
Restructuring costs incurred to date |
2,784
|
|
Restructuring Reserve [Roll Forward] |
|
|
Liability, beginning balance |
369
|
|
Charges |
1,084
|
|
Payments |
(753)
|
|
Non-cash items |
1
|
|
Liability, ending balance |
$ 701
|
|
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