Company: G
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001398659-25-000035
Chunk: 104

Company: Genpact LTD
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 104
---
 Financial Statement Schedules.” 

Seasonality

Our financial results may vary from period to period. Our revenues are typically higher in the third and fourth quarters than in other quarters, as a result of several factors. We generally find that demand for short-term Data-Tech-AI services, including analytics and IT projects, increases in the fourth quarter as our clients utilize the balance of their budgets for the year. Additionally, demand for certain services, such as collections and transaction processing, is often greater in the second half of the year as our clients’ volumes in such areas increase.

Statement of financial position

Key changes in our financial position during 2024

Following are the significant changes in our financial position as of December 31, 2024 compared to December 31, 2023:

•Short-term borrowings decreased by $10.0 million

The decrease in our short-term debt is primarily due to lower utilization of the funded drawdown of the credit facility under the 2022 Credit Agreement (as defined below). For additional information, see Note 14—“Short-term borrowings” to our consolidated financial statements under Part IV, Item 15—“Exhibits and Financial Statement Schedules” for additional information.

•Prepaid expenses, other current assets, contract cost assets and other assets increased by $66.5 million

The increase in prepaid expenses, other current assets, contract cost assets and other assets is primarily due to higher deferred billings, higher contract assets (net of amortization), higher vendor advances for employee related liabilities and higher prepaid expenses. The increase was partially offset by a decrease in contract cost assets, higher refunds of Indian Goods and Services Tax payments and the adjustment of advance tax towards the settlement of income taxes payable. For additional information, see Note 6—“Prepaid expenses and other current assets,” Note 10—“Other assets” and Note 24—“Net revenues—Contract balances” to our consolidated financial statements under Part IV, Item 15—“Exhibits and Financial Statement Schedules” for additional information.

•Accounts receivable, net increased by $82.3 million

The increase in our accounts receivable is primarily due to higher revenue in 2024 compared to 2023, partially offset by lower days sales outstanding in 2024 compared to 2023.

•Goodwill and intangible assets decreased by $40.1 million

Goodwill decreased by $14.0 million, primarily due to the effect of exchange rate fluctuations. Our intangible assets decreased