Contract receivables, net consisted of the following:


	September 30, 2023			December 31, 2022
Billed and billable	$	219,783		$	238,449
Allowance for expected credit losses		(4,965	)		(6,112	)
Contract receivables, net	$	214,818		$	232,337

On December 23, 2022, the Company entered into a Master Receivables Purchase Agreement (the “MRPA”) with MUFG Bank, Ltd. (“MUFG”) for the sale from time to time of certain eligible billed receivables. The purchase price of each receivable is equal to the net invoice amount minus a specified discount. The receivables are sold without recourse and the Company does not retain any ongoing financial interest in the transferred receivables other than providing servicing activities. The Company accounts for the transfers as sales under ASC 860, Transfers and Servicing, derecognizes the receivables from its consolidated balance sheets at the date of the sale, and includes the cash received from MUFG as part of cash flows from operating activities on its consolidated statement of cash flows.

During the three and nine months ended September 30, 2023, the Company sold $93.1 million and $159.5 million, respectively, in billed receivables to MUFG that is included in operating cash on the consolidated statements of cash flows. As of September 30, 2023 and December 31, 2022, the Company had $10.4 million and $6.2 million, respectively, in cash collections from previously sold invoices to be remitted to MUFG which is included as part of “accrued expenses and other current liabilities” on the consolidated balance sheets.