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Contract Receivables, Net (Tables)

9 Months Ended

Sep. 30, 2024

Contract receivables, net consisted of the following:


	September 30, 2024			December 31, 2023
Billed and billable	$	220,690		$	210,919
Allowance for expected credit losses		(8,278	)		(5,435	)
Contract receivables, net	$	212,412		$	205,484

Summary of Reconciliation of Billed Contract Receivables Sold to MUF Including Receivables Sold to MUFC And Collected from Customers on Behalf of MUFG And Receivables Not Yet Collected from Customers

The following is a reconciliation of billed contract receivables sold to MUFG that were eligible and accounted for as sales under ASC 860, including billed contract receivables sold to MUFG and collected from customers on behalf of MUFG during the nine months ended September 30, 2024 and 2023, and the balance of billed contract receivables not yet collected from customers as of September 30, 2024 and 2023, respectively:


	As of and for the Nine Months Ended
	September 30, 2024			September 30, 2023
Beginning balance, billed contract receivables sold and not yet collected (1)	$	21,302		$	3,819
Billed contract receivables sold during the period (2)		482,469			159,480
Collections from customers during the period (2)		(473,037	)		(131,580	)
Ending balance, billed contract receivables sold and not yet collected (3)	$	30,735		$	31,719

(1)

The beginning balances represent billed contract receivables that were previously sold and derecognized by the Company but have not yet been collected from customers as of January 1, 2024 and 2023, respectively.

(2)

For the nine months ended September 30, 2024 and 2023, the Company recorded net inflows of $9.4 million and $27.9 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables.

(3)

The ending balances represent billed contract receivables that were sold and derecognized by the Company but have not yet been collected from customers as of September 30, 2024 and 2023, respectively.

Summary of Reconciliation of Cash Collections from Customers of Billed Contract Receivables Previously Sold to MUFG Including Previous Sold Receivables And Remittance of Cash Collections to MUFG And Cash Collected But Not Yet Remitted to MUFG

The following is a reconciliation of cash collections from customers of billed contract receivables previously sold to MUFG that were eligible and accounted for as sales under ASC 860, including collections from customers on behalf of MUFG of previously sold billed contract receivables and remittances of cash collections to MUFG during the nine months ended September 30, 2024 and 2023, and the balance of cash collected but not yet remitted to MUFG as of September 30, 2024 and 2023, respectively:


	As of and for the Nine Months Ended
	September 30, 2024			September 30, 2023
Beginning balance, cash collected but not yet remitted to MUFG (1)	$	21,796		$	6,164
Collections from customers during the period (2)		473,037			131,580
Remittances to MUFG during the period (2)		(463,558	)		(127,303	)
Ending balance, cash collected but not yet remitted to MUFG (3)	$	31,275		$	10,441

(1)

The beginning balances represent cash collected from customers on behalf of MUFG for billed contract receivables that were previously sold and derecognized by the Company but have not yet been remitted to MUFG as of January 1, 2024 and 2023, respectively.

(2)

For the nine months ended September 30, 2024 and 2023, the Company recorded net inflows of $9.5 million and $4.3 million, respectively, in its cash flows from operating activities from the collection of billed contract receivables that were sold but not yet remitted to MUFG.

(3)

The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.