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Contract Receivables, Net - 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 (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Receivables [Abstract]    
Beginning balance [1] $ 21,796 $ 6,164
Collections from customers during the period [2],[3] 473,037 131,580
Remittances to MUFG during the period [3] (463,558) (127,303)
Ending balance [4] $ 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 $9.4 million and $27.9 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables.
[3] 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.
[4] The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.