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Contract Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Contract receivables, net consisted of the following as of December 31:


	2025			2024
Billed and billable	$	241,129		$	263,624
Allowance for expected credit losses		(3,133	)		(6,701	)
Contract receivables, net	$	237,996		$	256,923

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, including billed contract receivables sold to MUFG and payments from customers collected on behalf of MUFG during the twelve months ended December 31, 2025 and 2024, and the balance of billed contract receivables not yet collected from customers as of December 31, 2025 and 2024, respectively:


	As of and for the Year Ended
	December 31, 2025			December 31, 2024
Beginning balance, billed contract receivables sold and not yet collected (1)	$	25,966		$	21,302
Billed contract receivables sold during the period (2)		439,550			634,081
Collections from customers during the period (2)		(427,310	)		(629,417	)
Ending balance, billed contract receivables sold and not yet collected (3)	$	38,206		$	25,966

(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, 2025 and 2024, respectively.

(2)

For the twelve months ended December 31, 2025 and 2024, the Company recorded net inflows of $12.2 million and $4.7 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 December 31, 2025 and 2024, 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, including collections from customers on behalf of MUFG of previously sold billed contract receivables and remittances of cash collections to MUFG during the twelve months ended December 31, 2025 and 2024, and the balance of cash collected but not yet remitted to MUFG as of December 31, 2025 and 2024, respectively:


	As of and for the Year Ended
	December 31, 2025			December 31, 2024
Beginning balance, cash collected but not yet remitted to MUFG (1)	$	23,339		$	21,796
Collections from customers during the period (2)		427,310			629,417
Remittances to MUFG during the period (2)		(446,809	)		(627,874	)
Ending balance, cash collected but not yet remitted to MUFG (3)	$	3,840		$	23,339

(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, 2025 and 2024, respectively.

(2)

For the twelve months ended December 31, 2025 and 2024, the Company recorded a net outflow of $19.5 million and a net inflow of $1.5 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.