Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

Credit Loss [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

The following table sets forth the Company's allowance for credit losses for the three months ended March 31, 2026 and 2025:

(in thousands)	2026		2025
Balance as of January 1	$	13,832	$	13,080
Additions (1)	3,371		3,770
Deductions (2)	(2,820)		(3,673)
Balance as of March 31 (3)	$	14,383	$	13,177

(1)    For the three months ended March 31, 2026 and 2025, the Company recorded a provision for credit losses of $3.4 million and $3.8 million, respectively, which is included in General and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

(2)    For the three months ended March 31, 2026 and 2025, the deductions represent amounts written off as uncollectible, net of recoveries.

(3)    As of March 31, 2026, $14.4 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. As of March 31, 2025, $13.1 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets.

The Company’s exposure to expected credit losses depends on the financial condition of its clients and other macroeconomic factors. The Company maintains an allowance for credit losses based upon its estimate of potential credit losses. This allowance is based upon historical and current client collection trends, any identified client-specific collection issues, and current as well as expected future economic conditions and market trends.