Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities

(4) Contract Assets and Contract Liabilities

Contract assets and liabilities are reflected in the Company’s condensed consolidated balance sheets within the accounts reflected below.

Contract Assets

Accounts receivable represent amounts due from the Company’s customers who are concentrated primarily in the pharmaceutical, biotechnology, and medical device industries. Unbilled represents revenue recognized to date that has not been billed or is not yet contractually billable to the customer. In general, amounts become billable upon the achievement of negotiated contractual events, in accordance with predetermined payment schedules or when a reimbursable expense has been incurred. Amounts classified to unbilled are those billable to customers within one year from the respective balance sheet date.

Accounts receivable and unbilled, net consisted of the following (in thousands):

	As of
	June 30,			December 31,
	2022			2021
Accounts receivable	$	182,080		$	150,496
Unbilled receivables		43,785			36,107
Less: allowance for doubtful accounts		(170	)		(171	)
Total accounts receivable and unbilled, net	$	225,695		$	186,432

Contract Liabilities

Advanced billings represent cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized.

Advanced billings consisted of the following (in thousands):

	As of
	June 30,		December 31,
	2022		2021
Advanced billings	$	401,368	$	344,641

As of June 30, 2022, we had approximately $2.5 billion of performance obligations remaining to be performed for active projects.