Accounts Receivable, Net

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable, Net

Accounts Receivable, Net

Accounts receivable, net consists of (in thousands):

	March 31,		December 31,
	2026		2025
Accounts receivable	$	144,027	$	107,960
Unbilled services	72,421		17,134
Total accounts receivable	216,448		125,094
Allowance for credit loss	(2,881)		(1,676)
Total accounts receivable, net	$	213,567	$	123,418

The following table summarizes changes in the allowance for credit loss (in thousands):

	March 31,		December 31,
	2026		2025
Balance at beginning of period	$	1,676	$	3,071
Addition to / (reduction in) provision	1,261		(1,198)
Write-offs, net of recoveries	(56)		(197)
Balance at end of period	$	2,881	$	1,676

The opening balance of accounts receivable, net on January 1, 2025 was $117.8 million.