ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2023


Table 4: Details of Accounts Receivable, Net
	September 30, 2023		December 31, 2022

	(in thousands)
Billed accounts receivable	$	12,614	$	13,655
Unbilled accounts receivable	7,211		11,657
Contract assets	5,858		14,891
Allowance for credit losses (1)	(259)		(134)
Accounts receivable, net	$	25,424	$	40,069

(1) Includes provision for credit losses, net of recoveries.

As our primary customer base includes agencies of the U.S. government, we have a concentration of credit risk associated with our accounts receivable, as 91% of our billed and unbilled accounts receivable as of September 30, 2023, were directly with U.S. government customers. While we acknowledge the potential material and adverse risk of such a significant concentration of credit risk, our past experience collecting substantially all of such receivables provides us with an informed basis that such risk, if any, is manageable. We perform ongoing credit evaluations of all of our customers and generally do not require collateral or other guarantee from our customers. We maintain allowances for potential losses.