ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2025

Accounts receivable, less allowance for doubtful accounts, reflects the net realizable value of receivables and approximates fair value. Unbilled revenue is recorded at estimated net realizable value. Assessing the collectability of the receivables (billed and unbilled) requires management judgment based on a combination of factors, including but not limited to, an evaluation of our historical incurred loss experience, credit-worthiness of our clients, age of the trade receivable balance, current economic conditions that may affect a client’s ability to pay, and reasonable and supportable forecasts. Receivables are charged-off against the allowance when the balance is deemed uncollectible.

Accounts receivable, net, at March 31, 2025 and December 31, 2024 was as follows (in thousands):


	March 31, 2025		December 31, 2024
Trade accounts receivable	$	488,607	$	416,211
Unbilled revenue, at net realizable value	290,448		150,362
Total accounts receivable	779,055		566,573
Allowance for doubtful accounts	(43,629)		(31,715)
Accounts receivable, net	$	735,426	$	534,858

Changes to the allowance for doubtful accounts for the three months ended March 31, 2025 and year ended December 31, 2024 were as follows (in thousands):


	March 31, 2025		December 31, 2024
Balance at beginning of period	$	(31,715)	$	(25,598)
Provision	(10,748)		(19,979)
Charge-offs, net of recoveries	(1,166)		13,862
Allowance for doubtful accounts	$	(43,629)	$	(31,715)