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CONTRACT ASSETS AND CONTRACT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
CONTRACT ASSETS AND CONTRACT LIABILITIES CONTRACT ASSETS AND CONTRACT LIABILITIES
Contract assets and liabilities are reflected in the Company’s 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 at December 31 (in thousands):
20242023
Accounts receivable$291,096 $275,932 
Unbilled receivables5,347 22,475 
Less: allowance for doubtful accounts— (7)
Total accounts receivable and unbilled, net$296,443 $298,400 
Contract Liabilities
Advanced billings represents cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized. During the years ended December 31, 2024 and 2023, the Company recognized approximately $498.5 million and $396.3 million, respectively, of revenue that was included in the Advanced billings balance at the beginning of the year.
Advanced billings consisted of the following at December 31 (in thousands):
20242023
Advanced billings$710,585 $559,860 
A rollforward of allowance for doubtful account activity is as follows:
Year Ended December 31,
202420232022
Allowance for doubtful accounts - beginning balance$(7)$(170)$(171)
Current year provision(113)(3,420)— 
Write-offs, recoveries and the effects of foreign currency exchange120 3,583 1 
Allowance for doubtful accounts - ending balance$— $(7)$(170)