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Contract Balances
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Contract Balances Disaggregation of Revenue
Revenue disaggregated by customer profile is as follows:
Year ended
December 31, 2023December 31, 2022December 31, 2021
(in thousands)
Top client$721,309 $683,546 $441,173 
Clients 2-51,453,508 1,506,087 1,291,946 
Clients 6-101,188,943 1,112,636 752,325 
Clients 11-251,743,539 1,585,739 1,077,073 
Other3,012,877 2,853,378 1,918,309 
Total$8,120,176$7,741,386$5,480,826
Our customers have similar profiles and economic characteristics, and therefore have similar degrees of risk and growth opportunities.Contract Balances
Accounts receivable and unbilled revenue are as follows:
December 31, 2023December 31, 2022
(in thousands)
Billed services (accounts receivable)$1,821,855 $1,751,950 
Allowance for credit losses (note 5)(31,533)(20,562)
Accounts receivable (net)1,790,322 1,731,388 
Unbilled services (unbilled revenue)951,936 957,655 
Accounts receivable and unbilled revenue, net$2,742,258 $2,689,043 

Unbilled services and unearned revenue or payments on account (contract assets and liabilities) were as follows:
(in thousands, except percentages)December 31, 2023December 31, 2022$ Change% Change
Unbilled services (unbilled revenue)$951,936 $957,655 $(5,719)(0.6)%
Unearned revenue (payments on account)(1,654,507)(1,507,449)(147,058)9.8 %
Net balance$(702,571)$(549,794)$(152,777)27.8 %

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. We record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets are recorded as unbilled revenue and therefore contract assets rather than accounts receivable when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations or billed in advance of the revenue being earned.

Unbilled services/revenue balances arise where invoicing or billing is based on the timing of agreed milestones related to service contracts for clinical research. Contractual billing arrangements in respect of certain reimbursable expenses (principally investigators) require billing by the investigator to the Company prior to billing by the Company to the customer. As there is no contractual right of set-off between unbilled services (contract assets) and unearned revenue (contract liabilities), each are separately presented gross on the Consolidated Balance Sheet.

The Company is the contract principal in respect of both direct services and in the use of third parties (principally investigator services) that support a clinical trial. The progress towards completion for clinical service contracts is measured based on total project costs (including reimbursable costs). Amounts owed to investigators and others in respect of reimbursable expenses at December 31, 2023 and December 31, 2022 were $333.0 million and $406.3 million (see note 12 - Other liabilities).
Unbilled services as at December 31, 2023 decreased by $5.7 million as compared to December 31, 2022. Unearned revenue increased by $147.1 million over the same period resulting in an increase of $152.8 million in the net balance of unbilled services and unearned revenue or payments on account between December 31, 2022 and December 31, 2023. These fluctuations are primarily due to the timing of payments and invoicing related to the Company's clinical trial management contracts. Billings and payments are established by contractual provisions including predetermined payment schedules which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. Unbilled services arise from long-term contracts when a cost-based input method of revenue recognition is applied and revenue recognized exceeds the amount billed to the customer.

The credit loss expense recognized on the Company's receivables and unbilled services was $24.6 million and $17.8 million for the year ended December 31, 2023 and 2022, respectively.
As of December 31, 2023 approximately $14.8 billion of revenue is expected to be recognized in the future in respect of unsatisfied performance obligations compared to $13.7 billion as of December 31, 2022. As of December 31, 2023 the Company expects to recognize revenue on approximately 52% of the unsatisfied performance obligation over the next twelve months compared to 52% as of December 31, 2022, with the remainder recognized thereafter over the duration of the customer contracts.