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Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) | Revenue Revenue disaggregated by customer concentration is as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2025 | June 30, 2024 |  | June 30, 2025 | June 30, 2024
| (in thousands)
Clients 1-5 | $ | 503,557 |  | $ | 523,535 |  |  | $ | 1,002,041 |  | $ | 1,067,495 |
Clients 6-10 | 298,015 |  | 308,689 |  |  | 600,544 |  | 628,424 |
Clients 11-25 | 522,181 |  | 458,119 |  |  | 994,749 |  | 886,149 |
Other | 693,604 |  | 829,816 |  |  | 1,421,355 |  | 1,628,477 |
Total | $ | 2,017,357 |  | $ | 2,120,159 |  |  | $ | 4,018,689 |  | $ | 4,210,545 |
There was no revenue from individual customers greater than 10% of consolidated revenue in the respective periods. Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) Accounts receivables and unbilled revenue are as follows:
| June 30, 2025 | December 31, 2024
| (in thousands)
Billed services (accounts receivable) | $ | 1,411,329 |  | $ | 1,437,653 |
Allowance for credit losses | (44,074) |  | (35,664) |
Accounts receivable (net) | 1,367,255 |  | 1,401,989 |
Unbilled services (unbilled revenue) | 1,244,560 |  | 1,286,274 |
Accounts receivable and unbilled revenue, net | $ | 2,611,815 |  | $ | 2,688,263 |
Unbilled services and unearned revenue or payments on account (contract assets and liabilities) were as follows:
| June 30, 2025 | December 31, 2024 | $ Change | % Change
| (in thousands, except percentages)
Unbilled services (unbilled revenue) | $ | 1,244,560 |  | $ | 1,286,274 |  | $ | (41,714) |  | (3.2) | %
Unearned revenue (payments on account) | (1,514,442) |  | (1,614,758) |  | 100,316 |  | (6.2) | %
Net balance | $ | (269,882) |  | $ | (328,484) |  | $ | 58,602 |  | (17.8) | %
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 Condensed Consolidated Balance Sheet. Unbilled services as at June 30, 2025 decreased by $41.7 million compared to December 31, 2024. Unearned revenue decreased by $100.3 million over the same period resulting in a decrease of $58.6 million in the net balance of unbilled services and unearned revenue or payments on account between December 31, 2024 and June 30, 2025. 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 on the delivery of units/milestones 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 e xceeds the amount billed to the customer. As of June 30, 2025, approximately $14.4 billion (December 31, 2024: $15.9 billion) of revenue is expected to be recognized in the future in respect of unsatisfied performance obligations. The Company expects to recognize revenue on approximately 50% of the unsatisfied performance obligations over the next 12 months (December 31, 2024: 47%), with the remainder recognized thereafter over the duration of the customer contracts.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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