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Contract Receivables, Net | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Contract Receivables, Net | NOTE 3 – CONTRACT RECEIVABLES, NET Contract receivables, net consisted of the following:
|  | September 30, 2025 |  |  | December 31, 2024 |
Billed and billable |  | $ | 236,800 |  |  | $ | 263,624 |
Allowance for expected credit losses |  |  | (3,786 | ) |  |  | (6,701 | )
Contract receivables, net |  | $ | 233,014 |  |  | $ | 256,923 |
The Company sells certain billed contract receivables in accordance with its Amended Master Receivables Purchase Agreement with MUFG Bank, Ltd. (“MUFG”). The following is a reconciliation of billed contract receivables sold to MUFG that were eligible and accounted for as sales under Accounting Standards Codification 860, Transfers and Servicing (“ASC 860”), including billed contract receivables sold to MUFG and collected from customers on behalf of MUFG during the nine months ended September 30, 2025 and 2024, and the balance of billed contract receivables not collected from customers as of September 30, 2025 and 2024, respectively:
|  | As of and for the Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
Beginning balance, billed contract receivables sold and not yet collected (1) |  | $ | 25,966 |  |  | $ | 21,302 |
Billed contract receivables sold during the period (2) |  |  | 362,563 |  |  |  | 482,469 |
Collections from customers during the period (2) |  |  | (349,981 | ) |  |  | (473,037 | )
Ending balance, billed contract receivables sold and not yet collected (3) |  | $ | 38,549 |  |  | $ | 30,735 |
(1) The beginning balanc es represent billed contract receivables that were previously sold and derecognized by the Company but had not been collected from customers as of January 1, 2025 and 2024, respectively. (2) For t he nine months ended September 30, 2025 and 2024, the Company recorded net inflows of $12.6 million and $9.4 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables. (3) The ending balances represent billed contract receivables that were sold and derecognized by the Company but had not been collected from customers as of September 30, 2025 and 2024, respectively. The following is a reconciliation of cash collections from customers of billed contract receivables previously sold to MUFG that were eligible and accounted for as sales under ASC 860, including collections from customers on behalf of MUFG of previously sold billed contract receivables and remittances of cash collections to MUFG during the nine months ended September 30, 2025 and 2024, and the balance of cash collected but not remitted to MUFG as of September 30, 2025 and 2024, respectively:
|  | As of and for the Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
Beginning balance, cash collected but not yet remitted to MUFG (1) |  | $ | 23,339 |  |  | $ | 21,796 |
Collections from customers during the period (2) |  |  | 349,981 |  |  |  | 473,037 |
Remittances to MUFG during the period (2) |  |  | (361,462 | ) |  |  | (463,558 | )
Ending balance, cash collected but not yet remitted to MUFG (3) |  | $ | 11,857 |  |  | $ | 31,275 |
(1) The beginning balances represent cash collected from customers on behalf of MUFG for billed contract receivables that were previously sold and derecognized by the Company but had not been remitted to MUFG as of January 1, 2025 and 2024, respectively. (2) For the nine months ended September 30, 2025 and 2024, the Company recorded a net outflow of $11.5 million and a net inflow of $9.5 million, respectively, in its cash flows from operating activities from the collection of billed contract receivables that were sold but not yet remitted to MUFG. (3) The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets. The aggregate impact of the sale of billed contract receivables on the Company’s operating cash flows was net inflows of $1.1 million and $18.9 million for the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, the amounts due to MUFG for cash collected and not yet remitted for billed contract receivables sold that did not qualify as sales under ASC 860 totaled $2.1 million and $7.9 million, respectively. These amounts are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets, and included within cash flows from financing activities on the Company’s consolidated statements of cash flows.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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