Contract receivables, net consisted of the following:


	June 30, 2025			December 31, 2024
Billed and billable	$	218,348		$	263,624
Allowance for expected credit losses		(5,519	)		(6,701	)
Contract receivables, net	$	212,829		$	256,923

The Company sells certain billed contract receivables in accordance with its 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 six months ended June 30, 2025 and 2024, and the balance of billed contract receivables not collected from customers as of June 30, 2025 and 2024, respectively:


	As of and for the Six Months Ended
	June 30, 2025			June 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)		239,547			315,553
Collections from customers during the period (2)		(241,140	)		(302,174	)
Ending balance, billed contract receivables sold and not yet collected (3)	$	24,373		$	34,681

(1)

The beginning balances 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 the six months ended June 30, 2025 and 2024, the Company recorded a net outflow of $1.6 million and a net inflow of $13.4 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 June 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 six months ended June 30, 2025 and 2024, and the balance of cash collected but not remitted to MUFG as of June 30, 2025 and 2024, respectively:


	As of and for the Six Months Ended
	June 30, 2025			June 30, 2024
Beginning balance, cash collected but not yet remitted to MUFG (1)	$	23,339		$	21,796
Collections from customers during the period (2)		241,140			302,174
Remittances to MUFG during the period (2)		(242,108	)		(292,581	)
Ending balance, cash collected but not yet remitted to MUFG (3)	$	22,371		$	31,389

(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 six months ended June 30, 2025 and 2024, the Company recorded a net outflow of $1.0 million and a net inflow of $9.6 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 a net outflow of $2.6 million and a net inflow of $23.0 million for the six months ended June 30, 2025 and 2024, respectively.

At June 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 $0.2 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.