Contract Receivables, Net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contract Receivables, Net | Contract receivables, net consisted of the following:
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Summary of Reconciliation of Billed Contract Receivables Sold to MUF Including Receivables Sold to MUFC And Collected from Customers on Behalf of MUFG And Receivables Not Collected from Customers | 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:
(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. |
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Summary of Reconciliation of Cash Collections from Customers of Billed Contract Receivables Previously Sold to MUFG Including Previous Sold Receivables And Remittance of Cash Collections to MUFG And Cash Collected But Not Remitted to MUFG | 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:
(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. |