v3.25.2
Contract Receivables, Net - 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 (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]    
Beginning balance [1] $ 23,339 $ 21,796
Collections from customers during the period [2],[3] 241,140 302,174
Remittances to MUFG during the period [2] (242,108) (292,581)
Ending balance [4] $ 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] 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.
[4] The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.