v3.26.1
Contract Assets and Contract Liabilities
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Contract Assets and Contract Liabilities Contract Assets and Contract Liabilities
Contract assets and liabilities are reflected in the Company’s condensed consolidated balance sheets within the accounts reflected below.
Contract Assets
Accounts receivable represent amounts due from the Company’s customers who are concentrated primarily in the pharmaceutical, biotechnology, and medical device industries. Unbilled represents revenue recognized to date that has not been billed or is not yet contractually billable to the customer. In general, amounts become billable upon the achievement of negotiated contractual events, in accordance with predetermined payment schedules or when a reimbursable expense has been incurred. Amounts classified to unbilled are those billable to customers within one year from the respective balance sheet date.
Accounts receivable and unbilled, net consisted of the following (in thousands):
As of
June 30,
2026		December 31,
2025
Accounts receivable$420,560 $376,755 
Unbilled receivables21,265 25,352 
Less: allowance for doubtful accounts(28)(29)
Total accounts receivable and unbilled, net$441,797 $402,078 
Contract Liabilities
Advanced billings represent cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized.
Advanced billings consisted of the following (in thousands):
As of
June 30,
2026		December 31,
2025
Advanced billings$904,722 $854,390 
As of June 30, 2026 and December 31, 2025, the Company had approximately $3.5 billion and $3.6 billion of performance obligations remaining to be performed for active projects.