Accounts receivable, net consists of contract and other customer receivables. A reconciliation of accounts receivable, net is as follows:


	June 30, 2026			December 31, 2025
Billed and billable (1)	$	243,462		$	241,129
Allowance for expected credit losses		(3,673	)		(3,133	)
Accounts receivable, net	$	239,789		$	237,996

(1)

Includes billed other customer receivables totaling $16.2 million and $20.6 million at June 30, 2026 and December 31, 2025, respectively, related to the Company’s energy incentive management business for its public utility clients.

The Company sells certain billed accounts receivable in accordance with its Amended Master Receivables Purchase Agreement with MUFG Bank, Ltd. (“MUFG”) that are accounted for as sales under the Accounting Standards Codification (“ASC”) 860, Transfers and Servicing (“ASC 860”). The accounts receivable are sold without recourse and the Company does not retain any ongoing financial interest in the transferred accounts receivable other than providing servicing activities. The following is a reconciliation of billed accounts receivable sold to MUFG:


	As of and for the Six Months Ended
	June 30, 2026			June 30, 2025
Beginning balance, billed accounts receivable sold and not yet collected	$	38,206		$	25,966
Billed accounts receivable sold (1)		243,081			239,547
Collections from customers (1)		(252,231	)		(241,140	)
Ending balance, billed accounts receivable sold and not yet collected	$	29,056		$	24,373

(1)

For the six months ended June 30, 2026 and 2025, the Company recorded net outflows of $9.2 million and $1.6 million, respectively, in its cash flows from operating activities from the sale of billed accounts receivable.

The following is a reconciliation of cash collections from customers of billed accounts receivable previously sold to MUFG that were eligible and accounted for as sales under ASC 860:


	As of and for the Six Months Ended
	June 30, 2026			June 30, 2025
Beginning balance, cash collected but not yet remitted to MUFG	$	3,840		$	23,339
Collections from customers (1)		252,231			241,140
Remittances to MUFG (1)		(247,410	)		(242,108	)
Ending balance, cash collected but not yet remitted to MUFG	$	8,661		$	22,371

(1)

For the six months ended June 30, 2026 and 2025, the Company recorded a net inflow of $4.8 million and a net outflow of $1.0 million, respectively, in its cash flows from operating activities from the collection of billed accounts receivable that were sold but not yet remitted to MUFG.

The aggregate impact of the sale of billed accounts receivable on the Company’s operating cash flows was net outflows of $4.4 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

At June 30, 2026 and December 31, 2025, the amounts due to MUFG for cash collected and not yet remitted for billed accounts receivable sold that did not qualify as sales under ASC 860 totaled $4.9 million and $3.4 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.