Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2026

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.

Summary of Reconciliation of Billed Accounts Receivable Sold to MUFG

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.

Summary of Reconciliation of Cash Collections from Customers of Billed Accounts Receivable Previously Sold to MUFG

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.