Accounts Receivable, net

3 Months Ended

Mar. 31, 2023

Note E – Accounts Receivable, net

The accounts receivable, net balance was as follows:



	March 31, 2023		December 31, 2022
Billed receivables	$	22,547	$	25,518
Unbilled receivables	934		1,208


Total accounts receivable, net	$	23,481	$	26,726

Accounts receivable are recorded for amounts to which the Company is entitled and has invoiced to the customer. Unbilled receivables, presented in the table above, consist of unbilled amounts under T&M contracts where billing and payment is subject solely to the passage of time.

Substantially all accounts receivable as of March 31, 2023 are expected to be collected in 2023. The Company does not believe there is a significant exposure to credit risk as the majority of the Company’s accounts receivable are due from U.S. and foreign governments or large prime contractors of such government entities. As a result, the change in the allowance for credit losses was not material during the three months ended March 31, 2023.