Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 9

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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	$
			4,794

			$
			4,527

Revenue recognized during the three-month periods ended March 31, 2025 and 2024 from amounts included in deferred revenue at the beginning of the period were approximately $1.5 million and $2.7 million, respectively.

When invoicing occurs after revenue recognition, the Company has contract assets, included within “receivables, net” on the condensed consolidated balance sheets.

13

The following table presents opening and closing balances of contract assets for the three-month periods ended March 31, 2025 and 2024 (in thousands):

			Contract Assets

			Three Months Ended
			March 31, 

			2025

			2024

			Unbilled Receivables - beginning of period

			$
			192

			$
			114

			Increases due to revenue recognized, not invoiced to customers

			1,094

			537

			Decreases due to customer invoicing

			(637
			)

			(381
			)

			Unbilled Receivables - end of period

			$
			649

			$
			270

			(5)

			Supplemental Cash Flow Information

Supplemental cash flow information consists of the following (in thousands):

			Three Months Ended

			March 31,

			2025

			2024

			Cash paid for:

			Interest

			$
			2,796

			$
			619

			Income taxes, net of refunds

			(468
			)

			-

			Non-cash investing and financing activities:

			Capital additions accrued but not yet paid

			$
			89

			$
			105

			(6)

			Receivables and Allowance for Credit Losses

Receivables consist of the following (in thousands):

			March 31,

			December 31,

			2025

			2024

			Accounts receivable–trade

			$
			94,821

			$
			85,562

			Less allowance for credit losses

			(1,042
			)

			(885
			)

			Receivables, net

			$
			93,