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ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consists of the following as of December 31:
(in thousands)
 
2017
 
2016
 
 
 
 
 
Billed
 
$
40,787

 
$
58,392

Unbilled
 
22,532

 
39,853

 
 
63,319

 
98,245

Less: Allowance for doubtful accounts
 
(10,579
)
 
(10,424
)
 
 
 
 
 
Total
 
$
52,740

 
$
87,821


Unbilled receivables consist primarily of certain real estate asset management and sales services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and default management services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled receivables that are earned during a month and billed in the following month.
Bad debt expense amounted to $5.1 million, $1.8 million and $5.5 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.