v3.24.2
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
June 30, 2024December 31, 2023
Accounts receivable, net$165,723 $300,173 
Unbilled receivables, net164,533 237,379 
Long-term unbilled receivables, net
81,218 85,402 
$411,474 $622,954 
Unbilled receivables
Unbilled receivables are client-committed amounts for which revenue recognition precedes billing. Billing is solely subject to the passage of time.
Unbilled receivables by expected collection date:
(Dollars in thousands)
June 30, 2024
1 year or less$164,533 67 %
1-2 years58,353 24 %
2-5 years22,865 9 %
$245,751 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
June 30, 2024
2024$58,562 24 %
2023130,140 53 %
202229,241 12 %
202122,830 9 %
2020 and prior4,978 2 %
$245,751 100 %
Contract assets
Contract assets are client-committed amounts for which revenue recognized exceeds the amount billed to the client, and billing is subject to conditions other than the passage of time, such as the completion of a related performance obligation.
(in thousands)
June 30, 2024December 31, 2023
Contract assets
$15,374 $16,238 
Long-term contract assets
19,997 20,635 
$35,371 $36,873 

Deferred revenue
Deferred revenue consists of billings made and payments received in advance of revenue recognition.
(in thousands)
June 30, 2024December 31, 2023
Deferred revenue$352,618 $377,845 
Long-term deferred revenue
2,443 2,478 
$355,061 $380,323 
The decrease in deferred revenue in the six months ended June 30, 2024, was primarily due to $272.7 million of revenue recognized that was in deferred revenue as of December 31, 2023.