v3.24.3
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
September 30, 2024December 31, 2023
Accounts receivable, net$173,623 $300,173 
Unbilled receivables, net157,281 237,379 
Long-term unbilled receivables, net
77,576 85,402 
$408,480 $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)
September 30, 2024
1 year or less$157,281 67 %
1-2 years60,501 26 %
2-5 years17,075 7 %
$234,857 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
September 30, 2024
2024$78,970 34 %
2023118,866 50 %
202219,775 8 %
202113,546 6 %
2020 and prior3,700 2 %
$234,857 100 %
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)
September 30, 2024December 31, 2023
Contract assets
$15,719 $16,238 
Long-term contract assets
25,224 20,635 
$40,943 $36,873 

Deferred revenue
Deferred revenue consists of billings made and payments received in advance of revenue recognition.
(in thousands)
September 30, 2024December 31, 2023
Deferred revenue$345,574 $377,845 
Long-term deferred revenue
2,183 2,478 
$347,757 $380,323 
Deferred revenue decreased in the nine months ended September 30, 2024, primarily due to $340.4 million of revenue recognized during the period included in deferred revenue as of December 31, 2023 exceeding new billings in advance of revenue recognition.