v3.25.1
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
March 31, 2025December 31, 2024
Accounts receivable, net$202,869 $305,468 
Unbilled receivables, net179,093 173,085 
Long-term unbilled receivables, net
98,251 61,407 
$480,213 $539,960 
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)
March 31, 2025
1 year or less$179,093 65 %
1-2 years59,265 21 %
2-5 years38,986 14 %
$277,344 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
March 31, 2025
2025$87,964 32 %
2024109,309 39 %
202364,889 23 %
20228,227 3 %
2021 and prior6,955 3 %
$277,344 100 %
Major clients
Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
March 31, 2025December 31, 2024
Client A
Accounts receivable*20 %
Unbilled receivables*— %
Total receivables*11 %
Client B
Accounts receivable— %*
Unbilled receivables18 %*
Total receivables11 %*
*Client accounted for less than 10% of total accounts receivable and unbilled receivables.
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)
March 31, 2025December 31, 2024
Contract assets (1)
$14,620 $13,498 
Long-term contract assets (2)
23,009 18,321 
$37,629 $31,819 
(1) Included in other current assets.
(2) Included in other long-term assets.
Deferred revenue
Deferred revenue consists of billings made and payments received in advance of revenue recognition.
(in thousands)
March 31, 2025December 31, 2024
Deferred revenue$469,298 $423,910 
Long-term deferred revenue (1)
4,096 2,121 
$473,394 $426,031 
(1) Included in other long-term liabilities.
The change in deferred revenue during the three months ended March 31, 2025 was primarily due to new billings in advance of revenue recognition and $190.2 million of revenue recognized during the period included in deferred revenue as of December 31, 2024