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Revenue | 9 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Contract Estimates We recognize revenue for many of our fixed price contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and nine months ended December 31, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type and by customer type, as well as by whether the Company acts as prime contractor or sub-contractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories. Revenue by Contract Type:
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost-reimbursable | $ | 1,673,838 |  | 57 | % |  | $ | 1,403,297 |  | 55 | % |  | $ | 5,114,805 |  | 57 | % |  | $ | 4,317,430 |  | 55 | %
Time-and-materials | 660,031 |  | 23 | % |  | 614,339 |  | 24 | % |  | 2,053,417 |  | 23 | % |  | 1,888,679 |  | 24 | %
Fixed-price | 583,321 |  | 20 | % |  | 552,165 |  | 21 | % |  | 1,837,151 |  | 20 | % |  | 1,684,460 |  | 21 | %
Total Revenue | $ | 2,917,190 |  | 100 | % |  | $ | 2,569,801 |  | 100 | % |  | $ | 9,005,373 |  | 100 | % |  | $ | 7,890,569 |  | 100 | %
Revenue by Customer Type:
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Defense Clients | $ | 1,454,686 |  | 50 | % |  | $ | 1,225,697 |  | 48 | % |  | $ | 4,415,664 |  | 49 | % |  | $ | 3,718,335 |  | 47 | %
Intelligence Clients | 451,187 |  | 15 | % |  | 405,885 |  | 16 | % |  | 1,408,646 |  | 16 | % |  | 1,326,342 |  | 17 | %
Civil Clients (1) | 1,011,317 |  | 35 | % |  | 938,219 |  | 36 | % |  | 3,181,063 |  | 35 | % |  | 2,845,892 |  | 36 | %
Total Revenue | $ | 2,917,190 |  | 100 | % |  | $ | 2,569,801 |  | 100 | % |  | $ | 9,005,373 |  | 100 | % |  | $ | 7,890,569 |  | 100 | %
(1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor:
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Prime Contractor | $ | 2,775,505 |  | 95 | % |  | $ | 2,447,401 |  | 95 | % |  | $ | 8,584,534 |  | 95 | % |  | $ | 7,502,044 |  | 95 | %
Subcontractor | 141,685 |  | 5 | % |  | 122,400 |  | 5 | % |  | $ | 420,839 |  | 5 | % |  | 388,525 |  | 5 | %
Total Revenue | $ | 2,917,190 |  | 100 | % |  | $ | 2,569,801 |  | 100 | % |  | $ | 9,005,373 |  | 100 | % |  | $ | 7,890,569 |  | 100 | %
Performance Obligations Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue. As of December 31, 2024 and March 31, 2024, the Company had $9.5 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at December 31, 2024 as revenue over the next 12 months, and approximately 80% over the next 24 months. The remainder is expected to be recognized thereafter. Contract Balances The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets:
|  | December 31, 2024 |  | March 31, 2024
Current assets |  |  |  |
Accounts receivable–billed |  | $ | 771,843 |  |  | $ | 700,066 |
Accounts receivable–unbilled (contract assets) |  | 1,452,730 |  |  | 1,347,577 |
Allowance for credit losses |  | (861) |  |  | (301) |
Accounts receivable, net |  | 2,223,712 |  |  | 2,047,342 |
Other long-term assets |  |  |  |
Accounts receivable–unbilled (contract assets) |  | 57,708 |  |  | 57,355 |
Total accounts receivable, net |  | $ | 2,281,420 |  |  | $ | 2,104,697 |
Other current liabilities |  |  |  |
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) |  | $ | 21,246 |  |  | $ | 15,527 |
Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For the three months ended December 31, 2024 and 2023, we recognized revenue of $1.0 million and $0.4 million, respectively, and for the nine months ended December 31, 2024 and 2023, we recognized revenue of $10.5 million and $16.6 million, respectively, related to our contract liabilities on April 1, 2024 and 2023, respectively. To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue to individual contract liability balances and applies revenue recognized during the reporting periods first to the beginning balances of contract liabilities until the revenue exceeds the balances.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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