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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
December 31, 2024December 31, 2023
Accounts receivable, net$305,468 $300,173 
Unbilled receivables, net173,085 237,379 
Long-term unbilled receivables, net61,407 85,402 
$539,960 $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)
December 31, 2024
1 year or less$173,085 74 %
1-2 years43,341 18 %
2-5 years18,066 8 %
$234,492 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
December 31, 2024
2024$137,027 58 %
202379,650 35 %
202210,357 4 %
20215,836 2 %
2020 and prior1,622 1 %
$234,492 100 %
Major clients
Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
December 31, 2024December 31, 2023
Client A
Accounts receivable20 %*
Unbilled receivables— %*
Total receivables11 %*
* Client accounted for less than 10% of 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)
December 31, 2024December 31, 2023
Contract assets (1)
$13,498 $16,238 
Long-term contract assets (2)
18,321 20,635 
$31,819 $36,873 
(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)
December 31, 2024December 31, 2023
Deferred revenue$423,910 $377,845 
Long-term deferred revenue (1)
2,121 2,478 
$426,031 $380,323 
(1) Included in other long-term liabilities.
The change in deferred revenue in 2024 was primarily due to new billings in advance of revenue recognition and $374.1 million of revenue recognized during the period included in deferred revenue as of December 31, 2023.