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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Receivables | Receivables
(in thousands) | March 31, 2025 |  | December 31, 2024
Accounts receivable, net | $ | 202,869 |  |  | $ | 305,468 |
Unbilled receivables, net | 179,093 |  |  | 173,085 |
Long-term unbilled receivables, net | 98,251 |  |  | 61,407 |
| $ | 480,213 |  |  | $ | 539,960 |
Schedule of Unbilled Receivables | Unbilled receivables by expected collection date:
(Dollars in thousands) | March 31, 2025
1 year or less | $ | 179,093 |  | 65 | %
1-2 years | 59,265 |  | 21 | %
2-5 years | 38,986 |  | 14 | %
| $ | 277,344 |  | 100 | %
Schedule of Unbilled Receivables by Contract Effective Date | Unbilled receivables by contract effective date:
(Dollars in thousands) | March 31, 2025
2025 | $ | 87,964 |  | 32 | %
2024 | 109,309 |  | 39 | %
2023 | 64,889 |  | 23 | %
2022 | 8,227 |  | 3 | %
2021 and prior | 6,955 |  | 3 | %
| $ | 277,344 |  | 100 | %
Schedules of Concentration of Risk, by Risk Factor | Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
| March 31, 2025 |  | December 31, 2024
Client A |  |  |
Accounts receivable | * |  | 20 | %
Unbilled receivables | * |  | — | %
Total receivables | * |  | 11 | %
Client B |  |  |
Accounts receivable | — | % |  | *
Unbilled receivables | 18 | % |  | *
Total receivables | 11 | % |  | *
*Client accounted for less than 10% of total accounts receivable and unbilled receivables.
Schedule of Contract Assets and Deferred Revenue | 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, 2025 |  | December 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, 2025 |  | December 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.

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