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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
June 30, 2025December 31, 2024
Accounts receivable, net$156,470 $305,468 
Unbilled receivables, net184,184 173,085 
Long-term unbilled receivables, net
104,298 61,407 
$444,952 $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)
June 30, 2025
1 year or less$184,184 64 %
1-2 years66,332 23 %
2-5 years37,966 13 %
$288,482 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
June 30, 2025
2025$118,439 41 %
202498,467 34 %
202359,673 21 %
20226,399 2 %
2021 and prior5,504 2 %
$288,482 100 %
Major clients
Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
June 30, 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)
June 30, 2025December 31, 2024
Contract assets (1)
$16,689 $13,498 
Long-term contract assets (2)
23,345 18,321 
$40,034 $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)
June 30, 2025December 31, 2024
Deferred revenue$418,931 $423,910 
Long-term deferred revenue (1)
3,256 2,121 
$422,187 $426,031 
(1) Included in other long-term liabilities.
The change in deferred revenue during the six months ended June 30, 2025 was primarily due to new billings in advance of revenue recognition and $303.6 million of revenue recognized during the period included in deferred revenue as of December 31, 2024.