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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
September 30, 2025December 31, 2024
Accounts receivable, net$160,919 $305,468 
Unbilled receivables, net175,732 173,085 
Long-term unbilled receivables, net
105,863 61,407 
$442,514 $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)
September 30, 2025
1 year or less$175,732 62 %
1-2 years63,974 23 %
2-5 years41,889 15 %
$281,595 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
September 30, 2025
2025$135,540 48 %
202486,021 31 %
202352,162 19 %
20223,714 1 %
2021 and prior4,158 1 %
$281,595 100 %
Major clients
Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
September 30, 2025December 31, 2024
Client A
Accounts receivable*20 %
Unbilled receivables*— %
Total receivables*11 %
Client B
Accounts receivable— %*
Unbilled receivables18 %*
Total receivables12 %*
*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)
September 30, 2025December 31, 2024
Contract assets (1)
$22,465 $13,498 
Long-term contract assets (2)
28,588 18,321 
$51,053 $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)
September 30, 2025December 31, 2024
Deferred revenue$404,757 $423,910 
Long-term deferred revenue (1)
2,457 2,121 
$407,214 $426,031 
(1) Included in other long-term liabilities.
The change in deferred revenue during the nine months ended September 30, 2025 was primarily due to new billings in advance of revenue recognition and $384 million of revenue recognized during the period included in deferred revenue as of December 31, 2024.