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CONTRACT ASSETS AND LIABILITIES
 12 Months Ended
Jun. 30, 2024
CONTRACT ASSETS AND LIABILITIES  
CONTRACT ASSETS AND LIABILITIES

5.CONTRACT ASSETS AND LIABILITIES

The table below shows the balance of contract assets and liabilities as of June 30, 2023 and 2024, including the change between the periods. There were no substantial non-current contract assets for the periods presented.

Contract Assets (dollar amounts in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

June 30,

​

​

​

​

​

 

​

    

2023

    

2024

    

Change

    

% Change

 

Unbilled revenue (included in accounts receivable, net)

​

$

86,818

​

$

338,944

​

$

252,126

​

290

%

​

Contract Liabilities (dollar amounts in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

June 30,

​

​

​

​

​

 

​

    

2023

    

2024

    

Change

    

% Change

​

Advances from customers

​

$

21,250

​

$

53,431

​

$

32,181

​

151

%

Deferred revenue—current

​

​

43,861

​

​

46,855

​

​

2,994

​

7

%

Deferred revenue—long-term

​

​

22,200

​

​

22,809

​

​

609

​

3

%

​

Contract Assets. Contract assets increased by approximately $252.1 million as a result of unbilled revenue primarily from the timing and nature of milestones met in contracts for a number of customers in our Security Division, both within the United States and internationally, where we met the revenue recognition criteria under ASC 606 in advance of the time when contracts give us the right to invoice customers.

Remaining Performance Obligations. Remaining performance obligations related to ASC 606 represent the portion of the transaction price allocated to performance obligations under an original contract with a term greater than one year which are fully or partially unsatisfied at the end of the period. As of June 30, 2024, the aggregate portion of the transaction price allocated to remaining performance obligations was approximately $836.4 million. We expect to recognize revenue on approximately 53% of the remaining performance obligations over the next 12 months, and the remainder is expected to be recognized thereafter. During the fiscal year ended June 30, 2024, we recognized revenue of $59.1 million from contract liabilities existing as of July 1, 2023.

Practical Expedients. In cases where we are responsible for shipping after the customer has obtained control of the goods, we have elected to treat the shipping activities as fulfillment activities rather than as a separate performance obligation. Additionally, we have elected to capitalize the cost to obtain a contract only if the period of amortization would be longer than one year. We only give consideration to whether a customer agreement has a financing component if the period of time between transfer of goods and services and customer payment is greater than one year.