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Receivables, Contract Liabilities and Performance Obligations (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Information about Receivables and Contract Liabilities

The following table provides information about receivables and contract liabilities as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Current receivables, which are included in “Accounts receivable, net”	$	5,479,172	$	4,172,104
Contract assets, net	63,909		81,980
Long-term accounts receivable	748,105		845,943
Long-term contract assets, net	64,872		86,953
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	110,053		109,615

Summary of Changes in Gross Contract Liabilities from Contract with Customers

Significant changes in the gross contract assets balances during the six months ended June 30, 2025 are as follows (in thousands):


	Contract Assets
Balances at December 31, 2024	$	178,438

Reclassification of beginning contract assets to receivables, as a result of rights to consideration becoming unconditional	(50,328)
Contract assets recognized, net of reclassification to receivables	9,112
Balances at June 30, 2025	$	137,222

Contract assets consist of amounts the Company is entitled to for the resale of third-party consumption-based services, prior to payment becoming unconditional. In these transactions, the Company invoices clients for the gross amount of consideration it is responsible to collect, including amounts ultimately passed on to the third-party service providers. As of June 30, 2025, contract assets, net of allowances, were $128,781,000.

Gross contract assets by our internal risk ratings as of June 30, 2025 are summarized as follows (in thousands):


	Contract Assets
Low risk	$	29,978
Moderate risk	64,088
High risk	43,156
Total contract assets	$	137,222

Changes in the contract liabilities balances during the six months ended June 30, 2025 are as follows (in thousands):


	Contract Liabilities
Balances at December 31, 2024	$	109,615
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(54,920)
Cash received in advance and not recognized as revenue	55,358
Balances at June 30, 2025	$	110,053

Summary of Estimated Net Sales Related to Performance Obligation

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2025 that are expected to be recognized in the future (in thousands):


	Services
Remainder of 2025	$	75,780
2026	74,983
2027	46,484
2028 and thereafter	51,158
Total remaining performance obligations	$	248,405