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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
March 31, 2024December 31, 2023
Accounts receivable, net$191,987 $300,173 
Unbilled receivables, net170,458 237,379 
Long-term unbilled receivables, net
72,814 85,402 
$435,259 $622,954 
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)
March 31, 2024
1 year or less$170,458 70 %
1-2 years54,111 22 %
2-5 years18,703 8 %
$243,272 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
March 31, 2024
2024$19,018 8 %
2023144,525 59 %
202238,025 16 %
202135,988 15 %
2020 and prior5,716 2 %
$243,272 100 %
Major clients
Clients that represented 10% or more of the Company’s total accounts receivable and unbilled receivables:
March 31, 2024December 31, 2023
Client A
Accounts receivable10 %*
Unbilled receivables12 %*
Total receivables11 %*
* Client accounted for less than 10% of 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)
March 31, 2024December 31, 2023
Contract assets (1)
$10,853 $16,238 
Long-term contract assets (2)
20,909 20,635 
$31,762 $36,873 
(1) Included in other current assets.
(2) Included in other long-term assets.
Deferred revenue
Deferred revenue consists of billings and payments received in advance of revenue recognition.
(in thousands)
March 31, 2024December 31, 2023
Deferred revenue$382,765 $377,845 
Long-term deferred revenue (1)
1,784 2,478 
$384,549 $380,323 
(1) Included in other long-term liabilities.
The increase in deferred revenue in the three months ended March 31, 2024, was primarily due to new billings in advance of revenue recognized. In the three months ended March 31, 2024, $168.3 million in revenue was recognized from deferred revenue as of December 31, 2023.