RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables

(in thousands)	June 30, 2024		December 31, 2023
Accounts receivable, net	$	165,723	$	300,173
Unbilled receivables, net	164,533		237,379
Long-term unbilled receivables, net	81,218		85,402
	$	411,474	$	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)	June 30, 2024
1 year or less	$	164,533	67	%
1-2 years	58,353		24	%
2-5 years	22,865		9	%
	$	245,751	100	%

Unbilled receivables by contract effective date:

(Dollars in thousands)	June 30, 2024
2024	$	58,562	24	%
2023	130,140		53	%
2022	29,241		12	%
2021	22,830		9	%
2020 and prior	4,978		2	%
	$	245,751	100	%

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, 2024		December 31, 2023
Contract assets	$	15,374	$	16,238
Long-term contract assets	19,997		20,635
	$	35,371	$	36,873

Deferred revenue

Deferred revenue consists of billings made and payments received in advance of revenue recognition.

(in thousands)	June 30, 2024		December 31, 2023
Deferred revenue	$	352,618	$	377,845
Long-term deferred revenue	2,443		2,478
	$	355,061	$	380,323

The decrease in deferred revenue in the six months ended June 30, 2024, was primarily due to $272.7 million of revenue recognized that was in deferred revenue as of December 31, 2023.