CONTRACT BALANCES

12 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

NOTE 12. CONTRACT BALANCES

Contract assets are primarily comprised of conditional unbilled receivables in which revenue has been recognized but an invoice has not yet been issued to the customer as of the balance sheet date. Contract assets exclude billed and billable receivables and are not stated above their net realizable value.

Contract liabilities are primarily comprised of advance payments in which consideration is received in advance of satisfying a performance obligation.

Net contract assets (liabilities) consisted of the following (in thousands):

Description of Contract Related Balance	Financial Statement Classification	June 30, 2021			June 30, 2020
Contract assets – current:
Unbilled receivables	Accounts receivable, net	$	115,930		$	61,888
Costs to obtain – short-term	Prepaid expenses and other current assets		4,144			3,492
Contract assets – noncurrent:
Unbilled receivables	Accounts receivable, long-term		12,159			9,629
Costs to obtain – long-term	Other long-term assets		9,584			7,708
Contract liabilities – current:
Deferred revenue and other contract liabilities – short-term	Other accrued expenses and current liabilities		(70,907	)		(57,082	)
Contract liabilities – noncurrent:
Deferred revenue and other contract liabilities – long-term	Other long-term liabilities		(6,837	)		(6,507	)
Net contract assets (liabilities)		$	64,073		$	19,128

For the year ended June 30, 2021 and 2020, respectively, we recognized $57.1 million and $48.7 million of revenue that was included in a previously recorded contract liability as of the beginning of the period.