v3.25.1
Revenues and Contract Balances
 9 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues and Contract Balances Revenues and Contract Balances
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended March 31, 2025Nine Months Ended March 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,316,805 $— $1,316,805 $3,837,028 $— $3,837,028 
Fixed-price533,735 39,729 573,464 1,537,759 113,820 1,651,579 
Time-and-materials254,580 22,133 276,713 765,810 69,263 835,073 
Total$2,105,120 $61,862 $2,166,982 $6,140,597 $183,083 $6,323,680 
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,174,219 $— $1,174,219 $3,411,128 $— $3,411,128 
Fixed-price484,980 36,007 520,987 1,437,282 105,326 1,542,608 
Time-and-materials218,787 23,463 242,250 604,752 63,049 667,801 
Total$1,877,986 $59,470 $1,937,456 $5,453,162 $168,375 $5,621,537 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended March 31, 2025Nine Months Ended March 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,652,206 $— $1,652,206 $4,765,472 $— $4,765,472 
Federal civilian agencies431,453 — 431,453 1,304,515 — 1,304,515 
Commercial and other21,461 61,862 83,323 70,610 183,083 253,693 
Total$2,105,120 $61,862 $2,166,982 $6,140,597 $183,083 $6,323,680 
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,452,264 $— $1,452,264 $4,163,079 $— $4,163,079 
Federal civilian agencies381,214 — 381,214 1,178,500 — 1,178,500 
Commercial and other44,508 59,470 103,978 111,583 168,375 279,958 
Total$1,877,986 $59,470 $1,937,456 $5,453,162 $168,375 $5,621,537 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended March 31, 2025Nine Months Ended March 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,900,648 $55,105 $1,955,753 $5,535,517 $162,753 $5,698,270 
Subcontractor204,472 6,757 211,229 605,080 20,330 625,410 
Total$2,105,120 $61,862 $2,166,982 $6,140,597 $183,083 $6,323,680 
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,689,140 $52,637 $1,741,777 $4,878,820 $148,696 $5,027,516 
Subcontractor188,846 6,833 195,679 574,342 19,679 594,021 
Total$1,877,986 $59,470 $1,937,456 $5,453,162 $168,375 $5,621,537 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended March 31, 2025Nine Months Ended March 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Expertise$941,805 $31,232 $973,037 $2,794,191 $93,011 $2,887,202 
Technology1,163,315 30,630 1,193,945 3,346,406 90,072 3,436,478 
Total$2,105,120 $61,862 $2,166,982 $6,140,597 $183,083 $6,323,680 
Three Months Ended March 31, 2024Nine Months Ended March 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Expertise$895,791 $21,164 $916,955 $2,583,634 $60,956 $2,644,590 
Technology982,195 38,306 1,020,501 2,869,528 107,419 2,976,947 
Total$1,877,986 $59,470 $1,937,456 $5,453,162 $168,375 $5,621,537 
Changes in Estimates
Aggregate net changes in estimates for the three and nine months ended March 31, 2025 reflected an increase to income before income taxes of $3.4 million ($0.11 per diluted share) and $11.1 million ($0.37 per diluted share), respectively, compared with $7.5 million ($0.25 per diluted share) and $24.5 million ($0.81 per diluted share), for the three and nine months ended March 31, 2024. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.
Revenues recognized from previously satisfied performance obligations were not material for the three and nine months ended March 31, 2025 and 2024, respectively. The change in revenues recognized from previously satisfied performance obligations generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.
Remaining Performance Obligations
As of March 31, 2025, the Company had $11.3 billion of remaining performance obligations and expects to recognize approximately 44% and 63% as revenue over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationMarch 31, 2025June 30, 2024
Billed and billable receivablesAccounts receivable, net$979,486 $885,552 
Contract assets – current unbilled receivablesAccounts receivable, net252,805 145,759 
Contract assets – current costs to obtainPrepaid expenses and other current assets6,885 6,142 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term14,722 13,311 
Contract assets – noncurrent costs to obtainOther long-term assets13,895 12,310 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(144,832)(139,745)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(4,009)(4,607)
During the three and nine months ended March 31, 2025, we recognized $18.3 million and $111.8 million of revenues, respectively, compared with $23.0 million and $117.4 million of revenues for the three and nine months ended March 31, 2024, that was included in a previously recorded contract liability as of the beginning of the period.