v3.26.1
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
June 30, 2026December 31, 2025
Accounts receivable, net$143,213 $264,713 
Unbilled receivables, net154,029 166,478 
Long-term unbilled receivables, net
77,947 102,544 
$375,189 $533,735 
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, 2026
1 year or less$154,029 66 %
1-2 years63,258 28 %
2-5 years14,689 6 %
$231,976 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
June 30, 2026
2026$56,216 24 %
2025111,580 48 %
202436,610 16 %
202325,326 11 %
2022 and prior2,244 1 %
$231,976 100 %
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, 2026December 31, 2025
Contract assets (1)
$15,718 $17,678 
Long-term contract assets (2)
27,569 17,421 
$43,287 $35,099 
(1) Included in other current assets.
(2) Included in other long-term assets.
Deferred revenue
Deferred revenue consists of billings made and payments received in advance of revenue recognition.
(in thousands)
June 30, 2026December 31, 2025
Deferred revenue$462,532 $509,275 
Long-term deferred revenue (1)
5,905 9,568 
$468,437 $518,843 
(1) Included in other long-term liabilities.
The change in deferred revenue during the six months ended June 30, 2026 was primarily due to new billings in advance of revenue recognition and $365.4 million of revenue recognized during the period included in deferred revenue as of December 31, 2025.