v3.26.3
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Receivables
Receivables
(in thousands)
September 30, 2026December 31, 2025
Accounts receivable, net$130,121 $264,713 
Unbilled receivables, net151,240 166,478 
Long-term unbilled receivables, net
79,355 102,544 
$360,716 $533,735 
Schedule of Unbilled Receivables
Unbilled receivables by expected collection date:
(Dollars in thousands)
September 30, 2026
1 year or less$151,240 66 %
1-2 years65,071 28 %
2-5 years14,284 6 %
$230,595 100 %
Schedule of Unbilled Receivables by Contract Effective Date
Unbilled receivables by contract effective date:
(Dollars in thousands)
September 30, 2026
2026$74,641 32 %
2025109,856 48 %
202429,542 13 %
202314,765 6 %
2022 and prior1,791 1 %
$230,595 100 %
Schedule of Contract Assets and Deferred Revenue
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)
September 30, 2026December 31, 2025
Contract assets (1)
$20,302 $17,678 
Long-term contract assets (2)
36,556 17,421 
$56,858 $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)
September 30, 2026December 31, 2025
Deferred revenue$429,469 $509,275 
Long-term deferred revenue (1)
4,536 9,568 
$434,005 $518,843 
(1) Included in other long-term liabilities.