RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

3 Months Ended

Mar. 31, 2022

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables


(in thousands)	March 31, 2022		December 31, 2021
Accounts receivable	$	171,181	$	182,717
Unbilled receivables	226,052		226,714
Long-term unbilled receivables	135,975		129,789
	$	533,208	$	539,220

Unbilled receivables

Unbilled receivables are client-committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time.

Unbilled receivables by expected billing date:


(Dollars in thousands)	March 31, 2022
1 year or less	$	226,052	62	%
1-2 years	88,003		25	%
2-5 years	47,972		13	%
	$	362,027	100	%

Unbilled receivables by contract effective date:


(Dollars in thousands)	March 31, 2022
2022	$	72,143	20	%
2021	163,869		45	%
2020	77,585		21	%
2019	27,163		8	%
2018 and prior	21,267		6	%
	$	362,027	100	%

Major clients

Clients accounting for 10% or more of the Company’s total receivables:


	March 31, 2022		December 31, 2021
Client A
Accounts receivable	4	%	1	%


Unbilled receivables	15	%	15	%
Total receivables	11	%	10	%

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)	March 31, 2022		December 31, 2021
Contract assets (1)	$	11,765	$	12,530
Long-term contract assets (2)	10,292		10,643
	$	22,057	$	23,173

(1) Included in other current assets. (2) Included in other long-term assets.

Deferred revenue

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


(in thousands)	March 31, 2022		December 31, 2021
Deferred revenue	$	290,873	$	275,844
Long-term deferred revenue (1)	6,612		5,655
	$	297,485	$	281,499

(1) Included in other long-term liabilities.

The change in deferred revenue in the three months ended March 31, 2022 was primarily due to new billings in advance of revenue recognition and $124.9 million of revenue recognized during the period that was included in deferred revenue as of December 31, 2021.