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Revenues and Contract Balances
 6 Months Ended
Dec. 31, 2024
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 December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,240,213 $— $1,240,213 $2,520,223 $— $2,520,223 
Fixed-price564,784 38,075 602,859 1,004,024 74,091 1,078,115 
Time-and-materials234,159 22,578 256,737 511,230 47,130 558,360 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,102,474 $— $1,102,474 $2,236,909 $— $2,236,909 
Fixed-price485,086 34,458 519,544 952,302 69,319 1,021,621 
Time-and-materials192,448 19,468 211,916 385,965 39,586 425,551 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,578,733 $— $1,578,733 $3,113,266 $— $3,113,266 
Federal civilian agencies433,691 — 433,691 873,062 — 873,062 
Commercial and other26,732 60,653 87,385 49,149 121,221 170,370 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,358,509 $— $1,358,509 $2,710,815 $— $2,710,815 
Federal civilian agencies389,942 — 389,942 797,286 — 797,286 
Commercial and other31,557 53,926 85,483 67,075 108,905 175,980 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,808,106 $53,992 $1,862,098 $3,634,869 $107,648 $3,742,517 
Subcontractor231,050 6,661 237,711 400,608 13,573 414,181 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,588,589 $47,788 $1,636,377 $3,189,680 $96,059 $3,285,739 
Subcontractor191,419 6,138 197,557 385,496 12,846 398,342 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Expertise$895,890 $30,010 $925,900 $1,852,386 $61,779 $1,914,165 
Technology1,143,266 30,643 1,173,909 2,183,091 59,442 2,242,533 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Expertise$830,647 $18,894 $849,541 $1,687,843 $39,792 $1,727,635 
Technology949,361 35,032 984,393 1,887,333 69,113 1,956,446 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Changes in Estimates
Aggregate net changes in estimates for the three and six months ended December 31, 2024 reflected an increase to income before income taxes of $4.0 million ($0.13 per diluted share) and $7.7 million ($0.26 per diluted share), respectively, compared with $14.6 million ($0.49 per diluted share) and $17.0 million ($0.56 per diluted share), for the three and six months ended December 31, 2023. 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 six months ended December 31, 2024 and 2023, 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 December 31, 2024, the Company had $11.9 billion of remaining performance obligations and expects to recognize approximately 41% and 58% 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 ClassificationDecember 31, 2024June 30, 2024
Billed and billable receivablesAccounts receivable, net$931,059 $885,552 
Contract assets – current unbilled receivablesAccounts receivable, net269,624 145,759 
Contract assets – current costs to obtainPrepaid expenses and other current assets6,831 6,142 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term15,065 13,311 
Contract assets – noncurrent costs to obtainOther long-term assets14,669 12,310 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(135,641)(139,745)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(4,292)(4,607)
During the three and six months ended December 31, 2024, we recognized $29.4 million and $93.5 million of revenues, respectively, compared with $30.0 million and $94.4 million of revenues for the three and six months ended December 31, 2023, that was included in a previously recorded contract liability as of the beginning of the period.