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Revenues | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Note 10—Revenues We generate revenues primarily through our software-enabled services. Our software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. We also generate revenues by licensing our software to clients through either perpetual or term licenses and by selling maintenance services. We classify license revenues related to sales-based royalty arrangements as term license revenue. Maintenance services are generally provided under annually renewable contracts. Our pricing typically scales as a function of our clients’ assets under management, the complexity of asset classes managed, the volume of transactions and the level of service the client requires. Revenues from professional services consist mostly of services provided on a time and materials basis. Deferred revenues primarily represent unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of September 30, 2024 and December 31, 2023, approximately $62.6 million and $72.0 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $73.4 million for the nine months ended September 30, 2024. As of September 30, 2024, revenue of approximately $1,010.6 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $498.7 million is expected to be recognized over the next twelve months. We record revenue net of any taxes assessed by governmental authorities. Revenue Disaggregation The following table disaggregates our revenues by geography (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 1,007.4 |  |  | $ | 941.2 |  |  | $ | 3,015.1 |  |  | $ | 2,838.9 |
United Kingdom |  |  | 173.2 |  |  |  | 160.1 |  |  |  | 494.5 |  |  |  | 473.4 |
Europe (excluding United Kingdom), Middle East and Africa |  |  | 126.7 |  |  |  | 116.2 |  |  |  | 361.4 |  |  |  | 337.1 |
Asia-Pacific and Japan |  |  | 72.0 |  |  |  | 67.6 |  |  |  | 224.2 |  |  |  | 204.2 |
Canada |  |  | 54.4 |  |  |  | 55.3 |  |  |  | 168.7 |  |  |  | 164.5 |
Americas, excluding United States and Canada |  |  | 32.1 |  |  |  | 25.5 |  |  |  | 88.4 |  |  |  | 73.1 |
Total |  | $ | 1,465.8 |  |  | $ | 1,365.9 |  |  | $ | 4,352.3 |  |  | $ | 4,091.2 |
The following table disaggregates our revenues by source (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Software-enabled services |  | $ | 1,206.2 |  |  | $ | 1,122.1 |  |  | $ | 3,586.3 |  |  | $ | 3,342.8 |
Maintenance and term licenses |  |  | 230.0 |  |  |  | 211.6 |  |  |  | 673.2 |  |  |  | 643.5 |
Professional services |  |  | 24.1 |  |  |  | 26.8 |  |  |  | 73.0 |  |  |  | 83.1 |
Perpetual licenses |  |  | 5.5 |  |  |  | 5.4 |  |  |  | 19.8 |  |  |  | 21.8 |
Total |  | $ | 1,465.8 |  |  | $ | 1,365.9 |  |  | $ | 4,352.3 |  |  | $ | 4,091.2 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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