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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenues
The Company’s revenues consist of the following:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
Subscriptions:
Enterprise subscriptions (1)
$103,674 $81,593 $207,578 $163,420 
SELECT subscriptions64,085 66,579 127,428 133,177 
Term license subscriptions91,484 84,019 202,082 176,827 
Subscriptions259,243 232,191 537,088 473,424 
Perpetual licenses11,718 11,548 21,265 21,753 
Subscriptions and licenses270,961 243,739 558,353 495,177 
Services:
Recurring4,949 4,173 9,127 8,874 
Other20,839 20,373 43,680 39,751 
Services25,788 24,546 52,807 48,625 
Total revenues$296,749 $268,285 $611,160 $543,802 
(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $99,248 and $72,905 for the three months ended June 30, 2023 and 2022, respectively, and $193,579 and $141,503 for the six months ended June 30, 2023 and 2022, respectively.
The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the three months ended June 30, 2023 and 2022, the Company recognized $138,822 and $129,872 of license related revenues, respectively, of which $127,104 and $118,324, respectively, were attributable to the term license component of the Company’s subscription‑based commercial offerings recorded in Subscriptions in the consolidated statements of operations. For the six months ended June 30, 2023 and 2022, the Company recognized $296,846 and $255,097 of license related revenues, respectively, of which $275,581 and $233,344, respectively, were attributable to the term license component of the Company’s subscription‑based commercial offerings recorded in Subscriptions in the consolidated statements of operations.
The Company derived 7% of its total revenues through channel partners for the three and six months ended June 30, 2023 and 2022.
Revenue from external customers is attributed to individual countries based upon the location of the customer. Revenues by geographic region are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
Americas (1)
$158,836 $144,359 $327,181 $298,619 
Europe, the Middle East, and Africa (“EMEA”)83,444 74,800 176,276 152,280 
Asia-Pacific (“APAC”)
54,469 49,126 107,703 92,903 
Total revenues$296,749 $268,285 $611,160 $543,802 
(1)Americas includes the United States (“U.S.”), Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $127,847 and $108,456 for the three months ended June 30, 2023 and 2022, respectively, and $255,297 and $224,589 for the six months ended June 30, 2023 and 2022, respectively.
Contract Assets and Contract Liabilities
June 30, 2023December 31, 2022
Contract assets$451 $575 
Deferred revenues247,755 243,073 
As of June 30, 2023 and December 31, 2022, the Company’s contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaid and other current assets in the consolidated balance sheets. Contract assets were not impaired as of June 30, 2023 and December 31, 2022.
Deferred revenues consist of billings made or payments received in advance of revenue recognition from subscriptions and services. The timing of revenue recognition may differ from the timing of billings to users.
For the six months ended June 30, 2023, $149,247 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $151,528 for the six months ended June 30, 2023, which were primarily related to new billings and acquisitions. For the six months ended June 30, 2022, $139,873 of revenues that were included in the December 31, 2021 deferred revenues balance were recognized. There were additional deferrals of $131,051 for the six months ended June 30, 2022, which were primarily related to new billings and acquisitions.
As of June 30, 2023 and December 31, 2022, the Company has deferred $17,965 and $17,338, respectively, related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets.
Remaining Performance Obligations
The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of June 30, 2023, amounts allocated to these remaining performance obligations are $247,755, of which the Company expects to recognize approximately 93% over the next 12 months with the remaining amount thereafter.