XML 21 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2024
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,
2024202320242023
Subscriptions:
Enterprise subscriptions (1)
$127,845 $103,674 $255,372 $207,578 
SELECT subscriptions63,648 64,085 127,189 127,428 
Term license subscriptions105,951 91,484 221,972 202,082 
Subscriptions297,444 259,243 604,533 537,088 
Perpetual licenses10,863 11,718 20,375 21,265 
Subscriptions and licenses308,307 270,961 624,908 558,353 
Services:
Recurring4,040 4,949 7,854 9,127 
Other17,990 20,839 35,338 43,680 
Services22,030 25,788 43,192 52,807 
Total revenues$330,337 $296,749 $668,100 $611,160 
(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $125,630 and $99,248 for the three months ended June 30, 2024 and 2023, respectively, and $248,666 and $193,579 for the six months ended June 30, 2024 and 2023, 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, 2024 and 2023, the Company recognized $162,458 and $138,822 of license related revenues, respectively, of which $151,595 and $127,104, 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, 2024 and 2023, the Company recognized $338,767 and $296,846 of license related revenues, respectively, of which $318,392 and $275,581, 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, 2024 and 2023.
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,
2024202320242023
Americas (1)
$176,310 $158,836 $360,503 $327,181 
Europe, the Middle East, and Africa (“EMEA”)95,865 83,444 190,579 176,276 
Asia-Pacific (“APAC”)
58,162 54,469 117,018 107,703 
Total revenues$330,337 $296,749 $668,100 $611,160 
(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $139,010 and $127,847 for the three months ended June 30, 2024 and 2023, respectively, and $277,262 and $255,297 for the six months ended June 30, 2024 and 2023, respectively.
Unbilled Revenues
Unbilled revenues represent revenues that have not yet been billed to customers due to timing differences in usage and billing cycles, and are included in Accounts receivable in the consolidated balance sheets. As of June 30, 2024 and December 31, 2023, unbilled revenues were $144,540 and $129,494, respectively.
Contract Balances
As of June 30, 2024 and December 31, 2023, 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 material as of June 30, 2024 or December 31, 2023.
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. As of June 30, 2024 and December 31, 2023, total deferred revenues on the consolidated balance sheets were $251,883 and $269,647, respectively.
For the six months ended June 30, 2024, $165,042 of revenues that were included in the December 31, 2023 deferred revenues balance were recognized. There were additional deferrals of $152,734 for the six months ended June 30, 2024, which were primarily related to new billings. 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.
As of June 30, 2024 and December 31, 2023, the Company has deferred $18,565 and $18,269, 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, 2024, amounts allocated to these remaining performance obligations are $251,883, of which the Company expects to recognize approximately 94% over the next 12 months with the remaining amount thereafter.