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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Subscriptions: |  |  |  |  |  |  |
Enterprise subscriptions (1) | $ | 135,667 |  |  | $ | 111,318 |  |  | $ | 391,039 |  |  | $ | 318,896 |
SELECT subscriptions | 64,607 |  |  | 63,406 |  |  | 191,796 |  |  | 190,834 |
Term license subscriptions | 102,965 |  |  | 96,027 |  |  | 324,937 |  |  | 298,109 |
Subscriptions | 303,239 |  |  | 270,751 |  |  | 907,772 |  |  | 807,839 |
Perpetual licenses | 11,274 |  |  | 11,887 |  |  | 31,649 |  |  | 33,152 |
Subscriptions and licenses | 314,513 |  |  | 282,638 |  |  | 939,421 |  |  | 840,991 |
Services: |  |  |  |  |  |  |
Recurring | 3,387 |  |  | 3,606 |  |  | 11,241 |  |  | 12,733 |
Other | 17,273 |  |  | 20,368 |  |  | 52,611 |  |  | 64,048 |
Services | 20,660 |  |  | 23,974 |  |  | 63,852 |  |  | 76,781 |
Total revenues | $ | 335,173 |  |  | $ | 306,612 |  |  | $ | 1,003,273 |  |  | $ | 917,772 |
(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $133,347 and $107,681 for the three months ended September 30, 2024 and 2023, respectively, and $382,013 and $301,260 for the nine months ended September 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 September 30, 2024 and 2023, the Company recognized $166,035 and $147,340 of license related revenues, respectively, of which $154,761 and $135,453, 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 nine months ended September 30, 2024 and 2023, the Company recognized $504,802 and $444,186 of license related revenues, respectively, of which $473,153 and $411,034, 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 6% and 8% of its total revenues through channel partners for the three months ended September 30, 2024 and 2023, respectively, and 7% of its total revenues through channel partners for the nine months ended September 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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Americas (1) | $ | 175,609 |  |  | $ | 162,367 |  |  | $ | 536,112 |  |  | $ | 489,548 |
Europe, the Middle East, and Africa (“EMEA”) | 95,343 |  |  | 86,956 |  |  | 285,922 |  |  | 263,232 |
Asia-Pacific (“APAC”) | 64,221 |  |  | 57,289 |  |  | 181,239 |  |  | 164,992 |
Total revenues | $ | 335,173 |  |  | $ | 306,612 |  |  | $ | 1,003,273 |  |  | $ | 917,772 |
(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $139,338 and $129,510 for the three months ended September 30, 2024 and 2023, respectively, and $416,600 and $384,807 for the nine months ended September 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 September 30, 2024 and December 31, 2023, unbilled revenues were $159,172 and $129,494, respectively. Contract Balances As of September 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 September 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 September 30, 2024 and December 31, 2023, total deferred revenues on the consolidated balance sheets were $241,111 and $269,647, respectively. For the nine months ended September 30, 2024, $211,782 of revenues that were included in the December 31, 2023 deferred revenues balance were recognized. There were additional deferrals of $182,880 for the nine months ended September 30, 2024, which were primarily related to new billings. For the nine months ended September 30, 2023, $183,335 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $169,368 for the nine months ended September 30, 2023, which were primarily related to new billings. As of September 30, 2024 and December 31, 2023, the Company has deferred $19,241 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 September 30, 2024, amounts allocated to these remaining performance obligations are $241,111, of which the Company expects to recognize approximately 93% over the next 12 months with the remaining amount thereafter.

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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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