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Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, and Credit Risk | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, and Credit Risk | Note 8. Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, and Credit Risk The following table presents the disaggregation of revenue by revenue type, consistent with how the Company evaluates its financial performance, for the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Cloud subscription(i) | $ | 209,931 |  |  | $ | 161,422 |  |  | $ | 409,866 |  |  | $ | 312,860 |
Self-managed subscription support and other(i) | 40,964 |  |  | 48,908 |  |  | 82,460 |  |  | 97,499 |
Maintenance(ii) | 102,919 |  |  | 116,482 |  |  | 206,128 |  |  | 234,160 |
Total revenue recognized over time | 353,814 |  |  | 326,812 |  |  | 698,454 |  |  | 644,519 |
Self-managed subscription license recognized at a point in time(i)(iii) | 36,139 |  |  | 53,976 |  |  | 78,718 |  |  | 105,945 |
Total subscription and maintenance revenue | 389,953 |  |  | 380,788 |  |  | 777,172 |  |  | 750,464 |
Professional services(ii) | 17,391 |  |  | 19,837 |  |  | 34,069 |  |  | 38,768 |
Total revenues | $ | 407,344 |  |  | $ | 400,625 |  |  | $ | 811,241 |  |  | $ | 789,232 |
(i) Included in Subscription revenue on the condensed consolidated statements of operations. (ii) Included in Maintenance and Professional services revenue on the condensed consolidated statements of operations. (iii) The Company previously presented Perpetual license revenue separately. Because revenue for perpetual licenses are not material for current or past periods due to the transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts into Self-managed subscription license recognized at a point in time and retrospectively adjusted past periods for comparative purposes. Revenue recognized over time refers to ratable recognition over the contractual term. Revenue recognized at a point in time refers to recognition upon the later of when the software license is made available or the contractual term commences. Professional services are recognized as services are provided. Revenue by geographic location for the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
North America | $ | 268,714 |  |  | $ | 272,065 |  |  | $ | 541,162 |  |  | $ | 530,120 |
EMEA | 96,602 |  |  | 88,655 |  |  | 189,346 |  |  | 175,365 |
Asia Pacific | 34,325 |  |  | 30,983 |  |  | 65,763 |  |  | 63,962 |
Latin America | 7,703 |  |  | 8,922 |  |  | 14,970 |  |  | 19,785 |
Total revenues | $ | 407,344 |  |  | $ | 400,625 |  |  | $ | 811,241 |  |  | $ | 789,232 |
In the three months ended June 30, 2025 and 2024, the Company’s revenue from customers in the United States was $251.1 million and $256.3 million, respectively. In the six months ended June 30, 2025 and 2024, the Company’s revenue from customers in the United States was $507.5 million and $498.3 million, respectively. No foreign country represented 10% or more of the Company’s total revenue during the three and six months ended June 30, 2025 and 2024, respectively. Deferred Revenue As of June 30, 2025 and December 31, 2024, deferred revenue was $758.0 million and $833.3 million, respectively. The amount of revenues recognized during the three and six months ended June 30, 2025 that were included in the opening deferred revenue balance as of January 1, 2025 was approximately $246.8 million and $570.0 million, respectively. The amount of revenues recognized during the three and six months ended June 30, 2024 that were included in the opening deferred revenue balance as of January 1, 2024 were approximately $225.2 million and $520.5 million, respectively. Remaining Performance Obligations from Customer Contracts As of June 30, 2025, the Company’s remaining performance obligations were $1.73 billion. The Company expects to recognize approximately 65% of its remaining performance obligations at June 30, 2025 as revenues over the next twelve months and the remainder over the next two to three years. Concentrations of Credit Risk and Credit Evaluations No customer accounted for more than 10% of revenue during the three and six months ended June 30, 2025 and 2024. At June 30, 2025 and December 31, 2024, no customer accounted for more than 10% of the accounts receivable balance. Note 9. Capitalized Costs to Obtain a Contract Capitalized costs to obtain contracts consist primarily of sales commissions and related payroll taxes (together “deferred commissions”). The changes in the capitalized costs to obtain a contract for the six months ended June 30, 2025 were as follows (in thousands):
| Amount
Ending balance as of December 31, 2024 | $ | 249,207 |
Additions, net | 26,921 |
Commissions amortized | (45,129) |
Revaluation | 5,946 |
Ending balance as of June 30, 2025 | $ | 236,945 |
As of June 30, 2025, $87.7 million of deferred commissions balance was included in prepaid expenses and other current assets and $149.2 million of deferred commissions balance was included in other assets in the condensed consolidated balance sheet.

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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