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Capitalized Costs to Obtain a Contract
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Capitalized Costs to Obtain a Contract
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,
2025202420252024
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,
2025202420252024
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, net26,921 
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.