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Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
12. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of September 30, 2025, approximately $1.3 billion of revenue under contract is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 50% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter.
We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for which we recognize revenue at the amount to which we have the right to invoice for services performed (transactional revenue).
Contract balances
Our closing balances of deferred revenue were as follows:
(in thousands)September 30,
2025		December 31,
2024
Total deferred revenue$384,911 $360,561 
The increase in deferred revenue during the nine months ended September 30, 2025 was primarily due to a seasonal increase in customer contract billings. Historically, due to the timing of customer budget cycles, we have an increase in billings and customer contract renewals at or near the beginning of our third quarter. Generally, our lowest balance of deferred revenue during the year is at the end of our first quarter. The amount of revenue recognized during the nine months ended September 30, 2025 that was included in the deferred revenue balance at the beginning of the period was approximately $324 million. The amount of revenue recognized during the nine months ended September 30, 2025 from performance obligations satisfied in prior periods was insignificant.
Disaggregation of revenue
We sell our cloud solutions and related services in three primary geographical markets: to customers in the United States, to customers in the United Kingdom and to customers located in other countries. The following table presents our revenue by geographic area based on the location of our customers:
Three months ended
September 30,
Nine months ended
September 30,
(dollars in thousands)
2025
2024(1)
2025
2024(1)
United States$237,678 $243,523 $697,819 $722,840 
United Kingdom27,494 27,143 87,324 83,252 
Other countries15,971 15,932 47,966 46,419 
Total revenue$281,143 $286,598 $833,109 $852,511 
(1)We have revised certain amounts for the three and nine months ended September 30, 2024. See Note 2 and Note 13 for additional information.
The following table presents our revenue by type:
Three months ended
September 30,
Nine months ended
September 30,
(dollars in thousands)
2025
2024(1)
2025
2024(1)
Contractual recurring$182,984 $194,724 $538,577 $578,726 
Transactional recurring92,818 85,165 276,829 253,434 
Total recurring revenue$275,802 $279,889 $815,406 $832,160 
One-time services and other5,341 6,709 17,703 20,351 
Total revenue$281,143 $286,598 $833,109 $852,511