Revenues

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Note 10—Revenues

We generate revenues primarily through our software-enabled services. Our software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. We also generate revenues by licensing our software to clients through either perpetual or term licenses and by selling maintenance services. We classify license revenues related to sales-based royalty arrangements as term license revenue. Maintenance services are generally provided under annually renewable contracts. Our pricing typically scales as a function of our clients’ assets under management, the complexity of asset classes managed, the volume of transactions and the level of service the client requires. Revenues from professional services consist mostly of services provided on a time and materials basis.

Deferred revenues primarily represent unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of March 31, 2023 and December 31, 2022, approximately $57.8 million and $68.0 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $172.3 million and $106.1 million for the three months ended March 31, 2023 and 2022, respectively.

As of March 31, 2023, revenue of approximately $977.1 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $479.2 million is expected to be recognized over the next twelve months.

We record revenue net of any taxes assessed by governmental authorities.

Revenue Disaggregation

The following table disaggregates our revenues by geography (in millions):

	Three Months Ended March 31,
	2023		2022
United States	$	954.9	$	923.0
United Kingdom		155.9		150.2
Europe (excluding United Kingdom), Middle East and Africa		105.4		89.5
Asia-Pacific and Japan		68.0		61.4
Canada		55.5		50.4
Americas, excluding United States and Canada		23.0		20.5
Total	$	1,362.7	$	1,295.0

The following table disaggregates our revenues by source (in millions):

	Three Months Ended March 31,
	2023		2022
Software-enabled services	$	1,114.2	$	1,085.2
Maintenance and term licenses		213.3		178.3
Professional services		27.7		26.7
Perpetual licenses		7.5		4.8
Total	$	1,362.7	$	1,295.0