Revenues

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 13—Revenue

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 December 31, 2024 and 2023, approximately $72.3 million and $72.0 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 $379.8 million, $393.8 million and $262.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, revenue of approximately $997.3 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $492.1 million is expected to be recognized over the next twelve months and the remainder is expected to be recognized over a weighted average period of approximately two years.

Revenue Disaggregation

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

	Year Ended December 31,
	2024		2023		2022
United States	$	4,067.6	$	3,804.3	$	3,731.8
United Kingdom		673.4		638.6		573.1
Europe (excluding United Kingdom), Middle East and Africa		493.2		457.6		402.1
Asia-Pacific and Japan		305.8		279.8		258.2
Canada		223.1		221.3		228.0
Americas, excluding United States and Canada		118.9		101.2		89.8
Total	$	5,882.0	$	5,502.8	$	5,283.0

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

	Year Ended December 31,
	2024		2023		2022
Software-enabled services	$	4,840.3	$	4,488.3	$	4,273.9
Maintenance and term licenses		892.1		873.7		874.7
Professional services		97.0		110.2		110.1
Perpetual licenses		52.6		30.6		24.3
Total	$	5,882.0	$	5,502.8	$	5,283.0