Revenue from Contracts with Customers

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

2. Revenue from Contracts with Customers

Receivables, Contract Assets and Contract Liabilities

(in thousands)	December 31, 2023		September 30, 2023
Short-term and long-term receivables	$	880,808	$	997,490
Contract asset	$	17,563	$	16,465
Deferred revenue	$	665,484	$	681,550

During the three months ended December 31, 2023, we recognized $289.4 million of revenue that was included in Deferred revenue as of September 30, 2023. The remainder of the change was driven by additional deferrals, primarily from new billings.

Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of December 31, 2023

and September 30, 2023, our total revenue liability was $25.5 million and $23.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Remaining Performance Obligations

Our contracts with customers include transaction price amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. As of December 31, 2023, the transaction price amounts include performance obligations of $665.5 million recorded in Deferred revenue and $1,499.7 million that are not yet recorded in the Consolidated Balance Sheets. We expect to recognize approximately 60% of the total $2,165.2 million over the next 12 months, with the remaining amount thereafter.

Disaggregation of Revenue

(in thousands)	Three months ended
	December 31, 2023		December 31, 2022
Recurring revenue(1)	$	506,027	$	417,110
Perpetual license		8,440		13,244
Professional services		35,747		35,556
Total revenue	$	550,214	$	465,910

(1)Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and cloud services revenue.

Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.

(in thousands)	Three months ended
	December 31, 2023		December 31, 2022
Americas	$	267,267	$	226,912
Europe		196,953		167,210
Asia Pacific		85,994		71,788
Total revenue	$	550,214	$	465,910