Revenue from Contracts with Customers

3 Months Ended

Dec. 31, 2024

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, 2024		September 30, 2024
Short-term and long-term receivables	$	878,294	$	1,062,052
Contract asset	$	14,518	$	14,410
Deferred revenue	$	726,167	$	775,274

During the three months ended December 31, 2024, we recognized $340.5 million of revenue that was included in Deferred revenue as of September 30, 2024. The remainder of the change in the Deferred revenue balance was driven by additional deferrals, primarily from new billings, as well as a reduction in the balance associated with foreign currency exchange rates.

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, 2024 and September 30, 2024, our total revenue liability was $26.9 million and $26.0 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. The value of remaining performance obligations and timing of recognition may be impacted by several factors, including the performance obligation type, duration and timing of commencement, as well as foreign currency exchange rate fluctuations. As of December 31, 2024, the transaction price amounts include performance obligations of $726.2 million recorded in Deferred revenue and $1,464.4 million that are not yet recorded in the Consolidated Balance Sheets. Of the total $2,190.6 million, we expect to recognize approximately 60% over the next 12 months, 24% over the next 13 to 24 months, and the remaining amount thereafter.

Disaggregation of Revenue

(in thousands)	Three months ended
	December 31, 2024		December 31, 2023
Recurring revenue(1)	$	524,311	$	506,027
Perpetual license		9,405		8,440
Professional services		31,412		35,747
Total revenue	$	565,128	$	550,214

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

We report revenue by the following two product groups:

(in thousands)	Three months ended
	December 31, 2024		December 31, 2023
Product lifecycle management (PLM)	$	353,460	$	348,647
Computer-aided design (CAD)		211,668		201,567
Total revenue	$	565,128	$	550,214

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, 2024		December 31, 2023
Americas	$	277,969	$	267,267
Europe		196,024		196,953
Asia Pacific		91,135		85,994
Total revenue	$	565,128	$	550,214