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| 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 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. Long-term deferred revenue of $42.0 million and $42.4 million, was included in other long-term liabilities as of March 31, 2025 and December 31, 2024, respectively, in our condensed consolidated balance sheet. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of March 31, 2025 and December 31, 2024, approximately $66.1 million and $72.3 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 $156.0 million for the three months ended March 31, 2025. As of March 31, 2025, revenue of approximately $989.7 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $501.6 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. We record revenue net of any taxes assessed by governmental authorities.
Revenue Disaggregation The following table disaggregates our revenues by geography (in millions):
The following table disaggregates our revenues by source (in millions):
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