v3.25.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes revenue:
Three Months Ended
(in thousands, except percentages)March 31,
2025		March 31,
2024
Revenue:
Subscription lease licenses$96,919 $94,800 
Perpetual licenses63,036 65,521 
Software licenses159,955 160,321 
Maintenance324,392 289,340 
Service20,544 16,944 
Maintenance and service344,936 306,284 
Total revenue$504,891 $466,605 
Direct revenue, as a percentage of total revenue69.1 %66.5 %
Indirect revenue, as a percentage of total revenue30.9 %33.5 %
Changes in Deferred Revenue
The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the three months ended March 31, 2025 and 2024 were as follows:
(in thousands)20252024
Beginning balance – January 1$536,305 $479,754 
Deferral of revenue482,903 448,381 
Recognition of revenue(504,891)(466,605)
Currency translation6,841 (6,929)
Ending balance – March 31$521,158 $454,601 
Remaining Performance Obligations, Expected Timing of Satisfaction
Total revenue allocated to remaining performance obligations as of March 31, 2025 will be recognized as revenue as follows:
(in thousands) 
Next 12 months$1,001,515 
Months 13-24401,781 
Months 25-36169,768 
Thereafter54,679 
Total revenue allocated to remaining performance obligations$1,627,743