v3.25.2
Revenues from Contracts
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts Revenues from Contracts
Disaggregated Revenue – We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”), annual term licenses, and software maintenance; (ii) reoccurring revenue comprised of transactional and volume-based fees facilitated through our software; (iii) non-recurring revenue comprised of multi-year term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the table below:

Three months ended June 30, 2025Three months ended June 30, 2024
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotalApplication SoftwareNetwork SoftwareTechnology Enabled Products Total
Software related
Recurring$806.0 $279.6 $11.7 $1,097.3 $700.2 $263.1 $6.2 $969.5 
Reoccurring116.8 70.6 — 187.4 80.5 66.6 — 147.1 
Non-recurring172.1 35.2 — 207.3 151.1 34.5 — 185.6 
Total Software Revenue1,094.9 385.4 11.7 1,492.0 931.8 364.2 6.2 1,302.2 
Product Revenue— — 451.6 451.6 — — 414.6 414.6 
Total Revenue$1,094.9 $385.4 $463.3 $1,943.6 $931.8 $364.2 $420.8 $1,716.8 

Six months ended June 30, 2025Six months ended June 30, 2024
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotalApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$1,575.4 $554.9 $20.6 $2,150.9 $1,393.8 $530.9 $11.8 $1,936.5 
Reoccurring250.7 138.3 — 389.0 134.1 135.2 — 269.3 
Non-recurring337.0 68.1 — 405.1 299.1 68.9 — 368.0 
Total Software Revenue2,163.1 761.3 20.6 2,945.0 1,827.0 735.0 11.8 2,573.8 
Product Revenue— — 881.4 881.4 — — 823.7 823.7 
Total Revenue$2,163.1 $761.3 $902.0 $3,826.4 $1,827.0 $735.0 $835.5 $3,397.5 

Remaining Performance Obligations – Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of June 30, 2025, total remaining performance obligations were $4,581.0. We expect to recognize revenues of $2,961.3, or approximately 65% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder of the revenue to be recognized thereafter.

Contract balances
Balance sheet accountJune 30, 2025December 31, 2024Change
Unbilled receivables $140.0 $127.3 $12.7 
Deferred revenue – current
(1,618.1)(1,737.4)119.3 
Deferred revenue – non-current (1)
(169.6)(154.7)(14.9)
Net contract assets/(liabilities)$(1,647.7)$(1,764.8)$117.1 
(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

The change in our net contract assets/(liabilities) from December 31, 2024 to June 30, 2025 was primarily due to the timing of payments and invoicing related to SaaS and post-contract support (“PCS”) renewals, driven predominantly by the SaaS renewal cycle of our Frontline business which primarily occurs in the third quarter.
The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance relating primarily to SaaS and PCS renewals. Revenue recognized that was included in the deferred revenue balance on December 31, 2024 and 2023 was $531.6 and $464.2 for the three months ended June 30, 2025 and 2024, respectively, and $1,306.0 and $1,158.1 for the six months ended June 30, 2025 and 2024, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

The current and non-current portions of deferred commissions are included in “Prepaid expenses and other current assets” and “Other assets,” respectively, in our Condensed Consolidated Balance Sheets. At June 30, 2025 and December 31, 2024, we had $97.2 and $90.5 of total deferred commissions, respectively.