v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
Three Months Ended March 31,
(in thousands)20262025
Subscription revenue$243,153 $220,443 
Perpetual license and maintenance revenue10,162 11,552 
Professional services and other revenue8,743 7,142 
Revenue$262,058 $239,137 
Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:
Three Months Ended March 31,
(in thousands)20262025
The Americas$159,503 $150,590 
Europe, Middle East and Africa71,938 61,248 
Asia Pacific30,617 27,299 
Revenue$262,058 $239,137 
Customers located in the United States accounted for 52% of revenue in the three months ended March 31, 2026 and 53% of revenue in the three months ended March 31, 2025. No other country accounted for 10% or more of revenue in the periods presented.
Concentrations
We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. Revenue derived through our channel network comprised 95% and 94% of revenue in the three months ended March 31, 2026 and 2025, respectively. One of our distributors accounted for 30% and 32% of revenue in the three months ended March 31, 2026 and 2025, respectively. That same distributor accounted for 31% and 27% of accounts receivable at March 31, 2026 and December 31, 2025, respectively.
Contract Balances
We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended March 31, 2026 and 2025, we recognized revenue of $247.0 million and $224.1 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period.
Remaining Performance Obligations
The following summarizes the future estimated revenue related to unsatisfied performance obligations:
March 31,
(in thousands)20262025
Remaining performance obligations, short-term$712,864 $647,647 
Remaining performance obligations, long-term300,340 234,598 
Remaining performance obligations$1,013,204 $882,245 
Deferred Commissions
The following summarizes the activity of deferred incremental costs of obtaining a contract:
Three Months Ended March 31,
(in thousands)20262025
Beginning balance$124,629 $119,705 
Capitalization of contract acquisition costs8,503 11,194 
Amortization of deferred contract acquisition costs(14,619)(14,070)
Ending balance$118,513 $116,829