v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The Company’s revenue based on the timing of revenue recognition is as follows:
Three Months Ended March 31,
20262025
Recurring revenue (1)
$279,180 $258,832 
Non-recurring revenue (2)
107,321 123,972 
Total revenue$386,501 $382,804 
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(1)Includes monthly subscription licenses, SaaS-based subscriptions and maintenance subscriptions.
(2)Includes perpetual software licenses and services and other revenue.
The Company’s revenue consists of the following revenue streams:

Three Months Ended March 31,

20262025
Revenue:
Subscription licenses
$72,362 $74,167 
SaaS
84,669 67,849 
Maintenance subscription122,149 116,816 
Subscriptions
279,180 258,832 
Licenses
35,125 42,639 
Subscriptions and licenses
314,305 301,471 
Services and other
72,196 81,333 
Total revenue$386,501 $382,804 
Revenue by geographic region, based upon the location of the end customer, are as follows:
Three Months Ended March 31,
20262025
Americas: (1)
United States$145,892 $160,489 
Other Americas41,853 35,911 
EMIA (2)
145,520 132,200 
APAC (3)
53,236 54,204 
Total revenue$386,501 $382,804 
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(1)Americas includes the United States, Canada, and Latin America.
(2)EMIA includes Europe, Middle East, India, and Africa.
(3)APAC includes the Asia-Pacific region, excluding India.
Operations in Ireland, our country of domicile, are not material in all periods presented.
Contract Balances
As of March 31, 2026 and December 31, 2025, the Company's contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaids and other current assets in the Condensed Combined Balance Sheets. Contract assets were not material as of March 31, 2026, or December 31, 2025.
Deferred revenue consists of billings made or payments received in advance of revenue recognition from subscriptions and services. The primary changes in the Company’s deferred revenue are due to the performance under the contracts and new billings made or payments received in advance of revenue recognition from service, installation, and support. The satisfaction of performance obligations typically lags behind payments received under revenue recognition from contracts with customers. Deferred revenues are short-term in nature and are generally recognized as revenue within 12 months. As of March 31, 2026 and December 31, 2025, total deferred revenue was $438.3 million and $426.1 million, respectively, and is included within Deferred revenue and Other noncurrent liabilities on the Condensed Combined Balance Sheets.
Changes in the Company’s total deferred revenue balances primarily relates to additional deferrals through new billings and reduced deferrals through revenue recognition.
For the three months ended March 31, 2026, the Company recognized $165.3 million of revenue that was included in the December 31, 2025 Deferred revenue balance. For the three months ended March 31, 2025, the Company recognized $128.7 million of revenue that was included in the December 31, 2024 Deferred revenue balance.
Remaining Performance Obligations
The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of March 31, 2026, amounts allocated to these remaining performance obligations are $438.3 million, of which the Company expects to recognize approximately 95% over the next 12 months with the remaining amount thereafter.