We generate revenues primarily through our technology-enabled services. Our technology-enabled services are generally provided under contracts with initial terms of one 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 term or perpetual 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 scope 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 $36.2 million and $42.1 million, was included in other long-term liabilities as of June 30, 2026 and December 31, 2025, respectively, in our unaudited Condensed Consolidated Balance Sheets. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of June 30, 2026 and December 31, 2025, approximately $84.3 million and $71.7 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 $373.2 million for the six months ended June 30, 2026.

As of June 30, 2026, revenue of approximately $1,015.5 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $461.8 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.

The following table disaggregates our revenues by geography (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Americas	$	1,219.2	$	1,127.0	$	2,398.8	$	2,248.5
Europe, Middle East and Africa		367.4		326.4		728.5		633.4
Asia-Pacific		109.1		83.4		215.5		168.8
Total	$	1,695.7	$	1,536.8	$	3,342.8	$	3,050.7

Revenue recognized from customers in the United States was $1,106.0 million and $2,172.0 million for the three and six months ended June 30, 2026, respectively. Revenue recognized from customers in the United States was $1,034.6 million and $2,071.1 million for the three and six months ended June 30, 2025, respectively.

The following table disaggregates our revenues by source (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Technology-enabled services	$	1,408.2	$	1,267.7	$	2,815.5	$	2,537.6
Maintenance and term licenses		256.2		232.9		468.3		446.1
Professional services		26.9		26.2		51.1		50.1
Perpetual licenses		4.4		10.0		7.9		16.9
Total	$	1,695.7	$	1,536.8	$	3,342.8	$	3,050.7