Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenue:

	Year Ended December 31,
(in thousands, except percentages)	2023			2022			2021
Revenue:
Subscription lease licenses	$	786,050		$	687,665		$	617,643
Perpetual licenses	302,698			301,313			328,154
Software licenses	1,088,748			988,978			945,797
Maintenance	1,103,523			1,004,245			896,037
Service	77,678			72,330			64,881
Maintenance and service	1,181,201			1,076,575			960,918
Total revenue	$	2,269,949		$	2,065,553		$	1,906,715
Direct revenue, as a percentage of total revenue	73.9		%	76.1		%	76.3		%
Indirect revenue, as a percentage of total revenue	26.1		%	23.9		%	23.7		%

Changes in Deferred Revenue

The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the years ended December 31, 2023 and 2022 were as follows:

(in thousands)	2023		2022
Beginning balance – January 1	$	435,758	$	412,781
Acquired deferred revenue	8,030		5,818
Deferral of revenue	2,305,294		2,099,550
Recognition of deferred revenue	(2,269,949)		(2,065,553)
Currency translation	621		(16,838)
Ending balance – December 31	$	479,754	$	435,758

Remaining performance obligations, expected timing of satisfaction

Total revenue allocated to remaining performance obligations as of December 31, 2023 will be recognized as revenue as follows:

(in thousands)
Next 12 months	$	897,393
Months 13-24	371,957
Months 25-36	150,744
Thereafter	52,490
Total revenue allocated to remaining performance obligations	$	1,472,584