We generate revenues primarily through our software-enabled services. Our software-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 perpetual or term licenses and by selling maintenance services. 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 level 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. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of June 30, 2019 and December 31, 2018, approximately $39.9 million and $32.4 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 $59.6 million and $146.4 million for the three and six months ended June 30, 2019, respectively. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $54.4 million and $131.0 million for the three and six months ended June 30, 2018, respectively.

As of June 30, 2019, revenue of approximately $364.4 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $208.7 million is expected to be recognized over the next twelve months.

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
United States	$	841.9	$	646.0	$	1,670.3	$	948.7
United Kingdom		164.9		144.7		331.2		176.7
Europe (excluding United Kingdom), Middle East and Africa		49.2		35.0		97.5		62.8
Asia-Pacific and Japan		48.4		35.4		100.0		64.4
Canada		27.4		22.8		54.5		41.1
Americas, excluding United States and Canada		16.2		11.9		31.7		24.0
Total	$	1,148.0	$	895.8	$	2,285.2	$	1,317.7

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Software-enabled services	$	962.7	$	741.6	$	1,934.7	$	1,036.4
Maintenance and term licenses		155.9		123.2		286.0		230.9
Professional services		21.0		22.6		41.0		37.6
Perpetual licenses		8.4		8.4		23.5		12.8
Total	$	1,148.0	$	895.8	$	2,285.2	$	1,317.7