Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregated Revenues

We disaggregate our revenues by segment (see Note 16 - Segment Information) and by transaction type based on revenue recognition pattern as follows:

•Subscription-based revenues are recurring revenues that are earned under annual, evergreen or multi-year contracts pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. Revenues from the sale of subscription data, maintenance services, and analytics solutions are recognized ratably over the contractual period.

•Re-occurring revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers. These contracts include either evergreen clauses, in which at least six month advance notice is required prior to cancellation, or the contract is for multiple years. Deliverables are usually received by the customer instantly or in a short period of time, at which time the revenues are recognized. The most significant component of our re-occurring revenues is our 'renewal' business within CPA Global.

•Transactional and other revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers, including customers that also generate subscription-based revenues. Transactional and other revenues may involve sales to the same customer on multiple occasions but with different products or services comprising the order. Other revenues relate to professional services including implementation for software and software as a service ("SaaS") subscriptions. These contracts vary in length from several months to years for multi-year projects. Revenue is recognized over time utilizing a reasonable measure of progress depicting the satisfaction of the related performance obligation. Other revenues also includes one-time perpetual archive license revenues.

The following table presents the Company’s revenues by transaction type based on revenue recognition pattern for the periods presented:

	Three Months Ended September 30,
	2023		2022
Subscription revenues	$	408.1	$	408.3
Re-occurring revenues	106.8		102.7
Transactional and other revenues	132.3		125.0
Deferred revenues adjustment	—		(0.3)
Revenues, net	$	647.2	$	635.7
	Nine Months Ended September 30,
	2023		2022
Subscription revenues	$	1,207.3	$	1,220.7
Re-occurring revenues	325.5		329.2
Transactional and other revenues	412.3		435.5
Deferred revenues adjustment	—		(0.9)
Revenues, net	$	1,945.1	$	1,984.5

Contract Balances

Balances, as of:	Accounts receivable, net		Current deferred revenues		Non-current deferred revenues
December 31, 2022	$	872.1	$	947.5	$	38.5
September 30, 2023	766.9		889.2		36.5
Decrease	$	(105.2)	$	(58.3)	$	(2.0)
December 31, 2021	$	906.4	$	1,030.4	$	54.2
September 30, 2022	748.6		857.8		37.7
Decrease	$	(157.8)	$	(172.6)	$	(16.5)

The Company recognized revenue of $732.0 during the nine months ended September 30, 2023, attributable to deferred revenues recorded at the beginning of the period, primarily consisting of subscription revenues recognized ratably over the contractual term. During the nine months ended September 30, 2023, we revised the disclosure in this Note by $130.3 to decrease the disclosed revenue recognized that was included in the opening deferred revenue balance at December 31, 2022. This correction did not have an impact on the accompanying Condensed Consolidated Balance Sheets or Statements of Operations.

Transaction Price Allocated to Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Our most significant remaining performance obligations relate to contracts in which we license the right to use our products to our customers or provide maintenance services over the remaining contractual term, a majority of which are contracts with a duration of one year or less. As of September 30, 2023, approximately 90% of the aggregate transaction price allocated to remaining performance obligations are expected to be satisfied within one year.