Revenue from Contracts with Customers

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

2. Revenue from Contracts with Customers

Receivables, Contract Assets and Contract Liabilities

(in thousands)	March 31, 2024		September 30, 2023
Short-term and long-term receivables	$	891,853	$	997,490
Contract asset	$	12,220	$	16,465
Deferred revenue	$	724,571	$	681,550

During the six months ended March 31, 2024, we recognized $488.8 million of revenue that was included in Deferred revenue as of September 30, 2023. The remainder of the change was driven by additional deferrals, primarily from new billings.

Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of March 31, 2024 and

September 30, 2023, our total revenue liability was $26.9 million and $23.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Remaining Performance Obligations

Our contracts with customers include transaction price amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. As of March 31, 2024, the transaction price amounts include performance obligations of $724.6 million recorded in Deferred revenue and $1,328.9 million that are not yet recorded in the Consolidated Balance Sheets. Of the total $2,053.5 million, we expect to recognize approximately 60% over the next 12 months, 26% over the next 13 to 24 months, and the remaining amount thereafter.

Disaggregation of Revenue

(in thousands)	Three months ended				Six months ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Recurring revenue(1)	$	564,014	$	492,143	$	1,070,041	$	909,253
Perpetual license		6,753		8,921		15,193		22,165
Professional services		32,305		41,117		68,052		76,673
Total revenue	$	603,072	$	542,181	$	1,153,286	$	1,008,091

(1)Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.

Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.

(in thousands)	Three months ended				Six months ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Americas	$	260,622	$	256,376	$	527,889	$	483,288
Europe		257,309		209,066		454,262		376,276
Asia Pacific		85,141		76,739		171,135		148,527
Total revenue	$	603,072	$	542,181	$	1,153,286	$	1,008,091