Revenue from Contracts with Customers

9 Months Ended

Jun. 30, 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)	June 30, 2024		September 30, 2023
Short-term and long-term receivables	$	840,382	$	997,490
Contract asset	$	13,443	$	16,465
Deferred revenue	$	687,614	$	681,550

During the nine months ended June 30, 2024, we recognized $619.2 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 June 30, 2024 and September 30, 2023, our total revenue liability was $27.0 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 June 30, 2024, the transaction price amounts include performance obligations of $687.6 million recorded in Deferred revenue and $1,382.2 million that are not yet recorded in the Consolidated Balance Sheets. Of the total $2,069.8 million, we expect to recognize approximately 59% 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				Nine months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Recurring revenue(1)	$	481,559	$	498,410	$	1,551,600	$	1,407,662
Perpetual license		7,050		8,251		22,243		30,417
Professional services		30,030		35,681		98,082		112,354
Total revenue	$	518,639	$	542,342	$	1,671,925	$	1,550,433

(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				Nine months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Americas	$	253,592	$	278,329	$	781,480	$	761,617
Europe		170,617		173,559		624,884		549,835
Asia Pacific		94,430		90,454		265,561		238,981
Total revenue	$	518,639	$	542,342	$	1,671,925	$	1,550,433