Disaggregation of Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregation of Revenue

The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.

Timing of Revenue Recognition

Timing of revenue recognition by revenue category during the period is as follows:

For the three months ended March 31, 2022	Products and services transferred at a point in time		Products and services transferred over time		Total
Revenues
Software licenses and royalties	$	14,069	$	2,437	$	16,506
Subscriptions	—		245,443		245,443
Software services	—		61,497		61,497
Maintenance	—		117,029		117,029
Appraisal services	—		8,518		8,518
Hardware and other	7,115		—		7,115
Total	$	21,184	$	434,924	$	456,108

For the three months ended March 31, 2021	Products and services transferred at a point in time		Products and services transferred over time		Total
Revenues
Software licenses and royalties	$	12,058	$	2,875	$	14,933
Subscriptions	—		102,479		102,479
Software services	—		47,640		47,640
Maintenance	—		119,112		119,112
Appraisal services	—		6,465		6,465
Hardware and other	4,173		—		4,173
Total	$	16,231	$	278,571	$	294,802

Recurring Revenue

The majority of our revenue is comprised of revenues from maintenance and subscriptions, which we consider to be recurring revenue. Virtually all of our on-premises software clients contract with us for maintenance and support, which provides us with a significant source of recurring revenue. We generally provide maintenance and support for our on-premises clients under annual, or in some cases, multi-year contracts. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of three to five years, providing a significant source of recurring revenues on an annual basis. We consider all other revenue categories to be non-recurring revenues.

Recurring revenues and non-recurring revenues recognized during the period are as follows:

For the three months ended March 31, 2022	Enterprise Software		Platform Technologies		Corporate		Totals
Recurring revenues	$	231,011	$	131,461	$	—	$	362,472
Non-recurring revenues	74,387		19,249		—		93,636
Intercompany	5,589		—		(5,589)		—
Total revenues	$	310,987	$	150,710	$	(5,589)	$	456,108

For the three months ended March 31, 2021	Enterprise Software		Platform Technologies		Corporate		Totals
Recurring revenues	$	208,798	$	12,793	$	—	$	221,591
Non-recurring revenues	67,412		5,799		—		73,211
Intercompany	5,276		—		(5,276)		—
Total revenues	$	281,486	$	18,592	$	(5,276)	$	294,802

Deferred Revenue and Performance Obligations

Total deferred revenue, including long-term, by segment is as follows:

	March 31, 2022		December 31, 2021
Enterprise Software	$	420,830	$	479,048
Platform Technologies	28,054		29,705
Corporate	5,794		1,814
Totals	$	454,678	$	510,567

Changes in total deferred revenue, including long-term, were as follows:

	Three months ended March 31, 2022
Balance as of December 31, 2021	$	510,567
Deferral of revenue	240,335
Recognition of deferred revenue	(296,224)
Balance as of March 31, 2022	$	454,678

Transaction Price Allocated to the Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized (“backlog”), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Backlog as of March 31, 2022, was $1.76 billion, of which we expect to recognize approximately 46% as revenue over the next 12 months and the remainder thereafter.

Deferred CommissionsSales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized commensurate with the recognition of associated revenue over a period of benefit that we have determined to be generally three to seven years. Deferred commissions were $37.8 million and $38.1 million as of March 31, 2022, and December 31, 2021, respectively. Amortization expense was $3.5 million and $3.0 million for the three months ended March 31, 2022 and 2021, respectively. There were no indicators of impairment in relation to the costs capitalized for the periods presented. Deferred commissions have been included with prepaid expenses for the current portion and non-current other assets for the long-term portion in the accompanying condensed consolidated balance sheets. Amortization expense related to deferred commissions is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of income.