v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue
The following table summarizes revenue:
Year Ended December 31,
(in thousands, except percentages)202420232022
Revenue:
Subscription lease licenses$948,831 $786,050 $687,665 
Perpetual licenses315,085 302,698 301,313 
Software licenses1,263,916 1,088,748 988,978 
Maintenance1,209,217 1,103,523 1,004,245 
Service71,676 77,678 72,330 
Maintenance and service1,280,893 1,181,201 1,076,575 
Total revenue$2,544,809 $2,269,949 $2,065,553 
Direct revenue, as a percentage of total revenue75.2 %73.9 %76.1 %
Indirect revenue, as a percentage of total revenue24.8 %26.1 %23.9 %
Changes in deferred revenue
The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the years ended December 31, 2024 and 2023 were as follows:
(in thousands)20242023
Beginning balance – January 1$479,754 $435,758 
Acquired deferred revenue— 8,030 
Deferral of revenue2,617,131 2,305,294 
Recognition of deferred revenue(2,544,809)(2,269,949)
Currency translation(15,771)621 
Ending balance – December 31$536,305 $479,754 
Remaining performance obligations, expected timing of satisfaction
Total revenue allocated to remaining performance obligations as of December 31, 2024 will be recognized as revenue as follows:
(in thousands) 
Next 12 months$1,029,144 
Months 13-24419,744 
Months 25-36206,327 
Thereafter63,052 
Total revenue allocated to remaining performance obligations$1,718,267