| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Revenue | $ | 172,912 | $ | 166,034 | ||||
| Ending deferred revenue | 144,939 | 141,943 | ||||||
| Beginning deferred revenue | (163,703 | ) | (144,460 | ) | ||||
| Billings | $ | 154,148 | $ | 163,517 | ||||
The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:
| (Unaudited) | ||||||||||||||||||||||||
|
Three Months Ended
March 31, 2024 |
Three Months Ended
March 31, 2023 |
Increase/
(Decrease) % | ||||||||||||||||||||||
| (in thousands) | As reported | Currency changes |
As adjusted for
constant currency | As reported | As reported |
As adjusted for
constant currency | ||||||||||||||||||
| Software revenue | $ | 158.4 | $ | 1.5 | $ | 159.9 | $ | 149.6 | 5.9 | % | 6.9 | % | ||||||||||||
| Total revenue | $ | 172.9 | $ | 1.6 | $ | 174.5 | $ | 166.0 | 4.1 | % | 5.1 | % | ||||||||||||
| Billings | $ | 154.1 | $ | 0.8 | $ | 154.9 | $ | 163.5 | -5.7 | % | -5.3 | % | ||||||||||||
| Adjusted EBITDA | $ | 45.8 | $ | 1.3 | $ | 47.1 | $ | 43.1 | 6.4 | % | 9.5 | % | ||||||||||||
Business Outlook
