0001628280-23-016837 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39548
Entity Registrant Name	BENTLEY SYSTEMS, INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3936623
Entity Address, Address Line One	685 Stockton Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341
City Area Code	610
Local Phone Number	458-5000
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	BSY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,601,757
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		281,770,044

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 93,567	$ 71,684
Accounts receivable	285,192	296,376
Allowance for doubtful accounts	(8,036)	(9,303)
Prepaid income taxes	21,169	18,406
Prepaid and other current assets	39,849	38,732
Total current assets	431,741	415,895
Property and equipment, net	33,038	32,251
Operating lease right-of-use assets	38,946	40,249
Intangible assets, net	283,969	292,271
Goodwill	2,247,797	2,237,184
Investments	32,010	22,270
Deferred income taxes	52,484	52,636
Other assets	68,037	72,249
Total assets	3,188,022	3,165,005
Current liabilities:
Accounts payable	28,781	15,176
Accruals and other current liabilities	420,935	362,048
Deferred revenues	234,775	226,955
Operating lease liabilities	14,147	14,672
Income taxes payable	14,862	4,507
Current portion of long-term debt	6,250	5,000
Total current liabilities	719,750	628,358
Long-term debt	1,668,781	1,775,696
Deferred compensation plan liabilities	80,674	77,014
Long-term operating lease liabilities	26,651	27,670
Deferred revenues	15,972	16,118
Deferred income taxes	46,564	51,235
Income taxes payable	8,127	8,105
Other liabilities	7,313	7,355
Total liabilities	2,573,832	2,591,551
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of March 31, 2023 and December 31, 2022	0	0
Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,601,757 shares as of March 31, 2023 and December 31, 2022, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 279,899,514 and 277,412,730 shares as of March 31, 2023 and December 31, 2022, respectively	2,915	2,890
Additional paid-in capital	1,060,842	1,030,466
Accumulated other comprehensive loss	(89,374)	(89,740)
Accumulated deficit	(360,897)	(370,866)
Non-controlling interest	704	704
Total stockholders’ equity	614,190	573,454
Total liabilities and stockholders’ equity	$ 3,188,022	$ 3,165,005

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Class A Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	11,601,757	11,601,757
Common stock shares outstanding (in shares)	11,601,757	11,601,757
Class B Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock shares issued (in shares)	279,899,514	277,412,730
Common stock shares outstanding (in shares)	279,899,514	277,412,730

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 314,411	$ 275,517
Cost of revenues:
Total cost of revenues	67,184	55,785
Gross profit	247,227	219,732
Operating expense (income):
Research and development	67,800	61,273
Selling and marketing	52,141	45,945
General and administrative	46,807	51,154
Deferred compensation plan	4,146	(5,138)
Amortization of purchased intangibles	10,548	9,906
Total operating expenses	181,442	163,140
Income from operations	65,785	56,592
Interest expense, net	(11,092)	(6,748)
Other income, net	289	10,347
Income before income taxes	54,982	60,191
(Provision) benefit for income taxes	(9,492)	(3,231)
Loss from investments accounted for using the equity method, net of tax	0	(572)
Net income	$ 45,490	$ 56,388
Per share information:
Net income per share, basic (USD per share)	$ 0.15	$ 0.18
Net income per share, diluted (USD per share)	$ 0.14	$ 0.18
Weighted average shares, basic (in shares)	310,758,802	307,969,672
Weighted average shares, diluted (in shares)	331,251,884	331,330,256
Subscriptions and licenses
Revenues:
Total revenues	$ 287,392	$ 251,438
Cost of revenues:
Total cost of revenues	40,931	33,727
Subscriptions
Revenues:
Total revenues	277,845	241,233
Perpetual licenses
Revenues:
Total revenues	9,547	10,205
Services
Revenues:
Total revenues	27,019	24,079
Cost of revenues:
Total cost of revenues	$ 26,253	$ 22,058

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 45,490	$ 56,388
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	340	16,437
Actuarial gain on retirement plan, net of tax effect of $(6) and $(5), respectively	26	13
Total other comprehensive (loss) income, net of taxes	366	16,450
Comprehensive income	$ 45,856	$ 72,838

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ (6)	$ (5)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		282,526,719
Beginning balance at Dec. 31, 2021	$ 409,222	$ 2,825	$ 937,805	$ (91,774)	$ (439,634)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,388				56,388
Other comprehensive income (loss)	16,450			16,450
Dividends declared	(8,353)				(8,353)
Shares issued in connection with deferred compensation plan, net (in shares)		809,751
Shares issued in connection with deferred compensation plan, net	(24,246)	$ 8			(24,254)
Deferred compensation plan elective participant deferrals	669		669
Shares issued in connection with executive bonus plan, net (in shares)		72,105
Shares issued in connection with executive bonus plan, net	2,804	$ 1	4,995		(2,192)
Shares issued in connection with employee stock purchase plan (in shares)		109,749
Shares issued and repurchased in connection with employee stock purchase plan	4,490	$ 1	4,610		(121)
Stock option exercises, net (in shares)		1,401,249
Stock option exercises, net	(4,883)	$ 14	2,754		(7,651)
Acquisition option exercises, net (in shares)		149,855
Acquisition option exercises, net	0	$ 1	(1)
Stock-based compensation expense	6,667		6,667
Shares related to restricted stock, net (in shares)		64,665
Shares related to restricted stock, net	(1,555)	$ 1	(1)		(1,555)
Ending balance (in shares) at Mar. 31, 2022		285,134,093
Ending balance at Mar. 31, 2022	457,653	$ 2,851	957,498	(75,324)	(427,372)	0
Beginning balance (in shares) at Dec. 31, 2022		289,014,487
Beginning balance at Dec. 31, 2022	573,454	$ 2,890	1,030,466	(89,740)	(370,866)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,490				45,490
Other comprehensive income (loss)	366			366
Dividends declared	(14,522)				(14,522)
Shares issued in connection with deferred compensation plan, net (in shares)		1,052,738
Shares issued in connection with deferred compensation plan, net	(13,626)	$ 11	(11)		(13,626)
Deferred compensation plan elective participant deferrals	1,533		1,533
Shares issued in connection with executive bonus plan, net (in shares)		79,804
Shares issued in connection with executive bonus plan, net	3,059	$ 1	5,483		(2,425)
Shares issued in connection with employee stock purchase plan (in shares)		153,381
Shares issued and repurchased in connection with employee stock purchase plan	4,335	$ 1	4,556		(222)
Stock option exercises, net (in shares)		928,300
Stock option exercises, net	2,501	$ 9	4,193		(1,701)
Stock-based compensation expense	14,625		14,625
Shares related to restricted stock, net (in shares)		272,561
Shares related to restricted stock, net	(3,025)	$ 3	(3)		(3,025)
Ending balance (in shares) at Mar. 31, 2023		291,501,271
Ending balance at Mar. 31, 2023	$ 614,190	$ 2,915	$ 1,060,842	$ (89,374)	$ (360,897)	$ 704

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 45,490	$ 56,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,057	17,212
Deferred income taxes	(4,178)	9,042
Stock-based compensation expense	19,484	15,099
Deferred compensation plan	4,146	(5,138)
Amortization of deferred debt issuance costs	1,823	1,778
Change in fair value of derivative	4,489	(12,084)
Foreign currency remeasurement (gain) loss	1,018	1,677
Other non-cash items, net	(4,411)	(114)
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	15,420	8,691
Prepaid and other assets	12,137	5,718
Accounts payable, accruals, and other liabilities	53,127	26,791
Deferred revenues	1,942	(12,515)
Income taxes payable, net of prepaid income taxes	7,679	(10,814)
Net cash provided by operating activities	176,223	101,731
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(4,284)	(4,176)
Proceeds from sale of aircraft	0	2,380
Acquisitions, net of cash acquired	(10,299)	(695,968)
Purchases of investments	(6,178)	(2,811)
Net cash used in investing activities	(20,761)	(700,575)
Cash flows from financing activities:
Proceeds from credit facilities	117,139	563,912
Payments of credit facilities	(223,124)	(123,696)
Repayments from term loan	(1,250)	(1,250)
Payments of contingent and non-contingent consideration	(249)	(2,721)
Payments of dividends	(14,522)	(8,528)
Proceeds from stock purchases under employee stock purchase plan	4,557	4,611
Proceeds from exercise of stock options	4,202	2,768
Payments for shares acquired including shares withheld for taxes	(20,948)	(35,117)
Other financing activities	(46)	(48)
Net cash provided by financing activities	(134,241)	399,931
Effect of exchange rate changes on cash and cash equivalents	662	(807)
Increase (decrease) in cash and cash equivalents	21,883	(199,720)
Cash and cash equivalents, beginning of year	71,684	329,337
Cash and cash equivalents, end of period	93,567	129,617
Supplemental information:
Cash paid for income taxes	6,104	6,766
Income tax refunds	71	798
Interest paid	10,473	5,296
Non-cash investing and financing activities:
Cost method investment	3,500	0
Deferred, non-contingent consideration, net	525	0
Share-settled executive bonus plan awards	5,484	4,996
Deferred compensation plan elective participant deferrals	$ 1,533	$ 669

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated and its wholly-owned subsidiaries (“Bentley Systems, Incorporated” or the “Company”), and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10‑K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2022 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. For the three months ended March 31, 2023, payments related to the Company’s interest rate swap were recognized in Other income (expense), net in the consolidated statements of operations and the corresponding prior period amounts, which were previously recognized in Interest expense, net, were reclassified to conform to the current period presentation. For the three months ended March 31, 2022, the amounts reclassified were not material, and Income before income taxes and Net income in the consolidated statements of operations did not change as a result of these reclassifications.

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020‑04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU No. 2022‑06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting by extending the sunset date of Topic 848 to December 31, 2024. The expedients and exceptions provided by these ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company had no transactions that were impacted by these ASUs during the three months ended March 31, 2023.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenues

The Company’s revenues consist of the following:


	Three Months Ended
	March 31,
	2023		2022
Subscriptions:
Enterprise subscriptions (1)	$	103,904	$	81,827
SELECT subscriptions	63,343		66,598
Term license subscriptions	110,598		92,808
Subscriptions	277,845		241,233
Perpetual licenses	9,547		10,205
Subscriptions and licenses	287,392		251,438
Services:
Recurring	4,178		4,701
Other	22,841		19,378
Services	27,019		24,079
Total revenues	$	314,411	$	275,517

(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $94,331 and $68,598 for the three months ended March 31, 2023 and 2022, respectively.

The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the three months ended March 31, 2023 and 2022, the Company recognized $158,024 and $125,225 of license related revenues, respectively, of which $148,477 and $115,020, respectively, were attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions in the consolidated statements of operations.

The Company derived 7% of its total revenues through channel partners for the three months ended March 31, 2023 and 2022.

Revenue from external customers is attributed to individual countries based upon the location of the customer. Revenues by geographic region are as follows:


	Three Months Ended
	March 31,
	2023		2022
Americas (1)	$	168,345	$	154,260
Europe, the Middle East, and Africa (“EMEA”)	92,832		77,480
Asia-Pacific (“APAC”)	53,234		43,777
Total revenues	$	314,411	$	275,517

(1)Americas includes the United States (“U.S.”), Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $127,450 and $116,133 for the three months ended March 31, 2023 and 2022, respectively.

Contract Assets and Contract Liabilities


	March 31, 2023		December 31, 2022


Contract assets	$	535	$	575
Deferred revenues	250,747		243,073

As of March 31, 2023 and December 31, 2022, the Company’s contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaid and other current assets in the consolidated balance sheets. Contract assets were not impaired as of March 31, 2023 and December 31, 2022.

Deferred revenues consist of billings made or payments received in advance of revenue recognition from subscriptions and services. The timing of revenue recognition may differ from the timing of billings to users.

For the three months ended March 31, 2023, $95,979 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $101,577, which were primarily related to new billings and acquisitions. For the three months ended March 31, 2022, $97,005 of revenues that were included in the December 31, 2021 deferred revenues balance were recognized. There were additional deferrals of $94,522, which were primarily related to new billings and acquisitions.

As of March 31, 2023 and December 31, 2022, the Company has deferred $17,753 and $17,338, respectively, related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets.

Remaining Performance Obligations

The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of March 31, 2023, amounts allocated to these remaining performance obligations are $250,747, of which the Company expects to recognize approximately 94% over the next 12 months with the remaining amount thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

The aggregate details of the Company’s acquisition activity are as follows:


	Acquisitions Completed during
	Three Months Ended
	March 31,
	2023		2022


Number of acquisitions	1		1
Cash paid at closing (1)	$	10,299	$	715,114
Cash acquired	—		(19,146)
Net cash paid	$	10,299	$	695,968

(1)Of the cash paid at closing for the three months ended March 31, 2022, $3,000 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

On January 31, 2022, the Company completed the acquisition of Power Line Systems (“PLS”), a leader in software for the design of overhead electric power transmission lines and their structures, for $695,968 in cash, net of cash acquired. The operating results of the acquired businesses were not material, individually or in the aggregate, to the Company’s consolidated statements of operations.

The fair value of the contingent consideration from acquisitions is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	955	$	1,196

Contingent consideration from acquisitions	$	955	$	1,196

The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	2,861	$	2,434
Other liabilities	3,061		2,977
Non-contingent consideration from acquisitions	$	5,922	$	5,411

The operating results of the acquired businesses are included in the Company’s consolidated financial statements from the closing date of each respective acquisition. The purchase price for each acquisition has been allocated to the net tangible and intangible assets and liabilities based on their estimated fair values at the respective acquisition date.

The Company is in the process of finalizing the purchase accounting for one acquisition completed during the three months ended March 31, 2023 and one acquisition completed during the year ended December 31, 2022. Identifiable assets acquired and liabilities assumed were provisionally recorded at their estimated fair values on the respective acquisition date. The initial accounting for these business combinations is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified from the date of the acquisition as more information is obtained about the fair values of assets acquired and liabilities assumed, however, such measurement period cannot exceed one year.Acquisition costs are expensed as incurred and are recorded in General and administrative in the consolidated statements of operations. For the three months ended March 31, 2023 and 2022, the Company’s acquisition expenses were $5,185 and $10,574, respectively, which include costs related to legal, accounting, valuation, insurance, general administrative, and other consulting and transaction fees. For the three months ended March 31, 2022, $9,773 of the Company’s acquisition expenses related to the acquisition of PLS.

The following summarizes the fair values of the assets acquired and liabilities assumed, as well as the weighted average useful lives assigned to acquired intangible assets at the respective date of each acquisition (including contingent consideration):


	Acquisitions Completed in
	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022
Consideration:
Cash paid at closing	$	10,299	$	763,228

Contingent consideration	—		1,390
Deferred, non-contingent consideration, net	525		749
Other	—		(269)
Total consideration	$	10,824	$	765,098
Assets acquired and liabilities assumed:
Cash	$	—	$	20,221
Accounts receivable and other current assets	1,488		8,890
Operating lease right-of-use assets	345		1,237
Property and equipment	—		1,316
Other assets	—		7
Software and technology (weighted average useful life of 3 and 5 years, respectively)	1,300		10,608
Customer relationships (weighted average useful life of 6 and 10 years, respectively)	3,900		82,278
Trademarks (weighted average useful life of 5 and 8 years, respectively)	800		6,972


Total identifiable assets acquired excluding goodwill	7,833		131,529
Accruals and other current liabilities	—		(4,079)
Deferred revenues	(3,953)		(14,176)
Operating lease liabilities	(345)		(1,237)
Deferred income taxes	—		(5,745)

Total liabilities assumed	(4,298)		(25,237)
Net identifiable assets acquired excluding goodwill	3,535		106,292
Goodwill	7,289		658,806
Net assets acquired	$	10,824	$	765,098

The fair values of the working capital, other assets (liabilities), and property and equipment approximated their respective carrying values as of the acquisition date.

Deferred revenues were determined in accordance with the Company’s revenue recognition policies.

The fair values of the intangible assets were primarily determined using the income approach. When applying the income approach, indications of fair values were developed by discounting future net cash flows to their present values at market‑based rates of return. The cash flows were based on estimates used to price the acquisitions and the discount rates applied were benchmarked with reference to the implied rate of return from the Company’s pricing model and the weighted average cost of capital.

Goodwill recorded in connection with the acquisitions was attributable to synergies expected to arise from cost saving opportunities, as well as future expected cash flows. The Company expects $7,289 of the goodwill recorded relating to the 2023 acquisition will be deductible for income tax purposes.

Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	March 31, 2023		December 31, 2022
Land	$	2,811	$	2,811
Building and improvements	36,216		35,717
Computer equipment and software	56,828		54,636
Furniture, fixtures, and equipment	14,456		14,600
Aircraft	2,038		2,038
Other	156		156
Property and equipment, at cost	112,505		109,958
Less: Accumulated depreciation	(79,467)		(77,707)
Total property and equipment, net	$	33,038	$	32,251

Depreciation expense for the three months ended March 31, 2023 and 2022 was $2,724 and $2,490, respectively.

Related Party Equipment Sale

In January 2022, the Audit Committee of the Company’s Board of Directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029, which was recorded in Other income, net in the consolidated statements of operations for the three months ended March 31, 2022. Subsequent to the transaction, ongoing operating and fixed costs of the aircraft are shared on a proportional use basis subject to a cost-sharing agreement. Such costs were not material during the three months ended March 31, 2023 and 2022. The Company determined this transaction was with a related party.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill are as follows:


Balance, December 31, 2022	$	2,237,184
Acquisitions	7,289
Foreign currency translation adjustments	4,082
Other adjustments	(758)
Balance, March 31, 2023	$	2,247,797

Details of intangible assets other than goodwill are as follows:


		March 31, 2023						December 31, 2022
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Intangible assets subject to amortization:
Software and technology	3-5 years	$	92,960	$	(54,588)	$	38,372	$	92,390	$	(51,938)	$	40,452
Customer relationships	3-10 years	326,025		(122,414)		203,611		323,164		(114,387)		208,777
Trademarks	3-10 years	70,465		(28,605)		41,860		69,803		(26,904)		42,899
Non-compete agreements	5 years	350		(224)		126		350		(207)		143



Total intangible assets		$	489,800	$	(205,831)	$	283,969	$	485,707	$	(193,436)	$	292,271

The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows:


	Three Months Ended
	March 31,
		2023		2022
Cost of subscriptions and licenses		$	3,187	$	3,022
Amortization of purchased intangibles		10,548		9,906
Total amortization expense		$	13,735	$	12,928

Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:


	March 31, 2023		December 31, 2022


Cost method investments	$	31,914	$	22,174
Equity method investments	96		96
Total investments	$	32,010	$	22,270

Cost Method Investments

Through its iTwin Ventures initiative, the Company invests in technology development companies, generally in the form of equity interests or convertible notes. In March 2023, the Company acquired an equity interest in Worldsensing, a leading global connectivity hardware platform company for infrastructure monitoring, via contribution of its sensemetrics’ Thread connectivity device business (the “Thread business”) and cash. The non-cash contribution of the Thread business resulted in an insignificant gain, which was recorded in Other income, net in the consolidated statements of operations for the three months ended March 31, 2023. In July 2022, the Company acquired an equity interest in Teralytics Holdings AG, a global platform company for human mobility analysis.

During the three months ended March 31, 2023, the Company invested a total of $9,678, including $8,928 of cash and non-cash for our investment in Worldsensing. During the three months ended March 31, 2022, the Company invested a total of $2,111. As of March 31, 2023, our investment balance in Worldsensing and Teralytics Holdings AG was $8,928 and $11,130, respectively. As of December 31, 2022, our investment balance in Teralytics Holdings AG was $11,130.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LeasesThe Company’s operating leases consist of office facilities, office equipment, and automobiles. As of March 31, 2023, the Company’s leases have remaining terms of less than one year to eight years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.

The components of operating lease cost reflected in the consolidated statements of operations were as follows:


	Three Months Ended
	March 31,
	2023		2022
Operating lease cost (1)	$	4,628	$	5,753
Variable lease cost	1,202		1,273
Short-term lease cost	—		5
Total operating lease cost	$	5,830	$	7,031

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,417 and $5,553 for the three months ended March 31, 2023 and 2022, respectively.

Supplemental operating cash flow and other information related to leases was as follows:


	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	4,710	$	5,114
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	2,797	$	2,876

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the three months ended March 31, 2023 and 2022, respectively.

The weighted average remaining lease term for operating leases was 3.8 years and 3.9 years as of March 31, 2023 and December 31, 2022, respectively. The weighted average discount rate was 3.6% and 3.4% as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, the Company had additional minimum operating lease payments of $1,196 for executed leases that have not yet commenced, primarily for office locations.

Leases

The components of operating lease cost reflected in the consolidated statements of operations were as follows:


	Three Months Ended
	March 31,
	2023		2022
Operating lease cost (1)	$	4,628	$	5,753
Variable lease cost	1,202		1,273
Short-term lease cost	—		5
Total operating lease cost	$	5,830	$	7,031

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,417 and $5,553 for the three months ended March 31, 2023 and 2022, respectively.

Supplemental operating cash flow and other information related to leases was as follows:


	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	4,710	$	5,114
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	2,797	$	2,876

As of March 31, 2023, the Company had additional minimum operating lease payments of $1,196 for executed leases that have not yet commenced, primarily for office locations.

Accruals and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	March 31, 2023		December 31, 2022


Cloud Services Subscription (“CSS”) deposits	$	263,975	$	201,082
Accrued benefits	41,253		35,493
Accrued compensation	39,467		40,296
Due to customers	14,666		13,720
Accrued indirect taxes	8,761		9,766
Accrued acquisition stay bonus	7,384		9,135
Accrued cloud provisioning costs	3,751		4,224
Accrued professional fees	3,353		4,984
Non-contingent consideration from acquisitions	2,861		2,434
Employee stock purchase plan contributions	2,785		5,230
Deferred compensation plan liabilities	2,133		2,067
Contingent consideration from acquisitions	955		1,196
Other accrued and current liabilities	29,591		32,421
Total accruals and other current liabilities	$	420,935	$	362,048

Long‑Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long‑term debt consists of the following:


	March 31, 2023		December 31, 2022


Credit facility:
Revolving loan facility due November 2025	$	239,613	$	345,597
Term loan due November 2025	193,750		195,000
Convertible senior notes due January 2026 (the “2026 Notes”)	687,830		687,830
Convertible senior notes due July 2027 (the “2027 Notes”)	575,000		575,000
Unamortized debt issuance costs	(21,162)		(22,731)
Total debt	1,675,031		1,780,696
Less: Current portion of long-term debt	(6,250)		(5,000)
Long-term debt	$	1,668,781	$	1,775,696

The Company had $150 of letters of credit and surety bonds outstanding as of March 31, 2023 and December 31, 2022 under the credit facility. As of March 31, 2023 and December 31, 2022, the Company had $610,237 and $504,253, respectively, available under the credit facility.

As of March 31, 2023 and December 31, 2022, the Company was in compliance with all debt covenants and none of the conditions of the 2026 Notes or 2027 Notes to early convert had been met.

Interest Expense, Net

Interest expense, net consists of the following:


	Three Months Ended
	March 31,
		2023		2022
Contractual interest expense		$	(9,310)	$	(4,047)
Amortization of deferred debt issuance costs		(1,823)		(1,778)
Other interest expense		(188)		(1,005)
Interest income		229		82
Interest expense, net		$	(11,092)	$	(6,748)

The Company’s revolving loan facility and term loan weighted average interest rate was 6.67% and 2.32% for the three months ended March 31, 2023 and 2022, respectively.

Executive Bonus Plan	3 Months Ended
Executive Bonus Plan	Mar. 31, 2023
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus PlanFor the three months ended March 31, 2023 and 2022, the incentive compensation, including cash payments, election to receive shares of fully vested Class B Common Stock, and deferred compensation to plan participants, recognized under the amended and restated Bentley Systems, Incorporated Bonus Pool Plan (the “Bonus Plan”) (net of all applicable holdbacks) was $7,948 and $9,719, respectively.

Retirement Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

Deferred Compensation Plan

Deferred compensation plan expense (income) was $4,146 and $(5,138) for the three months ended March 31, 2023 and 2022, respectively.

For the three months ended March 31, 2023 and 2022, elective participant deferrals into the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) were $1,533 and $669, respectively. No discretionary contributions were made to the DCP during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, phantom shares of the Company’s Class B Common Stock issuable by the DCP were 20,231,452 and 21,587,831, respectively.

The total liabilities related to the DCP is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	2,133	$	2,067
Deferred compensation plan liabilities	80,674		77,014
Total DCP liabilities	$	82,807	$	79,081

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Common Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Stock

BSY Stock Repurchase Program

On May 11, 2022, the Company announced that its Board of Directors approved the BSY Stock Repurchase Program (the “Repurchase Program”) authorizing the Company to repurchase up to $200,000 of the Company’s Class B Common Stock through June 30, 2024. On December 14, 2022, the Company’s Board of Directors amended the Repurchase Program to allow the Company also to repurchase its outstanding convertible senior notes. This additional authorization did not increase the overall dollar limit of the Repurchase Program. The shares and notes proposed to be acquired in the Repurchase Program may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares and/or notes repurchased under the Repurchase Program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company’s Class B Common Stock and outstanding notes, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, and applicable legal requirements. The exact number of shares and/or notes to be repurchased by the Company is not guaranteed, and the Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. As of March 31, 2023, $169,752 was available under the Company’s Board of Directors authorization for future repurchases of Class B Common Stock and/or outstanding convertible senior notes under the Repurchase Program.

Common Stock Issuances, Sales, and Repurchases

For the three months ended March 31, 2023, the Company issued 928,300 shares of Class B Common Stock to colleagues who exercised their stock options, net of 73,822 shares withheld at exercise to pay for the cost of the stock options, as well as for $1,701 of applicable income tax withholdings. The Company received $4,202 in proceeds from the exercise of stock options. For the three months ended March 31, 2022, the Company issued 1,401,249 shares of Class B Common Stock to colleagues who exercised their stock options, net of 314,659 shares withheld at exercise to pay for the cost of the stock options, as well as for $7,651 of applicable income tax withholdings. The Company received $2,768 in proceeds from the exercise of stock options.

For the three months ended March 31, 2022, the Company issued 149,855 shares of Class B Common Stock related to the exercise of acquisition options, net of 585,145 shares withheld at exercise to pay for the cost of the options. The Company did not receive any proceeds from the exercise of these options.

For the three months ended March 31, 2023 and 2022, the Company issued 79,804 and 72,105 shares of Class B Common Stock, respectively, in connection with Bonus Plan incentive compensation, net of shares withheld. Of the total 143,114 shares awarded for the three months ended March 31, 2023, 63,310 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $2,425. Of the total 128,496 shares awarded for the three months ended March 31, 2022, 56,391 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $2,192.

For the three months ended March 31, 2023 and 2022, the Company issued 1,052,738 and 809,751 shares of Class B Common Stock, respectively, to DCP participants in connection with distributions from the plan. The distribution in shares for the three months ended March 31, 2023 totaled 1,421,471 shares of which 368,733 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $13,626. The distribution in shares for the three months ended March 31, 2022 totaled 1,310,061 shares of which 500,310 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $24,246.

Dividends

The Company declared cash dividends during the periods presented as follows:


	Dividend
	Per Share		Amount
2023:


First quarter	$	0.05	$	14,522
2022:


First quarter	$	0.03	$	8,353

Global Employee Stock Purchase Plan

During the three months ended March 31, 2023, colleagues who elected to participate in the Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”) purchased a total of 153,381 shares of Class B Common Stock, net of shares withheld, resulting in cash proceeds to the Company of $4,557. Of the total 159,377 shares purchased, 5,996 shares were sold back to the Company to pay for applicable income tax withholdings of $222. During the three months ended March 31, 2022, colleagues who elected to participate in the ESPP purchased a total of 109,749 shares of Class B Common Stock, net of shares withheld, resulting in cash proceeds to the Company of $4,611. Of the total 112,249 shares purchased, 2,500 shares were sold back to the Company to pay for applicable income tax withholdings of $121. As of March 31, 2023 and December 31, 2022, $2,785 and $5,230 of ESPP withholdings via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheets, respectively. As of March 31, 2023, shares of Class B Common Stock available for future issuance under the ESPP were 24,434,497.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended March 31, 2023 and 2022:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2022	$	(89,408)	$	(332)	$	(89,740)
Other comprehensive income, before taxes	340		32		372
Tax expense	—		(6)		(6)
Other comprehensive income, net of taxes	340		26		366
Balance, March 31, 2023	$	(89,068)	$	(306)	$	(89,374)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)
Other comprehensive income, before taxes	16,437		18		16,455
Tax expense	—		(5)		(5)
Other comprehensive income, net of taxes	16,437		13		16,450
Balance, March 31, 2022	$	(74,430)	$	(894)	$	(75,324)

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock‑based compensation expense consists of the following:


	Three Months Ended
	March 31,
		2023		2022
Restricted stock and restricted stock units (“RSUs”) expense		$	13,923	$	5,365
Bonus Plan expense (see Note 11)		4,546		8,161
ESPP expense (see Note 13)		575		680
Stock option expense		343		756

DCP elective participant deferrals expense (1) (see Note 12)		97		137
Total stock-based compensation expense (2)		$	19,484	$	15,099

(1)DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan.

(2)As of March 31, 2023 and December 31, 2022, $5,213 and $7,300 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

Total stock‑based compensation expense is included in the consolidated statements of operations as follows:


	Three Months Ended
	March 31,
		2023		2022
Cost of subscriptions and licenses		$	1,034	$	385
Cost of services		1,007		383
Research and development		5,286		5,395
Selling and marketing		2,870		1,454
General and administrative		9,287		7,482
Total stock-based compensation expense		$	19,484	$	15,099

Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. Specifically for performance‑based RSUs, stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period based on the number of awards expected to vest at each reporting date. The Company accounts for forfeitures of equity awards as those forfeitures occur.

Stock Options

The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Stock	Exercise Price		Contractual	Intrinsic
	Options	Per Share		Life (in years)	Value
Outstanding, December 31, 2022	3,794,515	$	5.57
Exercised	(1,002,122)	5.46
Forfeited and expired	(7,500)	5.60
Outstanding, March 31, 2023	2,784,893	$	5.62	0.7	$	104,084
Exercisable, March 31, 2023	2,782,393	$	5.62	0.7	$	103,991

For the three months ended March 31, 2023 and 2022, the Company received cash proceeds of $4,202 and $2,768, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the three months ended March 31, 2023 and 2022 was $35,076 and $62,025, respectively.

As of March 31, 2023, there was no remaining unrecognized compensation expense related to unvested stock options.

Restricted Stock and RSUs

Under the equity incentive plans, the Company may grant both time‑based and performance‑based shares of restricted Class B Common Stock and RSUs to eligible colleagues. Time‑based awards generally vest ratably on each of the first four anniversaries of the grant date. Performance‑based awards vesting is determined by the achievement of certain business profitability and growth targets, which include growth in annualized recurring revenues (“ARR”), as well as actual bookings for perpetual licenses and non‑recurring services, and certain non‑financial performance targets. Performance targets are generally set for performance periods of one to three years.

The following is a summary of unvested restricted stock and RSU activity and related information under the Company’s applicable equity incentive plans:


							Time-		Performance-
							Based		Based
			Time-				Weighted		Weighted
	Total		Based				Average		Average
	Restricted		Restricted		Performance-		Grant Date		Grant Date
	Stock		Stock		Based		Fair Value		Fair Value
	and RSUs		and RSUs		RSUs		Per Share		Per Share
Unvested, December 31, 2022	3,068,851		2,706,078	(3)	362,773	(4)	$	36.67	$	38.21
Granted	1,152,992	(1)	962,574		190,418	(5)	41.09		38.93
Vested	(370,127)		(212,967)		(157,160)		39.37		38.20
Forfeited and canceled	(38,959)		(30,165)		(8,794)		27.23		34.36
Unvested, March 31, 2023	3,812,757	(2)	3,425,520		387,237		37.83		38.65

(1)For the three months ended March 31, 2023, the Company only granted RSUs.

(2)Includes 68,159 RSUs which are expected to be settled in cash.

(3)Includes 199,076 time‑based RSUs granted during the three months ended March 31, 2022 to certain officers and key employees, which cliff vest on January 31, 2025.

(4)Primarily relates to the 2022 annual performance period, except for 185,186 performance‑based RSUs granted during the year ended December 31, 2022 with extraordinary terms, which are described below.

(5)Primarily relates to the 2023 annual performance period, except for 13,367 additional shares earned based on the achievement of 2022 performance goals for performance‑based RSUs granted during the year ended December 31, 2022.

During the year ended December 31, 2022, the Company granted 185,186 performance‑based RSUs to certain officers and key employees, which vest subject to the achievement of certain performance goals over a three‑year performance period (the “Performance Period”). For each year of the Performance Period, one‑third of the performance‑based RSUs will be subject to a cliff, whereby no vesting of that portion will occur unless the Company’s applicable margin metrics (which, for 2022, was Adjusted EBITDA margin and for 2023 and 2024, will be Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin, excluding the impact of currency exchange fluctuations) also equals or exceeds the relevant target level for such year. Provided that the applicable margin targets are met, the total number of performance‑based RSUs that will vest is determined by the achievement of growth targets, which include growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. Final actual vesting will be determined on January 31, 2025. The 2022 Adjusted EBITDA margin target for the performance‑based RSUs was met.

In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of certain business growth targets. Certain colleagues elected to defer delivery of such shares upon vesting. During the three months ended March 31, 2023, 7 shares were earned as a result of dividends. During the three months ended March 31, 2022, 10,888 shares were delivered to colleagues and 7 additional shares were earned as a result of dividends. As of March 31, 2023 and December 31, 2022, 9,370 and 9,363 shares, respectively, of these vested and deferred RSUs remained outstanding.

The weighted average grant date fair values of RSUs granted were $40.73 and $39.26, for the three months ended March 31, 2023 and 2022, respectively.

For the three months ended March 31, 2023 and 2022, restricted stock and RSUs were issued net of 78,993 and 38,955 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $3,025 and $1,555, respectively.

As of March 31, 2023, there was $104,808 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of March 31, 2023, there was $11,651 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 1.3 years.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following is a summary of Income before income taxes, Provision for income taxes, and effective tax rate for the periods presented:


	Three Months Ended
	March 31,
		2023			2022
Income before income taxes		$	54,982		$	60,191
Provision for income taxes		$	9,492		$	3,231
Effective tax rate		17.3		%	5.4		%

For the three months ended March 31, 2023, the effective tax rate was higher primarily due to the decrease in discrete tax benefits recognized in the current year period. For the three months ended March 31, 2023 and 2022, the Company recorded tax benefits of $7,073 and $12,728, respectively, primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

A financial asset or liability classification is determined based on the lowest level input that is significant to the fair value measurement. The fair value hierarchy consists of the following three levels:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value.

The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt.

Current assets and current liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments.

The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 and Level 3 financial instruments as of March 31, 2023 and December 31, 2022:

Acquisition contingent consideration — The fair value of these liabilities is generally determined using a cost or income approach and is measured based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant.

Interest rate swap — The fair value of the Company’s interest rate swap asset or liability is determined using an income approach and is measured based on the implied forward rates from the U.S. dollar one‑month LIBOR yield curve. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy.

Long-term debt — The fair value of the Company’s borrowings under its Credit Facility approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. As of March 31, 2023, the estimated fair value of the 2026 Notes and 2027 Notes was $644,572 and $487,376, respectively. As of December 31, 2022, the estimated fair value of the 2026 Notes and 2027 Notes was $622,431 and $470,856, respectively. The estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled.

Deferred compensation plan liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period.

Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following:


March 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	6,578	$	—	$	—	$	6,578
Interest rate swap (2)	—		32,711		—		32,711
Total assets	$	6,578	$	32,711	$	—	$	39,289
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	955	$	955
Deferred compensation plan liabilities (4)	82,807		—		—		82,807
Cash-settled equity awards (5)	823		—		—		823
Total liabilities	$	83,630	$	—	$	955	$	84,585


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	19	$	—	$	—	$	19
Interest rate swap (2)	—		37,200		—		37,200
Total assets	$	19	$	37,200	$	—	$	37,219
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	1,196	$	1,196
Deferred compensation plan liabilities (4)	79,081		—		—		79,081
Cash-settled equity awards (5)	536		—		—		536
Total liabilities	$	79,617	$	—	$	1,196	$	80,813

(1)Included in Cash and cash equivalents in the consolidated balance sheets.

(2)Included in Other assets in the consolidated balance sheets.

(3)Included in Accruals and other current liabilities in the consolidated balance sheets.

(4)Included in Deferred compensation plan liabilities, except for current liabilities of $2,133 and $2,067 as of March 31, 2023 and December 31, 2022, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets.

(5)Included in Accruals and other current liabilities in the consolidated balance sheets.

The following is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy:


	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022


Balance, beginning of year	$	1,196	$	6,613
Payments	(249)		(5,261)
Addition	—		1,390
Change in fair value	—		(1,427)
Foreign currency translation adjustments	8		(119)
Balance, end of period	$	955	$	1,196

The Company did not have any transfers between levels within the fair value hierarchy.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — In the normal course of business, the Company enters into various purchase commitments for goods and services. As of March 31, 2023, the non‑cancelable future cash purchase commitment for services related to the cloud provisioning of the Company’s software solutions was $5,516 through May 2023. The Company expects to fully consume its contractual commitment in the ordinary course of operations. Litigation — From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, based upon the advice of counsel, the outcome of such actions is not expected to have a material adverse effect on the Company’s future financial position, results of operations, or cash flows.

Geographic Data

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Geographic Data

Revenues by geographic region are presented in Note 3. Long‑lived assets (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8) are as follows:


	March 31, 2023		December 31, 2022


Americas (1)	$	163,636	$	164,729
EMEA	31,359		32,372
APAC	160,958		167,670
Total long-lived assets	$	355,953	$	364,771

(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Other Income, Net

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Income, Net

Other income, net consists of the following:


	Three Months Ended
	March 31,
		2023		2022
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)		$	(4,489)	$	12,084
Foreign exchange (1)		1,454		(3,071)
Sale of aircraft (see Note 5)		—		2,029

Change in fair value of acquisition contingent consideration (See Note 17)		—		(500)
Receipts (payments) related to interest rate swap		1,920		(294)
Other income, net		1,404		99
Total other income, net		$	289	$	10,347

(1)Foreign exchange gain (loss) is primarily attributable to foreign currency translation derived mainly from U.S. dollar denominated cash and cash equivalents, account receivables, customer deposits, and intercompany balances held by foreign subsidiaries. Intercompany finance transactions primarily denominated in U.S. dollars resulted in unrealized foreign exchange gains (losses) of $861 and $(764) for the three months ended March 31, 2023 and 2022, respectively.

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per ShareThe Company issues certain performance-based RSUs determined to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of March 31, 2023 and 2022, there were 387,237 and 305,785 participating securities outstanding, respectively.

Undistributed net income allocated to participating securities are subtracted from net income in determining basic net income attributable to common stockholders. Basic net income per share is computed by dividing basic net income attributable to common stockholders by the weighted average number of shares, inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B Common Stock.

For the Company’s diluted net income per share numerator, interest expense, net of tax, attributable to the assumed conversion of the convertible senior notes is added back to basic net income attributable to common stockholders. For the Company’s diluted net income per share denominator, the basic weighted average number of shares is adjusted for the effect of dilutive securities, including awards under the Company’s equity compensation plans and ESPP, and for the dilutive effect of the assumed conversion of the convertible senior notes. Diluted net income per share attributable to common stockholders is computed by dividing diluted net income attributable to common stockholders by the weighted average number of fully diluted common shares.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and, therefore, net income per share would not differ under the two‑class method.

The details of basic and diluted net income per share are as follows:


	Three Months Ended
	March 31,
	2023		2022
Numerator:
Net income	$	45,490	$	56,388
Less: Net income attributable to participating securities	(19)		(9)
Net income attributable to Class A and Class B common stockholders, basic	45,471		56,379
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717		1,695
Net income attributable to Class A and Class B common stockholders, diluted	$	47,188	$	58,074

Denominator:
Weighted average shares, basic	310,758,802		307,969,672
Dilutive effect of stock options, restricted stock, and RSUs	2,844,855		5,542,252
Dilutive effect of ESPP	14,441		150,709
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,667,623
Weighted average shares, diluted	331,251,884		331,330,256

Net income per share, basic	$	0.15	$	0.18
Net income per share, diluted	$	0.14	$	0.18

The following potential common shares were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti‑dilutive for the periods presented:


	Three Months Ended
	March 31,
	2023	2022
RSUs	87,388	1,282,161


Total anti-dilutive securities	87,388	1,282,161

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated and its wholly-owned subsidiaries (“Bentley Systems, Incorporated” or the “Company”), and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.
Consolidation	These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10‑K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2022 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Reclassification	Certain reclassifications of prior period amounts have been made to conform to the current period presentation. For the three months ended March 31, 2023, payments related to the Company’s interest rate swap were recognized in Other income (expense), net in the consolidated statements of operations and the corresponding prior period amounts, which were previously recognized in Interest expense, net, were reclassified to conform to the current period presentation. For the three months ended March 31, 2022, the amounts reclassified were not material, and Income before income taxes and Net income in the consolidated statements of operations did not change as a result of these reclassifications.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020‑04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU No. 2022‑06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting by extending the sunset date of Topic 848 to December 31, 2024. The expedients and exceptions provided by these ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company had no transactions that were impacted by these ASUs during the three months ended March 31, 2023.
Revenue Recognition	As of March 31, 2023 and December 31, 2022, the Company’s contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaid and other current assets in the consolidated balance sheets.Deferred revenues consist of billings made or payments received in advance of revenue recognition from subscriptions and services. The timing of revenue recognition may differ from the timing of billings to users.
Fair Value Measurements	A financial asset or liability classification is determined based on the lowest level input that is significant to the fair value measurement. The fair value hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt. Current assets and current liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments. The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 and Level 3 financial instruments as of March 31, 2023 and December 31, 2022: Acquisition contingent consideration — The fair value of these liabilities is generally determined using a cost or income approach and is measured based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant. Interest rate swap — The fair value of the Company’s interest rate swap asset or liability is determined using an income approach and is measured based on the implied forward rates from the U.S. dollar one‑month LIBOR yield curve. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy.Long-term debt — The fair value of the Company’s borrowings under its Credit Facility approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms.he estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled.Deferred compensation plan liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Type and Location

The Company’s revenues consist of the following:


	Three Months Ended
	March 31,
	2023		2022
Subscriptions:
Enterprise subscriptions (1)	$	103,904	$	81,827
SELECT subscriptions	63,343		66,598
Term license subscriptions	110,598		92,808
Subscriptions	277,845		241,233
Perpetual licenses	9,547		10,205
Subscriptions and licenses	287,392		251,438
Services:
Recurring	4,178		4,701
Other	22,841		19,378
Services	27,019		24,079
Total revenues	$	314,411	$	275,517

(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $94,331 and $68,598 for the three months ended March 31, 2023 and 2022, respectively.

Revenue from external customers is attributed to individual countries based upon the location of the customer. Revenues by geographic region are as follows:


	Three Months Ended
	March 31,
	2023		2022
Americas (1)	$	168,345	$	154,260
Europe, the Middle East, and Africa (“EMEA”)	92,832		77,480
Asia-Pacific (“APAC”)	53,234		43,777
Total revenues	$	314,411	$	275,517

Schedule of Contract Assets and Contract Liabilities

Contract Assets and Contract Liabilities


	March 31, 2023		December 31, 2022


Contract assets	$	535	$	575
Deferred revenues	250,747		243,073

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions Aggregate Details

The aggregate details of the Company’s acquisition activity are as follows:


	Acquisitions Completed during
	Three Months Ended
	March 31,
	2023		2022


Number of acquisitions	1		1
Cash paid at closing (1)	$	10,299	$	715,114
Cash acquired	—		(19,146)
Net cash paid	$	10,299	$	695,968

(1)Of the cash paid at closing for the three months ended March 31, 2022, $3,000 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

Schedule of Business Acquisitions Contingent Consideration

The fair value of the contingent consideration from acquisitions is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	955	$	1,196

Contingent consideration from acquisitions	$	955	$	1,196

The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	2,861	$	2,434
Other liabilities	3,061		2,977
Non-contingent consideration from acquisitions	$	5,922	$	5,411

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed in
	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022
Consideration:
Cash paid at closing	$	10,299	$	763,228

Contingent consideration	—		1,390
Deferred, non-contingent consideration, net	525		749
Other	—		(269)
Total consideration	$	10,824	$	765,098
Assets acquired and liabilities assumed:
Cash	$	—	$	20,221
Accounts receivable and other current assets	1,488		8,890
Operating lease right-of-use assets	345		1,237
Property and equipment	—		1,316
Other assets	—		7
Software and technology (weighted average useful life of 3 and 5 years, respectively)	1,300		10,608
Customer relationships (weighted average useful life of 6 and 10 years, respectively)	3,900		82,278
Trademarks (weighted average useful life of 5 and 8 years, respectively)	800		6,972


Total identifiable assets acquired excluding goodwill	7,833		131,529
Accruals and other current liabilities	—		(4,079)
Deferred revenues	(3,953)		(14,176)
Operating lease liabilities	(345)		(1,237)
Deferred income taxes	—		(5,745)

Total liabilities assumed	(4,298)		(25,237)
Net identifiable assets acquired excluding goodwill	3,535		106,292
Goodwill	7,289		658,806
Net assets acquired	$	10,824	$	765,098

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	March 31, 2023		December 31, 2022
Land	$	2,811	$	2,811
Building and improvements	36,216		35,717
Computer equipment and software	56,828		54,636
Furniture, fixtures, and equipment	14,456		14,600
Aircraft	2,038		2,038
Other	156		156
Property and equipment, at cost	112,505		109,958
Less: Accumulated depreciation	(79,467)		(77,707)
Total property and equipment, net	$	33,038	$	32,251

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows:


Balance, December 31, 2022	$	2,237,184
Acquisitions	7,289
Foreign currency translation adjustments	4,082
Other adjustments	(758)
Balance, March 31, 2023	$	2,247,797

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill are as follows:


		March 31, 2023						December 31, 2022
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Intangible assets subject to amortization:
Software and technology	3-5 years	$	92,960	$	(54,588)	$	38,372	$	92,390	$	(51,938)	$	40,452
Customer relationships	3-10 years	326,025		(122,414)		203,611		323,164		(114,387)		208,777
Trademarks	3-10 years	70,465		(28,605)		41,860		69,803		(26,904)		42,899
Non-compete agreements	5 years	350		(224)		126		350		(207)		143



Total intangible assets		$	489,800	$	(205,831)	$	283,969	$	485,707	$	(193,436)	$	292,271

Finite-lived Intangible Assets Amortization Expense

The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows:


	Three Months Ended
	March 31,
		2023		2022
Cost of subscriptions and licenses		$	3,187	$	3,022
Amortization of purchased intangibles		10,548		9,906
Total amortization expense		$	13,735	$	12,928

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:


	March 31, 2023		December 31, 2022


Cost method investments	$	31,914	$	22,174
Equity method investments	96		96
Total investments	$	32,010	$	22,270

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information Related to Leases

The components of operating lease cost reflected in the consolidated statements of operations were as follows:


	Three Months Ended
	March 31,
	2023		2022
Operating lease cost (1)	$	4,628	$	5,753
Variable lease cost	1,202		1,273
Short-term lease cost	—		5
Total operating lease cost	$	5,830	$	7,031

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,417 and $5,553 for the three months ended March 31, 2023 and 2022, respectively.

Supplemental operating cash flow and other information related to leases was as follows:


	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	4,710	$	5,114
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	2,797	$	2,876

Accruals and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	March 31, 2023		December 31, 2022


Cloud Services Subscription (“CSS”) deposits	$	263,975	$	201,082
Accrued benefits	41,253		35,493
Accrued compensation	39,467		40,296
Due to customers	14,666		13,720
Accrued indirect taxes	8,761		9,766
Accrued acquisition stay bonus	7,384		9,135
Accrued cloud provisioning costs	3,751		4,224
Accrued professional fees	3,353		4,984
Non-contingent consideration from acquisitions	2,861		2,434
Employee stock purchase plan contributions	2,785		5,230
Deferred compensation plan liabilities	2,133		2,067
Contingent consideration from acquisitions	955		1,196
Other accrued and current liabilities	29,591		32,421
Total accruals and other current liabilities	$	420,935	$	362,048

Long‑Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:


	March 31, 2023		December 31, 2022


Credit facility:
Revolving loan facility due November 2025	$	239,613	$	345,597
Term loan due November 2025	193,750		195,000
Convertible senior notes due January 2026 (the “2026 Notes”)	687,830		687,830
Convertible senior notes due July 2027 (the “2027 Notes”)	575,000		575,000
Unamortized debt issuance costs	(21,162)		(22,731)
Total debt	1,675,031		1,780,696
Less: Current portion of long-term debt	(6,250)		(5,000)
Long-term debt	$	1,668,781	$	1,775,696

Schedule of Interest Expense

Interest expense, net consists of the following:


	Three Months Ended
	March 31,
		2023		2022
Contractual interest expense		$	(9,310)	$	(4,047)
Amortization of deferred debt issuance costs		(1,823)		(1,778)
Other interest expense		(188)		(1,005)
Interest income		229		82
Interest expense, net		$	(11,092)	$	(6,748)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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+ Details

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Plan Liabilities

The total liabilities related to the DCP is included in the consolidated balance sheets as follows:


	March 31, 2023		December 31, 2022


Accruals and other current liabilities	$	2,133	$	2,067
Deferred compensation plan liabilities	80,674		77,014
Total DCP liabilities	$	82,807	$	79,081

Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Dividends Declared

The Company declared cash dividends during the periods presented as follows:


	Dividend
	Per Share		Amount
2023:


First quarter	$	0.05	$	14,522
2022:


First quarter	$	0.03	$	8,353

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended March 31, 2023 and 2022:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2022	$	(89,408)	$	(332)	$	(89,740)
Other comprehensive income, before taxes	340		32		372
Tax expense	—		(6)		(6)
Other comprehensive income, net of taxes	340		26		366
Balance, March 31, 2023	$	(89,068)	$	(306)	$	(89,374)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)
Other comprehensive income, before taxes	16,437		18		16,455
Tax expense	—		(5)		(5)
Other comprehensive income, net of taxes	16,437		13		16,450
Balance, March 31, 2022	$	(74,430)	$	(894)	$	(75,324)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense consists of the following:


	Three Months Ended
	March 31,
		2023		2022
Restricted stock and restricted stock units (“RSUs”) expense		$	13,923	$	5,365
Bonus Plan expense (see Note 11)		4,546		8,161
ESPP expense (see Note 13)		575		680
Stock option expense		343		756

DCP elective participant deferrals expense (1) (see Note 12)		97		137
Total stock-based compensation expense (2)		$	19,484	$	15,099

(1)DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan.

(2)As of March 31, 2023 and December 31, 2022, $5,213 and $7,300 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

Total stock‑based compensation expense is included in the consolidated statements of operations as follows:


	Three Months Ended
	March 31,
		2023		2022
Cost of subscriptions and licenses		$	1,034	$	385
Cost of services		1,007		383
Research and development		5,286		5,395
Selling and marketing		2,870		1,454
General and administrative		9,287		7,482
Total stock-based compensation expense		$	19,484	$	15,099

Schedule of Options

The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Stock	Exercise Price		Contractual	Intrinsic
	Options	Per Share		Life (in years)	Value
Outstanding, December 31, 2022	3,794,515	$	5.57
Exercised	(1,002,122)	5.46
Forfeited and expired	(7,500)	5.60
Outstanding, March 31, 2023	2,784,893	$	5.62	0.7	$	104,084
Exercisable, March 31, 2023	2,782,393	$	5.62	0.7	$	103,991

Schedule of Restricted Stock and Restricted Stock Unit Activity

The following is a summary of unvested restricted stock and RSU activity and related information under the Company’s applicable equity incentive plans:


							Time-		Performance-
							Based		Based
			Time-				Weighted		Weighted
	Total		Based				Average		Average
	Restricted		Restricted		Performance-		Grant Date		Grant Date
	Stock		Stock		Based		Fair Value		Fair Value
	and RSUs		and RSUs		RSUs		Per Share		Per Share
Unvested, December 31, 2022	3,068,851		2,706,078	(3)	362,773	(4)	$	36.67	$	38.21
Granted	1,152,992	(1)	962,574		190,418	(5)	41.09		38.93
Vested	(370,127)		(212,967)		(157,160)		39.37		38.20
Forfeited and canceled	(38,959)		(30,165)		(8,794)		27.23		34.36
Unvested, March 31, 2023	3,812,757	(2)	3,425,520		387,237		37.83		38.65

(1)For the three months ended March 31, 2023, the Company only granted RSUs.

(2)Includes 68,159 RSUs which are expected to be settled in cash.

(3)Includes 199,076 time‑based RSUs granted during the three months ended March 31, 2022 to certain officers and key employees, which cliff vest on January 31, 2025.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The following is a summary of Income before income taxes, Provision for income taxes, and effective tax rate for the periods presented:


	Three Months Ended
	March 31,
		2023			2022
Income before income taxes		$	54,982		$	60,191
Provision for income taxes		$	9,492		$	3,231
Effective tax rate		17.3		%	5.4		%

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following:


March 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	6,578	$	—	$	—	$	6,578
Interest rate swap (2)	—		32,711		—		32,711
Total assets	$	6,578	$	32,711	$	—	$	39,289
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	955	$	955
Deferred compensation plan liabilities (4)	82,807		—		—		82,807
Cash-settled equity awards (5)	823		—		—		823
Total liabilities	$	83,630	$	—	$	955	$	84,585


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	19	$	—	$	—	$	19
Interest rate swap (2)	—		37,200		—		37,200
Total assets	$	19	$	37,200	$	—	$	37,219
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	1,196	$	1,196
Deferred compensation plan liabilities (4)	79,081		—		—		79,081
Cash-settled equity awards (5)	536		—		—		536
Total liabilities	$	79,617	$	—	$	1,196	$	80,813

(1)Included in Cash and cash equivalents in the consolidated balance sheets.

(2)Included in Other assets in the consolidated balance sheets.

(3)Included in Accruals and other current liabilities in the consolidated balance sheets.

(5)Included in Accruals and other current liabilities in the consolidated balance sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy:


	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022


Balance, beginning of year	$	1,196	$	6,613
Payments	(249)		(5,261)
Addition	—		1,390
Change in fair value	—		(1,427)
Foreign currency translation adjustments	8		(119)
Balance, end of period	$	955	$	1,196

Geographic Data (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

Long‑lived assets (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8) are as follows:


	March 31, 2023		December 31, 2022


Americas (1)	$	163,636	$	164,729
EMEA	31,359		32,372
APAC	160,958		167,670
Total long-lived assets	$	355,953	$	364,771

(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean).

Other Income, Net (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income, Net

Other income, net consists of the following:


	Three Months Ended
	March 31,
		2023		2022
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)		$	(4,489)	$	12,084
Foreign exchange (1)		1,454		(3,071)
Sale of aircraft (see Note 5)		—		2,029

Change in fair value of acquisition contingent consideration (See Note 17)		—		(500)
Receipts (payments) related to interest rate swap		1,920		(294)
Other income, net		1,404		99
Total other income, net		$	289	$	10,347

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net Income Per Share, Basic and Diluted

The details of basic and diluted net income per share are as follows:


	Three Months Ended
	March 31,
	2023		2022
Numerator:
Net income	$	45,490	$	56,388
Less: Net income attributable to participating securities	(19)		(9)
Net income attributable to Class A and Class B common stockholders, basic	45,471		56,379
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717		1,695
Net income attributable to Class A and Class B common stockholders, diluted	$	47,188	$	58,074

Denominator:
Weighted average shares, basic	310,758,802		307,969,672
Dilutive effect of stock options, restricted stock, and RSUs	2,844,855		5,542,252
Dilutive effect of ESPP	14,441		150,709
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,667,623
Weighted average shares, diluted	331,251,884		331,330,256

Net income per share, basic	$	0.15	$	0.18
Net income per share, diluted	$	0.14	$	0.18

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended
	March 31,
	2023	2022
RSUs	87,388	1,282,161


Total anti-dilutive securities	87,388	1,282,161

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 314,411	$ 275,517
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	287,392	251,438
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	277,845	241,233
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	103,904	81,827
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	63,343	66,598
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	110,598	92,808
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	9,547	10,205
Services
Disaggregation of Revenue [Line Items]
Total revenues	27,019	24,079
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	4,178	4,701
Other
Disaggregation of Revenue [Line Items]
Total revenues	22,841	19,378
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 94,331	$ 68,598

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 314,411,000	$ 275,517,000
Contract asset impairment	0		$ 0
Contract with customer, liability, revenue recognized	95,979,000	97,005,000
Contract with customer liability additions	101,577,000	$ 94,522,000
Deferred revenues	$ 250,747,000		243,073,000
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7.00%	7.00%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 158,024,000	$ 125,225,000
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	148,477,000	$ 115,020,000
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 17,753,000		$ 17,338,000

Revenue from Contracts with Customers - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 535	$ 575
Deferred revenues	$ 250,747	$ 243,073

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 314,411	$ 275,517
Americas
Disaggregation of Revenue [Line Items]
Total revenues	168,345	154,260
United States
Disaggregation of Revenue [Line Items]
Total revenues	127,450	116,133
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue [Line Items]
Total revenues	92,832	77,480
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 53,234	$ 43,777

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 250,747
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	94.00%
Remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction period

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) acquisition	Mar. 31, 2022 USD ($) acquisition	Dec. 31, 2022 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 10,299	$ 695,968
Escrow deposit		$ 3,000
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	1	1
Cash paid at closing	$ 10,299	$ 715,114	$ 763,228
Cash acquired	0	(19,146)
Net cash paid	$ 10,299	$ 695,968

Acquisitions - Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Jan. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) acquisition	Mar. 31, 2022 USD ($)	Dec. 31, 2022 acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		$ 10,299	$ 695,968
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		$ 10,299	695,968
Number business acquired pending purchase accounting adjustments \| acquisition		1		1
Acquisition and integration costs		$ 5,185	$ 10,574
Power Line Systems
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 695,968
Acquisition and integration costs		9,773
Goodwill from acquisition, expected tax deductible amount		$ 7,289

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 955	$ 1,196
Non-contingent consideration from acquisitions	2,861	2,434
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	955	1,196
Contingent consideration from acquisitions	955	1,196
Non-contingent consideration from acquisitions	2,861	2,434
Other liabilities	3,061	2,977
Non-contingent consideration from acquisitions	$ 5,922	$ 5,411

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets acquired and liabilities assumed:
Goodwill	$ 2,247,797		$ 2,237,184
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	10,299	$ 715,114	763,228
Contingent consideration	0		1,390
Deferred, non-contingent consideration, net	525		749
Other	0		(269)
Total consideration	10,824		765,098
Assets acquired and liabilities assumed:
Cash	0		20,221
Accounts receivable and other current assets	1,488		8,890
Operating lease right-of-use assets	345		1,237
Property and equipment	0		1,316
Other assets	0		7
Total identifiable assets acquired excluding goodwill	7,833		131,529
Accruals and other current liabilities	0		(4,079)
Deferred revenues	(3,953)		(14,176)
Operating lease liabilities	(345)		(1,237)
Deferred income taxes	0		(5,745)
Total liabilities assumed	(4,298)		(25,237)
Net identifiable assets acquired excluding goodwill	3,535		106,292
Goodwill	7,289		658,806
Net assets acquired	10,824		765,098
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles	1,300		10,608
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles	3,900		82,278
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles	$ 800		$ 6,972
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Software and technology
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years		5 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Customer relationships
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	6 years		10 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Trademarks
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years		8 years

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 112,505	$ 109,958
Less: Accumulated depreciation	(79,467)	(77,707)
Total property and equipment, net	33,038	32,251
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	36,216	35,717
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	56,828	54,636
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	14,456	14,600
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,038	2,038
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 156	$ 156

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 01, 2022	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 2,724	$ 2,490
Proceeds from sale of aircraft			0	$ 2,380
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of interest percent		50.00%
Proceeds from sale of aircraft	$ 2,380
Gain on disposition of property plant equipment			$ 2,029

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,237,184
Acquisitions	7,289
Foreign currency translation adjustments	4,082
Other adjustments	(758)
Goodwill ending balance	$ 2,247,797

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Gross Carrying Amount	$ 489,800	$ 485,707
Accumulated Amortization	(205,831)	(193,436)
Net Book Value	283,969	292,271
Software and technology
Intangible assets subject to amortization:
Gross Carrying Amount	92,960	92,390
Accumulated Amortization	(54,588)	(51,938)
Net Book Value	$ 38,372	40,452
Software and technology \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Software and technology \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	5 years
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	$ 326,025	323,164
Accumulated Amortization	(122,414)	(114,387)
Net Book Value	$ 203,611	208,777
Customer relationships \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Customer relationships \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	10 years
Trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	$ 70,465	69,803
Accumulated Amortization	(28,605)	(26,904)
Net Book Value	$ 41,860	42,899
Trademarks \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Trademarks \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	10 years
Non-compete agreements
Intangible assets subject to amortization:
Estimated Useful Life	5 years
Gross Carrying Amount	$ 350	350
Accumulated Amortization	(224)	(207)
Net Book Value	$ 126	$ 143

Goodwill and Other Intangible Assets - Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 3,187	$ 3,022
Amortization of purchased intangibles	10,548	9,906
Total amortization expense	$ 13,735	$ 12,928

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 31,914	$ 22,174
Equity method investments	96	96
Total investments	$ 32,010	$ 22,270

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	$ 9,678
Cost method investments	31,914		$ 22,174
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	8,928
Cost method investments	8,928
Teralytics investment
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments		$ 2,111
Cost method investments	$ 11,130		$ 11,130

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	3 years 9 months 18 days	3 years 10 months 24 days
Operating lease, weighted average discount rate, percent	3.60%	3.40%
Operating lease payments, leases not yet commenced	$ 1,196
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than)	1 year
Renewal term	1 year
Termination period (less than)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than)	8 years
Renewal term	10 years
Termination period (less than)	5 years

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 4,628	$ 5,753
Variable lease cost	1,202	1,273
Short-term lease cost	0	5
Total operating lease cost	5,830	7,031
Payments for rent	$ 4,417	$ 5,553

Leases - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 4,710	$ 5,114
Right-of-use assets obtained in exchange for new operating lease liabilities	2,797	2,876
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 345	$ 1,237

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Cloud Services Subscription (“CSS”) deposits	$ 263,975	$ 201,082
Accrued benefits	41,253	35,493
Accrued compensation	39,467	40,296
Due to customers	14,666	13,720
Accrued indirect taxes	8,761	9,766
Accrued acquisition stay bonus	7,384	9,135
Accrued cloud provisioning costs	3,751	4,224
Accrued professional fees	3,353	4,984
Non-contingent consideration from acquisitions	2,861	2,434
Employee stock purchase plan contributions	2,785	5,230
Deferred compensation plan liabilities	2,133	2,067
Contingent consideration from acquisitions	955	1,196
Other accrued and current liabilities	29,591	32,421
Total accruals and other current liabilities	$ 420,935	$ 362,048

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (21,162)	$ (22,731)
Total net carrying value	1,675,031	1,780,696
Less: Current portion of long-term debt	(6,250)	(5,000)
Total long-term debt	1,668,781	1,775,696
Senior Notes Due January 2026 \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	687,830	687,830
Senior Notes Due July 2027 \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Revolving Credit Facility \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	239,613	345,597
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 193,750	$ 195,000

Long‑Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 1,675,031		$ 1,780,696
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 610,237		504,253
Term Loan and Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate over time	6.67%	2.32%
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Total long-term debt	$ 150		$ 150

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ (9,310)	$ (4,047)
Amortization of deferred debt issuance costs	(1,823)	(1,778)
Other interest expense	(188)	(1,005)
Interest income	229	82
Interest expense, net	$ (11,092)	$ (6,748)

Executive Bonus Plan (Details) - USD ($) $ in Thousands	3 Months Ended
Executive Bonus Plan (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 4,146	$ (5,138)
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 7,948	$ 9,719

Retirement Plans - Narrative (Details) - USD ($)	3 Months Ended
Retirement Plans - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense	$ 4,146,000	$ (5,138,000)
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense	4,146,000	(5,138,000)
DCP participant deferrals	1,533,000	669,000
Contributions by employer	$ 0	$ 0
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares issuable (in shares)	20,231,452		21,587,831

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 420,935	$ 362,048
Deferred compensation plan liabilities	80,674	77,014
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	2,133	2,067
Deferred compensation plan liabilities	80,674	77,014
Total DCP liabilities	$ 82,807	$ 79,081

Common Stock - Narrative (Details) - USD ($)	3 Months Ended
Common Stock - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 11, 2022
Class of Stock [Line Items]
Employee stock purchase plan contributions	$ 2,785,000		$ 5,230,000
Common Stock
Class of Stock [Line Items]
Shares exercised (in shares)	928,300	1,401,249
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions	$ 2,785,000		$ 5,230,000
Class B Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 200,000,000
Common stock, reserved for future issuance amount	169,752,000
Class B Common Stock \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Class of Stock [Line Items]
Share-based compensation tax withholding payment	$ 13,626,000	$ 24,246,000
Deferred compensation arrangement with individual, shares issued (in shares)	1,052,738	809,751
Deferred compensation arrangement with individual, shares issued, gross (in shares)	1,421,471	1,310,061
Shares withheld for tax withholding obligation (in shares)	368,733	500,310
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)	79,804	72,105
Shares withheld for cost of options and tax withholding obligation (in shares)	63,310	56,391
Share-based compensation tax withholding payment	$ 2,425,000	$ 2,192,000
Shares exercised (in shares)	143,114	128,496
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)	928,300
Shares withheld for cost of options and tax withholding obligation (in shares)	73,822
Share-based compensation tax withholding payment	$ 1,701,000	$ 7,651,000
Cash used to settle award	$ 4,202,000
Class B Common Stock \| Stock Option \| Acquisition Options
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)	149,855
Shares withheld for cost of options and tax withholding obligation (in shares)	585,145
Cash used to settle award	$ 0
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)		1,401,249
Shares withheld for cost of options and tax withholding obligation (in shares)		314,659
Cash used to settle award		$ 2,768,000
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)	5,996	2,500
Share-based compensation tax withholding payment	$ 222,000	$ 121,000
Shares issued (in shares)	153,381	109,749
Proceeds from issuance of common stock	$ 4,557,000	$ 4,611,000
Shares purchased (in shares)	159,377	112,249
Shares reserved for future issuance (in shares)	24,434,497

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends per share (USD per share)	$ 0.05	$ 0.03
Amount	$ 14,522	$ 8,353

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income, before taxes	$ 372	$ 16,455
Tax expense	(6)	(5)
Total other comprehensive (loss) income, net of taxes	366	16,450
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,740)	(91,774)
Ending balance	(89,374)	(75,324)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,408)	(90,867)
Other comprehensive income, before taxes	340	16,437
Tax expense	0	0
Total other comprehensive (loss) income, net of taxes	340	16,437
Ending balance	(89,068)	(74,430)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(332)	(907)
Other comprehensive income, before taxes	32	18
Tax expense	(6)	(5)
Total other comprehensive (loss) income, net of taxes	26	13
Ending balance	$ (306)	$ (894)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 19,484	$ 15,099
Stock-based compensation expense accrued	5,213		$ 7,300
Cost of revenues: \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,034	385
Cost of revenues: \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,007	383
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,286	5,395
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,870	1,454
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,287	7,482
Restricted stock and restricted stock units (“RSUs”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13,923	5,365
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,546	8,161
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	575	680
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	343	756
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 97	$ 137

Stock-Based Compensation - Options Outstanding Rollforward (Details) - Stock Option - 2020 Incentive Award Plan $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	3,794,515
Exercised (in shares) \| shares	(1,002,122)
Forfeited and expired (in shares) \| shares	(7,500)
Ending balance (in shares) \| shares	2,784,893
Stock options, exercisable (in shares) \| shares	2,782,393
Weighted Average Exercise Price Per Share
Beginning balance (USD per share) \| $ / shares	$ 5.57
Exercised (USD per share) \| $ / shares	5.46
Forfeited and expired (USD per share) \| $ / shares	5.60
Ending balance (USD per share) \| $ / shares	5.62
Weighted average exercise price, exercisable (USD per share) \| $ / shares	$ 5.62
Weighted remaining contractual life (in years)	8 months 12 days
Shares exercisable, weighted remaining contractual life (in years)	8 months 12 days
Shares outstanding, aggregate intrinsic value \| $	$ 104,084
Shares exercisable, aggregate intrinsic value \| $	$ 103,991

Stock-Based Compensation - Stock Options Narrative (Details) - Stock Option - 2020 Incentive Award Plan - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 4,202,000	$ 2,768,000
Stock options exercised, intrinsic value	35,076,000	$ 62,025,000
Unrecognized compensation cost	$ 0

Stock-Based Compensation - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	13,367		185,186
Performance Based Restricted Stock Units (RSUs), 2016 \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earned through dividends in period (in shares)	7	7
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, excluding options	$ 11,651
Cost not yet recognized, period for recognition	1 year 3 months 18 days
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Delivered in period (in shares)		10,888
Shares outstanding (in shares)	9,370		9,363
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 40.73	$ 39.26
Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,152,992
Shares outstanding (in shares)	3,812,757		3,068,851
Shares withheld for tax withholding obligation (in shares)	78,993	38,955
Share-based compensation tax withholding payment	$ 3,025	$ 1,555
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	962,574
Shares outstanding (in shares)	3,425,520		2,706,078
Grant date fair value (USD per share)	$ 41.09
Unrecognized compensation cost, excluding options	$ 104,808
Cost not yet recognized, period for recognition	2 years
Minimum \| Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum \| Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock-Based Compensation - Restricted Stock and RSUs Activity (Details) - 2020 Incentive Award Plan - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	3,068,851
Granted (in shares)	1,152,992
Vested (in shares)	(370,127)
Forfeited and canceled (in shares)	(38,959)
Unvested, ending balance (in shares)	3,812,757		3,068,851
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	2,706,078
Granted (in shares)	962,574
Vested (in shares)	(212,967)
Forfeited and canceled (in shares)	(30,165)
Unvested, ending balance (in shares)	3,425,520		2,706,078
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 36.67
Granted (USD per share)	41.09
Vested (USD per share)	39.37
Forfeited and canceled (USD per share)	27.23
Unvested, ending balance (USD per share)	$ 37.83		$ 36.67
Performance Based Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	362,773
Granted (in shares)	190,418
Vested (in shares)	(157,160)
Forfeited and canceled (in shares)	(8,794)
Unvested, ending balance (in shares)	387,237		362,773
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 38.21
Granted (USD per share)	38.93
Vested (USD per share)	38.20
Forfeited and canceled (USD per share)	34.36
Unvested, ending balance (USD per share)	$ 38.65		$ 38.21
Cash-Settled Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	68,159
Time-Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)		199,076
Performance Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	13,367		185,186

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 54,982	$ 60,191
Provision for income taxes	$ 9,492	$ 3,231
Effective tax rate	17.30%	5.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Discrete income tax benefit	$ 7,073	$ 12,728

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2026 Notes:
Derivative [Line Items]
Long-term debt, fair value	$ 644,572	$ 622,431
2027 Notes:
Derivative [Line Items]
Long-term debt, fair value	$ 487,376	$ 470,856

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 39,289	$ 37,219
Liabilities:
Acquisition contingent consideration	955	1,196
Deferred compensation plan liabilities	82,807	79,081
Cash-settled equity awards	823	536
Total liabilities	84,585	80,813
Deferred compensation plan, current	2,133	2,067
Interest Rate Swap
Assets:
Interest rate swap	32,711	37,200
Level 1
Assets:
Total assets	6,578	19
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	82,807	79,081
Cash-settled equity awards	823	536
Total liabilities	83,630	79,617
Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Level 2
Assets:
Total assets	32,711	37,200
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Interest Rate Swap
Assets:
Interest rate swap	32,711	37,200
Level 3
Assets:
Total assets	0	0
Liabilities:
Acquisition contingent consideration	955	1,196
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	955	1,196
Level 3 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Money Market Funds
Assets:
Money market funds	6,578	19
Money Market Funds \| Level 1
Assets:
Money market funds	6,578	19
Money Market Funds \| Level 2
Assets:
Money market funds	0	0
Money Market Funds \| Level 3
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation of the Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year	$ 1,196	$ 6,613
Payments	(249)	(5,261)
Addition	0	1,390
Change in fair value	0	(1,427)
Foreign currency translation adjustments	8	(119)
Balance, end of period	$ 955	$ 1,196
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Hosted Software Solutions
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 5,516

Geographic Data (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 355,953	$ 364,771
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	163,636	164,729
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	31,359	32,372
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 160,958	$ 167,670

Other Income, Net - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Change in fair value of interest rate swap	$ (4,489)	$ 12,084
Foreign exchange	1,454	(3,071)
Change in fair value of acquisition contingent consideration	0	(500)
Receipts (payments) related to interest rate swap	1,920	(294)
Other income, net	1,404	99
Total other income, net	289	10,347
Foreign exchange (losses) gains, unrealized, intercompany	861	(764)
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of aircraft	$ 0	$ 2,029

Net Income Per Share - Narrative (Details) - shares	3 Months Ended
Net Income Per Share - Narrative (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	387,237	305,785

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 45,490	$ 56,388
Less: Net income attributable to participating securities	(19)	(9)
Net income attributable to Class A and Class B common stockholders, basic	45,471	56,379
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717	1,695
Net income attributable to Class A and Class B common stockholders, diluted	$ 47,188	$ 58,074
Denominator:
Weighted average shares, basic (in shares)	310,758,802	307,969,672
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	2,844,855	5,542,252
Dilutive effect of ESPP (in shares)	14,441	150,709
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,667,623
Weighted average shares, diluted (in shares)	331,251,884	331,330,256
Net income per share, basic (USD per share)	$ 0.15	$ 0.18
Net income per share, diluted (USD per share)	$ 0.14	$ 0.18

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	87,388	1,282,161
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	87,388	1,282,161