0001031308-24-000002 | 10-K | XBRL Viewer

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Goodwill and Other Intangible Assets - Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 12,704	$ 12,478	$ 8,125
Amortization of purchased intangibles	38,515	41,114	25,601
Total amortization expense	$ 51,219	$ 53,592	$ 33,726

Income Taxes - Schedule of Income before Income Tax, Domestic and International (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 16,652	$ 98,188	$ (14,544)
International	166,875	100,087	107,873
Income before income taxes	$ 183,527	$ 198,275	$ 93,329

Other (Expense) Income, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income, Net

Other (expense) income, net consists of the following:


	Year Ended December 31,
	2023		2022		2021
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)	$	(5,038)	$	27,083	$	9,770
Foreign exchange (1)	2,497		(9,901)		827

Sale of aircraft (see Note 5)	—		2,029		—

Change in fair value of acquisition contingent consideration (see Note 17)	—		1,427		(550)
Receipts (payments) related to interest rate swap	8,803		1,947		(1,270)
Other (expense) income, net (2)	(13,484)		1,713		1,184
Total other (expense) income, net	$	(7,222)	$	24,298	$	9,961

(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 $3,163, $(7,369), and $(779) for the years ended December 31, 2023, 2022, and 2021, respectively.

(2)Other (expense) income, net includes investment impairment and other charges of $(16,988), partially offset by gains on investments of $2,360 for the year ended December 31, 2023 (see Note 7).

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

Business and Operations

Bentley Systems is the infrastructure engineering software company. The Company’s purpose is to advance the world’s infrastructure for better quality of life. The Company’s products and solutions empower people to design, build, and operate better and more resilient infrastructure through the adoption of Bentley Systems’ intelligent digital twin solutions.

The Company serves enterprises and professionals across the infrastructure lifecycle by improving project delivery and asset performance. The Company’s engineering and geoprofessional applications are primarily desktop modeling and applications that support the breadth of engineering and geoprofessional disciplines. Bentley Infrastructure Cloud, provided via cloud and hybrid environments, extends enterprise collaboration during project delivery, and helps manage engineering information during operations and maintenance. Powering these products and solutions is iTwin Platform, the Company’s cloud‑native technology platform to create, curate, and leverage infrastructure digital twins.

Basis of Presentation and Consolidation

The consolidated financial statements and accompanying notes have been prepared in U.S. dollars and in accordance with GAAP. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to joint ventures, which are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are included in Other income (expense), net in the consolidated statements of operations. The assets and liabilities of foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period. Foreign currency translation adjustments are recorded as a component of Other comprehensive income (loss), net of taxes in the consolidated statements of comprehensive income.

Reclassifications

Certain reclassifications of prior period amounts have been made to conform to the current period presentation.

Accounting Policies

The Company’s consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies and make estimates that affect the reported amount of assets, liabilities, revenues, and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ materially from these estimates.

Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.

Segment — Reportable segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the CODM to allocate resources and assess performance. The Company defines its CODM to be its chief executive officer. The chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating the Company’s financial performance. Accordingly, the Company has determined it operates and manages its business in a single reportable segment, the development and marketing of computer software and related services. The Company markets its products and services through the Company’s offices in the U.S. and its wholly‑owned branches and subsidiaries internationally.

Cost of Revenues — Cost of subscriptions and licenses expenses primarily include headcount‑related costs, as well as depreciation of property and equipment and amortization of capitalized software costs associated with servicing software subscriptions, amortization of intangible assets associated with acquired software and technology, channel partner compensation for providing sales coverage to users, as well as cloud‑related costs incurred for servicing the Company’s customers using cloud provisioned solutions and the Company’s license administration platform. Cost of services expenses primarily include headcount‑related costs, as well as depreciation of property and equipment and amortization of capitalized software costs, used for providing training, implementation, configuration, and customization services to customers.

Software Development Costs — The Company’s software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external accounts, before technological feasibility is reached, are included in Research and development in the consolidated statements of operations. Research and development expenses, which are generally expensed as incurred, primarily consist of headcount‑related costs. In general, technological feasibility is reached shortly before the release of such products.

Under its Accelerated Commercial Development Program (“ACDP”) (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years). For the years ended December 31, 2023, 2022, and 2021, total costs capitalized under the ACDP were $4,558, $7,060, and $6,608, respectively. Additionally, for the years ended December 31, 2023, 2022, and 2021, total ACDP related amortization recorded in Cost of subscriptions and licenses in the consolidated statements of operations was $7,711, $6,626, and $7,020, respectively. The Company evaluates the recoverability of capitalized ACDP costs whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. During the year ended December 31, 2023, the Company recognized impairment charges of $1,835 related to certain ACDP projects, which were recorded as amortization expense in Cost of subscriptions and licenses in the consolidated statements of operations. No impairment of capitalized ACDP costs occurred for the years ended December 31, 2022 or 2021.

Advertising Expense — The Company expenses advertising costs as incurred. Advertising expense of $5,365, $6,888, and $2,396 is included in Selling and marketing in the consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, respectively.

Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2023 and 2022, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.

Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable primarily represent receivables from customers for products and services invoiced by the Company for which payment is outstanding and also unbilled revenues (see Note 3). Receivables are recorded at the invoiced amount and do not bear interest.

The Company establishes an allowance for doubtful accounts for expected losses during the accounts receivable collection process. The allowance for doubtful accounts is presented separately in the consolidated balance sheets and reduces the accounts receivable balance to the net realizable value of the outstanding accounts receivable. The development of the allowance for doubtful accounts is based on an expected loss model which considers historical write‑off and recovery experience, aging trends affecting specific accounts, and general operational factors affecting all accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

The Company considers current economic trends and takes into account reasonable and supportable forecasts of future conditions when evaluating the adequacy of the allowance for doubtful accounts. If circumstances relating to specific customers change or unexpected changes occur in the general business environment, the Company’s estimate of the recoverability of receivables could be further adjusted.

Activity related to the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2023		2022
Balance, beginning of year	$	9,303	$	6,541
Additions to reserve	6,651		5,549
Write-offs, net of recoveries	(7,106)		(2,317)
Foreign currency translation adjustments	117		(470)
Balance, end of year	$	8,965	$	9,303

Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents, and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic region. No single customer accounted for more than 2.0% of the Company’s total revenues for the years ended December 31, 2023 and 2022, or more than 2.5% of the Company’s total revenues for the year ended 2021.

The Company’s cash and cash equivalents are deposited with financial institutions and invested in money market funds that the Company believes are of high credit quality.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense consists of the following:


	Year Ended December 31,
	2023		2022		2021
Restricted stock and restricted stock units (“RSUs”) expense	$	54,606	$	40,754	$	19,917
Bonus Plan expense (see Note 11)	14,801		28,571		23,121
ESPP expense (see Note 13)	2,407		2,890		2,118
Stock grants expense	600		450		445
Stock option expense	343		2,150		3,271
DCP elective participant deferrals expense (1) (see Note 12)	215		391		173
Total stock-based compensation expense (2)	$	72,972	$	75,206	$	49,045

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

(2)As of December 31, 2023 and 2022, $4,043 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:


	Year Ended December 31,
	2023		2022		2021
Cost of subscriptions and licenses	$	4,444	$	2,781	$	1,442
Cost of services	3,196		2,055		1,257
Research and development	19,380		27,209		19,740
Selling and marketing	11,565		8,898		5,980
General and administrative	34,387		34,263		20,626
Total stock-based compensation expense	$	72,972	$	75,206	$	49,045

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	(2,860,586)	5.52
Forfeited and expired	(17,500)	5.68
Outstanding, December 31, 2023	916,429	$	5.74	0.2	$	42,559
Exercisable, December 31, 2023	916,429	$	5.74	0.2	$	42,559

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	1,467,585	(1)	1,268,939		198,646	(5)	42.79		39.14
Vested	(997,938)		(840,778)		(157,160)		35.36		38.20
Forfeited and canceled	(234,649)		(196,031)		(38,618)		34.02		33.59
Unvested, December 31, 2023	3,303,849	(2)	2,938,208		365,641		$	39.87	$	39.21

(1)For the year ended December 31, 2023, the Company only granted RSUs.

(2)Includes 55,905 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.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	(0.30%)	1.00%	(2.70%)
Stock-based compensation	(22.90%)	(21.40%)	(52.50%)
Non-deductible officer compensation	14.90%	11.00%	36.60%
Tax credits	(5.80%)	(2.90%)	(6.10%)
Withholding taxes	4.90%	2.80%	5.80%
Foreign tax rate differential	(3.00%)	(2.00%)	(6.90%)
Net tax on foreign earnings (GILTI/FDII)	4.20%	0.90%	0.00%
Transaction costs	(0.10%)	0.50%	3.90%
Tax impact of internal legal entity restructuring	(93.10%)	0.00%	0.00%
Other	2.20%	(0.20%)	(2.80%)
Effective income tax rate	(78.00%)	10.70%	(3.70%)

Preferred and Common Stock - Narrative (Details)			1 Months Ended	3 Months Ended												12 Months Ended
Preferred and Common Stock - Narrative (Details)	Jun. 17, 2021 shares	Sep. 22, 2020 USD ($) shares	Feb. 27, 2024 $ / shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	May 11, 2022 USD ($)
Class of Stock [Line Items]
Preferred stock shares authorized (in shares)				100,000,000				100,000,000								100,000,000	100,000,000
Threshold of affirmative votes of class A common Stock outstanding for automatic conversion to class B common Stock (at least)				90.00%												90.00%
Threshold of Bentley family ownership of issued and outstanding class B common Stock, fully-diluted basis, automatic conversion of class A common stock				20.00%												20.00%
Repurchase of Class B Common Stock under approved program \| $																	$ 28,250,000
Shares exercised (in shares)																	900,000
Dividends per share (USD per share) \| $ / shares				$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.20	$ 0.12	$ 0.12
Employee stock purchase plan contributions \| $				$ 5,790,000				$ 5,230,000								$ 5,790,000	$ 5,230,000
Subsequent Event
Class of Stock [Line Items]
Dividends per share (USD per share) \| $ / shares			$ 0.06
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions \| $				5,790,000				5,230,000								$ 5,790,000	$ 5,230,000
Two Thousand Twenty Six Notes \| Convertible Debt
Class of Stock [Line Items]
Extinguishment of debt \| $				2,170,000				2,170,000
Repayments of senior debt \| $				$ 1,998,000				$ 1,998,000
Class B Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)				1,800,000,000				1,800,000,000								1,800,000,000	1,800,000,000
Number of votes per share \| vote				1												1
Stock repurchase program, authorized amount \| $																			$ 200,000,000
Repurchase of Class B Common Stock under approved program (in shares)																0	896,126
Repurchase of Class B Common Stock under approved program \| $																	$ 28,250,000
Common stock, reserved for future issuance amount \| $				$ 169,752,000												$ 169,752,000
Amount authorized for purchase \| $				$ 250,000,000												250,000,000
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 \| $																$ 38,456,000	$ 24,246,000	$ 69,007,000
Deferred compensation arrangement with individual, shares issued (in shares)																3,410,006	3,541,375	2,378,645
Deferred compensation arrangement with individual, shares issued, gross (in shares)																4,345,945	4,041,707	3,820,099
Shares withheld for tax withholding obligation (in shares)																935,939	500,332	1,441,454
Shares reserved for future issuance (in shares)				4,421,623												4,421,623
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)																247,867	445,050	238,755
Shares withheld for cost of options and tax withholding obligation (in shares)																135,314	124,116	168,718
Share-based compensation tax withholding payment \| $																$ 5,756,000	$ 5,197,000	$ 8,739,000
Shares exercised (in shares)																383,181	569,166	407,473
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)																2,621,959	2,613,659	4,587,053
Shares withheld for cost of options and tax withholding obligation (in shares)																238,627	397,501	1,066,498
Share-based compensation tax withholding payment \| $																$ 6,581,000	$ 9,188,000	$ 37,785,000
Cash used to settle award \| $																$ 11,715,000	$ 8,338,000	$ 5,605,000
Class B Common Stock \| Stock Option \| Acquisition Options
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)																185,178
Shares withheld for cost of options and tax withholding obligation (in shares)																714,822
Cash used to settle award \| $																$ 0
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)																17,484	7,065	6,770
Share-based compensation tax withholding payment \| $																$ 845,000	$ 273,000	$ 438,000
Maximum percent of eligible compensation available to contribute		15.00%
Maximum employee annual contribution amount \| $		$ 25,000
Shares reserved for future issuance (in shares)		25,000,000		24,272,038												24,272,038
Purchase price of common stock, percent		85.00%
Shares issued (in shares)																315,840	307,406	104,716
Proceeds from issuance of common stock \| $																$ 9,988,000	$ 10,335,000	$ 3,846,000
Shares purchased (in shares)																333,324	314,471	111,486
Class B Common Stock \| Seequent
Class of Stock [Line Items]
Number of shares sold (in shares)	3,141,342
Class A Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)				100,000,000				100,000,000								100,000,000	100,000,000
Number of votes per share \| vote				29												29
Number of votes per share, if not serving as company director or executive officer \| vote				11												11
Common stock shares converted (in shares)																64,130

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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:


December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	1	$	—	$	—	$	1
Interest rate swap (2)	—		32,162		—		32,162
Total assets	$	1	$	32,162	$	—	$	32,163
Liabilities:

Deferred compensation plan liabilities (3)	$	90,536	$	—	$	—	$	90,536
Cash-settled equity awards (4)	781		—		—		781
Total liabilities	$	91,317	$	—	$	—	$	91,317


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 (4)	$	—	$	—	$	1,196	$	1,196
Deferred compensation plan liabilities (3)	79,081		—		—		79,081
Cash-settled equity awards (4)	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 Deferred compensation plan liabilities, except for current liabilities of $2,355 and $2,067 as of December 31, 2023 and 2022, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets.

(4)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:


	Year Ended December 31,
	2023		2022
Balance, beginning of year	$	1,196	$	6,613
Payments	(1,206)		(5,261)
Addition	—		1,390
Change in fair value	—		(1,427)
Foreign currency translation adjustments	10		(119)
Balance, end of year	$	—	$	1,196

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Contractual interest expense	$ (34,973)	$ (26,275)	$ (5,464)
Amortization and write-off of deferred debt issuance costs	(7,291)	(7,291)	(5,955)
Other interest income (expense)	933	(1,490)	(108)
Interest income	1,538	421	306
Interest expense, net	$ (39,793)	$ (34,635)	$ (11,221)

Stock-Based Compensation - Restricted Stock and RSUs Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock And Restricted Stock Units (RSUs)
Weighted Average Grant Date Fair Value Per Share
Granted (USD per share)		$ 42.29	$ 38.18	$ 52.48
Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)		3,068,851
Granted (in shares)		1,467,585
Vested (in shares)		(997,938)
Forfeited and canceled (in shares)		(234,649)
Unvested, ending balance (in shares)		3,303,849	3,068,851
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)		2,706,078
Granted (in shares)		1,268,939
Vested (in shares)		(840,778)
Forfeited and canceled (in shares)		(196,031)
Unvested, ending balance (in shares)		2,938,208	2,706,078
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)		$ 36.67
Granted (USD per share)		42.79
Vested (USD per share)		35.36
Forfeited and canceled (USD per share)		34.02
Unvested, ending balance (USD per share)		$ 39.87	$ 36.67
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)		362,773
Granted (in shares)		198,646
Vested (in shares)		(157,160)
Forfeited and canceled (in shares)		(38,618)
Unvested, ending balance (in shares)		365,641	362,773
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)		$ 38.21
Granted (USD per share)		39.14
Vested (USD per share)		38.20
Forfeited and canceled (USD per share)		33.59
Unvested, ending balance (USD per share)		$ 39.21	$ 38.21
Cash-Settled Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Granted (in shares)		55,905
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Granted (in shares)	199,076
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Granted (in shares)		13,367	185,186

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,237,184	$ 1,588,477
Acquisitions	19,934	658,806
Foreign currency translation adjustments	11,732	(8,426)
Other adjustments	486	(1,673)
Goodwill ending balance	$ 2,269,336	$ 2,237,184

- 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

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2020	$	(25,219)	$	(1,014)	$	(26,233)
Other comprehensive (loss) income, before taxes	(65,648)		151		(65,497)
Tax expense	—		(44)		(44)
Other comprehensive (loss) income, net of taxes	(65,648)		107		(65,541)
Balance, December 31, 2021	(90,867)		(907)		(91,774)
Other comprehensive income, before taxes	1,459		820		2,279
Tax expense	—		(245)		(245)
Other comprehensive income, net of taxes	1,459		575		2,034
Balance, December 31, 2022	(89,408)		(332)		(89,740)
Other comprehensive income, before taxes	4,774		68		4,842
Tax expense	—		(89)		(89)
Other comprehensive income (loss), net of taxes	4,774		(21)		4,753
Balance, December 31, 2023	$	(84,634)	$	(353)	$	(84,987)

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,228,413	$ 1,099,082	$ 965,046
Americas
Disaggregation of Revenue [Line Items]
Total revenues	650,926	584,794	483,087
United States
Disaggregation of Revenue [Line Items]
Total revenues	511,828	459,511	393,865
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	353,550	312,804	300,123
APAC
Disaggregation of Revenue [Line Items]
Total revenues	$ 223,937	$ 201,484	$ 181,836

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Property and Equipment, Net - Schedule of Property and Equipment Useful Lives (Details)	Dec. 31, 2023
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	25 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	6 years
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 72,972	$ 75,206	$ 49,045
Stock-based compensation expense accrued	4,043	7,300
Cost of revenues: \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,444	2,781	1,442
Cost of revenues: \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,196	2,055	1,257
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	19,380	27,209	19,740
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11,565	8,898	5,980
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	34,387	34,263	20,626
Restricted Stock And Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	54,606	40,754	19,917
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	14,801	28,571	23,121
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,407	2,890	2,118
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	600	450	445
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	343	2,150	3,271
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 215	$ 391	$ 173

Net Income Per Share (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	326,787	$	174,780	$	93,192
Less: Net income attributable to participating securities	(74)		(42)		(9)
Net income attributable to Class A and Class B common stockholders, basic	326,713		174,738		93,183
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,874		6,810		—
Net income attributable to Class A and Class B common stockholders, diluted	$	333,587	$	181,548	$	93,183

Denominator:
Weighted average shares, basic	312,358,823		309,226,677		305,711,345
Dilutive effect of stock options, restricted stock, and RSUs	2,435,456		4,705,172		8,791,084
Dilutive effect of ESPP	75,568		166,606		108,385
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,666,703		—
Weighted average shares, diluted	332,503,633		331,765,158		314,610,814

Net income per share, basic	$	1.05	$	0.57	$	0.30
Net income per share, diluted	$	1.00	$	0.55	$	0.30

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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:


	Year Ended December 31,
	2023	2022	2021
RSUs	—	718,105	150,017

Convertible senior notes	—	—	13,474,580
Total anti-dilutive securities	—	718,105	13,624,597

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	185

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 326,787	$ 174,780	$ 93,192
Less: Net income attributable to participating securities	(74)	(42)	(9)
Net income attributable to Class A and Class B common stockholders, basic	326,713	174,738	93,183
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,874	6,810	0
Net income attributable to Class A and Class B common stockholders, diluted	$ 333,587	$ 181,548	$ 93,183
Denominator:
Weighted average shares, basic (in shares)	312,358,823	309,226,677	305,711,345
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	2,435,456	4,705,172	8,791,084
Dilutive effect of ESPP (in shares)	75,568	166,606	108,385
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,666,703	0
Weighted average shares, diluted (in shares)	332,503,633	331,765,158	314,610,814
Net income per share, basic (USD per share)	$ 1.05	$ 0.57	$ 0.30
Net income per share, diluted (USD per share)	$ 1.00	$ 0.55	$ 0.30

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) acquisition	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 26,023	$ 743,007	$ 1,034,983
Escrow deposit	$ 1,000
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	3	6	13
Cash paid at closing	$ 26,287	$ 763,228	$ 1,072,820
Cash acquired	(264)	(20,221)	(37,837)
Net cash paid	$ 26,023	$ 743,007	$ 1,034,983

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 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, 2021	$	1,588,477
Acquisitions	658,806
Foreign currency translation adjustments	(8,426)
Other adjustments	(1,673)
Balance, December 31, 2022	2,237,184
Acquisitions	19,934
Foreign currency translation adjustments	11,732
Other adjustments	486
Balance, December 31, 2023	$	2,269,336

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill are as follows:


		December 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	$	89,693	$	(59,045)	$	30,648	$	92,390	$	(51,938)	$	40,452
Customer relationships	3-10 years	323,442		(142,378)		181,064		323,164		(114,387)		208,777
Trademarks	3-10 years	70,710		(33,709)		37,001		69,803		(26,904)		42,899
Non-compete agreements	5 years	350		(276)		74		350		(207)		143



Total intangible assets		$	484,195	$	(235,408)	$	248,787	$	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:


	Year Ended December 31,
	2023		2022		2021
Cost of subscriptions and licenses	$	12,704	$	12,478	$	8,125
Amortization of purchased intangibles	38,515		41,114		25,601
Total amortization expense	$	51,219	$	53,592	$	33,726

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the years following December 31, 2023 are estimated as follows:


2024	$	46,582
2025	43,494
2026	35,125
2027	27,972
2028	27,276
Thereafter	68,338
	$	248,787

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,544,858
Unamortized debt issuance costs	(16,455)	$ (22,731)
Total debt	1,528,403	1,780,696
Less: Current portion of long-term debt	(10,000)	(5,000)
Long-term debt	1,518,403	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	92,028	345,597
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 190,000	$ 195,000

Description of Business and Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising expense	$ 5,365	$ 6,888	$ 2,396

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Rollforward of Accounts Receivable Allowance for Doubtful Accounts

Activity related to the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2023		2022
Balance, beginning of year	$	9,303	$	6,541
Additions to reserve	6,651		5,549
Write-offs, net of recoveries	(7,106)		(2,317)
Foreign currency translation adjustments	117		(470)
Balance, end of year	$	8,965	$	9,303

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and International

The components of Income before income taxes consist of the following:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	16,652	$	98,188	$	(14,544)
International	166,875		100,087		107,873
Income before income taxes	$	183,527	$	198,275	$	93,329

Schedule of Components of Income Tax

The Benefit (provision) for income taxes consists of the following:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	(12,899)	$	(2,307)	$	770
State	(2,567)		(1,387)		163
Foreign	(40,171)		(22,715)		(17,230)
	(55,637)		(26,409)		(16,297)
Deferred:
Federal	134,516		3,547		15,182
State	29,514		60		3,660
Foreign	34,848		1,519		903
	198,878		5,126		19,745
Benefit (provision) for income taxes	$	143,241	$	(21,283)	$	3,448

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(0.3)		1.0		(2.7)
Stock-based compensation	(22.9)		(21.4)		(52.5)
Non-deductible officer compensation	14.9		11.0		36.6
Tax credits	(5.8)		(2.9)		(6.1)
Withholding taxes	4.9		2.8		5.8
Foreign tax rate differential	(3.0)		(2.0)		(6.9)
Net tax on foreign earnings (GILTI/FDII)	4.2		0.9		—
Transaction costs	(0.1)		0.5		3.9

Tax impact of internal legal entity restructuring	(93.1)		—		—

Other	2.2		(0.2)		(2.8)
Effective income tax rate	(78.0	%)	10.7	%	(3.7	%)

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities:


	December 31,
	2023		2022
Deferred tax assets:
Accrued compensation	$	38,220	$	35,298
NOL and credit carryforwards	19,677		14,960
Intangible assets including goodwill	137,576		—
Convertible debt and 163(j) limitation	14,364		13,349
Lease liabilities	7,610		8,920
Other accruals not currently deductible	502		1,122
Allowance for doubtful accounts	1,852		1,856
Deferred revenues	4,402		2,914
Other	2,852		2,383
Total deferred tax assets	227,055		80,802
Less: Valuation allowance	(2,664)		(3,321)
Net deferred tax assets	224,391		77,481
Deferred tax liabilities:
Intangible assets including goodwill	—		(51,994)
Operating lease right-of-use assets	(6,762)		(8,381)

Prepaid expenses	(2,746)		(2,877)
Unrealized gains and losses	(8,131)		(9,422)
Property and equipment	(3,639)		(3,406)
Total deferred tax liabilities	(21,278)		(76,080)
Net deferred tax assets (liabilities)	$	203,113	$	1,401

Summary of Operating Loss Carryforwards

The Company had deferred tax assets for tax credits and NOLs, net of unrecognized tax positions, primarily related to:


Jurisdiction:	December 31, 2023		Begin to Expire
U.S. Federal NOL	$	3,497	2034
U.S. Federal research and development credits	201		2039
U.S. Federal foreign tax credits	340		2028
U.S. State NOL	1,530		2036
U.S. State research and development credits	667		2030
U.K. NOL	6,759		Indefinite
U.K. research and development credits	760		Indefinite
Canadian research and development credit	1,037		2030

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the changes in gross unrecognized tax benefits:


	Year Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits, beginning of year	$	910	$	1,331	$	1,223
Increases for tax positions of prior years	12		—		160
Decreases for tax positions of prior years	(9)		(121)		(42)
Increases for tax positions related to the current year	—		—		—
Decreases relating to settlements with taxing authorities	—		(35)		—
Reductions as a result of lapse of the statute of limitations	(447)		(265)		(10)
Gross unrecognized tax benefits, end of year	$	466	$	910	$	1,331

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ (89)	$ (245)	$ (44)

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2023:
Fourth quarter	$	0.05	$	14,764
Third quarter	0.05		14,768
Second quarter	0.05		14,702
First quarter	0.05		14,522
Total	$	0.20	$	58,756
2022:
Fourth quarter	$	0.03	$	8,730
Third quarter	0.03		8,592
Second quarter	0.03		8,678
First quarter	0.03		8,353
Total	$	0.12	$	34,353
2021:
Fourth quarter	$	0.03	$	8,461
Third quarter	0.03		8,485
Second quarter	0.03		8,372
First quarter	0.03		8,219
Total	$	0.12	$	33,537

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of Income before income taxes consist of the following:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	16,652	$	98,188	$	(14,544)
International	166,875		100,087		107,873
Income before income taxes	$	183,527	$	198,275	$	93,329

The Benefit (provision) for income taxes consists of the following:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	(12,899)	$	(2,307)	$	770
State	(2,567)		(1,387)		163
Foreign	(40,171)		(22,715)		(17,230)
	(55,637)		(26,409)		(16,297)
Deferred:
Federal	134,516		3,547		15,182
State	29,514		60		3,660
Foreign	34,848		1,519		903
	198,878		5,126		19,745
Benefit (provision) for income taxes	$	143,241	$	(21,283)	$	3,448

A reconciliation of the U.S. statutory federal income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(0.3)		1.0		(2.7)
Stock-based compensation	(22.9)		(21.4)		(52.5)
Non-deductible officer compensation	14.9		11.0		36.6
Tax credits	(5.8)		(2.9)		(6.1)
Withholding taxes	4.9		2.8		5.8
Foreign tax rate differential	(3.0)		(2.0)		(6.9)
Net tax on foreign earnings (GILTI/FDII)	4.2		0.9		—
Transaction costs	(0.1)		0.5		3.9

Tax impact of internal legal entity restructuring	(93.1)		—		—

Other	2.2		(0.2)		(2.8)
Effective income tax rate	(78.0	%)	10.7	%	(3.7	%)

For the year ended December 31, 2023, the effective tax rate was lower as compared to the year ended December 31, 2022 primarily due to the discrete tax benefit recognized as a result of the internal legal entity restructuring described below. The benefit of the internal legal entity restructuring was partially offset by an increase in the effective tax rate impact of the GILTI inclusion due to the mandatory capitalization of research and development expenses for U.S. tax purposes and a decrease in discrete tax benefits related to stock-based compensation, net of the impact from officer compensation limitation provisions, recognized during the current year. For the years ended December 31, 2023 and 2022, the Company recorded discrete tax benefits of $14,648 and $20,501, respectively, associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

During the fourth quarter of 2023, the Company recognized a net discrete income tax benefit of $170,784 attributable to internal legal entity restructuring and related intra-entity transactions as part of its continuing efforts to align intellectual property ownership with the Company’s business operating model. These transactions resulted in the recognition of deferred tax benefits arising from the net increase in deferred tax assets related to intangibles and goodwill of $171,622. The deferred tax assets represent the undiscounted future anticipated cash tax impacts of basis differences, which are expected to be realized through tax amortization over the next 13 years.

For the year ended December 31, 2022, the effective tax rate was higher as compared to the year ended December 31, 2021, primarily due to the 2021 effective tax rate impact, net of officer compensation limitation provisions, related to the 2021 compensation charge of $90,721 to Deferred compensation plan expenses to record reallocated deferred compensation plan liabilities at fair value (see Note 12). For the years ended December 31, 2022 and 2021, the Company recorded discrete tax benefits of $20,501 and $14,890, respectively, associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

The U.S. Tax Cuts and Jobs Act (the “JOBS Act”) requires certain GILTI earned by a controlled foreign corporation (“CFC”) to be included in the gross income of the CFC’s U.S. shareholder. The Company has elected the “period cost method” and treats taxes due on future U.S. inclusions in taxable income related to GILTI as a current‑period expense when incurred. The JOBS Act allows a U.S. corporation a deduction equal to a certain percentage of its foreign‑derived intangible income (“FDII”).

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities:


	December 31,
	2023		2022
Deferred tax assets:
Accrued compensation	$	38,220	$	35,298
NOL and credit carryforwards	19,677		14,960
Intangible assets including goodwill	137,576		—
Convertible debt and 163(j) limitation	14,364		13,349
Lease liabilities	7,610		8,920
Other accruals not currently deductible	502		1,122
Allowance for doubtful accounts	1,852		1,856
Deferred revenues	4,402		2,914
Other	2,852		2,383
Total deferred tax assets	227,055		80,802
Less: Valuation allowance	(2,664)		(3,321)
Net deferred tax assets	224,391		77,481
Deferred tax liabilities:
Intangible assets including goodwill	—		(51,994)
Operating lease right-of-use assets	(6,762)		(8,381)

Prepaid expenses	(2,746)		(2,877)
Unrealized gains and losses	(8,131)		(9,422)
Property and equipment	(3,639)		(3,406)
Total deferred tax liabilities	(21,278)		(76,080)
Net deferred tax assets (liabilities)	$	203,113	$	1,401

The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of NOL carryforwards, credit carryforwards, and temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases, using enacted tax rates in effect for the year in which the items are expected to reverse.

The Company had deferred tax assets for tax credits and NOLs, net of unrecognized tax positions, primarily related to:


Jurisdiction:	December 31, 2023		Begin to Expire
U.S. Federal NOL	$	3,497	2034
U.S. Federal research and development credits	201		2039
U.S. Federal foreign tax credits	340		2028
U.S. State NOL	1,530		2036
U.S. State research and development credits	667		2030
U.K. NOL	6,759		Indefinite
U.K. research and development credits	760		Indefinite
Canadian research and development credit	1,037		2030

As of December 31, 2023 and 2022, the Company has a valuation allowance recorded against net deferred tax assets related to NOLs and tax attributes in certain jurisdictions of $2,664 and $3,321, respectively. During the year ended December 31, 2023, the Company decreased the valuation allowance by $657, which was primarily related to the partial utilization of U.S. capital loss carryforwards. A valuation allowance is required when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company assesses the available positive and negative evidence to estimate whether the existing deferred tax assets will be realized.

We have provided for any applicable income taxes associated with current year distributions, as well as any earnings that are expected to be distributed in the future, in the calculation of the income tax provision. No additional provision has been made for U.S. and non‑U.S. income taxes on the undistributed earnings of subsidiaries that are expected to be indefinitely reinvested. As of December 31, 2023, certain subsidiaries had approximately $335,988 of cumulative undistributed earnings that have been deemed permanently reinvested. A liability could arise if our intention to indefinitely reinvest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. The potential tax implications of unremitted earnings are driven by the facts at the time of the distribution. It is not practicable to estimate the additional income taxes related to indefinitely reinvested earnings or the basis differences related to investments in subsidiaries.

The following is a reconciliation of the changes in gross unrecognized tax benefits:


	Year Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits, beginning of year	$	910	$	1,331	$	1,223
Increases for tax positions of prior years	12		—		160
Decreases for tax positions of prior years	(9)		(121)		(42)
Increases for tax positions related to the current year	—		—		—
Decreases relating to settlements with taxing authorities	—		(35)		—
Reductions as a result of lapse of the statute of limitations	(447)		(265)		(10)
Gross unrecognized tax benefits, end of year	$	466	$	910	$	1,331

As of December 31, 2023, 2022, and 2021, the Company had total unrecognized tax benefits including interest and penalties of $557, $1,194, and $1,704, respectively, of which $554, $1,181, and $1,273, respectively, would impact the Company’s effective tax rate if recognized. Interest expense and penalties related to unrecognized tax benefits included in the Benefit (provision) for income taxes was $194, $89, $(101) for the years ended December 31, 2023, 2022, and 2021, respectively. The cumulative accrued interest and penalties related to unrecognized tax benefits were $91, $284, and $373 as of December 31, 2023, 2022, and 2021, respectively.

The Company is subject to income tax in the U.S. (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining the provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax‑related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that the Company’s tax return positions are fully supportable. The tax benefit recognized is based on the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The Provision for income taxes in the consolidated statements of operations includes the impact of reserve provisions and changes to reserves that are considered appropriate. The Company records accrued interest and/or penalties, where applicable, related to unrecognized tax benefits as part of the Benefit (provision) for income taxes in the consolidated statements of operations. The Company records the amount of uncertain taxes expected to be paid in the next 12 months as a current liability and records the remaining amount in Other liabilities in the consolidated balance sheets.

The Company is currently under audit in the U.K. for years 2018 through 2021. The Company is also under audit in the Netherlands for years 2018 through 2021. In addition, the Company is under audit in various other foreign taxing jurisdictions that are not material to the consolidated financial statements. The Company’s U.S. consolidated federal income tax returns for years 2020 through 2023 may be subject to examination by the Internal Revenue Service. The Company also may be subject to examination by other significant jurisdictions, including the Irish Revenue Commissioners for Irish tax purposes for years 2019 through 2023 and by the Inland Revenue Department for New Zealand Tax purposes for years 2018 through 2023.

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) adopted model rules to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as “Pillar 2”). The OECD has continued to issue administrative guidance and interpretations regarding the Pillar 2 rules. A number of E.U. and G20 member nations, including locations where the Company currently has operations, are at various stages in the process of enacting tax legislation to incorporate aspects of the Pillar 2 rules. For countries that have adopted the model rules, certain aspects of the Pillar 2 rules will be effective in 2024, while other aspects are expected to become effective in 2025. Due to the uncertainty regarding which countries will enact Pillar 2 legislation and in what form the legislation will be adopted, as well as uncertainty regarding the timing of individual country legislative action and the underlying complexity of the rules, we are still assessing the impact, if any, of the Pillar 2 legislation on the Company.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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, 2020		272,154,504
Beginning balance at Dec. 31, 2020	$ 341,599	$ 2,722	$ 741,113	$ (26,233)	$ (376,003)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,192				93,192
Other comprehensive (loss) income	(65,541)			(65,541)
Acquisition option exercises, net (in shares)		3,141,342
Acquisition option exercises, net	182,390	$ 31	182,359
Purchase of capped call options, net of tax of $12,871	(38,734)		(38,734)
Dividends declared	(33,537)				(33,537)
Shares issued in connection with DCP, net (in shares)		2,378,645
Shares issued in connection with DCP, net	(69,007)	$ 24			(69,031)
DCP elective participant deferrals	2,619		2,619
DCP modification	(4,739)		(4,739)
Shares issued in connection with Executive Bonus Plan, net (in shares)		238,755
Shares issued in connection with Bonus Plan, net	12,214	$ 2	20,951		(8,739)
Shares issued in connection with employee stock purchase plan (in shares)		104,716
Shares issued and repurchased in connection with employee stock purchase plan, net	3,408	$ 1	3,845		(438)
Stock option exercises, net (in shares)		4,587,053
Stock option exercises, net	(32,180)	$ 46	5,559		(37,785)
Shares issued for stock grants, net (in shares)		7,824
Shares issued for stock grants, net	450		450
Stock-based compensation expense	24,382		24,382
Shares related to restricted stock, net (in shares)		(86,120)
Shares related to restricted stock, net	(7,294)	$ (1)			(7,293)
Ending balance (in shares) at Dec. 31, 2021		282,526,719
Ending 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	174,780				174,780
Other comprehensive (loss) income	2,034			2,034
Acquisition option exercises, net (in shares)		185,178
Acquisition option exercises, net	0	$ 2	(2)
Dividends declared	(34,353)				(34,353)
Shares issued in connection with DCP, net (in shares)		3,541,375
Shares issued in connection with DCP, net	(24,246)	$ 35	(27)		(24,254)
DCP elective participant deferrals	6,580		6,580
Shares issued in connection with Executive Bonus Plan, net (in shares)		445,050
Shares issued in connection with Bonus Plan, net	16,728	$ 5	21,920		(5,197)
Shares issued in connection with employee stock purchase plan (in shares)		307,406
Shares issued and repurchased in connection with employee stock purchase plan, net	$ 10,062	$ 3	10,332		(273)
Stock option exercises, net (in shares)	900,000	2,613,659
Stock option exercises, net	$ (850)	$ 26	8,312		(9,188)
Shares issued for stock grants, net (in shares)		13,632
Shares issued for stock grants, net	450		450
Stock-based compensation expense	45,100		45,100
Shares related to restricted stock, net (in shares)		277,594
Shares related to restricted stock, net	(4,492)	$ 3	(4)		(4,491)
Repurchase of Class B Common Stock under approved program (in shares)		(896,126)
Repurchases of Class B common stock under approved program	(28,250)	$ (9)			(28,241)
Other	(15)				(15)
Non-controlling interest acquired	704					704
Ending balance (in shares) at Dec. 31, 2022		289,014,487
Ending 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	326,787				326,787
Other comprehensive (loss) income	4,753			4,753
Dividends declared	(58,756)				(58,756)
Shares issued in connection with DCP, net (in shares)		3,410,006
Shares issued in connection with DCP, net	(38,456)	$ 34	(34)		(38,456)
DCP elective participant deferrals	1,765		1,765
Shares issued in connection with Executive Bonus Plan, net (in shares)		247,867
Shares issued in connection with Bonus Plan, net	11,035	$ 3	16,788		(5,756)
Shares issued in connection with employee stock purchase plan (in shares)		315,840
Shares issued and repurchased in connection with employee stock purchase plan, net	9,143	$ 3	9,985		(845)
Stock option exercises, net (in shares)		2,621,959
Stock option exercises, net	5,134	$ 26	11,689		(6,581)
Shares issued for stock grants, net (in shares)		12,639
Shares issued for stock grants, net	600		600
Stock-based compensation expense	55,982		55,982
Shares related to restricted stock, net (in shares)		643,039
Shares related to restricted stock, net	(7,299)	$ 7	(7)		(7,299)
Other	(160)				(160)
Ending balance (in shares) at Dec. 31, 2023		296,265,837
Ending balance at Dec. 31, 2023	$ 883,982	$ 2,963	$ 1,127,234	$ (84,987)	$ (161,932)	$ 704

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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
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)	11,537,627	11,601,757
Common stock shares outstanding (in shares)	11,537,627	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)	284,728,210	277,412,730
Common stock shares outstanding (in shares)	284,728,210	277,412,730

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
CSS deposits	$ 284,276	$ 201,082
Accrued compensation	43,316	40,296
Accrued benefits	39,983	35,493
Due to customers	16,924	13,720
Accrued realignment costs	12,459	0
Accrued indirect taxes	10,722	9,766
Accrued professional fees	5,970	4,984
Employee stock purchase plan contributions	5,790	5,230
Accrued acquisition stay bonus	4,336	9,135
Non-contingent consideration from acquisitions	3,576	2,434
Accrued cloud provisioning costs	3,572	4,224
Deferred compensation plan liabilities	2,355	2,067
Contingent consideration from acquisitions	0	1,196
Other accrued and current liabilities	24,069	32,421
Total accruals and other current liabilities	$ 457,348	$ 362,048

Realignment Costs - Narrative (Details) $ in Thousands	12 Months Ended
Realignment Costs - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Postemployment Benefits [Line Items]
Realignment costs	$ 12,579
2023 Program
Postemployment Benefits [Line Items]
Realignment costs	$ 12,579

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In the normal course of business, the Company enters into various purchase commitments for goods and services. During the year ended December 31, 2023, the Company entered into approximately $158,000 of non‑cancelable future cash purchase commitments for services related to cloud provisioning of the Company’s software solutions and for other software costs. As of December 31, 2023, total non‑cancelable future cash purchase commitments were $127,000, of which the Company expects $50,000 to be paid over the next 12 months and $77,000 to be paid through September 2028. The Company expects to fully consume its contractual commitments 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.

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Follow-On Offering
Expenses associated with sale of stock	$ 12,871

Acquisitions - Narrative (Details) $ in Thousands			12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Jan. 31, 2022 USD ($)	Jun. 17, 2021 USD ($) shares	Dec. 31, 2023 USD ($) acquisition	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid			$ 26,023	$ 743,007	$ 1,034,983
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid			$ 26,023	743,007	1,034,983
Number business acquired pending purchase accounting adjustments \| acquisition			2
Acquisition and integration costs			$ 5,879	11,758	20,471
Power Line Systems
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 695,968
Acquisition and integration costs				$ 9,804	1,644
Goodwill from acquisition, expected tax deductible amount			$ 9,771
Seequent
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		$ 883,336
Acquisition and integration costs					16,557
Business acquisition, pro forma revenue					$ 1,017,975
Seequent \| Class B Common Stock
Business Combination, Separately Recognized Transactions [Line Items]
Number of shares sold (in shares) \| shares		3,141,342

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2023		2022
Land	$	2,811	$	2,811
Building and improvements	31,025		35,717
Computer equipment and software	46,202		54,636
Furniture, fixtures, and equipment	9,799		14,600
Aircraft	2,038		2,038
Other	89		156
Property and equipment, at cost	91,964		109,958
Less: Accumulated depreciation	(51,864)		(77,707)
Total property and equipment, net	$	40,100	$	32,251

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $12,368, $10,706, and $11,217, respectively.

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight‑line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. Land is not depreciated. Depreciation for equipment commences once it is placed in service, and depreciation for buildings and leasehold improvements commences once they are ready for their intended use.

Estimated useful lives of property and equipment are as follows:


	Useful Life
Building and improvements	25	years
Computer equipment and software	3	years
Furniture, fixtures, and equipment	5	years
Aircraft	6	years
Automobiles	3	years

Cost of maintenance and repairs is charged to expense as incurred. Upon retirement or other disposition, the cost of the asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations.

The Company evaluates the recoverability of property and equipment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. No impairment of property and equipment occurred for the years ended December 31, 2023, 2022, and 2021.

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 (expense) income, net in the consolidated statements of operations for the year ended December 31, 2022 (see Note 20). 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 years ended December 31, 2023 and 2022. The Company determined this transaction was with a related party.

Stock-Based Compensation - Options Outstanding Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Exercised (in shares)		(900,000)
Stock Option \| 2020 Incentive Award Plan
Stock Options
Beginning balance (in shares)	3,794,515
Exercised (in shares)	(2,860,586)
Forfeited and expired (in shares)	(17,500)
Ending balance (in shares)	916,429	3,794,515
Stock options, exercisable (in shares)	916,429
Weighted Average Exercise Price Per Share
Beginning balance (USD per share)	$ 5.57
Exercised (USD per share)	5.52
Forfeited and expired (USD per share)	5.68
Ending balance (USD per share)	5.74	$ 5.57
Weighted average exercise price, exercisable (USD per share)	$ 5.74
Weighted remaining contractual life (in years)	2 months 12 days
Shares exercisable, weighted remaining contractual life (in years)	2 months 12 days
Shares outstanding, aggregate intrinsic value	$ 42,559
Shares exercisable, aggregate intrinsic value	$ 42,559

Geographic Data

12 Months Ended

Dec. 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:


	December 31,
	2023		2022
Americas (1)(2)	$	272,492	$	164,729
EMEA	40,411		32,372
APAC (2)	14,460		167,670
Total long-lived assets	$	327,363	$	364,771

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

(2)The change in balances period over period was due to an internal legal entity restructuring executed by the Company during the fourth quarter of 2023 (see Note 16).

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cost method investment impairment	$ 14,588,000	$ 0	$ 0
Gain on sale of investments	2,360,000
Payments to acquire cost method investments	12,841,000	15,107,000
Cost method investments	21,044,000	22,174,000
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	8,928,000
Cost method investments	8,928,000
Teralytics investment
Schedule of Equity Method Investments [Line Items]
Cost method investment impairment	11,130,000
Cost method investments	0	11,130,000
Digital Construction Works, Inc. \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 2,261,000	$ 2,343,000

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies	Basis of Presentation and Consolidation The consolidated financial statements and accompanying notes have been prepared in U.S. dollars and in accordance with GAAP. Accounting Policies The Company’s consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies and make estimates that affect the reported amount of assets, liabilities, revenues, and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ materially from these estimates. Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.
Consolidation	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to joint ventures, which are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are included in Other income (expense), net in the consolidated statements of operations. The assets and liabilities of foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period. Foreign currency translation adjustments are recorded as a component of Other comprehensive income (loss), net of taxes in the consolidated statements of comprehensive income.
Reclassification	Reclassifications Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Segment	Segment — Reportable segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the CODM to allocate resources and assess performance. The Company defines its CODM to be its chief executive officer. The chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating the Company’s financial performance. Accordingly, the Company has determined it operates and manages its business in a single reportable segment, the development and marketing of computer software and related services. The Company markets its products and services through the Company’s offices in the U.S. and its wholly‑owned branches and subsidiaries internationally.
Cost of Revenues and Revenues from Contract with Customer	Cost of Revenues — Cost of subscriptions and licenses expenses primarily include headcount‑related costs, as well as depreciation of property and equipment and amortization of capitalized software costs associated with servicing software subscriptions, amortization of intangible assets associated with acquired software and technology, channel partner compensation for providing sales coverage to users, as well as cloud‑related costs incurred for servicing the Company’s customers using cloud provisioned solutions and the Company’s license administration platform. Cost of services expenses primarily include headcount‑related costs, as well as depreciation of property and equipment and amortization of capitalized software costs, used for providing training, implementation, configuration, and customization services to customers. Nature of Products and Services The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generates revenues from subscriptions, perpetual licenses, and services. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The contract costs are amortized based on the economic life of the goods and services to which the contract costs relate. The Company has determined that costs under certain sales incentive programs meet the requirements to be capitalized. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company’s internal sales force compensation program and certain channel partner sales incentive programs for which the annual compensation is commensurate with annual sales activities. Subscriptions Enterprise Subscriptions The Company provides enterprise subscription offerings, which provide its enterprise accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. E365 subscriptions require a CSS as described below and are charged to accounts primarily based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, hosting, and Success Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is primarily defined as distinct user access on a daily basis. E365 subscriptions can contain quarterly usage floors or collars. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage. Alternatively, enterprise license subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, to effectively create a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective SSP. Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. SELECT Subscriptions The Company provides prepaid annual recurring subscriptions that accounts (which are based on distinct contractual and billing relationships with the Company, where affiliated entities of a single parent company may each have an independent account with the Company) can elect to add to a new or previously purchased perpetual license. SELECT provides accounts with benefits, including upgrades, comprehensive technical support, pooled licensing benefits, annual portfolio balancing exchange rights, learning benefits, certain Azure‑based cloud collaboration services, mobility advantages, and access to other available benefits. SELECT subscriptions revenues are recognized as distinct performance obligations are satisfied. The performance obligations within the SELECT offering, outside of the portfolio balancing exchange right, are concurrently delivered and have the same pattern of recognition. These performance obligations are accounted for ratably over the term as a single performance obligation. Term License Subscriptions The Company provides annual, quarterly, and monthly term licenses for its software products. Term license subscriptions contain a term license component and SELECT maintenance and support. Revenue is allocated to the various performance obligations based on their SSP. Annual term licenses (“ATL”) are generally prepaid annually for named user access to specific products and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner licenses. Virtuoso subscriptions are bundles with customizable training and expert consultation administered through “keys” or credits. Quarterly term license (“QTL”) subscriptions allow accounts to pay quarterly in arrears for license usage that is beyond their prepaid subscriptions. Monthly term license (“MTL”) subscriptions are identical to QTL subscriptions, except for the term of the license, and the manner in which they are monetized. MTL subscriptions require a CSS, which is described below. For ATL, revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenue for the SELECT maintenance and support is recognized as delivered over the subscription term. For Virtuoso keys, revenue is recognized as services are delivered. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage. Visas are quarterly or annual term licenses enabling users to access specific project or enterprise information and entitles users to certain functionality of the Company’s ProjectWise and AssetWise systems. The Company’s standard offerings are usage based with monetization through the Company’s CSS program as described below. CSS is a program designed to streamline the procurement, administration, and payment process. The program requires an estimation of annual usage for CSS eligible offerings and a deposit of funds in advance. Actual consumption is monitored and invoiced against the deposit on a calendar quarter basis. CSS balances not utilized for eligible products or services may roll over to future periods or are refundable. Paid and unconsumed CSS balances are recorded in Accruals and other current liabilities in the consolidated balance sheets. Software and services consumed under CSS are recognized pursuant to the applicable revenue recognition guidance for the respective software or service and classified as subscriptions or services based on their respective nature. Perpetual Licenses Perpetual licenses may be sold with or without attaching a SELECT subscription. Historically, attachment and retention of the SELECT subscription has been high given the benefits of the SELECT subscription discussed above. Perpetual licenses revenues are recognized upon delivery of the license to the user. Services The Company provides professional services, including training, implementation, configuration, customization, and strategic consulting services. The Company performs projects on both a time and materials and a fixed fee basis. Certain of the Company’s fixed‑fee arrangements, including its Success Services offerings, are structured as subscription‑like, packaged offerings that are annually recurring in nature. Success Services are standard service offerings that provide a level of dedicated professional services above the standard technical support offered to all accounts as part of their SELECT or enterprise agreement. Revenues are recognized as services are performed. The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote and sell its products and subscriptions to end‑users. Channel partners are authorized to promote the sale of an authorized set of the Company’s products and subscriptions within an authorized geography under a Channel Partner Agreement. Significant Judgments and Estimates The Company’s contracts with customers may include promises to transfer licenses (perpetual or term‑based), maintenance, and services to a user. Judgment is required to determine if the promises are separate performance obligations, and if so, the allocation of the transaction price to each performance obligation. When an arrangement includes multiple performance obligations which are concurrently delivered and have the same pattern of transfer to the customer, the Company accounts for those performance obligations as a single performance obligation. For contracts with more than one performance obligation, the transaction price is allocated among the performance obligations in an amount that depicts the relative SSP of each obligation. Judgment is required to determine the SSP for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount that should be allocated based on the relative SSP of the various products and services. The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term.
Software Development Costs	Software Development Costs — The Company’s software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external accounts, before technological feasibility is reached, are included in Research and development in the consolidated statements of operations. Research and development expenses, which are generally expensed as incurred, primarily consist of headcount‑related costs. In general, technological feasibility is reached shortly before the release of such products. Under its Accelerated Commercial Development Program (“ACDP”) (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years).The Company evaluates the recoverability of capitalized ACDP costs whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable.
Advertising Expense	Advertising Expense — The Company expenses advertising costs as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2023 and 2022, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable primarily represent receivables from customers for products and services invoiced by the Company for which payment is outstanding and also unbilled revenues (see Note 3). Receivables are recorded at the invoiced amount and do not bear interest. The Company establishes an allowance for doubtful accounts for expected losses during the accounts receivable collection process. The allowance for doubtful accounts is presented separately in the consolidated balance sheets and reduces the accounts receivable balance to the net realizable value of the outstanding accounts receivable. The development of the allowance for doubtful accounts is based on an expected loss model which considers historical write‑off and recovery experience, aging trends affecting specific accounts, and general operational factors affecting all accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company considers current economic trends and takes into account reasonable and supportable forecasts of future conditions when evaluating the adequacy of the allowance for doubtful accounts. If circumstances relating to specific customers change or unexpected changes occur in the general business environment, the Company’s estimate of the recoverability of receivables could be further adjusted.
Concentration of Credit Risk	Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents, and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic region. The Company’s cash and cash equivalents are deposited with financial institutions and invested in money market funds that the Company believes are of high credit quality.
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023‑07”), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how the Company’s CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023‑07 is effective for the Company for the annual reporting period beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of the adoption of ASU 2023‑07 on its consolidated financial statements and related disclosures. Recently Adopted Accounting Guidance In March 2020, the FASB issued 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 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 adopted these ASUs during the second quarter of 2023 (see Note 10) and the adoption did not have a material impact on the Company’s consolidated financial statements.
Fair Value Measurements	The Company categorizes its assets and liabilities measured at fair value into a three‑level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. 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 December 31, 2023 and 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 for the remaining term of the interest rate swap. 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 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.

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 17,899	$ 19,587	$ 19,636
Right-of-use assets obtained in exchange for new operating lease liabilities	17,015	10,722	12,842
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 397	$ 1,237	$ 12,095

Fair Value of Financial Instruments - Narrative (Details) - Fair Value, Inputs, Level 2 - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Two Thousand Twenty Six Notes
Derivative [Line Items]
Long-term debt, fair value	$ 684,205	$ 622,431
Two Thousand Twenty Seven Notes
Derivative [Line Items]
Long-term debt, fair value	$ 516,051	$ 470,856

Commitments and Contingencies (Details) - Hosted Software Solutions $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 158,000
Purchase commitment	127,000
Long term purchase commitment, to be paid in year one	50,000
Long term purchase commitment, to be paid after year one	$ 77,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

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

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right‑of‑use assets, Operating lease liabilities, and Long‑term operating lease liabilities in the consolidated balance sheets. Operating lease right‑of‑use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right‑of‑use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, if the Company’s leases do not provide an implicit rate, based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is determined based on the Company’s estimated credit rating, the term of the lease, economic environment where the asset resides, and full collateralization. The operating lease right‑of‑use assets also include any lease payments made and are reduced by any lease incentives. Options to extend or terminate the lease are considered in determining the lease term when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight‑line basis over the lease term.

For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statements of operations on a straight‑line basis over the lease term.

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost (1)	$	20,008	$	20,772	$	19,425
Variable lease cost	4,594		4,658		4,151
Short-term lease cost	—		16		21
Total operating lease cost	$	24,602	$	25,446	$	23,597

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $19,199, $20,027, and $18,636 for the years ended December 31, 2023, 2022, and 2021, respectively.

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for operating leases included in operating cash flows	$	17,899	$	19,587	$	19,636
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	17,015	$	10,722	$	12,842

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $397, $1,237, and $12,095 for the years ended December 31, 2023, 2022, and 2021, respectively.

The weighted average remaining lease term for operating leases was 4.6 years and 3.9 years as of December 31, 2023 and 2022, respectively. The weighted average discount rate was 4.8% and 3.4% as of December 31, 2023 and 2022, respectively.

Maturities of operating lease liabilities are as follows:


	December 31, 2023
2024	$	13,416
2025	10,499
2026	8,122
2027	5,635
2028	3,856
Thereafter	6,744
Total future lease payments	48,272
Less: Imputed interest	(6,001)
Total operating lease liabilities	$	42,271

As of December 31, 2023, the Company had additional minimum operating lease payments of $804 for executed leases that have not yet commenced, primarily for office locations.

The Company evaluates the recoverability of right‑of‑use assets whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. During the year ended December 31, 2023, the Company recognized impairment charges of $2,239 to write‑down certain right‑of‑use assets to their fair value primarily as a result of the decision to vacate certain leased facilities. The impairment charges were recorded in General and administrative in the consolidated statements of operations. No impairment of right‑of‑use assets occurred for the years ended December 31, 2022 or 2021.

Leases

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost (1)	$	20,008	$	20,772	$	19,425
Variable lease cost	4,594		4,658		4,151
Short-term lease cost	—		16		21
Total operating lease cost	$	24,602	$	25,446	$	23,597

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $19,199, $20,027, and $18,636 for the years ended December 31, 2023, 2022, and 2021, respectively.

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for operating leases included in operating cash flows	$	17,899	$	19,587	$	19,636
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	17,015	$	10,722	$	12,842

Maturities of operating lease liabilities are as follows:


	December 31, 2023
2024	$	13,416
2025	10,499
2026	8,122
2027	5,635
2028	3,856
Thereafter	6,744
Total future lease payments	48,272
Less: Imputed interest	(6,001)
Total operating lease liabilities	$	42,271

As of December 31, 2023, the Company had additional minimum operating lease payments of $804 for executed leases that have not yet commenced, primarily for office locations.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company categorizes its assets and liabilities measured at fair value into a three‑level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

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 December 31, 2023 and 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 for the remaining term of the interest rate swap. 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 December 31, 2023, the estimated fair value of the 2026 Notes and 2027 Notes was $684,205 and $516,051, 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:


December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	1	$	—	$	—	$	1
Interest rate swap (2)	—		32,162		—		32,162
Total assets	$	1	$	32,162	$	—	$	32,163
Liabilities:

Deferred compensation plan liabilities (3)	$	90,536	$	—	$	—	$	90,536
Cash-settled equity awards (4)	781		—		—		781
Total liabilities	$	91,317	$	—	$	—	$	91,317


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 (4)	$	—	$	—	$	1,196	$	1,196
Deferred compensation plan liabilities (3)	79,081		—		—		79,081
Cash-settled equity awards (4)	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.

(4)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:


	Year Ended December 31,
	2023		2022
Balance, beginning of year	$	1,196	$	6,613
Payments	(1,206)		(5,261)
Addition	—		1,390
Change in fair value	—		(1,427)
Foreign currency translation adjustments	10		(119)
Balance, end of year	$	—	$	1,196

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

Other (Expense) Income, Net - Schedule of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Change in fair value of interest rate swap	$ (5,038)	$ 27,083	$ 9,770
Foreign exchange	2,497	(9,901)	827
Change in fair value of acquisition contingent consideration	0	1,427	(550)
Receipts (payments) related to interest rate swap	8,803	1,947	(1,270)
Other income, net	(13,484)	1,713	1,184
Total other (expense) income, net	(7,222)	24,298	9,961
Foreign exchange (losses) gains, unrealized, intercompany	3,163	(7,369)	(779)
Cost method investment impairment and other charges	(16,988)
Gain on sale of investments	2,360
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of aircraft	$ 0	$ 2,029	$ 0

Long‑Term Debt - Long-Term Debt, Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 10,000
2025	272,028
2026	687,830
2027	575,000
Total scheduled maturities of long-term debt	$ 1,544,858

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 91,964	$ 109,958
Less: Accumulated depreciation	(51,864)	(77,707)
Total property and equipment, net	40,100	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	31,025	35,717
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	46,202	54,636
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	9,799	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	$ 89	$ 156

Preferred and Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred and Common Stock

Preferred Stock Authorized and Selected Terms

The Company’s amended and restated Certificate of Incorporation authorizes the Company to issue up to 100,000,000 shares of preferred stock. Preferred stock has rights, preferences, and privileges which may be designated from time to time by the Company’s Board of Directors.

Common Stock Authorized and Selected Terms

The Company’s amended and restated Certificate of Incorporation authorizes the Company to issue up to 100,000,000 shares of Class A common stock and up to 1,800,000,000 shares of Class B common stock.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class B common stock is entitled to one vote per share, while each share of Class A common stock is entitled to 29 votes per share and is convertible at any time into one share of Class B common stock. Class A common stock will automatically convert into Class B common stock upon certain transfers, and its votes per share will be reduced to 11 in the event none of the Bentleys (Barry J. Bentley, Gregory S. Bentley, Keith A. Bentley, Raymond B. Bentley, and Richard P. Bentley, collectively) serves as a Company director or executive officer. Class A common stock also will automatically convert into shares of Class B common stock upon the affirmative vote of at least 90% of the then outstanding shares of Class A common stock or such time that the Bentley family (the Bentleys, certain other family members and trusts and other entities controlled by or primarily for the benefit of the Bentleys and their families, collectively) directly or indirectly, own less than 20% of the issued and outstanding Class B common stock on a fully-diluted basis (assuming the conversion of all issued and outstanding Class A common stock).

For the year ended December 31, 2023, 64,130 shares of Class A common stock were converted to Class B common stock.

BSY Stock Repurchase Program

On May 11, 2022, the Company announced that its Board of Directors approved 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. The Company did not repurchase shares under the Repurchase Program for the year ended December 31, 2023. For the year ended December 31, 2022, the Company repurchased 896,126 shares for $28,250, and $2,170 aggregate principal amount of our outstanding 2026 Notes for $1,998 (see Note 10) under the Repurchase Program. As of December 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

On June 17, 2021, the Company issued 3,141,342 shares of the Company’s Class B common stock pursuant to the acquisition of Seequent (see Note 4).

The Company has a Class B Common Stock Purchase Agreement with a strategic investor (the “Common Stock Purchase Agreement”), pursuant to which the investor acquired the maximum purchase amount of $250,000 of the Company’s Class B common stock. The Common Stock Purchase Agreement grants to the strategic investor certain informational and protective rights, including, for so long as the Company remains party to a long-term strategic collaboration agreement with the investor the right to participate in any sale process the Company may undertake. The Common Stock Purchase Agreement expires in 2030.

For the year ended December 31, 2023, the Company issued 2,621,959 shares of Class B common stock to colleagues who exercised their stock options, net of 238,627 shares withheld at exercise to pay for the cost of the stock options, as well as for $6,581 of applicable income tax withholdings. The Company received $11,715 in proceeds from the exercise of stock options.

For the year ended December 31, 2022, the Company issued 2,613,659 shares of Class B common stock to colleagues who exercised their stock options, net of 397,501 shares withheld at exercise to pay for the cost of the stock options, as well as for $9,188 of applicable income tax withholdings. The Company received $8,338 in proceeds from the exercise of stock options.

For the year ended December 31, 2021, the Company issued 4,587,053 shares of Class B common stock to colleagues who exercised their stock options, net of 1,066,498 shares withheld at exercise to pay for the cost of the stock options, as well as for $37,785 of applicable income tax withholdings. The Company received $5,605 in proceeds from the exercise of stock options.

For the year ended December 31, 2022, the Company issued 185,178 shares of Class B common stock related to the exercise of acquisition options (see Note 15), net of 714,822 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 years ended December 31, 2023, 2022, and 2021, the Company issued 247,867, 445,050, and 238,755 shares of Class B common stock, respectively, in connection with Bonus Plan incentive compensation, net of shares withheld. Of the total 383,181 shares awarded for the year ended December 31, 2023, 135,314 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,756. Of the total 569,166 shares awarded for the year ended December 31, 2022, 124,116 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,197. Of the total 407,473 shares awarded for the year ended December 31, 2021, 168,718 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $8,739.

For the years ended December 31, 2023, 2022, and 2021, the Company issued 3,410,006, 3,541,375, and 2,378,645 shares of Class B common stock, respectively, to DCP participants in connection with distributions from the plan. The distribution in shares for the year ended December 31, 2023 totaled 4,345,945 shares of which 935,939 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $38,456. The distribution in shares for the year ended December 31, 2022 totaled 4,041,707 shares of which 500,332 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $24,246. The distribution in shares for the year ended December 31, 2021 totaled 3,820,099 shares of which 1,441,454 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $69,007.

Dividends

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


	Dividend
	Per Share		Amount
2023:
Fourth quarter	$	0.05	$	14,764
Third quarter	0.05		14,768
Second quarter	0.05		14,702
First quarter	0.05		14,522
Total	$	0.20	$	58,756
2022:
Fourth quarter	$	0.03	$	8,730
Third quarter	0.03		8,592
Second quarter	0.03		8,678
First quarter	0.03		8,353
Total	$	0.12	$	34,353
2021:
Fourth quarter	$	0.03	$	8,461
Third quarter	0.03		8,485
Second quarter	0.03		8,372
First quarter	0.03		8,219
Total	$	0.12	$	33,537

Dividends Declared Subsequent to December 31, 2023

In February 2024, our Board of Directors approved cash dividends of $0.06 per share payable on March 28, 2024 to all stockholders of record of Class A and Class B common stock as of the close of business on March 20, 2024.

Global Employee Stock Purchase Plan

The Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”) provides eligible colleagues of the Company with an opportunity to contribute up to 15% of their eligible compensation toward the purchase of the Company’s Class B common stock at a discounted price, up to a maximum of $25 per year and subject to any other plan limitations. The ESPP has 25,000,000 shares of Class B common stock reserved for issuance.

Unless otherwise determined by the Board of Directors, the ESPP has been implemented by means of consecutive offering periods, which will run from January 1st (or the first trading day thereafter) through June 30th (or the first trading day prior to such date), and from July 1st (or the first trading day thereafter) through December 31st (or the first trading day prior to such date). The purchase price per share at which shares of Class B common stock are sold in an offering period under the ESPP will be equal to the lesser of 85% of the fair market value of a share of Class B common stock (i) on the first trading day of the offering period, or (ii) on the purchase date (i.e., the last trading day of the offering period).

During the year ended December 31, 2023, colleagues who elected to participate in the ESPP purchased a total of 315,840 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $9,988. Of the total 333,324 shares purchased, 17,484 shares were sold back to the Company to pay for applicable income tax withholdings of $845. During the year ended December 31, 2022, colleagues who elected to participate in the ESPP purchased a total of 307,406 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $10,335. Of the total 314,471 shares purchased, 7,065 shares were sold back to the Company to pay for applicable income tax withholdings of $273. During the year ended December 31, 2021, colleagues who elected to participate in the ESPP purchased a total of 104,716 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $3,846. Of the total 111,486 shares purchased, 6,770 shares were sold back to the Company to pay for applicable income tax withholdings of $438. As of December 31, 2023 and 2022, $5,790 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 December 31, 2023, shares of Class B common stock available for future issuance under the ESPP were 24,272,038.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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
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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/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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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 21,044	$ 22,174
Equity method investments	2,436	96
Total investments	$ 23,480	$ 22,270

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 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, 2021	$	1,588,477
Acquisitions	658,806
Foreign currency translation adjustments	(8,426)
Other adjustments	(1,673)
Balance, December 31, 2022	2,237,184
Acquisitions	19,934
Foreign currency translation adjustments	11,732
Other adjustments	486
Balance, December 31, 2023	$	2,269,336

Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead is tested annually for impairment on October 1, or more frequently if events occur or circumstances change that would more likely than not reduce its fair value below its carrying amount. The Company allocates goodwill to reporting units on a relative fair value basis.

In testing for goodwill impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that a goodwill impairment exists. If it is determined that a quantitative assessment is required and the carrying amount exceeds its fair value, the Company will recognize goodwill impairment in the amount in which the carrying amount of the reporting unit exceeds its fair value, but not to exceed the carrying amount of goodwill within the reporting unit. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted for the years ended December 31, 2023, 2022, or 2021.

Details of intangible assets other than goodwill are as follows:


		December 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	$	89,693	$	(59,045)	$	30,648	$	92,390	$	(51,938)	$	40,452
Customer relationships	3-10 years	323,442		(142,378)		181,064		323,164		(114,387)		208,777
Trademarks	3-10 years	70,710		(33,709)		37,001		69,803		(26,904)		42,899
Non-compete agreements	5 years	350		(276)		74		350		(207)		143



Total intangible assets		$	484,195	$	(235,408)	$	248,787	$	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:


	Year Ended December 31,
	2023		2022		2021
Cost of subscriptions and licenses	$	12,704	$	12,478	$	8,125
Amortization of purchased intangibles	38,515		41,114		25,601
Total amortization expense	$	51,219	$	53,592	$	33,726

Intangible assets arise from acquisitions and principally consist of goodwill, trademarks, customer relationships, in‑process research and development, and acquired software and technology. Intangible assets, other than goodwill and in‑process research and development, are amortized on a straight‑line basis over their estimated useful lives.

Amortization expense for the years following December 31, 2023 are estimated as follows:


2024	$	46,582
2025	43,494
2026	35,125
2027	27,972
2028	27,276
Thereafter	68,338
	$	248,787

Preferred and Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Dividends per share (USD per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.20	$ 0.12	$ 0.12
Amount	$ 14,764	$ 14,768	$ 14,702	$ 14,522	$ 8,730	$ 8,592	$ 8,678	$ 8,353	$ 8,461	$ 8,485	$ 8,372	$ 8,219	$ 58,756	$ 34,353	$ 33,537

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:


	December 31,
	2023		2022
Cost method investments	$	21,044	$	22,174
Equity method investments	2,436		96
Total investments	$	23,480	$	22,270

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 326,787	$ 174,780	$ 93,192
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	4,774	1,459	(65,648)
Actuarial (loss) gain on retirement plan, net of tax effect of $(89), $(245), and $(44), respectively	(21)	575	107
Total other comprehensive income (loss), net of taxes	4,753	2,034	(65,541)
Comprehensive income	$ 331,540	$ 176,814	$ 27,651

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

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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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,228,413	$ 1,099,082	$ 965,046
Cost of revenues:
Total cost of revenues	266,083	237,013	216,539
Gross profit	962,330	862,069	748,507
Operating expense (income):
Research and development	274,619	257,856	220,915
Selling and marketing	224,336	195,622	162,240
General and administrative	180,738	174,647	150,116
Deferred compensation plan	13,580	(15,782)	95,046
Amortization of purchased intangibles	38,515	41,114	25,601
Total operating expenses	731,788	653,457	653,918
Income from operations	230,542	208,612	94,589
Interest expense, net	(39,793)	(34,635)	(11,221)
Other (expense) income, net	(7,222)	24,298	9,961
Income before income taxes	183,527	198,275	93,329
Benefit (provision) for income taxes	143,241	(21,283)	3,448
Gain (loss) from investments accounted for using the equity method, net of tax	19	(2,212)	(3,585)
Net income	$ 326,787	$ 174,780	$ 93,192
Per share information:
Net income per share, basic (USD per share)	$ 1.05	$ 0.57	$ 0.30
Net income per share, diluted (USD per share)	$ 1.00	$ 0.55	$ 0.30
Weighted average shares, basic (in shares)	312,358,823	309,226,677	305,711,345
Weighted average shares, diluted (in shares)	332,503,633	331,765,158	314,610,814
Subscriptions and licenses
Revenues:
Total revenues	$ 1,126,345	$ 1,003,597	$ 865,887
Cost of revenues:
Total cost of revenues	169,406	147,578	124,321
Subscriptions
Revenues:
Total revenues	1,080,307	960,220	812,807
Perpetual licenses
Revenues:
Total revenues	46,038	43,377	53,080
Services
Revenues:
Total revenues	102,068	95,485	99,159
Cost of revenues:
Total cost of revenues	$ 96,677	$ 89,435	$ 92,218

Realignment Costs (Tables)

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Schedule of Realignment Costs by Expense Classification

Realignment costs by expense classification were as follows:


	Year Ended
	December 31,
	2023
Cost of revenues:
Cost of subscriptions and licenses	$	839
Cost of services	1,246
Total cost of revenues	2,085
Operating expenses:
Research and development	4,995
Selling and marketing	4,012
General and administrative	1,487
Total operating expenses	10,494
Total realignment costs	$	12,579

Realignment Costs Rollforward

Accruals and other current liabilities in the consolidated balance sheets included amounts related to the realignment activities as follows:


Balance, December 31, 2022	$	—
Realignment costs	12,579
Payments	(268)
Adjustments (1)	148
Balance, December 31, 2023	$	12,459

(1)Adjustments includes foreign currency translation.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 68,412	$ 71,684
Accounts receivable	302,501	296,376
Allowance for doubtful accounts	(8,965)	(9,303)
Prepaid income taxes	12,812	18,406
Prepaid and other current assets	44,797	38,732
Total current assets	419,557	415,895
Property and equipment, net	40,100	32,251
Operating lease right-of-use assets	38,476	40,249
Intangible assets, net	248,787	292,271
Goodwill	2,269,336	2,237,184
Investments	23,480	22,270
Deferred income taxes	212,831	52,636
Other assets	67,283	72,249
Total assets	3,319,850	3,165,005
Current liabilities:
Accounts payable	18,094	15,176
Accruals and other current liabilities	457,348	362,048
Deferred revenues	253,785	226,955
Operating lease liabilities	11,645	14,672
Income taxes payable	9,491	4,507
Current portion of long-term debt	10,000	5,000
Total current liabilities	760,363	628,358
Long-term debt	1,518,403	1,775,696
Deferred compensation plan liabilities	88,181	77,014
Long-term operating lease liabilities	30,626	27,670
Deferred revenues	15,862	16,118
Deferred income taxes	9,718	51,235
Income taxes payable	7,337	8,105
Other liabilities	5,378	7,355
Total liabilities	2,435,868	2,591,551
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	1,127,234	1,030,466
Accumulated other comprehensive loss	(84,987)	(89,740)
Accumulated deficit	(161,932)	(370,866)
Non-controlling interest	704	704
Total stockholders’ equity	883,982	573,454
Total liabilities and stockholders’ equity	3,319,850	3,165,005
Class B Common Stock
Stockholders’ equity:
Common stock	2,848	2,774
Class A Common Stock
Stockholders’ equity:
Common stock	$ 115	$ 116

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenues

The Company’s revenues consist of the following:


	Year Ended December 31,
	2023		2022		2021
Subscriptions:
Enterprise subscriptions (1)	$	433,321	$	345,678	$	290,097
SELECT subscriptions	258,288		264,308		269,283
Term license subscriptions	388,698		350,234		253,427
Subscriptions	1,080,307		960,220		812,807
Perpetual licenses	46,038		43,377		53,080
Subscriptions and licenses	1,126,345		1,003,597		865,887
Services:
Recurring	16,370		17,804		21,343
Other	85,698		77,681		77,816
Services	102,068		95,485		99,159
Total revenues	$	1,228,413	$	1,099,082	$	965,046

(1)Enterprise subscriptions includes revenue attributable to E365 subscriptions of $411,025, $306,901, and $223,293 for the years ended December 31, 2023, 2022, and 2021, 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 years ended December 31, 2023, 2022, and 2021, the Company recognized $592,737, $513,736, and $412,375 of license related revenues, respectively, of which $546,699, $470,359, and $359,295, 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 8% of its total revenues through channel partners for the years ended December 31, 2023, 2022, and 2021.

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


	Year Ended December 31,
	2023		2022		2021
Americas (1)	$	650,926	$	584,794	$	483,087
EMEA	353,550		312,804		300,123
APAC	223,937		201,484		181,836
Total revenues	$	1,228,413	$	1,099,082	$	965,046

(1)Americas includes the U.S., Canada, and Latin America, including the Caribbean. Revenue attributable to the U.S. totaled $511,828, $459,511, and $393,865 for the years ended December 31, 2023, 2022, and 2021, respectively.

Nature of Products and Services

The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generates revenues from subscriptions, perpetual licenses, and services.

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The contract costs are amortized based on the economic life of the goods and services to which the contract costs relate. The Company has determined that costs under certain sales incentive programs meet the requirements to be capitalized. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company’s internal sales force compensation program and certain channel partner sales incentive programs for which the annual compensation is commensurate with annual sales activities.

Subscriptions

Enterprise Subscriptions

The Company provides enterprise subscription offerings, which provide its enterprise accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. E365 subscriptions require a CSS as described below and are charged to accounts primarily based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, hosting, and Success Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is primarily defined as distinct user access on a daily basis. E365 subscriptions can contain quarterly usage floors or collars. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage. Alternatively, enterprise license subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, to effectively create a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective SSP. Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets.

SELECT Subscriptions

The Company provides prepaid annual recurring subscriptions that accounts (which are based on distinct contractual and billing relationships with the Company, where affiliated entities of a single parent company may each have an independent account with the Company) can elect to add to a new or previously purchased perpetual license. SELECT provides accounts with benefits, including upgrades, comprehensive technical support, pooled licensing benefits, annual portfolio balancing exchange rights, learning benefits, certain Azure‑based cloud collaboration services, mobility advantages, and access to other available benefits. SELECT subscriptions revenues are recognized as distinct performance obligations are satisfied. The performance obligations within the SELECT offering, outside of the portfolio balancing exchange right, are concurrently delivered and have the same pattern of recognition. These performance obligations are accounted for ratably over the term as a single performance obligation.

Term License Subscriptions

The Company provides annual, quarterly, and monthly term licenses for its software products. Term license subscriptions contain a term license component and SELECT maintenance and support. Revenue is allocated to the various performance obligations based on their SSP. Annual term licenses (“ATL”) are generally prepaid annually for named user access to specific products and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner licenses. Virtuoso subscriptions are bundles with customizable training and expert consultation administered through “keys” or credits. Quarterly term license (“QTL”) subscriptions allow accounts to pay quarterly in arrears for license usage that is beyond their prepaid subscriptions. Monthly term license (“MTL”) subscriptions are identical to QTL subscriptions, except for the term of the license, and the manner in which they are monetized. MTL subscriptions require a CSS, which is described below. For ATL, revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenue for the SELECT maintenance and support is recognized as delivered over the subscription term. For Virtuoso keys, revenue is recognized as services are delivered. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage.

Visas are quarterly or annual term licenses enabling users to access specific project or enterprise information and entitles users to certain functionality of the Company’s ProjectWise and AssetWise systems. The Company’s standard offerings are usage based with monetization through the Company’s CSS program as described below.

CSS is a program designed to streamline the procurement, administration, and payment process. The program requires an estimation of annual usage for CSS eligible offerings and a deposit of funds in advance. Actual consumption is monitored and invoiced against the deposit on a calendar quarter basis. CSS balances not utilized for eligible products or services may roll over to future periods or are refundable. Paid and unconsumed CSS balances are recorded in Accruals and other current liabilities in the consolidated balance sheets. Software and services consumed under CSS are recognized pursuant to the applicable revenue recognition guidance for the respective software or service and classified as subscriptions or services based on their respective nature.

Perpetual Licenses

Perpetual licenses may be sold with or without attaching a SELECT subscription. Historically, attachment and retention of the SELECT subscription has been high given the benefits of the SELECT subscription discussed above. Perpetual licenses revenues are recognized upon delivery of the license to the user.

Services

The Company provides professional services, including training, implementation, configuration, customization, and strategic consulting services. The Company performs projects on both a time and materials and a fixed fee basis. Certain of the Company’s fixed‑fee arrangements, including its Success Services offerings, are structured as subscription‑like, packaged offerings that are annually recurring in nature. Success Services are standard service offerings that provide a level of dedicated professional services above the standard technical support offered to all accounts as part of their SELECT or enterprise agreement. Revenues are recognized as services are performed.

The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote and sell its products and subscriptions to end‑users. Channel partners are authorized to promote the sale of an authorized set of the Company’s products and subscriptions within an authorized geography under a Channel Partner Agreement.

Significant Judgments and Estimates

The Company’s contracts with customers may include promises to transfer licenses (perpetual or term‑based), maintenance, and services to a user. Judgment is required to determine if the promises are separate performance obligations, and if so, the allocation of the transaction price to each performance obligation. When an arrangement includes multiple performance obligations which are concurrently delivered and have the same pattern of transfer to the customer, the Company accounts for those performance obligations as a single performance obligation. For contracts with more than one performance obligation, the transaction price is allocated among the performance obligations in an amount that depicts the relative SSP of each obligation. Judgment is required to determine the SSP for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount that should be allocated based on the relative SSP of the various products and services.

The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term.

Unbilled Revenues

Unbilled revenues represent revenues that have not yet been billed to customers due to timing differences in usage and billing cycles, and are included in Accounts receivable in the consolidated balance sheets. As of December 31, 2023 and 2022, unbilled revenues were $129,494 and $113,217, respectively.

Contract Balances

As of December 31, 2023 and 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 material as of December 31, 2023 or 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. As of December 31, 2023 and 2022, total deferred revenues on the consolidated balance sheets were $269,647 and $243,073, respectively.

For the year ended December 31, 2023, $213,021 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $237,193, which were primarily related to new billings and acquisitions. For the year ended December 31, 2022, $204,279 of revenues that were included in the December 31, 2021 deferred revenues balance were recognized. There were additional deferrals of $221,126, which were primarily related to new billings and acquisitions.

As of December 31, 2023 and 2022, the Company has deferred $18,269 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 December 31, 2023, amounts allocated to these remaining performance obligations are $269,647, of which the Company expects to recognize approximately 94% over the next 12 months with the remaining amount thereafter.

Guarantees

The Company’s software license agreements typically provide for indemnification of customers for intellectual property infringement claims. The Company also warrants to customers, when requested, that its software products operate substantially in accordance with standard specifications for a limited period of time. The Company has not incurred significant obligations under customer indemnification or warranty provisions historically and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification or warranty‑related obligations.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Executive Bonus Plan	12 Months Ended
Executive Bonus Plan	Dec. 31, 2023
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus Plan Certain of the Company’s key employees, including its named executive officers, participate in the Company’s Bonus Plan. Pursuant to the Bonus Plan, participants are eligible to receive incentive bonuses that are determined based on the Company’s adjusted Management Report Operating Income (“MROI”), as defined in the plan agreement and before deduction for such plan payments. For purposes of the Bonus Plan, the bonus pool thereunder may be funded with up to an aggregate of 20% of the Company’s adjusted MROI, subject to approval by the Sustainability Committee of the Company’s Board of Directors, with payments made to plan participants based on each such participant’s allocated interest in the bonus pool. The plan permits the deduction of certain holdback amounts from the plan’s pool, from which amounts can then be allocated to fund items including equity and/or cash incentive compensation for non‑plan participants and participant charitable contributions. On November 2, 2022, the Sustainability Committee of the Company’s Board of Directors approved an amendment to the Bonus Plan such that with respect to fiscal year 2022, one‑third of the Company’s Chief Investment Officer’s allocated percentage interest will be multiplied by a coefficient derived from the performance of the Company’s BSY Investments group (the Company’s executive team focused on portfolio development, mergers and acquisitions, venture capital investing, digital integrator business activities, and various incubating and accelerating business activities). This coefficient is generally determined by calculating the annual increase (or decrease) in value of the BSY Investments portfolio, taking into account applicable fees and an annual hurdle rate, in all cases, as approved by the Company’s non-employee directors. The Company’s Chief Investment Officer retired effective March 31, 2023 and received one Bonus Plan payout during 2023 in respect to the 2022 fiscal year under the amended allocated percentage interest. A participant may defer any portion, or all, of such participant’s incentive bonus payable pursuant to the Bonus Plan into the DCP (see Note 12). The Bonus Plan provides, in part, that a participant may elect to receive any portion, or all, of such participant’s non‑deferred incentive bonus in the form of shares of fully vested Class B common stock issued under the Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Incentive Award Plan”), subject to the limitation described below. The Company records the election of non‑deferred incentive bonus in the form of shares of fully vested Class B common stock as stock‑based compensation expense in the consolidated statements of operations (see Note 15). Such election must be made prior to the start of the applicable calendar quarter for which the incentive bonus is to be paid, and the number of shares of Class B common stock payable in respect of such elected amount is calculated using a volume-weighted average price of the Company’s Class B common stock for the period commencing on the tenth trading day prior to the end of the applicable calendar quarter and ending on the tenth trading day following the end of the applicable calendar quarter. Notwithstanding participants’ elections to receive shares of fully vested Class B common stock in respect of their non‑deferred incentive bonus payments, if, in any calendar quarter, the aggregate U.S. dollar value of shares of fully vested Class B common stock payable in respect of the non‑deferred incentive bonuses exceeds $7,500, the portion of each participant’s non‑deferred incentive bonus payable in shares of fully vested Class B common stock will be reduced pro rata such that the $7,500 limit is not exceeded, and, for each affected participant, the amount of such reduction will be payable in cash. For the years ended December 31, 2023, 2022, and 2021, 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 this plan (net of all applicable holdbacks) was $21,463, $33,242, and $33,454, respectively.

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 17, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets acquired and liabilities assumed:
Deferred income taxes		$ 2,151	$ 0	$ 0
Goodwill		2,269,336	2,237,184	1,588,477
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing		26,287	763,228	1,072,820
Shares issued at closing		0	0	182,390
Contingent consideration		0	1,390	4,544
Deferred, non-contingent consideration, net		525	749	10,090
Other		15	(269)	0
Total consideration		26,827	765,098	1,269,844
Assets acquired and liabilities assumed:
Cash		264	20,221	37,837
Accounts receivable and other current assets		1,742	8,890	24,174
Operating lease right-of-use assets		397	1,237	12,095
Property and equipment		0	1,316	4,383
Other assets		6	7	874
Total identifiable assets acquired excluding goodwill		12,537	131,529	323,434
Accruals and other current liabilities		(624)	(4,079)	(27,649)
Deferred revenues		(4,623)	(14,176)	(26,245)
Operating lease liabilities		(397)	(1,237)	(11,988)
Deferred income taxes		0	(5,745)	(53,342)
Other liabilities		0	0	(716)
Total liabilities assumed		(5,644)	(25,237)	(119,940)
Net identifiable assets acquired excluding goodwill		6,893	106,292	203,494
Goodwill		19,934	658,806	1,066,350
Net assets acquired		26,827	765,098	1,269,844
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles		3,077	10,608	43,560
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles		3,900	82,278	158,555
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles		1,000	6,972	38,256
Series of Individually Immaterial Business Acquisitions \| In-process research and development
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 0	$ 0	$ 3,700
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	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	9 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	10 years
Seequent
Assets acquired and liabilities assumed:
Award service period		2 years
Fair value adjustment of stock consideration		$ 16,943
Seequent \| Class B Common Stock
Assets acquired and liabilities assumed:
Number of shares sold (in shares)	3,141,342
Number of shares sold subject to employment service conditions (in shares)		83,627

Fair Value of Financial Instruments - Reconciliation of the Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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	(1,206)	(5,261)
Addition	0	1,390
Change in fair value	0	(1,427)
Foreign currency translation adjustments	10	(119)
Balance, ending of year	$ 0	$ 1,196
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net	Other (expense) income, net

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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, $0.01 Par Value
Trading Symbol	BSY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.0
Documents Incorporated by Reference	Portions of the proxy statement for registrant’s 2024 Annual Meeting of Stockholders (the “2024 Proxy Statement”) are incorporated by reference in Part III of this Form 10‑K to the extent stated herein. The 2024 Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2023.
Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,537,627
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		285,788,718

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Discrete income tax benefit		$ 14,648	$ 20,501	$ 14,890
Bonus plan compensation expense		13,580	(15,782)	95,046
Valuation allowance	$ 2,664	2,664	3,321
Increase in valuation allowance		(657)
Undistributed earnings	335,988	335,988
Unrecognized tax benefit in income tax penalties and interest expense		557	1,194	1,704
Unrecognized tax benefits that would impact effective tax rate	554	554	1,181	1,273
Unrecognized tax benefits, period increase (decrease)		194	89	(101)
Unrecognized tax benefits, income tax penalties and interest accrued	91	91	284	373
Goodwill and Intangibles
Income Tax Contingency [Line Items]
Discrete income tax benefit	$ 171,622
Tax amortization period	13 years
2023 Program
Income Tax Contingency [Line Items]
Discrete income tax benefit	$ 170,784
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Income Tax Contingency [Line Items]
Bonus plan compensation expense		$ 13,580	$ (15,782)	95,046
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| DCP, One-Time Inducement
Income Tax Contingency [Line Items]
Bonus plan compensation expense				90,721
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| DCP, One-Time Inducement \| Nonqualified Plan
Income Tax Contingency [Line Items]
Bonus plan compensation expense				$ 90,721

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 269,647
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

Property and Equipment, Net - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Feb. 01, 2022	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 12,368,000	$ 10,706,000	$ 11,217,000
Impairment			0	0	0
Proceeds from sale of aircraft			$ 0	2,380,000	$ 0
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of interest percent		50.00%
Proceeds from sale of aircraft	$ 2,380,000
Gain on disposition of property plant equipment				$ 2,029,000

Accruals and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31,
	2023		2022
CSS deposits	$	284,276	$	201,082
Accrued compensation	43,316		40,296
Accrued benefits	39,983		35,493
Due to customers	16,924		13,720
Accrued realignment costs	12,459		—
Accrued indirect taxes	10,722		9,766
Accrued professional fees	5,970		4,984
Employee stock purchase plan contributions	5,790		5,230
Accrued acquisition stay bonus	4,336		9,135
Non-contingent consideration from acquisitions	3,576		2,434
Accrued cloud provisioning costs	3,572		4,224
Deferred compensation plan liabilities	2,355		2,067
Contingent consideration from acquisitions	—		1,196
Other accrued and current liabilities	24,069		32,421
Total accruals and other current liabilities	$	457,348	$	362,048

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 20,008	$ 20,772	$ 19,425
Variable lease cost	4,594	4,658	4,151
Short-term lease cost	0	16	21
Total operating lease cost	24,602	25,446	23,597
Payments for rent	$ 19,199	$ 20,027	$ 18,636

Retirement Plans - Narrative (Details) - USD ($)		12 Months Ended
Retirement Plans - Narrative (Details) - USD ($)	Jan. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense		$ 13,580,000	$ (15,782,000)	$ 95,046,000
Defined Contribution Plan, Tax Status [Extensible Enumeration]		Nonqualified Plan	Nonqualified Plan	Nonqualified Plan
Qualified Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%	50.00%
Employer discretionary contribution, percent of qualified cash compensation (up to)	6.00%	5.00%
Qualified Plan \| United States
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		$ 5,260,000	$ 4,933,000	$ 4,114,000
Qualified Plan \| Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		13,208,000	11,803,000	10,729,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense		$ 13,580,000	(15,782,000)	95,046,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| DCP, One-Time Inducement
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense				$ 90,721,000
Defined Contribution Plan, Tax Status [Extensible Enumeration]				Nonqualified Plan
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Shares reserved for issuance (in shares)		50,000,000
Shares reserved for future issuance (in shares)		4,421,623
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
DCP participant deferrals		$ 1,765,000	6,580,000	$ 2,619,000
Contributions by employer		$ 0	$ 0	0
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan \| DCP, One-Time Inducement
Defined Contribution Plan Disclosure [Line Items]
Reclassified cumulative compensation cost				4,739,000
Bonus plan compensation expense				90,721,000
Deferred compensation liability				$ 95,460,000
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]
Shares reserved for issuance (in shares)					1,500,000
Reduction in shares outstanding, basic (in shares)					1,500,000
Reduction in shares outstanding, diluted (in shares)					1,500,000
Phantom shares issuable (in shares)		17,364,980	21,587,831

Other (Expense) Income, Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

Other (expense) income, net consists of the following:


	Year Ended December 31,
	2023		2022		2021
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)	$	(5,038)	$	27,083	$	9,770
Foreign exchange (1)	2,497		(9,901)		827

Sale of aircraft (see Note 5)	—		2,029		—

Change in fair value of acquisition contingent consideration (see Note 17)	—		1,427		(550)
Receipts (payments) related to interest rate swap	8,803		1,947		(1,270)
Other (expense) income, net (2)	(13,484)		1,713		1,184
Total other (expense) income, net	$	(7,222)	$	24,298	$	9,961

(2)Other (expense) income, net includes investment impairment and other charges of $(16,988), partially offset by gains on investments of $2,360 for the year ended December 31, 2023 (see Note 7).

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 32,163	$ 37,219
Liabilities:
Acquisition contingent consideration		1,196
Deferred compensation plan liabilities	90,536	79,081
Cash-settled equity awards	781	536
Total liabilities	91,317	80,813
Deferred compensation plan, current	2,355	2,067
Interest Rate Swap
Assets:
Interest rate swap	32,162	37,200
Fair Value, Inputs, Level 1
Assets:
Total assets	1	19
Liabilities:
Acquisition contingent consideration		0
Deferred compensation plan liabilities	90,536	79,081
Cash-settled equity awards	781	536
Total liabilities	91,317	79,617
Fair Value, Inputs, Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Fair Value, Inputs, Level 2
Assets:
Total assets	32,162	37,200
Liabilities:
Acquisition contingent consideration		0
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2 \| Interest Rate Swap
Assets:
Interest rate swap	32,162	37,200
Fair Value, Inputs, Level 3
Assets:
Total assets	0	0
Liabilities:
Acquisition contingent consideration		1,196
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	1,196
Fair Value, Inputs, Level 3 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Money Market Funds
Assets:
Money market funds	1	19
Money Market Funds \| Fair Value, Inputs, Level 1
Assets:
Money market funds	1	19
Money Market Funds \| Fair Value, Inputs, Level 2
Assets:
Money market funds	0	0
Money Market Funds \| Fair Value, Inputs, Level 3
Assets:
Money market funds	$ 0	$ 0

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2023		2022
Land	$	2,811	$	2,811
Building and improvements	31,025		35,717
Computer equipment and software	46,202		54,636
Furniture, fixtures, and equipment	9,799		14,600
Aircraft	2,038		2,038
Other	89		156
Property and equipment, at cost	91,964		109,958
Less: Accumulated depreciation	(51,864)		(77,707)
Total property and equipment, net	$	40,100	$	32,251

Estimated useful lives of property and equipment are as follows:


	Useful Life
Building and improvements	25	years
Computer equipment and software	3	years
Furniture, fixtures, and equipment	5	years
Aircraft	6	years
Automobiles	3	years

Retirement Plans (Tables)

12 Months Ended

Dec. 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:


	December 31,
	2023		2022
Accruals and other current liabilities	$	2,355	$	2,067
Deferred compensation plan liabilities	88,181		77,014
Total DCP liabilities	$	90,536	$	79,081

Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	$ 3,497
Operating loss carryforwards and tax credit carryforwards subject to limitation	201
U.S. State research and development credits	667
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards and tax credit carryforwards subject to limitation	340
Foreign Tax Authority \| Her Majesty's Revenue and Customs (HMRC)
Operating Loss Carryforwards [Line Items]
U.S. State research and development credits	760
Foreign Tax Authority \| Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
U.S. State research and development credits	1,037
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards and tax credit carryforwards subject to limitation	1,530
Operating loss carryforwards, not subject to expiration	$ 6,759

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Keith A. Bentley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Effective November 8, 2023, Keith A. Bentley, Director, adopted a trading plan established pursuant to Rule 10b5‑1 of the Exchange Act, which is intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c), to sell an aggregate of 1,000,000 shares of our Class B common stock through June 30, 2024.
Name	Keith A. Bentley
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 8, 2023
Aggregate Available	1,000,000	1,000,000
Keith A. Bently [Member]
Trading Arrangements, by Individual
Arrangement Duration	235 days

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2020	$	(25,219)	$	(1,014)	$	(26,233)
Other comprehensive (loss) income, before taxes	(65,648)		151		(65,497)
Tax expense	—		(44)		(44)
Other comprehensive (loss) income, net of taxes	(65,648)		107		(65,541)
Balance, December 31, 2021	(90,867)		(907)		(91,774)
Other comprehensive income, before taxes	1,459		820		2,279
Tax expense	—		(245)		(245)
Other comprehensive income, net of taxes	1,459		575		2,034
Balance, December 31, 2022	(89,408)		(332)		(89,740)
Other comprehensive income, before taxes	4,774		68		4,842
Tax expense	—		(89)		(89)
Other comprehensive income (loss), net of taxes	4,774		(21)		4,753
Balance, December 31, 2023	$	(84,634)	$	(353)	$	(84,987)

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 269,647	$ 243,073
Total revenues	1,228,413	1,099,082	$ 965,046
Accounts receivable	302,501	296,376
Contract asset impairment	0	0
Contract with customer, liability, revenue recognized	213,021	204,279
Contract with customer liability additions	237,193	221,126
Unbilled Revenues
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 129,494	$ 113,217
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	8.00%	8.00%	8.00%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 592,737	$ 513,736	$ 412,375
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	546,699	470,359	$ 359,295
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 18,269	$ 17,338

Investments

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:


	December 31,
	2023		2022
Cost method investments	$	21,044	$	22,174
Equity method investments	2,436		96
Total investments	$	23,480	$	22,270

Cost Method Investments

The Company applies the cost method of accounting for its investment in which it does not have the ability to exercise significant influence over operating and financial policies. Under the cost method, the Company records the investment based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations.

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 (expense) income, net in the consolidated statements of operations for the year ended December 31, 2023 (see Note 20). In July 2022, the Company acquired an equity interest in Teralytics Holdings AG (“Teralytics”), a global platform company for human mobility analysis, via contribution of its Streetlytics mobility data business (“Streetlytics”) and cash. The non‑cash contribution of Streetlytics resulted in an insignificant gain, which was recorded in Other (expense) income, net in the consolidated statements of operations for the year ended December 31, 2022 (see Note 20).

The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. During the year ended December 31, 2023, the Company recognized impairment charges of $14,588 to write‑down certain cost method investments to their fair value primarily as a result of the investees’ decline in operating performance and the overall decline in the venture investment valuation environment. The impairment charges included $11,130 to write‑off the Company’s investment in Teralytics. The impairment charges were recorded in Other (expense) income, net in the consolidated statements of operations for the year ended December 31, 2023 (see Note 20). No impairment of investments occurred for the years ended December 31, 2022 or 2021.

During the year ended December 31, 2023, the Company recognized gains on investments of $2,360, which was recorded in Other (expense) income, net in the consolidated statements of operations (see Note 20).

During the year ended December 31, 2023, the Company invested a total of $12,841, including $8,928 of cash and non-cash for its investment in Worldsensing. During the year ended December 31, 2022, the Company invested a total of $15,107, including $11,130 of cash and non-cash for its investment in Teralytics. As of December 31, 2023, the Company’s investment balance in Worldsensing was $8,928. As of December 31, 2023 and 2022, the Company’s investment balance in Teralytics was zero and $11,130, respectively.

Equity Method Investments

The Company applies the equity method of accounting for its investment in which it does have the ability to exercise significant influence over operating and financial policies. Under the equity method, the Company recognizes its initial investment at cost and updates the carrying value of its investment by its proportional share of income or losses from the investment. In addition, the Company decreases the carrying value by any dividends received from the investee. The Company does not otherwise adjust the carrying value to reflect changes to the fair market value of the investment. The Company’s equity method investments in joint ventures are considered related parties.

For the years ended December 31, 2023 and 2022, the Company invested $2,261 and $2,343, respectively. For the years ended December 31, 2023 and 2022, transactions between the Company and its joint ventures were not material to the Company’s consolidated financial statements.

Realignment Costs

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Realignment Costs

During the fourth quarter of 2023, the Company approved a strategic realignment program to better serve the Company’s accounts and to better align resources with the strategy of the business, including reinvestment in go-to-market functions, as well as in AI product development (the “2023 Program”). The Company incurred realignment costs of $12,579 for the year ended December 31, 2023 related to the aforementioned program, which represents termination benefits for colleagues whose roles were impacted. The 2023 Program activities have been broadly implemented across the Company’s various businesses with the intention that substantially all actions, including payment of the termination benefits, will be fully completed by mid‑2024.

Realignment costs by expense classification were as follows:


	Year Ended
	December 31,
	2023
Cost of revenues:
Cost of subscriptions and licenses	$	839
Cost of services	1,246
Total cost of revenues	2,085
Operating expenses:
Research and development	4,995
Selling and marketing	4,012
General and administrative	1,487
Total operating expenses	10,494
Total realignment costs	$	12,579

Accruals and other current liabilities in the consolidated balance sheets included amounts related to the realignment activities as follows:


Balance, December 31, 2022	$	—
Realignment costs	12,579
Payments	(268)
Adjustments (1)	148
Balance, December 31, 2023	$	12,459

(1)Adjustments includes foreign currency translation.

Description of Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Research and development costs capitalized	$ 4,558,000	$ 7,060,000	$ 6,608,000
Research and development costs capitalized, amortization	7,711,000	6,626,000	7,020,000
Impairment charges	$ 1,835,000	$ 0	$ 0
Software and technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	3 years

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 13,416
2025	10,499
2026	8,122
2027	5,635
2028	3,856
Thereafter	6,744
Total future lease payments	48,272
Less: Imputed interest	(6,001)
Total operating lease liabilities	$ 42,271

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

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


	Acquisitions Completed During
	Year Ended December 31,
	2023		2022		2021
Number of acquisitions	3		6		13
Cash paid at closing (1)	$	26,287	$	763,228	$	1,072,820
Cash acquired	(264)		(20,221)		(37,837)
Net cash paid	$	26,023	$	743,007	$	1,034,983

(1)Of the cash paid at closing for the year ended December 31, 2023, $1,000 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 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. On June 17, 2021, the Company completed the acquisition of Seequent, a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management and collaboration, for $883,336 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B common stock. The operating results of the acquired businesses, except for Seequent, 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:


	December 31,
	2023		2022
Accruals and other current liabilities	$	—	$	1,196

Contingent consideration from acquisitions	$	—	$	1,196

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


	December 31,
	2023		2022
Accruals and other current liabilities	$	3,576	$	2,434
Other liabilities	—		2,977
Non-contingent consideration from acquisitions	$	3,576	$	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 two acquisitions completed during the year ended December 31, 2023. 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 years ended December 31, 2023, 2022, and 2021, the Company’s acquisition expenses were $5,879, $11,758, and $20,471, respectively, which include costs related to legal, accounting, valuation, insurance, and other consulting and transaction fees. For the year ended December 31, 2022, $9,804 of the Company’s acquisition expenses related to the acquisition of PLS. For the year ended December 31, 2021, $16,557 and $1,644 of the Company’s acquisition expenses related to the acquisition of Seequent and PLS, respectively.

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 During
	Year Ended December 31,
	2023		2022		2021
Consideration:
Cash paid at closing	$	26,287	$	763,228	$	1,072,820
Shares issued at closing (1)(2)	—		—		182,390
Contingent consideration	—		1,390		4,544
Deferred, non-contingent consideration, net	525		749		10,090
Other	15		(269)		—
Total consideration	$	26,827	$	765,098	$	1,269,844
Assets acquired and liabilities assumed:
Cash	$	264	$	20,221	$	37,837
Accounts receivable and other current assets	1,742		8,890		24,174
Operating lease right-of-use assets	397		1,237		12,095
Property and equipment	—		1,316		4,383

Deferred income taxes	2,151		—		—
Other assets	6		7		874
Software and technology (weighted average useful life of 3, 5, and 5 years, respectively)	3,077		10,608		43,560
Customer relationships (weighted average useful life of 6, 10, and 9 years, respectively)	3,900		82,278		158,555
Trademarks (weighted average useful life of 5, 8 and 10 years, respectively)	1,000		6,972		38,256

In-process research and development	—		—		3,700
Total identifiable assets acquired excluding goodwill	12,537		131,529		323,434
Accruals and other current liabilities	(624)		(4,079)		(27,649)
Deferred revenues	(4,623)		(14,176)		(26,245)
Operating lease liabilities	(397)		(1,237)		(11,988)
Deferred income taxes	—		(5,745)		(53,342)
Other liabilities	—		—		(716)
Total liabilities assumed	(5,644)		(25,237)		(119,940)
Net identifiable assets acquired excluding goodwill	6,893		106,292		203,494
Goodwill	19,934		658,806		1,066,350
Net assets acquired	$	26,827	$	765,098	$	1,269,844

(1)Of the total 3,141,342 shares issued at closing, 83,627 shares are subject to forfeiture if post‑closing employment service conditions are not met and accordingly were recorded as stock‑based compensation expense over the related forfeiture period of two years.

(2)A fair value adjustment of $16,943 was applied to the stock consideration due to restrictions on the transfer of securities.

The Company allocates the purchase price for each acquisition to the net tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the respective acquisition date, with the exception of deferred revenues which are recognized and measured on the acquisition date in accordance with the Company’s revenue recognition policies in Note 3. The fair values of the working capital, other assets (liabilities), and property and equipment approximated their respective carrying values as of the acquisition date. 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 is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date, as well as contingent and non‑contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that the Company is within the measurement period (up to one year from the acquisition date) and that the Company continues to collect information to determine estimated fair value. Subsequent to the measurement period or the Company’s final determination of estimated fair value, whichever comes first, adjustments are recorded in the consolidated statements of operations.

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 $9,771 of the goodwill recorded relating to the 2023 acquisitions will be deductible for income tax purposes.

Unaudited Pro Forma Financial Information

Had the acquisition of Seequent been made at the beginning of 2020, unaudited pro forma total revenues for the year ended December 31, 2021 would have been $1,017,975. Net income, net income per share, basic, and net income per share, diluted for the year ended December 31, 2021 would not have been materially different than the amounts reported primarily due to the pro forma adjustments to reflect the amortization of purchased intangibles and the cost to finance the transaction, net of the related tax effects.

The unaudited pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2020. The unaudited pro forma financial information combines the historical results of the Company, the adjusted historical results of Seequent considering the date the Company completed the acquisition of Seequent, and the effects of the pro forma adjustments described above.

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Gross Carrying Amount	$ 484,195	$ 485,707
Accumulated Amortization	(235,408)	(193,436)
Net Book Value	$ 248,787	292,271
Software and technology
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Gross Carrying Amount	$ 89,693	92,390
Accumulated Amortization	(59,045)	(51,938)
Net Book Value	$ 30,648	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	$ 323,442	323,164
Accumulated Amortization	(142,378)	(114,387)
Net Book Value	$ 181,064	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	$ 70,710	69,803
Accumulated Amortization	(33,709)	(26,904)
Net Book Value	$ 37,001	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	(276)	(207)
Net Book Value	$ 74	$ 143

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock‑based compensation expense consists of the following:


	Year Ended December 31,
	2023		2022		2021
Restricted stock and restricted stock units (“RSUs”) expense	$	54,606	$	40,754	$	19,917
Bonus Plan expense (see Note 11)	14,801		28,571		23,121
ESPP expense (see Note 13)	2,407		2,890		2,118
Stock grants expense	600		450		445
Stock option expense	343		2,150		3,271
DCP elective participant deferrals expense (1) (see Note 12)	215		391		173
Total stock-based compensation expense (2)	$	72,972	$	75,206	$	49,045

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

(2)As of December 31, 2023 and 2022, $4,043 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:


	Year Ended December 31,
	2023		2022		2021
Cost of subscriptions and licenses	$	4,444	$	2,781	$	1,442
Cost of services	3,196		2,055		1,257
Research and development	19,380		27,209		19,740
Selling and marketing	11,565		8,898		5,980
General and administrative	34,387		34,263		20,626
Total stock-based compensation expense	$	72,972	$	75,206	$	49,045

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.

The fair value of the common stock during periods prior to the IPO was determined by the Board of Directors at each award grant date based upon a variety of factors, including the results obtained from independent third‑party valuations, the Company’s financial condition, and historical financial performance.

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 growth targets, which include growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. Performance targets are generally set for performance periods of one year to three years. The fair value of restricted stock and RSUs is determined by the product of the number of shares granted and the Company’s common stock price on the grant date.

Shares of restricted stock have voting rights and, subject to the terms of the award agreements, the time‑based restricted stock awards generally accrue declared dividends which are paid upon vesting. RSUs, which may be cash or share‑settled depending on the award, do not have voting rights, but, subject to the terms of the award agreements, generally accrue declared dividends which are paid upon vesting. Beginning with the April 2021 grant, time‑based RSUs have dividend equivalent rights and do not accrue cash dividends. Certain historical RSUs granted in 2016 under the Company’s amended and restated 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”) have dividend equivalent rights and do not accrue cash dividends. Recipients of the Company’s outstanding performance‑based restricted stock awards and RSUs are paid dividends prior to vesting.

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	1,467,585	(1)	1,268,939		198,646	(5)	42.79		39.14
Vested	(997,938)		(840,778)		(157,160)		35.36		38.20
Forfeited and canceled	(234,649)		(196,031)		(38,618)		34.02		33.59
Unvested, December 31, 2023	3,303,849	(2)	2,938,208		365,641		$	39.87	$	39.21

(1)For the year ended December 31, 2023, the Company only granted RSUs.

(2)Includes 55,905 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.

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 OI w/SBC margin, excluding the impact of foreign 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 2023 Adjusted OI w/SBC margin target, excluding the impact of foreign currency exchange fluctuations, and the 2022 Adjusted EBITDA margin target for the performance-based RSUs were 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 years ended December 31, 2023, 2022, and 2021, 1,562, 10,888, and 10,864 shares, respectively, were delivered to colleagues, and 36, 30, and 45 additional shares, respectively, were earned as a result of dividends. As of December 31, 2023, 2022, and 2021, 7,837, 9,363, and 20,221 shares, respectively, of these vested and deferred RSUs remained outstanding.

The weighted average grant date fair values of RSUs granted were $42.29, $38.18, and $52.48 for the years ended December 31, 2023, 2022, and 2021, respectively.

For the years ended December 31, 2023, 2022, and 2021, restricted stock and RSUs were issued net of 161,841, 112,698, and 125,825 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $7,299, $4,491, and $7,293, respectively.

As of December 31, 2023, there was $82,891 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 1.7 years. As of December 31, 2023, there was $2,609 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 1.0 years.

Stock Grants

Under the equity incentive plans, the Company may grant unrestricted, fully vested shares of Class B common stock. The fair value of stock grants is determined by the product of the number of fully vested Class B common stock granted and the Company’s common stock price on the grant date. The total expense related to stock grants is recognized on the grant date as the issued awards are fully vested.

For the years ended December 31, 2023, 2022, and 2021, the Company granted 12,639, 13,632, and 7,824 fully vested shares of Class B common stock, respectively.

Stock Options

The fair value of each stock option award was estimated on the date of grant using the Black‑Scholes option pricing model. Stock options generally vest ratably on each of the first four anniversaries of the grant date. The Company did not grant stock options during the years ended December 31, 2023, 2022, and 2021.

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	(2,860,586)	5.52
Forfeited and expired	(17,500)	5.68
Outstanding, December 31, 2023	916,429	$	5.74	0.2	$	42,559
Exercisable, December 31, 2023	916,429	$	5.74	0.2	$	42,559

For the years ended December 31, 2023, 2022, and 2021, the Company received cash proceeds of $11,715, $8,338, and $5,605, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the years ended December 31, 2023, 2022, and 2021 was $112,025, $101,643, and $270,614, respectively.

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

Acquisition Options

In addition to stock options granted under the Company’s equity incentive plans, in connection with an acquisition completed in March 2018, the Company issued to certain selling shareholder entities options to acquire an aggregate of up to 900,000 shares of Class B common stock. As of December 31, 2020, the Company fully recognized the stock‑based compensation expense associated with these options. During the year ended December 31, 2022, 900,000 options were exercised. No acquisition options remain outstanding as of December 31, 2022.

ESPP

The ESPP is considered a compensatory plan as it provides eligible colleagues an option to purchase shares of the Company’s Class B common stock for 85% of the lower of the price of the first day of the offering period or the last day of the offering period (i.e., the purchase date).

The fair value of each purchase right under the ESPP was calculated as the sum of its components, which includes the discount, a six‑month call option, and a six‑month put option. The call and put options were valued using the Black‑Scholes option pricing model. Stock‑based compensation expense is recognized ratably over the respective offering period.

Equity Incentive Plans

The Company’s 2020 Incentive Award Plan provides for the granting of stock, stock options, restricted stock, RSUs, and other stock‑based or performance‑based awards to certain directors, officers, colleagues, consultants, and advisors of the Company, and terminates in September 2030. The 2020 Incentive Award Plan provides that 25,000,000 shares of Class B common stock may be issued for equity awards. Equity awards that are expired, canceled, forfeited, or terminated for any reason will be available for future grant under the 2020 Incentive Award Plan. As of December 31, 2023, equity awards available for future grants under the 2020 Incentive Award Plan were 20,946,599.

The Company also has equity awards outstanding under the 2015 Equity Incentive Plan, which terminates in November 2024. Following the completion of the IPO, no further awards may be granted under the 2015 Equity Incentive Plan.

Description of Business and Summary of Significant Accounting Policies - Rollforward of Accounts Receivable Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 9,303	$ 6,541
Additions to reserve	6,651	5,549
Write-offs, net of recoveries	(7,106)	(2,317)
Foreign currency translation adjustments	117	(470)
Balance, end of year	$ 8,965	$ 9,303

Income Taxes - Unrecognized Tax Benefits Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 910	$ 1,331	$ 1,223
Increases for tax positions of prior years	12	0	160
Decreases for tax positions of prior years	(9)	(121)	(42)
Increases for tax positions related to the current year	0	0	0
Decreases relating to settlements with taxing authorities	0	(35)	0
Reductions as a result of lapse of the statute of limitations	(447)	(265)	(10)
Gross unrecognized tax benefits, end of year	$ 466	$ 910	$ 1,331

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Type and Location

The Company’s revenues consist of the following:


	Year Ended December 31,
	2023		2022		2021
Subscriptions:
Enterprise subscriptions (1)	$	433,321	$	345,678	$	290,097
SELECT subscriptions	258,288		264,308		269,283
Term license subscriptions	388,698		350,234		253,427
Subscriptions	1,080,307		960,220		812,807
Perpetual licenses	46,038		43,377		53,080
Subscriptions and licenses	1,126,345		1,003,597		865,887
Services:
Recurring	16,370		17,804		21,343
Other	85,698		77,681		77,816
Services	102,068		95,485		99,159
Total revenues	$	1,228,413	$	1,099,082	$	965,046

(1)Enterprise subscriptions includes revenue attributable to E365 subscriptions of $411,025, $306,901, and $223,293 for the years ended December 31, 2023, 2022, and 2021, respectively.

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


	Year Ended December 31,
	2023		2022		2021
Americas (1)	$	650,926	$	584,794	$	483,087
EMEA	353,550		312,804		300,123
APAC	223,937		201,484		181,836
Total revenues	$	1,228,413	$	1,099,082	$	965,046

Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Unrecognized compensation cost	$ 0
Shares exercised (in shares)		900,000
Percent discount from market price, offering date	85.00%
Measurement Input, Call Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input	6 months
Measurement Input, Put Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input	6 months
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)	36	30	45
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	$ 2,609,000
Cost not yet recognized, period for recognition	1 year
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)	1,562	10,888	10,864
Shares outstanding (in shares)	7,837	9,363	20,221
Restricted Stock And Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 42.29	$ 38.18	$ 52.48
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)	1,467,585
Shares outstanding (in shares)	3,303,849	3,068,851
Shares withheld for tax withholding obligation (in shares)	161,841	112,698	125,825
Share-based compensation tax withholding payment	$ 7,299,000	$ 4,491,000	$ 7,293,000
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)	1,268,939
Shares outstanding (in shares)	2,938,208	2,706,078
Grant date fair value (USD per share)	$ 42.79
Unrecognized compensation cost, excluding options	$ 82,891,000
Cost not yet recognized, period for recognition	1 year 8 months 12 days
Class B Common Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)	12,639	13,632	7,824
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised, intrinsic value	$ 112,025,000	$ 101,643,000	$ 270,614,000
Stock Option \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 11,715,000	$ 8,338,000	$ 5,605,000
Shares exercised (in shares)	2,860,586
Shares outstanding (in shares)	916,429	3,794,515
Class B Common Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	25,000,000
Number of shares available (in shares)	20,946,599
Class B Common Stock \| Stock Option \| Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)				900,000
Shares outstanding (in shares)		0
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

Realignment Costs - Realignment Activities Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Postemployment Benefits [Roll Forward]
Realignment costs, beginning balance	$ 0
Realignment costs	12,579
Payments	(268)
Adjustments	148
Realignment costs, beginning balance	$ 12,459

Long‑Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:


	December 31,
	2023		2022
Credit facility:
Revolving loan facility due November 2025	$	92,028	$	345,597
Term loan due November 2025	190,000		195,000
2026 Notes	687,830		687,830
2027 Notes	575,000		575,000
Unamortized debt issuance costs	(16,455)		(22,731)
Total debt	1,528,403		1,780,696
Less: Current portion of long-term debt	(10,000)		(5,000)
Long-term debt	$	1,518,403	$	1,775,696

Schedule of Interest Expense

Interest expense, net consists of the following:


	Year Ended December 31,
	2023		2022		2021
Contractual interest expense	$	(34,973)	$	(26,275)	$	(5,464)
Amortization and write-off of deferred debt issuance costs	(7,291)		(7,291)		(5,955)
Other interest income (expense)	933		(1,490)		(108)
Interest income	1,538		421		306
Interest expense, net	$	(39,793)	$	(34,635)	$	(11,221)

Schedule of Maturities of Long-term Debt

Scheduled maturities of long‑term debt are as follows:


	December 31, 2023
2024	$	10,000
2025	272,028
2026	687,830
2027	575,000


Total scheduled maturities of long-term debt	$	1,544,858

- 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

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 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
	Year Ended December 31,
	2023		2022		2021
Number of acquisitions	3		6		13
Cash paid at closing (1)	$	26,287	$	763,228	$	1,072,820
Cash acquired	(264)		(20,221)		(37,837)
Net cash paid	$	26,023	$	743,007	$	1,034,983

(1)Of the cash paid at closing for the year ended December 31, 2023, $1,000 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:


	December 31,
	2023		2022
Accruals and other current liabilities	$	—	$	1,196

Contingent consideration from acquisitions	$	—	$	1,196

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


	December 31,
	2023		2022
Accruals and other current liabilities	$	3,576	$	2,434
Other liabilities	—		2,977
Non-contingent consideration from acquisitions	$	3,576	$	5,411

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed During
	Year Ended December 31,
	2023		2022		2021
Consideration:
Cash paid at closing	$	26,287	$	763,228	$	1,072,820
Shares issued at closing (1)(2)	—		—		182,390
Contingent consideration	—		1,390		4,544
Deferred, non-contingent consideration, net	525		749		10,090
Other	15		(269)		—
Total consideration	$	26,827	$	765,098	$	1,269,844
Assets acquired and liabilities assumed:
Cash	$	264	$	20,221	$	37,837
Accounts receivable and other current assets	1,742		8,890		24,174
Operating lease right-of-use assets	397		1,237		12,095
Property and equipment	—		1,316		4,383

Deferred income taxes	2,151		—		—
Other assets	6		7		874
Software and technology (weighted average useful life of 3, 5, and 5 years, respectively)	3,077		10,608		43,560
Customer relationships (weighted average useful life of 6, 10, and 9 years, respectively)	3,900		82,278		158,555
Trademarks (weighted average useful life of 5, 8 and 10 years, respectively)	1,000		6,972		38,256

In-process research and development	—		—		3,700
Total identifiable assets acquired excluding goodwill	12,537		131,529		323,434
Accruals and other current liabilities	(624)		(4,079)		(27,649)
Deferred revenues	(4,623)		(14,176)		(26,245)
Operating lease liabilities	(397)		(1,237)		(11,988)
Deferred income taxes	—		(5,745)		(53,342)
Other liabilities	—		—		(716)
Total liabilities assumed	(5,644)		(25,237)		(119,940)
Net identifiable assets acquired excluding goodwill	6,893		106,292		203,494
Goodwill	19,934		658,806		1,066,350
Net assets acquired	$	26,827	$	765,098	$	1,269,844

(2)A fair value adjustment of $16,943 was applied to the stock consideration due to restrictions on the transfer of securities.

Geographic Data (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 327,363	$ 364,771
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	272,492	164,729
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	40,411	32,372
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 14,460	$ 167,670

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 46,582
2025	43,494
2026	35,125
2027	27,972
2028	27,276
Thereafter	68,338
Net Book Value	$ 248,787	$ 292,271

Long‑Term Debt - Narrative (Details)								3 Months Ended		12 Months Ended			22 Months Ended
Long‑Term Debt - Narrative (Details)	Dec. 22, 2021 USD ($)	Jun. 28, 2021 USD ($) share_rate day $ / shares	Jun. 23, 2021 $ / shares	Jan. 26, 2021 USD ($) share_rate day $ / shares	Jan. 25, 2021 USD ($)	Jan. 21, 2021 $ / shares	Apr. 02, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jun. 23, 2023
Debt Instrument [Line Items]
Total debt								$ 1,528,403,000	$ 1,780,696,000	$ 1,528,403,000	$ 1,780,696,000		$ 1,528,403,000
Payments of debt issuance costs										0	0	$ 5,643,000
Term of contract							10 years
Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount							$ 200,000,000
Fixed interest rate														0.729%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Basis spread on variable rate														0.11448%
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity								757,822,000	504,253,000	757,822,000	$ 504,253,000		757,822,000
Two Thousand Twenty Six Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 690,000,000
Debt instrument, interest rate, stated percentage				0.125%
Payments of debt issuance costs				$ 18,055,000
Payments of stock issuance costs				25,530,000
Repayment of credit facility				$ 250,500,000
Repayments of senior debt								1,998,000	1,998,000
Extinguishment of debt								2,170,000	2,170,000
Debt instrument, convertible, threshold percentage of stock price trigger				130.00%
Debt instrument, convertible, threshold trading days \| day				20
Debt instrument, convertible, threshold consecutive trading days \| day				30
Debt instrument, redemption price, percentage				98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| share_rate				15.5925
Debt instrument, convertible, conversion price (USD per share) \| $ / shares				$ 64.13
Number of trading days after maturity date, debt redeemable				40 days
Effective interest rate				0.658%
Capped call options expense				$ 150,000
Capped call transaction, cap price (USD per share) \| $ / shares						$ 72.9795
Capped call, premium above share price, percentage						65.00%
Two Thousand Twenty Six Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day				20
Debt instrument, convertible, threshold consecutive trading days \| day				30
Two Thousand Twenty Six Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days \| day				5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days \| day				10
Two Thousand Twenty Six Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares				$ 44.23
Two Thousand Twenty Six Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| share_rate				22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares				$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding				25.00%
Two Thousand Twenty Seven Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 575,000,000
Debt instrument, interest rate, stated percentage		0.375%
Payments of debt issuance costs		$ 15,065,000
Payments of stock issuance costs		25,875,000
Repayment of credit facility		$ 536,062,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Debt instrument, redemption price, percentage		98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| share_rate		12.0153
Debt instrument, convertible, conversion price (USD per share) \| $ / shares		$ 83.23
Number of trading days after maturity date, debt redeemable		40 days
Effective interest rate		0.864%
Capped call options expense		$ 50,000
Capped call transaction, cap price (USD per share) \| $ / shares			$ 95.5575
Capped call, premium above share price, percentage			55.00%
Two Thousand Twenty Seven Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Two Thousand Twenty Seven Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days \| day		5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days \| day		10
Two Thousand Twenty Seven Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 61.65
Two Thousand Twenty Seven Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| share_rate		16.2206
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 325.00
Debt covenant, percent of note holders threshold by amount of principal outstanding		25.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit								200,000,000		200,000,000			200,000,000
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Borrowings guaranteed through stock of foreign subsidiaries percentage	0.65
Revolving Credit Facility \| New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								850,000,000		$ 850,000,000			850,000,000
Write off of unamortized debt issuance costs					$ 353,000
Capitalization of professional fees					$ 3,577,000
Debt covenant, cross-defaults of other debt threshold	$ 50,000,000
Debt covenant, judgment defaults threshold	$ 10,000,000
Weighted average interest rate over time										7.13%	3.84%	2.03%
Letter of Credit \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								50,000,000		$ 50,000,000			50,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								85,000,000		85,000,000			85,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.035%
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Secured Debt \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt issuance costs								540,000		540,000			540,000
Secured Debt \| March 31,2022 - December 31, 2023 \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Repayments of term loan per quarter													1,250,000
Secured Debt \| March 31, 2024 - November 14, 2025 \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Repayments of term loan per quarter													2,500,000
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Total debt								$ 150,000	$ 150,000	$ 150,000	$ 150,000		$ 150,000
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Overnight Bank Funding Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.20%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.30%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Overnight Bank Funding Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Realignment Costs - Schedule of Realignment Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Postemployment Benefits [Line Items]
Realignment costs	$ 12,579
Cost of revenues:
Postemployment Benefits [Line Items]
Realignment costs	2,085
Cost of revenues: \| Subscriptions and licenses
Postemployment Benefits [Line Items]
Realignment costs	839
Cost of revenues: \| Services
Postemployment Benefits [Line Items]
Realignment costs	1,246
Research and development
Postemployment Benefits [Line Items]
Realignment costs	4,995
Selling and marketing
Postemployment Benefits [Line Items]
Realignment costs	4,012
General and administrative
Postemployment Benefits [Line Items]
Realignment costs	1,487
Total operating expenses
Postemployment Benefits [Line Items]
Realignment costs	$ 10,494

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 0	$ 1,196
Accruals and other current liabilities	3,576	2,434
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	0	1,196
Contingent consideration from acquisitions	0	1,196
Accruals and other current liabilities	3,576	2,434
Other liabilities	0	2,977
Non-contingent consideration from acquisitions	$ 3,576	$ 5,411

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023‑07”), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how the Company’s CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023‑07 is effective for the Company for the annual reporting period beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of the adoption of ASU 2023‑07 on its consolidated financial statements and related disclosures. Recently Adopted Accounting Guidance In March 2020, the FASB issued 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 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 adopted these ASUs during the second quarter of 2023 (see Note 10) and the adoption did not have a material impact on the Company’s consolidated financial statements.

- 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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Reference 2: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (12,899)	$ (2,307)	$ 770
State	(2,567)	(1,387)	163
Foreign	(40,171)	(22,715)	(17,230)
Current income taxes	(55,637)	(26,409)	(16,297)
Deferred:
Federal	134,516	3,547	15,182
State	29,514	60	3,660
Foreign	34,848	1,519	903
Deferred income taxes	198,878	5,126	19,745
Benefit (provision) for income taxes	$ 143,241	$ (21,283)	$ 3,448

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 457,348	$ 362,048
Deferred compensation plan liabilities	88,181	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	2,355	2,067
Deferred compensation plan liabilities	88,181	77,014
Total DCP liabilities	$ 90,536	$ 79,081

Long‑Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long‑term debt consists of the following:


	December 31,
	2023		2022
Credit facility:
Revolving loan facility due November 2025	$	92,028	$	345,597
Term loan due November 2025	190,000		195,000
2026 Notes	687,830		687,830
2027 Notes	575,000		575,000
Unamortized debt issuance costs	(16,455)		(22,731)
Total debt	1,528,403		1,780,696
Less: Current portion of long-term debt	(10,000)		(5,000)
Long-term debt	$	1,518,403	$	1,775,696

Credit Facility

The Company has a Credit Facility which provides for an $850,000 senior secured revolving loan facility that matures on November 15, 2025. The Credit Facility also provides up to $50,000 of letters of credit and other borrowings subject to availability, including an $85,000 U.S. dollar swingline sub‑facility and a $200,000 incremental “accordion” sub‑facility. Debt issuance costs are amortized to interest expense through the maturity date.

When the Company amended the Credit Facility on January 25, 2021, to increase the senior secured revolving loan facility and extend the maturity date, the Company performed an extinguishment versus modification assessment on a lender‑by‑lender basis resulting in the write‑off of unamortized debt issuance costs of $353 and the capitalization of fees paid to lenders and third parties of $3,577.

On December 22, 2021, the Company amended the Credit Facility to provide for a $200,000 senior secured term loan with a maturity of November 15, 2025 (the “Term Loan”). The Term Loan requires principal repayment at the end of each calendar quarter. Beginning with March 31, 2022 and ending with December 31, 2023, the Company was required to repay $1,250 per quarter. Beginning with March 31, 2024 and ending with the last such date prior to the maturity date, the Company is required to repay $2,500 per quarter. The Company incurred $540 of debt issuance costs related to the Term Loan. The Company used borrowings under the Term Loan to pay down borrowings under the swingline sub‑facility and revolving loan facility under the Credit Facility.

The Company had $150 of letters of credit and surety bonds outstanding as of December 31, 2023 and 2022 under the Credit Facility. As of December 31, 2023 and 2022, the Company had $757,822 and $504,253, respectively, available under the Credit Facility.

Effective June 23, 2023, the Company amended the Credit Facility to replace the referenced interest rate based on LIBOR with SOFR.

Revolving loan borrowings under the Credit Facility bear interest at variable rates that reset every one, three, or six months depending on the period selected by the Company. Under the Term SOFR elections, revolving loan borrowings bear an interest rate of the applicable term SOFR rate plus 10 bps, plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio. Under the non‑Term SOFR elections, revolving loan borrowings bear a base interest rate of the highest of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) the applicable term SOFR rate plus 10 bps, plus a spread ranging from 25 bps to 125 bps as determined by the Company’s net leverage ratio.

Swingline borrowings under the Credit Facility bear interest that resets daily. Interest on U.S. dollar swingline borrowings bear an interest rate of the daily simple SOFR rate plus 3.5 bps, plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio. The Company cannot make optional currency swingline borrowings without the consent of the applicable swingline lender.

Term loan borrowings under the Credit Facility bear interest at variable rates that reset every one, three, or six months depending on the period selected by the Company. Under the Term SOFR elections, term loan borrowings bear an interest rate of the applicable term SOFR rate plus 10 bps, plus a spread ranging from 100 bps to 200 bps as determined by the Company’s net leverage ratio. Under the non‑Term SOFR elections, term loan borrowings bear a base interest rate of the highest of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) the applicable term SOFR rate plus 10 bps, plus a spread ranging from 0 bps to 100 bps as determined by the Company’s net leverage ratio.

In addition, a commitment fee for the unused Credit Facility ranges from 20 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s material first tier domestic subsidiaries and are secured by a first priority security interest in substantially all of the Company’s and the guarantors’ U.S. assets and 65% of the stock of their directly owned foreign subsidiaries.

The agreement governing the Credit Facility contains customary positive and negative covenants, including restrictions on our ability to pay dividends and make other restricted payments, as well as events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenants defaults, cross-defaults to certain other indebtedness in excess of $50,000, certain events of bankruptcy and insolvency, judgment defaults in excess of $10,000, failure of any security document supporting the Credit Facility to be in full force and effect, and a change of control. The Credit Facility also contains customary financial covenants, including maximum net leverage ratio. As of December 31, 2023 and 2022, the Company was in compliance with all covenants in its Credit Facility.

Voluntary prepayments of amounts outstanding under the Credit Facility, in whole or in part, are permitted at any time, so long as the Company gives notice as required by the Credit Facility. However, if prepayment is made with respect to a SOFR‑based loan and the prepayment is made on a date other than an interest payment date, the Company is subject to customary breakage costs.

Convertible Senior Notes

2026 Notes

On January 26, 2021, the Company completed a private offering of $690,000 of 0.125% convertible senior notes due 2026. The 2026 Notes were issued pursuant to an indenture, dated as of January 26, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2026 Trustee”) (the “2026 Indenture”). Interest will accrue from January 26, 2021 and will be payable semi‑annually in arrears in cash on January 15 and July 15 of each year, with the first payment due on July 15, 2021. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased. The Company incurred $18,055 of expenses in connection with the 2026 Notes offering consisting of transaction costs. The Company used $25,530 of the net proceeds from the sale of the 2026 Notes to pay the premiums of the capped call options described further below, and approximately $250,500 to repay outstanding indebtedness under the Credit Facility and to pay related fees and expenses. The Company used the remainder of the net proceeds from the sale of the 2026 Notes for general corporate purposes and towards funding certain acquisitions, including Seequent (see Note 4).

During the fourth quarter of 2022, the Company paid $1,998 in cash to repurchase $2,170 aggregate principal amount of its outstanding 2026 Notes through open market transactions resulting in an insignificant gain, which was recorded in Other (expense) income, net in the consolidated statements of operations for the year ended December 31, 2022. The 2026 Notes were repurchased under the Company’s Repurchase Program authorization (see Note 13).

Prior to October 15, 2025, the 2026 Notes will be convertible at the option of the holder only under the following circumstances: (1) during any calendar quarter (and only during such quarter) commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price per share of the Company’s Class B common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any ten consecutive trading day period (such ten consecutive trading day period, the “measurement period”) in which the trading price per $1 principal amount of 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s Class B common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s Class B common stock, as described in the 2026 Indenture; and (4) if the Company calls the 2026 Notes for redemption. On or after October 15, 2025 until 5:00 p.m., New York City time, on the second scheduled trading day immediately before the maturity date, the 2026 Notes will be convertible at the option of the holder at any time.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of the Company’s Class B common stock, or a combination of cash and shares of the Company’s Class B common stock, at the Company’s election, based on the applicable conversion rate. The initial conversion rate is 15.5925 shares of the Company’s Class B common stock per $1 principal amount of 2026 Notes, which represents an initial conversion price of approximately $64.13 per share, and is subject to adjustment as described in the 2026 Indenture. If a “make-whole fundamental change” (as defined in the 2026 Indenture) occurs, then the Company will, in certain circumstances, increase the conversion rate for a specified period of time.

The Company will have the option to redeem the 2026 Notes in whole or in part at any time on or after January 20, 2024 and on or before the 40th scheduled trading day immediately before the maturity date if the last reported sale price per share of the Company’s Class B common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. The redemption price will be equal to the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Upon a fundamental change (as defined in the 2026 Indenture), holders may, subject to certain exceptions, require the Company to purchase their 2026 Notes in whole or in part for cash at a price equal to the principal amount of the 2026 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date (as defined in the 2026 Indenture). In addition, upon a Make‑Whole Fundamental Change (as defined in the 2026 Indenture), the Company will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its 2026 Notes in connection with such Make‑Whole Fundamental Change. No adjustment to the conversion rate will be made if the stock price in such Make‑Whole Fundamental Change is either less than $44.23 per share or greater than $210.00 per share. The Company will not increase the conversion rate to an amount that exceeds 22.6090 shares per $1 principal amount of 2026 Notes, subject to adjustment. The 2026 Indenture also contains a customary merger covenant.

Under the 2026 Indenture, the 2026 Notes may be accelerated upon the occurrence of certain customary events of default. If certain bankruptcy and insolvency‑related events of default with respect to the Company occur, the principal of, and accrued and unpaid interest on, all of the then outstanding 2026 Notes shall automatically become due and payable. If any other event of default occurs and is continuing, the 2026 Trustee by notice to the Company, or the holders of the 2026 Notes of at least 25% in principal amount of the outstanding 2026 Notes by notice to the Company and the 2026 Trustee, may declare the principal of, and accrued and unpaid interest on, all of the then outstanding 2026 Notes to be due and payable. Notwithstanding the foregoing, the 2026 Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with reporting covenant in the 2026 Indenture consists exclusively of the right to receive additional interest on the 2026 Notes.

The 2026 Notes were accounted for as debt, with no bifurcation of the embedded conversion feature. Transaction costs were recorded as a direct deduction from the related debt liability in the consolidated balance sheets and are amortized to interest expense over the term of the 2026 Notes. The effective interest rate for the 2026 Notes is 0.658%.

As of December 31, 2023, none of the conditions of the 2026 Notes to early convert has been met.

The 2026 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2026 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2027 Notes, refer to the section titled “2027 Notes” below), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2026 Notes contain both affirmative and negative covenants. As of December 31, 2023 and 2022, the Company was in compliance with all covenants in the 2026 Notes.

Capped Call Options — In connection with the pricing of the 2026 Notes, the Company entered into capped call options with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The Company incurred $150 of expenses in connection with the capped call options. The capped call options are expected to reduce potential dilution to the Company’s Class B common stock upon any conversion of 2026 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call options is initially $72.9795 per share, which represents a premium of 65% above the last reported sale price per share of the Company’s Class B common stock on the Nasdaq Global Select Market on January 21, 2021 and is subject to customary adjustments under the terms of the capped call options.

The capped call options were entered into in conjunction with the issuance of the 2026 Notes, however, they are legally separate agreements that can be separately exercised, with the receipt of shares under the capped call options having no effect on the 2026 Notes, and are legally detachable. As the capped call options are both legally detachable and separately exercisable from the 2026 Notes, the Company accounts for the capped call options separately from the 2026 Notes. The capped call options are indexed to the Company’s own common stock and classified in stockholders’ equity. As such, the premiums paid for the capped call options were included as a net reduction to Additional paid-in capital in the consolidated balance sheets as of December 31, 2021.

2027 Notes

On June 28, 2021, the Company completed a private offering of $575,000 of 0.375% convertible senior notes due 2027. The 2027 Notes were issued pursuant to an indenture, dated as of June 28, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2027 Trustee”) (the “2027 Indenture”). Interest will accrue from June 28, 2021 and will be payable semi‑annually in arrears in cash on January 1 and July 1 of each year, with the first payment due on January 1, 2022. The 2027 Notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased. The Company incurred $15,065 of expenses in connection with the 2027 Notes offering consisting of transaction costs. The Company used $25,875 of the net proceeds from the sale of the 2027 Notes to pay the premiums of the capped call options described further below, and $536,062 to repay outstanding indebtedness under the Credit Facility and to pay related fees and expenses.

Prior to April 1, 2027, the 2027 Notes will be convertible at the option of the holder only under the following circumstances: (1) during any calendar quarter (and only during such quarter) commencing after the calendar quarter ending on September 30, 2021, if the last reported sale price per share of the Company’s Class B common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any ten consecutive trading day period (such ten consecutive trading day period, the “measurement period”) in which the trading price per $1 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s Class B common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s Class B common stock, as described in the 2027 Indenture; and (4) if the Company calls the 2027 Notes for redemption. On or after April 1, 2027 until 5:00 p.m., New York City time, on the second scheduled trading day immediately before the maturity date, the 2027 Notes will be convertible at the option of the holder at any time.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of the Company’s Class B common stock, or a combination of cash and shares of the Company’s Class B common stock, at the Company’s election, based on the applicable conversion rate. The initial conversion rate is 12.0153 shares of the Company’s Class B common stock per $1 principal amount of 2027 Notes, which represents an initial conversion price of approximately $83.23 per share, and is subject to adjustment as described in the 2027 Indenture. If a “make-whole fundamental change” (as defined in the 2027 Indenture) occurs, then the Company will, in certain circumstances, increase the conversion rate for a specified period of time.

The Company will have the option to redeem the 2027 Notes in whole or in part at any time on or after July 5, 2024 and on or before the 40th scheduled trading day immediately before the maturity date if the last reported sale price per share of the Company’s Class B common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. The redemption price will be equal to the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Upon a fundamental change (as defined in the 2027 Indenture), holders may, subject to certain exceptions, require the Company to purchase their 2027 Notes in whole or in part for cash at a price equal to the principal amount of the 2027 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date (as defined in the 2027 Indenture). In addition, upon a Make‑Whole Fundamental Change (as defined in the 2027 Indenture), the Company will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its 2027 Notes in connection with such Make‑Whole Fundamental Change. No adjustment to the conversion rate will be made if the stock price in such Make‑Whole Fundamental Change is either less than $61.65 per share or greater than $325.00 per share. The Company will not increase the conversion rate to an amount that exceeds 16.2206 shares per $1 principal amount of 2027 Notes, subject to adjustment. The 2027 Indenture also contains a customary merger covenant.

Under the 2027 Indenture, the 2027 Notes may be accelerated upon the occurrence of certain customary events of default. If certain bankruptcy and insolvency‑related events of default with respect to the Company occur, the principal of, and accrued and unpaid interest on, all of the then outstanding 2027 Notes shall automatically become due and payable. If any other event of default occurs and is continuing, the 2027 Trustee by notice to the Company, or the holders of the 2027 Notes of at least 25% in principal amount of the outstanding 2027 Notes by notice to the Company and the 2027 Trustee, may declare the principal of, and accrued and unpaid interest on, all of the then outstanding 2027 Notes to be due and payable. Notwithstanding the foregoing, the 2027 Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with reporting covenant in the 2027 Indenture consists exclusively of the right to receive additional interest on the 2027 Notes.

The 2027 Notes were accounted for as debt, with no bifurcation of the embedded conversion feature. Transaction costs were recorded as a direct deduction from the related debt liability in the consolidated balance sheets and are amortized to interest expense over the term of the 2027 Notes. The effective interest rate for the 2027 Notes is 0.864%.

As of December 31, 2023, none of the conditions of the 2027 Notes to early convert has been met.

The 2027 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2027 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2026 Notes), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2027 Notes contain both affirmative and negative covenants. As of December 31, 2023 and 2022, the Company was in compliance with all covenants in the 2027 Notes.

Capped Call Options — In connection with the pricing of the 2027 Notes, the Company entered into capped call options with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The Company incurred $50 of expenses in connection with the capped call options. The capped call options are expected to reduce potential dilution to the Company’s Class B common stock upon any conversion of 2027 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call options is initially $95.5575 per share, which represents a premium of 55% above the last reported sale price per share of the Company’s Class B common stock on the Nasdaq Global Select Market on June 23, 2021 and is subject to customary adjustments under the terms of the capped call options.

The capped call options were entered into in conjunction with the issuance of the 2027 Notes, however, they are legally separate agreements that can be separately exercised, with the receipt of shares under the capped call options having no effect on the 2027 Notes, and are legally detachable. As the capped call options are both legally detachable and separately exercisable from the 2027 Notes, the Company accounts for the capped call options separately from the 2027 Notes. The capped call options are indexed to the Company’s own common stock and classified in stockholders’ equity. As such, the premiums paid for the capped call options were included as a net reduction to Additional paid-in capital in the consolidated balance sheets as of December 31, 2021.

Derivative Arrangements

The Company records derivative instruments as an asset or liability measured at fair value and depending on the nature of the hedge, the corresponding changes in the fair value of these instruments are recorded in the consolidated statements of operations or comprehensive income. If the derivative is determined to be a hedge, changes in the fair value of the derivative are offset against the change in the fair value of the hedged assets or liabilities through the consolidated statements of operations or recognized in Other comprehensive income (loss), net of taxes until the hedged item is recognized in the consolidated statements of operations. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Also, changes in the entire fair value of a derivative that is not designated as a hedge are recognized in earnings.

Effective on April 2, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Credit Facility. Effective on June 26, 2023, the Company amended the interest rate swap agreement to replace the LIBOR rate to SOFR under the ISDA Fallback Protocols included within the agreement. Subsequent to the amendment, the Company will continue to pay a fixed interest rate of 72.9 bps, and will receive a floating interest rate equal to daily SOFR plus an ARRC spread adjustment of 11.448 bps. The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the interest rate swap as either an asset or a liability on the consolidated balance sheets and carries the derivative at fair value (see Note 17). Gain (loss) from the change in fair value and payments related to the interest rate swap are recognized in Other income (expense), net in the consolidated statements of operations (see Note 20). The bank counterparty to the derivative potentially exposes the Company to credit-related losses in the event of nonperformance. To mitigate that risk, the Company only contracts with counterparties who meet the Company’s minimum requirements under its counterparty risk assessment process. The Company monitors counterparty risk on at least a quarterly basis and adjusts its exposure as necessary. The Company does not enter into derivative instrument transactions for trading or speculative purposes.

Interest Expense, Net

Interest expense, net consists of the following:


	Year Ended December 31,
	2023		2022		2021
Contractual interest expense	$	(34,973)	$	(26,275)	$	(5,464)
Amortization and write-off of deferred debt issuance costs	(7,291)		(7,291)		(5,955)
Other interest income (expense)	933		(1,490)		(108)
Interest income	1,538		421		306
Interest expense, net	$	(39,793)	$	(34,635)	$	(11,221)

The weighted average interest rate on borrowings under the Credit Facility were 7.13%, 3.84%, and 2.03% for the years ended December 31, 2023, 2022, and 2021, respectively.

Scheduled maturities of long‑term debt are as follows:


	December 31, 2023
2024	$	10,000
2025	272,028
2026	687,830
2027	575,000


Total scheduled maturities of long-term debt	$	1,544,858

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued compensation	$ 38,220	$ 35,298
NOL and credit carryforwards	19,677	14,960
Intangible assets including goodwill	137,576	0
Convertible debt and 163(j) limitation	14,364	13,349
Lease liabilities	7,610	8,920
Other accruals not currently deductible	502	1,122
Allowance for doubtful accounts	1,852	1,856
Deferred revenues	4,402	2,914
Other	2,852	2,383
Total deferred tax assets	227,055	80,802
Less: Valuation allowance	(2,664)	(3,321)
Net deferred tax assets	224,391	77,481
Deferred tax liabilities:
Intangible assets including goodwill	0	(51,994)
Operating lease right-of-use assets	(6,762)	(8,381)
Prepaid expenses	(2,746)	(2,877)
Unrealized gains and losses	(8,131)	(9,422)
Property and equipment	(3,639)	(3,406)
Total deferred tax liabilities	(21,278)	(76,080)
Net deferred tax assets (liabilities)	$ 203,113	$ 1,401

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

Deferred Compensation Plan

Under the Company’s DCP, certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B common stock, which are valued for accounting purposes in the same manner as actual shares of Class B common stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15). The DCP has 50,000,000 shares of Class B common stock reserved for issuance. As of December 31, 2023, shares of Class B common stock available for future issuance under the DCP were 4,421,623.

In August 2021, the Company’s Board of Directors approved an amendment to the DCP, which offered to certain active executives in the DCP a one‑time, short‑term election to reallocate a limited portion of their DCP holdings from phantom shares of the Company’s Class B common stock into other phantom investment funds. The offer to reallocate was subject to a proration mechanism which adjusted the aggregate elections to a maximum of 1,500,000 phantom shares of the Company’s Class B common stock. This resulted in a reduction of 1,500,000 shares in both the basic and diluted count of Company shares.

While DCP participants’ investments in phantom shares remain equity classified, as they will be settled in shares of Class B common stock upon eventual distribution, the amendment and elections resulted in a change to liability classification for the reallocated phantom investments, as they will be settled in cash upon eventual distribution. As a result, during the year ended December 31, 2021, the Company reclassified cumulative compensation cost of $4,739 from Additional paid-in capital to Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets and recognized a compensation charge of $90,721 to Deferred compensation plan expenses in the consolidated statements of operations to record the reallocated deferred compensation plan liabilities at their fair value of $95,460.

DCP participants’ holdings in phantom investment funds are classified as liabilities in either Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets as they will be settled in cash upon eventual distribution. The deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations.

Deferred compensation plan expense (income) was $13,580, $(15,782), and $95,046 for the years ended December 31, 2023, 2022, and 2021, respectively.

For the years ended December 31, 2023, 2022, and 2021, DCP elective participant deferrals were $1,765, $6,580, and $2,619, respectively. No discretionary contributions were made to the DCP during the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023 and 2022, phantom shares of the Company’s Class B common stock issuable by the DCP were 17,364,980 and 21,587,831, respectively.

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


	December 31,
	2023		2022
Accruals and other current liabilities	$	2,355	$	2,067
Deferred compensation plan liabilities	88,181		77,014
Total DCP liabilities	$	90,536	$	79,081

Other Plans

The Company maintains a qualified 401(k) profit‑sharing plan (the “401(k) Plan”) for the benefit of substantially all U.S.‑based full‑time colleagues. The Company may make discretionary profit‑sharing contributions to the 401(k) Plan. Effective January 1, 2022, the Company matches 50%, up to a maximum of 6% of qualified cash compensation for each eligible participating colleague. For the year ended December 31, 2021, the Company matched 50%, up to a maximum of 5% of qualified cash compensation for each eligible participating colleague. The Company’s matching contributions to the 401(k) Plan were $5,260, $4,933, and $4,114, for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company also maintains various retirement benefit plans (primarily defined contribution plans) for colleagues of its international subsidiaries. The Company’s contributions to these plans were $13,208, $11,803, and $10,729, for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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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
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Paragraph 1
-Subparagraph (p)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive (loss) income, before taxes	$ 4,842	$ 2,279	$ (65,497)
Tax expense	(89)	(245)	(44)
Total other comprehensive income (loss), net of taxes	4,753	2,034	(65,541)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,740)	(91,774)	(26,233)
Ending balance	(84,987)	(89,740)	(91,774)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,408)	(90,867)	(25,219)
Other comprehensive (loss) income, before taxes	4,774	1,459	(65,648)
Tax expense	0	0	0
Total other comprehensive income (loss), net of taxes	4,774	1,459	(65,648)
Ending balance	(84,634)	(89,408)	(90,867)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(332)	(907)	(1,014)
Other comprehensive (loss) income, before taxes	68	820	151
Tax expense	(89)	(245)	(44)
Total other comprehensive income (loss), net of taxes	(21)	575	107
Ending balance	$ (353)	$ (332)	$ (907)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

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-Name Accounting Standards Codification
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-Paragraph 12
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
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-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 7 months 6 days	3 years 10 months 24 days
Operating lease, weighted average discount rate, percent	4.80%	3.40%
Right-of-use asset impairment	$ 2,239,000	$ 0	$ 0
Operating lease payments, leases not yet commenced	$ 804,000
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)	10 years
Renewal term	5 years
Termination period (less than)	5 years

Leases (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost (1)	$	20,008	$	20,772	$	19,425
Variable lease cost	4,594		4,658		4,151
Short-term lease cost	—		16		21
Total operating lease cost	$	24,602	$	25,446	$	23,597

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $19,199, $20,027, and $18,636 for the years ended December 31, 2023, 2022, and 2021, respectively.

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for operating leases included in operating cash flows	$	17,899	$	19,587	$	19,636
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	17,015	$	10,722	$	12,842

Schedule of Operating Lease Maturity

Maturities of operating lease liabilities are as follows:


	December 31, 2023
2024	$	13,416
2025	10,499
2026	8,122
2027	5,635
2028	3,856
Thereafter	6,744
Total future lease payments	48,272
Less: Imputed interest	(6,001)
Total operating lease liabilities	$	42,271

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 326,787	$ 174,780	$ 93,192
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment	71,861	71,537	52,793
Deferred income taxes	(198,878)	(5,126)	(19,745)
Stock-based compensation expense	72,972	75,206	49,045
Deferred compensation plan	13,580	(15,782)	95,046
Amortization and write-off of deferred debt issuance costs	7,291	7,291	5,955
Change in fair value of derivative	5,038	(27,083)	(9,770)
Foreign currency remeasurement (gain) loss	(452)	6,000	64
Other	21,047	2,593	5,338
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(5,180)	(60,938)	(35,519)
Prepaid and other assets	4,112	14,053	14,260
Accounts payable, accruals, and other liabilities	68,733	29,181	47,957
Deferred revenues	19,933	2,292	5,340
Income taxes payable, net of prepaid income taxes	9,852	320	(15,932)
Net cash provided by operating activities	416,696	274,324	288,024
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(25,002)	(18,546)	(17,539)
Proceeds from sale of aircraft	0	2,380	0
Acquisitions, net of cash acquired	(26,023)	(743,007)	(1,034,983)
Purchases of investments	(11,602)	(10,954)	(4,081)
Proceeds from investments	2,123	0	0
Net cash used in investing activities	(60,504)	(770,127)	(1,056,603)
Cash flows from financing activities:
Proceeds from credit facilities	588,154	833,292	745,310
Payments of credit facilities	(841,723)	(487,694)	(991,310)
Proceeds from convertible senior notes, net of discounts and commissions	0	0	1,233,377
Payments of debt issuance costs	0	0	(5,643)
Purchase of capped call options	0	0	(51,605)
Settlement of convertible senior notes	0	(1,998)	0
Proceeds from term loan	0	0	199,505
Repayments of term loan	(5,000)	(5,000)	0
Payments of contingent and non-contingent consideration	(4,324)	(8,460)	(2,371)
Payments of dividends	(58,756)	(34,493)	(33,396)
Proceeds from stock purchases under employee stock purchase plan	9,988	10,335	3,846
Proceeds from exercise of stock options	11,715	8,338	5,605
Payments for shares acquired including shares withheld for taxes	(58,937)	(43,561)	(120,539)
Repurchases of Class B common stock under approved program	0	(28,250)	0
Other	(191)	525	(197)
Net cash (used in) provided by financing activities	(359,074)	243,034	982,582
Effect of exchange rate changes on cash and cash equivalents	(390)	(4,884)	(6,672)
(Decrease) increase in cash and cash equivalents	(3,272)	(257,653)	207,331
Cash and cash equivalents, beginning of year	71,684	329,337	122,006
Cash and cash equivalents, end of year	68,412	71,684	329,337
Supplemental information:
Cash paid for income taxes	43,619	29,478	40,203
Income tax refunds	1,188	3,588	9,372
Interest paid	37,389	26,581	4,631
Non-cash investing and financing activities:
Cost method investment	3,500	5,936	0
Shares issued related to acquisition	0	0	182,390
Contingent acquisition consideration	0	1,390	4,544
Deferred, non-contingent consideration, net	525	749	10,090
Term loan expenses included in Accruals and other current liabilities	0	0	45
Share-settled Bonus Plan awards	16,791	21,925	20,953
DCP elective participant deferrals	$ 1,765	$ 6,580	$ 2,619

Geographic Data (Tables)

12 Months Ended

Dec. 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:


	December 31,
	2023		2022
Americas (1)(2)	$	272,492	$	164,729
EMEA	40,411		32,372
APAC (2)	14,460		167,670
Total long-lived assets	$	327,363	$	364,771

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

(2)The change in balances period over period was due to an internal legal entity restructuring executed by the Company during the fourth quarter of 2023 (see Note 16).

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 326,787	$ 174,780	$ 93,192

- Definition

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

+ References

+ Details

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,228,413	$ 1,099,082	$ 965,046
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	1,126,345	1,003,597	865,887
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	1,080,307	960,220	812,807
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	433,321	345,678	290,097
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	258,288	264,308	269,283
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	388,698	350,234	253,427
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	46,038	43,377	53,080
Services
Disaggregation of Revenue [Line Items]
Total revenues	102,068	95,485	99,159
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	16,370	17,804	21,343
Other
Disaggregation of Revenue [Line Items]
Total revenues	85,698	77,681	77,816
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 411,025	$ 306,901	$ 223,293

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	718,105	13,624,597
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	718,105	150,017
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	0	13,474,580

Executive Bonus Plan (Details) $ in Thousands	12 Months Ended
Executive Bonus Plan (Details) $ in Thousands	Dec. 31, 2023 USD ($) day	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 13,580	$ (15,782)	$ 95,046
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company's adjusted Management Reported Operating Income (MROI) threshold for bonus plan percentage (up to)	20.00%
Number of trading days prior to end of applicable quarter, shares determined upon election by volume-weighted average price \| day	10,000
Number of trading days after the end of applicable quarter, shares determined upon election by volume-weighted average price \| day	10
Non-deferred incentive bonus threshold for pro rata adjustment	$ 7,500
Bonus plan compensation expense	$ 21,463	$ 33,242	$ 33,454

Accruals and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31,
	2023		2022
CSS deposits	$	284,276	$	201,082
Accrued compensation	43,316		40,296
Accrued benefits	39,983		35,493
Due to customers	16,924		13,720
Accrued realignment costs	12,459		—
Accrued indirect taxes	10,722		9,766
Accrued professional fees	5,970		4,984
Employee stock purchase plan contributions	5,790		5,230
Accrued acquisition stay bonus	4,336		9,135
Non-contingent consideration from acquisitions	3,576		2,434
Accrued cloud provisioning costs	3,572		4,224
Deferred compensation plan liabilities	2,355		2,067
Contingent consideration from acquisitions	—		1,196
Other accrued and current liabilities	24,069		32,421
Total accruals and other current liabilities	$	457,348	$	362,048

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
Net Income Per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	365,641	362,773	96,683

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Net income per share of Class A and Class B common stock amounts are computed using the two‑class method required for participating securities, using the treasury stock method for awards under the Company’s equity compensation plans and ESPP, and using the if‑converted method for the convertible senior notes. In addition, the weighted average number of shares of the Company’s Class A and Class B common stock is inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B common stock.

The 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 December 31, 2023, 2022, and 2021, there were 365,641, 362,773, and 96,683 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:


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	326,787	$	174,780	$	93,192
Less: Net income attributable to participating securities	(74)		(42)		(9)
Net income attributable to Class A and Class B common stockholders, basic	326,713		174,738		93,183
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,874		6,810		—
Net income attributable to Class A and Class B common stockholders, diluted	$	333,587	$	181,548	$	93,183

Denominator:
Weighted average shares, basic	312,358,823		309,226,677		305,711,345
Dilutive effect of stock options, restricted stock, and RSUs	2,435,456		4,705,172		8,791,084
Dilutive effect of ESPP	75,568		166,606		108,385
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,666,703		—
Weighted average shares, diluted	332,503,633		331,765,158		314,610,814

Net income per share, basic	$	1.05	$	0.57	$	0.30
Net income per share, diluted	$	1.00	$	0.55	$	0.30


	Year Ended December 31,
	2023	2022	2021
RSUs	—	718,105	150,017

Convertible senior notes	—	—	13,474,580
Total anti-dilutive securities	—	718,105	13,624,597