0001031308-24-000009 | 10-Q | XBRL Viewer

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Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements have been prepared in U.S. dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10‑K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2023 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.

Long‑Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long‑term debt consists of the following:


	June 30, 2024		December 31, 2023


Credit facility:
Revolving loan facility due November 2025	$	—	$	92,028
Term loan due November 2025	85,000		190,000
Convertible senior notes due January 2026 (the “2026 Notes”)	687,830		687,830
Convertible senior notes due July 2027 (the “2027 Notes”)	575,000		575,000
Unamortized debt issuance costs	(13,212)		(16,455)
Total debt	1,334,618		1,528,403
Less: Current portion of long-term debt	—		(10,000)
Long-term debt	$	1,334,618	$	1,518,403

The Company had $150 of letters of credit outstanding as of June 30, 2024 and December 31, 2023 under its amended and restated credit agreement, entered into on December 19, 2017 (the “Credit Facility”). As of June 30, 2024 and December 31, 2023, the Company had $849,850 and $757,822, respectively, available under the Credit Facility.

During the three months ended June 30, 2024, the Company made repayments of $102,500 on the senior secured term loan under the Credit Facility. Under the terms of the senior secured term loan, repayments are applied to unpaid quarterly principal installments. There are no remaining required principal installments on the senior secured term loan through the maturity date of November 15, 2025.

As of June 30, 2024 and December 31, 2023, the Company was in compliance with all debt covenants and none of the conditions of the 2026 Notes or 2027 Notes to early convert had been met.

Interest Expense, Net

Interest expense, net consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Contractual interest expense	$	(4,072)	$	(9,364)	$	(9,486)	$	(18,674)
Amortization of deferred debt issuance costs	(1,927)		(1,823)		(3,750)		(3,646)
Other interest (expense) income	(2)		1,193		(68)		1,005
Interest income	901		510		1,684		739
Interest expense, net	$	(5,100)	$	(9,484)	$	(11,620)	$	(20,576)

The weighted average interest rate on borrowings under the Credit Facility were 7.38% and 7.14% for the three months ended June 30, 2024 and 2023, respectively, and 7.43% and 6.89% for the six months ended June 30, 2024 and 2023, respectively.

Acquisitions - Narrative (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) acquisition	Jun. 30, 2023 USD ($)	Dec. 31, 2023 acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Number business acquired pending purchase accounting adjustments \| acquisition			1		2
Acquisition and integration costs	$ 231	$ 113	$ 429	$ 5,298
Goodwill from acquisition, expected tax deductible amount	$ 5,756		$ 5,756

Long‑Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:


	June 30, 2024		December 31, 2023


Credit facility:
Revolving loan facility due November 2025	$	—	$	92,028
Term loan due November 2025	85,000		190,000
Convertible senior notes due January 2026 (the “2026 Notes”)	687,830		687,830
Convertible senior notes due July 2027 (the “2027 Notes”)	575,000		575,000
Unamortized debt issuance costs	(13,212)		(16,455)
Total debt	1,334,618		1,528,403
Less: Current portion of long-term debt	—		(10,000)
Long-term debt	$	1,334,618	$	1,518,403

Schedule of Interest Expense, Net

Interest expense, net consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Contractual interest expense	$	(4,072)	$	(9,364)	$	(9,486)	$	(18,674)
Amortization of deferred debt issuance costs	(1,927)		(1,823)		(3,750)		(3,646)
Other interest (expense) income	(2)		1,193		(68)		1,005
Interest income	901		510		1,684		739
Interest expense, net	$	(5,100)	$	(9,484)	$	(11,620)	$	(20,576)

- 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.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 51,278	$ 68,412
Accounts receivable	282,918	302,501
Allowance for doubtful accounts	(9,099)	(8,965)
Prepaid income taxes	18,487	12,812
Prepaid and other current assets	43,101	44,797
Total current assets	386,685	419,557
Property and equipment, net	36,756	40,100
Operating lease right-of-use assets	34,868	38,476
Intangible assets, net	225,539	248,787
Goodwill	2,265,174	2,269,336
Investments	24,258	23,480
Deferred income taxes	206,259	212,831
Other assets	77,641	67,283
Total assets	3,257,180	3,319,850
Current liabilities:
Accounts payable	23,901	18,094
Accruals and other current liabilities	500,007	457,348
Deferred revenues	236,624	253,785
Operating lease liabilities	11,429	11,645
Income taxes payable	13,817	9,491
Current portion of long-term debt	0	10,000
Total current liabilities	785,778	760,363
Long-term debt	1,334,618	1,518,403
Deferred compensation plan liabilities	91,172	88,181
Long-term operating lease liabilities	26,950	30,626
Deferred revenues	15,259	15,862
Deferred income taxes	11,899	9,718
Income taxes payable	3,615	7,337
Other liabilities	3,383	5,378
Total liabilities	2,272,674	2,435,868
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	1,176,630	1,127,234
Accumulated other comprehensive loss	(93,264)	(84,987)
Accumulated deficit	(102,561)	(161,932)
Non-controlling interest	704	704
Total stockholders’ equity	984,506	883,982
Total liabilities and stockholders’ equity	3,257,180	3,319,850
Class A Common Stock
Stockholders’ equity:
Common stock	115	115
Class B Common Stock
Stockholders’ equity:
Common stock	$ 2,882	$ 2,848

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ (4,072)	$ (9,364)	$ (9,486)	$ (18,674)
Amortization of deferred debt issuance costs	(1,927)	(1,823)	(3,750)	(3,646)
Other interest (expense) income	(2)	1,193	(68)	1,005
Interest income	901	510	1,684	739
Interest expense, net	$ (5,100)	$ (9,484)	$ (11,620)	$ (20,576)

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 77,357	$ 44,786	$ 169,905	$ 99,768
Provision (benefit) for income taxes	$ 5,330	$ (3,899)	$ 27,577	$ 5,593
Effective tax rate	6.90%	(8.70%)	16.20%	5.60%

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

- Definition

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

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+ Details

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,313	$ 2,910	$ 6,680	$ 5,634

Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

Deferred Compensation Plan

Deferred compensation plan expense was $883 and $3,777 for the three months ended June 30, 2024 and 2023, respectively, and $6,682 and $7,923 for the six months ended June 30, 2024 and 2023, respectively.

For the three months ended June 30, 2024 and 2023, elective participant deferrals into the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) were $43 and $118, respectively, and $101 and $1,651 for the six months ended June 30, 2024 and 2023, respectively. No discretionary contributions were made to the DCP during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, 14,929,874 and 17,364,980 phantom shares of the Company’s Class B common stock were distributable under the DCP, respectively. As of June 30, 2024, shares of Class B common stock available for future issuance under the DCP were 4,382,666.

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


	June 30, 2024		December 31, 2023
Accruals and other current liabilities	$	3,610	$	2,355
Deferred compensation plan liabilities	91,172		88,181
Total DCP liabilities	$	94,782	$	90,536

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 22,101	$ 18,104	$ 41,759	$ 37,588
Stock-based compensation expense accrued	5,372		5,372		$ 4,043
Cost of revenues: \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	(732)	1,132	362	2,166
Cost of revenues: \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	756	707	1,638	1,714
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,082	4,424	9,963	9,710
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,542	2,943	6,320	5,813
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13,453	8,898	23,476	18,185
Restricted stock and RSUs expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	15,987	13,530	29,677	27,453
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,879	3,336	10,180	7,882
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	591	600	1,215	1,175
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	600	600	600	600
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0	0	343
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 44	$ 38	$ 87	$ 135

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 4 months 24 days	4 years 7 months 6 days
Operating lease, weighted average discount rate, percent	5.10%	4.80%
Operating Lease, Lease Not yet Commenced
Lessee, Lease, Description [Line Items]
Operating lease payments, leases not yet commenced	$ 3,737
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)	9 years
Renewal term	5 years
Termination period (less than)	5 years

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the SEC adopted the final rule under SEC Release No. 33‑11275, The Enhancement and Standardization of Climate‑Related Disclosures for Investors. The final rule requires registrants to disclose certain climate‑related information in registration statements and annual reports. The final rule disclosure requirements will begin phasing in prospectively for the Company’s fiscal year beginning January 1, 2025. Subsequent to issuance, the final rule became the subject of litigation and the SEC issued a stay to allow the legal process to proceed. The Company is currently evaluating the impact of the final rule on its consolidated financial statements disclosures. 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 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 chief operating decision maker (“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 disclosures.

- 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.

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+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2024 and 2023:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2024	$	(92,367)	$	(252)	$	(92,619)
Other comprehensive loss, before taxes	(645)		—		(645)
Tax expense	—		—		—
Other comprehensive loss, net of taxes	(645)		—		(645)
Balance, June 30, 2024	$	(93,012)	$	(252)	$	(93,264)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2023	$	(89,068)	$	(306)	$	(89,374)
Other comprehensive income, before taxes	1,538		9		1,547
Tax expense	—		(1)		(1)
Other comprehensive income, net of taxes	1,538		8		1,546
Balance, June 30, 2023	$	(87,530)	$	(298)	$	(87,828)

Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2024 and 2023:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2023	$	(84,634)	$	(353)	$	(84,987)
Other comprehensive (loss) income, before taxes	(8,378)		129		(8,249)
Tax expense	—		(28)		(28)
Other comprehensive (loss) income, net of taxes	(8,378)		101		(8,277)
Balance, June 30, 2024	$	(93,012)	$	(252)	$	(93,264)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2022	$	(89,408)	$	(332)	$	(89,740)
Other comprehensive income, before taxes	1,878		41		1,919
Tax expense	—		(7)		(7)
Other comprehensive income, net of taxes	1,878		34		1,912
Balance, June 30, 2023	$	(87,530)	$	(298)	$	(87,828)

Net Income Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Net Income Per Share - Narrative (Details) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)			356,167	368,283
Total anti-dilutive securities (in shares)	0	0	0	0

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Impairment of cost method investment		$ 7,318
Payments to acquire cost method investments			$ 557	$ 11,700
Cost method investments	$ 21,850		21,850		$ 21,044
Teralytics
Schedule of Equity Method Investments [Line Items]
Cash paid at closing	5,000
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments				$ 8,928
Cost method investments	8,928		8,928		8,928
Teralytics
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 0		$ 0		$ 0

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, 2022		289,014,487
Beginning balance at Dec. 31, 2022	$ 573,454	$ 2,890	$ 1,030,466	$ (89,740)	$ (370,866)	$ 704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	94,175				94,175
Other comprehensive loss	1,912			1,912
Dividends declared	(29,224)				(29,224)
Shares issued in connection with deferred compensation plan, net (in shares)		2,782,181
Shares issued in connection with deferred compensation plan, net	(36,329)	$ 28	(28)		(36,329)
Deferred compensation plan elective participant deferrals	1,651		1,651
Shares issued in connection with executive bonus plan, net (in shares)		137,197
Shares issued in connection with executive bonus plan, net	5,480	$ 2	9,804		(4,326)
Shares issued in connection with employee stock purchase plan, net (in shares)		153,381
Shares issued in connection with employee stock purchase plan, net	4,335	$ 1	4,556		(222)
Stock option exercises, net (in shares)		2,236,827
Stock option exercises, net	3,711	$ 22	9,678		(5,989)
Shares issued for stock grants, net (in shares)		12,639
Shares issued for stock grants, net	600		600
Stock-based compensation expense	28,343		28,343
Shares related to restricted stock, net (in shares)		376,271
Shares related to restricted stock, net	(4,336)	$ 4	(4)		(4,336)
Ending balance (in shares) at Jun. 30, 2023		294,712,983
Ending balance at Jun. 30, 2023	643,772	$ 2,947	1,085,066	(87,828)	(357,117)	704
Beginning balance (in shares) at Mar. 31, 2023		291,501,271
Beginning balance at Mar. 31, 2023	614,190	$ 2,915	1,060,842	(89,374)	(360,897)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48,685				48,685
Other comprehensive loss	1,546			1,546
Dividends declared	(14,702)				(14,702)
Shares issued in connection with deferred compensation plan, net (in shares)		1,729,443
Shares issued in connection with deferred compensation plan, net	(22,703)	$ 17	(17)		(22,703)
Deferred compensation plan elective participant deferrals	118		118
Shares issued in connection with executive bonus plan, net (in shares)		57,393
Shares issued in connection with executive bonus plan, net	2,421	$ 1	4,321		(1,901)
Stock option exercises, net (in shares)		1,308,527
Stock option exercises, net	1,210	$ 13	5,485		(4,288)
Shares issued for stock grants, net (in shares)		12,639
Shares issued for stock grants, net	600		600
Stock-based compensation expense	13,718		13,718
Shares related to restricted stock, net (in shares)		103,710
Shares related to restricted stock, net	(1,311)	$ 1	(1)		(1,311)
Ending balance (in shares) at Jun. 30, 2023		294,712,983
Ending balance at Jun. 30, 2023	643,772	$ 2,947	1,085,066	(87,828)	(357,117)	704
Beginning balance (in shares) at Dec. 31, 2023		296,265,837
Beginning balance at Dec. 31, 2023	883,982	$ 2,963	1,127,234	(84,987)	(161,932)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	142,356				142,356
Other comprehensive loss	(8,277)			(8,277)
Dividends declared	(35,851)				(35,851)
Shares issued in connection with deferred compensation plan, net (in shares)		2,474,063
Shares issued in connection with deferred compensation plan, net	0	$ 24	(24)
Deferred compensation plan elective participant deferrals	101		101
Shares issued in connection with executive bonus plan, net (in shares)		168,291
Shares issued in connection with executive bonus plan, net	8,916	$ 2	8,914
Shares issued in connection with employee stock purchase plan, net (in shares)		122,020
Shares issued in connection with employee stock purchase plan, net	5,385	$ 1	5,559		(175)
Stock option exercises, net (in shares)		844,283
Stock option exercises, net	1,812	$ 8	3,999		(2,195)
Shares issued for stock grants, net (in shares)		11,391
Shares issued for stock grants, net	600		600
Stock-based compensation expense	30,253		30,253
Shares related to restricted stock, net (in shares)		590,929
Shares related to restricted stock, net	(7,256)	$ 6	(6)		(7,256)
Repurchases of Class B common stock under approved program (in shares)		(729,681)
Repurchases of Class B common stock under approved program	(37,515)	$ (7)			(37,508)
Ending balance (in shares) at Jun. 30, 2024		299,747,133
Ending balance at Jun. 30, 2024	984,506	$ 2,997	1,176,630	(93,264)	(102,561)	704
Beginning balance (in shares) at Mar. 31, 2024		298,014,682
Beginning balance at Mar. 31, 2024	932,607	$ 2,980	1,154,137	(92,619)	(132,595)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72,046				72,046
Other comprehensive loss	(645)			(645)
Dividends declared	(17,980)				(17,980)
Shares issued in connection with deferred compensation plan, net (in shares)		1,936,318
Shares issued in connection with deferred compensation plan, net	0	$ 19	(19)
Deferred compensation plan elective participant deferrals	43		43
Shares issued in connection with executive bonus plan, net (in shares)		102,352
Shares issued in connection with executive bonus plan, net	5,565	$ 1	5,564
Shares issued for stock grants, net (in shares)		11,391
Shares issued for stock grants, net	600		600
Stock-based compensation expense	16,306		16,306
Shares related to restricted stock, net (in shares)		109,473
Shares related to restricted stock, net	(1,527)	$ 1	(1)		(1,527)
Repurchases of Class B common stock under approved program (in shares)		(427,083)
Repurchases of Class B common stock under approved program	(22,509)	$ (4)			(22,505)
Ending balance (in shares) at Jun. 30, 2024		299,747,133
Ending balance at Jun. 30, 2024	$ 984,506	$ 2,997	$ 1,176,630	$ (93,264)	$ (102,561)	$ 704

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 330,337	$ 296,749	$ 668,100	$ 611,160
Americas
Disaggregation of Revenue [Line Items]
Total revenues	176,310	158,836	360,503	327,181
United States
Disaggregation of Revenue [Line Items]
Total revenues	139,010	127,847	277,262	255,297
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue [Line Items]
Total revenues	95,865	83,444	190,579	176,276
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 58,162	$ 54,469	$ 117,018	$ 107,703

- 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.

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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

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


	Acquisitions Completed During
	Six Months Ended June 30,
	2024		2023
Number of acquisitions	1		1
Cash paid at closing	$	5,000	$	10,299

Net cash paid	$	5,000	$	10,299

The operating results of the acquired businesses were not material, individually or in the aggregate, to the Company’s consolidated statements of operations.

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


	June 30, 2024		December 31, 2023
Accruals and other current liabilities	$	2,571	$	3,576

Non-contingent consideration from acquisitions	$	2,571	$	3,576

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

The Company is in the process of finalizing the purchase accounting for one acquisition completed during the six months ended June 30, 2024 and 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 three months ended June 30, 2024 and 2023, the Company’s acquisition expenses were $231 and $113, respectively, and $429 and $5,298 for the six months ended June 30, 2024 and 2023, respectively, which include costs related to legal, accounting, valuation, insurance, and other consulting and transaction fees.

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
	Six Months Ended		Year Ended
	June 30, 2024		December 31, 2023
Consideration:
Cash paid at closing	$	5,000	$	26,287


Deferred, non-contingent consideration, net	—		525
Other	—		15
Total consideration	$	5,000	$	26,827
Assets acquired and liabilities assumed:
Cash	$	—	$	264
Accounts receivable and other current assets	635		1,742
Operating lease right-of-use assets	—		397

Deferred income taxes	—		2,151
Other assets	15		6
Software and technology (weighted average useful life of 3 years)	825		3,077
Customer relationships (weighted average useful life of 6 years)	—		3,900
Trademarks (weighted average useful life of 5 years)	—		1,000


Total identifiable assets acquired excluding goodwill	1,475		12,537
Accruals and other current liabilities	(694)		(624)
Deferred revenues	(1,537)		(4,623)
Operating lease liabilities	—		(397)


Total liabilities assumed	(2,231)		(5,644)
Net identifiable assets acquired excluding goodwill	(756)		6,893
Goodwill	5,756		19,934
Net assets acquired	$	5,000	$	26,827

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 $5,756 of the goodwill recorded relating to the 2024 acquisition will be deductible for income tax purposes.

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 500,007	$ 457,348
Deferred compensation plan liabilities	91,172	88,181
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	3,610	2,355
Deferred compensation plan liabilities	91,172	88,181
Total DCP liabilities	$ 94,782	$ 90,536

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 94,693	$ 91,964
Less: Accumulated depreciation	(57,937)	(51,864)
Total property and equipment, net	36,756	40,100
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	31,168	31,025
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	48,572	46,202
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	10,022	9,799
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	$ 82	$ 89

Other Income, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income, Net

Other income, net consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)	$	(429)	$	3,826	$	2,361	$	(663)
Foreign exchange (1)	(2,284)		2,104		58		3,558



Receipts related to interest rate swap	2,411		2,164		4,768		4,084
Other income (expense), net (2)	2,582		(7,129)		2,230		(5,725)
Total other income, net	$	2,280	$	965	$	9,417	$	1,254

(1)Foreign exchange (loss) gain 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 (losses) gains of $(37) and $1,397 for the three months ended June 30, 2024 and 2023, respectively, and $(431) and $2,258 for the six months ended June 30, 2024 and 2023, respectively.

(2)Other income (expense), net includes investment impairment charges of $(7,318) for the three and six months ended June 30, 2023 (see Note 7).

Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,269,336
Acquisitions	5,756
Foreign currency translation adjustments	(9,085)
Other adjustments	(833)
Goodwill ending balance	$ 2,265,174

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-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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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

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-Section 50
-Paragraph 1
-Subparagraph (a)
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-SubTopic 20
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

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, 2023	$	2,269,336
Acquisitions	5,756
Foreign currency translation adjustments	(9,085)
Other adjustments	(833)
Balance, June 30, 2024	$	2,265,174

Details of intangible assets other than goodwill are as follows:


		June 30, 2024						December 31, 2023
	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	$	89,820	$	(64,720)	$	25,100	$	89,693	$	(59,045)	$	30,648
Customer relationships	3-10 years	321,359		(154,666)		166,693		323,442		(142,378)		181,064
Trademarks	3-10 years	70,437		(36,732)		33,705		70,710		(33,709)		37,001
Non-compete agreements	5 years	350		(309)		41		350		(276)		74



Total intangible assets		$	481,966	$	(256,427)	$	225,539	$	484,195	$	(235,408)	$	248,787

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of subscriptions and licenses	$	3,129	$	3,123	$	6,355	$	6,310
Amortization of purchased intangibles	8,392		9,502		17,356		20,050
Total amortization expense	$	11,521	$	12,625	$	23,711	$	26,360

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
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		290,620,299

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Income before income taxes	$	77,357		$	44,786		$	169,905		$	99,768
Provision (benefit) for income taxes	$	5,330		$	(3,899)		$	27,577		$	5,593
Effective tax rate	6.9		%	(8.7)		%	16.2		%	5.6		%

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 330,337	$ 296,749	$ 668,100	$ 611,160
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	308,307	270,961	624,908	558,353
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	297,444	259,243	604,533	537,088
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	127,845	103,674	255,372	207,578
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	63,648	64,085	127,189	127,428
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	105,951	91,484	221,972	202,082
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	10,863	11,718	20,375	21,265
Services
Disaggregation of Revenue [Line Items]
Total revenues	22,030	25,788	43,192	52,807
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	4,040	4,949	7,854	9,127
Other
Disaggregation of Revenue [Line Items]
Total revenues	17,990	20,839	35,338	43,680
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 125,630	$ 99,248	$ 248,666	$ 193,579

Leases - Schedule of Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 7,409	$ 9,319
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,502	11,212
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions		$ 345

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 72,046	$ 48,685	$ 142,356	$ 94,175
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(645)	1,538	(8,378)	1,878
Actuarial gain on retirement plan, net of tax effect of $0, $(1), $(28), and $(7), respectively	0	8	101	34
Total other comprehensive (loss) income, net of taxes	(645)	1,546	(8,277)	1,912
Comprehensive income	$ 71,401	$ 50,231	$ 134,079	$ 96,087

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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-Topic 250
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 21,850	$ 21,044
Equity method investments	2,408	2,436
Total investments	$ 24,258	$ 23,480

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Realignment Costs - Schedule of Realignment Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Postemployment Benefits [Line Items]
Realignment costs	$ 843	$ 867
Cost of revenues:
Postemployment Benefits [Line Items]
Realignment costs	1,169	1,120
Cost of revenues: \| Subscriptions and licenses
Postemployment Benefits [Line Items]
Realignment costs	1,307	1,227
Cost of revenues: \| Services
Postemployment Benefits [Line Items]
Realignment costs	(138)	(107)
Research and development
Postemployment Benefits [Line Items]
Realignment costs	(65)	(136)
Selling and marketing
Postemployment Benefits [Line Items]
Realignment costs	(203)	475
General and administrative
Postemployment Benefits [Line Items]
Realignment costs	(58)	(592)
Total operating expenses
Postemployment Benefits [Line Items]
Realignment costs	$ (326)	$ (253)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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 six months ended June 30, 2024, the Company entered into approximately $4,900 of non‑cancelable future cash purchase commitments for internal‑use software costs. 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 internal‑use software costs. As of June 30, 2024, total non‑cancelable future cash purchase commitments were approximately $109,200 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.

Executive Incentive Plans	6 Months Ended
Executive Incentive Plans	Jun. 30, 2024
Compensation Related Costs [Abstract]
Executive Incentive Plans	Executive Incentive Plans Executive Bonus Plan For the three months ended June 30, 2024 and 2023, the incentive compensation, including cash payments, election to receive shares of fully vested Class B common stock, and deferred compensation to plan participants, recognized under the amended and restated Bentley Systems, Incorporated Bonus Pool Plan (the “Bonus Plan”) (net of all applicable holdbacks) was $6,367 and $4,297, respectively, and $13,398 and $12,245 for the six months ended June 30, 2024 and 2023, respectively. As part of Gregory S. Bentley’s transition to the role of Executive Chair of the Board of Directors effective July 1, 2024, on June 26, 2024, the Sustainability Committee of the Company’s Board of Directors (the “Committee”) approved Amendment No. 2 to the Bonus Plan pursuant to which (in addition to other conforming changes) Mr. Bentley’s fractional interest under the Bonus Pool Plan was reduced from 12/33 to 4/33 effective July 1, 2024. Career Stock Program In connection with Nicholas H. Cumins’ transition to the role of Chief Executive Officer effective July 1, 2024, on June 26, 2024, the Committee adopted a compensatory program (the “Career Stock Program”) pursuant to which the Company may grant restricted stock units (“RSUs”) awards under the Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Plan”). As of the date of adoption, Mr. Cumins is the sole participant in the Career Stock Program. Under the Career Stock Program, the Committee may from time to time grant RSU awards to program participants, the amount of which is to be determined based upon the Company’s Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) growth in the year preceding the date of grant (the “Performance Year”), specifically, an amount equal to 10 percent of the difference between realized Adjusted OI w/SBC growth during the Performance Year and an inflation-adjusted target growth level for such Performance Year. Any such awards, if made, would thereafter cliff vest five years following the end of the Performance Year and would otherwise be subject to the terms and conditions of the 2020 Plan. As of June 30, 2024, the Committee has not yet made any awards to Mr. Cumins with respect to the Career Stock Program.

Net Income Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

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 June 30, 2024 and 2023, there were 356,167 and 368,283 participating securities outstanding, respectively.

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

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	72,046	$	48,685	$	142,356	$	94,175
Less: Net income attributable to participating securities	(21)		(19)		(42)		(38)
Net income attributable to Class A and Class B common stockholders, basic	72,025		48,666		142,314		94,137
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717		1,723		3,440		3,440
Net income attributable to Class A and Class B common stockholders, diluted	$	73,742	$	50,389	$	145,754	$	97,577

Denominator:
Weighted average shares, basic	314,980,580		311,914,602		314,660,906		311,366,371
Dilutive effect of stock options, restricted stock, and RSUs	1,036,506		2,643,664		1,361,265		2,744,259
Dilutive effect of ESPP	130,112		160,673		69,358		87,557
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,633,786		17,633,786		17,633,786
Weighted average shares, diluted	333,780,984		332,352,725		333,725,315		331,831,973

Net income per share, basic	$	0.23	$	0.16	$	0.45	$	0.30
Net income per share, diluted	$	0.22	$	0.15	$	0.44	$	0.29

There were no anti-dilutive securities for the three or six months ended June 30, 2024 or 2023.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Discrete income tax benefit	$ 18,543	$ 20,394	$ 20,681	$ 27,467

Realignment Costs - Realignment Activities Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Postemployment Benefits [Roll Forward]
Realignment costs, beginning balance	$ 12,459
Payments	(11,488)
Adjustments	(287)
Realignment costs, beginning balance	1,551
One-time Termination Benefits
Postemployment Benefits [Roll Forward]
Realignment costs	$ 867

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other Income, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Change in fair value of interest rate swap	$ (429)	$ 3,826	$ 2,361	$ (663)
Foreign exchange	(2,284)	2,104	58	3,558
Receipts related to interest rate swap	2,411	2,164	4,768	4,084
Other income (expense), net	2,582	(7,129)	2,230	(5,725)
Total other income, net	2,280	965	9,417	1,254
Foreign exchange (losses) gains, unrealized, intercompany	$ (37)	1,397	$ (431)	2,258
Investment impairment charges		$ (7,318)		$ (7,318)

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,558	$ 4,534	$ 7,253	$ 9,162
Variable lease cost	1,115	1,146	2,288	2,348
Total operating lease cost	4,673	5,680	9,541	11,510
Payments for rent	$ 3,301	$ 4,329	$ 6,772	$ 8,746

Geographic Data

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024		December 31, 2023
Americas (1)	$	248,973	$	272,492
EMEA	35,744		40,411
APAC	12,446		14,460
Total long-lived assets	$	297,163	$	327,363

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

- Definition

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

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+ Details

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2026 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 680,484	$ 684,205
2027 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 514,729	$ 516,051

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023	$	2,269,336
Acquisitions	5,756
Foreign currency translation adjustments	(9,085)
Other adjustments	(833)
Balance, June 30, 2024	$	2,265,174

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill are as follows:


		June 30, 2024						December 31, 2023
	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	$	89,820	$	(64,720)	$	25,100	$	89,693	$	(59,045)	$	30,648
Customer relationships	3-10 years	321,359		(154,666)		166,693		323,442		(142,378)		181,064
Trademarks	3-10 years	70,437		(36,732)		33,705		70,710		(33,709)		37,001
Non-compete agreements	5 years	350		(309)		41		350		(276)		74



Total intangible assets		$	481,966	$	(256,427)	$	225,539	$	484,195	$	(235,408)	$	248,787

Schedule of Finite-lived Intangible Assets Amortization Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of subscriptions and licenses	$	3,129	$	3,123	$	6,355	$	6,310
Amortization of purchased intangibles	8,392		9,502		17,356		20,050
Total amortization expense	$	11,521	$	12,625	$	23,711	$	26,360

- Definition

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

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-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

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 41,414	$ 32,163
Liabilities:
Deferred compensation plan liabilities	94,782	90,536
Cash-settled equity awards	859	781
Total liabilities	95,641	91,317
Deferred compensation plan, current	3,610	2,355
Interest Rate Swap
Assets:
Interest rate swap	34,523	32,162
Money Market Funds
Assets:
Money market funds	6,891	1
Level 1
Assets:
Total assets	6,891	1
Liabilities:
Deferred compensation plan liabilities	94,782	90,536
Cash-settled equity awards	859	781
Total liabilities	95,641	91,317
Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Level 1 \| Money Market Funds
Assets:
Money market funds	6,891	1
Level 2
Assets:
Total assets	34,523	32,162
Liabilities:
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Interest Rate Swap
Assets:
Interest rate swap	34,523	32,162
Level 2 \| Money Market Funds
Assets:
Money market funds	$ 0	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information Related to Leases

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost (1)	$	3,558	$	4,534	$	7,253	$	9,162
Variable lease cost	1,115		1,146		2,288		2,348

Total operating lease cost	$	4,673	$	5,680	$	9,541	$	11,510

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $3,301 and $4,329 for the three months ended June 30, 2024 and 2023, respectively, and $6,772 and $8,746 for the six months ended June 30, 2024 and 2023, respectively.

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


	Six Months Ended
	June 30,
	2024		2023
Cash paid for operating leases included in operating cash flows	$	7,409	$	9,319
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	3,502	$	11,212

(1)For the six months ended June 30, 2023, right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from an acquisition of $345.

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Raymond B. Bentley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 23, 2024, Raymond B. Bentley, a member of the Company’s Board of Directors, 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 1,600,000 shares of our Class B common stock. Mr. Bentley’s plan expires on May 28, 2025.
Name	Raymond B. Bentley
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 23, 2024
Expiration Date	May 28, 2025
Arrangement Duration	370 days
Aggregate Available	1,600,000	1,600,000
Barry J. Bentley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 12, 2024, Barry J. Bentley, a member of the Company’s Board of Directors, 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 500,000 shares of our Class B common stock. Mr. Bentley’s plan expires on June 1, 2025.
Name	Barry J. Bentley
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2024
Expiration Date	June 1, 2025
Arrangement Duration	354 days
Aggregate Available	500,000	500,000

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Cloud Services Subscription deposits	$ 343,816	$ 284,276
Accrued benefits	41,106	39,983
Accrued compensation	34,338	43,316
Due to customers	16,145	16,924
Accrued indirect taxes	8,240	10,722
Accrued professional fees	7,932	5,970
Accrued acquisition stay bonus	6,592	4,336
Employee stock purchase plan contributions	5,770	5,790
Accrued cloud provisioning costs	4,138	3,572
Deferred compensation plan liabilities	3,610	2,355
Non-contingent consideration from acquisitions	2,571	3,576
Accrued realignment costs	1,551	12,459
Other accrued and current liabilities	24,198	24,069
Total accruals and other current liabilities	$ 500,007	$ 457,348

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The Company’s operating leases consist of office facilities, office equipment, and automobiles. As of June 30, 2024, the Company’s leases have remaining terms of less than one year to nine 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 components of operating lease cost reflected in the consolidated statements of operations were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost (1)	$	3,558	$	4,534	$	7,253	$	9,162
Variable lease cost	1,115		1,146		2,288		2,348

Total operating lease cost	$	4,673	$	5,680	$	9,541	$	11,510

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


	Six Months Ended
	June 30,
	2024		2023
Cash paid for operating leases included in operating cash flows	$	7,409	$	9,319
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	3,502	$	11,212

(1)For the six months ended June 30, 2023, right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from an acquisition of $345.

The weighted average remaining lease term for operating leases was 4.4 years and 4.6 years as of June 30, 2024 and December 31, 2023, respectively. The weighted average discount rate was 5.1% and 4.8% as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024, the Company had additional minimum operating lease payments of $3,737 for executed leases that have not yet commenced, primarily for office locations.

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 251,883
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
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]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction period

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock‑based compensation expense consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Restricted stock and RSUs expense	$	15,987	$	13,530	$	29,677	$	27,453
Bonus Plan expense (see Note 11)	4,879		3,336		10,180		7,882
ESPP expense (see Note 13)	591		600		1,215		1,175
Stock grants expense	600		600		600		600
Stock option expense	—		—		—		343
DCP elective participant deferrals expense (1) (see Note 12)	44		38		87		135
Total stock-based compensation expense (2)	$	22,101	$	18,104	$	41,759	$	37,588

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

(2)As of June 30, 2024 and December 31, 2023, $5,372 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of subscriptions and licenses	$	(732)	$	1,132	$	362	$	2,166
Cost of services	756		707		1,638		1,714
Research and development	5,082		4,424		9,963		9,710
Selling and marketing	3,542		2,943		6,320		5,813
General and administrative	13,453		8,898		23,476		18,185
Total stock-based compensation expense	$	22,101	$	18,104	$	41,759	$	37,588

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.

Bentley Systems, Incorporated 2020 Omnibus Incentive Plan

The 2020 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 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 Plan. As of June 30, 2024, equity awards available for future grants under the 2020 Plan were 20,033,122.

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 annualized recurring revenues (“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 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, 2023	3,303,849		2,938,208	(3)	365,641	(5)	$	39.87	$	39.21
Granted	1,191,104	(1)	984,192	(4)	206,912	(6)	50.90		49.49
Vested	(754,222)		(572,432)		(181,790)		43.29		39.15
Forfeited and canceled	(195,712)		(161,116)		(34,596)		38.05		42.38
Unvested, June 30, 2024	3,545,019	(2)	3,188,852		356,167		$	42.75	$	44.90

(1)For the six months ended June 30, 2024, the Company only granted RSUs.

(2)Includes 47,710 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)Includes 300,964 time‑based RSUs granted during the three months ended June 30, 2024 to certain officers, which vest 20% on each of December 15, 2025, 2026, 2027, 2028, and 2029.

(5)Primarily relates to the 2023 annual performance period. Includes 185,186 performance‑based RSUs granted during the year ended December 31, 2022 with extraordinary terms, which are described below.

(6)Primarily relates to the 2024 annual performance period. Includes 1,335 additional shares earned based on the achievement of 2023 performance goals for performance-based RSUs granted during the year ended December 31, 2023.

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 was 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.

The weighted average grant date fair values of RSUs granted were $50.66 and $40.80, for the six months ended June 30, 2024 and 2023, respectively.

For the six months ended June 30, 2024 and 2023, restricted stock and RSUs were issued net of 142,407 and 104,773 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $7,256 and $4,336, respectively.

As of June 30, 2024, there was $100,721 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of June 30, 2024, there was $8,467 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 year.

Stock Options

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



		Weighted
		Average
	Stock	Exercise Price
	Options	Per Share
Outstanding, December 31, 2023	916,429	$	5.74
Exercised	(911,429)	5.74
Forfeited and expired	(5,000)	5.74
Outstanding, June 30, 2024	—	$	—

For the six months ended June 30, 2024 and 2023, the Company received cash proceeds of $4,007 and $9,700, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the six months ended June 30, 2024 and 2023 was $40,775 and $93,656, respectively.

As of June 30, 2024, there was no remaining unrecognized compensation expense related to unvested stock options.

Stock Grants

For the six months ended June 30, 2024 and 2023, the Company granted 11,391 and 12,639 fully vested shares of Class B common stock, respectively, with a fair value of $600.

Stock-Based Compensation - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
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)	984,192
Grant date fair value (USD per share)	$ 50.90
Unrecognized compensation cost, excluding options	$ 100,721
Cost not yet recognized, period for recognition	2 years
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,335	185,186
Unrecognized compensation cost, excluding options	$ 8,467
Cost not yet recognized, period for recognition	1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 50.66	$ 40.80
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)	1,191,104
Shares withheld for tax withholding obligation (in shares)	142,407	104,773
Share-based compensation tax withholding payment	$ 7,256	$ 4,336
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

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2024 and 2023:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2024	$	(92,367)	$	(252)	$	(92,619)
Other comprehensive loss, before taxes	(645)		—		(645)
Tax expense	—		—		—
Other comprehensive loss, net of taxes	(645)		—		(645)
Balance, June 30, 2024	$	(93,012)	$	(252)	$	(93,264)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2023	$	(89,068)	$	(306)	$	(89,374)
Other comprehensive income, before taxes	1,538		9		1,547
Tax expense	—		(1)		(1)
Other comprehensive income, net of taxes	1,538		8		1,546
Balance, June 30, 2023	$	(87,530)	$	(298)	$	(87,828)

Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2024 and 2023:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2023	$	(84,634)	$	(353)	$	(84,987)
Other comprehensive (loss) income, before taxes	(8,378)		129		(8,249)
Tax expense	—		(28)		(28)
Other comprehensive (loss) income, net of taxes	(8,378)		101		(8,277)
Balance, June 30, 2024	$	(93,012)	$	(252)	$	(93,264)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2022	$	(89,408)	$	(332)	$	(89,740)
Other comprehensive income, before taxes	1,878		41		1,919
Tax expense	—		(7)		(7)
Other comprehensive income, net of taxes	1,878		34		1,912
Balance, June 30, 2023	$	(87,530)	$	(298)	$	(87,828)

Long‑Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,334,618		$ 1,334,618		$ 1,528,403
Repayments of term loan			105,000	$ 2,500
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity	849,850		849,850		757,822
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 150		$ 150		$ 150
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate over time	7.38%	7.14%	7.43%	6.89%
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Repayments of term loan	$ 102,500

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Income before income taxes	$	77,357		$	44,786		$	169,905		$	99,768
Provision (benefit) for income taxes	$	5,330		$	(3,899)		$	27,577		$	5,593
Effective tax rate	6.9		%	(8.7)		%	16.2		%	5.6		%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisitions - Schedule of Business Acquisitions Aggregate Details (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) acquisition	Jun. 30, 2023 USD ($) acquisition	Dec. 31, 2023 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 5,000	$ 10,299
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	1	1
Cash paid at closing	$ 5,000	$ 10,299	$ 26,287
Net cash paid	$ 5,000	$ 10,299

Stock-Based Compensation - Restricted Stock and RSUs Activity (Details) - 2020 Incentive Award Plan - $ / shares	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)			3,303,849
Granted (in shares)			1,191,104
Vested (in shares)			(754,222)
Forfeited and canceled (in shares)			(195,712)
Unvested, ending balance (in shares)	3,545,019		3,545,019	3,303,849
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)			2,938,208
Granted (in shares)			984,192
Vested (in shares)			(572,432)
Forfeited and canceled (in shares)			(161,116)
Unvested, ending balance (in shares)	3,188,852		3,188,852	2,938,208
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)			$ 39.87
Granted (USD per share)			50.90
Vested (USD per share)			43.29
Forfeited and canceled (USD per share)			38.05
Unvested, ending balance (USD per share)	$ 42.75		$ 42.75	$ 39.87
Performance Based Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)			365,641
Granted (in shares)			206,912
Vested (in shares)			(181,790)
Forfeited and canceled (in shares)			(34,596)
Unvested, ending balance (in shares)	356,167		356,167	365,641
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)			$ 39.21
Granted (USD per share)			49.49
Vested (USD per share)			39.15
Forfeited and canceled (USD per share)			42.38
Unvested, ending balance (USD per share)	$ 44.90		$ 44.90	$ 39.21
Cash-Settled Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)			47,710
Time-Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	300,964	199,076
Weighted Average Grant Date Fair Value Per Share
Vesting percentage	20.00%
Performance Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)				1,335	185,186

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:


	June 30, 2024		December 31, 2023
Cost method investments	$	21,850	$	21,044
Equity method investments	2,408		2,436
Total investments	$	24,258	$	23,480

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	June 30, 2024		December 31, 2023
Land	$	2,811	$	2,811
Building and improvements	31,168		31,025
Computer equipment and software	48,572		46,202
Furniture, fixtures, and equipment	10,022		9,799
Aircraft	2,038		2,038
Other	82		89
Property and equipment, at cost	94,693		91,964
Less: Accumulated depreciation	(57,937)		(51,864)
Total property and equipment, net	$	36,756	$	40,100

Depreciation expense was $3,313 and $2,910 for the three months ended June 30, 2024 and 2023, respectively, and $6,680 and $5,634 for the six months ended June 30, 2024 and 2023, respectively.

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	June 30, 2024		December 31, 2023
Land	$	2,811	$	2,811
Building and improvements	31,168		31,025
Computer equipment and software	48,572		46,202
Furniture, fixtures, and equipment	10,022		9,799
Aircraft	2,038		2,038
Other	82		89
Property and equipment, at cost	94,693		91,964
Less: Accumulated depreciation	(57,937)		(51,864)
Total property and equipment, net	$	36,756	$	40,100

Commitments and Contingencies (Details) - Hosted Software Solutions - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 4,900	$ 158,000
Long-term purchase commitment, amount remaining	$ 109,200

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (13,212)	$ (16,455)
Total debt	1,334,618	1,528,403
Less: Current portion of long-term debt	0	(10,000)
Long-term debt	1,334,618	1,518,403
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	0	92,028
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 85,000	$ 190,000

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions Aggregate Details

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


	Acquisitions Completed During
	Six Months Ended June 30,
	2024		2023
Number of acquisitions	1		1
Cash paid at closing	$	5,000	$	10,299

Net cash paid	$	5,000	$	10,299

Schedule of Non-Contingent Consideration Fair Value

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


	June 30, 2024		December 31, 2023
Accruals and other current liabilities	$	2,571	$	3,576

Non-contingent consideration from acquisitions	$	2,571	$	3,576

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed During
	Six Months Ended		Year Ended
	June 30, 2024		December 31, 2023
Consideration:
Cash paid at closing	$	5,000	$	26,287


Deferred, non-contingent consideration, net	—		525
Other	—		15
Total consideration	$	5,000	$	26,827
Assets acquired and liabilities assumed:
Cash	$	—	$	264
Accounts receivable and other current assets	635		1,742
Operating lease right-of-use assets	—		397

Deferred income taxes	—		2,151
Other assets	15		6
Software and technology (weighted average useful life of 3 years)	825		3,077
Customer relationships (weighted average useful life of 6 years)	—		3,900
Trademarks (weighted average useful life of 5 years)	—		1,000


Total identifiable assets acquired excluding goodwill	1,475		12,537
Accruals and other current liabilities	(694)		(624)
Deferred revenues	(1,537)		(4,623)
Operating lease liabilities	—		(397)


Total liabilities assumed	(2,231)		(5,644)
Net identifiable assets acquired excluding goodwill	(756)		6,893
Goodwill	5,756		19,934
Net assets acquired	$	5,000	$	26,827

Realignment Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
2023 Program
Postemployment Benefits [Line Items]
Realignment costs	$ 843	$ 867	$ 12,579

Geographic Data (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 297,163	$ 327,363
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	248,973	272,492
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	35,744	40,411
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 12,446	$ 14,460

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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:


June 30, 2024	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	6,891	$	—	$	6,891
Interest rate swap (2)	—		34,523		34,523
Total assets	$	6,891	$	34,523	$	41,414
Liabilities:

Deferred compensation plan liabilities (3)	$	94,782	$	—	$	94,782
Cash-settled equity awards (4)	859		—		859
Total liabilities	$	95,641	$	—	$	95,641


December 31, 2023	Level 1		Level 2		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

(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 $3,610 and $2,355 as of June 30, 2024 and December 31, 2023, 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.

Stock-Based Compensation - 2020 Omnibus Incentive Plan Narrative (Details) - 2020 Incentive Award Plan - Class B Common Stock	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	25,000,000
Number of shares available (in shares)	20,033,122

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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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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Reference 14: 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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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Class A Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	11,537,627	11,537,627
Common stock shares outstanding (in shares)	11,537,627	11,537,627
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)	288,209,506	284,728,210
Common stock shares outstanding (in shares)	288,209,506	284,728,210

Stock-Based Compensation - Stock Options Narrative (Details) - Stock Option - 2020 Incentive Award Plan - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 4,007,000	$ 9,700,000
Stock options exercised, intrinsic value	40,775,000	$ 93,656,000
Unrecognized compensation cost	$ 0

- 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

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ 0	$ (1)	$ (28)	$ (7)

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenues

The Company’s revenues consist of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Subscriptions:
Enterprise subscriptions (1)	$	127,845	$	103,674	$	255,372	$	207,578
SELECT subscriptions	63,648		64,085		127,189		127,428
Term license subscriptions	105,951		91,484		221,972		202,082
Subscriptions	297,444		259,243		604,533		537,088
Perpetual licenses	10,863		11,718		20,375		21,265
Subscriptions and licenses	308,307		270,961		624,908		558,353
Services:
Recurring	4,040		4,949		7,854		9,127
Other	17,990		20,839		35,338		43,680
Services	22,030		25,788		43,192		52,807
Total revenues	$	330,337	$	296,749	$	668,100	$	611,160

(1)Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $125,630 and $99,248 for the three months ended June 30, 2024 and 2023, respectively, and $248,666 and $193,579 for the six months ended June 30, 2024 and 2023, respectively.

The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the three months ended June 30, 2024 and 2023, the Company recognized $162,458 and $138,822 of license related revenues, respectively, of which $151,595 and $127,104, 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. For the six months ended June 30, 2024 and 2023, the Company recognized $338,767 and $296,846 of license related revenues, respectively, of which $318,392 and $275,581, respectively, were attributable to the term license component of the Company’s subscription‑based commercial offerings recorded in Subscriptions in the consolidated statements of operations.

The Company derived 7% of its total revenues through channel partners for the three and six months ended June 30, 2024 and 2023.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Americas (1)	$	176,310	$	158,836	$	360,503	$	327,181
Europe, the Middle East, and Africa (“EMEA”)	95,865		83,444		190,579		176,276
Asia-Pacific (“APAC”)	58,162		54,469		117,018		107,703
Total revenues	$	330,337	$	296,749	$	668,100	$	611,160

(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $139,010 and $127,847 for the three months ended June 30, 2024 and 2023, respectively, and $277,262 and $255,297 for the six months ended June 30, 2024 and 2023, respectively.

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 June 30, 2024 and December 31, 2023, unbilled revenues were $144,540 and $129,494, respectively.

Contract Balances

As of June 30, 2024 and December 31, 2023, 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 June 30, 2024 or December 31, 2023.

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 June 30, 2024 and December 31, 2023, total deferred revenues on the consolidated balance sheets were $251,883 and $269,647, respectively.

For the six months ended June 30, 2024, $165,042 of revenues that were included in the December 31, 2023 deferred revenues balance were recognized. There were additional deferrals of $152,734 for the six months ended June 30, 2024, which were primarily related to new billings. For the six months ended June 30, 2023, $149,247 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $151,528 for the six months ended June 30, 2023, which were primarily related to new billings.

As of June 30, 2024 and December 31, 2023, the Company has deferred $18,565 and $18,269, 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 June 30, 2024, amounts allocated to these remaining performance obligations are $251,883, of which the Company expects to recognize approximately 94% over the next 12 months with the remaining amount thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
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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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-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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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

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

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

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

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

The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 financial instruments as of June 30, 2024 and December 31, 2023:

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 June 30, 2024, the estimated fair value of the 2026 Notes and 2027 Notes was $680,484 and $514,729, respectively. As of December 31, 2023, the estimated fair value of the 2026 Notes and 2027 Notes was $684,205 and $516,051, 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:


June 30, 2024	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	6,891	$	—	$	6,891
Interest rate swap (2)	—		34,523		34,523
Total assets	$	6,891	$	34,523	$	41,414
Liabilities:

Deferred compensation plan liabilities (3)	$	94,782	$	—	$	94,782
Cash-settled equity awards (4)	859		—		859
Total liabilities	$	95,641	$	—	$	95,641


December 31, 2023	Level 1		Level 2		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

(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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements have been prepared in U.S. dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements.
Consolidation	These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10‑K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2023 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the SEC adopted the final rule under SEC Release No. 33‑11275, The Enhancement and Standardization of Climate‑Related Disclosures for Investors. The final rule requires registrants to disclose certain climate‑related information in registration statements and annual reports. The final rule disclosure requirements will begin phasing in prospectively for the Company’s fiscal year beginning January 1, 2025. Subsequent to issuance, the final rule became the subject of litigation and the SEC issued a stay to allow the legal process to proceed. The Company is currently evaluating the impact of the final rule on its consolidated financial statements disclosures. 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 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 chief operating decision maker (“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 disclosures.
Fair Value Measurements	A financial asset or liability classification is determined based on the lowest level input that is significant to the fair value measurement. The fair value hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt. Current Assets and Current Liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments. The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 financial instruments as of June 30, 2024 and December 31, 2023: 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.he estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled. Deferred Compensation Plan Liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period.

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024		December 31, 2023
Accruals and other current liabilities	$	3,610	$	2,355
Deferred compensation plan liabilities	91,172		88,181
Total DCP liabilities	$	94,782	$	90,536

Investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:


	June 30, 2024		December 31, 2023
Cost method investments	$	21,850	$	21,044
Equity method investments	2,408		2,436
Total investments	$	24,258	$	23,480

Cost Method Investments

The Company invests in technology development companies, generally in the form of equity interests or convertible notes. In March 2023, the Company acquired an equity interest in Worldsensing, a leading global connectivity hardware platform company for infrastructure monitoring, via contribution of its sensemetrics’ Thread connectivity device business (the “Thread business”) and cash. The non‑cash contribution of the Thread business resulted in an insignificant gain, which was recorded in Other income, net in the consolidated statements of operations for the six months ended June 30, 2023.

During the second quarter of 2023, the Company recognized impairment charges of $7,318 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 were recorded in Other income, net in the consolidated statements of operations for the three and six months ended June 30, 2023 (see Note 20).

During the six months ended June 30, 2024, the Company invested a total of $557. During the six months ended June 30, 2023, the Company invested a total of $11,700, including $8,928 of cash and non-cash for its investment in Worldsensing. As of June 30, 2024 and December 31, 2023, the Company’s investment balance in Worldsensing was $8,928.

During the second quarter of 2024, the Company acquired a business from Teralytics Holdings AG (“Teralytics”) for $5,000. Subsequent to the acquisition, the Company retained its ownership percentage in Teralytics, which had a carrying value of zero as of June 30, 2024 and December 31, 2023.

Stock-Based Compensation - Options Outstanding Rollforward (Details) - Stock Option - 2020 Incentive Award Plan	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	916,429
Exercised (in shares) \| shares	(911,429)
Forfeited and expired (in shares) \| shares	(5,000)
Ending balance (in shares) \| shares	0
Weighted Average Exercise Price Per Share
Beginning balance (USD per share) \| $ / shares	$ 5.74
Exercised (USD per share) \| $ / shares	5.74
Forfeited and expired (USD per share) \| $ / shares	5.74
Ending balance (USD per share) \| $ / shares	$ 0

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 2,571	$ 3,576
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	2,571	3,576
Non-contingent consideration from acquisitions	$ 2,571	$ 3,576

Common Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock

BSY Stock Repurchase Program

In May 2022, the Company announced that its Board of Directors approved the BSY Stock Repurchase Program (the “Repurchase Program”) authorizing the Company to repurchase up to $200,000 of the Company’s Class B common stock through June 30, 2024. In December 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 Company’s authorization under the Repurchase Program approved May 2022 expired on June 30, 2024. In March 2024, the Company’s Board of Directors approved an extension to the Repurchase Program authorizing the Company to repurchase up to $200,000 of the Company’s Class B common stock and/or convertible senior notes from June 30, 2024 through June 30, 2026. As of June 30, 2024, $200,000 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.

The shares and convertible senior 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 convertible senior 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 convertible senior 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 convertible senior 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.

During the six months ended June 30, 2024, the Company repurchased 729,681 shares for $37,515 under the Repurchase Program. The Company did not repurchase shares under the Repurchase Program for the six months ended June 30, 2023.

Common Stock Issuances, Sales, and Repurchases

During the six months ended June 30, 2024, the Company issued 2,474,063 shares of Class B common stock to DCP participants in connection with distributions from the plan. There were no shares sold back to the Company as they were issued on a gross basis during the six months ended June 30, 2024. During the six months ended June 30, 2023, the Company issued 2,782,181 shares of Class B common stock to DCP participants in connection with distributions from the plan, net of 895,224 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $36,329.

During the six months ended June 30, 2024, the Company issued 168,291 shares of Class B common stock in connection with Bonus Plan incentive compensation. There were no shares sold back to the Company as they were issued on a gross basis during the six months ended June 30, 2024. During the six months ended June 30, 2023, the Company issued 137,197 shares of Class B common stock in connection with Bonus Plan incentive compensation, net of 108,374 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $4,326.

During the six months ended June 30, 2024, the Company issued 844,283 shares of Class B common stock to colleagues who exercised their stock options, net of 67,146 shares withheld at exercise to pay for the cost of the stock options, as well as for $2,195 of applicable income tax withholdings. The Company received $4,007 in cash proceeds from the exercise of stock options. For the six months ended June 30, 2023, the Company issued 2,236,827 shares of Class B common stock to colleagues who exercised their stock options, net of 221,078 shares withheld at exercise to pay for the cost of the stock options, as well as for $5,989 of applicable income tax withholdings. The Company received $9,700 in cash proceeds from the exercise of stock options.

Dividends

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


	Dividend
	Per Share		Amount
2024:

Second quarter	$	0.06	$	17,980
First quarter	0.06		17,871
2023:

Second quarter	$	0.05	$	14,702
First quarter	0.05		14,522

Global Employee Stock Purchase Plan

During the six months ended June 30, 2024, colleagues who elected to participate in the Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”) purchased a total of 122,020 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $5,560. Of the total 125,374 shares purchased, 3,354 shares were sold back to the Company to pay for applicable income tax withholdings of $175. During the six months ended June 30, 2023, colleagues who elected to participate in the ESPP purchased a total of 153,381 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $4,557. Of the total 159,377 shares purchased, 5,996 shares were sold back to the Company to pay for applicable income tax withholdings of $222. As of June 30, 2024 and December 31, 2023, $5,770 and $5,790 of ESPP withholdings via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheets, respectively. As of June 30, 2024, shares of Class B common stock available for future issuance under the ESPP were 24,150,018.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 505
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-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

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Income Per Share, Basic and Diluted

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	72,046	$	48,685	$	142,356	$	94,175
Less: Net income attributable to participating securities	(21)		(19)		(42)		(38)
Net income attributable to Class A and Class B common stockholders, basic	72,025		48,666		142,314		94,137
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717		1,723		3,440		3,440
Net income attributable to Class A and Class B common stockholders, diluted	$	73,742	$	50,389	$	145,754	$	97,577

Denominator:
Weighted average shares, basic	314,980,580		311,914,602		314,660,906		311,366,371
Dilutive effect of stock options, restricted stock, and RSUs	1,036,506		2,643,664		1,361,265		2,744,259
Dilutive effect of ESPP	130,112		160,673		69,358		87,557
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,633,786		17,633,786		17,633,786
Weighted average shares, diluted	333,780,984		332,352,725		333,725,315		331,831,973

Net income per share, basic	$	0.23	$	0.16	$	0.45	$	0.30
Net income per share, diluted	$	0.22	$	0.15	$	0.44	$	0.29

Retirement Plans - Narrative (Details) - Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation plan expense	$ 883,000	$ 3,777,000	$ 6,682,000	$ 7,923,000
DCP participant deferrals	43,000	118,000	101,000	1,651,000
Contributions by employer	$ 0	$ 0	$ 0	$ 0
Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares issuable (in shares)	14,929,874		14,929,874		17,364,980
Shares reserved for future issuance (in shares)	4,382,666		4,382,666

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 72,046	$ 48,685	$ 142,356	$ 94,175

- Definition

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

+ References

+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2024:

Second quarter	$	0.06	$	17,980
First quarter	0.06		17,871
2023:

Second quarter	$	0.05	$	14,702
First quarter	0.05		14,522

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 72,046	$ 48,685	$ 142,356	$ 94,175
Less: Net income attributable to participating securities	(21)	(19)	(42)	(38)
Net income attributable to Class A and Class B common stockholders, basic	72,025	48,666	142,314	94,137
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,717	1,723	3,440	3,440
Net income attributable to Class A and Class B common stockholders, diluted	$ 73,742	$ 50,389	$ 145,754	$ 97,577
Denominator:
Weighted average shares, basic (in shares)	314,980,580	311,914,602	314,660,906	311,366,371
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	1,036,506	2,643,664	1,361,265	2,744,259
Dilutive effect of ESPP (in shares)	130,112	160,673	69,358	87,557
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,633,786	17,633,786	17,633,786
Weighted average shares, diluted (in shares)	333,780,984	332,352,725	333,725,315	331,831,973
Net income per share, basic (USD per share)	$ 0.23	$ 0.16	$ 0.45	$ 0.30
Net income per share, diluted (USD per share)	$ 0.22	$ 0.15	$ 0.44	$ 0.29

Realignment Costs

6 Months Ended

Jun. 30, 2024

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 artificial intelligence 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. During the three and six months ended June 30, 2024, the Company incurred realignment costs of $843 and $867, respectively, related to the aforementioned program. The 2023 Program activities have been broadly implemented across the Company’s various businesses, which were substantially completed by the end of the second quarter of 2024. The Company expects the remaining termination benefits to be paid by the end of the third quarter of 2024.

Realignment costs by expense classification were as follows:


	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
Cost of revenues:
Cost of subscriptions and licenses	$	1,307	$	1,227
Cost of services	(138)		(107)
Total cost of revenues	1,169		1,120
Operating expenses:
Research and development	(65)		(136)
Selling and marketing	(203)		475
General and administrative	(58)		(592)
Total operating expenses	(326)		(253)
Total realignment costs	$	843	$	867

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


Balance, December 31, 2023	$	12,459
Realignment costs	867
Payments	(11,488)
Adjustments (1)	(287)
Balance, June 30, 2024	$	1,551

(1)Adjustments include foreign currency translation.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 142,356	$ 94,175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,367	35,304
Deferred income taxes	8,666	(28,935)
Stock-based compensation expense	41,759	37,588
Deferred compensation plan	6,682	7,923
Amortization of deferred debt issuance costs	3,750	3,646
Change in fair value of derivative	(2,361)	663
Foreign currency remeasurement loss (gain)	502	(144)
Other	(1,715)	3,530
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	14,330	49,171
Prepaid and other assets	(585)	(364)
Accounts payable, accruals, and other liabilities	41,622	41,969
Deferred revenues	(14,888)	(1,792)
Income taxes payable, net of prepaid income taxes	(4,930)	14,085
Net cash provided by operating activities	267,555	256,819
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(6,689)	(11,253)
Acquisitions, net of cash acquired	(5,000)	(10,299)
Purchases of investments	(557)	(8,200)
Other	1,300	0
Net cash used in investing activities	(10,946)	(29,752)
Cash flows from financing activities:
Proceeds from credit facilities	51,724	288,387
Payments of credit facilities	(143,752)	(432,739)
Repayments of term loan	(105,000)	(2,500)
Payments of contingent and non-contingent consideration	(451)	(2,860)
Payments of dividends	(35,851)	(29,224)
Proceeds from stock purchases under employee stock purchase plan	5,560	4,557
Proceeds from exercise of stock options	4,007	9,700
Payments for shares acquired including shares withheld for taxes	(9,626)	(51,202)
Repurchases of Class B common stock under approved program	(37,515)	0
Other	(95)	(95)
Net cash used in financing activities	(270,999)	(215,976)
Effect of exchange rate changes on cash and cash equivalents	(2,744)	(59)
(Decrease) increase in cash and cash equivalents	(17,134)	11,032
Cash and cash equivalents, beginning of year	68,412	71,684
Cash and cash equivalents, end of period	51,278	82,716
Supplemental information:
Cash paid for income taxes	23,472	18,167
Income tax refunds	625	168
Interest paid	8,706	19,382
Non-cash investing and financing activities:
Cost method investment	0	3,500
Deferred, non-contingent consideration, net	0	525
Share-settled executive bonus plan awards	8,916	9,806
Deferred compensation plan elective participant deferrals	$ 101	$ 1,651

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Type and Location

The Company’s revenues consist of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Subscriptions:
Enterprise subscriptions (1)	$	127,845	$	103,674	$	255,372	$	207,578
SELECT subscriptions	63,648		64,085		127,189		127,428
Term license subscriptions	105,951		91,484		221,972		202,082
Subscriptions	297,444		259,243		604,533		537,088
Perpetual licenses	10,863		11,718		20,375		21,265
Subscriptions and licenses	308,307		270,961		624,908		558,353
Services:
Recurring	4,040		4,949		7,854		9,127
Other	17,990		20,839		35,338		43,680
Services	22,030		25,788		43,192		52,807
Total revenues	$	330,337	$	296,749	$	668,100	$	611,160

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Americas (1)	$	176,310	$	158,836	$	360,503	$	327,181
Europe, the Middle East, and Africa (“EMEA”)	95,865		83,444		190,579		176,276
Asia-Pacific (“APAC”)	58,162		54,469		117,018		107,703
Total revenues	$	330,337	$	296,749	$	668,100	$	611,160

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 932,607	$ 614,190	$ 883,982	$ 573,454
Total other comprehensive (loss) income, net of taxes	(645)	1,546	(8,277)	1,912
Ending balance	984,506	643,772	984,506	643,772
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(92,619)	(89,374)	(84,987)	(89,740)
Other comprehensive (loss) income, before taxes	(645)	1,547	(8,249)	1,919
Tax expense	0	(1)	(28)	(7)
Total other comprehensive (loss) income, net of taxes	(645)	1,546	(8,277)	1,912
Ending balance	(93,264)	(87,828)	(93,264)	(87,828)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(92,367)	(89,068)	(84,634)	(89,408)
Other comprehensive (loss) income, before taxes	(645)	1,538	(8,378)	1,878
Tax expense	0	0	0	0
Total other comprehensive (loss) income, net of taxes	(645)	1,538	(8,378)	1,878
Ending balance	(93,012)	(87,530)	(93,012)	(87,530)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(252)	(306)	(353)	(332)
Other comprehensive (loss) income, before taxes	0	9	129	41
Tax expense	0	(1)	(28)	(7)
Total other comprehensive (loss) income, net of taxes	0	8	101	34
Ending balance	$ (252)	$ (298)	$ (252)	$ (298)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
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-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (f)(1)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
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+ Details

Accruals and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	June 30, 2024		December 31, 2023
Cloud Services Subscription deposits	$	343,816	$	284,276
Accrued benefits	41,106		39,983
Accrued compensation	34,338		43,316
Due to customers	16,145		16,924
Accrued indirect taxes	8,240		10,722
Accrued professional fees	7,932		5,970
Accrued acquisition stay bonus	6,592		4,336
Employee stock purchase plan contributions	5,770		5,790
Accrued cloud provisioning costs	4,138		3,572
Deferred compensation plan liabilities	3,610		2,355
Non-contingent consideration from acquisitions	2,571		3,576
Accrued realignment costs	1,551		12,459

Other accrued and current liabilities	24,198		24,069
Total accruals and other current liabilities	$	500,007	$	457,348

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 3,129	$ 3,123	$ 6,355	$ 6,310
Amortization of purchased intangibles	8,392	9,502	17,356	20,050
Total amortization expense	$ 11,521	$ 12,625	$ 23,711	$ 26,360

Stock-Based Compensation - Stock Grants Narrative (Details) - Class B Common Stock - 2020 Incentive Award Plan - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)	11,391	12,639
Fully vested shares granted	$ 600	$ 600

- 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

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets acquired and liabilities assumed:
Deferred income taxes	$ 0		$ 2,151
Goodwill	2,265,174		2,269,336
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	5,000	$ 10,299	26,287
Deferred, non-contingent consideration, net	0		525
Other	0		15
Total consideration	5,000		26,827
Assets acquired and liabilities assumed:
Cash	0		264
Accounts receivable and other current assets	635		1,742
Operating lease right-of-use assets	0		397
Other assets	15		6
Total identifiable assets acquired excluding goodwill	1,475		12,537
Accruals and other current liabilities	(694)		(624)
Deferred revenues	(1,537)		(4,623)
Operating lease liabilities	0		(397)
Total liabilities assumed	(2,231)		(5,644)
Net identifiable assets acquired excluding goodwill	(756)		6,893
Goodwill	5,756		19,934
Net assets acquired	5,000		26,827
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles	825		3,077
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles	0		3,900
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles	$ 0		$ 1,000
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		3 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		6 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		5 years

Geographic Data (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of 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:


	June 30, 2024		December 31, 2023
Americas (1)	$	248,973	$	272,492
EMEA	35,744		40,411
APAC	12,446		14,460
Total long-lived assets	$	297,163	$	327,363

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

Accruals and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	June 30, 2024		December 31, 2023
Cloud Services Subscription deposits	$	343,816	$	284,276
Accrued benefits	41,106		39,983
Accrued compensation	34,338		43,316
Due to customers	16,145		16,924
Accrued indirect taxes	8,240		10,722
Accrued professional fees	7,932		5,970
Accrued acquisition stay bonus	6,592		4,336
Employee stock purchase plan contributions	5,770		5,790
Accrued cloud provisioning costs	4,138		3,572
Deferred compensation plan liabilities	3,610		2,355
Non-contingent consideration from acquisitions	2,571		3,576
Accrued realignment costs	1,551		12,459

Other accrued and current liabilities	24,198		24,069
Total accruals and other current liabilities	$	500,007	$	457,348

Common Stock - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
Common Stock - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Repurchases of Class B Common Stock under approved program			$ 22,509		$ 37,515
Employee stock purchase plan contributions	$ 5,770		$ 5,770		$ 5,770		$ 5,790
Common Stock
Class of Stock [Line Items]
Repurchase of Class B common stock under approved program (in shares)			427,083		729,681
Repurchases of Class B Common Stock under approved program			$ 4		$ 7
Shares issued in connection with executive bonus plan, net (in shares)			102,352	57,393	168,291	137,197
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions	5,770		$ 5,770		$ 5,770		$ 5,790
Class B Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 200,000	$ 200,000	200,000		200,000
Stock repurchase program, expiration date	Jun. 30, 2026	Jun. 30, 2024
Common stock, reserved for future issuance amount	$ 200,000		$ 200,000		$ 200,000
Repurchase of Class B common stock under approved program (in shares)					729,681	0
Repurchases of Class B Common Stock under approved program					$ 37,515
Class B Common Stock \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Class of Stock [Line Items]
Deferred compensation arrangement with individual, shares issued (in shares)					2,474,063	2,782,181
Shares withheld for tax withholding obligation (in shares)					0	895,224
Share-based compensation tax withholding payment						$ 36,329
Shares reserved for future issuance (in shares)	4,382,666		4,382,666		4,382,666
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Share-based compensation tax withholding payment						$ 4,326
Shares issued in connection with executive bonus plan, net (in shares)					168,291
Shares withheld for cost of options and tax withholding obligation (in shares)					0	108,374
Shares exercised, net of shares withheld (in shares)						137,197
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Share-based compensation tax withholding payment					$ 2,195	$ 5,989
Shares withheld for cost of options and tax withholding obligation (in shares)					67,146
Shares exercised, net of shares withheld (in shares)					844,283
Cash used to settle award					$ 4,007
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)						221,078
Shares exercised, net of shares withheld (in shares)						2,236,827
Cash used to settle award						$ 9,700
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Share-based compensation tax withholding payment					$ 175	$ 222
Shares withheld for cost of options and tax withholding obligation (in shares)					3,354	5,996
Shares issued (in shares)					122,020	153,381
Proceeds from issuance of common stock					$ 5,560	$ 4,557
Shares purchased (in shares)					125,374	159,377
Shares reserved for future issuance (in shares)	24,150,018		24,150,018		24,150,018

Other Income, Net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Income, Net

Other income, net consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
(Loss) gain from:
Change in fair value of interest rate swap (see Note 17)	$	(429)	$	3,826	$	2,361	$	(663)
Foreign exchange (1)	(2,284)		2,104		58		3,558



Receipts related to interest rate swap	2,411		2,164		4,768		4,084
Other income (expense), net (2)	2,582		(7,129)		2,230		(5,725)
Total other income, net	$	2,280	$	965	$	9,417	$	1,254

(2)Other income (expense), net includes investment impairment charges of $(7,318) for the three and six months ended June 30, 2023 (see Note 7).

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Dividends per share (USD per share)	$ 0.06	$ 0.06	$ 0.05	$ 0.05
Amount	$ 17,980	$ 17,871	$ 14,702	$ 14,522

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 330,337	$ 296,749	$ 668,100	$ 611,160
Cost of revenues:
Total cost of revenues	63,193	66,426	125,023	133,610
Gross profit	267,144	230,323	543,077	477,550
Operating expenses:
Research and development	65,709	70,117	134,080	137,917
Selling and marketing	57,129	54,364	111,515	106,505
General and administrative	54,854	39,258	101,336	86,065
Deferred compensation plan	883	3,777	6,682	7,923
Amortization of purchased intangibles	8,392	9,502	17,356	20,050
Total operating expenses	186,967	177,018	370,969	358,460
Income from operations	80,177	53,305	172,108	119,090
Interest expense, net	(5,100)	(9,484)	(11,620)	(20,576)
Other income, net	2,280	965	9,417	1,254
Income before income taxes	77,357	44,786	169,905	99,768
(Provision) benefit for income taxes	(5,330)	3,899	(27,577)	(5,593)
Equity in net income of investees, net of tax	19	0	28	0
Net income	$ 72,046	$ 48,685	$ 142,356	$ 94,175
Per share information:
Net income per share, basic (USD per share)	$ 0.23	$ 0.16	$ 0.45	$ 0.30
Net income per share, diluted (USD per share)	$ 0.22	$ 0.15	$ 0.44	$ 0.29
Weighted average shares, basic (in shares)	314,980,580	311,914,602	314,660,906	311,366,371
Weighted average shares, diluted (in shares)	333,780,984	332,352,725	333,725,315	331,831,973
Subscriptions and licenses
Revenues:
Total revenues	$ 308,307	$ 270,961	$ 624,908	$ 558,353
Cost of revenues:
Total cost of revenues	42,432	41,156	82,650	82,087
Subscriptions
Revenues:
Total revenues	297,444	259,243	604,533	537,088
Perpetual licenses
Revenues:
Total revenues	10,863	11,718	20,375	21,265
Services
Revenues:
Total revenues	22,030	25,788	43,192	52,807
Cost of revenues:
Total cost of revenues	$ 20,761	$ 25,270	$ 42,373	$ 51,523

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Total stock‑based compensation expense consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Restricted stock and RSUs expense	$	15,987	$	13,530	$	29,677	$	27,453
Bonus Plan expense (see Note 11)	4,879		3,336		10,180		7,882
ESPP expense (see Note 13)	591		600		1,215		1,175
Stock grants expense	600		600		600		600
Stock option expense	—		—		—		343
DCP elective participant deferrals expense (1) (see Note 12)	44		38		87		135
Total stock-based compensation expense (2)	$	22,101	$	18,104	$	41,759	$	37,588

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

(2)As of June 30, 2024 and December 31, 2023, $5,372 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of subscriptions and licenses	$	(732)	$	1,132	$	362	$	2,166
Cost of services	756		707		1,638		1,714
Research and development	5,082		4,424		9,963		9,710
Selling and marketing	3,542		2,943		6,320		5,813
General and administrative	13,453		8,898		23,476		18,185
Total stock-based compensation expense	$	22,101	$	18,104	$	41,759	$	37,588

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, 2023	3,303,849		2,938,208	(3)	365,641	(5)	$	39.87	$	39.21
Granted	1,191,104	(1)	984,192	(4)	206,912	(6)	50.90		49.49
Vested	(754,222)		(572,432)		(181,790)		43.29		39.15
Forfeited and canceled	(195,712)		(161,116)		(34,596)		38.05		42.38
Unvested, June 30, 2024	3,545,019	(2)	3,188,852		356,167		$	42.75	$	44.90

(1)For the six months ended June 30, 2024, the Company only granted RSUs.

(2)Includes 47,710 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)Includes 300,964 time‑based RSUs granted during the three months ended June 30, 2024 to certain officers, which vest 20% on each of December 15, 2025, 2026, 2027, 2028, and 2029.

Schedule of Options

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



		Weighted
		Average
	Stock	Exercise Price
	Options	Per Share
Outstanding, December 31, 2023	916,429	$	5.74
Exercised	(911,429)	5.74
Forfeited and expired	(5,000)	5.74
Outstanding, June 30, 2024	—	$	—

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Gross Carrying Amount	$ 481,966	$ 484,195
Accumulated Amortization	(256,427)	(235,408)
Net Book Value	225,539	248,787
Software and technology
Intangible assets subject to amortization:
Gross Carrying Amount	89,820	89,693
Accumulated Amortization	(64,720)	(59,045)
Net Book Value	$ 25,100	30,648
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	$ 321,359	323,442
Accumulated Amortization	(154,666)	(142,378)
Net Book Value	$ 166,693	181,064
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	$ 70,437	70,710
Accumulated Amortization	(36,732)	(33,709)
Net Book Value	$ 33,705	37,001
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	(309)	(276)
Net Book Value	$ 41	$ 74

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 330,337	$ 296,749	$ 668,100	$ 611,160
Accounts receivable	282,918		282,918		$ 302,501
Contract cost assets	0		0		0
Contract with customer, liability	251,883		251,883		269,647
Contract with customer, liability, revenue recognized			165,042	149,247
Contract with customer liability additions			152,734	$ 151,528
Unbilled Revenues
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 144,540		$ 144,540		129,494
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7.00%	7.00%	7.00%	7.00%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 162,458	$ 138,822	$ 338,767	$ 296,846
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	151,595	$ 127,104	318,392	$ 275,581
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 18,565		$ 18,565		$ 18,269

Realignment Costs (Tables)

6 Months Ended

Jun. 30, 2024

Postemployment Benefits [Abstract]

Schedule of Realignment Costs by Expense Classification

Realignment costs by expense classification were as follows:


	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
Cost of revenues:
Cost of subscriptions and licenses	$	1,307	$	1,227
Cost of services	(138)		(107)
Total cost of revenues	1,169		1,120
Operating expenses:
Research and development	(65)		(136)
Selling and marketing	(203)		475
General and administrative	(58)		(592)
Total operating expenses	(326)		(253)
Total realignment costs	$	843	$	867

Schedule of Realignment Costs Roll forward

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


Balance, December 31, 2023	$	12,459
Realignment costs	867
Payments	(11,488)
Adjustments (1)	(287)
Balance, June 30, 2024	$	1,551

(1)Adjustments include foreign currency translation.

Executive Incentive Plans (Details) $ in Thousands		3 Months Ended		6 Months Ended
Executive Incentive Plans (Details) $ in Thousands	Jun. 26, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense		$ 883	$ 3,777	$ 6,682	$ 7,923
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense		$ 6,367	$ 4,297	$ 13,398	$ 12,245
Adjusted operating income percentage	0.10
Inflation-adjusted target growth period	5 years
Deferred Bonus \| Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Fractional interest reduced percentage	0.363636
Deferred Bonus \| Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Fractional interest reduced percentage	0.121212