0001031308-25-000002 | 10-K | XBRL Viewer

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Acquisitions - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		$ 130,407	$ 26,023	$ 743,007
Power Line Systems
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 695,968
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		130,407	$ 26,023	$ 743,007
Goodwill from acquisition, expected tax deductible amount		$ 26,444

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 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:


	December 31,
	2024		2023
Accruals and other current liabilities	$	3,798	$	2,355
Deferred compensation plan liabilities	96,684		88,181
Total DCP liabilities	$	100,482	$	90,536

Long‑Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:


	December 31,
	2024		2023
Credit facilities:
Revolving loan facility due October 2029	$	135,315	$	—
Revolving loan facility due November 2025	—		92,028
Term loan due November 2025	—		190,000
2026 Notes	687,830		687,830
2027 Notes	575,000		575,000
Unamortized debt issuance costs	(10,057)		(16,455)
Total debt	1,388,088		1,528,403
Less: Current portion of long-term debt	—		(10,000)
Long-term debt	$	1,388,088	$	1,518,403

Schedule of Interest Expense

Interest expense, net consists of the following:


	Year Ended December 31,
	2024		2023		2022
Contractual interest expense	$	(16,967)	$	(34,973)	$	(26,275)
Amortization of deferred debt issuance costs	(7,338)		(7,291)		(7,291)
Other interest (expense) income	(469)		933		(1,490)
Interest income	2,730		1,538		421
Interest expense, net	$	(22,044)	$	(39,793)	$	(34,635)

Schedule of Maturities of Long-term Debt

Scheduled maturities of long‑term debt are as follows:


	December 31, 2024

2026	$	687,830
2027	575,000

2029	135,315

Total scheduled maturities of long-term debt	$	1,398,145

- 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

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenues

The Company’s revenues consist of the following:


	Year Ended December 31,
	2024		2023		2022
Subscriptions:
Enterprise subscriptions (1)	$	530,367	$	433,321	$	345,678
SELECT subscriptions	258,504		258,288		264,308
Term license subscriptions	434,491		388,698		350,234
Subscriptions	1,223,362		1,080,307		960,220
Perpetual licenses	45,961		46,038		43,377
Subscriptions and licenses	1,269,323		1,126,345		1,003,597
Services:
Recurring	14,642		16,370		17,804
Other	69,130		85,698		77,681
Services	83,772		102,068		95,485
Total revenues	$	1,353,095	$	1,228,413	$	1,099,082

(1)Enterprise subscriptions are primarily revenues attributable to E365 subscriptions of $517,997, $411,025, and $306,901 for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the years ended December 31, 2024, 2023, and 2022, the Company recognized $679,811, $592,737, and $513,736 of license related revenues, respectively, of which $633,850, $546,699, and $470,359, 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.

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


	Year Ended December 31,
	2024		2023		2022
Americas (1)	$	717,002	$	650,926	$	584,794
EMEA	388,384		353,550		312,804
APAC	247,709		223,937		201,484
Total revenues	$	1,353,095	$	1,228,413	$	1,099,082

(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $561,683, $511,828, and $459,511 for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote and sell its products and subscriptions to end‑users. Channel partners are authorized to promote the sale of an authorized set of the Company’s products and subscriptions within an authorized geography under a Channel Partner Agreement. The Company derived 7%, 8%, and 8% of its total revenues through channel partners for the years ended December 31, 2024, 2023, and 2022, respectively.

Nature of Products and Services

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

Subscriptions and perpetual licenses are typically paid upfront, and services are typically paid in arrears, based on the contract terms as described below, generally with payment terms of 30 days. The Company does not have any material variable consideration, such as obligations for returns, refunds, or warranties.

Subscriptions

Enterprise Subscriptions

The Company provides enterprise subscription offerings, which provide its enterprise accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. E365 subscriptions require a CSS as described below and are charged to accounts primarily based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, hosting, and Success Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is primarily defined as distinct user access on a daily basis. E365 subscriptions can contain quarterly usage floors or ceilings. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage.

SELECT Subscriptions

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

Term License Subscriptions

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

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

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

Perpetual Licenses

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

Services

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

Significant Judgments and Estimates

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

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

Unbilled Accounts Receivable

Unbilled accounts receivable represent amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition, and are included in Accounts receivable in the consolidated balance sheets. As of December 31, 2024 and 2023, unbilled accounts receivable were $159,924 and $129,494, respectively.

Contract Balances

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

Deferred revenues consist of billings made or payments received in advance of revenue recognition from subscriptions and services. The primary changes in the Company’s deferred revenues are due to our performance under the contracts and new billings made or payments received in advance of revenue recognition from subscriptions and services. The satisfaction of performance obligations typically lags behind payments received under revenue from contracts with customers.

For the year ended December 31, 2024, $231,114 of revenues that were included in the December 31, 2023 deferred revenues balance were recognized. There were additional deferrals of $233,910, which were primarily related to new billings. For the year ended December 31, 2023, $213,021 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $237,193, which were primarily related to new billings and acquisitions.

As of December 31, 2024 and 2023, the Company deferred $18,540 and $18,269, respectively, related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets.

Costs to Obtain a Contract with a Customer

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

As of December 31, 2024 and 2023, deferred costs of $4,490 and $4,958, respectively, were included in Prepaid and other current assets in the consolidated balance sheets and $10,715 and $10,242, respectively, were included in Other assets in the consolidated balance sheets. Amortization expense related to assets recognized from costs to obtain a contract with a customer was $5,241, $5,567, and $3,898 and is included in Cost of subscriptions and licenses and Selling and marketing in the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, respectively. Impairments of contract cost assets were not material during the years ended December 31, 2024, 2023, or 2022.

Remaining Performance Obligations

The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of December 31, 2024, amounts allocated to these remaining performance obligations are $262,370, 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.

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 64,009	$ 68,412
Accounts receivable	322,862	302,501
Allowance for doubtful accounts	(8,395)	(8,965)
Prepaid income taxes	13,066	12,812
Prepaid and other current assets	50,531	44,797
Total current assets	442,073	419,557
Property and equipment, net	33,798	40,100
Operating lease right-of-use assets	32,303	38,476
Intangible assets, net	213,959	248,787
Goodwill	2,367,179	2,269,336
Investments	25,764	23,480
Deferred income taxes	198,286	212,831
Other assets	86,445	67,283
Total assets	3,399,807	3,319,850
Current liabilities:
Accounts payable	16,479	18,094
Accruals and other current liabilities	536,417	457,348
Deferred revenues	245,729	253,785
Operating lease liabilities	11,656	11,645
Income taxes payable	4,053	9,491
Current portion of long-term debt	0	10,000
Total current liabilities	814,334	760,363
Long-term debt	1,388,088	1,518,403
Deferred compensation plan liabilities	96,684	88,181
Long-term operating lease liabilities	26,894	30,626
Deferred revenues	16,641	15,862
Deferred income taxes	8,612	9,718
Income taxes payable	3,615	7,337
Other liabilities	3,819	5,378
Total liabilities	2,358,687	2,435,868
Commitments and contingencies (Note 18)
Equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of December 31, 2024 and 2023	0	0
Additional paid-in capital	1,217,986	1,127,234
Accumulated other comprehensive loss	(104,078)	(84,987)
Accumulated deficit	(75,941)	(161,932)
Total Bentley Systems stockholders’ equity	1,040,987	883,278
Noncontrolling interest	133	704
Total equity	1,041,120	883,982
Total liabilities and equity	3,399,807	3,319,850
Class A Common Stock
Equity:
Common stock	115	115
Class B Common Stock
Equity:
Common stock	$ 2,905	$ 2,848

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Actuarial gain (loss) on retirement plan, tax effect	$ (45)	$ (89)	$ (245)

Realignment Costs

12 Months Ended

Dec. 31, 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 AI in product development. For the years ended December 31, 2024 and 2023, the Company incurred realignment costs related to the aforementioned program of $847 and $12,579, respectively, which represent termination benefits for colleagues whose roles were impacted. 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, and payments of termination benefits were completed as of December 31, 2024.

Realignment costs (income) by expense classification were as follows:


	Year Ended December 31,
	2024		2023
Cost of revenues:
Cost of subscriptions and licenses	$	1,227	$	839
Cost of services	(85)		1,246
Total cost of revenues	1,142		2,085
Operating expenses:
Research and development	(118)		4,995
Selling and marketing	413		4,012
General and administrative	(590)		1,487
Total operating expenses	(295)		10,494
Total realignment costs	$	847	$	12,579

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


Balance, December 31, 2022	$	—
Realignment costs	12,579
Payments	(268)
Adjustments (1)	148
Balance, December 31, 2023	$	12,459
Realignment costs	847
Payments	(12,768)
Adjustments (1)	(538)
Balance, December 31, 2024	$	—

(1)Adjustments include foreign currency translation and other adjustments.

Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,269,336	$ 2,237,184
Acquisitions	120,214	19,934
Foreign currency translation adjustments	(21,538)	11,732
Other adjustments	(833)	486
Goodwill ending balance	$ 2,367,179	$ 2,269,336

- 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.

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

Reference 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

Realignment Costs - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Realignment costs	$ 847	$ 12,579

Long‑Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long‑term debt consists of the following:


	December 31,
	2024		2023
Credit facilities:
Revolving loan facility due October 2029	$	135,315	$	—
Revolving loan facility due November 2025	—		92,028
Term loan due November 2025	—		190,000
2026 Notes	687,830		687,830
2027 Notes	575,000		575,000
Unamortized debt issuance costs	(10,057)		(16,455)
Total debt	1,388,088		1,528,403
Less: Current portion of long-term debt	—		(10,000)
Long-term debt	$	1,388,088	$	1,518,403

Credit Facilities

On October 18, 2024, the Company entered into the Credit Facility, which provides the Company with a $1,300,000 revolving credit facility, including a $125,000 swingline loan and $125,000 in letters of credit. The Credit Facility also provides the Company with a $500,000 “accordion” feature to increase the facility in the form of both revolving indebtedness and/or incremental term loans. On October 18, 2024, the Company used borrowings under the Credit Facility to repay a portion of the revolving indebtedness outstanding under the 2017 Credit Facility and all of the outstanding senior secured term loan. In connection with the termination of the 2017 Credit Facility and entrance into the Credit Facility, the Company performed an extinguishment versus modification assessment on a lender-by-lender basis resulting in the write-off of an insignificant amount of unamortized debt issuance costs. Additionally, $6,184 of capitalized fees paid to lenders and third parties associated with the Credit Facility were recorded in Prepaid and other current assets or Other assets in the consolidated balance sheets, depending on the short- or long-term nature of such costs. Debt issuance costs are amortized to Interest expense, net, in the consolidated statements of operations through the maturity date.

The Credit Facility matures on October 18, 2029, subject to a “revolving maturity date” on the date that is 91 days prior to the maturity date of the Company’s outstanding convertible debt, unless on such date the Company meets certain liquidity requirements. Voluntary prepayments under the Credit Facility are permitted at any time without payment of any prepayment premiums.

Revolving loan borrowings under the Credit Facility bear interest, at the Company’s option, at the Alternative Base Rate or Term SOFR that reset every one, three, or six months. Under the Term SOFR elections, revolving loan borrowings bear an interest rate of the applicable Term SOFR rate plus a credit spread adjustment of 10 bps, plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio. Under the non‑Term SOFR elections, revolving loan borrowings bear a base interest rate of the highest of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) the daily simple SOFR rate plus 100 bps, plus a spread ranging from 25 bps to 125 bps as determined by the Company’s net leverage ratio.

Swingline borrowings under the Credit Facility bear interest that resets daily. Interest on swingline borrowings bear an interest rate of the daily simple SOFR rate plus a credit spread adjustment of 10 bps, plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio.

In addition, a commitment fee for the unused revolving credit facility ranges from 20 bps to 30 bps per annum as determined by the Company’s net leverage ratio.

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

The agreement governing the Credit Facility contains customary affirmative and negative covenants, including restrictions on our ability to pay dividends, repurchase our Class B common stock, and make other restricted payments, as well as events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenants defaults, cross-defaults to certain other indebtedness in excess of $100,000, certain events of bankruptcy and insolvency, judgment defaults in excess of $10,000, failure of any security document supporting the Credit Facility to be in full force and effect, and a change of control. The Credit Facility also contains customary financial covenants, including net leverage ratio, net senior secured leverage ratio, and interest coverage ratio.

Prior to entering into the Credit Facility, the Company’s 2017 Credit Facility provided for an $850,000 senior secured revolving loan facility that was scheduled to mature on November 15, 2025.

On December 22, 2021, the Company amended the 2017 Credit Facility to provide for a $200,000 senior secured term loan with a maturity of November 15, 2025 (the “Term Loan”). The Term Loan required principal repayment at the end of each calendar quarter. Beginning with March 31, 2022 and ending with December 31, 2023, the Company was required to repay $1,250 per quarter. Beginning with March 31, 2024 and ending with the last such date prior to the maturity date, the Company was required to repay $2,500 per quarter. The Company used borrowings under the Term Loan to pay down borrowings under the swingline sub‑facility and revolving loan facility under the Credit Facility.

The Company had $150 of letters of credit outstanding and $1,164,535 available under the Credit Facility as of December 31, 2024. The Company had $150 of letters of credit outstanding and $757,822 available under the 2017 Credit facility as of December 31, 2023.

As of December 31, 2024 and 2023, the Company was in compliance with all covenants in its credit facilities.

Convertible Senior Notes

2026 Notes

On January 26, 2021, the Company completed a private offering of $690,000 of 0.125% convertible senior notes due 2026. The 2026 Notes were issued pursuant to an indenture, dated as of January 26, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2026 Trustee”) (the “2026 Indenture”). Interest will accrue from January 26, 2021 and will be payable semi‑annually in arrears in cash on January 15 and July 15 of each year, with the first payment due on July 15, 2021. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased.

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

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

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

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

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

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

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

As of December 31, 2024, none of the conditions of the 2026 Notes to early convert has been met.

The 2026 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2026 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2027 Notes, refer to the section titled “2027 Notes” below), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2026 Notes contain both affirmative and negative covenants. As of December 31, 2024 and 2023, the Company was in compliance with all covenants in the 2026 Notes.

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

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

2027 Notes

On June 28, 2021, the Company completed a private offering of $575,000 of 0.375% convertible senior notes due 2027. The 2027 Notes were issued pursuant to an indenture, dated as of June 28, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2027 Trustee”) (the “2027 Indenture”). Interest will accrue from June 28, 2021 and will be payable semi‑annually in arrears in cash on January 1 and July 1 of each year, with the first payment due on January 1, 2022. The 2027 Notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased.

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

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

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

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

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

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

As of December 31, 2024, none of the conditions of the 2027 Notes to early convert has been met.

The 2027 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2027 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2026 Notes), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2027 Notes contain both affirmative and negative covenants. As of December 31, 2024 and 2023, the Company was in compliance with all covenants in the 2027 Notes.

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

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

Derivative Arrangements

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

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

Interest Expense, Net

Interest expense, net consists of the following:


	Year Ended December 31,
	2024		2023		2022
Contractual interest expense	$	(16,967)	$	(34,973)	$	(26,275)
Amortization of deferred debt issuance costs	(7,338)		(7,291)		(7,291)
Other interest (expense) income	(469)		933		(1,490)
Interest income	2,730		1,538		421
Interest expense, net	$	(22,044)	$	(39,793)	$	(34,635)

The weighted average interest rate on credit facility borrowings were 7.22%, 7.13%, and 3.84% for the years ended December 31, 2024, 2023, and 2022, respectively.

Scheduled maturities of long‑term debt are as follows:


	December 31, 2024

2026	$	687,830
2027	575,000

2029	135,315

Total scheduled maturities of long-term debt	$	1,398,145

Income Taxes - Schedule of Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	$ 3,176
Operating loss carryforwards and tax credit carryforwards subject to limitation	139
U.S. State research and development credits	919
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards and tax credit carryforwards subject to limitation	235
Foreign Tax Jurisdiction \| His Majesty's Revenue and Customs (HMRC)
Operating Loss Carryforwards [Line Items]
U.S. State research and development credits	1,400
Foreign Tax Jurisdiction \| Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
U.S. State research and development credits	1,216
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards and tax credit carryforwards subject to limitation	1,316
Operating loss carryforwards, not subject to expiration	$ 5,737

Description of Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Capitalized costs	$ 18,791,000	$ 4,779,000
Accelerated Commercial Development Program (ADCP)
Finite-Lived Intangible Assets [Line Items]
Research and development costs capitalized	3,878,000	4,558,000	$ 7,060,000
Research and development costs capitalized, amortization	3,720,000	7,711,000	6,626,000
Impairment charges	0	1,835,000	$ 0
Capitalized costs	$ 12,961,000	$ 13,148,000
Software and Technology \| Accelerated Commercial Development Program (ADCP)
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years

- 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

Preferred and Common Stock - Narrative (Details)		1 Months Ended		3 Months Ended												12 Months Ended
Preferred and Common Stock - Narrative (Details)	Jun. 30, 2024	Feb. 26, 2025 $ / shares	May 31, 2022 USD ($)	Dec. 31, 2024 USD ($) vote $ / shares shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock shares authorized (in shares)				100,000,000				100,000,000								100,000,000	100,000,000
Threshold of affirmative votes of class A common Stock outstanding for automatic conversion to class B common Stock (at least)				90.00%												90.00%
Threshold of Bentley family ownership of issued and outstanding class B common Stock, fully-diluted basis, automatic conversion of class A common stock				20.00%												20.00%
Repurchase of Class B Common Stock under approved program \| $																$ 64,359,000		$ 28,250,000
Dividends per share (USD per share) \| $ / shares				$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.24	$ 0.20	$ 0.12
Employee stock purchase plan contributions \| $				$ 5,577,000				$ 5,790,000								$ 5,577,000	$ 5,790,000
Subsequent Event
Class of Stock [Line Items]
Dividends per share (USD per share) \| $ / shares		$ 0.07
2026 Notes \| Convertible Debt
Class of Stock [Line Items]
Extinguishment of debt \| $												$ 2,170,000						$ 2,170,000
Repayments of senior debt \| $												$ 1,998,000						$ 1,998,000
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions \| $				$ 5,577,000				$ 5,790,000								$ 5,577,000	$ 5,790,000
Class A Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)				100,000,000				100,000,000								100,000,000	100,000,000
Number of votes per share \| vote				29												29
Number of votes per share, if not serving as company director or executive officer \| vote				11												11
Common stock shares converted (in shares)																	64,130
Class B Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)				1,800,000,000				1,800,000,000								1,800,000,000	1,800,000,000
Number of votes per share \| vote				1												1
Stock repurchase program, authorized amount \| $			$ 200,000,000				$ 200,000,000
Share repurchase program, expiration date	Jun. 30, 2026		Jun. 30, 2024
Common stock, reserved for future issuance amount \| $				$ 173,155,000												$ 173,155,000
Repurchase of Class B Common Stock under approved program (in shares)																1,292,733	0	896,126
Repurchase of Class B Common Stock under approved program \| $																$ 64,359,000		$ 28,250,000
Amount authorized for purchase \| $				$ 250,000,000												250,000,000
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Share-based compensation tax withholding payment \| $																$ 2,195,000	$ 6,581,000	$ 9,188,000
Shares withheld for cost of options and tax withholding obligation (in shares)																67,146	238,627	397,501
Shares exercised, net of shares withheld (in shares)																844,283	2,621,959	2,613,659
Cash used to settle award \| $																$ 4,007,000	$ 11,715,000	$ 8,338,000
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Share-based compensation tax withholding payment \| $																$ 348,000	$ 845,000	$ 273,000
Shares withheld for cost of options and tax withholding obligation (in shares)																6,859	17,484	7,065
Maximum percent of eligible compensation available to contribute				15.00%												15.00%
Maximum employee annual contribution amount \| $																$ 25,000
Shares authorized (in shares)				25,000,000												25,000,000
Purchase price of common stock, percent																85.00%
Shares issued (in shares)																253,578	315,840	307,406
Proceeds from issuance of common stock \| $																$ 11,228,000	$ 9,988,000	$ 10,335,000
Shares purchased (in shares)																260,437	333,324	314,471
Shares reserved for future issuance (in shares)				24,018,460												24,018,460
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares withheld for services tax withholding obligation (in shares)																0	135,314	124,116
Share-based compensation tax withholding payment \| $																	$ 5,756,000	$ 5,197,000
Shares issued in connection with Bonus Plan, net (in shares)																282,340	247,867	445,050
Class B Common Stock \| Acquisition Options \| Stock Option
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)																		714,822
Shares exercised, net of shares withheld (in shares)																		185,178
Cash used to settle award \| $																		$ 0
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)																4,707,845	3,410,006	3,541,375
Shares withheld for services tax withholding obligation (in shares)																0
Shares withheld for tax withholding obligation (in shares)																	935,939	500,332
Share-based compensation tax withholding payment \| $																	$ 38,456,000	$ 24,246,000
Shares reserved for future issuance (in shares)				4,349,950												4,349,950

Segment and Geographic Information - Reconciliation of Operating Income to Adjusted OI w/SBC (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 302,150	$ 230,542	$ 208,612
Amortization of purchased intangibles	46,679	51,219	53,592
Deferred compensation plan	12,382	13,580	(15,782)
Realignment costs	847	12,579
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	302,150	230,542	208,612
Amortization of purchased intangibles	46,679	51,219	53,592
Deferred compensation plan	12,382	13,580	(15,782)
Acquisition expenses	10,222	17,866	25,398
Realignment expenses	789	11,470	2,109
Adjusted OI w/SBC	372,222	324,677	273,929
Reportable Segment \| Colleagues
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Realignment costs	$ 847	$ 12,579
Power Line Systems \| Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Acquisition expenses			$ 9,804

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Cloud Services Subscription deposits	$ 366,895	$ 284,276
Accrued compensation	47,121	43,316
Accrued benefits	40,762	39,983
Due to customers	16,995	16,924
Accrued indirect taxes	9,769	10,722
Accrued acquisition stay bonus	7,536	4,336
Accrued professional fees	5,854	5,970
Employee stock purchase plan contributions	5,577	5,790
Accrued cloud provisioning costs	4,579	3,572
Deferred compensation plan liabilities	3,798	2,355
Accrued realignment costs	0	12,459	$ 0
Non-contingent consideration from acquisitions	0	3,576
Other accrued and current liabilities	27,531	24,069
Total accruals and other current liabilities	$ 536,417	$ 457,348

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Year Ended December 31,
	2024		2023		2022
Gain (loss) from:
Change in fair value of interest rate swap (see Note 17)	$	10	$	(5,038)	$	27,083
Foreign exchange (1)	939		2,497		(9,901)

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

Change in fair value of acquisition contingent consideration (see Note 17)	—		—		1,427
Receipts related to interest rate swap	9,309		8,803		1,947
Other income (expense), net (2)	2,691		(13,484)		1,713
Total other income (expense), net	$	12,949	$	(7,222)	$	24,298

(1)Foreign exchange gain (loss) is primarily attributable to foreign currency translation derived mainly from U.S. dollar denominated cash and cash equivalents, account receivables, customer deposits, and intercompany balances held by foreign subsidiaries.

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

Realignment Costs - Schedule of Realignment Costs Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Roll Forward]
Realignment costs, beginning balance	$ 12,459	$ 0
Realignment costs	847	12,579
Payments	(12,768)	(268)
Adjustments	(538)	148
Realignment costs, ending balance	0	12,459
One-time Termination Benefits
Postemployment Benefits [Roll Forward]
Realignment costs	$ 847	$ 12,579

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Cost method investment impairment	$ 0	$ 14,588,000
Gain on investments		2,360,000
Payments to acquire cost method investments	1,435,000	12,841,000
Cost method investments	23,289,000	21,044,000
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	0	2,261,000
Teralytics
Schedule of Equity Method Investments [Line Items]
Cash paid at closing	5,000,000
Teralytics investment
Schedule of Equity Method Investments [Line Items]
Cost method investment impairment		11,130,000	$ 0
Cost method investments		0
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments		8,928,000
Cost method investments	$ 8,928,000	$ 8,928,000

Stock-Based Compensation - 2020 Omnibus Incentive Plan Narrative (Details) - 2020 Incentive Award Plan - Class B Common Stock	Dec. 31, 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)	19,709,483

- 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
-SubTopic 10
-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
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-Name Accounting Standards Codification
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-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
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: 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)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Gross Carrying Amount	$ 476,735	$ 484,195
Accumulated Amortization	(262,776)	(235,408)
Net Book Value	213,959	248,787
Software and technology
Intangible assets subject to amortization:
Gross Carrying Amount	86,578	89,693
Accumulated Amortization	(61,671)	(59,045)
Net Book Value	$ 24,907	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	$ 315,773	323,442
Accumulated Amortization	(162,175)	(142,378)
Net Book Value	$ 153,598	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	$ 74,034	70,710
Accumulated Amortization	(38,593)	(33,709)
Net Book Value	$ 35,441	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	(337)	(276)
Net Book Value	$ 13	$ 74

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2024:
Fourth quarter	$	0.06	$	18,130
Third quarter	0.06		18,134
Second quarter	0.06		17,980
First quarter	0.06		17,871
Total	$	0.24	$	72,115
2023:
Fourth quarter	$	0.05	$	14,764
Third quarter	0.05		14,768
Second quarter	0.05		14,702
First quarter	0.05		14,522
Total	$	0.20	$	58,756
2022:
Fourth quarter	$	0.03	$	8,730
Third quarter	0.03		8,592
Second quarter	0.03		8,678
First quarter	0.03		8,353
Total	$	0.12	$	34,353

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets acquired and liabilities assumed:
Deferred income taxes	$ 0	$ 2,151	$ 0
Goodwill	2,367,179	2,269,336	2,237,184
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	143,299	26,287	763,228
Contingent consideration	0	0	1,390
Deferred, non-contingent consideration, net	0	525	749
Other	108	15	(269)
Total consideration	143,407	26,827	765,098
Assets acquired and liabilities assumed:
Cash	12,892	264	20,221
Accounts receivable and other current assets	6,102	1,742	8,890
Operating lease right-of-use assets	103	397	1,237
Property and equipment	0	0	1,316
Other assets	86	6	7
Total identifiable assets acquired excluding goodwill	31,637	12,537	131,529
Accruals and other current liabilities	(5,778)	(624)	(4,079)
Deferred revenues	(2,427)	(4,623)	(14,176)
Operating lease liabilities	(103)	(397)	(1,237)
Deferred income taxes	(136)	0	(5,745)
Total liabilities assumed	(8,444)	(5,644)	(25,237)
Net identifiable assets acquired excluding goodwill	23,193	6,893	106,292
Goodwill	120,214	19,934	658,806
Net assets acquired	143,407	26,827	765,098
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles	7,025	3,077	10,608
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles	284	3,900	82,278
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles	$ 5,145	$ 1,000	$ 6,972
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Software and technology
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years	3 years	5 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Customer relationships
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years	6 years	10 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Trademarks
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	10 years	5 years	8 years

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,353,095	$ 1,228,413	$ 1,099,082
Revenue from contract with customer, payment terms	30 days
Accounts receivable	$ 322,862	302,501
Unbilled Revenues
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 159,924	$ 129,494
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7.00%	8.00%	8.00%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 679,811	$ 592,737	$ 513,736
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 633,850	$ 546,699	$ 470,359

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	2.10%	(0.30%)	1.00%
Stock-based compensation	(16.00%)	(22.90%)	(21.40%)
Non-deductible officer compensation	14.10%	14.90%	11.00%
Tax credits	(3.00%)	(5.80%)	(2.90%)
Withholding taxes	3.40%	4.90%	2.80%
Foreign tax rate differential	(3.30%)	(3.00%)	(2.00%)
Net tax on foreign earnings (GILTI/FDII)	0.50%	4.20%	0.90%
Transaction costs	0.10%	(0.10%)	0.50%
Tax impact of internal legal entity restructuring	0.00%	(93.10%)	0.00%
Other	1.10%	2.20%	(0.20%)
Effective income tax rate	20.00%	(78.00%)	10.70%

Realignment Costs (Tables)

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Schedule of Realignment Costs by Expense Classification

Realignment costs (income) by expense classification were as follows:


	Year Ended December 31,
	2024		2023
Cost of revenues:
Cost of subscriptions and licenses	$	1,227	$	839
Cost of services	(85)		1,246
Total cost of revenues	1,142		2,085
Operating expenses:
Research and development	(118)		4,995
Selling and marketing	413		4,012
General and administrative	(590)		1,487
Total operating expenses	(295)		10,494
Total realignment costs	$	847	$	12,579

Schedule of Realignment Costs Rollforward

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


Balance, December 31, 2022	$	—
Realignment costs	12,579
Payments	(268)
Adjustments (1)	148
Balance, December 31, 2023	$	12,459
Realignment costs	847
Payments	(12,768)
Adjustments (1)	(538)
Balance, December 31, 2024	$	—

(1)Adjustments include foreign currency translation and other adjustments.

Description of Business and Summary of Significant Accounting Policies - Internal-Use Software Implementation Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized costs	$ 18,791	$ 4,779

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2026 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 671,123	$ 684,205
2027 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 519,271	$ 516,051

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

Business and Operations

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

The Company serves enterprises and professionals across the infrastructure lifecycle by improving project delivery and asset performance. The Company’s Bentley Open engineering applications and Seequent geoprofessional applications are primarily cloud-connected desktop modeling and simulation applications that support the breadth of engineering and geoprofessional disciplines. Bentley Infrastructure Cloud, provided via cloud and hybrid environments, extends enterprise collaboration during project delivery, and helps manage engineering information during operations and maintenance. Bentley Asset Analytics solutions automatically detect and analyze issues to trigger key operational workflows, improving overall asset performance. Powering these products is our Cesium and iTwin Platform, the Company’s cloud‑native technology platform to create, curate, and leverage infrastructure digital twins, which was augmented through the acquisition of Cesium in September 2024. Through the Company’s platform, existing products are becoming increasingly iTwin-enabled to take advantage of digital twin capabilities, and the Company is developing a new generation of iTwin-native, data-centric applications that leverage AI to increase engineering productivity.

Basis of Presentation and Consolidation

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

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

Accounting Policies

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

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

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

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

Under its ACDP (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years). For the years ended December 31, 2024, 2023, and 2022, total costs capitalized under the ACDP were $3,878, $4,558, and $7,060, respectively. Additionally, for the years ended December 31, 2024, 2023, and 2022, total ACDP related amortization recorded in Cost of subscriptions and licenses in the consolidated statements of operations was $3,720, $7,711, and $6,626, respectively. The Company evaluates the recoverability of capitalized ACDP costs whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. No impairment of capitalized ACDP costs occurred for the years ended December 31, 2024 or 2022. During the year ended December 31, 2023, the Company recognized impairment charges of $1,835 related to certain ACDP projects, which were recorded as amortization expense in Cost of subscriptions and licenses in the consolidated statements of operations. As of December 31, 2024 and 2023, $12,961 and $13,148 of ACDP capitalized costs were recorded in Other assets in the consolidated balance sheets, respectively.

Advertising Expense — The Company expenses advertising costs as incurred. Advertising expense of $6,383, $5,365, and $6,888 is included in Selling and marketing in the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, respectively.

Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2024 and 2023, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.

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

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

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

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


	Year Ended December 31,
	2024		2023
Balance, beginning of year	$	8,965	$	9,303
Additions to reserve	7,365		6,651
Write-offs, net of recoveries	(7,634)		(7,106)
Foreign currency translation adjustments	(301)		117
Balance, end of year	$	8,395	$	8,965

Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents, and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic region. No single customer accounted for more than 2% of the Company’s total revenues for the years ended December 31, 2024, 2023, or 2022.

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

Internal-Use Software Implementation Costs — The Company has entered into cloud-based software hosting arrangements related to new internal-use information technology systems, including a new enterprise resource planning system, human capital management system, and customer relationship management system for which it incurs implementation costs. Certain costs are capitalized and included in Prepaid and other current assets or Other assets in the consolidated balance sheets, depending on the short- or long-term nature of such costs. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized internal-use software implementation costs are amortized, beginning on the date the related software is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement primarily as a component of General and administrative in the consolidated statements of operations. Options to extend the hosting arrangement are considered in determining the remaining term when it is reasonably certain that the option will be exercised. As of December 31, 2024 and 2023, capitalized internal-use software implementation costs were $18,791 and $4,779, respectively.

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,353,095	$ 1,228,413	$ 1,099,082
Americas
Disaggregation of Revenue [Line Items]
Total revenues	717,002	650,926	584,794
United States
Disaggregation of Revenue [Line Items]
Total revenues	561,683	511,828	459,511
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	388,384	353,550	312,804
APAC
Disaggregation of Revenue [Line Items]
Total revenues	$ 247,709	$ 223,937	$ 201,484

- Definition

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

+ References + Details

- Definition

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

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Executive Incentive Plans	12 Months Ended
Executive Incentive Plans	Dec. 31, 2024
Compensation Related Costs [Abstract]
Executive Incentive Plans	Executive Incentive Plans Executive Bonus Plan The Company maintains the Bonus Plan, which is a legacy plan from decades prior to the Company’s IPO and was established to compensate a limited set of executives with substantial holdings of the Company’s common stock. As of January 1, 2024, Gregory S. Bentley was the sole remaining participant in the Bonus Plan. Pursuant to the Bonus Plan, participants are eligible to receive incentive bonuses that are determined based on the Company’s adjusted Management Report Operating Income (“MROI”), as defined in the plan agreement and before deduction for such plan payments. For purposes of the Bonus Plan, the bonus pool thereunder may be funded with up to an aggregate of 20% of the Company’s adjusted MROI, subject to approval by the Sustainability Committee of the Company’s Board of Directors (the “Committee”), with payments made to plan participants based on each such participant’s allocated interest in the bonus pool. The plan permits the deduction of certain holdback amounts from the plan’s pool, from which amounts can then be allocated to fund items including equity and/or cash incentive compensation for non‑plan participants and participant charitable contributions. As part of Gregory S. Bentley’s transition to the role of Executive Chair effective July 1, 2024, on June 26, 2024, 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. On November 2, 2022, the Committee approved an amendment to the Bonus Plan such that with respect to fiscal year 2022, one‑third of the Company’s Chief Investment Officer’s allocated percentage interest will be multiplied by a coefficient derived from the performance of the Company’s BSY Investments group (the Company’s executive team focused on portfolio development, mergers and acquisitions, venture capital investing, digital integrator business activities, and various incubating and accelerating business activities). This coefficient is generally determined by calculating the annual increase (or decrease) in value of the BSY Investments portfolio, taking into account applicable fees and an annual hurdle rate, in all cases, as approved by the Company’s non-employee directors. The Company’s Chief Investment Officer retired effective March 31, 2023 and received one Bonus Plan payout during 2023 in respect to the 2022 fiscal year under the amended allocated percentage interest. A participant may defer any portion, or all, of such participant’s incentive bonus payable pursuant to the Bonus Plan into the DCP (see Note 12). The Bonus Plan provides, in part, that a participant may elect to receive any portion, or all, of such participant’s non‑deferred incentive bonus in the form of shares of fully vested Class B common stock issued under the Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Plan”), subject to the limitation described below. The Company records the election of non‑deferred incentive bonus in the form of shares of fully vested Class B common stock as stock‑based compensation expense in the consolidated statements of operations (see Note 15). Such election must be made prior to the start of the applicable calendar quarter for which the incentive bonus is to be paid, and the number of shares of Class B common stock payable in respect of such elected amount is calculated using a volume-weighted average price of the Company’s Class B common stock for the period commencing on the tenth trading day prior to the end of the applicable calendar quarter and ending on the tenth trading day following the end of the applicable calendar quarter. Notwithstanding participants’ elections to receive shares of fully vested Class B common stock in respect of their non‑deferred incentive bonus payments, if, in any calendar quarter, the aggregate U.S. dollar value of shares of fully vested Class B common stock payable in respect of the non‑deferred incentive bonuses exceeds $7,500, the portion of each participant’s non‑deferred incentive bonus payable in shares of fully vested Class B common stock will be reduced pro rata such that the $7,500 limit is not exceeded, and, for each affected participant, the amount of such reduction will be payable in cash. For the years ended December 31, 2024, 2023, and 2022, the incentive compensation, including cash payments, election to receive shares of fully vested Class B common stock, and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $16,337, $21,463, and $33,242, respectively. 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 2020 Plan. As of December 31, 2024, 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 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 December 31, 2024, the Committee has not yet made any awards to Mr. Cumins with respect to the Career Stock Program.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 234,433	$ 326,787	$ 174,780
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(19,308)	4,774	1,459
Actuarial gain (loss) on retirement plan, net of tax effect of $(45), $(89), and $(245), respectively	175	(21)	575
Total other comprehensive (loss) income, net of taxes	(19,133)	4,753	2,034
Comprehensive income	215,300	331,540	176,814
Less: Net income (loss) attributable to noncontrolling interest	(354)	0	0
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(42)	0	0
Comprehensive income attributable to Bentley Systems	$ 215,696	$ 331,540	$ 176,814

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 3 months 18 days	4 years 7 months 6 days
Operating lease, weighted average discount rate, percent	5.20%	4.80%
Operating lease payments, leases not yet commenced	$ 496,000
Right-of-use asset impairment	$ 2,823,000	$ 2,239,000	$ 0
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

Segment and Geographic Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 280,060	$ 327,363
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	230,964	272,492
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	32,712	40,411
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 16,384	$ 14,460

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock‑based compensation expense consists of the following:


	Year Ended December 31,
	2024		2023		2022
Restricted stock and RSUs expense	$	58,921	$	54,606	$	40,754
Bonus Plan expense (see Note 11)	12,344		14,801		28,571
ESPP expense (see Note 13)	2,426		2,407		2,890
Stock grants expense	600		600		450
Stock option expense	—		343		2,150
DCP elective participant deferrals expense (1) (see Note 12)	126		215		391
Total stock-based compensation expense (2)	$	74,417	$	72,972	$	75,206

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

(2)As of December 31, 2024 and 2023, $1,556 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Year Ended December 31,
	2024		2023		2022
Cost of subscriptions and licenses	$	1,506	$	4,444	$	2,781
Cost of services	3,142		3,196		2,055
Research and development	20,862		19,380		27,209
Selling and marketing	12,972		11,565		8,898
General and administrative	35,935		34,387		34,263
Total stock-based compensation expense	$	74,417	$	72,972	$	75,206

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

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

Bentley Systems, Incorporated 2020 Omnibus Incentive Plan

The Company’s 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 December 31, 2024, equity awards available for future grants under the 2020 Plan were 19,709,483.

Restricted Stock and RSUs

Under the 2020 Plan, the Company may grant both time‑based and performance‑based shares of restricted Class B common stock and RSUs to eligible colleagues. Time‑based awards generally vest ratably on each of the first four anniversaries of the grant date. Performance‑based awards vesting is determined by the achievement of certain business growth targets, which include growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. Performance targets are generally set for performance periods of one year to three years. The fair value of restricted stock and RSUs is determined by the product of the number of shares granted and the Company’s Class B common stock price on the grant date.

Shares of restricted stock have voting rights and, subject to the terms of the award agreements, the time‑based restricted stock awards generally accrue declared dividends which are paid upon vesting. RSUs, which may be cash or share‑settled depending on the award, do not have voting rights and, subject to the terms of the award agreements, the time‑based RSUs have dividend equivalent rights and do not accrue cash dividends. Recipients of the Company’s outstanding performance‑based restricted stock awards and RSUs are paid dividends prior to vesting.

The following is a summary of unvested restricted stock and RSUs activity and related information:


							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	1,661,929	(1)	1,455,017	(4)	206,912	(6)	50.48		49.49
Vested	(1,237,464)		(1,055,674)		(181,790)		38.06		39.15
Forfeited and canceled	(311,305)		(269,848)		(41,457)		40.68		43.42
Unvested, December 31, 2024	3,417,009	(2)	3,067,703		349,306		$	45.45	$	44.83

(1)For the year ended December 31, 2024, the Company only granted RSUs.

(2)Includes 34,652 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 and 2024 was 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. As of December 31, 2024, 162,038 of the aforementioned performance‑based RSUs were outstanding. On January 31, 2025, 162,038 performance‑based RSUs were determined to be vested based on the achievement of the performance goals during the Performance Period.

In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of certain business growth targets. Certain colleagues elected to defer delivery of such shares upon vesting. During the years ended December 31, 2024, 2023, and 2022, 1,569, 1,562, and 10,888 shares, respectively, were delivered to colleagues, and 32, 36, and 30 additional shares, respectively, were earned as a result of dividends. As of December 31, 2024, 2023, and 2022, 6,300, 7,837, and 9,363 shares, respectively, of these vested and deferred RSUs remained outstanding.

The weighted average grant date fair values of RSUs granted were $50.36, $42.29, and $38.18 for the years ended December 31, 2024, 2023, and 2022, respectively.

For the years ended December 31, 2024, 2023, and 2022, restricted stock and RSUs were issued net of 197,328, 161,841, and 112,698 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $9,966, $7,299, and $4,491, respectively.

As of December 31, 2024, there was $96,151 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 1.9 years. As of December 31, 2024, there was $1,802 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years.

Stock Grants

Under the 2020 Plan, the Company may grant unrestricted, fully vested shares of Class B common stock. The fair value of stock grants is determined by the product of the number of fully vested Class B common stock granted and the Company’s common stock price on the grant date. The total expense related to stock grants is recognized on the grant date as the issued awards are fully vested.

For the years ended December 31, 2024, 2023, and 2022, the Company granted 11,391, 12,639, and 13,632 fully vested shares of Class B common stock, respectively, with a fair value of $600, $600, and $450, respectively.

Stock Options

The fair value of each stock option award was estimated on the date of grant using the Black‑Scholes option pricing model. Stock options generally vest ratably on each of the first four anniversaries of the grant date. The Company did not grant stock options during the years ended December 31, 2024, 2023, and 2022.

The following is a summary of stock option activity and related information:



		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, December 31, 2024	—	$	0.00

For the years ended December 31, 2024, 2023, and 2022, the Company received cash proceeds of $4,007, $11,715, and $8,338, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the years ended December 31, 2024, 2023, and 2022 was $40,775, $112,025, and $101,643, respectively.

As of December 31, 2024, there was no remaining unrecognized compensation expense related to unvested stock options.

Acquisition Options

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

ESPP

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

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

Equity Awards Subsequent to December 31, 2024

In January 2025, in connection with the appointment of the Company’s Chief Operating Officer, the Company granted 165,344 time‑based RSUs, which vest as follows: 14% on May 13, 2025, 14% on December 15, 2025, and 18% on each of December 15, 2026, 2027, 2028, and 2029. The unrecognized compensation expense related to these RSUs is approximately $7,700, which is expected to be recognized over a weighted average period of approximately 4.9 years.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 1,353,095	$ 1,228,413	$ 1,099,082
Cost of revenues:
Total cost of revenues	257,767	266,083	237,013
Gross profit	1,095,328	962,330	862,069
Operating expense (income):
Research and development	281,247	274,619	257,856
Selling and marketing	255,177	224,336	195,622
General and administrative	210,374	180,738	174,647
Deferred compensation plan	12,382	13,580	(15,782)
Amortization of purchased intangibles	33,998	38,515	41,114
Total operating expenses	793,178	731,788	653,457
Income from operations	302,150	230,542	208,612
Interest expense, net	(22,044)	(39,793)	(34,635)
Other income (expense), net	12,949	(7,222)	24,298
Income before income taxes	293,055	183,527	198,275
(Provision) benefit for income taxes	(58,726)	143,241	(21,283)
Equity in net income (losses) of investees, net of tax	104	19	(2,212)
Net income	234,433	326,787	174,780
Less: Net income (loss) attributable to noncontrolling interest	(354)	0	0
Net income attributable to Bentley Systems	$ 234,787	$ 326,787	$ 174,780
Net income per share attributable to Bentley Systems stockholders:
Net income per share attributable to Bentley Systems stockholders, basic (USD per share)	$ 0.75	$ 1.05	$ 0.57
Net income per share attributable to Bentley Systems stockholders, diluted (USD per share)	$ 0.72	$ 1.00	$ 0.55
Weighted average shares, basic (in shares)	314,886,615	312,358,823	309,226,677
Weighted average shares, diluted (in shares)	333,774,167	332,503,633	331,765,158
Subscriptions and licenses
Revenues:
Total revenues	$ 1,269,323	$ 1,126,345	$ 1,003,597
Cost of revenues:
Total cost of revenues	173,340	169,406	147,578
Subscriptions
Revenues:
Total revenues	1,223,362	1,080,307	960,220
Perpetual licenses
Revenues:
Total revenues	45,961	46,038	43,377
Services
Revenues:
Total revenues	83,772	102,068	95,485
Cost of revenues:
Total cost of revenues	$ 84,427	$ 96,677	$ 89,435

Net Income Per Share Attributable to Bentley Systems Stockholders - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities outstanding (in shares)	349,306	365,641	362,773
Total anti-dilutive securities (in shares)	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)			718,105

Investments

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:


	December 31,
	2024		2023
Cost method investments	$	23,289	$	21,044
Equity method investments	2,475		2,436
Total investments	$	25,764	$	23,480

Cost Method Investments

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

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

The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. Impairment of investments was not material during the year ended December 31, 2024. During the year ended December 31, 2023, the Company recognized impairment charges of $14,588 to write‑down certain cost method investments to their fair value primarily as a result of the investees’ decline in operating performance and the overall decline in the venture investment valuation environment. The impairment charges included $11,130 to write‑off the Company’s investment in Teralytics. The impairment charges were recorded in Other income (expense), net in the consolidated statements of operations for the year ended December 31, 2023 (see Note 20). No impairment of investments occurred for the year ended December 31, 2022.

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

During the year ended December 31, 2024, the Company invested a total of $1,435. During the year ended December 31, 2023, the Company invested a total of $12,841, including $8,928 of cash and non-cash for its investment in Worldsensing. As of December 31, 2024 and 2023, the Company’s investment balance in Worldsensing was $8,928.

During the second quarter of 2024, the Company acquired a business from Teralytics for $5,000. During the fourth quarter of 2024, the Company sold its ownership percentage in Teralytics, which resulted in no gain. The carrying value of Teralytics was zero as of December 31, 2023.

Equity Method Investments

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

No investments were made during the year ended December 31, 2024. During the year ended December 31, 2023, the Company invested $2,261. During the years ended December 31, 2024 and 2023, transactions between the Company and its joint ventures were not material to the Company’s consolidated financial statements.

Description of Business and Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising expense	$ 6,383	$ 5,365	$ 6,888

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract cost assets	$ 0	$ 0
Contract with customer, liability, revenue recognized	231,114	213,021
Contract with customer liability additions	233,910	237,193
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 18,540	$ 18,269

- 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

Leases (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
	2024		2023		2022
Operating lease cost (1)	$	17,890	$	20,008	$	20,772
Variable lease cost	4,681		4,594		4,658
Short-term lease cost	—		—		16
Total operating lease cost	$	22,571	$	24,602	$	25,446

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $16,927, $19,199, and $20,027 for the years ended December 31, 2024, 2023, and 2022, respectively.

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


	Year Ended December 31,
	2024		2023		2022
Cash paid for operating leases included in operating cash flows	$	14,345	$	17,899	$	19,587
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	11,341	$	17,015	$	10,722

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $103, $397, and $1,237 for the years ended December 31, 2024, 2023, and 2022, respectively.

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities are as follows:


	December 31, 2024
2025	$	13,587
2026	10,236
2027	7,335
2028	5,127
2029	3,483
Thereafter	4,002
Total future lease payments	43,770
Less: Imputed interest	(5,220)
Total operating lease liabilities	$	38,550

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 883,278
Other comprehensive income, before taxes	(19,088)	$ 4,842	$ 2,279
Tax expense	(45)	(89)	(245)
Total other comprehensive (loss) income, net of taxes	(19,133)	4,753	2,034
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(42)	0	0
Ending balance	1,040,987	883,278
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(84,987)	(89,740)	(91,774)
Ending balance	(104,078)	(84,987)	(89,740)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(84,634)	(89,408)	(90,867)
Other comprehensive income, before taxes	(19,308)	4,774	1,459
Tax expense	0	0	0
Total other comprehensive (loss) income, net of taxes	(19,308)	4,774	1,459
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(42)	0	0
Ending balance	(103,900)	(84,634)	(89,408)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(353)	(332)	(907)
Other comprehensive income, before taxes	220	68	820
Tax expense	(45)	(89)	(245)
Total other comprehensive (loss) income, net of taxes	175	(21)	575
Less: Other comprehensive income (loss) attributable to noncontrolling interest	0	0	0
Ending balance	$ (178)	$ (353)	$ (332)

- Definition

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

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+ Details

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 536,417	$ 457,348
Deferred compensation plan liabilities	96,684	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	3,798	2,355
Deferred compensation plan liabilities	96,684	88,181
Total DCP liabilities	$ 100,482	$ 90,536

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 262,370
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, 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]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction period

Accruals and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31,
	2024		2023
Cloud Services Subscription deposits	$	366,895	$	284,276
Accrued compensation	47,121		43,316
Accrued benefits	40,762		39,983
Due to customers	16,995		16,924
Accrued indirect taxes	9,769		10,722
Accrued acquisition stay bonus	7,536		4,336
Accrued professional fees	5,854		5,970
Employee stock purchase plan contributions	5,577		5,790
Accrued cloud provisioning costs	4,579		3,572
Deferred compensation plan liabilities	3,798		2,355
Accrued realignment costs	—		12,459
Non-contingent consideration from acquisitions	—		3,576

Other accrued and current liabilities	27,531		24,069
Total accruals and other current liabilities	$	536,417	$	457,348

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 19, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 6.7
Documents Incorporated by Reference	Portions of the proxy statement for registrant’s 2025 Annual Meeting of Stockholders (the “2025 Proxy Statement”) are incorporated by reference in Part III of this Form 10‑K to the extent stated herein. The 2025 Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2024.
Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	FY
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		291,565,797

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)
Other comprehensive income, before taxes	1,459		820		2,279
Tax expense	—		(245)		(245)
Other comprehensive income, net of taxes	1,459		575		2,034
Less: Other comprehensive income (loss) attributable to noncontrolling interest	—		—		—
Balance, December 31, 2022	(89,408)		(332)		(89,740)
Other comprehensive income, before taxes	4,774		68		4,842
Tax expense	—		(89)		(89)
Other comprehensive income (loss), net of taxes	4,774		(21)		4,753
Less: Other comprehensive income (loss) attributable to noncontrolling interest	—		—		—
Balance, December 31, 2023	(84,634)		(353)		(84,987)
Other comprehensive (loss) income, before taxes	(19,308)		220		(19,088)
Tax expense	—		(45)		(45)
Other comprehensive (loss) income, net of taxes	(19,308)		175		(19,133)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(42)		—		(42)
Balance, December 31, 2024	$	(103,900)	$	(178)	$	(104,078)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 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
	Year Ended December 31,
	2024		2023		2022
Number of acquisitions	3		3		6
Cash paid at closing (1)	$	143,299	$	26,287	$	763,228
Cash acquired	(12,892)		(264)		(20,221)
Net cash paid	$	130,407	$	26,023	$	743,007

(1)Of the cash paid at closing, $11,000 was held in an escrow account to secure any potential indemnification and other obligations of the seller as of December 31, 2024.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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


	Acquisitions Completed During
	Year Ended December 31,
	2024		2023		2022
Consideration:
Cash paid at closing	$	143,299	$	26,287	$	763,228

Contingent consideration	—		—		1,390
Deferred, non-contingent consideration, net	—		525		749
Other	108		15		(269)
Total consideration	$	143,407	$	26,827	$	765,098
Assets acquired and liabilities assumed:
Cash	$	12,892	$	264	$	20,221
Accounts receivable and other current assets	6,102		1,742		8,890
Operating lease right-of-use assets	103		397		1,237
Property and equipment	—		—		1,316

Deferred income taxes	—		2,151		—
Other assets	86		6		7
Software and technology (weighted average useful life of 5, 3, and 5 years, respectively)	7,025		3,077		10,608
Customer relationships (weighted average useful life of 3, 6, and 10 years, respectively)	284		3,900		82,278
Trademarks (weighted average useful life of 10, 5 and 8 years, respectively)	5,145		1,000		6,972


Total identifiable assets acquired excluding goodwill	31,637		12,537		131,529
Accruals and other current liabilities	(5,778)		(624)		(4,079)
Deferred revenues	(2,427)		(4,623)		(14,176)
Operating lease liabilities	(103)		(397)		(1,237)
Deferred income taxes	(136)		—		(5,745)

Total liabilities assumed	(8,444)		(5,644)		(25,237)
Net identifiable assets acquired excluding goodwill	23,193		6,893		106,292
Goodwill	120,214		19,934		658,806
Net assets acquired	$	143,407	$	26,827	$	765,098

Schedule of Business Acquisitions Contingent Consideration

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


	December 31,
	2024		2023
Accruals and other current liabilities	$	—	$	3,576

Non-contingent consideration from acquisitions	$	—	$	3,576

Description of Business and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 8,965	$ 9,303
Additions to reserve	7,365	6,651
Write-offs, net of recoveries	(7,634)	(7,106)
Foreign currency translation adjustments	(301)	117
Balance, end of year	$ 8,395	$ 8,965

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense consists of the following:


	Year Ended December 31,
	2024		2023		2022
Restricted stock and RSUs expense	$	58,921	$	54,606	$	40,754
Bonus Plan expense (see Note 11)	12,344		14,801		28,571
ESPP expense (see Note 13)	2,426		2,407		2,890
Stock grants expense	600		600		450
Stock option expense	—		343		2,150
DCP elective participant deferrals expense (1) (see Note 12)	126		215		391
Total stock-based compensation expense (2)	$	74,417	$	72,972	$	75,206

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

(2)As of December 31, 2024 and 2023, $1,556 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Year Ended December 31,
	2024		2023		2022
Cost of subscriptions and licenses	$	1,506	$	4,444	$	2,781
Cost of services	3,142		3,196		2,055
Research and development	20,862		19,380		27,209
Selling and marketing	12,972		11,565		8,898
General and administrative	35,935		34,387		34,263
Total stock-based compensation expense	$	74,417	$	72,972	$	75,206

Schedule of Restricted Stock and Restricted Stock Unit Activity

The following is a summary of unvested restricted stock and RSUs activity and related information:


							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	1,661,929	(1)	1,455,017	(4)	206,912	(6)	50.48		49.49
Vested	(1,237,464)		(1,055,674)		(181,790)		38.06		39.15
Forfeited and canceled	(311,305)		(269,848)		(41,457)		40.68		43.42
Unvested, December 31, 2024	3,417,009	(2)	3,067,703		349,306		$	45.45	$	44.83

(1)For the year ended December 31, 2024, the Company only granted RSUs.

(2)Includes 34,652 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 Stock Option Activity

The following is a summary of stock option activity and related information:



		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, December 31, 2024	—	$	0.00

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

The Company operates and manages its business in a single reportable segment, the development and marketing of computer software and related services. The Company defines its CODM to be its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The Company’s reported measures of profit or loss for segment reporting purposes are Net income and Adjusted OI w/SBC. The CODM is regularly provided Net income and Adjusted OI w/SBC to understand the Company’s financial and operating results across accounting periods and for comparison of the Company’s results to those of other companies. The CODM regularly reviews Adjusted OI w/SBC for internal budgeting and forecasting purposes, to evaluate operating performance, and to make decisions on allocation of resources. The CODM does not use segment asset information to evaluate operating performance or allocate resources.

The presentation of Net income is included in the Company’s consolidated statements of operations. Adjusted OI w/SBC is a non‑GAAP financial measure and is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, and realignment expenses (income), for the respective periods.

Reconciliation of operating income to Adjusted OI w/SBC:


	Year Ended December 31,
	2024		2023		2022
Operating income	$	302,150	$	230,542	$	208,612
Amortization of purchased intangibles (see Note 6)	46,679		51,219		53,592
Deferred compensation plan	12,382		13,580		(15,782)
Acquisition expenses (1)	10,222		17,866		25,398
Realignment expenses (2)	789		11,470		2,109
Adjusted OI w/SBC	$	372,222	$	324,677	$	273,929

Further explanation of certain of the Company’s adjustments in arriving at Adjusted OI w/SBC are as follows:

(1)Acquisition expenses. The Company incurs expenses for professional services rendered in connection with business combinations, which are recorded in General and administrative in the consolidated statements of operations. Also included in the Company’s acquisition expenses are retention incentives paid to executives of the acquired companies. For the year ended December 31, 2022, $9,804 of the Company’s acquisition expenses related to the Company’s platform acquisition of PLS.

(2)Realignment expenses. During the fourth quarter of 2023, the Company approved the 2023 Program. For the years ended December 31, 2024 and 2023, the Company recognized realignment costs related to the aforementioned program of $847 and $12,579, respectively, which represent termination benefits for colleagues whose roles were impacted (see Note 21). For the year ended December 31, 2023, Realignment expenses were partially offset by income associated with the continued wind down of the Company’s Russian entities. For the year ended December 31, 2022, Realignment expenses were comprised of asset impairments and termination benefits as a result of the Company’s decision to wind down business and exit the Russian market beginning in the second quarter of 2022.

“Headcount‑related” costs are considered the Company’s significant expense category and primarily include salaries, benefits, bonuses, stock‑based compensation expense, employment taxes, travel, training, and realignment of the Company’s colleagues, and third‑party personnel expenses and related overhead. The CODM is regularly provided headcount‑related costs to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, to evaluate financial performance, and to align colleague resources and evaluate compensation to support the Company’s operational efficiency and maximize long‑term growth. Headcount‑related costs of $787,248, $748,772, and $665,310 are included in Cost of subscriptions and licenses, Cost of services, Research and development, Selling and marketing, and General and administrative in the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, respectively.

Under the Company’s Net income measure of profit or loss for segment reporting purposes, other segment items were $331,414, $152,854, and $258,992 for the years ended December 31, 2024, 2023, and 2022, respectively. These other segment items primarily include cloud‑related costs incurred for servicing the Company’s accounts using cloud provisioned solutions and the Company’s license administration platform, channel partner compensation for providing sales coverage to users, marketing costs, acquisition costs, depreciation expense, and amortization expense recorded in Cost of subscriptions and licenses, Cost of services, Research and development, Selling and marketing, and General and administrative. Additionally, other segment items include Deferred compensation plan expense (income), Amortization of purchased intangibles, and non‑operating expense (income) amounts presented in the consolidated statements of operations.

Under the Company’s Adjusted OI w/SBC measure of profit or loss for segment reporting purposes, other segment items were $202,994, $179,246, and $173,483 for the years ended December 31, 2024, 2023, and 2022, respectively. These other segment items primarily include cloud‑related costs incurred for servicing the Company’s accounts using cloud provisioned solutions and the Company’s license administration platform, channel partner compensation for providing sales coverage to users, marketing costs, and depreciation expense recorded in Cost of subscriptions and licenses, Cost of services, Research and development, Selling and marketing, and General and administrative. Within the reconciliation of Adjusted OI w/SBC, retention incentives paid to executives of acquired companies included as a component of acquisition expenses and costs associated with the 2023 Program included as a component of realignment expenses totaling $9,369, $24,282, and $13,640 for the years ended December 31, 2024, 2023, and 2022, respectively, are excluded from the calculation of headcount‑related costs.

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


	December 31,
	2024		2023
Americas (1)	$	230,964	$	272,492
EMEA	32,712		40,411
APAC	16,384		14,460
Total long-lived assets	$	280,060	$	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

Stock-Based Compensation - Schedule of Restricted Stock and RSUs Activity (Details) - 2020 Incentive Award Plan - $ / shares	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2022
Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)			3,303,849
Granted (in shares)			1,661,929
Vested (in shares)			(1,237,464)
Forfeited and canceled (in shares)			(311,305)
Unvested, ending balance (in shares)			3,417,009
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)			2,938,208
Granted (in shares)			1,455,017
Vested (in shares)			(1,055,674)
Forfeited and canceled (in shares)			(269,848)
Unvested, ending balance (in shares)			3,067,703
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)			$ 39.87
Granted (USD per share)			50.48
Vested (USD per share)			38.06
Forfeited and canceled (USD per share)			40.68
Unvested, ending balance (USD per share)			$ 45.45
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)			(41,457)
Unvested, ending balance (in shares)			349,306
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)			43.42
Unvested, ending balance (USD per share)			$ 44.83
Cash-Settled Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)			34,652
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
Unvested, beginning balance (in shares)
Granted (in shares)			1,335	185,186
Unvested, ending balance (in shares)			162,038

Retirement Plans - Narrative (Details) - USD ($)	12 Months Ended
Retirement Plans - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan	Nonqualified Plan	Nonqualified Plan
Bonus plan compensation expense	$ 12,382,000	$ 13,580,000	$ (15,782,000)
Qualified Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Employer discretionary contribution, percent of qualified cash compensation (up to)	6.00%
Qualified Plan \| United States
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 5,472,000	5,260,000	4,933,000
Qualified Plan \| Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 13,531,000	13,208,000	11,803,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Shares reserved for issuance (in shares)	50,000,000
Shares reserved for future issuance (in shares)	4,349,950
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense	$ 12,382,000	13,580,000	(15,782,000)
DCP participant deferrals	188,000	1,765,000	6,580,000
Contributions by employer	$ 0	$ 0	$ 0
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares issuable (in shares)	12,728,808	17,364,980

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Net Income Per Share Attributable to Bentley Systems Stockholders - Schedule of Basic and Diluted Net Income Per Share Attributable to Bentley Systems Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to Bentley Systems	$ 234,787	$ 326,787	$ 174,780
Less: Net income attributable to Bentley Systems allocated to participating securities	(84)	(74)	(42)
Basic net income attributable to Bentley Systems stockholders	234,703	326,713	174,738
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,880	6,874	6,810
Diluted net income attributable to Bentley Systems stockholders	$ 241,583	$ 333,587	$ 181,548
Denominator:
Basic weighted average shares (in shares)	314,886,615	312,358,823	309,226,677
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	1,185,014	2,435,456	4,705,172
Dilutive effect of ESPP (in shares)	68,752	75,568	166,606
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,633,786	17,666,703
Diluted weighted average shares (in shares)	333,774,167	332,503,633	331,765,158
Net income per share attributable to Bentley Systems stockholders:
Net income per share attributable to Bentley Systems stockholders, basic (USD per share)	$ 0.75	$ 1.05	$ 0.57
Net income per share attributable to Bentley Systems stockholders, diluted (USD per share)	$ 0.72	$ 1.00	$ 0.55

Long‑Term Debt - Credit Facilities Narrative (Details)	Oct. 18, 2024 USD ($)	Dec. 22, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt			$ 1,388,088,000	$ 1,528,403,000
2024 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity			1,164,535,000	757,822,000
Revolving Credit Facility \| 2024 Credit Facility
Debt Instrument [Line Items]
Accordion feature, increase limit	$ 500,000,000
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,300,000,000
Line of credit facility, maturity extension threshold period	91 days
Borrowings guaranteed through stock of foreign subsidiaries percentage	0.65
Debt covenant, cross-defaults of other debt threshold	$ 100,000,000
Debt covenant, judgment defaults threshold	$ 10,000,000
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.20%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.30%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Overnight Bank Funding Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Daily Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| 2017 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			850,000,000
Capitalization of professional fees	$ 6,184,000
Multi‑Currency Swing‑Line Sub‑Facility \| 2024 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Multi‑Currency Swing‑Line Sub‑Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Multi‑Currency Swing‑Line Sub‑Facility \| 2024 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Letter of Credit \| 2024 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000,000
Secured Debt \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000
Secured Debt \| 2021 Term Loan \| Line of Credit \| March 31,2022 - December 31, 2023
Debt Instrument [Line Items]
Repayments of term loan per quarter		1,250,000
Secured Debt \| 2021 Term Loan \| Line of Credit \| March 31, 2024 - November 14, 2025
Debt Instrument [Line Items]
Repayments of term loan per quarter		$ 2,500,000
Letters of Credit And Surety Bonds \| 2024 Credit Facility
Debt Instrument [Line Items]
Total debt			$ 150,000	$ 150,000

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Bentley Systems Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021			282,526,719
Beginning balance at Dec. 31, 2021	$ 409,222	$ 409,222	$ 2,825	$ 937,805	$ (91,774)	$ (439,634)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	174,780	174,780				174,780
Other comprehensive income (loss)	2,034	2,034			2,034
Dividends declared	(34,353)	(34,353)				(34,353)
Shares issued in connection with DCP, net (in shares)			3,541,375
Shares issued in connection with DCP, net	(24,246)	(24,246)	$ 35	(27)		(24,254)
DCP elective participant deferrals	6,580	6,580		6,580
Shares issued in connection with Bonus Plan, net (in shares)			445,050
Shares issued in connection with Bonus Plan, net	16,728	16,728	$ 5	21,920		(5,197)
Shares issued in connection with employee stock purchase plan, net (in shares)			307,406
Shares issued in connection with employee stock purchase plan, net	10,062	10,062	$ 3	10,332		(273)
Stock option exercises, net (in shares)			2,613,659
Stock option exercises, net	(850)	(850)	$ 26	8,312		(9,188)
Acquisition option exercises, net (in shares)			185,178
Acquisition option exercises, net	0	0	$ 2	(2)
Shares issued for stock grants, net (in shares)			13,632
Shares issued for stock grants, net	450	450		450
Stock-based compensation expense	45,100	45,100		45,100
Shares related to restricted stock, net (in shares)			277,594
Shares related to restricted stock, net	(4,492)	(4,492)	$ 3	(4)		(4,491)
Repurchases of Class B common stock under approved program (in shares)			(896,126)
Repurchases of Class B common stock under approved program	(28,250)	(28,250)	$ (9)			(28,241)
Other	(15)	(15)				(15)
Noncontrolling interest acquired	704	0					704
Ending balance (in shares) at Dec. 31, 2022			289,014,487
Ending balance at Dec. 31, 2022	573,454	572,750	$ 2,890	1,030,466	(89,740)	(370,866)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	326,787	326,787				326,787
Other comprehensive income (loss)	4,753	4,753			4,753
Dividends declared	(58,756)	(58,756)				(58,756)
Shares issued in connection with DCP, net (in shares)			3,410,006
Shares issued in connection with DCP, net	(38,456)	(38,456)	$ 34	(34)		(38,456)
DCP elective participant deferrals	1,765	1,765		1,765
Shares issued in connection with Bonus Plan, net (in shares)			247,867
Shares issued in connection with Bonus Plan, net	11,035	11,035	$ 3	16,788		(5,756)
Shares issued in connection with employee stock purchase plan, net (in shares)			315,840
Shares issued in connection with employee stock purchase plan, net	9,143	9,143	$ 3	9,985		(845)
Stock option exercises, net (in shares)			2,621,959
Stock option exercises, net	5,134	5,134	$ 26	11,689		(6,581)
Shares issued for stock grants, net (in shares)			12,639
Shares issued for stock grants, net	600	600		600
Stock-based compensation expense	55,982	55,982		55,982
Shares related to restricted stock, net (in shares)			643,039
Shares related to restricted stock, net	(7,299)	(7,299)	$ 7	(7)		(7,299)
Other	(160)	(160)				(160)
Ending balance (in shares) at Dec. 31, 2023			296,265,837
Ending balance at Dec. 31, 2023	883,982	883,278	$ 2,963	1,127,234	(84,987)	(161,932)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	234,433	234,787				234,787	(354)
Other comprehensive income (loss)	(19,133)	(19,091)			(19,091)		(42)
Dividends declared	(72,115)	(72,115)				(72,115)
Shares issued in connection with DCP, net (in shares)			4,707,845
Shares issued in connection with DCP, net	0	0	$ 47	(47)
DCP elective participant deferrals	188	188		188
Shares issued in connection with Bonus Plan, net (in shares)			282,340
Shares issued in connection with Bonus Plan, net	14,476	14,476	$ 3	14,473
Shares issued in connection with employee stock purchase plan, net (in shares)			253,578
Shares issued in connection with employee stock purchase plan, net	10,880	10,880	$ 2	11,226		(348)
Stock option exercises, net (in shares)			844,283
Stock option exercises, net	1,812	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		600
Stock-based compensation expense	60,322	60,322		60,322
Shares related to restricted stock, net (in shares)			904,789
Shares related to restricted stock, net	(9,966)	(9,966)	$ 9	(9)		(9,966)
Repurchases of Class B common stock under approved program (in shares)			(1,292,733)
Repurchases of Class B common stock under approved program	(64,359)	(64,359)	$ (12)			(64,347)
Other	0	175				175	(175)
Ending balance (in shares) at Dec. 31, 2024			301,977,330
Ending balance at Dec. 31, 2024	$ 1,041,120	$ 1,040,987	$ 3,020	$ 1,217,986	$ (104,078)	$ (75,941)	$ 133

Income Taxes - Schedule of Unrecognized Tax Benefits Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 466	$ 910	$ 1,331
Increases for tax positions of prior years	0	12	0
Decreases for tax positions of prior years	(26)	(9)	(121)
Increases for tax positions related to the current year	0	0	0
Decreases relating to settlements with taxing authorities	(382)	0	(35)
Reductions as a result of lapse of the statute of limitations	(58)	(447)	(265)
Gross unrecognized tax benefits, end of year	$ 0	$ 466	$ 910

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 13,587
2026	10,236
2027	7,335
2028	5,127
2029	3,483
Thereafter	4,002
Total future lease payments	43,770
Less: Imputed interest	(5,220)
Total operating lease liabilities	$ 38,550

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Bentley Systems	$ 234,787	$ 326,787	$ 174,780

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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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 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company’s operating leases consist of office facilities, office equipment, and automobiles. As of December 31, 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 Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right‑of‑use assets, Operating lease liabilities, and Long‑term operating lease liabilities in the consolidated balance sheets. Operating lease right‑of‑use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right‑of‑use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, if the Company’s leases do not provide an implicit rate, based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is determined based on the Company’s estimated credit rating, the term of the lease, economic environment where the asset resides, and full collateralization. The operating lease right‑of‑use assets also include any lease payments made and are reduced by any lease incentives. Options to extend or terminate the lease are considered in determining the lease term when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight‑line basis over the lease term.

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

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


	Year Ended December 31,
	2024		2023		2022
Operating lease cost (1)	$	17,890	$	20,008	$	20,772
Variable lease cost	4,681		4,594		4,658
Short-term lease cost	—		—		16
Total operating lease cost	$	22,571	$	24,602	$	25,446

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $16,927, $19,199, and $20,027 for the years ended December 31, 2024, 2023, and 2022, respectively.

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


	Year Ended December 31,
	2024		2023		2022
Cash paid for operating leases included in operating cash flows	$	14,345	$	17,899	$	19,587
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	11,341	$	17,015	$	10,722

The weighted average remaining lease term for operating leases was 4.3 years and 4.6 years as of December 31, 2024 and 2023, respectively. The weighted average discount rate was 5.2% and 4.8% as of December 31, 2024 and 2023, respectively.

Maturities of operating lease liabilities are as follows:


	December 31, 2024
2025	$	13,587
2026	10,236
2027	7,335
2028	5,127
2029	3,483
Thereafter	4,002
Total future lease payments	43,770
Less: Imputed interest	(5,220)
Total operating lease liabilities	$	38,550

As of December 31, 2024, the Company had additional minimum operating lease payments of $496 for executed leases that have not yet commenced, primarily for office locations.

The Company evaluates the recoverability of right‑of‑use assets whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. During the year ended December 31, 2024 and 2023, the Company recognized impairment charges of $2,823 and $2,239, respectively, to write‑down certain right‑of‑use assets to their fair value primarily as a result of the decision to vacate certain leased facilities. The impairment charges were recorded within various cost of revenues and operating expense line items in the consolidated statements of operations based on the function of the associated right‑of‑use asset. No impairment of right‑of‑use assets occurred for the years ended December 31, 2022.

Accruals and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31,
	2024		2023
Cloud Services Subscription deposits	$	366,895	$	284,276
Accrued compensation	47,121		43,316
Accrued benefits	40,762		39,983
Due to customers	16,995		16,924
Accrued indirect taxes	9,769		10,722
Accrued acquisition stay bonus	7,536		4,336
Accrued professional fees	5,854		5,970
Employee stock purchase plan contributions	5,577		5,790
Accrued cloud provisioning costs	4,579		3,572
Deferred compensation plan liabilities	3,798		2,355
Accrued realignment costs	—		12,459
Non-contingent consideration from acquisitions	—		3,576

Other accrued and current liabilities	27,531		24,069
Total accruals and other current liabilities	$	536,417	$	457,348

Property and Equipment, Net - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Feb. 01, 2022	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 13,684,000	$ 12,368,000	$ 10,706,000
Impairment			0	0	0
Proceeds from sale of aircraft			$ 0	$ 0	2,380,000
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of interest percent		50.00%
Proceeds from sale of aircraft	$ 2,380,000
Gain on disposition of property plant equipment					$ 2,029,000

Acquisitions - Schedule of Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 0	$ 3,576
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	0	3,576
Non-contingent consideration from acquisitions	$ 0	$ 3,576

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Change in fair value of interest rate swap	$ 10	$ (5,038)	$ 27,083
Foreign exchange	939	2,497	(9,901)
Change in fair value of acquisition contingent consideration	0	0	1,427
Receipts related to interest rate swap	9,309	8,803	1,947
Other income (expense), net	2,691	(13,484)	1,713
Total other income (expense), net	12,949	(7,222)	24,298
Cost method investment impairment and other charges		16,988
Gain on sale of investments		2,360
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of aircraft	$ 0	$ 0	$ 2,029

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 95,413	$ 91,964
Less: Accumulated depreciation	(61,615)	(51,864)
Total property and equipment, net	33,798	40,100
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,341	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	32,115	31,025
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	50,696	46,202
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	9,183	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	$ 40	$ 89

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (7,194)	$ (12,899)	$ (2,307)
State	(2,674)	(2,567)	(1,387)
Foreign	(36,287)	(40,171)	(22,715)
Current income taxes	(46,155)	(55,637)	(26,409)
Deferred:
Federal	(7,627)	134,516	3,547
State	(4,057)	29,514	60
Foreign	(887)	34,848	1,519
Deferred income taxes	(12,571)	198,878	5,126
(Provision) benefit for income taxes	$ (58,726)	$ 143,241	$ (21,283)

Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

Deferred Compensation Plan

Under the Company’s DCP, certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B common stock, which are valued for accounting purposes in the same manner as actual shares of Class B common stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15). The DCP has 50,000,000 shares of Class B common stock reserved for issuance. As of December 31, 2024, shares of Class B common stock available for future issuance under the DCP were 4,349,950.

In August 2021, the Company’s Board of Directors approved an amendment to the DCP, which offered to certain active executives in the DCP a one‑time, short‑term election to reallocate a limited portion of their DCP holdings from phantom shares of the Company’s Class B common stock into other phantom investment funds. DCP participants’ holdings in phantom investment funds are classified as liabilities in either Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets as they will be settled in cash upon eventual distribution. The deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations.

Deferred compensation plan expense (income) was $12,382, $13,580, and $(15,782) for the years ended December 31, 2024, 2023, and 2022, respectively.

For the years ended December 31, 2024, 2023, and 2022, DCP elective participant deferrals were $188, $1,765, and $6,580, respectively. No discretionary contributions were made to the DCP during the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024 and 2023, phantom shares of the Company’s Class B common stock issuable by the DCP were 12,728,808 and 17,364,980, respectively.

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


	December 31,
	2024		2023
Accruals and other current liabilities	$	3,798	$	2,355
Deferred compensation plan liabilities	96,684		88,181
Total DCP liabilities	$	100,482	$	90,536

Other Plans

The Company maintains a qualified 401(k) profit‑sharing plan (the “401(k) Plan”) for the benefit of substantially all U.S.‑based full‑time colleagues. The Company may make discretionary profit‑sharing contributions to the 401(k) Plan. The Company matches 50%, up to a maximum of 6% of qualified cash compensation for each eligible participating colleague. The Company’s matching contributions to the 401(k) Plan were $5,472, $5,260, and $4,933, for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company also maintains various retirement benefit plans (primarily defined contribution plans) for colleagues of its international subsidiaries. The Company’s contributions to these plans were $13,531, $13,208, and $11,803, for the years ended December 31, 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

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

+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2024		2023
Land	$	1,341	$	2,811
Building and improvements	32,115		31,025
Computer equipment and software	50,696		46,202
Furniture, fixtures, and equipment	9,183		9,799
Aircraft	2,038		2,038
Other	40		89
Property and equipment, at cost	95,413		91,964
Less: Accumulated depreciation	(61,615)		(51,864)
Total property and equipment, net	$	33,798	$	40,100

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $13,684, $12,368, and $10,706, respectively.

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

Estimated useful lives of property and equipment are as follows:


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

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

The Company evaluates the recoverability of property and equipment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Impairments of property and equipment were not material during the years ended December 31, 2024 or 2023. No impairment of property and equipment occurred for the year ended December 31, 2022.

Related Party Equipment Sale

In January 2022, the Audit Committee of the Company’s Board of Directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029, which was recorded in Other income (expense), net in the consolidated statements of operations for the year ended December 31, 2022 (see Note 20). Subsequent to the transaction, ongoing operating and fixed costs of the aircraft are shared on a proportional use basis subject to a cost-sharing agreement. Such costs were not material during the years ended December 31, 2024, 2023, and 2022. The Company determined this transaction was with a related party.

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 17,890	$ 20,008	$ 20,772
Variable lease cost	4,681	4,594	4,658
Short-term lease cost	0	0	16
Total operating lease cost	22,571	24,602	25,446
Payments for rent	$ 16,927	$ 19,199	$ 20,027

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and International

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


	Year Ended December 31,
	2024		2023		2022
Domestic	$	118,624	$	16,652	$	98,188
International	174,431		166,875		100,087
Income before income taxes	$	293,055	$	183,527	$	198,275

Schedule of Components of Income Tax

The (Provision) benefit for income taxes consists of the following:


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(7,194)	$	(12,899)	$	(2,307)
State	(2,674)		(2,567)		(1,387)
Foreign	(36,287)		(40,171)		(22,715)
	(46,155)		(55,637)		(26,409)
Deferred:
Federal	(7,627)		134,516		3,547
State	(4,057)		29,514		60
Foreign	(887)		34,848		1,519
	(12,571)		198,878		5,126
(Provision) benefit for income taxes	$	(58,726)	$	143,241	$	(21,283)

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.1		(0.3)		1.0
Stock-based compensation	(16.0)		(22.9)		(21.4)
Non-deductible officer compensation	14.1		14.9		11.0
Tax credits	(3.0)		(5.8)		(2.9)
Withholding taxes	3.4		4.9		2.8
Foreign tax rate differential	(3.3)		(3.0)		(2.0)
Net tax on foreign earnings (GILTI/FDII)	0.5		4.2		0.9
Transaction costs	0.1		(0.1)		0.5

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

Other	1.1		2.2		(0.2)
Effective income tax rate	20.0	%	(78.0	%)	10.7	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2024		2023
Deferred tax assets:
Accrued compensation	$	32,875	$	38,220
NOL and credit carryforwards	19,679		19,677
Intangible assets including goodwill	142,293		137,576
Convertible debt and 163(j) limitation	5,281		14,364
Lease liabilities	5,810		7,610
Other accruals not currently deductible	1,294		502
Allowance for doubtful accounts	1,048		1,852
Deferred revenues	1,899		4,402
Other	581		2,852
Total deferred tax assets	210,760		227,055
Less: Valuation allowance	(4,474)		(2,664)
Net deferred tax assets	206,286		224,391
Deferred tax liabilities:

Operating lease right-of-use assets	(4,607)		(6,762)

Prepaid expenses	(714)		(2,746)
Unrealized gains and losses	(8,522)		(8,131)
Property and equipment	(2,769)		(3,639)
Total deferred tax liabilities	(16,612)		(21,278)
Net deferred tax assets (liabilities)	$	189,674	$	203,113

Schedule of Operating Loss Carryforwards

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


Jurisdiction:	December 31, 2024		Begin to Expire
U.S. Federal NOL	$	3,176	2034
U.S. Federal research and development credits	139		2039
U.S. Federal foreign tax credits	235		2028
U.S. State NOL	1,316		2036
U.S. State research and development credits	919		2032
U.K. NOL	5,737		Indefinite
U.K. research and development credits	1,400		Indefinite
Canadian research and development credit	1,216		2030

Schedule of Unrecognized Tax Benefits Roll Forward

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


	Year Ended December 31,
	2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	466	$	910	$	1,331
Increases for tax positions of prior years	—		12		—
Decreases for tax positions of prior years	(26)		(9)		(121)
Increases for tax positions related to the current year	—		—		—
Decreases relating to settlements with taxing authorities	(382)		—		(35)
Reductions as a result of lapse of the statute of limitations	(58)		(447)		(265)
Gross unrecognized tax benefits, end of year	$	—	$	466	$	910

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 45,779
2026	37,276
2027	29,855
2028	28,994
2029	27,440
Thereafter	44,615
Net Book Value	$ 213,959	$ 248,787

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

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


	Year Ended December 31,
	2024		2023		2022
Gain (loss) from:
Change in fair value of interest rate swap (see Note 17)	$	10	$	(5,038)	$	27,083
Foreign exchange (1)	939		2,497		(9,901)

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

Change in fair value of acquisition contingent consideration (see Note 17)	—		—		1,427
Receipts related to interest rate swap	9,309		8,803		1,947
Other income (expense), net (2)	2,691		(13,484)		1,713
Total other income (expense), net	$	12,949	$	(7,222)	$	24,298

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

Acquisitions

12 Months Ended

Dec. 31, 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
	Year Ended December 31,
	2024		2023		2022
Number of acquisitions	3		3		6
Cash paid at closing (1)	$	143,299	$	26,287	$	763,228
Cash acquired	(12,892)		(264)		(20,221)
Net cash paid	$	130,407	$	26,023	$	743,007

(1)Of the cash paid at closing, $11,000 was held in an escrow account to secure any potential indemnification and other obligations of the seller as of December 31, 2024.

On January 31, 2022, the Company completed the acquisition of PLS, a leader in software for the design of overhead electric power transmission lines and their structures, for $695,968 in cash, net of cash acquired. 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:


	December 31,
	2024		2023
Accruals and other current liabilities	$	—	$	3,576

Non-contingent consideration from acquisitions	$	—	$	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.


	Acquisitions Completed During
	Year Ended December 31,
	2024		2023		2022
Consideration:
Cash paid at closing	$	143,299	$	26,287	$	763,228

Contingent consideration	—		—		1,390
Deferred, non-contingent consideration, net	—		525		749
Other	108		15		(269)
Total consideration	$	143,407	$	26,827	$	765,098
Assets acquired and liabilities assumed:
Cash	$	12,892	$	264	$	20,221
Accounts receivable and other current assets	6,102		1,742		8,890
Operating lease right-of-use assets	103		397		1,237
Property and equipment	—		—		1,316

Deferred income taxes	—		2,151		—
Other assets	86		6		7
Software and technology (weighted average useful life of 5, 3, and 5 years, respectively)	7,025		3,077		10,608
Customer relationships (weighted average useful life of 3, 6, and 10 years, respectively)	284		3,900		82,278
Trademarks (weighted average useful life of 10, 5 and 8 years, respectively)	5,145		1,000		6,972


Total identifiable assets acquired excluding goodwill	31,637		12,537		131,529
Accruals and other current liabilities	(5,778)		(624)		(4,079)
Deferred revenues	(2,427)		(4,623)		(14,176)
Operating lease liabilities	(103)		(397)		(1,237)
Deferred income taxes	(136)		—		(5,745)

Total liabilities assumed	(8,444)		(5,644)		(25,237)
Net identifiable assets acquired excluding goodwill	23,193		6,893		106,292
Goodwill	120,214		19,934		658,806
Net assets acquired	$	143,407	$	26,827	$	765,098

The Company allocates the purchase price for each acquisition to the net tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the respective acquisition date, with the exception of deferred revenues which are recognized and measured on the acquisition date in accordance with the Company’s revenue recognition policies in Note 3. The fair values of the working capital, other assets (liabilities), and property and equipment approximated their respective carrying values as of the acquisition date. The fair values of the intangible assets were primarily determined using the income approach. When applying the income approach, indications of fair values were developed by discounting future net cash flows to their present values at market‑based rates of return. The cash flows were based on estimates used to price the acquisitions and the discount rates applied were benchmarked with reference to the implied rate of return from the Company’s pricing model and the weighted average cost of capital. Goodwill is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date, as well as contingent and non‑contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that the Company is within the measurement period (up to one year from the acquisition date) and that the Company continues to collect information to determine estimated fair value. Subsequent to the measurement period or the Company’s final determination of estimated fair value, whichever comes first, adjustments are recorded in the consolidated statements of operations.

Goodwill recorded in connection with the acquisitions was attributable to synergies expected to arise from cost saving opportunities, as well as future expected cash flows. The Company expects $26,444 of the goodwill recorded relating to the 2024 acquisitions will be deductible for income tax purposes.

The Company is in the process of finalizing the purchase accounting for certain acquisitions completed during the year ended December 31, 2024. 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. The primary areas of preliminary purchase price allocation that are not yet finalized are amounts for tax assets and liabilities and residual goodwill.

Revenue from Contracts with Customers - Costs to Obtain a Contract with a Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization	$ 5,241	$ 5,567	$ 3,898
Contract asset impairment	0	0	$ 0
Prepaid and other current assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost	4,490	4,958
Other assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost	$ 10,715	$ 10,242

- 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

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - 2020 Incentive Award Plan	12 Months Ended
	Dec. 31, 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	$ 0.00

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
	2024		2023		2022
Domestic	$	118,624	$	16,652	$	98,188
International	174,431		166,875		100,087
Income before income taxes	$	293,055	$	183,527	$	198,275

The (Provision) benefit for income taxes consists of the following:


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(7,194)	$	(12,899)	$	(2,307)
State	(2,674)		(2,567)		(1,387)
Foreign	(36,287)		(40,171)		(22,715)
	(46,155)		(55,637)		(26,409)
Deferred:
Federal	(7,627)		134,516		3,547
State	(4,057)		29,514		60
Foreign	(887)		34,848		1,519
	(12,571)		198,878		5,126
(Provision) benefit for income taxes	$	(58,726)	$	143,241	$	(21,283)

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


	Year Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.1		(0.3)		1.0
Stock-based compensation	(16.0)		(22.9)		(21.4)
Non-deductible officer compensation	14.1		14.9		11.0
Tax credits	(3.0)		(5.8)		(2.9)
Withholding taxes	3.4		4.9		2.8
Foreign tax rate differential	(3.3)		(3.0)		(2.0)
Net tax on foreign earnings (GILTI/FDII)	0.5		4.2		0.9
Transaction costs	0.1		(0.1)		0.5

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

Other	1.1		2.2		(0.2)
Effective income tax rate	20.0	%	(78.0	%)	10.7	%

For the year ended December 31, 2024, the effective tax rate was higher as compared to the year ended December 31, 2023 primarily due to the discrete tax benefit recognized as a result of the internal legal entity restructuring during the fourth quarter of 2023 described below, as well as a decrease in discrete tax benefits related to stock‑based compensation, net of the impact from officer compensation limitation provisions, partially offset by the decrease in the adverse effective tax rate impact of the net tax on foreign earnings. The decrease in net tax on foreign earnings is primarily related to increased foreign creditable taxes available to reduce the net impact of the GILTI inclusion. For the year ended December 31, 2023, the effective tax rate was lower as compared to the year ended December 31, 2022 primarily due to the discrete tax benefit recognized as a result of the internal legal entity restructuring during the fourth quarter of 2023 described below. For the years ended December 31, 2024, 2023, and 2022, the Company recorded discrete tax benefits of $5,583, $14,648, and $20,501, respectively, associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

During the fourth quarter of 2023, the Company recognized a net discrete income tax benefit of $170,784 attributable to internal legal entity restructuring and related intra-entity transactions as part of its continuing efforts to align intellectual property ownership with the Company’s business operating model. These transactions resulted in the recognition of deferred tax benefits arising from the net increase in deferred tax assets related to intangibles and goodwill of $171,622. As of December 31, 2023, the deferred tax assets represented the undiscounted future anticipated cash tax impacts of basis differences, which were expected to be realized through tax amortization over the next 13 years, beginning in 2024. The benefit of the internal legal entity restructuring was partially offset by an increase in the effective tax rate impact of the GILTI inclusion due to the mandatory capitalization of research and development expenses for U.S. tax purposes and a decrease in discrete tax benefits related to stock‑based compensation, net of the impact from officer compensation limitation provisions, recognized during the year ended December 31, 2023 as compared to the prior year.

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

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


	December 31,
	2024		2023
Deferred tax assets:
Accrued compensation	$	32,875	$	38,220
NOL and credit carryforwards	19,679		19,677
Intangible assets including goodwill	142,293		137,576
Convertible debt and 163(j) limitation	5,281		14,364
Lease liabilities	5,810		7,610
Other accruals not currently deductible	1,294		502
Allowance for doubtful accounts	1,048		1,852
Deferred revenues	1,899		4,402
Other	581		2,852
Total deferred tax assets	210,760		227,055
Less: Valuation allowance	(4,474)		(2,664)
Net deferred tax assets	206,286		224,391
Deferred tax liabilities:

Operating lease right-of-use assets	(4,607)		(6,762)

Prepaid expenses	(714)		(2,746)
Unrealized gains and losses	(8,522)		(8,131)
Property and equipment	(2,769)		(3,639)
Total deferred tax liabilities	(16,612)		(21,278)
Net deferred tax assets (liabilities)	$	189,674	$	203,113

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

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


Jurisdiction:	December 31, 2024		Begin to Expire
U.S. Federal NOL	$	3,176	2034
U.S. Federal research and development credits	139		2039
U.S. Federal foreign tax credits	235		2028
U.S. State NOL	1,316		2036
U.S. State research and development credits	919		2032
U.K. NOL	5,737		Indefinite
U.K. research and development credits	1,400		Indefinite
Canadian research and development credit	1,216		2030

As of December 31, 2024 and 2023, the Company has a valuation allowance recorded against net deferred tax assets related to NOLs and tax attributes in certain jurisdictions of $4,474 and $2,664, respectively. During the year ended December 31, 2024, the Company increased the valuation allowance by $1,810, which was primarily related to taxable losses in various foreign jurisdictions. A valuation allowance is required when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company assesses the available positive and negative evidence to estimate whether the existing deferred tax assets will be realized.

We have provided for any applicable income taxes associated with current year distributions, as well as any earnings that are expected to be distributed in the future, in the calculation of the income tax provision. No additional provision has been made for U.S. and non‑U.S. income taxes on the undistributed earnings of subsidiaries that are expected to be indefinitely reinvested. As of December 31, 2024, certain subsidiaries had approximately $298,041 of cumulative undistributed earnings that have been deemed permanently reinvested. A liability could arise if our intention to indefinitely reinvest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. The potential tax implications of unremitted earnings are driven by the facts at the time of the distribution. It is not practicable to estimate the additional income taxes related to indefinitely reinvested earnings or the basis differences related to investments in subsidiaries.

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


	Year Ended December 31,
	2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	466	$	910	$	1,331
Increases for tax positions of prior years	—		12		—
Decreases for tax positions of prior years	(26)		(9)		(121)
Increases for tax positions related to the current year	—		—		—
Decreases relating to settlements with taxing authorities	(382)		—		(35)
Reductions as a result of lapse of the statute of limitations	(58)		(447)		(265)
Gross unrecognized tax benefits, end of year	$	—	$	466	$	910

As of December 31, 2024, 2023, and 2022, the Company had total unrecognized tax benefits including interest and penalties of $0, $557, and $1,194, respectively, of which $0, $554, and $1,181, respectively, would impact the Company’s effective tax rate if recognized. Interest expense and penalties related to unrecognized tax benefits included in the (Provision) benefit for income taxes were $91, $194, $89 for the years ended December 31, 2024, 2023, and 2022, respectively. The cumulative accrued interest and penalties related to unrecognized tax benefits were $0, $91, and $284 as of December 31, 2024, 2023, and 2022, respectively.

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

The Company is currently under audit in the U.K. for years 2018 through 2022 and in Canada for years 2021 through 2023. In addition, the Company is under audit in various other foreign taxing jurisdictions that are not material to the consolidated financial statements. The Company’s U.S. consolidated federal income tax returns for years 2021 through 2024 may be subject to examination by the Internal Revenue Service. The Company also may be subject to examination by other significant jurisdictions, including the Irish Revenue Commissioners for Irish tax purposes for years 2015 through 2024 and by the Inland Revenue Department for New Zealand Tax purposes for years 2019 through 2024.

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) adopted model rules to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as “Pillar 2”). The OECD has continued to issue administrative guidance and interpretations regarding the Pillar 2 rules. A number of E.U. and G20 member nations, including locations where the Company currently has operations, are at various stages in the process of enacting tax legislation to incorporate aspects of the Pillar 2 rules. For countries that have adopted the model rules, certain aspects of the Pillar 2 rules became effective in 2024, while other aspects are expected to become effective in 2025. Due to the uncertainty regarding which countries will enact Pillar 2 legislation and in what form the legislation will be adopted, as well as uncertainty regarding the timing of individual country legislative action and the underlying complexity of the rules, we are still assessing the impact, if any, of the Pillar 2 legislation on the Company. Pillar 2 legislation did not have a material impact on the (Provision) benefit for income taxes in the consolidated statements for the year ended December 31, 2024.

- 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
-Publisher FASB
-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
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-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
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-Paragraph 17
-Subparagraph (b)
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-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
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Details) - Hosted Software Solutions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 45,500	$ 158,000
Purchase commitment	113,700
Long term purchase commitment, to be paid in year one	59,200
Long term purchase commitment, to be paid after year one	$ 54,500

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 23,289	$ 21,044
Equity method investments	2,475	2,436
Total investments	$ 25,764	$ 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

Executive Incentive Plans (Details) $ in Thousands				12 Months Ended
Executive Incentive Plans (Details) $ in Thousands	Jul. 01, 2024	Jun. 30, 2024	Jun. 26, 2024	Dec. 31, 2024 USD ($) day	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 02, 2022 decimal
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
CIO's allocated percentage interest multiplied by a coefficient \| decimal							0.3333
Bonus plan compensation expense				$ 12,382	$ 13,580	$ (15,782)
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company's adjusted Management Reported Operating Income (MROI) threshold for bonus plan percentage (up to)				20.00%
Fractional interest reduction percentage	0.121212	0.363636
Number of trading days prior to end of applicable quarter, shares determined upon election by volume-weighted average price \| day				10,000
Number of trading days after the end of applicable quarter, shares determined upon election by volume-weighted average price \| day				10
Non-deferred incentive bonus threshold for pro rata adjustment				$ 7,500
Bonus plan compensation expense				$ 16,337	$ 21,463	$ 33,242
Adjusted operating income percentage			0.10
Inflation-adjusted target growth period			5 years

Acquisitions - Schedule of Business Acquisitions Aggregate Details (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) acquisition	Dec. 31, 2023 USD ($) acquisition	Dec. 31, 2022 USD ($) acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 130,407	$ 26,023	$ 743,007
Escrow deposit	$ 11,000
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	3	3	6
Cash paid at closing	$ 143,299	$ 26,287	$ 763,228
Cash acquired	(12,892)	(264)	(20,221)
Net cash paid	$ 130,407	$ 26,023	$ 743,007

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

The fair value hierarchy consists of the following three levels:

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

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

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

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

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

The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 financial instruments as of December 31, 2024 and 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 credit facility borrowings approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. As of December 31, 2024, the estimated fair value of the 2026 Notes and 2027 Notes was $671,123 and $519,271, 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:


December 31, 2024	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,648	$	—	$	5,648
Interest rate swap (2)	—		32,172		32,172
Total assets	$	5,648	$	32,172	$	37,820
Liabilities:

Deferred compensation plan liabilities (3)	$	100,482	$	—	$	100,482
Cash-settled equity awards (4)	440		—		440
Total liabilities	$	100,922	$	—	$	100,922


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 $3,798 and $2,355 as of December 31, 2024 and 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.

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:


	December 31,
	2024		2023
Cost method investments	$	23,289	$	21,044
Equity method investments	2,475		2,436
Total investments	$	25,764	$	23,480

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2022	$	2,237,184
Acquisitions	19,934
Foreign currency translation adjustments	11,732
Other adjustments	486
Balance, December 31, 2023	2,269,336
Acquisitions	120,214
Foreign currency translation adjustments	(21,538)
Other adjustments	(833)
Balance, December 31, 2024	$	2,367,179

Schedule of Intangible Assets Other than Goodwill

Details of intangible assets other than goodwill are as follows:


		December 31, 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	$	86,578	$	(61,671)	$	24,907	$	89,693	$	(59,045)	$	30,648
Customer relationships	3-10 years	315,773		(162,175)		153,598		323,442		(142,378)		181,064
Trademarks	3-10 years	74,034		(38,593)		35,441		70,710		(33,709)		37,001
Non-compete agreements	5 years	350		(337)		13		350		(276)		74



Total intangible assets		$	476,735	$	(262,776)	$	213,959	$	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:


	Year Ended December 31,
	2024		2023		2022
Cost of subscriptions and licenses	$	12,681	$	12,704	$	12,478
Amortization of purchased intangibles	33,998		38,515		41,114
Total amortization expense	$	46,679	$	51,219	$	53,592

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the years following December 31, 2024 are estimated as follows:


2025	$	45,779
2026	37,276
2027	29,855
2028	28,994
2029	27,440
Thereafter	44,615
	$	213,959

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

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

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

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

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	185

Net Income Per Share Attributable to Bentley Systems Stockholders (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Share Attributable to Bentley Systems Stockholders

The details of basic and diluted net income per share attributable to Bentley Systems stockholders are as follows:


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to Bentley Systems	$	234,787	$	326,787	$	174,780
Less: Net income attributable to Bentley Systems allocated to participating securities	(84)		(74)		(42)
Basic net income attributable to Bentley Systems stockholders	234,703		326,713		174,738
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,880		6,874		6,810
Diluted net income attributable to Bentley Systems stockholders	$	241,583	$	333,587	$	181,548

Denominator:
Basic weighted average shares	314,886,615		312,358,823		309,226,677
Dilutive effect of stock options, restricted stock, and RSUs	1,185,014		2,435,456		4,705,172
Dilutive effect of ESPP	68,752		75,568		166,606
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,633,786		17,666,703
Diluted weighted average shares	333,774,167		332,503,633		331,765,158

Net income per share attributable to Bentley Systems stockholders:
Basic	$	0.75	$	1.05	$	0.57
Diluted	$	0.72	$	1.00	$	0.55

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ (16,967)	$ (34,973)	$ (26,275)
Amortization of deferred debt issuance costs	(7,338)	(7,291)	(7,291)
Other interest (expense) income	(469)	933	(1,490)
Interest income	2,730	1,538	421
Interest expense, net	$ (22,044)	$ (39,793)	$ (34,635)

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2025	Jun. 30, 2024	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted				$ 600,000	$ 600,000	$ 450,000
Granted (in shares)				0	0	0
Percent discount from market price, offering date				85.00%
Measurement Input, Call Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input				6 months
Measurement Input, Put Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input				6 months
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised				$ 4,007,000	$ 11,715,000	$ 8,338,000
Stock options exercised, intrinsic value				40,775,000	$ 112,025,000	$ 101,643,000
Unrecognized compensation cost				$ 0
Shares exercised (in shares)				911,429
Shares outstanding (in shares)				0	916,429
2020 Incentive Award Plan \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)				25,000,000
Class B Common Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)				11,391	12,639	13,632
Fully vested shares granted				$ 600,000	$ 600,000	$ 450,000
Stock Option \| Equity Incentive Plan \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)							900,000
Shares exercised (in shares)						900,000
Shares outstanding (in shares)						0
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		300,964	199,076
Vesting percentage		20.00%
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	165,344
Unrecognized compensation cost, excluding options	$ 7,700,000
Cost not yet recognized, period for recognition	4 years 10 months 24 days
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Subsequent Event \| Period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Subsequent Event \| Period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
Time-Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Subsequent Event \| Period 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	18.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Discrete income tax benefit		$ 5,583	$ 14,648	$ 20,501
Valuation allowance	$ 2,664	4,474	2,664
Increase in valuation allowance		1,810
Undistributed earnings		298,041
Unrecognized tax benefit in income tax penalties and interest expense		0	557	1,194
Unrecognized tax benefits that would impact effective tax rate	554	0	554	1,181
Unrecognized tax benefits, period increase (decrease)		91	194	89
Unrecognized tax benefits, income tax penalties and interest accrued	91	$ 0	$ 91	$ 284
Goodwill and Intangibles
Income Tax Contingency [Line Items]
Discrete income tax benefit	171,622
Tax amortization period			13 years
2023 Program
Income Tax Contingency [Line Items]
Discrete income tax benefit	$ 170,784

Property and Equipment, Net - Schedule of Property and Equipment Useful Lives (Details)	Dec. 31, 2024
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	25 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	6 years
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 years ended December 31, 2024 and 2023, the Company entered into approximately $45,500 and $158,000, respectively, 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 December 31, 2024, total non‑cancelable future cash purchase commitments were approximately $113,700, of which the Company expects approximately $59,200 to be paid over the next 12 months and approximately $54,500 to be paid through September 2029. 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. Guarantees The Company’s software license agreements typically provide for indemnification of customers for intellectual property infringement claims. The Company also warrants to customers, when requested, that its software products operate substantially in accordance with standard specifications for a limited period of time. The Company has not incurred significant obligations under customer indemnification or warranty provisions historically and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification or warranty‑related obligations.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The Company’s intangible assets primarily arise from acquisitions and principally consist of goodwill, trademarks, customer relationships, and acquired software and technology. Intangible assets, other than goodwill, are amortized on a straight‑line basis over their estimated useful lives.

Goodwill

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


Balance, December 31, 2022	$	2,237,184
Acquisitions	19,934
Foreign currency translation adjustments	11,732
Other adjustments	486
Balance, December 31, 2023	2,269,336
Acquisitions	120,214
Foreign currency translation adjustments	(21,538)
Other adjustments	(833)
Balance, December 31, 2024	$	2,367,179

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

In testing for goodwill impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that a goodwill impairment exists. If it is determined that a quantitative assessment is required and the carrying amount exceeds its fair value, the Company will recognize goodwill impairment in the amount in which the carrying amount of the reporting unit exceeds its fair value, but not to exceed the carrying amount of goodwill within the reporting unit. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted for the years ended December 31, 2024, 2023, or 2022.

Other Intangible Assets

Details of intangible assets other than goodwill are as follows:


		December 31, 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	$	86,578	$	(61,671)	$	24,907	$	89,693	$	(59,045)	$	30,648
Customer relationships	3-10 years	315,773		(162,175)		153,598		323,442		(142,378)		181,064
Trademarks	3-10 years	74,034		(38,593)		35,441		70,710		(33,709)		37,001
Non-compete agreements	5 years	350		(337)		13		350		(276)		74



Total intangible assets		$	476,735	$	(262,776)	$	213,959	$	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:


	Year Ended December 31,
	2024		2023		2022
Cost of subscriptions and licenses	$	12,681	$	12,704	$	12,478
Amortization of purchased intangibles	33,998		38,515		41,114
Total amortization expense	$	46,679	$	51,219	$	53,592

Amortization expense for the years following December 31, 2024 are estimated as follows:


2025	$	45,779
2026	37,276
2027	29,855
2028	28,994
2029	27,440
Thereafter	44,615
	$	213,959

Intangible assets other than goodwill are tested annually for impairment on October 1, or more frequently if events occur or circumstances change that would more likely than not reduce its fair value below its carrying amount.

In testing intangible assets other than goodwill for impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that an intangible asset impairment exists. If it is determined that a quantitative assessment is required, the Company will evaluate the cash flows generated by the underlying asset, including estimated future operation results, trends, or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset, the Company would recognize an impairment charge to the extent the carrying amount of the asset exceeded its estimated fair value. There was no impairment of intangible assets for the years ended December 31, 2024, 2023, or 2022.

Long‑Term Debt - Convertible Senior Notes Narrative (Details) - Convertible Debt					3 Months Ended	12 Months Ended
	Jun. 28, 2021 USD ($) day $ / shares	Jun. 23, 2021 $ / shares	Jan. 26, 2021 USD ($) day $ / shares	Jan. 21, 2021 $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| $			$ 690,000,000
Debt instrument, interest rate, stated percentage			0.125%
Repayments of senior debt \| $					$ 1,998,000	$ 1,998,000
Extinguishment of debt \| $					$ 2,170,000	$ 2,170,000
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt instrument, convertible, threshold trading days			20
Debt instrument, convertible, threshold consecutive trading days			30
Debt instrument, redemption price, percentage			98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD)			15.5925
Debt instrument, convertible, conversion price (USD per share) \| $ / shares			$ 64.13
Number of trading days after maturity date, debt redeemable			40 days
Effective interest rate			0.658%
Capped call transaction, cap price (USD per share) \| $ / shares				$ 72.9795
Capped call, premium above share price, percentage				65.00%
2026 Notes \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares			$ 44.23
2026 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD)			22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares			$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding			25.00%
2026 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days			20
Debt instrument, convertible, threshold consecutive trading days			30
2026 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days			5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days			10
2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 575,000,000
Debt instrument, interest rate, stated percentage	0.375%
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Debt instrument, redemption price, percentage	98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD)	12.0153
Debt instrument, convertible, conversion price (USD per share) \| $ / shares	$ 83.23
Number of trading days after maturity date, debt redeemable	40 days
Effective interest rate	0.864%
Capped call transaction, cap price (USD per share) \| $ / shares		$ 95.5575
Capped call, premium above share price, percentage		55.00%
2027 Notes \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares	$ 61.65
2027 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD)	16.2206
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares	$ 325.00
Debt covenant, percent of note holders threshold by amount of principal outstanding	25.00%
2027 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
2027 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days	5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days	10

Leases - Schedule of Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 14,345	$ 17,899	$ 19,587
Right-of-use assets obtained in exchange for new operating lease liabilities	11,341	17,015	10,722
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 103	$ 397	$ 1,237

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024‑03, Income Statements–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024‑03”), which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount, and timing of expenses impacting financial performance. ASU 2024-03 is effective for the Company for the annual reporting period beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 may be adopted either on a prospective basis to financial statements issued for reporting periods after the effective date or on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the adoption of ASU 2024‑03, however, other than additional disclosure, the Company does not expect a change to the consolidated financial statements. 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 FASB issued ASU No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. Recently Adopted Accounting Guidance 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, segment profit or loss, and how the Company’s CODM uses reported segment profit or loss information in assessing segment performance and allocating resources on an interim and annual basis. The Company adopted this ASU during the year ended December 31, 2024 (see Note 19).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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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 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Segment and Geographic Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of reportable segments \| segment	1
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Headcount‑related costs	$ 787,248	$ 748,772	$ 665,310
Segment reporting other segment item amount, net income measure	331,414	152,854	258,992
Segment reporting other segment item amount, Adjusted OI w/SBC	202,994	179,246	173,483
Headcount adjustment amount, Adjusted OI w/ SBC measure	$ 9,369	$ 24,282	$ 13,640

Preferred and Common Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Preferred and Common Stock

Preferred Stock Authorized and Selected Terms

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

Common Stock Authorized and Selected Terms

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

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

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

BSY Stock Repurchase Program

In May 2022, the Company announced that its Board of Directors approved the Repurchase Program authorizing the Company to repurchase up to $200,000 of the Company’s Class B common stock through June 30, 2024. 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 in 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 outstanding convertible senior notes from June 30, 2024 through June 30, 2026. As of December 31, 2024, $173,155 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 outstanding 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 outstanding 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 outstanding 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 year ended December 31, 2024, the Company repurchased 1,292,733 shares for $64,359 under the Repurchase Program. The Company did not make repurchases under the Repurchase Program during the year ended December 31, 2023. During the year ended December 31, 2022, the Company repurchased 896,126 shares for $28,250, and $2,170 aggregate principal amount of the Company’s outstanding 2026 Notes for $1,998 (see Note 10) under the Repurchase Program.

Common Stock Issuances, Sales, and Repurchases

During the year ended December 31, 2024, the Company issued 4,707,845 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 year ended December 31, 2024. During the year ended December 31, 2023, the Company issued 3,410,006 shares of Class B common stock to DCP participants in connection with distributions from the plan, net of 935,939 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $38,456. During the year ended December 31, 2022, the Company issued 3,541,375 shares of Class B common stock to DCP participants in connection with distributions from the plan, net of 500,332 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $24,246.

During the year ended December 31, 2024, the Company issued 282,340 shares of Class B common stock, respectively, 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 year ended December 31, 2024. During the year ended December 31, 2023, the Company issued 247,867 shares of Class B common stock in connection with the Bonus Plan incentive compensation, net of 135,314 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,756. During the year ended December 31, 2022, the Company issued 445,050 shares of Class B common stock in connection with the Bonus Plan incentive compensation, net of 124,116 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,197.

During the year ended December 31, 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.

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

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

During the year ended December 31, 2022, the Company issued 185,178 shares of Class B common stock related to the exercise of acquisition options (see Note 15), net of 714,822 shares withheld at exercise to pay for the cost of the options. The Company did not receive any proceeds from the exercise of these options.

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

Dividends

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


	Dividend
	Per Share		Amount
2024:
Fourth quarter	$	0.06	$	18,130
Third quarter	0.06		18,134
Second quarter	0.06		17,980
First quarter	0.06		17,871
Total	$	0.24	$	72,115
2023:
Fourth quarter	$	0.05	$	14,764
Third quarter	0.05		14,768
Second quarter	0.05		14,702
First quarter	0.05		14,522
Total	$	0.20	$	58,756
2022:
Fourth quarter	$	0.03	$	8,730
Third quarter	0.03		8,592
Second quarter	0.03		8,678
First quarter	0.03		8,353
Total	$	0.12	$	34,353

Dividends Declared Subsequent to December 31, 2024

In February 2025, our Board of Directors approved cash dividends of $0.07 per share payable on March 27, 2025 to all stockholders of record of Class A and Class B common stock as of the close of business on March 19, 2025.

Global Employee Stock Purchase Plan

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

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

During the year ended December 31, 2024, colleagues who elected to participate in the ESPP purchased a total of 253,578 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $11,228. Of the total 260,437 shares purchased, 6,859 shares were sold back to the Company to pay for applicable income tax withholdings of $348. During the year ended December 31, 2023, colleagues who elected to participate in the ESPP purchased a total of 315,840 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $9,988. Of the total 333,324 shares purchased, 17,484 shares were sold back to the Company to pay for applicable income tax withholdings of $845. During the year ended December 31, 2022, colleagues who elected to participate in the ESPP purchased a total of 307,406 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $10,335. Of the total 314,471 shares purchased, 7,065 shares were sold back to the Company to pay for applicable income tax withholdings of $273. As of December 31, 2024 and 2023, $5,577 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 December 31, 2024, shares of Class B common stock available for future issuance under the ESPP were 24,018,460.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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-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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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 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
Brock Ballard [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 19, 2024, Brock Ballard, the Company’s Chief Revenue Officer, 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 20,047 shares of our Class B common stock. Mr. Ballard’s plan expires on December 2, 2025.
Name	Brock Ballard
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	On November 19, 2024
Expiration Date	December 2, 2025
Arrangement Duration	378 days
Aggregate Available	20,047	20,047
Michael M. Campbell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2024, Michael M. Campbell, the Company’s former Chief Product Officer, 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). The Company estimates that Mr. Campbell could sell up to an aggregate of 9,000 shares of its Class B common stock under the plan, though the final number of shares sold will depend upon a variety of factors, including applicable tax rates. Mr. Campbell’s plan expires on October 1, 2025.
Name	Michael M. Campbell
Title	former Chief Product Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	October 1, 2025
Arrangement Duration	299 days
Aggregate Available	9,000	9,000
Gregory S. Bentley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 10, 2024, Gregory S. Bentley, the Company’s Executive Chair and President, 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 763,457 shares of our Class B common stock. Mr. Bentley’s plan expires on June 30, 2026.
Name	Gregory S. Bentley
Title	Executive Chair and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 10, 2024
Expiration Date	June 30, 2026
Arrangement Duration	567 days
Aggregate Available	763,457	763,457
David R. Shaman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 12, 2024, David R. Shaman, the Company’s Chief Legal Officer and Secretary, 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). The Company estimates that Mr. Shaman could sell up to an aggregate of 127,942 shares of its Class B common stock under the plan. Mr. Shaman’s plan expires on December 20, 2025.
Name	David R. Shaman
Title	Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2024
Expiration Date	December 20, 2025
Arrangement Duration	373 days
Aggregate Available	127,942	127,942

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 74,417	$ 72,972	$ 75,206
Stock-based compensation expense accrued	1,556	4,043
Cost of Sales \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,506	4,444	2,781
Cost of Sales \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,142	3,196	2,055
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	20,862	19,380	27,209
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,972	11,565	8,898
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	35,935	34,387	34,263
Restricted stock and RSUs expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	58,921	54,606	40,754
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,344	14,801	28,571
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,426	2,407	2,890
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	600	600	450
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	343	2,150
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 126	$ 215	$ 391

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,353,095	$ 1,228,413	$ 1,099,082
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	1,269,323	1,126,345	1,003,597
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	1,223,362	1,080,307	960,220
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	530,367	433,321	345,678
E365 Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	517,997	411,025	306,901
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	258,504	258,288	264,308
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	434,491	388,698	350,234
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	45,961	46,038	43,377
Services
Disaggregation of Revenue [Line Items]
Total revenues	83,772	102,068	95,485
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	14,642	16,370	17,804
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 69,130	$ 85,698	$ 77,681

Realignment Costs - Schedule of Realignment Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Line Items]
Realignment costs	$ 847	$ 12,579
Cost of Sales
Postemployment Benefits [Line Items]
Realignment costs	1,142	2,085
Cost of Sales \| Cost of subscriptions and licenses
Postemployment Benefits [Line Items]
Realignment costs	1,227	839
Cost of Sales \| Cost of services
Postemployment Benefits [Line Items]
Realignment costs	(85)	1,246
Research and development
Postemployment Benefits [Line Items]
Realignment costs	(118)	4,995
Selling and marketing
Postemployment Benefits [Line Items]
Realignment costs	413	4,012
General and administrative
Postemployment Benefits [Line Items]
Realignment costs	(590)	1,487
Total operating expenses
Postemployment Benefits [Line Items]
Realignment costs	$ (295)	$ 10,494

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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:


December 31, 2024	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,648	$	—	$	5,648
Interest rate swap (2)	—		32,172		32,172
Total assets	$	5,648	$	32,172	$	37,820
Liabilities:

Deferred compensation plan liabilities (3)	$	100,482	$	—	$	100,482
Cash-settled equity awards (4)	440		—		440
Total liabilities	$	100,922	$	—	$	100,922


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.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued compensation	$ 32,875	$ 38,220
NOL and credit carryforwards	19,679	19,677
Intangible assets including goodwill	142,293	137,576
Convertible debt and 163(j) limitation	5,281	14,364
Lease liabilities	5,810	7,610
Other accruals not currently deductible	1,294	502
Allowance for doubtful accounts	1,048	1,852
Deferred revenues	1,899	4,402
Other	581	2,852
Total deferred tax assets	210,760	227,055
Less: Valuation allowance	(4,474)	(2,664)
Net deferred tax assets	206,286	224,391
Deferred tax liabilities:
Operating lease right-of-use assets	(4,607)	(6,762)
Prepaid expenses	(714)	(2,746)
Unrealized gains and losses	(8,522)	(8,131)
Property and equipment	(2,769)	(3,639)
Total deferred tax liabilities	(16,612)	(21,278)
Net deferred tax assets (liabilities)	$ 189,674	$ 203,113

Income Taxes - Schedule of Income before Income Tax, Domestic and International (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 118,624	$ 16,652	$ 98,188
International	174,431	166,875	100,087
Income before income taxes	$ 293,055	$ 183,527	$ 198,275

- 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

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 37,820	$ 32,163
Liabilities:
Deferred compensation plan liabilities	100,482	90,536
Cash-settled equity awards	440	781
Total liabilities	100,922	91,317
Deferred compensation plan, current	3,798	2,355
Interest Rate Swap
Assets:
Interest rate swap	32,172	32,162
Level 1
Assets:
Total assets	5,648	1
Liabilities:
Deferred compensation plan liabilities	100,482	90,536
Cash-settled equity awards	440	781
Total liabilities	100,922	91,317
Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Level 2
Assets:
Total assets	32,172	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	32,172	32,162
Money Market Funds
Assets:
Money market funds	5,648	1
Money Market Funds \| Level 1
Assets:
Money market funds	5,648	1
Money Market Funds \| Level 2
Assets:
Money market funds	$ 0	$ 0

Net Income Per Share Attributable to Bentley Systems Stockholders

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Bentley Systems Stockholders

To compute the numerator of basic net income per share attributable to Bentley Systems stockholders, undistributed net income attributable to Bentley Systems allocated to participating securities (described further below) using the required two‑class method, is subtracted from net income attributable to Bentley Systems. The denominator of basic net income per share attributable to Bentley Systems stockholders is 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.

The Company issues certain performance-based RSUs determined to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of December 31, 2024, 2023, and 2022, there were 349,306, 365,641, and 362,773 participating securities outstanding, respectively.

To compute the numerator of diluted net income per share attributable to Bentley Systems stockholders, interest expense, net of tax, attributable to the assumed conversion of the convertible senior notes using the if‑converted method is added back to basic net income attributable to Bentley Systems. To compute the denominator of diluted net income per share attributable to Bentley Systems stockholders, 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 using the treasury stock method, and for the dilutive effect of the assumed conversion of the convertible senior notes using the if‑converted.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A and 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 attributable to Bentley Systems stockholders would not differ under the two‑class method.

The details of basic and diluted net income per share attributable to Bentley Systems stockholders are as follows:


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to Bentley Systems	$	234,787	$	326,787	$	174,780
Less: Net income attributable to Bentley Systems allocated to participating securities	(84)		(74)		(42)
Basic net income attributable to Bentley Systems stockholders	234,703		326,713		174,738
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	6,880		6,874		6,810
Diluted net income attributable to Bentley Systems stockholders	$	241,583	$	333,587	$	181,548

Denominator:
Basic weighted average shares	314,886,615		312,358,823		309,226,677
Dilutive effect of stock options, restricted stock, and RSUs	1,185,014		2,435,456		4,705,172
Dilutive effect of ESPP	68,752		75,568		166,606
Dilutive effect of assumed conversion of convertible senior notes	17,633,786		17,633,786		17,666,703
Diluted weighted average shares	333,774,167		332,503,633		331,765,158

Net income per share attributable to Bentley Systems stockholders:
Basic	$	0.75	$	1.05	$	0.57
Diluted	$	0.72	$	1.00	$	0.55

There were no anti‑dilutive securities for the years ended December 31, 2024 or 2023. For the year ended December 31, 2022, 718,105 RSUs were excluded from the calculation of diluted net income per share attributable to Bentley Systems stockholders as including them would have an anti‑dilutive effect.

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 12,681	$ 12,704	$ 12,478
Amortization of purchased intangibles	33,998	38,515	41,114
Total amortization expense	$ 46,679	$ 51,219	$ 53,592

Preferred and Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividends per share (USD per share)	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.24	$ 0.20	$ 0.12
Amount	$ 18,130	$ 18,134	$ 17,980	$ 17,871	$ 14,764	$ 14,768	$ 14,702	$ 14,522	$ 8,730	$ 8,592	$ 8,678	$ 8,353	$ 72,115	$ 58,756	$ 34,353

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 234,433	$ 326,787	$ 174,780
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment	64,608	71,861	71,537
Deferred income taxes	12,571	(198,878)	(5,126)
Stock-based compensation expense	74,417	72,972	75,206
Deferred compensation plan	12,382	13,580	(15,782)
Amortization of deferred debt issuance costs	7,338	7,291	7,291
Change in fair value of derivative	(10)	5,038	(27,083)
Foreign currency remeasurement (gain) loss	(785)	(452)	6,000
Other	7,794	21,047	2,593
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(32,064)	(5,180)	(60,938)
Prepaid and other assets	(6,006)	4,112	14,053
Accounts payable, accruals, and other liabilities	74,953	68,733	29,181
Deferred revenues	(1,789)	19,933	2,292
Income taxes payable, net of prepaid income taxes	(12,550)	9,852	320
Net cash provided by operating activities	435,292	416,696	274,324
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(14,046)	(25,002)	(18,546)
Proceeds from sale of aircraft	0	0	2,380
Acquisitions, net of cash acquired	(130,407)	(26,023)	(743,007)
Purchases of investments	(1,435)	(11,602)	(10,954)
Proceeds from investments	0	2,123	0
Other	2,621	0	0
Net cash used in investing activities	(143,267)	(60,504)	(770,127)
Cash flows from financing activities:
Proceeds from credit facilities	517,643	588,154	833,292
Payments of credit facilities	(474,356)	(841,723)	(487,694)
Payments of debt issuance costs	(6,184)	0	0
Settlement of convertible senior notes	0	0	(1,998)
Repayments of term loan	(190,000)	(5,000)	(5,000)
Payments of contingent and non-contingent consideration	(3,022)	(4,324)	(8,460)
Payments of dividends	(72,115)	(58,756)	(34,493)
Proceeds from stock purchases under employee stock purchase plan	11,228	9,988	10,335
Proceeds from exercise of stock options	4,007	11,715	8,338
Payments for shares acquired including shares withheld for taxes	(12,504)	(58,937)	(43,561)
Repurchases of Class B common stock under approved program	(64,359)	0	(28,250)
Other	(188)	(191)	525
Net cash (used in) provided by financing activities	(289,850)	(359,074)	243,034
Effect of exchange rate changes on cash and cash equivalents	(6,578)	(390)	(4,884)
Decrease in cash and cash equivalents	(4,403)	(3,272)	(257,653)
Cash and cash equivalents, beginning of year	68,412	71,684	329,337
Cash and cash equivalents, end of year	64,009	68,412	71,684
Supplemental information:
Cash paid for income taxes	59,745	43,619	29,478
Income tax refunds	2,219	1,188	3,588
Interest paid	17,202	37,389	26,581
Non-cash investing and financing activities:
Cost method investment	0	3,500	5,936
Contingent acquisition consideration	0	0	1,390
Deferred, non-contingent consideration, net	0	525	749
Share-settled Bonus Plan awards	14,476	16,791	21,925
DCP elective participant deferrals	$ 188	$ 1,765	$ 6,580

Long‑Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,398,145
Unamortized debt issuance costs	(10,057)	$ (16,455)
Total debt	1,388,088	1,528,403
Less: Current portion of long-term debt	0	(10,000)
Long-term debt	1,388,088	1,518,403
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	687,830	687,830
2027 Notes \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Revolving Credit Facility \| 2024 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	135,315	0
Revolving Credit Facility \| 2017 Credit Facility \| 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	$ 0	$ 190,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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
Common stock shares outstanding (in shares)	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)	290,439,703	284,728,210
Common stock shares outstanding (in shares)	290,439,703	284,728,210

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2024		2023
Land	$	1,341	$	2,811
Building and improvements	32,115		31,025
Computer equipment and software	50,696		46,202
Furniture, fixtures, and equipment	9,183		9,799
Aircraft	2,038		2,038
Other	40		89
Property and equipment, at cost	95,413		91,964
Less: Accumulated depreciation	(61,615)		(51,864)
Total property and equipment, net	$	33,798	$	40,100

Estimated useful lives of property and equipment are as follows:


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

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Type and Location

The Company’s revenues consist of the following:


	Year Ended December 31,
	2024		2023		2022
Subscriptions:
Enterprise subscriptions (1)	$	530,367	$	433,321	$	345,678
SELECT subscriptions	258,504		258,288		264,308
Term license subscriptions	434,491		388,698		350,234
Subscriptions	1,223,362		1,080,307		960,220
Perpetual licenses	45,961		46,038		43,377
Subscriptions and licenses	1,269,323		1,126,345		1,003,597
Services:
Recurring	14,642		16,370		17,804
Other	69,130		85,698		77,681
Services	83,772		102,068		95,485
Total revenues	$	1,353,095	$	1,228,413	$	1,099,082

(1)Enterprise subscriptions are primarily revenues attributable to E365 subscriptions of $517,997, $411,025, and $306,901 for the years ended December 31, 2024, 2023, and 2022, respectively.

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


	Year Ended December 31,
	2024		2023		2022
Americas (1)	$	717,002	$	650,926	$	584,794
EMEA	388,384		353,550		312,804
APAC	247,709		223,937		201,484
Total revenues	$	1,353,095	$	1,228,413	$	1,099,082

Stock-Based Compensation - Restricted Stock and RSUs Activity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2025
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Granted (in shares)	1,455,017
Shares outstanding (in shares)	3,067,703	2,938,208
Grant date fair value (USD per share)	$ 50.48
Unrecognized compensation cost, excluding options	$ 96,151
Cost not yet recognized, period for recognition	1 year 10 months 24 days
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
Shares outstanding (in shares)	162,038
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative shares vested at end of period (in shares)				162,038
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Based Restricted Stock Units (RSUs), 2016 \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earned through dividends in period (in shares)	32	36	30
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, excluding options	$ 1,802
Cost not yet recognized, period for recognition	2 years
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	6,300	7,837	9,363
Delivered in period (in shares)	1,569	1,562	10,888
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 50.36	$ 42.29	$ 38.18
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)	1,661,929
Shares outstanding (in shares)	3,417,009	3,303,849
Shares withheld for tax withholding obligation (in shares)	197,328	161,841	112,698
Share-based compensation tax withholding payment	$ 9,966	$ 7,299	$ 4,491

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)
Other comprehensive income, before taxes	1,459		820		2,279
Tax expense	—		(245)		(245)
Other comprehensive income, net of taxes	1,459		575		2,034
Less: Other comprehensive income (loss) attributable to noncontrolling interest	—		—		—
Balance, December 31, 2022	(89,408)		(332)		(89,740)
Other comprehensive income, before taxes	4,774		68		4,842
Tax expense	—		(89)		(89)
Other comprehensive income (loss), net of taxes	4,774		(21)		4,753
Less: Other comprehensive income (loss) attributable to noncontrolling interest	—		—		—
Balance, December 31, 2023	(84,634)		(353)		(84,987)
Other comprehensive (loss) income, before taxes	(19,308)		220		(19,088)
Tax expense	—		(45)		(45)
Other comprehensive (loss) income, net of taxes	(19,308)		175		(19,133)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(42)		—		(42)
Balance, December 31, 2024	$	(103,900)	$	(178)	$	(104,078)

Long‑Term Debt - Derivative Arrangements and Interest Expense, Net Narrative (Details) - USD ($)		12 Months Ended
	Apr. 02, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 23, 2023
Debt Instrument [Line Items]
Term of contract	10 years
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate over time		7.22%	7.13%	3.84%
Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount	$ 200,000,000
Fixed interest rate					0.729%
Basis spread on variable rate					0.11448%

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies	The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated financial statements and accompanying notes have been prepared in U.S. dollars and in accordance with GAAP. The Company’s consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies and make estimates that affect the reported amount of assets, liabilities, revenues, and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ materially from these estimates. Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.
Consolidation	The Company is party to joint ventures, which are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are included in Other income (expense), net in the consolidated statements of operations. The assets and liabilities of foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period. Foreign currency translation adjustments are recorded as a component of Other comprehensive income (loss), net of taxes in the consolidated statements of comprehensive income.
Cost of Revenues and Revenues from Contract with Customer	Cost of subscriptions and licenses in the consolidated statements of operations primarily include headcount‑related costs, as well as cloud‑related costs incurred for servicing the Company’s customers using cloud provisioned solutions and the Company’s license administration platform. Cost of subscriptions and licenses also include channel partner compensation for providing sales coverage to users, depreciation of property and equipment, and amortization of capitalized software costs associated with servicing software subscriptions and the Company’s ACDP described below, and amortization of intangible assets associated with acquired software and technology. Cost of services in the consolidated statements of operations primarily include headcount‑related costs, as well as depreciation of property and equipment and amortization of capitalized software costs, used for providing training, implementation, configuration, and customization services to customers. Nature of Products and Services The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generates revenues from subscriptions, perpetual licenses, and services. Subscriptions and perpetual licenses are typically paid upfront, and services are typically paid in arrears, based on the contract terms as described below, generally with payment terms of 30 days. The Company does not have any material variable consideration, such as obligations for returns, refunds, or warranties. Subscriptions Enterprise Subscriptions The Company provides enterprise subscription offerings, which provide its enterprise accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. E365 subscriptions require a CSS as described below and are charged to accounts primarily based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, hosting, and Success Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is primarily defined as distinct user access on a daily basis. E365 subscriptions can contain quarterly usage floors or ceilings. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage. SELECT Subscriptions The Company provides prepaid annual recurring subscriptions that accounts (which are based on distinct contractual and billing relationships with the Company, where affiliated entities of a single parent company may each have an independent account with the Company) can elect to add to a new or previously purchased perpetual license. SELECT provides accounts with benefits, including upgrades, comprehensive technical support, pooled licensing benefits, annual portfolio balancing exchange rights, learning benefits, certain Azure‑based cloud collaboration services, mobility advantages, and access to other available benefits. SELECT subscriptions revenues are recognized as distinct performance obligations are satisfied. The performance obligations within the SELECT offering, outside of the portfolio balancing exchange right, are concurrently delivered and have the same pattern of recognition. These performance obligations are accounted for ratably over the term as a single performance obligation. Term License Subscriptions The Company provides annual, quarterly, and monthly term licenses for its software products. Term license subscriptions contain a term license component and SELECT maintenance and support. Revenue is allocated to the various performance obligations based on their SSP. Annual term licenses (“ATL”) are generally prepaid annually for named user access to specific products and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner licenses. Virtuoso subscriptions are bundles with customizable training and expert consultation administered through “keys” or credits. Quarterly term license (“QTL”) subscriptions allow accounts to pay quarterly in arrears for license usage that is beyond their prepaid subscriptions. Monthly term license (“MTL”) subscriptions are identical to QTL subscriptions, except for the term of the license, and the manner in which they are monetized. MTL subscriptions require a CSS, which is described below. For ATL, revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenue for the SELECT maintenance and support is recognized as delivered over the subscription term. For Virtuoso keys, revenue is recognized as services are delivered. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage. Visas are QTLs or ATLs enabling users to access specific project or enterprise information and entitles users to certain functionality of the Company’s ProjectWise and AssetWise systems. The Company’s standard offerings are usage based with monetization through the Company’s CSS program as described below. CSS is a program designed to streamline the procurement, administration, and payment process. The program requires an estimation of annual usage for CSS eligible offerings and a deposit of funds in advance. Actual consumption is monitored and invoiced against the deposit on a calendar quarter basis. CSS balances not utilized for eligible products or services may roll over to future periods or are refundable. Paid and unconsumed CSS balances are recorded in Accruals and other current liabilities in the consolidated balance sheets. Software and services consumed under CSS are recognized pursuant to the applicable revenue recognition guidance for the respective software or service and classified as subscriptions or services based on their respective nature. Perpetual Licenses Perpetual licenses may be sold with or without attaching a SELECT subscription. Historically, attachment and retention of the SELECT subscription has been high given the benefits of the SELECT subscription discussed above. Perpetual licenses revenues are recognized upon delivery of the license to the user. Services The Company provides professional services, including training, implementation, configuration, customization, and strategic consulting services. The Company performs projects on both a time and materials and a fixed fee basis. Certain of the Company’s fixed‑fee arrangements, including its Success Services offerings, are structured as subscription‑like, packaged offerings that are annually recurring in nature. Success Services are standard service offerings that provide a level of dedicated professional services above the standard technical support offered to all accounts as part of their SELECT or enterprise agreement. Revenues are recognized as services are performed. Significant Judgments and Estimates The Company’s contracts with customers may include promises to transfer licenses (perpetual or term‑based), maintenance, and services to a user. Judgment is required to determine if the promises are separate performance obligations, and if so, the allocation of the transaction price to each performance obligation. When an arrangement includes multiple performance obligations which are concurrently delivered and have the same pattern of transfer to the customer, the Company accounts for those performance obligations as a single performance obligation. For contracts with more than one performance obligation, the transaction price is allocated among the performance obligations in an amount that depicts the relative SSP of each obligation. Judgment is required to determine the SSP for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount that should be allocated based on the relative SSP of the various products and services. The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term.
Software Development Costs	The Company’s software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external accounts, before technological feasibility is reached, are included in Research and development in the consolidated statements of operations. Research and development expenses, which are generally expensed as incurred, primarily consist of headcount‑related costs. In general, technological feasibility is reached shortly before the release of such products.Under its ACDP (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years).The Company evaluates the recoverability of capitalized ACDP costs whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable.
Advertising Expense	The Company expenses advertising costs as incurred.
Cash and Cash Equivalents	The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2024 and 2023, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts receivable primarily represent receivables from customers for products and services invoiced by the Company for which payment is outstanding and also unbilled accounts receivable (see Note 3). Receivables are recorded at the invoiced amount and do not bear interest. The Company establishes an allowance for doubtful accounts for expected losses during the accounts receivable collection process. The allowance for doubtful accounts is presented separately in the consolidated balance sheets and reduces the accounts receivable balance to the net realizable value of the outstanding accounts receivable. The development of the allowance for doubtful accounts is based on an expected loss model which considers historical write‑off and recovery experience, aging trends affecting specific accounts, and general operational factors affecting all accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company considers current economic trends and takes into account reasonable and supportable forecasts of future conditions when evaluating the adequacy of the allowance for doubtful accounts. If circumstances relating to specific customers change or unexpected changes occur in the general business environment, the Company’s estimate of the recoverability of receivables could be further adjusted.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents, and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic region. The Company’s cash and cash equivalents are deposited with financial institutions and invested in money market funds that the Company believes are of high credit quality.
Internal-Use Software Implementation Costs	The Company has entered into cloud-based software hosting arrangements related to new internal-use information technology systems, including a new enterprise resource planning system, human capital management system, and customer relationship management system for which it incurs implementation costs. Certain costs are capitalized and included in Prepaid and other current assets or Other assets in the consolidated balance sheets, depending on the short- or long-term nature of such costs. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized internal-use software implementation costs are amortized, beginning on the date the related software is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement primarily as a component of General and administrative in the consolidated statements of operations. Options to extend the hosting arrangement are considered in determining the remaining term when it is reasonably certain that the option will be exercised.
Recent Accounting Pronouncements	In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024‑03, Income Statements–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024‑03”), which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount, and timing of expenses impacting financial performance. ASU 2024-03 is effective for the Company for the annual reporting period beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 may be adopted either on a prospective basis to financial statements issued for reporting periods after the effective date or on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the adoption of ASU 2024‑03, however, other than additional disclosure, the Company does not expect a change to the consolidated financial statements. 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 FASB issued ASU No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. Recently Adopted Accounting Guidance 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, segment profit or loss, and how the Company’s CODM uses reported segment profit or loss information in assessing segment performance and allocating resources on an interim and annual basis. The Company adopted this ASU during the year ended December 31, 2024 (see Note 19).
Fair Value Measurements	The Company categorizes its assets and liabilities measured at fair value into a three‑level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The fair value hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt. Current Assets and Current Liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments. The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 financial instruments as of December 31, 2024 and 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 credit facility borrowings approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms.The estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled. Deferred Compensation Plan Liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period.

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0
Impairment of intangible assets	$ 0	$ 0	$ 0

Long‑Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2026	$ 687,830
2027	575,000
2029	135,315
Total scheduled maturities of long-term debt	$ 1,398,145

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

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Doubtful Accounts

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


	Year Ended December 31,
	2024		2023
Balance, beginning of year	$	8,965	$	9,303
Additions to reserve	7,365		6,651
Write-offs, net of recoveries	(7,634)		(7,106)
Foreign currency translation adjustments	(301)		117
Balance, end of year	$	8,395	$	8,965

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Income to Adjusted OI w/SBC

Reconciliation of operating income to Adjusted OI w/SBC:


	Year Ended December 31,
	2024		2023		2022
Operating income	$	302,150	$	230,542	$	208,612
Amortization of purchased intangibles (see Note 6)	46,679		51,219		53,592
Deferred compensation plan	12,382		13,580		(15,782)
Acquisition expenses (1)	10,222		17,866		25,398
Realignment expenses (2)	789		11,470		2,109
Adjusted OI w/SBC	$	372,222	$	324,677	$	273,929

Further explanation of certain of the Company’s adjustments in arriving at Adjusted OI w/SBC are as follows:

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:


	December 31,
	2024		2023
Americas (1)	$	230,964	$	272,492
EMEA	32,712		40,411
APAC	16,384		14,460
Total long-lived assets	$	280,060	$	327,363

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