0001104659-20-123588 | S-1 | XBRL Viewer

Accounts receivable, net of allowances of $7,611 and $7,274, respectively

$ 137,598

$ 121,101

$ 81,183

204,501

184,565

7,307

4,543

5,085

27,897

23,413

12,390

338,910

353,558

283,223

29,332

29,632

29,393

46,560

46,313

54,001

Investment in joint venture

542,239

480,065

446,318

$ 336,982

5,218

1,725

44,543

51,068

81,066

37,689

32,238

^[1]

29,595

^[1]

1,090,497

994,599

923,596

Current liabilities:

15,086

17,669

8,567

212,866

167,517

136,699

173,578

204,991

287,682

5,100

2,236

2,794

Total carrying value of debt

422,259

392,413

435,742

589,583

233,750

258,750

6,322

8,154

49,769

9,502

8,260

10,470

7,874

8,140

12,904

15,229

9,263

8,530

Commitments and contingencies (Note 17)

1,083,324

659,980

776,165

Stockholders' equity:

Class A Common Stock, $0.01 par value, authorized 320,000,000 shares; issued 11,601,757 shares as of December 31, 2018 and 2019 and Class B Common Stock, $0.01 par value, authorized 600,000,000 shares; issued 238,681,756 and 243,241,192 shares as of December 31, 2018 and 2019, respectively

2,622

2,548

2,502

441,723

408,667

392,896

(29,211)

(23,927)

(29,414)

(18,540)

(407,961)

(52,669)

^[2]

(218,553)

^[2]

7,173

334,619

$ 306,583

147,431

$ 52,167

$ 1,090,497

$ 994,599

$ 923,596

[1]	As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.
[2]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 25, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 20, 2018
Accounts receivable, allowances	$ 6,492		$ 7,274	$ 7,611
Class A Common Stock
Common Stock, par value	$ 0.01		$ 0.01	$ 0.01
Common stock shares authorized (up to) (in shares)	100,000,000	100,000,000	320,000,000	320,000,000	320,000,000
Common Stock, shares issued	11,601,757		11,601,757	11,601,757
Class B Common Stock
Common Stock, par value	$ 0.01		$ 0.01	$ 0.01
Common stock shares authorized (up to) (in shares)	1,800,000,000	1,800,000,000	600,000,000	600,000,000	600,000,000
Common Stock, shares issued	250,625,279		243,241,192	238,681,756

Consolidated Statements of Operations - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 581,977	$ 533,732	$ 736,654	$ 691,710
Cost of revenues:
Total cost of revenues	116,592	104,249	144,150	131,324
Gross profit	465,385	429,483	592,504	560,386
Operating expenses:
Research and development	139,570	136,617	183,552	175,032
Selling and marketing	107,551	111,889	155,294	160,635
General and administrative	85,275	71,415	97,580	89,328
Amortization of Purchased Intangibles			14,213	14,000
Amortization of Intangible Assets	10,984	10,402	18,008	16,840
Total operating expenses	369,510	330,323	450,639	438,995
Income from operations	95,875	99,160	141,865	121,391
Interest expense, net			(8,199)	(8,765)
Other income (expense), net	6,756	(14,053)	(5,557)	236
Income before income taxes	98,181	78,604	128,109	112,862
Provision for income taxes	22,145	11,759	23,738	(29,250)
Equity in loss of joint venture, net of tax	1,447	0	1,275
Net income	74,589	66,845	103,096	142,112
Less: Net income attributable to participating securities	(4)	(10)	(8)	(4)
Net income attributable to Class A and Class B common stockholders	$ 74,585	$ 66,835	$ 103,088	$ 142,108
Per share information:
Net income per share, basic (USD per share)	$ 0.26	$ 0.23	$ 0.36	$ 0.50
Net income per share, diluted (USD per share)	$ 0.25	$ 0.23	$ 0.35	$ 0.49
Weighted average shares outstanding, basic (in shares)	287,063,892	286,024,263	284,625,642	285,805,096
Weighted average shares outstanding, diluted	10,187,457	8,562,091	293,796,707	292,624,496
Subscriptions
Revenues:
Total revenues	$ 501,011	$ 445,338	$ 608,300	$ 557,421
Perpetual licenses
Revenues:
Total revenues	36,020	38,255	59,693	61,065
Subscriptions and licenses
Revenues:
Total revenues	537,031	483,593	667,993	618,486
Cost of revenues:
Total cost of revenues	66,466	48,201	71,578	55,113
Services
Revenues:
Total revenues	44,946	50,139	68,661	73,224
Cost of revenues:
Total cost of revenues	$ 50,126	$ 56,048	$ 72,572	$ 76,211

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 74,589	$ 66,845	$ 103,096	$ 142,112
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	(5,315)	5,763	5,959	(11,020)
Actuarial gain (loss) on retirement plan, net of tax effect of ($62) and $203	31	15	(472)	146
Other comprehensive (loss) income, net of taxes	(5,284)	5,778	5,487	(10,874)
Comprehensive income	$ 69,305	$ 72,623	$ 108,583	$ 131,238

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Actuarial gain (loss) on retirement plan, tax effect	$ (21)	$ (8)	$ 203	$ (62)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit	Class A and Class B Common Stock	Cumulative Effect, Period of Adoption, Adjustment	Total
Beginning balance at Dec. 31, 2017		$ 377,809	$ (18,540)	$ (379)	$ (309,576)	$ 2,474	$ (379)	$ 52,167
Balance at the beginning (in shares) at Dec. 31, 2017						247,465,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					142,112			142,112
Other comprehensive income (loss)			(10,874)					(10,874)
Dividends declared					(20,005)			(20,005)
Profit sharing plan shares, net					(3,382)	$ (5)		(3,387)
Profit sharing plan shares, net (in shares)						(465,979)
Shares issued in connection with deferred compensation plan					(6,884)	$ 23		(6,861)
Deferred compensation arrangement with individual, shares issued (in shares)						2,332,585
Deferred compensation plan voluntary contributions and vesting of awards		4,504						4,504
Payment of shareholder Put and Call rights					(8,560)	$ (11)		(8,571)
Payment of shareholder Put and Call rights (in shares)						(1,131,928)
Value of shares issued for cash		13			(9,673)	$ (13)		(9,673)
Common Stock Purchase Agreement, net (in shares)						(1,281,633)
Stock option exercises, net		2,151			(1,569)	$ 28		610
Stock option exercises, net (in shares)						2,812,998
Stock-based compensation expense		7,882						7,882
Shares related to restricted stock, net		494			(637)	$ 6		(137)
Shares related to restricted stock, net (in shares)						546,783
Other		43						43
Other (in shares)						5,511
Ending balance at Dec. 31, 2018	$ 2,502	392,896	(29,414)	107,822	(218,553)	$ 2,502	107,822	147,431
Balance at the end (in shares) at Dec. 31, 2018						250,283,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					66,845			66,845
Other comprehensive income (loss)			5,778					5,778
Dividends declared					(19,023)			(19,023)
Shares issued in connection with deferred compensation plan	$ 22				(4,994)			(4,972)
Deferred compensation arrangement with individual, shares issued (in shares)	2,233,807
Deferred compensation plan voluntary contributions and vesting of awards		2,664						2,664
Payment of shareholder Put and Call rights	$ (6)				(4,946)			(4,952)
Payment of shareholder Put and Call rights (in shares)	(632,859)
Stock option exercises, net	$ 30	3,009			(2,255)			784
Stock option exercises, net (in shares)	2,979,031
Stock-based compensation expense		6,046						6,046
Shares related to restricted stock, net	$ 4	(4)			(344)			(344)
Shares related to restricted stock, net (in shares)	402,250
Other		40			(17)			23
Other (in shares)	5,290
Ending balance at Sep. 30, 2019	$ 2,550	405,117	(23,636)		(77,448)			306,583
Beginning balance at Dec. 31, 2018	2,502	392,896	(29,414)	107,822	(218,553)	$ 2,502	107,822	147,431
Balance at the beginning (in shares) at Dec. 31, 2018						250,283,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					103,096			103,096
Other comprehensive income (loss)			5,487					5,487
Dividends declared					(25,390)			(25,390)
Profit sharing plan shares, net					(2,414)	$ (3)		(2,417)
Profit sharing plan shares, net (in shares)						(318,203)
Shares issued in connection with deferred compensation plan					(5,632)	$ 23		(5,609)
Deferred compensation arrangement with individual, shares issued (in shares)						2,322,983
Deferred compensation plan voluntary contributions and vesting of awards		3,586						3,586
Payment of shareholder Put and Call rights					(8,827)	$ (11)		(8,838)
Payment of shareholder Put and Call rights (in shares)						(1,126,747)
Value of shares issued for cash		466			(48)			418
Common Stock Purchase Agreement, net (in shares)						(64,509)
Stock option exercises, net		3,579			(2,309)	$ 33		1,303
Stock option exercises, net (in shares)						3,214,542
Stock-based compensation expense		8,091						8,091
Shares related to restricted stock, net		(4)			(399)	$ 4		(399)
Shares related to restricted stock, net (in shares)						395,336
Other		53			(15)			38
Other (in shares)						7,016
Ending balance at Dec. 31, 2019	2,548	408,667	(23,927)	$ 107,822	(52,669)	$ 2,548	$ 107,822	334,619
Balance at the end (in shares) at Dec. 31, 2019						254,842,949
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					74,589			74,589
Other comprehensive income (loss)			(5,284)					(5,284)
Dividends declared					(415,748)			(415,748)
Shares issued in connection with deferred compensation plan	$ 30				(1,907)			(1,877)
Deferred compensation arrangement with individual, shares issued (in shares)	2,984,531
Deferred compensation plan voluntary contributions and vesting of awards		2,602						2,602
Payment of shareholder Put and Call rights	$ (1)				(1,453)			(1,454)
Payment of shareholder Put and Call rights (in shares)	(128,176)
Stock option exercises, net	$ 35	7,741			(3,618)			4,158
Stock option exercises, net (in shares)	3,506,103
Stock-based compensation expense		22,510						22,510
Shares related to restricted stock, net	$ 15	(16)			(133)			(134)
Shares related to restricted stock, net (in shares)	1,553,883
Ending balance at Sep. 30, 2020	$ 2,622	$ 441,723	$ (29,211)		$ (407,961)			$ 7,173

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 103,096	$ 142,112
Net income	103,096	142,112
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,160	29,200
Provision for accounts receivable allowance	862	2,393
Deferred income taxes	732	(60,060)
Bonus plan compensation expense	3,994	4,323
Stock-based compensation expense	8,091	7,882
Amortization of deferred debt issuance costs	553	552
Decrease in fair value of call options	159	487
Reclassifications to noncontingent consideration from acquisitions	62	272
Foreign currency remeasurement loss (gain)	5,311	(1,645)
Equity in loss of joint venture, net of tax	1,275
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable, net	(21,152)	(41,787)
Prepaid and other assets	(668)	2,831
Accounts payable, accruals and other liabilities	41,880	37,249
Increase in contract with customer, liability	(268)	21,247
Income taxes payable	(5,314)	16,409
Net cash provided by operating activities	170,773	161,465
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(15,804)	(18,616)
Capitalization of costs to translate software products into foreign languages	(835)	(877)
Acquisitions, net of cash acquired of $7,774 and $2,523, respectively	(34,054)	(135,264)
Investment in joint venture	(3,000)
Net cash used in investing activities	(53,693)	(154,757)
Cash flows from financing activities:
Proceeds from credit facilities	191,250	148,250
Payments of credit facilities	(216,250)	(159,500)
Payments of acquisition debt and other consideration	(11,029)	(9)
Payments of dividends	(24,989)	(20,059)
Payments for shares acquired including shares withheld for taxes	(24,166)	(46,451)
Proceeds from Common Stock Purchase Agreement	4,510	16,220
Net proceeds from exercise of common stock options and restricted stock	3,626	2,732
Net cash used in financing activities	(77,048)	(58,799)
Effect of exchange rate changes on cash and cash equivalents	(114)	(1,193)
Increase in cash and cash equivalents	39,918	(53,284)
Cash and cash equivalents, beginning of year	81,183	134,467
Cash and cash equivalents, end of period	121,101	81,183
Supplemental information:
Cash paid for income taxes	27,907	25,782
Income tax refunds	1,752	7,285
Interest paid	9,221	8,863
Non-cash contingent acquisition consideration	$ 4,498	13,456
Non-cash deferred acquisition consideration		$ 690

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 2,064	$ 980	$ 2,523	$ 7,774

Basis of Presentation and Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Basis of Presentation and Significant Accounting Policies

Note 1: Basis of Presentation and Significant Accounting Policies

Description of Business and Operations — Bentley Systems, Incorporated (“Bentley” or the “Company”) is a Delaware corporation that was founded in 1984 and is headquartered in Exton, Pennsylvania. The Company, together with its subsidiaries, is a leading global provider of infrastructure engineering software solutions for professionals and organizations involved in the project delivery and operational performance of infrastructure assets. The Company is dedicated to advancing infrastructure through its comprehensive software solutions that span engineering disciplines, assets, and lifecycle processes. The Company’s integrated software platform encompasses both the design and construction of infrastructure, which the Company refers to as project delivery, and the operation of infrastructure assets, which the Company refers to as asset performance. The Company’s software solutions are designed to enable information mobility for a more complete flow of information among applications, across distributed project teams, from offices to the field, and throughout the infrastructure lifecycle. The Company believes its solutions extend the reach and scope of digital engineering models from the project delivery phase into the asset performance phase of the infrastructure lifecycle, which enables engineers to make infrastructure assets more intelligent and sustainable. Users of the Company’s solutions include engineers and construction professionals who collaborate on project delivery, and owner‑operators who maintain, adapt, and optimize the performance of infrastructure assets.

Initial Public Offering — On September 25, 2020, the Company completed its IPO. Certain existing stockholders of the Company sold 12,360,991 shares of Class B Common Stock at a public offering price of $22.00 per share, including 1,610,991 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company did not sell any shares in the IPO and did not receive any of the proceeds from the sale of the Class B Common Stock sold by the selling stockholders (see Notes 13 and 15). For the nine months ended September 30, 2020, the Company recorded $26,130 in Expenses associated with initial public offering in the consolidated statements of operations. Expenses associated with initial public offering include certain non‑recurring costs relating to the Company’s IPO, consisting of the payment of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.

Special Dividend — On August 28, 2020, the Company’s board of directors declared a special dividend of $1.50 per share of the Company’s common stock( $392,489 in the aggregate) (the “Special Dividend”), payable to all stockholders of record as of August 31, 2020, including dividends which accrue on certain unvested restricted stock and restricted stock units (“RSUs”). The Company used its bank credit facility to pay the Special Dividend (see Note 10). In connection with the Special Dividend declaration, an in kind adjustment was made to phantom shares issuable pursuant to the amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) (see Note 12) and the exercise price of all outstanding stock options at that time were reduced by $1.50, but not lower than $0.01 (see Note 15).

Risks and Uncertainties — COVID‑19 Pandemic — In March 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of the disease COVID‑19, caused by a novel strain of coronavirus, SARS‑CoV‑2. The COVID‑19 outbreak and certain preventative or protective actions that governments, businesses, and individuals have taken in respect of COVID‑19 have resulted in global business disruptions.

In response to the COVID‑19 pandemic, the Company implemented a number of initiatives to ensure the safety of its colleagues and enable them to move to a work from home environment seamlessly and continue working effectively. The Company’s business model is such that there was minimal disruption to the Company’s ability to deliver its solutions to accounts, and the Company believes it did not have any loss of productivity during this transition.

The Company has also taken measures to reduce selected operating expenses, including various costs associated with travel and facilities. Much of those resulting savings have been or will be re-invested in a portfolio of businesses outside of the Company’s core software business.

Basis of Presentation and Consolidation — The unaudited consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) Dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows at the dates and for the periods indicated. The consolidated balance sheet as of December 31, 2019 included herein is derived from the Company’s audited consolidated financial statements included in this registration statement. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results expected for the remainder of the fiscal year.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to a joint venture and an investment, both of which are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s principal subsidiaries are Bentley Systems International Limited (Ireland), Bentley Software International, Limited (Bermuda), Bentley Canada Inc. (Canada), Bentley Systems Europe BV (the Netherlands), Bentley Systems Pty Ltd. (Australia), Bentley Systems Co., Ltd. (Japan), Bentley Systems Germany GmbH (Germany), Bentley Systems Ltd. (UK), and Bentley Systems India Private Limited (India).

Use of Estimates — The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s significant estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of common stock and stock‑based compensation, operating lease assets and liabilities, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.

Derivatives Not Designated As Hedging Instruments — On March 31, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Company’s Credit Facility (see Note 10). The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the swap as either an asset or a liability on the consolidated balance sheet and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net and payments related to the swap are recognized in Interest expense, net in the consolidated statements of operations. 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.

Leases — 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 Company’s consolidated balance sheet. 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. The Company’s operating leases are primarily for office space, cars, and office equipment. The Company’s finance lease is included in Property and equipment, net, Accruals and other current liabilities, and Other liabilities in the Company’s consolidated balance sheet.

Significant Accounting Policies — There have been no changes other than what is discussed herein to the Company’s significant accounting policies as compared to the significant accounting policies described in Note 1 to the Company’s consolidated financial statements as of and for the year ended December 31, 2019 included in this registration statement. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes as of and for the year ended December 31, 2019 included in this registration statement.

Note 1: Basis of Presentation and Significant Accounting Policies

Description of Business and Operations—Bentley Systems, Incorporated (“Bentley” or the “Company”) is a Delaware corporation that was founded in 1984 and is headquartered in Exton, Pennsylvania. The Company, together with its subsidiaries, is a leading global provider of infrastructure engineering software solutions for professionals and organizations involved in the project delivery and operational performance of infrastructure assets. The Company is dedicated to advancing infrastructure through its comprehensive software solutions that span engineering disciplines, assets, and lifecycle processes. The Company’s integrated software platform encompasses both the design and construction of infrastructure, which the Company refers to as project delivery, and the operation of infrastructure assets, which the Company refers to as asset performance. The Company’s software solutions are designed to enable information mobility for a more complete flow of information among applications, across distributed project teams, from offices to the field, and throughout the infrastructure lifecycle. The Company believes its solutions extend the reach and scope of digital engineering models from the project delivery phase into the asset performance phase of the infrastructure lifecycle, which enables engineers to make infrastructure assets more intelligent and sustainable. Users of the Company’s solutions include engineers and construction professionals who collaborate on project delivery, and owner‑operators who maintain, adapt, and optimize the performance of infrastructure assets.

Basis of Presentation and Consolidation—The consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company’s principal subsidiaries are Bentley Systems International Limited (Ireland), Bentley Software International, Limited (Bermuda), Bentley Canada Inc. (Canada), Bentley Systems Europe BV (the Netherlands), Bentley Systems Pty Ltd. (Australia), Bentley Systems Co., Ltd. (Japan), Bentley Systems Germany GmbH (Germany), Bentley Systems Ltd. (UK), and Bentley Systems India Private Limited (India).

Stock Dividend—On May 1, 2018, the Company paid a previously declared stock dividend (the “Dividend”) to all holders of the Company’s common stock as of April 30, 2018. Under the terms of the Dividend, each stockholder received one share of the Company’s Class B Common Stock for each share of either Class A or Class B Common Stock then owned, including shares held in the Company’s 401(k)/Profit Sharing plan. Because the Dividend had the economic effect of a 2‑for‑1 stock split (with twice as many shares issued, each worth half the original value of a share), all prior period share and per share amounts presented in the consolidated financial statements and notes have been adjusted on a retroactive basis to give effect to the Dividend.

In addition, under the terms of the Company’s equity incentive plans and instruments, all outstanding awards and instruments were automatically adjusted as required by their terms to reflect the Dividend, including, as it relates to stock options, by doubling the number of outstanding options and reducing by one‑half the exercise prices of all outstanding options.

Use of Estimates—The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s critical estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of stock‑based compensation, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.

Reclassifications—Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

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. At December 31, 2018 and 2019, 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.

Revenues—On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2014‑09, Revenue from Contracts with Customers, and related amendments (“Topic 606”) as discussed further in Recently Adopted Accounting Guidance below. Results for reporting periods beginning on or after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the guidance provided by Accounting Standards Codification (“ASC”) 985‑605, Software‑Revenue Recognition, and revenues for non‑software deliverables in accordance with Topic 605‑25, Revenue Recognition, Multiple‑Element Arrangements. The Company refers to ASC 985‑605 and Topic 605‑25 collectively as Topic 605.

The accounting policies for the Company’s revenue recognition are explained in Note 3, Revenue from Contracts with Customers.

Cost of Revenues—Cost of subscriptions and licenses includes salaries and other related costs, including the depreciation of property and equipment and the amortization of capitalized software costs associated with servicing software subscriptions, the amortization of intangible assets associated with acquired software and technology, channel partner compensation for providing sales coverage to subscribers, as well as cloud‑related costs incurred for servicing our customers using cloud deployed hosted solutions and those using our SELECT program. Cost of services includes salaries for internal and third‑party personnel and related overhead costs, including depreciation of property and equipment, for providing training, implementation, configuration, and customization services to customers, amortization of capitalized software costs, and related out‑of‑pocket expenses incurred.

Property and Equipment—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, which range from three to twenty‑five years. 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.

Goodwill and Other Intangibles—Intangible assets arise from acquisitions and principally consist of goodwill, trademarks, customer relationships, in‑process research and development, and acquired software and technology. Intangibles, other than goodwill and in‑process research and development, are amortized on a straight‑line basis over their estimated useful lives, which range from three to ten years (see Note 6).

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, 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 operates as a single reporting unit.

The initial step in evaluating goodwill for impairment requires the Company to determine the reporting unit’s fair value and compare it to the carrying value, including goodwill, of such reporting unit. As part of the assessment, 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. In evaluating whether it is more likely than not that a goodwill impairment exists, the Company considers the factors identified in ASC 350, Intangibles—Goodwill and Other. The Company also considers whether there are significant differences between the carrying amount and the estimated fair value of its assets and liabilities, and the existence of significant unrecognized intangible assets. Based upon the Company’s most recent annual impairment assessment completed as of October 1, 2019, it is not more likely than not that a goodwill impairment exists. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted during the years ended December 31, 2018 or 2019.

Long‑Lived Assets—The Company evaluates the recoverability of long‑lived assets, such as property and equipment and amortizable intangible assets, in accordance with authoritative guidance on accounting for the impairment or disposal of long‑lived assets, which includes evaluating long‑lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require a long‑lived 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 long‑lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. No impairment of long‑lived assets occurred during the years ended December 31, 2018 or 2019.

Research and Development—Research and development expenses, which are generally expensed as incurred, primarily consist of personnel and related costs of our research and development staff, including salaries, benefits, bonuses, stock‑based compensation, and costs of certain third‑party contractors, as well as allocated overhead costs. The Company expenses 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. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

The Company capitalizes certain development costs related to certain projects under its Accelerated Commercial Development Program (the Company’s structured approach to an in‑house business incubator function) 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). During the years ended December 31, 2018 and 2019, total costs capitalized under the Accelerated Commercial Development Program were $5,735 and $6,060, respectively. Additionally, during the years ended December 31, 2018 and 2019, total Accelerated Commercial Development Program related amortization recorded in Costs of subscriptions and licenses was $2,052 and $3,516, respectively.

Certain costs related to the creation of foreign language translations are capitalized and amortized over the economic life of the software.

Advertising Expense—The Company expenses advertising costs as incurred. Advertising expense of $2,378 and $1,579 is included in Selling and marketing expense in the accompanying consolidated statements of operations for the years ended December 31, 2018 and 2019, respectively.

Income Taxes—The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of net operating loss 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 accounts for uncertain tax positions based on an evaluation as to whether it is more likely than not that a tax position will be sustained on audit, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the appropriate tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is based on the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Interest expense and penalties are included in Provision for income taxes in the consolidated statements of operations.

U.S. Tax Reform—On December 22, 2017, the Tax Cuts and Jobs Act (the “Act” or “U.S. tax reform”) was enacted. U.S. tax reform, among other things, reduces the U.S. federal income tax rate to 21% from 35% in 2018, institutes a dividends received deduction for foreign earnings with a related tax for the deemed repatriation of unremitted foreign earnings, and creates a new U.S. minimum tax on earnings of foreign subsidiaries. The Company has completed its accounting for the effects of the Act in 2018 and has included those effects in Provision for income taxes in the consolidated statements of operations.

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

Foreign Currency Translation—Gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are included in Other income (expense), net (see Note 20). 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.

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 area. No single customer accounted for more than 2.5% of the Company’s revenue in the years ended December 31, 2018 or 2019.

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.

Investment in Joint Venture—The Company is party to a joint venture which is accounted for using the equity method. The Company applies the equity method to investments in which its ownership interest is 50 percent or less and in which it exercises significant influence over operating and financial policies of the investee. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings and losses of these investments. The joint venture is not material to the Company’s financial results (see Note 7).

Accounts Receivable and Allowance for Doubtful Accounts— Accounts receivable represent receivables from customers for products and services invoiced by the Company for which payment is outstanding. Receivables are recorded at the invoiced amount and do not bear interest.

The Company establishes an allowance for doubtful accounts for estimated losses expected during the accounts receivable collection process. The allowance for doubtful accounts reduces the accounts receivable balance to the net realizable value of the outstanding accounts and installment receivables. The development of the allowance for doubtful accounts is based on a review of past due amounts, historical write‑off and recovery experience, as well as 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 when evaluating the adequacy of the allowance for doubtful accounts. If circumstances relating to specific customers change or unanticipated 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,
		2018		2019
Balance, beginning of year	$		5,669	$	7,611
Allowances (recoveries) recorded			1,620		(452)
Foreign currency translation adjustments			322		115
Balance, end of year	$		7,611	$	7,274

Stock‑Based Compensation—The Company records all stock‑based compensation as an expense in the consolidated statements of operations measured at the grant date fair value of the award. The fair value of stock option awards is determined using the Black‑Scholes option pricing model. For all other equity‑based arrangements, the share‑based compensation expense is based on the share price at the grant date (see Note 14).

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.

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 (see Note 16).

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 (see Note 16).

Recent Accounting Pronouncements

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Note 2: Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018‑15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018‑15 is effective for the Company for the annual reporting period beginning after December 15, 2020, and interim periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and its impact on the Company’s consolidated results of operations and financial position.

In January 2017, the FASB issued ASU No. 2017‑04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU is effective for the Company for the interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company does not believe that this ASU will have a material impact on the Company’s consolidated results of operations and financial position.

Recently Adopted Accounting Guidance

In February 2016, the FASB issued ASU No. 2016‑02 regarding ASC Topic 842, Leases (“Topic 842”). This ASU requires balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Subsequent to the issuance of ASU 2016‑02, the FASB issued ASU Nos. 2018‑01, Land Easement Practical Expedient for Transition to Topic 842, 2018‑10, Codification Improvements to Topic 842, Leases, 2018‑11, Leases (Topic 842): Targeted Improvements, and 2018‑20, Narrow-Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in Topic 842. Instead, these amendments are intended to clarify and improve operability of certain topics included within the lease standard.

The Company adopted Topic 842 as of January 1, 2020 using the modified retrospective method for all existing leases. Upon adoption, the Company recognized its lease assets and lease liabilities measured at the present value of all future fixed lease payments, discounted using the Company’s incremental borrowing rate.

The Company elected the package of practical expedients as permitted under the transition guidance, which allows the Company: (1) to not reassess whether any existing contracts are leases or contain a lease; (2) to not reassess the lease classification of existing leases; and (3) to not reassess treatment of initial direct costs for existing leases. Additionally, the Company elected the practical expedients to combine lease and non-lease components for new leases post adoption and to not recognize lease assets and lease liabilities for leases with a term of 12 months or less.

Upon adoption of Topic 842, the Company recognized right-of-use assets of $45,850 and lease liabilities of $47,666 calculated based on the present value of the remaining minimum lease payments as of the adoption date. Topic 842 did not have a material impact to the Company’s consolidated statement of operations (see Note 8).

In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”). Previous guidance required the allowance for doubtful accounts to be estimated based on an incurred loss model, which considers past and current conditions. Topic 326 requires companies to use an expected loss model that also considers reasonable and supportable forecasts of future conditions. Additionally, Topic 326 requires the allowance for doubtful accounts balance (contra‑asset) to be presented separately in the consolidated balance sheets. Topic 326 is effective for the Company for the annual period beginning after December 15, 2020, including interim periods within that annual period. The Company adopted Topic 326 as of January 1, 2020 using the modified retrospective method of adoption. The adoption of the standard did not have a material impact on the Company’s consolidated results of operations and financial position.

In August 2018, the FASB issued ASU No. 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018‑13”). ASU 2018‑13 modifies certain required disclosures and establishes new requirements related to fair value measurement. Additionally, the disclosure requirement to state the reasons for transfers between Level 1 and Level 2, the policy for timing transfers between levels, and the valuation process for Level 3 measurements have been removed. ASU 2018‑13 is effective for the Company for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted the ASU effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations and financial position.

In December 2019, the FASB issued ASU No. 2019‑12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019‑12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019‑12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019‑12 is effective for the Company for the annual period beginning after December 15, 2021, including interim periods within that annual period. The Company adopted the ASU effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations and financial position.

Note 2: Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018‑15, Intangibles—Goodwill and Other—Internal‑Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018‑15 is effective for the Company for the annual reporting period beginning after December 15, 2020, and interim periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and its impact on the Company’s consolidated results of operations and financial position.

In August 2018, the FASB issued ASU No. 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework‑Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018‑13 modifies certain required disclosures and establishes new requirements related to fair value measurement. Additionally, the disclosure requirement to state the reasons for transfers between Level 1 and Level 2, the policy for timing transfers between levels, and the valuation process for Level 3 measurements have been removed. The ASU is effective for the Company for the annual period beginning after December 15, 2019, including interim periods within that annual period. Early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on the Company’s consolidated results of operations and financial position.

In January 2017, the FASB issued ASU No. 2017‑04, Intangibles‑Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU is effective for the Company for the interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company does not believe that this ASU will have a material impact on the Company’s consolidated results of operations and financial position.

In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Current guidance requires the allowance for doubtful accounts to be estimated based on an incurred loss model, which considers past and current conditions. ASU 2016‑13 requires companies to use an expected loss model that also considers reasonable and supportable forecasts of future conditions. ASU 2016‑13 is effective for the Company for the annual period beginning after December 15, 2020, including interim periods within that annual period. Early adoption is permitted. The Company plans to adopt ASU 2016‑13 as of January 1, 2020 and does not believe the adoption of this guidance will have a material impact on the Company’s consolidated results of operations and financial position.

In February 2016, the FASB issued ASU No. 2016‑02 regarding ASC Topic 842, Leases (“Topic 842”). This ASU requires balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The new standard is effective for the Company for the fiscal year beginning after December 15, 2020, including interim periods within the fiscal year beginning after December 15, 2020. Early adoption is permitted. Subsequent to the issuance of ASU 2016‑02, the FASB issued ASU Nos. 2018‑01, Land Easement Practical Expedient for Transition to Topic 842, 2018‑10, Codification Improvements to Topic 842, Leases, 2018‑11, Leases (Topic 842): Targeted Improvements, and 2018‑20, Narrow‑Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in ASU 2016‑02. Instead, these amendments are intended to clarify and improve operability of certain topics included within the lease standard. These ASUs will have the same effective date and transition requirements as ASU 2016‑02.

The Company will adopt Topic 842 as of January 1, 2020 using the modified retrospective method for all existing leases. Upon adoption, the Company is required to recognize its lease assets and its lease liabilities measured by taking the present value of all future fixed lease payments discounted using the Company’s incremental borrowing rate.

The Company has elected to opt for the package of practical expedients and to not reassess whether any existing contracts are leases or contain a lease, the lease classification of existing leases, and initial direct costs for existing leases. Additionally, the Company has elected the practical expedients to combine lease and non‑lease components for new leases post adoption and to not recognize lease assets and lease liabilities for leases with a term of 12 months or less.

The adoption of Topic 842 will materially increase the Company’s total assets and total liabilities as compared to amounts reported prior to adoption. Upon adoption, the Company expects to recognize right of use assets of approximately $46,000 and lease liabilities of approximately $48,000 calculated based on the present value of the remaining minimum lease payments as of the adoption date. Topic 842 is not expected to have a material impact to the Company’s consolidated statement of operations.

Recently Adopted Accounting Guidance

ASU 2016‑15—In August 2016, the FASB issued ASU No. 2016‑15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016‑15 addresses eight specific cash flow issues with the objective of reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the standard effective January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated statements of cash flows.

ASU 2016‑16—In October 2016, the FASB issued ASU No. 2016‑16, Income Taxes (Topic 740): Intra‑Entity Transfer of Assets Other than Inventory, which requires the recognition of the income tax effects of an intra‑entity transfer of an asset, other than inventory, when the transfer occurs, eliminating an exception under previous U.S. GAAP in which the tax effects of intra‑entity asset transfers were deferred until the transferred asset is sold to a third party or otherwise recovered through use. The Company adopted this standard effective January 1, 2018 by applying the required modified retrospective approach with a cumulative‑effect adjustment to retained earnings of certain previously deferred tax benefits. Accordingly, a cumulative‑effect adjustment on deferred tax expense of $379 was recorded in Accumulated deficit during the year ended December 31, 2018.

During 2018, the Company had intercompany sales of certain intangible operating assets between its foreign subsidiaries. The sales resulted in a 2018 net tax benefit of $46,369. For the year ended December 31, 2018, the impact of adopting ASU 2016‑16 resulted in a reduction of $45,596 in Provision of income taxes, as well as a $45,596 increase in Deferred income taxes (asset) and Net income, compared to what the Company would have recognized under previous U.S. GAAP. Furthermore, the impact of adoption resulted in a $0.16 increase in both basic and diluted earnings per share for the year ended December 31, 2018.

Revenue Recognition—On January 1, 2019, the Company adopted Topic 606, which supersedes substantially all existing revenue recognition guidance under U.S. GAAP. The Company adopted Topic 606 using the modified retrospective method, under which the cumulative effect of initially applying Topic 606 of $125,464 ($101,489, net of tax) was recorded as a cumulative decrease to the opening balance of Accumulated deficit as of January 1, 2019. The Company applied the standard only to contracts that were not completed as of the date of initial application. The comparative information has not been adjusted and continues to be reported under Topic 605.

The core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to a customer in an amount that reflects the consideration that is expected to be received for those goods or services. Under the new guidance, the Company is required to evaluate revenue recognition through a five‑step process: (1) identify a contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In applying the principles of Topic 606, more judgment and estimates are required within the revenue recognition process than was required under previous U.S. GAAP, including identifying performance obligations, estimating the amount of variable consideration to include in the transaction price, and estimating the value of each performance obligation to allocate the total transaction price to each separate performance obligation.

The most significant impact to the Company resulting from the adoption of Topic 606 relates to timing of revenue recognition for perpetual licenses and the accounting for certain of the Company’s subscription arrangements that include term‑based software licenses bundled with support. Under prior guidance, revenue for perpetual licenses was recognized ratably over a three‑year period, while revenue attributable to the term‑based software licenses was recognized ratably over the term. Under Topic 606, both perpetual license and term‑based software license revenue will be recognized up‑front upon delivery of the software license. Revenue recognition related to support, hosting, usage‑based offerings, and services is substantially unchanged, with support and hosting revenue recorded ratably over the contract term, usage‑based revenue recognized upon usage or delivery, and services revenue as delivered.

Costs to Obtain a Contract with a Customer—With the adoption of Topic 606, the Company also adopted ASC Topic 340‑40, Other Assets and Deferred Costs‑Contracts with Customers (Topic 340‑40). Prior to the adoption of Topic 340‑40, the Company previously recognized compensation paid to sales employees and certain channel partners related to obtaining customer contracts when incurred. Under Topic 340‑40, 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 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. Under the modified retrospective method, the Company recorded a cumulative decrease of $7,734 ($6,333, net of tax) to the opening balance of Accumulated deficit as of January 1, 2019. The comparative information has not been adjusted and continues to be reported as incurred.

Quantitative Effect of Topics 606 and 340‑40 Adoption

The following tables compare the reported consolidated balance sheet and statements of operations, as of and for the year ended December 31, 2019, to the amounts had Topic 605 been in effect.


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Assets
Current assets
Cash and cash equivalents	$	81,183	$	121,101	$	—	$	121,101
Accounts receivable, net		184,565		204,268		233		204,501
Prepaid income taxes		5,085		6,732		(2,189)		4,543
Prepaid and other current assets(1)		12,390		20,080		3,333		23,413
Total current assets		283,223		352,181		1,377		353,558
Property and equipment, net		29,393		29,632		—		29,632
Intangible assets, net		54,001		46,313		—		46,313
Goodwill		446,318		480,065		—		480,065
Investment in joint venture		—		1,725		—		1,725
Deferred income taxes		81,066		72,611		(21,543)		51,068
Other assets(1)		29,595		26,517		5,721		32,238
Total assets	$	923,596	$	1,009,044	$	(14,445)	$	994,599
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	8,567	$	17,669	$	—	$	17,669
Accruals and other current liabilities		136,699		167,225		292		167,517


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Deferred revenues		287,682		282,070		(77,079)		204,991
Income taxes payable		2,794		1,030		1,206		2,236
Total current liabilities		435,742		467,994		(75,581)		392,413
Long-term debt		258,750		233,750		—		233,750
Deferred revenues		49,769		56,121		(47,967)		8,154
Deferred income taxes		10,470		7,627		633		8,260
Income taxes payable		12,904		6,321		1,819		8,140
Other liabilities		8,530		9,263		—		9,263
Total liabilities		776,165		781,076		(121,096)		659,980
Stockholders’ equity
Common stock		2,502		2,548		—		2,548
Additional paid-in capital		392,896		408,667		—		408,667
Accumulated other comprehensive loss		(29,414)		(23,086)		(841)		(23,927)
Accumulated deficit(2)		(218,553)		(160,161)		107,492		(52,669)
Total stockholders’ equity	$	147,431	$	227,968	$	106,651	$	334,619
Total liabilities and stockholders’ equity	$	923,596	$	1,009,044	$	(14,445)	$	994,599

(1)

As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.

(2)

Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 340‑40.


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Revenues:
Subscriptions	$	557,421	$	613,925	$	(5,625)	$	608,300
Perpetual licenses		61,065		52,519		7,174		59,693
Subscriptions and licenses		618,486		666,444		1,549		667,993
Services		73,224		68,405		256		68,661
Total revenues		691,710		734,849		1,805		736,654
Cost of revenues:
Cost of subscriptions and licenses		55,113		71,439		139		71,578


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Cost of services		76,211		72,572		—		72,572
Total cost of revenues		131,324		144,011		139		144,150
Gross profit		560,386		590,838		1,666		592,504
Operating expenses:
Research and development		175,032		183,552		—		183,552
Selling and marketing		160,635		155,274		20		155,294
General and administrative		89,328		97,580		—		97,580
Amortization of purchased intangibles		14,000		14,213		—		14,213
Total operating expenses		438,995		450,619		20		450,639
Income from operations		121,391		140,219		1,646		141,865
Interest expense, net		(8,765)		(8,199)		—		(8,199)
Other income (expense), net		236		(5,557)		—		(5,557)
Income before income taxes		112,862		126,463		1,646		128,109
Provision for income taxes		(29,250)		21,762		1,976		23,738
Equity in loss of joint venture, net of tax		—		1,275		—		1,275
Net income	$	142,112	$	103,426	$	(330)	$	103,096

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

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Revenue from Contracts with Customers

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Revenue from Contracts with Customers

Note 3: Revenue from Contracts with Customers

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.

Nature of Products and Services

The Company generates revenues from subscriptions, perpetual licenses, and professional services.

Subscriptions

SELECT subscriptions — A prepaid annual recurring subscription 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 subscription 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.

Enterprise subscriptions — The Company also provides Enterprise subscription offerings which provide its largest accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. Enterprise License Subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, to effectively create a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective standalone selling price (“SSP”). Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets.

Enterprise 365 ("E365") subscriptions , which were introduced during the fourth quarter of 2018, provide unrestricted access to the Company’s comprehensive software portfolio, similar to ELS, however, the accounts are charged based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, and Success Plan services, 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 defined as distinct user access on a daily basis. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage.

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. 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 Cloud Services Subscription (“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. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage.

Visas and Passports are quarterly or annual term licenses enabling users to access specific project or enterprise information and entitle 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 account to estimate their annual usage for CSS eligible offerings and deposit 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

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. The Company’s recent and preferred contractual structures for delivering professional services include (i) delivery of the services in the form of subscription‑like, packaged offerings which are annually recurring in nature, and (ii) delivery of the Company’s growing portfolio of Success Plans in standard offerings which offer a level of subscription service over and above the standard technical support offered to all accounts as part of their SELECT or Enterprise agreement. Revenues are recognized as services are performed.

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

Significant Judgments and Estimates

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

The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term. As of December 31, 2019 and September 30, 2020, the Company has deferred $18,060 and $18,231 related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets.

Contract Assets and Contract Liabilities


	December 31,		September 30,
	2019		2020
Contract assets	$	644	$	313
Deferred revenues		213,145		179,900

As of September 30, 2020, 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. Contract assets were not impaired as of September 30, 2020.

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

During the nine months ended September 30, 2020, $177,462 of revenue that was included in the December 31, 2019 deferred revenue balance was recognized. There were additional deferrals of $142,678, which were primarily related to new billings.

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 September 30, 2020, amounts allocated to these remaining performance obligations are $179,900, of which the Company expects to recognize 96.5% over the next 12 months with the remaining amount thereafter.

Disaggregation of Revenues

The following table details revenues:


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	196,564	$	199,848
Enterprise license subscriptions		135,959		165,268
Term license subscriptions		112,815		135,895
Subscriptions		445,338		501,011
Perpetual licenses:
Perpetual licenses		38,255		36,020
Subscriptions and licenses		483,593		537,031
Services:
Professional services (recurring)		15,682		11,624
Professional services (other)		34,457		33,322
Services		50,139		44,946
Total revenues	$	533,732	$	581,977

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 nine months ended September 30, 2019 and 2020, the Company recognized $225,921 and $245,639 of license related revenues, respectively, of which $187,666 and $209,619, respectively, was attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions.

The Company derived 8% of its total revenues through channel partners for the nine months ended September 30, 2019 and 2020.

Revenue to external customers is attributed to individual countries based upon the location of the customer.


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Americas (1)	$	259,216	$	287,942
Europe, the Middle East, and Africa (“EMEA”) (2)		171,604		184,913
Asia-Pacific (“APAC”)		102,912		109,122
Total revenues	$	533,732	$	581,977

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean). Revenue attributable to the United States totaled $222,769 and $251,194 for the nine months ended September 30, 2019 and 2020, respectively.

(2)

Revenue attributable to the United Kingdom totaled $41,443 and $46,355 for the nine months ended September 30, 2019 and 2020, respectively.

Note 3: Revenue from Contracts with Customers

On January 1, 2019, the Company adopted Topic 606 using the modified retrospective method, under which the cumulative effect of initially applying Topic 606 of $125,464 ($101,489, net of tax) was recorded as a reduction to the opening balance of Accumulated deficit. The impact from adoption was primarily derived from the timing of revenue recognition for perpetual licenses and the accounting for certain of the Company’s subscription arrangements that include term‑based software licenses bundled with support. Under prior guidance, revenue for perpetual licenses was recognized over a three‑year period, while revenue attributable to the term‑based software licenses was recognized ratably over the term. Under Topic 606, both perpetual license and term‑based software license revenue will be recognized up‑front upon delivery of the software license. The comparative information has not been adjusted and continues to be reported under Topic 605. Refer to Note 2, Recent Accounting Pronouncements, for a qualitative and quantitative discussion of the adoption impact.

Topic 606 establishes a principle for recognizing 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.

Nature of Products and Services

The Company generates revenues from subscriptions, perpetual licenses, and professional services.

Subscriptions

SELECT subscriptions—A prepaid annual recurring subscription that accounts 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 collaboration services, mobility advantages, and access to other available benefits. Under Topic 606, SELECT subscription 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. Under Topic 605, SELECT subscriptions revenue was recognized on a ratable basis, over the subscription term.

Enterprise subscriptions—The Company also provides Enterprise subscription offerings which provide its largest accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. Enterprise License Subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, effectively a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective standalone selling price (“SSP”). Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. Under Topic 605, ELS revenue was recognized on a ratable basis, over the subscription term.

E365 subscriptions (“E365”), which were introduced during the fourth quarter of 2018, provide unrestricted access to the Company’s comprehensive software portfolio, similar to ELS, however are charged based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, and Success Plan services, which are designed to achieve business outcomes through more efficient and effective use of our software. E365 revenues are recognized based upon usage incurred by the account under both Topics 606 and 605. Usage is defined as distinct user access on a daily basis. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage.

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. 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 Cloud Services Subscription (“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. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. Under Topic 605, ATL revenues were recognized on a ratable basis, over the subscription term. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account under both Topics 606 and 605. 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.

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. Perpetual license revenue is recognized upon delivery of the license to the user under Topic 606. Under Topic 605, the Company recognized perpetual licenses revenue ratably over a three-year term due to the portfolio balancing feature users obtain through their SELECT subscriptions.

Services

Significant Judgments and Estimates

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 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. As of December 31, 2019, the Company has deferred $18,060 related to portfolio balancing exchange rights which is included in Deferred revenues on the consolidated balance sheet.

Contract Assets and Contract Liabilities


	January 1,		December 31,
	2019		2019
Contract assets	$	173	$	644
Deferred revenues		212,529		213,145

As of December 31, 2019, 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. Contract assets were not impaired as of December 31, 2019.

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

During the year ended December 31, 2019, $202,354 of revenue that was included in the January 1, 2019 deferred revenue opening balance was recognized. There were additional deferrals of $202,806, which were primarily related to new billings.

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, 2019, amounts allocated to these remaining performance obligations are $213,145, of which the Company expects to recognize 96.2% over the next 12 months with the remaining amount thereafter.

Disaggregation of Revenues

The following table details revenues:


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Subscriptions:
SELECT subscription revenues	$	273,745	$	267,340	$	267,249
Enterprise license subscriptions		182,816		196,081		184,833
Term license subscriptions		100,860		150,504		156,218
Subscriptions		557,421		613,925		608,300
Perpetual licenses:
Perpetual licenses		61,065		52,519		59,693
Subscriptions and licenses		618,486		666,444		667,993
Services:
Professional services (recurring)		25,981		22,974		22,797
Professional services (all other)		47,243		45,431		45,864
Services		73,224		68,405		68,661
Total revenues	$	691,710	$	734,849	$	736,654

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 year ended December 31, 2019, the Company recognized $311,689 of license related revenues, of which $251,996 was attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions.

Under Topic 606, the Company derived 8% of its total revenues through channel partners for the year ended December 31, 2019.

Revenue to external customers is attributed to individual countries based upon the location of the customer.


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Americas(1)	$	328,749	$	360,934	$	356,331
Europe, the Middle East, and Africa(2)		231,486		235,254		236,602
Asia Pacific		131,475		138,661		143,721
Total Revenues	$	691,710	$	734,849	$	736,654

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean). Revenue attributable to the United States totaled $277,706 (Topic 605) for the year ended December 31, 2018 and $307,259 (Topic 605) and $306,493 (Topic 606) for the year ended December 31, 2019.

(2)

Revenue attributable to the United Kingdom totaled $59,086 (Topic 605) for the year ended December 31, 2018 and $59,524 (Topic 605) and $57,321 (Topic 606) for the year ended December 31, 2019.

Adoption of the standards had no impact to net cash provided by or used in operating, financing, or investing activities on the Company’s consolidated statement of cash flows.

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.

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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Acquisitions

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Acquisitions

Note 4: Acquisitions

During the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company completed a number of acquisitions, none of which were material, individually or in the aggregate, to the Company’s consolidated statements of operations and financial position. The aggregate details of the Company’s acquisition activity are as follows:


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Number of acquisitions		4		4
Cash paid at closing (1)	$	36,577	$	70,984
Cash acquired		(2,523)		(2,064)
Net cash paid	$	34,054	$	68,920

(1)

Of the cash paid at closing during the nine months ended September 30, 2020, $3,413 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

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


	December 31,		September 30,
	2019		2020
Accruals and other current liabilities	$	5,100	$	3,583
Other liabilities		1,499		1,560
Contingent consideration from acquisitions	$	6,599	$	5,143

Non-contingent consideration from acquisitions of $900 and $91 as of December 31, 2019 and September 30, 2020, respectively, is included in Accruals and other current liabilities in the consolidated balance sheets.

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

In connection with the purchase price allocations related to the Company’s acquisitions, the Company has estimated the fair values of the support obligations assumed relative to acquired deferred revenue. The estimated fair values of the support obligations assumed were determined using a cost‑build‑up approach. The cost‑build‑up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. For accounting purposes, the sum of the costs and operating profit approximates the amount that the Company would be required to pay a third party to assume the support obligations. These fair value adjustments reduce the revenues recognized over the remaining support contract term of the Company’s acquired contracts. During the nine months ended September 30, 2019 and 2020 , the fair value adjustments to reduce revenue were $310 and $483, respectively.

The purchase accounting for the four acquisitions completed during the nine months ended September 30, 2020 is not yet completed. Identifiable assets acquired and liabilities assumed were provisionally recorded at their estimated fair values on the respective acquisition date. The initial accounting for these business combinations is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified from the date of the acquisition as more information is obtained about the fair values of assets acquired and liabilities assumed, however such measurement period cannot exceed one year.

Acquisition and integration costs are expensed as incurred. During the nine months ended September 30, 2019 and 2020, the Company incurred acquisition and integration costs of $447 and $1,609, respectively, which include costs related to legal, accounting, valuation, general administrative, and other consulting fees. Such costs are recorded in General and administrative in the Company’s consolidated statements of operations.

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


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Consideration:
Cash paid at closing	$	36,577	$	70,984
Contingent consideration		4,498		1,902
Deferred payment obligations to (from) sellers		—		(141)
Total consideration	$	41,075	$	72,745
Assets acquired and liabilities assumed:
Cash	$	2,523	$	2,064
Prepaid and other current assets		1,782		5,671
Operating lease right-of-use assets		—		1,668
Property and equipment		411		172
Other assets		84		36
Customer relationship asset (weighted average useful life of 7 years)		6,534		8,854
Software and technology (weighted average useful life of 3 years)		2,423		2,207
Non-compete agreement (useful life of 5 years)		150		200
Trademarks (weighted average useful life of 5 and 9 years, respectively)		1,431		3,050
Total identifiable assets acquired excluding goodwill		15,338		23,922
Accruals and other current liabilities		(3,538)		(2,458)
Deferred revenues		(2,897)		(4,274)
Operating lease liabilities		—		(1,668)
Deferred income taxes		(1,869)		(1,005)
Other liabilities		—		(87)
Total liabilities assumed		(8,304)		(9,492)
Net identifiable assets acquired excluding goodwill		7,034		14,430
Goodwill		34,041		58,315
Net assets acquired	$	41,075	$	72,745

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

As discussed above, the fair values of deferred revenues were determined using the cost‑build‑up approach.

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

Goodwill recorded in connection with the acquisitions was attributable to synergies expected to arise from cost saving opportunities as well as future expected cash flows. Of the goodwill recorded as of September 30, 2020, $24,085 is expected to be deductible for tax purposes.

Acquisition Subsequent to September 30, 2020

In October 2020, the Company completed the acquisition of Professional Construction Strategies Group Ltd. to further advance its digital integrator capabilities. The acquisition is not expected to be material to the Company’s consolidated statements of operations and financial position.

Note 4: Acquisitions

During the years ended December 31, 2018 and 2019, the Company completed a number of acquisitions, none of which were material, individually or in the aggregate, to the Company’s consolidated statements of operations. The aggregate details of the Company’s acquisition activity are as follows:


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Number of acquisitions		7		4
Cash paid at closing	$	143,038	$	36,577
Cash acquired		(7,774)		(2,523)
Net cash paid	$	135,264	$	34,054

As of December 31, 2018, the fair value of the contingent consideration related to acquisitions totaled $4,316, of which $2,390 is included in Accruals and other current liabilities and $1,926 is included in Other liabilities on the consolidated balance sheet.

As of December 31, 2019, the fair value of the contingent consideration related to acquisitions totaled $6,599, of which $5,100 is included in Accruals and other current liabilities and $1,499 is included in Other liabilities on the consolidated balance sheet.

One of the 2018 acquisitions required the Company to pay former shareholders a revenue based earn‑out contingent on meeting certain 2018 revenue targets. As of December 31, 2018, such revenue targets were met and as a consequence $8,516 was reclassified to non‑contingent consideration from acquisitions within Accruals and other current liabilities. The remaining contingent consideration as of December 31, 2018 was payable to former shareholders across 2017 and 2018 acquisitions if certain acquisition related key employees remained employed with the Company through certain periods.

As of December 31, 2018 and 2019, total current deferred payment obligations including contingent consideration for all acquisitions were $11,019 and $5,999, respectively and are included in Accruals and other current liabilities on the consolidated balance sheet.

As of December 31, 2018 and 2019, total long‑term deferred payment obligations including contingent consideration for all acquisitions were $2,826 and $1,499, respectively and are included in Other liabilities on the consolidated balance sheets.

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

In connection with the purchase price allocations related to the Company’s acquisitions, the Company has estimated the fair values of the support obligations assumed relative to acquired deferred revenue. The estimated fair values of the support obligations assumed were determined using a cost‑build‑up approach. The cost‑build‑up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. For accounting purposes, the sum of the costs and operating profit approximates the amount that the Company would be required to pay a third party to assume the support obligations. These fair value adjustments reduce the revenues recognized over the remaining support contract term of the Company’s acquired contracts. During the years ended December 31, 2018 and 2019, the fair value adjustments to reduce revenue were $2,469 and $553, respectively.

The purchase accounting for three of our acquisitions, which were completed during the year ended December 31, 2019, is not yet finalized. Identifiable assets acquired and liabilities assumed were provisionally recorded at their estimated fair values on the acquisition date. The initial accounting for these business combinations is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified from the date of the acquisition as more information is obtained about the fair values of assets acquired and liabilities assumed, however such measurement period cannot exceed one year.

Acquisition and integration costs are expensed as incurred. During the years ended December 31, 2018 and 2019, the Company incurred acquisition and integration costs of $1,361 and $950, respectively, which include costs related to legal, accounting, valuation, general administrative, and other consulting fees. Such costs are recorded in General and administrative in the Company’s consolidated statements of operations.


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Consideration:
Cash paid at closing	$	143,038	$	36,577
Contingent consideration		13,456		4,498
Deferred payment obligations to sellers		690		—
Total consideration	$	157,184	$	41,075
Assets acquired and liabilities assumed:
Cash	$	7,774	$	2,523
Prepaid and other current assets		4,790		1,782
Property and equipment		340		411
Other assets		—		84
Customer relationship asset (weighted average useful life of 5 and 7 years, respectively)		27,294		6,534
Software and technology (weighted average useful life of 3 years)		9,332		2,423
In-process research and development		1,366		—
Non-compete agreement (useful life of 5 years)		—		150
Trademarks (weighted average useful life of 7 and 5 years)		2,090		1,431
Total identifiable assets acquired excluding goodwill		52,986		15,338
Deferred tax liability		(8,917)		(1,869)
Other current liabilities		(3,848)		(3,538)
Deferred revenues		(6,181)		(2,897)
Total liabilities assumed		(18,946)		(8,304)
Net identifiable assets acquired excluding goodwill		34,040		7,034
Goodwill		123,144		34,041
Net assets acquired	$	157,184	$	41,075

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

As discussed above, the fair values of deferred revenues were determined using the cost‑build‑up approach.

Goodwill recorded in connection with the acquisition was attributable to synergies expected to arise from cost saving opportunities as well as future expected cash flows. Of the goodwill recorded, $6,501 is expected to be deductible for tax purposes.

Property and Equipment, Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Property and Equipment, Net

Note 5: Property and Equipment, Net

Property and equipment, net consist of the following as of December 31, 2019 and September 30, 2020:


	December 31,		September 30,
	2019		2020
Land	$	2,811	$	2,811
Building and improvements		31,619		32,803
Computer equipment and software		47,472		50,087
Furniture, fixtures, and equipment		12,593		12,930
Aircraft		3,910		4,075
Other		79		58
Property and equipment, at cost		98,484		102,764
Less accumulated depreciation		(68,852)		(73,432)
Total property and equipment, net	$	29,632	$	29,332

Depreciation expense was $7,212 and $7,556 for the nine months ended September 30, 2019 and 2020, respectively.

Note 5: Property and Equipment, Net

Property and equipment, net consist of the following at December 31, 2018 and 2019:


	As of December 31,
	2018		2019
Land	$	2,811	$	2,811
Building and improvements		30,585		31,619
Computer equipment and software		46,938		47,472
Furniture, fixtures, and equipment		11,595		12,593
Aircraft		3,910		3,910
Other		61		79
Property and equipment, at cost		95,900		98,484
Less accumulated depreciation		(66,507)		(68,852)
Total property and equipment, net	$	29,393	$	29,632

Depreciation expense for the years ended December 31, 2018 and 2019 was $9,300 and $9,813, respectively.

Goodwill and Other Intangible Assets

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6: Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:


Balance, December 31, 2019	$	480,065
Acquisitions		58,315
Foreign currency translation adjustments		3,935
Other adjustments		(76)
Balance, September 30, 2020	$	542,239

Details of intangible assets other than goodwill as of December 31, 2019 and September 30, 2020 are as follows:


		December 31, 2019						September 30, 2020
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization:
Software and technology	3 years	$	66,063	$	(58,866)	$	7,197	$	68,650	$	(62,661)	$	5,989
Customer relationships	3‑10 years		88,904		(59,744)		29,160		98,602		(68,217)		30,385
Trademarks	3‑10 years		22,278		(12,461)		9,817		25,353		(15,466)		9,887
Non-compete agreements	5 years		150		(11)		139		350		(51)		299
Total intangible assets		$	177,395	$	(131,082)	$	46,313	$	192,955	$	(146,395)	$	46,560

The aggregate amortization expense for purchased intangible assets with finite lives recorded for the nine months ended September 30, 2019 and 2020 was reflected in our consolidated statements of operations as follows:


	Nine Months Ended
	September 30,
	2019		2020
Cost of subscriptions and licenses	$	2,760	$	3,426
Amortization of purchased intangibles		10,402		10,984
Total amortization expense	$	13,162	$	14,410

Note 6: Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019 are as follows:


Balance, December 31, 2017	$	336,982
Acquisitions		123,144
Foreign currency translation adjustments		(13,808)
Balance, December 31, 2018		446,318
Acquisitions		34,041
Foreign currency translation adjustments		(321)
Other adjustments		27
Balance, December 31, 2019	$	480,065

Details of intangible assets other than goodwill as of December 31, 2018 and 2019 are as follows:


		As of December 31, 2018						As of December 31, 2019
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization
Software and technology	3 years	$	66,251	$	(57,937)	$	8,314	$	66,063	$	(58,866)	$	7,197
Customer relationships	3 – 10 years		86,364		(52,753)		33,611		88,904		(59,744)		29,160
Trademarks	3 – 10 years		20,799		(8,952)		11,847		22,278		(12,461)		9,817
Non-compete agreements	5 years		—		—		—		150		(11)		139
			173,414		(119,642)		53,772		177,395		(131,082)		46,313
Intangible assets not subject to amortization
In-process research and development			229		—		229		—		—		—
Total intangible assets		$	173,643	$	(119,642)	$	54,001	$	177,395	$	(131,082)	$	46,313

The aggregate amortization expense for purchased intangible assets with finite lives recorded for the years ended December 31, 2018 and 2019 was reflected in our consolidated statements of operations as follows:


	Year Ended
	December 31,
	2018		2019
Cost of subscriptions and licenses	$	2,840	$	3,795
Amortization of purchased intangibles		14,000		14,213
Total amortization expense	$	16,840	$	18,008

Amortization expense for the years following December 31, 2019 are estimated as follows:


2020	$	17,422
2021		11,963
2022		8,543
2023		3,798
2024		2,058
Thereafter		2,529
	$	46,313

Investment in Joint Venture	9 Months Ended	12 Months Ended
Investment in Joint Venture	Sep. 30, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	Note 7: Investments In September 2019, the Company and Topcon Positioning Systems, Inc. (“Topcon”) formed Digital Construction Works, Inc. (“DCW”), a joint venture which operates as a digital integrator of software and cloud services for the construction industry. DCW’s focus is to transform the construction industry from its legacy document‑centric paradigm by simplifying and enabling digital automated workflows and processes, technology integration, and digital twinning services for infrastructure. The Company and Topcon each have a 50% ownership in DCW. In September 2020, the Company acquired an interest in a platform as a service technology company with a focus on digital twin integration in the energy sector. The Company applies the cost method of accounting for its investment over 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 applies the equity method of accounting for its investment over 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 subsequently adjusts it by the Company’s proportional share of income or losses from the investment. The Company accounts for its investment in DCW using the equity method and accounts for its other investment using the cost method. For the nine months ended September 30, 2020, the Company invested $3,440 and $1,500 in cost and equity method investments, respectively. As of December 31, 2019 and September 30, 2020, the carrying amount of the Company’s investment in DCW was $1,725 and $1,778, respectively. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. The Company’s investments were not impaired as of September 30, 2020. Related Party Disclosures — Pursuant to ASC 850‑10‑20, Related Party Disclosures, the Company has determined that DCW is a related party. For the nine months ended September 30, 2020, transactions between the Company and DCW were immaterial to the Company’s consolidated financial statements.	Note 7: Investment in Joint Venture In September 2019, the Company and Topcon Positioning Systems, Inc. formed Digital Construction Works, Inc. (“DCW”), a joint venture which operates as a digital integrator of software and cloud services for the construction industry. DCW’s focus is to transform the construction industry from its legacy document‑centric paradigm by simplifying and enabling digital automated workflows and processes, technology integration, and digital twinning services for infrastructure. The Company and Topcon each have a 50% ownership in DCW and as such, the Company applies the equity method of accounting for its investment in DCW. Under the equity method, the Company recorded its initial investment in the joint venture at cost and subsequently adjusts that investment by the Company’s proportional share of income or losses in DCW. As of December 31, 2019, the aggregate carrying amount of the Company’s investment in the joint venture was $1,725. The Company tests this investment for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. Pursuant to ASC 850‑10‑20, Related Party Disclosures, the Company has determined that DCW is a related party. For the year ended December 31, 2019, transactions between the Company and DCW were immaterial to the Company’s consolidated financial statements.

Accruals and Other Current Liabilities

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Accruals and Other Current Liabilities

Note 9: Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31, 2019		September 30, 2020
Cloud Services Subscription deposits	$	54,688	$	78,671
Accrued benefits		33,184		32,074
Accrued compensation		31,537		24,113
Accrued expenses associated with initial public offering		—		22,066
Accrued severance and realignment costs		1,688		10,336
Due to customers		8,945		9,507
Accrued acquisition stay bonuses		4,143		6,006
Accrued hosting costs		2,215		5,664
Sales taxes payable		5,287		3,596
Contingent consideration from acquisitions		5,100		3,583
Accrued professional fees		4,382		2,867
Accrued facility costs		2,168		1,981
Non-contingent consideration from acquisitions		900		91
Accrued rent		1,909		—
Other accrued and current liabilities		11,371		12,311
Total accruals and other current liabilities	$	167,517	$	212,866

Note 8: Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	As of December 31,
	2018		2019
Cloud Services Subscription deposits	$	25,541	$	54,688
Accrued benefits		25,863		33,184
Accrued compensation		30,484		31,537
Due to customers		8,467		8,945
Contingent consideration from acquisitions		2,390		5,100
Sales taxes payable		3,467		5,287
Accrued professional fees		2,347		4,382
Accrued acquisition stay bonuses		1,650		4,143
Accrued hosting costs		6,740		2,215
Accrued facility costs		2,269		2,168
Accrued rent		2,574		1,909
Accrued severance and realignment costs		6,555		1,688
Non-contingent consideration from acquisitions		8,629		900
Other accrued and current liabilities		9,723		11,371
Total accruals and other current liabilities	$	136,699	$	167,517

Long-Term Debt

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Long-Term Debt

Note 10: Long‑Term Debt

Long‑term debt consists of the following as of December 31, 2019 and September 30, 2020:


	December 31, 2019		September 30, 2020
Bank credit facility:
Senior secured revolver	$	233,750	$	465,000
Term loan		—		124,583
Total long‑term debt	$	233,750	$	589,583

Bank Credit Facility — On December 19, 2017, the Company entered into its Credit Facility, which matures on December 18, 2022. Upon entry into the Credit Facility, the Company obtained a $500,000 senior secured revolving facility and refinanced all indebtedness outstanding under its prior facility. On September 2, 2020, the Company entered into the First Amendment to the Credit Facility, which provided a new term loan of $125,000 (the “Term Loan”) with a maturity of December 18, 2022 and included certain other amendments, including the addition of a mandatory prepayment provision requiring the Company to prepay borrowings under the Credit Facility in an aggregate amount equal to the net proceeds from any underwritten public offering by the Company, which prepayment shall be applied, first, to the Term Loan and, second, to any borrowings outstanding under the revolving facility under the Credit Facility without reducing the revolving commitments thereof. The Company used borrowings under the Term Loan and under the revolving facility under the Credit Facility to pay the Special Dividend declared by the Company’s board of directors on August 28, 2020 (see Note 13). As of September 30, 2020, Term Loan borrowings are net of $417 in unamortized debt issuance costs.

In addition to the revolving line of credit, the Credit Facility also provides up to $50,000 of letters of credit and other incremental borrowings subject to availability, including a $50,000 multi‑currency swing‑line sub‑facility and a $100,000 incremental “accordion” sub‑facility. The Company had $546 and $150 of letters of credit and surety bonds outstanding as of December 31, 2019 and September 30, 2020, respectively. As of December 31, 2019 and September 30, 2020, the Company had $265,704 and $34,850, respectively, available under the Credit Facility.

Under the Credit Facility, the Company may make either Euro currency or non‑Euro currency interest rate elections. Interest on the Euro currency borrowings is at the one‑month London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 100 basis points (“bps”) to 225 bps as determined by the Company’s net leverage ratio. Under the non‑Euro currency elections, Credit Facility borrowings bear a base interest rate of the greater of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) LIBOR plus 100 bps, plus a spread ranging from 0 bps to 125 bps as determined by the Company’s leverage ratio. In addition, a commitment fee for the unused Credit Facility ranges from 15 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s first tier domestic subsidiaries and are secured by a first priority security interest in substantially all of the Company’s and the guarantors’ U.S. assets and 65% of the stock of their directly owned foreign subsidiaries. The Credit Facility contains both affirmative and negative covenants, including maximum leverage ratios. As of December 31, 2019 and September 30, 2020, the Company was in compliance with all covenants in its debt agreements.

Interest rate risk associated with the Credit Facility is managed through an interest rate swap which the Company executed on March 31, 2020. The swap has an effective date of April 2, 2020 and a termination date of April 2, 2030. Under the terms of the swap, the Company fixed its LIBOR borrowing rate at 0.73% on a notional amount of $200,000. The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the swap as either an asset or a liability on the consolidated balance sheet and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net, in the consolidated statements of operations. As of September 30, 2020, the Company recorded a swap related liability at fair value of $3,365.

The weighted average interest rate under the Credit Facility was 3.63% and 1.92% for the nine months ended September 30, 2019 and 2020, respectively. There were no accrued interest or fees as of December 31, 2019. As of September 30, 2020, accrued interest and fees were $26. Interest expense was $6,905 and $4,351 for the nine months ended September 30, 2019 and 2020, respectively.

For the nine months ended September 30, 2020, the Company incurred $432 of debt issuance costs related to the Term Loan. In addition, interest expense includes amortization of deferred financing costs of $415 and $430 for the nine months ended September 30, 2019 and 2020, respectively.

Other — Interest expense related to other obligations was $157 and $40 for the nine months ended September 30, 2019 and 2020, respectively.

Note 9: Long‑Term Debt

Long‑term debt consists of the following at December 31, 2018 and 2019:


	As of December 31,
	2018		2019
Bank credit facility:
Senior secured revolver	$	258,750	$	233,750
Total long-term debt	$	258,750	$	233,750

Bank Credit Facility—On December 19, 2017, the Company entered into an amended and restated credit agreement (the “Credit Facility”), which matures on December 18, 2022. Upon entry into the Credit Facility, the Company obtained a $500,000 senior secured revolving facility and refinanced all indebtedness outstanding under its prior facility.

In addition to the revolving line of credit, the Credit Facility also provides up to $50,000 of letters of credit and other incremental borrowings subject to availability, including a $50,000 multi‑currency swing‑line sub‑facility and a $100,000 incremental “accordion” sub‑facility. The Company had $631 and $546 of letters of credit and surety bonds outstanding as of December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the Company had $240,619 and $265,704 available under the Credit Facility.

Under the Credit Facility, the Company may make either Euro currency or non‑Euro currency interest rate elections. Interest on the Euro currency borrowings is at the one‑month London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 100 basis points (“bps”) to 225 bps as determined by the Company’s net leverage ratio. Under non‑Euro currency elections, Credit Facility borrowings bear a base interest rate of the greater of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) LIBOR plus 100 bps, plus a spread ranging from 0 bps to 125 bps as determined by the Company’s leverage ratio. In addition, a commitment fee for the unused Credit Facility ranges from 15 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s first tier domestic subsidiaries and are secured by a first priority security interest in substantially all of the Company’s and the guarantors’ U.S. assets and 65% of the stock of their directly owned foreign subsidiaries. The Credit Facility contains both affirmative and negative covenants, including maximum leverage ratios. At December 31, 2018 and 2019, the Company was in compliance with all covenants in its debt agreements.

For the years ended December 31, 2018 and 2019, the weighted average interest rate under the Credit Facility was 3.28% and 3.47%, respectively. There was no accrued interest or fees as of December 31, 2019. As of December 31, 2018, accrued interest and fees was $31. Interest expense was $8,800 and $8,971 for the years ended December 31, 2018 and 2019, respectively.

In addition, interest expense includes amortization of deferred financing costs of $552 and $553 for the years ended December 31, 2018 and 2019.

Other—Interest expense related to other obligations was $255 and $207 for the years ended December 31, 2018 and 2019, respectively.

Executive Bonus Plan	9 Months Ended	12 Months Ended
Executive Bonus Plan	Sep. 30, 2020	Dec. 31, 2019
Compensation Related Costs [Abstract]
Executive Bonus Plan	Note 11: Executive Bonus Plan Certain of the Company’s key employees, including its named executive officers, participate in the Bentley Systems, Incorporated Bonus Pool Plan, as amended and restated, effective as of September 3, 2020 (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 board of directors, with payments made to plan participants based on each such participant’s allocated interest in the bonus pool. The plan permits the deduction of certain holdback amounts from the plan’s pool, from which amounts can then be allocated to fund items including equity and/or cash incentive compensation for non‑plan participants and participant charitable contributions. 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). Prior to September 3, 2020, a participant’s non‑deferred incentive bonus was payable in cash. On September 3, 2020, the Company amended and restated the Bonus Plan to provide, 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 Company’s 2020 Incentive Award Plan (see Note 15) beginning in the fourth quarter of 2020 subject to the limitation described below. 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 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. During the nine months ended September 30, 2019 and 2020, the incentive compensation, including cash payments and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $22,036 and $26,469, respectively.	Note 10: Executive Bonus Plan The Company has an incentive compensation program under which up to 20% of the Company’s adjusted operating profits, as defined in the plan agreement and before deductions for such plan payments, may be paid to plan participants in the form of cash bonuses, subject to approval by the Company’s board of directors and certain limitations imposed by the Company’s Credit Facility. 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. During the years ended December 31, 2018 and 2019, the incentive compensation, including cash payments and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $27,641 and $31,061, respectively.

Retirement Plans

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Retirement Plans

Note 12: Retirement Plans

The Company maintains a qualified 401(k) profit‑sharing plan (the “Plan”) for the benefit of substantially all U.S.‑based full‑time colleagues. The Company may make discretionary profit‑sharing contributions to the Plan up to a maximum of 5% of “qualified cash compensation” for each eligible participating colleague. Non‑discretionary (matching) 401(k) contributions to the Plan, for full‑time U.S. colleagues, were $2,423 and $2,600, for the nine months ended September 30, 2019 and 2020, respectively. The Company also maintains various retirement benefit plans (primarily defined contribution plans) for colleagues of its international subsidiaries. Contributions to these plans were $5,956 and $5,566, for the nine months ended September 30, 2019 and 2020, respectively.

The Company also has a nonqualified DCP, which was amended and restated effective September 22, 2020, under which certain officers and key colleagues 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 required to be in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock. The Company’s discretionary awards made prior to January 1, 2016 vest 20% on the date of grant and 20% on each of the four subsequent anniversary dates. The Company’s discretionary awards made on or after January 1, 2016 are 100% vested at the time of grant. No discretionary contributions were made to the DCP during the nine months ended September 30, 2019 and 2020. Pursuant to the terms of the DCP, in connection with the Special Dividend (see Note 13) declared on August 28, 2020, participants received phantom shares valued at $41,948 in lieu of the Special Dividend.

Amounts in the DCP attributable to certain non‑colleague participants are settled in cash and are classified as liabilities which are marked to market at the end of each reporting period. The total liability related to the DCP for non‑colleague participants was $2,544 and $2,300 as of December 31, 2019 and September 30, 2020, respectively.

The table below shows compensation (income) expense related to the DCP recorded during the nine months ended September 30, 2019 and 2020, respectively:

Note 11: Retirement Plans

The Company maintains a qualified 401(k) profit sharing plan (the Plan) for the benefit of substantially all U.S.‑based full‑time colleagues. The Company may make discretionary profit‑sharing contributions to the Plan up to a maximum of 5% of “qualified cash compensation” for each eligible participating colleague. Non‑discretionary (matching) 401(k) contributions to the Plan, for full‑time U.S. colleagues, were $3,337 and $3,311, for the years ended December 31, 2018 and 2019, respectively. The Company also maintains various retirement benefit plans (primarily defined contribution plans) for colleagues of its international subsidiaries. Contributions to these plans were $7,613 and $8,070, for the years ended December 31, 2018 and 2019, respectively.

The Company also has a nonqualified deferred compensation plan (the “DCP”), under which certain officers and key colleagues may elect to defer the receipt of all or a portion of their bonus compensation. In addition, the Company may make discretionary awards under the DCP on behalf of the participants. Elective participant deferrals and discretionary Company awards are required to be in the form of phantom shares of the Company’s Class B Non‑Voting Common Stock (“Class B Common Stock”), which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock. All DCP distributions to current colleague participants are made in the form of shares of Class B Common Stock. The Company’s discretionary awards made prior to January 1, 2016 vest 20% on the date of grant and 20% on each of the four subsequent anniversary dates. The Company’s discretionary awards made on or after January 1, 2016 are 100% vested at the time of grant. No discretionary contributions were made to the DCP during the years ended December 31, 2018 or 2019.

Amounts in the DCP attributable to certain non‑colleague participants are settled in cash and are classified as liabilities which are marked to market at the end of each reporting period. The total liability related to the DCP for non‑colleague participants was $2,275 and $2,544 as of December 31, 2018 and 2019, respectively.

The table below shows compensation (income) expense related to the DCP recorded during the years ended December 31, 2018 and 2019:

The entire disclosure for retirement benefits.

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Common Stock

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Common Stock

Note 13: Common Stock

Initial Public Offering

On September 25, 2020, the Company completed its IPO. Certain existing stockholders of the Company sold 12,360,991 shares of Class B Common Stock at a public offering price of $22.00 per share, including 1,610,991 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company did not sell any shares in the IPO and did not receive any of the proceeds from the sale of the Class B Common Stock sold by the selling stockholders.

In connection with the IPO, the Company’s amended and restated Certificate of Incorporation authorizes shares of undesignated preferred stock. See below for further detail.

Authorized Common Shares — Upon the closing of the IPO, 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. Prior to the IPO, the Company amended and restated its Certificate of Incorporation on April 20, 2018 to authorize 320,000,000 shares of Class A Common Stock and 600,000,000 shares of Class B Common Stock. As of December 31, 2019 and September 30, 2020, outstanding shares of Class A Common Stock totaled 11,601,757. As of December 31, 2019 and September 30, 2020, outstanding shares of Class B Common Stock totaled 243,241,192 and 250,625,279, respectively.

Sales, Repurchases, and Issuances of Company Capital Stock

In September 2016, the Company entered into a Class B Common Stock Purchase Agreement with a strategic investor (the “Common Stock Purchase Agreement”), pursuant to which the investor could acquire in a series of transactions up to $200,000 of the Company’s Class B Common Stock at the then prevailing fair market value, either directly from selling stockholders, in which case the Company would act as pass through agent, or by funding the Company’s repurchase and subsequent sale to the investor of shares acquired by the Company from existing Company stockholders.

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, a pre‑IPO right of first refusal on any sale of the Company and a post‑IPO right to participate in any sale process the Company may undertake. The strategic investor’s right of first refusal terminated upon the effectiveness of the Company’s IPO registration statement.

On April 23, 2018, the Company entered into an amendment to the Common Stock Purchase Agreement, which (i) increased the maximum purchase amount from $200,000 to $250,000 thereunder, (ii) extended the expiration of the agreement from 2026 to 2030, and (iii) granted the Company the right to retain a portion of the shares that would otherwise be sold to the investor.

During the nine months ended September 30, 2019, the investor purchased 791,873 shares under the Common Stock Purchase Agreement, with 622,873 of such shares having been repurchased by the Company and re‑sold to the investor for consideration of $4,510 and 169,000 shares acquired directly by the investor for consideration of $1,224.

During the nine months ended September 30, 2020, the investor purchased 4,574,567 shares under the Common Stock Purchase Agreement, with 3,769,345 of such shares having been repurchased by the Company and re‑sold to the investor for consideration of $58,349 and 805,053 shares acquired directly by the investor for consideration of $12,462. During the nine months ended September 30, 2020, the investor reached the maximum purchase amount of $250,000.

During the nine months ended September 30, 2019, the Company issued 2,979,031 shares of Class B Common Stock to colleagues who exercised their stock options, net of shares withheld at exercise. Of the total options exercised for 4,372,294 shares, 1,393,263 shares were sold back to the Company to pay for the cost of the options as well as applicable income tax withholdings of $2,270. Of the total options exercised, 1,125,506 shares were issued for cash totaling $3,054. During the nine months ended September 30, 2019, the Company paid $4,952 for 632,859 shares sold back to the Company upon exercise of the Put and Call provisions under its applicable equity incentive plans (see Note 15).

During the nine months ended September 30, 2020, the Company issued 3,506,103 shares of Class B Common Stock to colleagues who exercised their stock options, net of shares withheld at exercise. Of the total options exercised for 4,864,944 shares, 1,358,841 shares were sold back to the Company to pay for the cost of the options as well as applicable income tax withholdings of $3,618. Of the total options exercised, 1,761,769 shares were issued for cash totaling $7,776. During the nine months ended September 30, 2020, the Company paid $1,454 for 128,176 shares sold back to the Company upon exercise of the Put and Call provisions under the Amended and Restated 2015 Equity Incentive Plan (the “Equity Incentive Plan”) (see Note 15).

Upon the completion of the IPO, the Put and Call provisions of the Company’s Equity Incentive Plan terminated automatically.

During the nine months ended September 30, 2019, the Company issued 2,233,807 shares of Class B Common Stock to DCP participants in connection with distributions from the plan. During the nine months ended September 30, 2020, the Company issued 2,984,531 shares of Class B Common Stock to DCP participants in connection with distributions from the plan. The distribution in shares for the nine months ended September 30, 2019 totaled 2,913,613 shares of which 679,806 shares were sold back to the Company to pay for the cost of applicable income tax withholding of $4,972. The distribution in shares for the nine months ended September 30, 2020 totaled 3,165,759 shares of which 181,228 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $1,877.

During the nine months ended September 30, 2019 and 2020, the Company repurchased 258,103 and 549,834 shares from its profit‑sharing plan for $1,939 and $6,970, respectively.

Selected Terms of Class A Common Stock and Class B Common Stock — Upon the closing of the IPO, 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, as defined, 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, as defined, 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). Pursuant to the terms of the Company’s amended and restated Certificate of Incorporation in effect prior to the IPO, each share of Class B Common Stock had the same rights and privileges as each share of Class A Common Stock, except that the holders of outstanding shares of Class B Common Stock did not have any right to vote on, or consent with respect to, any matters to be voted on or consented to by the stockholders of the Company except as was required by law, and the shares of Class B Common Stock were not included in determining the number of shares voting or entitled to vote on any such matters.

Selected Terms of Preferred Stock — Upon the closing of the IPO, 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. As of September 30, 2020, there were no shares of preferred stock outstanding.

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


	Dividend
	Per Share		Amount
2019:
Third quarter	$	0.025	$	6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.075	$	19,023
2020:
Third quarter (1)	$	1.530	$	400,311
Second quarter		0.030		7,771
First quarter		0.030		7,666
Total	$	1.590	$	415,748

(1)

On August 28, 2020, the Company’s board of directors declared a Special Dividend of $1.50 per share of the Company’s common stock ($392,489 in the aggregate) payable to all stockholders of record as of August 31, 2020, including dividends which accrue on certain unvested restricted stock and RSUs. In connection with the Special Dividend declaration, an in kind adjustment was made to phantom shares issuable pursuant to the DCP (see Note 12) and the exercise price of all outstanding stock options at that time were reduced by $1.50, but not lower than $0.01 (see Note 15).

Global Employee Stock Purchase Plan — Effective September 22, 2020, the Company’s Board and its stockholders adopted and approved the Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”). The ESPP provides eligible colleagues of the Company with an opportunity to contribute up to 15% of their eligible compensation, up to a maximum of $25 per year and subject to any other plan limitations, toward the purchase of the Company’s Class B Common Stock at a discounted price. The ESPP has 25,000,000 shares of Class B Common Stock reserved for issuance. The ESPP will be implemented by means of consecutive offering periods, with the first offering period expected to commence on the first trading day on or after January 1, 2021 and ending on the last trading day on or before June 30, 2021. Unless otherwise determined by the board of directors, offering periods 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 purchase period). As of September 30, 2020, no shares were issued under the ESPP.

Note 12: Common Stock

Authorized Common Shares—The Company amended and restated its Certificate of Incorporation on April 20, 2018 to authorize 320,000,000 shares of Class A Voting Common Stock (“Class A Common Stock”) and 600,000,000 shares of Class B Common Stock. As of December 31, 2018 and 2019, outstanding shares of Class A Common Stock totaled 11,601,757 and outstanding shares of Class B Common Stock totaled 238,681,756 and 243,241,192, respectively.

Sales, Repurchases, and Issuances of Company Capital 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, a pre‑initial public offering (“IPO”) right of first refusal on any sale of the Company and a post‑IPO right to participate in any sale process the Company may undertake.

During the year ended December 31, 2018, the investor acquired 5,151,019 shares of Class B Common Stock, with 2,139,466 of such shares having been repurchased by the Company and re‑sold to the investor for consideration of $16,220 and 3,011,553 shares were acquired directly by the investor for consideration of $22,792.

During the year ended December 31, 2019, the investor purchased 791,873 shares under the Common Stock Purchase Agreement, with 622,873 of such shares having been repurchased by the Company and re‑sold to the investor for consideration of $4,510 and 169,000 shares acquired directly by the investor for consideration of $1,224.

During the year ended December 31, 2018, the Company issued net 2,812,998 shares of Class B Common Stock to colleagues who exercised their stock options. Of the total options exercised for 3,726,606 shares, 1,235,204 shares were issued for cash totaling $2,187, and the remaining options for 2,491,402 shares were exercised on a cashless basis, and accordingly, 913,608 shares were sold back to the Company to pay for the cost of the options as well as applicable income tax withholdings of $1,577. During 2018, the Company paid $8,571 for 1,131,928 shares sold back to the Company upon exercise of the Put and Call provisions under the amended option plan (see Note 14).

During the year ended December 31, 2019, the Company issued net 3,214,542 shares of Class B Common Stock to colleagues who exercised their stock options. Of the total options exercised for 4,731,158 shares, 1,273,271 shares were issued for cash totaling $3,627, and the remaining options for 3,457,887 shares were exercised on a cashless basis, and accordingly, 1,516,616 shares were sold back to the Company to pay for the cost of the options as well as applicable income tax withholdings of $2,324. During the year ended December 31, 2019, the Company paid $8,838 for 1,126,747 shares sold back to the Company upon exercise of the Put and Call provisions under the amended option plan (see Note 14).

During the years ended December 31, 2018 and December 31, 2019, the Company issued 2,332,585 and 2,322,983, respectively, of shares of Class B Common Stock to DCP participants for their distribution. The distribution in shares for the year ended December 31, 2018 totaled 3,340,904 of which 1,008,319 shares were sold back to the Company to pay for the cost of applicable income tax withholding of $6,861. The distribution in shares for the year ended December 31, 2019 totaled 3,082,607 shares of which 759,624 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,609.

During 2018 and 2019, the Company repurchased 465,979 and 318,203 shares from its profit sharing plan for $3,387 and $2,417, respectively.

Selected Terms of Class B Common Stock—Pursuant to the terms of the Company’s amended and restated Certificate of Incorporation in effect for the periods reported, each share of Class B Common Stock has the same rights and privileges as each share of Class A Common Stock, except that the holders of outstanding shares of Class B Common Stock do not have any right to vote on, or consent with respect to, any matters to be voted on or consented to by the stockholders of the Company except as required by law, and the shares of Class B Common Stock are not included in determining the number of shares voting or entitled to vote on any such matters. Each outstanding share of Class B Common Stock may be converted into one share of Class A Common Stock upon the determination of the Company’s board of directors. Additionally, absent a conversion by the board of directors, upon an IPO by the Company, each outstanding share of Class B Common Stock may be automatically converted into the class of common stock being offered.

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


	Dividend
	Per Share		Amount
2018:
Fourth quarter	$	0.020	$	4,990
Third quarter		0.020		5,016
Second quarter		0.020		5,020
First quarter		0.020		4,979
Total	$	0.080	$	20,005
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter		0.025		6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.100	$	25,390

Accumulated Other Comprehensive Loss

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Accumulated Other Comprehensive Loss

Note 14: Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the nine months ended September 30, 2019 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income, before taxes		5,763		23		5,786
Tax benefit		—		(8)		(8)
Other comprehensive income, net of taxes		5,763		15		5,778
Balance, September 30, 2019	$	(23,104)	$	(532)	$	(23,636)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)
Other comprehensive (loss) income, before taxes		(5,315)		52		(5,263)
Tax benefit		—		(21)		(21)
Other comprehensive (loss) income, net of taxes		(5,315)		31		(5,284)
Balance, September 30, 2020	$	(28,223)	$	(988)	$	(29,211)

Note 13: 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, 2017	$	(17,847)	$	(693)	$	(18,540)
Other comprehensive income (loss), before taxes		(11,020)		208		(10,812)
Tax expense		—		(62)		(62)
Other comprehensive income (loss), net of taxes		(11,020)		146		(10,874)
Balance, December 31, 2018		(28,867)		(547)		(29,414)
Other comprehensive income (loss), before taxes		5,959		(675)		5,284
Tax expense		—		203		203
Other comprehensive income (loss), net of taxes		5,959		(472)		5,487
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)

Equity Awards and Instruments

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Equity Awards and Instruments

Note 15: Equity Awards and Instruments

Effective September 22, 2020, the Company adopted and approved the Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Incentive Award Plan”). The 2020 Incentive Award Plan provides for the granting of stock, stock options, restricted stock, RSUs, and other stock-based or performance-based awards to certain directors, officers, colleagues, consultants, and advisors of the Company. The 2020 Incentive Award Plan provides that the total number of shares of Class B Common Stock that may be issued under the 2020 Incentive Award Plan is 25,000,000 (the “Absolute Share Limit”); provided, however, that the Absolute Share Limit is automatically increased on the first day of each fiscal year in an amount equal to the lower of 1% of the total number of shares of Class B Common Stock outstanding on the last day of the immediately preceding fiscal year and a lower number of shares of Class B Common Stock as determined by the Company’s board of directors. The 2020 Incentive Award Plan terminates in September 2030. As of September 30, 2020, no awards had been made pursuant to the 2020 Incentive Award Plan.

The Company also has equity awards outstanding under its Equity Incentive Plan which provided for the granting of awards in the form of stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, and stock grants. The following is a summary of activity under the equity incentive plans.

Stock Options — Stock options generally vest ratably on each of the first four anniversaries of the grant date. Prior to the IPO, stock options granted under the Equity Incentive Plan included Put and Call provisions that allowed colleagues who have exercised an option to sell all or part of their shares acquired upon such exercise to the Company at the fair market value at the time of the sale. The exercise period for the Put right began on the second day after the six‑month anniversary of the date the option was exercised and ended after an additional 30 days. The Call right provision allowed the Company to purchase all or a part of the shares acquired by a colleague upon exercise of an option, at the fair market value at the time of such purchase. The Company could exercise the Call right at any time within seven months of the later of i) the optionee’s termination of service with the Company, or ii) the optionee’s (or his or her beneficiary’s) exercise of such option after a termination of service. These Put and Call rights terminated upon the completion of the IPO.

In accordance with the terms of the Equity Incentive Plan, in connection with the payment of the Special Dividend of $1.50 per share of the Company’s common stock on September 2, 2020, the Company equitably reduced the exercise price of each outstanding option granted under the Equity Incentive Plan by $1.50 (see Note 13).

The Company granted options for a total of 4,816,000 shares on March 22, 2019 and 10,000 shares on May 15, 2019. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option to acquire a share of Class B Common Stock was $1.66 and $1.65, respectively.

The Company granted options for a total of 10,000 shares on March 12, 2020. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option to acquire a share of Class B Common Stock was $2.49.

Stock Grants — Under the equity incentive plans, the Company may grant unrestricted, fully vested shares of Class B Common Stock to eligible colleagues. Prior to the IPO, any such shares awarded had Put and Call rights similar to those described above with respect to stock options, which terminated upon the completion of the IPO.

The Company did not grant fully vested shares of Class B Common Stock during the nine months ended September 30, 2019. The Company granted 17,411 fully vested shares of Class B Common Stock during the nine months ended September 30, 2020.

Restricted Stock and Restricted Stock Units — Under the equity incentive plans, the Company may grant both time and performance‑based shares of restricted Class B Common Stock to eligible colleagues. Additionally, the Company may grant both time and performance‑based RSUs to eligible colleagues, which entitle the grantee to receive a specific number of shares of the Company’s Class B Common Stock upon vesting. These RSUs also have dividend equivalent rights.

For the nine months ended September 30, 2019, the Company granted 493,840 shares of restricted stock, all of which were subject to performance‑based vesting as determined by the achievement of business growth targets which included growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets were seasonalized and targets were set for quarterly and annual performance periods that ended on December 31, 2019. These restricted shares carried dividend, but not voting rights. During the nine months ended September 30, 2019, the performance conditions to vesting were satisfied in respect of 172,714 of these shares, of which 18,763 shares were sold back to the Company to settle applicable income tax withholdings of $136. During the nine months ended September 30, 2020, 292,131 of the shares were canceled.

Of the performance shares that vested in 2018, 23,343 shares were sold back to the Company to settle applicable income tax withholdings of $170, with the remaining shares delivered to participants in the nine months ended September 30, 2019. Of the performance shares granted in 2018, 60,832 shares did not vest and were canceled during the nine months ended September 30, 2019.

On March 31, 2020, the Company granted 12,454 shares of restricted stock, which are subject to a quarterly time‑based vesting schedule ending March 31, 2021.

On July 10, 2020 and July 21, 2020, the Company granted a total of 179,188 shares of restricted stock and RSUs and 6,136 shares of restricted stock, respectively, under the Company’s Equity Incentive Plan, at a grant date fair value of $15.48 per share, all of which are subject to performance‑based vesting as determined by the achievement of certain business growth targets, which include growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets are seasonalized and targets are set for quarterly and annual performance periods ending on December 31, 2020. These performance‑based restricted shares and RSUs carry dividend, but not voting rights. During the nine months ended September 30, 2020, the performance conditions to vesting were satisfied in respect of 37,237 of these shares, of which 998 shares were sold back to the Company to settle applicable income tax withholdings of $15.

Of the performance shares that vested in 2019, 8,774 shares were sold back to the Company to settle applicable income tax withholdings of $95, with the remaining shares delivered to participants in the nine months ended September 30, 2020. Of the performance shares granted in 2019, 292,131 shares did not vest and were canceled during the nine months ended September 30, 2020.

On July 10, 2020 and July 13, 2020, the Company granted a total of 179,188 shares and 10,000 shares, respectively, of restricted stock and RSUs under the Equity Incentive Plan at a grant date fair value of $15.48 per share, which vest ratably on each of the first four anniversaries of the grant date. These restricted shares and RSUs do not have voting rights and any dividends declared accrue on such shares and are paid only upon vesting.

On July 10, 2020, the Company granted a total of 994,912 shares of restricted stock and RSUs, including 32,238 cash‑settled RSUs, under the Equity Incentive Plan at a grant date fair value of $15.48 per share, which vested upon the Company’s completion of the IPO on September 25, 2020. These restricted shares and RSUs do not have voting or dividend rights, except in the case of any extraordinary dividend (as described in the Equity Incentive Plan) declared by the Company, if any, which would accrue on such shares and be paid only upon vesting. During the nine months ended September 30, 2020, 10,742 of the shares were canceled.

On July 21, 2020, the Company granted a total of 1,020,472 shares of restricted stock and RSUs including 46,300 RSUs that will be settled in cash, under the Equity Incentive Plan at a grant date fair value of $15.48 per share, which vest ratably on each of the first four anniversaries of the grant date. These restricted shares and RSUs do not have voting rights and any dividends declared accrue on such shares and are paid only upon vesting. During the nine months ended September 30, 2020, 12,500 of the shares were canceled.

In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of business growth targets which included growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets were seasonalized and targets were set for quarterly and annual performance periods that ended on December 31, 2016. Certain colleagues elected to defer delivery of such shares upon vesting. During the nine months ended September 30, 2019 and 2020, 11,348 and 26,760 shares, respectively, were delivered to colleagues and, during the nine months ended September 30, 2020, 3,168 shares were sold back to the Company to settle income tax withholdings of $25. As of December 31, 2019 and September 30, 2020, 54,770 and 31,015, respectively, of these RSUs remained outstanding.

The following is a summary of option activity under the Company's applicable equity incentive plans and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:


		Exercise Price Per Share
	Options		Weighted
	Outstanding	Range	Average
Balance, December 31, 2019	18,691,667	$2.00 – $5.74	$	4.47
Option activity:
Granted	10,000	9.34		9.34
Exercised	(4,864,944)	2.00 – 5.74		3.37
Canceled	(223,250)	2.00 – 9.34		5.30
Balance, September 30, 2020	13,613,473	$3.73 – $5.74	$	4.85

The following is a summary of options outstanding and exercisable by exercise price under the Company's applicable equity incentive plans as of September 30, 2020 and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:


		Weighted
		Remaining
	Number of	Contractual
Exercise	Options	Life
Prices	Outstanding	(in years)	Exercisable
$3.73 – $4.00	5,407,315	1.07	4,424,881
4.01 – 5.74	8,206,158	3.08	2,536,658
Total	13,613,473		6,961,539

For the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company received cash proceeds of $3,612 and $7,776, respectively, related to the exercise of stock options.

The following is a summary of the intrinsic value of options outstanding and exercisable under the Company's applicable equity incentive plans as of September 30, 2020 and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:


						Weighted
		Weighted				Remaining
		Average		Aggregate		Contractual
	Number of	Exercise		Intrinsic		Life
	Options	Price		Value		(in years)
Options as of September 30, 2020
Outstanding	13,613,473	$	4.85	$	361,441	2.3
Exercisable	6,961,539	$	4.40	$	187,962	1.7

Acquisition Options — In addition to options granted under the Company’s Equity Incentive Plan, 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. The options have a five‑year term, are exercisable on the fourth anniversary of the closing of the acquisition, and have an initial exercise price of $6.805 per share. The options have a four‑year service condition, which is incorporated into the Company’s Call rights. The exercise price of the options is subject to a cap and collar adjustment mechanism that automatically reduces (but not to less than $0.01 )or increases the exercise price based on the difference between the exercise price and the fair market value of the Company’s Class B Common Stock on the exercise date. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option was $3.44. Any shares of Class B Common Stock acquired upon exercise of the options were generally entitled to the Put and Call rights summarized above under “Stock Options,” and the options contain customary adjustment provisions in case of stock splits, stock dividends, or other corporate transactions. Upon the completion of the IPO, the Put and Call provisions, as well as the incorporated service condition, of the Company’s acquisition options terminated automatically and as such, the Company accelerated $1,548 of previously unrecognized share‑based compensation associated with these options. The Company recorded a total of $2,012 of share-based compensation expense associated with these options for the nine months ended September 30, 2020. As of December 31, 2019 and September 30, 2020, all options to acquire 900,000 shares remain outstanding. As of September 30, 2020, these options are non‑exercisable and have an aggregate intrinsic value of $7,992.

Stock-based compensation expense is recognized on a straight‑line basis over the vesting period during which colleagues perform related services.

Total stock-based compensation expense was as follows:


	Nine Months Ended
	September 30,
	2019		2020
IPO vested restricted stock and RSU expense	$	—	$	15,445
Stock option expense		4,795		5,849
Restricted stock expense		1,251		2,104
Stock grants expense		—		219
Total pre-tax expense	$	6,046	$	23,617

As of September 30, 2020, there was $7,825 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 1.9 years.

As of September 30, 2020, there was $16,915 of unrecognized compensation cost related to unvested restricted stock and RSUs, excluding cash‑settled restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 3.7 years.

The total intrinsic value of stock options exercised in the nine months ended September 30, 2019 and 2020 was $21,555 and $58,502, respectively.

The value of each stock option award was estimated on the date of grant using the Black‑Scholes option pricing model. The determination of the fair value of share‑based payment awards using an option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards, actual and projected colleague stock option exercise behaviors, risk‑free interest rates, and expected dividends, which are estimated as follows:

Expected volatility. The expected stock price volatility for the Company’s common stock was estimated by taking the average historic price volatility for industry peers based on daily price observations over a period equivalent to the expected term of the stock option grants. The Company intends to continue to consistently apply this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of the Company’s own common stock share price becomes available.

Expected dividend yield. Prior to 2015, the Company had never declared or paid a cash dividend. Consequently, the Company used an expected dividend yield of zero for all option grants prior to 2015. In February 2015, the Company’s board of directors established a policy to pay a quarterly dividend with the first such quarterly dividend paid in June 2015. While the Company intends to continue paying quarterly dividends, any future determination and amount per share will be subject to the discretion of the Company’s board of directors and will be dependent on a number of factors, including the Company’s operating results, capital requirements, restrictions under Delaware law, and overall financial conditions, as well as any other factors the Company’s board of directors considers relevant.

Expected term. The expected term represents the period that the Company’s stock‑based awards are expected to be outstanding. The expected term is based on the simplified method, which represents the average period from vesting to the expiration of the award.

Risk‑free rate. The risk‑free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.


	Year Ended			Nine Months Ended
	December 31,			September 30,
	2019			2020
Expected volatility		29.57	%		31.04	%
Expected dividend yield		1.38	%		1.11	%
Risk-free interest rate		2.48	%		1.31	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.66		$	2.49

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 position, and historical financial performance.

The Company paid $4,952 and $1,454 during the nine months ended September 30, 2019 and 2020, respectively, to stockholders who exercised their options and elected to sell the shares back to the Company after the mandatory six‑month holding period as well as for shares acquired by the Company exercising its Call rights.

Note 14: Equity Awards and Instruments

The Company has equity awards outstanding under its 2005 Stock Option Plan and 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan provides for the granting of awards in the form of stock options, stock appreciation rights, dividend equivalent rights, restricted stock, restricted stock units, and stock grants. The 2005 Stock Option Plan expired in April 2015, and no further options may be granted thereunder. The 2015 Equity Incentive Plan, which has substantially similar terms to the 2005 Stock Option Plan as it relates to options, has 50,000,000 shares of Class B Common Stock reserved for issuance and terminates in November 2024.

The following is a summary of activity under these two stockholder‑approved plans.

Stock Options—The Company has stock options outstanding under its 2005 Stock Option Plan and 2015 Equity Incentive Plan. Stock options generally vest ratably on each of the first four anniversaries of the grant date. Stock options granted under these plans include Put and Call provisions that allow colleagues who have exercised an option to sell all or part of their shares acquired upon such exercise to the Company at the fair market value at the time of the sale. The exercise period for the Put right begins on the second day after the six‑month anniversary of the date the option was exercised and ends after an additional 30 days. The Call right provision allows the Company to purchase all or a part of the shares acquired by a colleague upon exercise of an option, at the fair market value at the time of such purchase. The Company may exercise the Call right at any time within seven months of the later of i) the optionee’s termination of service with the Company, or ii) the optionee’s (or his or her beneficiary’s) exercise of such option after a termination of service.

The Company granted a total of 20,000 options on March 22, 2018, 5,096,000 options on May 29, 2018, and 10,000 options on September 6, 2018. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option was $1.43, $1.46, and $1.96, respectively.

The Company granted a total of 4,816,000 options on March 22, 2019 and 10,000 options on May 15, 2019. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option was $1.66 and $1.65, respectively.

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. The options have a five-year term, vest on the fourth anniversary of the closing of the acquisition, and an initial exercise price of $6.805 per share. The exercise price of the options is subject to a cap and collar adjustment mechanism that automatically reduces (but not to less than $0.01) or increases the exercise price based on the difference between the exercise price and the fair market value of the Company’s Class B Common Stock on the exercise date. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option was $3.44. Any shares of Class B Common Stock acquired upon exercise of the options are generally entitled to the Put and Call rights summarized above under “Stock Options,” and the options contain customary adjustment provisions in case of stock splits, stock dividends, or other corporate transactions (see Note 1 regarding the Dividend). As of December 31, 2019, all 900,000 options remain outstanding.

Stock Grants—Under the 2015 Equity Incentive Plan, the Company may grant unrestricted, fully vested shares of Class B Common Stock to eligible colleagues. Any such shares awarded have Put and Call rights similar to those described above with respect to stock options.

The Company did not grant fully vested shares of Class B Common Stock during 2018 or 2019.

Restricted Stock—Under the 2015 Equity Incentive Plan, the Company may grant both time and performance‑based shares of restricted Class B Common Stock to eligible colleagues.

During the year ended December 31, 2018, the Company granted 512,616 shares of restricted stock, all of which were subject to performance‑based vesting as determined by the achievement of business growth targets, which included growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets were seasonalized and targets were set for quarterly and annual performance periods ending on December 31, 2018. These restricted shares carried dividend, but not voting rights. During the year ended December 31, 2018, the performance conditions to vesting were satisfied in respect of 451,784 of these shares, of which 76,375 shares were sold back to the Company to settle applicable income tax withholdings of $610. An additional 4,798 shares were sold back to the Company to settle applicable income tax withholdings of $27, related to performance shares that were vested in 2017 and delivered to participants in the year ended December 31, 2018. Additionally, during the year ended December 31, 2018, the Company granted 57,670 shares of restricted stock to a colleague. These restricted shares carry dividend but not voting rights, and are subject to a three-year service condition.

For the year ended December 31, 2019, the Company granted 493,840 shares of restricted stock, all of which were subject to performance‑based vesting as determined by the achievement of business growth targets which included growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets were seasonalized and targets were set for quarterly and annual performance periods ending on December 31, 2019. These restricted shares carried dividend, but not voting rights. During the year ended December 31, 2019, the performance conditions to vesting were satisfied in respect of 241,709 of these shares, of which 25,677 shares were sold back to the Company to settle applicable income tax withholdings of $192. An additional 23,343 shares were sold back to the Company to settle applicable income tax withholdings of $169, related to performance shares that were vested in 2018 and delivered to participants in the year ended December 31, 2019.

Restricted Stock Units—Under the 2015 Equity Incentive Plan, the Company may grant both time and performance based restricted stock units (“RSUs”) to eligible colleagues, which entitle the grantee to receive a specific number of shares of our Class B Common Stock upon vesting. These shares also have dividend equivalent rights.

No restricted stock units were granted during the years ended December 31, 2018 or 2019. In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of business growth targets which included growth in annual recurring revenues as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets were seasonalized and targets were set for quarterly and annual performance periods ending on December 31, 2016. Certain colleagues elected to defer delivery of such shares upon vesting. During the year ended December 31, 2019, 16,746 shares were delivered to colleagues and 5,398 shares were sold back to the Company to settle income tax withholdings of $39. As of December 31, 2018 and 2019, 70,687 and 54,771, respectively, of these RSUs remained outstanding.

The following is a summary of option activity under the Company’s equity incentive plans:


		Exercise Price Per Share
	Options						Weighted
	Outstanding	Range					Average
Balance, December 31, 2017	18,629,380	$	0.31	-	$	5.38	$	3.72
Option activity:
Granted	5,126,000		6.81	-		8.67		6.81
Exercised	(3,738,182)		0.31	-		5.38		1.89
Canceled	(502,750)		0.31	-		8.67		5.04
Balance, December 31, 2018	19,514,448	$	1.79	-	$	6.81	$	4.85
Option activity:
Granted	4,826,000					7.24		7.24
Exercised	(4,731,158)		1.79	-		6.81		2.68
Canceled	(917,623)		1.79	-		7.24		5.82
Balance, December 31, 2019	18,691,667	$	3.50	-	$	7.24	$	5.97

As of December 31, 2018 and 2019, options and other equity awards available for future grants under the 2015 Equity Incentive Plan were 30,607,529 and 28,101,504, respectively.

The following is a summary of options outstanding and exercisable by exercise price as of December 31, 2019:


		Weighted
	Number of	Remaining
	Options	Contractual
Exercise Prices	Outstanding	Life (in years)	Exercisable
$3.50 – $4.00	1,978,256	0.39	1,978,256
4.01 – 6.00	7,450,203	1.78	4,469,866
$6.01 – $7.24	9,263,208	3.82	1,125,708
Total	18,691,667		7,573,830

During the years ended December 31, 2018 and 2019, the Company received cash proceeds of $2,179 and $3,612, respectively, related to the exercise of stock options.

The following is a summary of the intrinsic value of options outstanding and exercisable as of December 31, 2019:


						Weighted
		Weighted		Aggregate		Remaining
	Number of	Average		Intrinsic		Contractual
	Options	Exercise Price		Value		Life (in years)
Options as of December 31, 2019
Outstanding	18,691,667	$	5.97	$	91,028	2.6
Exercisable	7,573,830	$	5.05	$	43,852	1.6

Compensation expense is recognized on a straight‑line basis over the vesting period during which colleagues perform related services. In the years ended December 31, 2018 and 2019, the Company recorded $4,808 and $6,342, respectively, of stock‑based compensation expense related to stock options and $3,074 and $1,749, respectively, of compensation expense in connection with restricted stock. As of December 31, 2019, there was $11,911 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 2.6 years.

The total intrinsic value of stock options exercised in the years ended December 31, 2018 and 2019 was $18,291 and $22,914, respectively.

Risk‑free rate. The risk‑free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.


		Year Ended December 31,
		2018		2019
Expected volatility		26.32% – 27.18	%		29.57	%
Expected dividend yield		1.18	%		1.38	%
Risk-free interest rate		2.40	%		2.48	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.46		$	1.66

The fair value of the common stock 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 position, and historical financial performance.

The Company paid $8,571 and $8,838 during the years ended December 31, 2018 and 2019, respectively, to stockholders who exercised their options and elected to sell the shares back to the Company after the mandatory six‑month holding period.

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 16: Income Taxes

The Company calculates its interim income tax provision in accordance with FASB ASC Topics 270, Interim Reporting, and 740, Income Taxes. At the end of each interim period, the Company makes an estimate of the annual United States domestic and foreign jurisdictions’ expected effective tax rates and applies these rates to its respective year‑to‑date taxable income or loss. The computation of the estimated effective tax rates at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the fiscal year, projections of the proportion of income (or loss) earned and taxed in the United States and foreign tax jurisdictions, along with permanent differences, and the likelihood of deferred tax asset utilization. The Company’s estimates and assumptions may change as new events occur, additional information is obtained, or as the tax environment changes. Should facts and circumstances change during a period causing a material change to the estimated effective income tax rate, a cumulative adjustment will be recorded.

The income tax provisions for the nine months ended September 30, 2019 and 2020 were based on the estimated annual effective income tax rates adjusted for discrete items occurring during the periods presented. During the nine months ended September 30, 2019 and 2020, the Company recognized an aggregate consolidated income tax expense of $11,759 and $22,145, respectively, for U.S. domestic and foreign income taxes. During the nine months ended September 30, 2019 and 2020, the Company recorded a discrete tax benefit of $3,861 and $10,511, respectively, associated with stock‑based compensation. The effective income tax rate of 22.6% for the nine months ended September 30, 2020 was higher than the effective income tax rate of 15.0% for the same period in the prior year primarily due to officer compensation limitation provisions resulting from the Company’s IPO and the non‑deductibility of expenses associated with the Company’s IPO, partially offset by increased discrete windfall tax benefits from stock‑based compensation.

Note 15: Income Taxes

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


	Year Ended
	December 31,
	2018		2019
Domestic	$	56,426	$	61,691
International		56,436		66,418
Income before income taxes	$	112,862	$	128,109

The provision for income taxes consists of the following at December 31, 2018 and 2019:


	Year Ended
	December 31,
	2018		2019
Current:
Federal	$	18,634	$	7,696
State		873		2,486
Foreign		11,303		12,824
		30,810		23,006
Deferred:
Federal		(7,655)		2,389
State		508		412
Foreign		(52,913)		(2,069)
		(60,060)		732
Provision for income taxes	$	(29,250)	$	23,738

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


	Year Ended
	December 31,
	2018		2019
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.9		2.0
Permanent book/tax differences	(0.2)		0.2
Stock-based compensation	(2.4)		(2.3)
Tax credits	(3.3)		(3.6)
Foreign tax rate differential	(4.2)		(2.8)
Income tax reserves	(0.2)		0.9
Intercompany sales of certain operating assets	(41.1)		—
Net tax on foreign earnings (GILTI and FDII)	—		6.1
Other	(0.2)		(3.0)
U.S. tax reform	3.8		—
Effective income tax rate	(25.9)	%	18.5	%

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


	As of December 31,
	2018		2019
Deferred tax assets:
Compensation accruals and DCP	$	37,816	$	36,195
NOL and credit carryforwards		10,013		11,544
Intangible assets including goodwill		15,199		10,371
Expenses not currently deductible		581		960
Allowance for accounts receivable		345		472
Other comprehensive income		195		394
Deferred revenue		8,185		—
Valuation allowance		(2,082)		(2,329)
Other		615		40
		70,867		57,647
Deferred tax liabilities:
Deferred revenue		—		12,830
Depreciation		240		707
Other		31		1,302
		271		14,839
Net deferred tax assets	$	70,596	$	42,808

The federal net operating loss (“NOL”) carryforwards with a future benefit of $424 expire in 2033 through 2036. The Canadian credit carryforwards of $801 have an indefinite carryforward. The Company’s state NOL carryforwards and state credit carryforwards with a future benefit of $867 expire in 2020 through 2039. In addition, the Company has foreign NOL and credit carryforwards with a future benefit of $7,436 (net of a $2,016 valuation allowance), which predominately have indefinite expirations.

Some transactions can change the aggregate ownership of certain stockholders, which could cause a shift in the ownership of the Company, which pursuant to Internal Revenue Code (“IRC”) Section 382 could then limit on an annual basis the Company’s ability to utilize its U.S. federal NOL carryforwards (and possibly its state NOL carryforwards as well). If that occurred, the Company’s NOL carryforwards would continue to be available to offset taxable income and tax liabilities in future years (until such NOL carryforwards are either used or expire) subject to any IRC Section 382 annual limitation.

The Company regularly assesses the need for a valuation allowance against its deferred tax assets by considering both positive and negative evidence related to whether it is more likely than not that the deferred tax assets will be realized. In evaluating the need for a valuation allowance, the Company considers a cumulative loss in recent years as a significant piece of negative evidence.

As of December 31, 2018 and 2019, the Company has recorded a valuation allowance against its net deferred tax assets of $2,082 and $2,329, respectively. The valuation allowance is principally related to the U.K. net operating losses for which the Company has determined that realization is not more likely than not.

On December 22, 2017, the Act was enacted. U.S. tax reform, among other things, reduces the U.S. federal income tax rate to 21% from 35% in 2018, institutes a dividends received deduction for foreign earnings with a related tax for the deemed repatriation of unremitted foreign earnings, and creates a new U.S. minimum tax on earnings of foreign subsidiaries. The Company completed its accounting for the effects of the Act in 2018 and has included those effects in Provision for income taxes in the consolidated statement of operations. The Company will elect to pay the liability for the deemed repatriation of foreign earnings in installments, as specified by the Act.

Additionally, the Act requires certain Global Intangible Low‑Taxed Income (“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 Act allows a U.S. corporation a deduction equal to a certain percentage of its foreign‑derived intangible income (“FDII”). The Company estimated the impact of the GILTI tax and FDII deduction in determining its 2019 annual effective tax rate that is reflected in its provision for income taxes for the year ended December 31, 2019.

As of December 31, 2019, the Company has accumulated undistributed earnings generated by its foreign subsidiaries of approximately $408,582, of which $359,724 was subject to the one‑time transition tax on foreign earnings required by the Act and the tax on GILTI. The Company intends to indefinitely reinvest these earnings, as well as future earnings from its foreign subsidiaries, in order to fund its international operations. In addition, the Company expects future U.S. cash generation will be sufficient to meet future U.S. cash needs. The Company has not provided for any additional outside basis difference inherent in its foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practicable.

In accordance with the indefinite reversal criteria, the foreign currency translation adjustments recorded in other comprehensive loss related to the foreign currency translations have not been tax effected.

The following is a reconciliation of the total amounts of unrecognized tax benefits:


	Year Ended
	December 31,
	2018		2019
Unrecognized tax benefit, beginning of year	$	872	$	638
Additions based on tax positions related to:
Prior years		80		1,222
Reductions for tax positions related to prior years		(39)		(86)
Lapse of statute of limitations		(275)		(11)
Unrecognized tax benefit, end of year	$	638	$	1,763

The amount of unrecognized tax benefits at December 31, 2018 and 2019 was $638 and $1,763, respectively, of which $627 and $1,733 would impact the Company’s effective tax rate if recognized. In the years ended December 31, 2018 and 2019, interest expense and penalties related to income taxes resulted in an income tax expense of $8 and $101, respectively. Interest expense and penalties are included in Provision for income taxes in the consolidated statements of operations. Accrued interest and penalties as of December 31, 2018 and 2019 totaled $252 and $362, respectively. 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 as a non‑current liability in the accompanying consolidated balance sheets.

The Company is subject to income tax in the United States as well as numerous state and foreign jurisdictions. The Company is currently under audit in the U.K. for years 2014 through 2017. The Company believes that an adequate provision has been made for any adjustment that may result from the tax examination. The Company’s 2017 through 2019 tax years remain subject to examination by the Irish Revenue Commissioners for Irish tax purposes. The Company’s 2017 through 2019 tax years remain subject to examination by the IRS. In addition, the Company is under audit in various other foreign taxing jurisdictions that are not material to the consolidated financial statements.

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

Fair Value of Financial Instruments

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Fair Value of Financial Instruments

Note 17: Fair Value of Financial Instruments

Derivatives Not Designated As Hedging Instrument

On March 31, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Company’s Credit Facility. The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the swap as either an asset or a liability on the consolidated balance sheet and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net and payments related to the swap are recognized in Interest expense, net in the consolidated statements of operations. For the nine months ended September 30, 2020, the Company recorded a loss of $3,365 in Other income (expense), net, and total payments recognized in Interest expense, net related to the swap were $398.

Fair Value

The Company applies the provisions of ASC Topic 820, Fair Value Measurement, for fair value measurements of financial assets and financial liabilities and for fair value measurements of non‑financial items that are recognized or disclosed at fair value in the consolidated financial statements.

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.

The carrying values of the Company’s financial instruments excluding long‑term debt approximate their fair value due to the short‑term nature of those instruments. Additionally, as of December 31, 2019 and September 30, 2020, the fair value of the Company’s long‑term debt 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. 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.

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

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

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

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

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan (4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143


September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	30,794	$	—	$	—	$	30,794
Total assets	$	30,794	$	—	$	—	$	30,794
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	5,143	$	5,143
Interest rate swap (3)		—		3,365		—		3,365
Deferred compensation plan (4)		2,300		—		—		2,300
Cash-settled equity awards (5)		743		—		—		743
Total liabilities	$	3,043	$	3,365	$	5,143	$	11,551

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in Other liabilities, except for current liabilities of $5,100 and $3,583 as of December 31, 2019 and September 30, 2020, respectively, which are included in Accruals and other current liabilities in the accompanying consolidated balance sheets. Acquisition contingent consideration liability is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant.

(3)

Included in Other liabilities in the accompanying consolidated balance sheet.

(4)

Included in Other liabilities, except for current liabilities of $153 and $149 as of December 31, 2019 and September 30, 2020, respectively, which are included in Accruals and other current liabilities in the accompanying consolidated balance sheets.

(5)

Included in Accruals and other current liabilities in the accompanying consolidated balance sheet.

The following table is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy for and the year ended December 31, 2019 and the nine months ended September 30, 2020.


	Year Ended		Nine Months Ended
	December 31, 2019		September 30, 2020
Balance, beginning of year	$	4,316	$	6,599
Payments		(2,513)		(2,034)
Addition		4,498		1,902
Reclassification		180		—
Change in fair value		62		(1,340)
Foreign currency translation adjustments		16		16
Balance, end of period	$	6,599	$	5,143

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

Note 16: Fair Value of Financial Instruments

Derivatives Not Designated As Hedging Instrument

In November 2018, the Company entered into an agreement with financial institutions to purchase call options to buy British pounds (“GBP”) with a notional amount of 65,000 GBP at a strike price of $1.375. The call options were purchased at a premium of $645. These derivative instruments do not qualify for hedge accounting and as such, are not designated as hedges. The gains or losses from changes in the fair value of such derivative instruments are recognized in Other income (expense), net in the consolidated statements of operations. The fair value of the call options in the accompanying consolidated balance sheets was $158 and $0 as of December 31, 2018 and 2019, respectively. The call options had an expiration date of February 28, 2019.

Fair Value

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

The carrying values of the Company’s financial instruments excluding long‑term debt approximate their fair value due to the short‑term nature of those instruments. Additionally, as of December 31, 2018 and 2019, the fair value of the Company’s long‑term debt 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. 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.

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

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

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	30,197	$	—	$	—	$	30,197
Call options(2)		—		158		—		158
Total assets	$	30,197	$	158	$	—	$	30,355
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	4,316	$	4,316
Deferred compensation plan(4)		2,275		—		—		2,275
Total liabilities	$	2,275	$	—	$	4,316	$	6,591


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan(4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in Other assets in the accompanying consolidated balance sheets.

(3)

Included in Accruals and other current liabilities and Other liabilities in the accompanying consolidated balance sheets. Acquisition contingent consideration liability is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant.

(4)

Included in Other liabilities, except for current liabilities of $115 and $153 as of December 31, 2018 and 2019, respectively, which is included in Accruals and other current liabilities in the accompanying consolidated balance sheets.

The following table is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy for the years ended December 31, 2018 and 2019.


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	241	$	4,316
Payments		(9)		(2,513)
Addition		13,206		4,498
Reclassification(1)		(8,516)		180
Change in fair value		167		62
Foreign currency translation adjustments		(773)		56
Balance, end of year	$	4,316	$	6,599

(1)

One of the 2018 acquisitions requires the Company to pay former shareholders a revenue based earn‑out contingent on meeting certain 2018 revenue targets. As of December 31, 2018, such revenue targets were met and as a consequence $8,516 was reclassified to non‑contingent consideration from acquisitions within Accruals and other current liabilities.

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

Commitments and Contigencies

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18: Commitments and Contingencies

Purchase Commitment — In the normal course of business, the Company enters into various purchase commitments for goods and services. As of September 30, 2020, the non-cancelable future cash purchase commitment for services related to the provisioning of the Company’s hosted software solutions was $90,650 through May 2023. The Company expects to fully consume its contractual commitment in the ordinary course of operations.

Operating Leases — The Company leases certain facilities, cars, and equipment under operating leases having initial or remaining non‑cancelable terms in excess of one year. See Note 8 for further detail.

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 or results of operations.

Note 17: Commitments and Contingencies

Purchase Commitment—In the normal course of business, the Company enters into various purchase commitments for goods and services. As of December 31, 2018, the non‑cancellable future cash purchase commitment for services related to the provisioning of our software solutions was $15,377 through June 2020. As of December 31, 2019, such commitment was fully consumed.

Operating Leases—The Company leases certain facilities, cars, and equipment under operating leases having initial or remaining non‑cancellable terms in excess of one year.

The future minimum lease payments for the years following December 31, 2019 are as follows:


2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
	$	52,016

Rent expense is recorded on straight‑line basis over the life of the lease. During the years ended December 31, 2018 and 2019, total rent expense was $16,726 and $17,036, respectively.

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 or results of operations.

Geographic Data

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Geographic Data

Note 19: Geographic Data

Revenues by geographic area are presented as part of the discussion in Note 3. The following table presents the Company’s long-lived assets, net of depreciation and amortization by geographic region. See Notes 5, 6, and 8 for further detail around these assets.


	December 31,		September 30,
	2019		2020
Long-lived assets:
Americas (1)	$	34,758	$	52,893
EMEA		34,039		54,181
APAC		7,148		14,824
Total long-lived assets	$	75,945	$	121,898

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

Note 18: Geographic Data

Revenues by geographic area are presented as part of the discussion in Note 3. The following table presents the Company’s long‑lived assets, net of depreciation and amortization by geographic region. See Note 5 and Note 6.


	Year Ended December 31,
	2018		2019
Long-lived assets:
Americas(1)	$	32,490	$	34,758
Europe, the Middle East, and Africa		43,933		34,039
Asia/Pacific		6,971		7,148
Total long-lived assets	$	83,394	$	75,945

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

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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Interest Expense, Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Interest Expense, Net

Note 20: Interest Expense, Net

Interest expense, net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Interest expense	$	(7,477)	$	(4,821)
Interest income		974		371
Total interest expense, net	$	(6,503)	$	(4,450)

Note 19: Interest Expense, Net

Interest expense, net is comprised of the following:


	Year Ended December 31,
	2018		2019
Interest expense	$	(9,607)	$	(9,731)
Interest income		842		1,532
Total interest expense, net	$	(8,765)	$	(8,199)

Other Income (Expense), Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Other Income (Expense), Net

Note 21: Other Income (Expense), Net

Other income (expense), net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Foreign exchange gain (loss) (1)	$	(14,053)	$	8,567
Other income (expense), net (2)		—		(1,811)
Total other income (expense), net	$	(14,053)	$	6,756

(1)

Foreign exchange gain (loss) is primarily attributable to foreign currency translation derived primarily from U.S. Dollar denominated cash and cash equivalents, account receivables, and intercompany balances held by foreign subsidiaries. Intercompany finance transactions denominated in U.S. Dollars resulted in unrealized foreign currency translation gains (losses) of $(13,982) and $10,519 for the nine months ended September 30, 2019 and 2020, respectively.

(2)

Other income (expense), net includes a loss from the change in fair value of the Company’s interest rate swap of $3,365, partially offset by a gain from the change in fair value of acquisition contingent consideration of $1,340 for the nine months ended September 30, 2020. (see Note 17).

Note 20: Other Income (Expense), Net

Other income (expense), net is comprised of the following:


	Year Ended December 31,
	2018		2019
Foreign exchange loss(1)	$	(418)	$	(5,591)
Other income (expense), net(2)		654		34
Total other income (expense), net	$	236	$	(5,557)

(1)

Foreign exchange loss is primarily attributable to foreign currency translation losses derived primarily from U.S. Dollar denominated cash and cash equivalents, account receivables, and intercompany balances held by foreign subsidiaries. For the year ended December 31, 2018, the foreign exchange loss includes a loss of $487 relating to the remeasurement of a derivative instrument (see Note 16). In October 2018, the Company had intercompany sales of certain intangible operating assets between foreign subsidiaries, which resulted in significant U.S. dollar denominated finance transactions and balances between certain of its foreign subsidiaries. For the year ended December 31, 2019, such finance transactions resulted in unrealized foreign currency translation losses of $5,270.

(2)

For the year ended December 31, 2018, other income (expense), net includes a gain of $707 relating to insurance proceeds received in excess of the net book value of the replaced assets.

Realignment Costs

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Realignment Costs

Note 22: Realignment Costs

During the third quarter of 2020, the Company initiated a strategic realignment program in order to better serve the Company’s users and to better align resources with the evolving needs of the business. The Company incurred realignment costs of $10,020 for the nine months ended September 30, 2020 related to the aforementioned program, which represents termination benefits for colleagues whose positions were eliminated. The third quarter of 2020 realignment activities have been broadly implemented across the Company’s various businesses with substantially all actions expected to be completed by the beginning of 2021.

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


	2020 Program		Prior Program		Total
Balance, December 31, 2019	$	—	$	491	$	491
Realignment costs		10,020		(8)		10,012
Payments		(379)		(360)		(739)
Adjustments (1)		(71)		—		(71)
Balance, September 30, 2020	$	9,570	$	123	$	9,693

(1)

Adjustments includes foreign currency translation.

Realignment costs by expense classification were as follows:


	Nine		Nine
	Months Ended		Months Ended
	September 30, 2019		September 30, 2020
Cost of revenues:
Cost of subscriptions and licenses	$	(51)	$	50
Cost of services		(185)		1,548
Total cost of revenues		(236)		1,598
Operating expenses:
Research and development		(79)		910
Selling and marketing		(263)		5,183
General and administrative		86		2,321
Total operating expenses		(256)		8,414
Total realignment costs	$	(492)	$	10,012

Note 21: Realignment Costs

During 2015, the Company initiated a strategic realignment program in order to better serve the Company’s users and to better align resources with the evolving needs of the business. The Company incurred total realignment costs of $6,778 and $(584) for the years ended December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, accrued realignment costs totaled $6,437 and $491 and are included in Accruals and other current liabilities in the consolidated balance sheets.

The following table sets forth realignment activity during the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	1,458	$	6,437
Realignment costs		6,778		(584)
Payments		(1,640)		(5,326)
Adjustments(1)		(159)		(36)
Balance, end of year	$	6,437	$	491

(1)

Adjustments includes foreign currency translation.

The following table sets forth the realignment costs by expense classification for the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
Cost of revenues:
Cost of subscriptions and licenses	$	256	$	(51)
Cost of services		845		(185)
Total cost of revenues		1,101		(236)
Operating expenses:
Research and development		3,380		(171)
Selling and marketing		2,252		(263)
General and administrative		45		86
Total operating expenses		5,677		(348)
Total realignment costs	$	6,778	$	(584)

Earnings Per Share

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Earnings Per Share

Note 23: Earnings Per Share

Earnings per share (“EPS”) of Class A and Class B Common Stock amounts are computed using the two‑class method required for participating securities. The Company issues certain restricted stock awards 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 September 30, 2019 and September 30, 2020, there were 382,616 and 148,087 participating securities outstanding, respectively.

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

For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. Diluted EPS attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted average number of fully diluted common shares outstanding.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and, therefore, earnings per share would not differ under the two‑class method. The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Nine Months Ended
	September 30,
	2019		2020
Numerator:
Net income	$	66,845	$	74,589
Less: Net income attributable to participating securities		(10)		(4)
Net income attributable to Class A and Class B common stockholders	$	66,835	$	74,585
Denominator:
Denominator for basic net income per share—weighted average shares		286,024,263		287,063,892
Effect of dilutive securities		8,562,091		10,187,457
Denominator for dilutive net income per share		294,586,354		297,251,349
Net income per share, basic	$	0.23	$	0.26
Net income per share, diluted	$	0.23	$	0.25

For the nine months ended September 30, 2020, 1,150,860 shares of restricted stock and RSUs were excluded from the computation of diluted net income per share attributable to common stockholders as their effect would have been antidilutive.

No shares were excluded from the computation of diluted net income per share attributable to common stockholders for the nine months ended September 30, 2019.

Note 22: Earnings Per Share

Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. Basic EPS is computed by dividing net income attributable to common stockholders by the weighted‑average number of shares of Class A and Class B Common Stock outstanding.

For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. Diluted EPS attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted‑average number of fully diluted common shares outstanding.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and therefore, earnings per share would not differ under the two‑class method. The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2018		2019
Numerator:
Net income	$	142,112	$	103,096
Less: Net income attributable to participating securities		(4)		(8)
Net income attributable to Class A and Class B common stockholders	$	142,108	$	103,088
Denominator:
Denominator for basic net income per share – weighted average shares		285,805,096		284,625,642
Effect of dilutive securities:
Stock options		6,819,400		9,171,065
Denominator for dilutive net income per share		292,624,496		293,796,707
Net income per share, basic	$	0.50	$	0.36
Net income per share, diluted	$	0.49	$	0.35

No shares were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events
Subsequent Events	Note 23: Subsequent Events In preparing the consolidated financial statements as of and for the years ended December 31, 2018 and 2019, the Company evaluated subsequent events for recognition and measurement through March 6, 2020, the date when the consolidated financial statements were issued.

Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Description of Business and Operations

Description of Business and Operations—Bentley Systems, Incorporated (“Bentley” or the “Company”) is a Delaware corporation that was founded in 1984 and is headquartered in Exton, Pennsylvania. The Company, together with its subsidiaries, is a leading global provider of infrastructure engineering software solutions for professionals and organizations involved in the project delivery and operational performance of infrastructure assets. The Company is dedicated to advancing infrastructure through its comprehensive software solutions that span engineering disciplines, assets, and lifecycle processes. The Company’s integrated software platform encompasses both the design and construction of infrastructure, which the Company refers to as project delivery, and the operation of infrastructure assets, which the Company refers to as asset performance. The Company’s software solutions are designed to enable information mobility for a more complete flow of information among applications, across distributed project teams, from offices to the field, and throughout the infrastructure lifecycle. The Company believes its solutions extend the reach and scope of digital engineering models from the project delivery phase into the asset performance phase of the infrastructure lifecycle, which enables engineers to make infrastructure assets more intelligent and sustainable. Users of the Company’s solutions include engineers and construction professionals who collaborate on project delivery, and owner‑operators who maintain, adapt, and optimize the performance of infrastructure assets.

Basis of Presentation and Consolidation

Stock Dividend

Use of Estimates

Use of Estimates—The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s critical estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of stock‑based compensation, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.

Reclassifications

Cash and Cash Equivalents

Revenues

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.

Nature of Products and Services

The Company generates revenues from subscriptions, perpetual licenses, and professional services.

Subscriptions

Perpetual licenses

Services

Significant Judgments and Estimates

The accounting policies for the Company’s revenue recognition are explained in Note 3, Revenue from Contracts with Customers.

Cost of Revenues

Property and Equipment


		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

Goodwill and Other Intangibles

Long-Lived Assets

Research and Development

Certain costs related to the creation of foreign language translations are capitalized and amortized over the economic life of the software.

Foreign Currency Translation

Concentration of Credit Risk

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.

Investment in Joint Venture

Accounts Receivable and Allowance for Doubtful Accounts

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


		Year Ended
		December 31,
		2018		2019
Balance, beginning of year	$		5,669	$	7,611
Allowances (recoveries) recorded			1,620		(452)
Foreign currency translation adjustments			322		115
Balance, end of year	$		7,611	$	7,274

Stock-Based Compensation

Guarantees

Derivative Arrangements

Fair Value Measurements

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of estimated useful lives of property and equipment


		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

Summary of activity related to the Company's allowance for doubtful accounts


		Year Ended
		December 31,
		2018		2019
Balance, beginning of year	$		5,669	$	7,611
Allowances (recoveries) recorded			1,620		(452)
Foreign currency translation adjustments			322		115
Balance, end of year	$		7,611	$	7,274

Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2019

ASU 2014-09 and ASC Topic 340-40

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of comparison between the reported consolidated balance sheet and statements of operations to the amounts had Topic 605 been in effect

The following tables compare the reported consolidated balance sheet and statements of operations, as of and for the year ended December 31, 2019, to the amounts had Topic 605 been in effect.


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Assets
Current assets
Cash and cash equivalents	$	81,183	$	121,101	$	—	$	121,101
Accounts receivable, net		184,565		204,268		233		204,501
Prepaid income taxes		5,085		6,732		(2,189)		4,543
Prepaid and other current assets(1)		12,390		20,080		3,333		23,413
Total current assets		283,223		352,181		1,377		353,558
Property and equipment, net		29,393		29,632		—		29,632
Intangible assets, net		54,001		46,313		—		46,313
Goodwill		446,318		480,065		—		480,065
Investment in joint venture		—		1,725		—		1,725
Deferred income taxes		81,066		72,611		(21,543)		51,068
Other assets(1)		29,595		26,517		5,721		32,238
Total assets	$	923,596	$	1,009,044	$	(14,445)	$	994,599
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	8,567	$	17,669	$	—	$	17,669
Accruals and other current liabilities		136,699		167,225		292		167,517


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Deferred revenues		287,682		282,070		(77,079)		204,991
Income taxes payable		2,794		1,030		1,206		2,236
Total current liabilities		435,742		467,994		(75,581)		392,413
Long-term debt		258,750		233,750		—		233,750
Deferred revenues		49,769		56,121		(47,967)		8,154
Deferred income taxes		10,470		7,627		633		8,260
Income taxes payable		12,904		6,321		1,819		8,140
Other liabilities		8,530		9,263		—		9,263
Total liabilities		776,165		781,076		(121,096)		659,980
Stockholders’ equity
Common stock		2,502		2,548		—		2,548
Additional paid-in capital		392,896		408,667		—		408,667
Accumulated other comprehensive loss		(29,414)		(23,086)		(841)		(23,927)
Accumulated deficit(2)		(218,553)		(160,161)		107,492		(52,669)
Total stockholders’ equity	$	147,431	$	227,968	$	106,651	$	334,619
Total liabilities and stockholders’ equity	$	923,596	$	1,009,044	$	(14,445)	$	994,599

(1)

As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.

(2)

Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 340‑40.


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Revenues:
Subscriptions	$	557,421	$	613,925	$	(5,625)	$	608,300
Perpetual licenses		61,065		52,519		7,174		59,693
Subscriptions and licenses		618,486		666,444		1,549		667,993
Services		73,224		68,405		256		68,661
Total revenues		691,710		734,849		1,805		736,654
Cost of revenues:
Cost of subscriptions and licenses		55,113		71,439		139		71,578


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Cost of services		76,211		72,572		—		72,572
Total cost of revenues		131,324		144,011		139		144,150
Gross profit		560,386		590,838		1,666		592,504
Operating expenses:
Research and development		175,032		183,552		—		183,552
Selling and marketing		160,635		155,274		20		155,294
General and administrative		89,328		97,580		—		97,580
Amortization of purchased intangibles		14,000		14,213		—		14,213
Total operating expenses		438,995		450,619		20		450,639
Income from operations		121,391		140,219		1,646		141,865
Interest expense, net		(8,765)		(8,199)		—		(8,199)
Other income (expense), net		236		(5,557)		—		(5,557)
Income before income taxes		112,862		126,463		1,646		128,109
Provision for income taxes		(29,250)		21,762		1,976		23,738
Equity in loss of joint venture, net of tax		—		1,275		—		1,275
Net income	$	142,112	$	103,426	$	(330)	$	103,096

Revenue from Contracts with Customers (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of contract assets and contract liabilities

Contract Assets and Contract Liabilities


	December 31,		September 30,
	2019		2020
Contract assets	$	644	$	313
Deferred revenues		213,145		179,900


	January 1,		December 31,
	2019		2019
Contract assets	$	173	$	644
Deferred revenues		212,529		213,145

Schedule of disaggregation of revenue


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	196,564	$	199,848
Enterprise license subscriptions		135,959		165,268
Term license subscriptions		112,815		135,895
Subscriptions		445,338		501,011
Perpetual licenses:
Perpetual licenses		38,255		36,020
Subscriptions and licenses		483,593		537,031
Services:
Professional services (recurring)		15,682		11,624
Professional services (other)		34,457		33,322
Services		50,139		44,946
Total revenues	$	533,732	$	581,977


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Subscriptions:
SELECT subscription revenues	$	273,745	$	267,340	$	267,249
Enterprise license subscriptions		182,816		196,081		184,833
Term license subscriptions		100,860		150,504		156,218
Subscriptions		557,421		613,925		608,300
Perpetual licenses:
Perpetual licenses		61,065		52,519		59,693
Subscriptions and licenses		618,486		666,444		667,993
Services:
Professional services (recurring)		25,981		22,974		22,797
Professional services (all other)		47,243		45,431		45,864
Services		73,224		68,405		68,661
Total revenues	$	691,710	$	734,849	$	736,654

Schedule of revenue to external customers based upon the location of customer


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Americas(1)	$	328,749	$	360,934	$	356,331
Europe, the Middle East, and Africa(2)		231,486		235,254		236,602
Asia Pacific		131,475		138,661		143,721
Total Revenues	$	691,710	$	734,849	$	736,654

(1)

(2)

Revenue attributable to the United Kingdom totaled $59,086 (Topic 605) for the year ended December 31, 2018 and $59,524 (Topic 605) and $57,321 (Topic 606) for the year ended December 31, 2019.

Acquisitions (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Business Acquisitions Aggregate Detail


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Number of acquisitions		4		4
Cash paid at closing (1)	$	36,577	$	70,984
Cash acquired		(2,523)		(2,064)
Net cash paid	$	34,054	$	68,920

(1)

Of the cash paid at closing during the nine months ended September 30, 2020, $3,413 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Number of acquisitions		7		4
Cash paid at closing	$	143,038	$	36,577
Cash acquired		(7,774)		(2,523)
Net cash paid	$	135,264	$	34,054

Schedule of fair values of the assets acquired and liabilities assumed


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Consideration:
Cash paid at closing	$	36,577	$	70,984
Contingent consideration		4,498		1,902
Deferred payment obligations to (from) sellers		—		(141)
Total consideration	$	41,075	$	72,745
Assets acquired and liabilities assumed:
Cash	$	2,523	$	2,064
Prepaid and other current assets		1,782		5,671
Operating lease right-of-use assets		—		1,668
Property and equipment		411		172
Other assets		84		36
Customer relationship asset (weighted average useful life of 7 years)		6,534		8,854
Software and technology (weighted average useful life of 3 years)		2,423		2,207
Non-compete agreement (useful life of 5 years)		150		200
Trademarks (weighted average useful life of 5 and 9 years, respectively)		1,431		3,050
Total identifiable assets acquired excluding goodwill		15,338		23,922
Accruals and other current liabilities		(3,538)		(2,458)
Deferred revenues		(2,897)		(4,274)
Operating lease liabilities		—		(1,668)
Deferred income taxes		(1,869)		(1,005)
Other liabilities		—		(87)
Total liabilities assumed		(8,304)		(9,492)
Net identifiable assets acquired excluding goodwill		7,034		14,430
Goodwill		34,041		58,315
Net assets acquired	$	41,075	$	72,745


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Consideration:
Cash paid at closing	$	143,038	$	36,577
Contingent consideration		13,456		4,498
Deferred payment obligations to sellers		690		—
Total consideration	$	157,184	$	41,075
Assets acquired and liabilities assumed:
Cash	$	7,774	$	2,523
Prepaid and other current assets		4,790		1,782
Property and equipment		340		411
Other assets		—		84
Customer relationship asset (weighted average useful life of 5 and 7 years, respectively)		27,294		6,534
Software and technology (weighted average useful life of 3 years)		9,332		2,423
In-process research and development		1,366		—
Non-compete agreement (useful life of 5 years)		—		150
Trademarks (weighted average useful life of 7 and 5 years)		2,090		1,431
Total identifiable assets acquired excluding goodwill		52,986		15,338
Deferred tax liability		(8,917)		(1,869)
Other current liabilities		(3,848)		(3,538)
Deferred revenues		(6,181)		(2,897)
Total liabilities assumed		(18,946)		(8,304)
Net identifiable assets acquired excluding goodwill		34,040		7,034
Goodwill		123,144		34,041
Net assets acquired	$	157,184	$	41,075

Property and Equipment, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of property and equipment, net

Property and equipment, net consist of the following as of December 31, 2019 and September 30, 2020:


	December 31,		September 30,
	2019		2020
Land	$	2,811	$	2,811
Building and improvements		31,619		32,803
Computer equipment and software		47,472		50,087
Furniture, fixtures, and equipment		12,593		12,930
Aircraft		3,910		4,075
Other		79		58
Property and equipment, at cost		98,484		102,764
Less accumulated depreciation		(68,852)		(73,432)
Total property and equipment, net	$	29,632	$	29,332


	As of December 31,
	2018		2019
Land	$	2,811	$	2,811
Building and improvements		30,585		31,619
Computer equipment and software		46,938		47,472
Furniture, fixtures, and equipment		11,595		12,593
Aircraft		3,910		3,910
Other		61		79
Property and equipment, at cost		95,900		98,484
Less accumulated depreciation		(66,507)		(68,852)
Total property and equipment, net	$	29,393	$	29,632

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:


Balance, December 31, 2019	$	480,065
Acquisitions		58,315
Foreign currency translation adjustments		3,935
Other adjustments		(76)
Balance, September 30, 2020	$	542,239


Balance, December 31, 2017	$	336,982
Acquisitions		123,144
Foreign currency translation adjustments		(13,808)
Balance, December 31, 2018		446,318
Acquisitions		34,041
Foreign currency translation adjustments		(321)
Other adjustments		27
Balance, December 31, 2019	$	480,065

Schedule of intangible assets other than goodwill

Details of intangible assets other than goodwill as of December 31, 2019 and September 30, 2020 are as follows:


		December 31, 2019						September 30, 2020
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization:
Software and technology	3 years	$	66,063	$	(58,866)	$	7,197	$	68,650	$	(62,661)	$	5,989
Customer relationships	3‑10 years		88,904		(59,744)		29,160		98,602		(68,217)		30,385
Trademarks	3‑10 years		22,278		(12,461)		9,817		25,353		(15,466)		9,887
Non-compete agreements	5 years		150		(11)		139		350		(51)		299
Total intangible assets		$	177,395	$	(131,082)	$	46,313	$	192,955	$	(146,395)	$	46,560


		As of December 31, 2018						As of December 31, 2019
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization
Software and technology	3 years	$	66,251	$	(57,937)	$	8,314	$	66,063	$	(58,866)	$	7,197
Customer relationships	3 – 10 years		86,364		(52,753)		33,611		88,904		(59,744)		29,160
Trademarks	3 – 10 years		20,799		(8,952)		11,847		22,278		(12,461)		9,817
Non-compete agreements	5 years		—		—		—		150		(11)		139
			173,414		(119,642)		53,772		177,395		(131,082)		46,313
Intangible assets not subject to amortization
In-process research and development			229		—		229		—		—		—
Total intangible assets		$	173,643	$	(119,642)	$	54,001	$	177,395	$	(131,082)	$	46,313

Schedule of aggregate amortization expense for purchased intangible assets with finite lives


	Nine Months Ended
	September 30,
	2019		2020
Cost of subscriptions and licenses	$	2,760	$	3,426
Amortization of purchased intangibles		10,402		10,984
Total amortization expense	$	13,162	$	14,410


	Year Ended
	December 31,
	2018		2019
Cost of subscriptions and licenses	$	2,840	$	3,795
Amortization of purchased intangibles		14,000		14,213
Total amortization expense	$	16,840	$	18,008

Schedule of amortization expense


2020	$	17,422
2021		11,963
2022		8,543
2023		3,798
2024		2,058
Thereafter		2,529
	$	46,313

Accruals and Other Current Liabilities (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of accruals and other current liabilities

Accruals and other current liabilities consist of the following:


	December 31, 2019		September 30, 2020
Cloud Services Subscription deposits	$	54,688	$	78,671
Accrued benefits		33,184		32,074
Accrued compensation		31,537		24,113
Accrued expenses associated with initial public offering		—		22,066
Accrued severance and realignment costs		1,688		10,336
Due to customers		8,945		9,507
Accrued acquisition stay bonuses		4,143		6,006
Accrued hosting costs		2,215		5,664
Sales taxes payable		5,287		3,596
Contingent consideration from acquisitions		5,100		3,583
Accrued professional fees		4,382		2,867
Accrued facility costs		2,168		1,981
Non-contingent consideration from acquisitions		900		91
Accrued rent		1,909		—
Other accrued and current liabilities		11,371		12,311
Total accruals and other current liabilities	$	167,517	$	212,866


	As of December 31,
	2018		2019
Cloud Services Subscription deposits	$	25,541	$	54,688
Accrued benefits		25,863		33,184
Accrued compensation		30,484		31,537
Due to customers		8,467		8,945
Contingent consideration from acquisitions		2,390		5,100
Sales taxes payable		3,467		5,287
Accrued professional fees		2,347		4,382
Accrued acquisition stay bonuses		1,650		4,143
Accrued hosting costs		6,740		2,215
Accrued facility costs		2,269		2,168
Accrued rent		2,574		1,909
Accrued severance and realignment costs		6,555		1,688
Non-contingent consideration from acquisitions		8,629		900
Other accrued and current liabilities		9,723		11,371
Total accruals and other current liabilities	$	136,699	$	167,517

Long-Term Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of long term debt

Long‑term debt consists of the following as of December 31, 2019 and September 30, 2020:


	December 31, 2019		September 30, 2020
Bank credit facility:
Senior secured revolver	$	233,750	$	465,000
Term loan		—		124,583
Total long‑term debt	$	233,750	$	589,583


	As of December 31,
	2018		2019
Bank credit facility:
Senior secured revolver	$	258,750	$	233,750
Total long-term debt	$	258,750	$	233,750

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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Retirement Plans (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of DCP Related Compensation (Income) Expense

The table below shows compensation (income) expense related to the DCP recorded during the nine months ended September 30, 2019 and 2020, respectively:

Common Stock (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2019:
Third quarter	$	0.025	$	6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.075	$	19,023
2020:
Third quarter (1)	$	1.530	$	400,311
Second quarter		0.030		7,771
First quarter		0.030		7,666
Total	$	1.590	$	415,748


	Dividend
	Per Share		Amount
2018:
Fourth quarter	$	0.020	$	4,990
Third quarter		0.020		5,016
Second quarter		0.020		5,020
First quarter		0.020		4,979
Total	$	0.080	$	20,005
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter		0.025		6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.100	$	25,390

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of accumulated other comprehensive loss

Accumulated other comprehensive loss consists of the following during the nine months ended September 30, 2019 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income, before taxes		5,763		23		5,786
Tax benefit		—		(8)		(8)
Other comprehensive income, net of taxes		5,763		15		5,778
Balance, September 30, 2019	$	(23,104)	$	(532)	$	(23,636)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)
Other comprehensive (loss) income, before taxes		(5,315)		52		(5,263)
Tax benefit		—		(21)		(21)
Other comprehensive (loss) income, net of taxes		(5,315)		31		(5,284)
Balance, September 30, 2020	$	(28,223)	$	(988)	$	(29,211)

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2017	$	(17,847)	$	(693)	$	(18,540)
Other comprehensive income (loss), before taxes		(11,020)		208		(10,812)
Tax expense		—		(62)		(62)
Other comprehensive income (loss), net of taxes		(11,020)		146		(10,874)
Balance, December 31, 2018		(28,867)		(547)		(29,414)
Other comprehensive income (loss), before taxes		5,959		(675)		5,284
Tax expense		—		203		203
Other comprehensive income (loss), net of taxes		5,959		(472)		5,487
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)

Equity Awards and Instruments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of assumptions used to estimate the fair value of the share options granted

Schedule of Options


		Exercise Price Per Share
	Options		Weighted
	Outstanding	Range	Average
Balance, December 31, 2019	18,691,667	$2.00 – $5.74	$	4.47
Option activity:
Granted	10,000	9.34		9.34
Exercised	(4,864,944)	2.00 – 5.74		3.37
Canceled	(223,250)	2.00 – 9.34		5.30
Balance, September 30, 2020	13,613,473	$3.73 – $5.74	$	4.85


		Weighted
		Remaining
	Number of	Contractual
Exercise	Options	Life
Prices	Outstanding	(in years)	Exercisable
$3.73 – $4.00	5,407,315	1.07	4,424,881
4.01 – 5.74	8,206,158	3.08	2,536,658
Total	13,613,473		6,961,539

For the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company received cash proceeds of $3,612 and $7,776, respectively, related to the exercise of stock options.


						Weighted
		Weighted				Remaining
		Average		Aggregate		Contractual
	Number of	Exercise		Intrinsic		Life
	Options	Price		Value		(in years)
Options as of September 30, 2020
Outstanding	13,613,473	$	4.85	$	361,441	2.3
Exercisable	6,961,539	$	4.40	$	187,962	1.7


		Exercise Price Per Share
	Options						Weighted
	Outstanding	Range					Average
Balance, December 31, 2017	18,629,380	$	0.31	-	$	5.38	$	3.72
Option activity:
Granted	5,126,000		6.81	-		8.67		6.81
Exercised	(3,738,182)		0.31	-		5.38		1.89
Canceled	(502,750)		0.31	-		8.67		5.04
Balance, December 31, 2018	19,514,448	$	1.79	-	$	6.81	$	4.85
Option activity:
Granted	4,826,000					7.24		7.24
Exercised	(4,731,158)		1.79	-		6.81		2.68
Canceled	(917,623)		1.79	-		7.24		5.82
Balance, December 31, 2019	18,691,667	$	3.50	-	$	7.24	$	5.97

The following is a summary of options outstanding and exercisable by exercise price as of December 31, 2019:


		Weighted
	Number of	Remaining
	Options	Contractual
Exercise Prices	Outstanding	Life (in years)	Exercisable
$3.50 – $4.00	1,978,256	0.39	1,978,256
4.01 – 6.00	7,450,203	1.78	4,469,866
$6.01 – $7.24	9,263,208	3.82	1,125,708
Total	18,691,667		7,573,830

The following is a summary of the intrinsic value of options outstanding and exercisable as of December 31, 2019:


						Weighted
		Weighted		Aggregate		Remaining
	Number of	Average		Intrinsic		Contractual
	Options	Exercise Price		Value		Life (in years)
Options as of December 31, 2019
Outstanding	18,691,667	$	5.97	$	91,028	2.6
Exercisable	7,573,830	$	5.05	$	43,852	1.6


	Year Ended			Nine Months Ended
	December 31,			September 30,
	2019			2020
Expected volatility		29.57	%		31.04	%
Expected dividend yield		1.38	%		1.11	%
Risk-free interest rate		2.48	%		1.31	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.66		$	2.49


		Year Ended December 31,
		2018		2019
Expected volatility		26.32% – 27.18	%		29.57	%
Expected dividend yield		1.18	%		1.38	%
Risk-free interest rate		2.40	%		2.48	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.46		$	1.66

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of components of income before income taxes


	Year Ended
	December 31,
	2018		2019
Domestic	$	56,426	$	61,691
International		56,436		66,418
Income before income taxes	$	112,862	$	128,109

Summary of provision for income taxes


	Year Ended
	December 31,
	2018		2019
Current:
Federal	$	18,634	$	7,696
State		873		2,486
Foreign		11,303		12,824
		30,810		23,006
Deferred:
Federal		(7,655)		2,389
State		508		412
Foreign		(52,913)		(2,069)
		(60,060)		732
Provision for income taxes	$	(29,250)	$	23,738

Summary of reconciliation of the statutory federal income tax rate to the Company's effective income tax rate


	Year Ended
	December 31,
	2018		2019
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.9		2.0
Permanent book/tax differences	(0.2)		0.2
Stock-based compensation	(2.4)		(2.3)
Tax credits	(3.3)		(3.6)
Foreign tax rate differential	(4.2)		(2.8)
Income tax reserves	(0.2)		0.9
Intercompany sales of certain operating assets	(41.1)		—
Net tax on foreign earnings (GILTI and FDII)	—		6.1
Other	(0.2)		(3.0)
U.S. tax reform	3.8		—
Effective income tax rate	(25.9)	%	18.5	%

Summary of deferred tax assets and liabilities


	As of December 31,
	2018		2019
Deferred tax assets:
Compensation accruals and DCP	$	37,816	$	36,195
NOL and credit carryforwards		10,013		11,544
Intangible assets including goodwill		15,199		10,371
Expenses not currently deductible		581		960
Allowance for accounts receivable		345		472
Other comprehensive income		195		394
Deferred revenue		8,185		—
Valuation allowance		(2,082)		(2,329)
Other		615		40
		70,867		57,647
Deferred tax liabilities:
Deferred revenue		—		12,830
Depreciation		240		707
Other		31		1,302
		271		14,839
Net deferred tax assets	$	70,596	$	42,808

Summary of reconciliation of the total amounts of unrecognized tax benefits


	Year Ended
	December 31,
	2018		2019
Unrecognized tax benefit, beginning of year	$	872	$	638
Additions based on tax positions related to:
Prior years		80		1,222
Reductions for tax positions related to prior years		(39)		(86)
Lapse of statute of limitations		(275)		(11)
Unrecognized tax benefit, end of year	$	638	$	1,763

Fair Value of Financial Instruments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of financial assets and financial liabilities carried at fair value measured on a recurring basis

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan (4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143


September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	30,794	$	—	$	—	$	30,794
Total assets	$	30,794	$	—	$	—	$	30,794
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	5,143	$	5,143
Interest rate swap (3)		—		3,365		—		3,365
Deferred compensation plan (4)		2,300		—		—		2,300
Cash-settled equity awards (5)		743		—		—		743
Total liabilities	$	3,043	$	3,365	$	5,143	$	11,551

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

(3)

Included in Other liabilities in the accompanying consolidated balance sheet.

(4)

(5)

Included in Accruals and other current liabilities in the accompanying consolidated balance sheet.

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	30,197	$	—	$	—	$	30,197
Call options(2)		—		158		—		158
Total assets	$	30,197	$	158	$	—	$	30,355
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	4,316	$	4,316
Deferred compensation plan(4)		2,275		—		—		2,275
Total liabilities	$	2,275	$	—	$	4,316	$	6,591


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan(4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in Other assets in the accompanying consolidated balance sheets.

(3)

(4)

Schedule of reconciliation of the changes in fair value of the Company's financial liabilities


	Year Ended		Nine Months Ended
	December 31, 2019		September 30, 2020
Balance, beginning of year	$	4,316	$	6,599
Payments		(2,513)		(2,034)
Addition		4,498		1,902
Reclassification		180		—
Change in fair value		62		(1,340)
Foreign currency translation adjustments		16		16
Balance, end of period	$	6,599	$	5,143


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	241	$	4,316
Payments		(9)		(2,513)
Addition		13,206		4,498
Reclassification(1)		(8,516)		180
Change in fair value		167		62
Foreign currency translation adjustments		(773)		56
Balance, end of year	$	4,316	$	6,599

(1)

Commitments and Contigencies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments

As of December 31, 2019, under the prior lease standard (Topic 840), future minimum lease payments under non-cancelable operating leases are as follows:


	December 31, 2019
2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
Total minimum lease payments	$	52,016

The future minimum lease payments for the years following December 31, 2019 are as follows:


2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
	$	52,016

Geographic Data (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Long-lived Assets by Geographic Areas

The following table presents the Company’s long-lived assets, net of depreciation and amortization by geographic region. See Notes 5, 6, and 8 for further detail around these assets.


	December 31,		September 30,
	2019		2020
Long-lived assets:
Americas (1)	$	34,758	$	52,893
EMEA		34,039		54,181
APAC		7,148		14,824
Total long-lived assets	$	75,945	$	121,898

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).


	Year Ended December 31,
	2018		2019
Long-lived assets:
Americas(1)	$	32,490	$	34,758
Europe, the Middle East, and Africa		43,933		34,039
Asia/Pacific		6,971		7,148
Total long-lived assets	$	83,394	$	75,945

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

Interest Expense, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Interest Expense, Net

Interest expense, net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Interest expense	$	(7,477)	$	(4,821)
Interest income		974		371
Total interest expense, net	$	(6,503)	$	(4,450)


	Year Ended December 31,
	2018		2019
Interest expense	$	(9,607)	$	(9,731)
Interest income		842		1,532
Total interest expense, net	$	(8,765)	$	(8,199)

Other Income (Expense), Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Other Income (Expense)

Other income (expense), net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Foreign exchange gain (loss) (1)	$	(14,053)	$	8,567
Other income (expense), net (2)		—		(1,811)
Total other income (expense), net	$	(14,053)	$	6,756

(1)

(2)

Other income (expense), net is comprised of the following:


	Year Ended December 31,
	2018		2019
Foreign exchange loss(1)	$	(418)	$	(5,591)
Other income (expense), net(2)		654		34
Total other income (expense), net	$	236	$	(5,557)

(1)

(2)

For the year ended December 31, 2018, other income (expense), net includes a gain of $707 relating to insurance proceeds received in excess of the net book value of the replaced assets.

Realignment Costs (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Realignment Costs Rollforward

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


	2020 Program		Prior Program		Total
Balance, December 31, 2019	$	—	$	491	$	491
Realignment costs		10,020		(8)		10,012
Payments		(379)		(360)		(739)
Adjustments (1)		(71)		—		(71)
Balance, September 30, 2020	$	9,570	$	123	$	9,693

(1)

Adjustments includes foreign currency translation.


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	1,458	$	6,437
Realignment costs		6,778		(584)
Payments		(1,640)		(5,326)
Adjustments(1)		(159)		(36)
Balance, end of year	$	6,437	$	491

(1)

Adjustments includes foreign currency translation.

Schedule of Realignment Costs by Expense Classification


	Nine		Nine
	Months Ended		Months Ended
	September 30, 2019		September 30, 2020
Cost of revenues:
Cost of subscriptions and licenses	$	(51)	$	50
Cost of services		(185)		1,548
Total cost of revenues		(236)		1,598
Operating expenses:
Research and development		(79)		910
Selling and marketing		(263)		5,183
General and administrative		86		2,321
Total operating expenses		(256)		8,414
Total realignment costs	$	(492)	$	10,012


	Year Ended December 31,
	2018		2019
Cost of revenues:
Cost of subscriptions and licenses	$	256	$	(51)
Cost of services		845		(185)
Total cost of revenues		1,101		(236)
Operating expenses:
Research and development		3,380		(171)
Selling and marketing		2,252		(263)
General and administrative		45		86
Total operating expenses		5,677		(348)
Total realignment costs	$	6,778	$	(584)

Earnings Per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Earnings Per Share, Basic and Diluted

The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Nine Months Ended
	September 30,
	2019		2020
Numerator:
Net income	$	66,845	$	74,589
Less: Net income attributable to participating securities		(10)		(4)
Net income attributable to Class A and Class B common stockholders	$	66,835	$	74,585
Denominator:
Denominator for basic net income per share—weighted average shares		286,024,263		287,063,892
Effect of dilutive securities		8,562,091		10,187,457
Denominator for dilutive net income per share		294,586,354		297,251,349
Net income per share, basic	$	0.23	$	0.26
Net income per share, diluted	$	0.23	$	0.25


	Year Ended December 31,
	2018		2019
Numerator:
Net income	$	142,112	$	103,096
Less: Net income attributable to participating securities		(4)		(8)
Net income attributable to Class A and Class B common stockholders	$	142,108	$	103,088
Denominator:
Denominator for basic net income per share – weighted average shares		285,805,096		284,625,642
Effect of dilutive securities:
Stock options		6,819,400		9,171,065
Denominator for dilutive net income per share		292,624,496		293,796,707
Net income per share, basic	$	0.50	$	0.36
Net income per share, diluted	$	0.49	$	0.35

Basis of Presentation and Significant Accounting Policies (Details)	May 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split	2

Basis of Presentation and Significant Accounting Policies- Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Building and improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Aircraft
Property, Plant and Equipment [Line Items]
Estimated useful lives	6 years
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Basis of Presentation and Significant Accounting Policies - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended	24 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill		$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years

Basis of Presentation and Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 0	$ 0
Total costs capitalized under the Accelerated Commercial Development Program	6,060	5,735
Total Accelerated Commercial Development Program related amortization	$ 3,516	$ 2,052
Software Development [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

Basis of Presentation and Significant Accounting Policies - Advertising Expense, U.S. Tax Reform, Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Advertising Expense
Advertising expense		$ 1,579	$ 2,378
Income Taxes
Federal income tax rate	35.00%	21.00%	21.00%
Activity related to the Company's allowance for doubtful accounts
Balance, beginning of year		$ 7,611	$ 5,669
Allowances (recoveries) recorded		(452)	1,620
Foreign currency translation adjustments		115	322
Balance, end of year	$ 5,669	$ 7,274	$ 7,611

Recent Accounting Pronouncements (Details) - USD ($)
$ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Jan. 01, 2020

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Lease, Practical Expedients, Package [true false]

true

Right of use assets

$ 46,006

$ 0

Lease liabilities

48,184

Net tax benefit on intercompany sales of certain intangible operating assets between its foreign subsidiaries

(407,961)

(52,669)

^[1]

$ (218,553)

^[1]

46,369

22,145

$ 11,759

23,738

(29,250)

Cumulative Effect, Period of Adoption, Adjustment

$ 74,589

$ 66,845

$ 103,096

142,112

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Right of use assets

$ 45,850

Lease liabilities

47,666

Forecast [Member] | Cumulative Effect, Period of Adoption, Adjustment

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Right of use assets

46,000

Lease liabilities

$ 48,000

Accounting Standards 2016-16 [Member] | Cumulative Effect, Period of Adoption, Adjustment

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

379

Deferred income taxes (asset)

45,596

45,596

Basic and diluted earnings per share

$ 45,596

$ 0.16

[1]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Recent Accounting Pronouncements - Revenue Recognition (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Jan. 01, 2019

Dec. 31, 2018

^[1]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2014-09 [Member]

$ (52,669)

^[1]

$ (407,961)

$ (218,553)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false]

true

Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment, Net Of Tax

$ 125,464

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

ASC Topic 340-40 | Cumulative Effect, Period of Adoption, Adjustment

101,489

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

ASC Topic 340-40 | Cumulative Effect, Period of Adoption, Adjustment, Net Of Tax

7,734

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 6,333

[1]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Recent Accounting Pronouncements - Quantitative Effect of Topics 606 and 340-40 Adoption (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Jan. 01, 2019

Dec. 31, 2017

Assets, Current [Abstract]

$ 137,598

$ 121,101

$ 81,183

Accounts receivable, net

204,501

184,565

7,307

4,543

5,085

^[1]

23,413

12,390

338,910

353,558

283,223

29,632

29,393

46,560

46,313

54,001

Investment in joint venture

542,239

480,065

446,318

$ 336,982

1,725

44,543

51,068

81,066

37,689

32,238

^[1]

29,595

^[1]

1,090,497

994,599

923,596

Liabilities, Current [Abstract]

15,086

17,669

8,567

167,517

136,699

173,578

204,991

287,682

5,100

2,236

2,794

Total carrying value of debt

422,259

392,413

435,742

589,583

233,750

258,750

6,322

8,154

49,769

9,502

8,260

10,470

7,874

8,140

12,904

15,229

9,263

8,530

Stockholders' Equity Attributable to Parent [Abstract]

1,083,324

659,980

776,165

Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued 11,601,757 shares as of September 30, 2020 and December 31, 2019, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued 251,093,655 and 243,241,192 shares as of September 30, 2020 and December 31, 2019, respectively (Note 13)

2,622

2,548

2,502

441,723

408,667

392,896

(29,211)

(23,927)

(29,414)

(18,540)

(407,961)

(52,669)

^[2]

(218,553)

^[2]

7,173

$ 306,583

334,619

147,431

$ 52,167

1,090,497

994,599

923,596

581,977

533,732

736,654

691,710

116,592

104,249

144,150

131,324

Gross profit

465,385

429,483

592,504

560,386

General and administrative

Research and development

139,570

136,617

183,552

175,032

Selling and marketing

107,551

111,889

155,294

160,635

85,275

71,415

97,580

89,328

Amortization of Purchased Intangibles

14,213

14,000

Total operating expenses

369,510

330,323

450,639

438,995

Income from operations

95,875

99,160

141,865

121,391

Interest expense, net

(8,199)

(8,765)

Other income (expense), net

6,756

(14,053)

(5,557)

236

Income before income taxes

98,181

78,604

128,109

112,862

Equity in loss of joint venture, net of tax

22,145

11,759

23,738

(29,250)

1,447

1,275

74,589

66,845

103,096

142,112

(407,961)

(52,669)

^[2]

(218,553)

^[2]

Subscriptions

501,011

445,338

608,300

557,421

Perpetual licenses

Subscriptions and licenses

36,020

38,255

59,693

61,065

537,031

483,593

667,993

618,486

66,466

48,201

71,578

55,113

Services

44,946

50,139

68,661

73,224

ASU 2014-09 and ASC Topic 340-40 | Cumulative Effect, Period of Adoption, Adjustment, Net Of Tax

$ 50,126

$ 56,048

72,572

$ 76,211

Stockholders' Equity Attributable to Parent [Abstract]

$ 107,822

Calculated under Revenue Guidance in Effect before Topic 606 [Member]

$ 107,822

Assets, Current [Abstract]

121,101

Accounts receivable, net

204,268

6,732

^[1]

20,080

352,181

29,632

46,313

Investment in joint venture

480,065

1,725

72,611

^[1]

26,517

1,009,044

Liabilities, Current [Abstract]

17,669

167,225

282,070

1,030

Total carrying value of debt

467,994

233,750

56,121

7,627

6,321

9,263

Stockholders' Equity Attributable to Parent [Abstract]

781,076

2,548

408,667

(23,086)

^[2]

(160,161)

227,968

1,009,044

734,849

144,011

Gross profit

590,838

General and administrative

Research and development

183,552

Selling and marketing

155,274

97,580

Amortization of Purchased Intangibles

14,213

Total operating expenses

450,619

Income from operations

140,219

Interest expense, net

(8,199)

Other income (expense), net

(5,557)

Income before income taxes

126,463

Equity in loss of joint venture, net of tax

21,762

1,275

103,426

Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Subscriptions

^[2]

(160,161)

Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Perpetual licenses

613,925

Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Subscriptions and licenses

52,519

666,444

Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Services

71,439

68,405

Impact from the adoption of Topic 606 and Topic 340-40

72,572

Assets, Current [Abstract]

Accounts receivable, net

233

(2,189)

^[1]

3,333

1,377

(21,543)

^[1]

5,721

(14,445)

Liabilities, Current [Abstract]

292

(77,079)

1,206

(75,581)

(47,967)

633

1,819

Stockholders' Equity Attributable to Parent [Abstract]

(121,096)

(841)

^[2]

107,492

106,651

(14,445)

1,805

139

Gross profit

1,666

Income before income taxes

Selling and marketing

Total operating expenses

Income from operations

1,646

1,646

1,976

(330)

Impact from the adoption of Topic 606 and Topic 340-40 | Subscriptions

^[2]

107,492

Impact from the adoption of Topic 606 and Topic 340-40 | Perpetual licenses

(5,625)

Impact from the adoption of Topic 606 and Topic 340-40 | Subscriptions and licenses

7,174

1,549

Impact from the adoption of Topic 606 and Topic 340-40 | Services

139

Prepaid Expenses and Other Current Assets [Member]

256

Contract cost assets

2,690

Other Assets [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Contract cost assets

$ 5,235

[1]	As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.
[2]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Jan. 01, 2019

Dec. 31, 2018

^[1]

$ (52,669)

^[1]

$ (407,961)

$ (218,553)

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 213,145

179,900

$ 212,529

Perpetual licenses

Perpetual licenses revenue , recognition term

3 years

Portfolio Balancing

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment

$ 18,060

$ 18,231

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment, Net Of Tax

125,464

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 101,489

[1]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Revenue from Contracts with Customers - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Contract Assets and Contract Liabilities
Contract assets	$ 313	$ 644	$ 173
Deferred revenues	179,900	213,145	$ 212,529
Contract with customer, liability, revenue recognized	177,462	202,354
Contract with customer liability additions	142,678	202,806
Remaining performance obligations
Remaining performance obligation amount	$ 179,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Remaining performance obligations
Remaining performance obligation amount		$ 213,145
Remaining performance obligation, percent to be recognized over next twelve months		96.20%
Remaining performance obligation expected timing of satisfaction period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Remaining performance obligations
Remaining performance obligation, percent to be recognized over next twelve months	96.50%
Remaining performance obligation expected timing of satisfaction period	12 months

Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,977	$ 533,732	$ 736,654	$ 691,710
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	501,011	445,338	608,300	557,421
Select Subscription Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues			267,249	273,745
Enterprise license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	165,268	135,959	184,833	182,816
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	135,895	112,815	156,218	100,860
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	245,639	225,921	311,689
Services
Disaggregation of Revenue [Line Items]
Total revenues	44,946	50,139	68,661	73,224
Professional services (recurring)
Disaggregation of Revenue [Line Items]
Total revenues	11,624	15,682	22,797	25,981
Professional services (other)
Disaggregation of Revenue [Line Items]
Total revenues	$ 33,322	$ 34,457	$ 45,864	$ 47,243
Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk percentage			8.00%
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			$ 734,849
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues			613,925
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Select Subscription Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues			267,340
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Enterprise license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues			196,081
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues			150,504
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Services
Disaggregation of Revenue [Line Items]
Total revenues			68,405
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Professional services (recurring)
Disaggregation of Revenue [Line Items]
Total revenues			22,974
Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| Professional services (other)
Disaggregation of Revenue [Line Items]
Total revenues			$ 45,431

Revenue from Contracts with Customers - Revenues from external customers (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,977	$ 533,732	$ 736,654	$ 691,710
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			734,849
Americas
Disaggregation of Revenue [Line Items]
Total revenues	287,942	259,216	356,331	328,749
Americas \| Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			360,934
United States
Disaggregation of Revenue [Line Items]
Total revenues	251,194	222,769	306,493	277,706
United States \| Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			307,259
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	184,913	171,604	236,602	231,486
EMEA \| Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			235,254
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenues	46,355	41,443	57,321	59,086
United Kingdom \| Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			59,524
Asia-Pacific ("APAC")
Disaggregation of Revenue [Line Items]
Total revenues	$ 109,122	$ 102,912	143,721	$ 131,475
Asia-Pacific ("APAC") \| Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Total revenues			$ 138,661

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Acquisitions (Details) $ in Thousands	9 Months Ended		12 Months Ended
Acquisitions (Details) $ in Thousands	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Cash acquired	$ (2,064)	$ (980)	$ (2,523)	$ (7,774)
Net cash paid	$ 68,920	$ 9,662	$ 34,054	$ 135,264
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions	4,000		4,000	7
Cash paid at closing	$ 70,984		$ 36,577	$ 143,038
Cash acquired	(2,064)		(2,523)	(7,774)
Net cash paid	$ 68,920		$ 34,054	$ 135,264

Acquisitions - Additional Information (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Fair value of the contingent consideration included in accruals and other current liabilities			$ 5,100	$ 2,390
Contingent consideration from acquisitions	$ 3,583		5,100	2,390
Reclassifications to noncontingent consideration from acquisitions	(1,340)	$ 62	62	272
Other Noncurrent Liabilities [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Contingent consideration from acquisitions			1,499	1,926
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition contingent consideration	5,143		6,599
Fair value of the contingent consideration included in accruals and other current liabilities	1,560		1,499
Contingent consideration from acquisitions	$ 3,583		5,100
Reclassifications to noncontingent consideration from acquisitions				8,516
Fair value adjustments to reduce revenue			$ 553	2,469
Number of acquisitions, purchase accounting not yet finalized			3
Business combination, maximum measurement period for fair value determination			1 year
Acquisition and integration costs			$ 950	1,361
Series of Individually Immaterial Business Acquisitions \| Accruals and other current liabilities
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition contingent consideration			6,599	4,316
Current deferred payment obligations			5,999	11,019
Series of Individually Immaterial Business Acquisitions \| Other Noncurrent Liabilities [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Long-term deferred payment obligations			$ 1,499	$ 2,826

Acquisitions - Fair Value Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets acquired and liabilities assumed
Goodwill	$ 542,239	$ 480,065	$ 446,318	$ 336,982
Series of Individually Immaterial Business Acquisitions
Finite-Lived Intangible Assets [Line Items]
Cash paid at closing	70,984	36,577	143,038
Contingent consideration from acquisitions	1,902	4,498	13,456
Deferred payment obligations to sellers			690
Total consideration	72,745	41,075	157,184
Assets acquired and liabilities assumed
Cash		2,523	7,774
Prepaid and other current assets	5,671	1,782	4,790
Property and equipment	172	411	340
Other assets	36	84
Total identifiable assets acquired excluding goodwill	23,922	15,338	52,986
Deferred tax liability	(1,005)	(1,869)	(8,917)
Other current liabilities	(2,458)	(3,538)	(3,848)
Deferred revenues	(4,274)	(2,897)	(6,181)
Total liabilities assumed	(9,492)	(8,304)	(18,946)
Net identifiable assets acquired excluding goodwill	14,430	7,034	34,040
Goodwill	58,315	34,041	123,144
Net assets acquired	72,745	41,075	157,184
Goodwill amount expected to be deductible for tax purposes	$ 24,085	6,501
Customer relationships
Assets acquired and liabilities assumed
Weighted average useful life	7 years
Customer relationships \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 8,854	6,534	27,294
Software And Technology [Member] \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 2,423	9,332
Weighted average useful life		3 years
In Process Research and Development [Member] \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			1,366
Non-compete agreement \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 150
Weighted average useful life		5 years
Trademarks \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 3,050	$ 1,431	$ 2,090
Minimum \| Customer relationships \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Weighted average useful life		5 years
Minimum \| Trademarks \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Weighted average useful life		5 years
Maximum \| Customer relationships \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Weighted average useful life		7 years
Maximum \| Trademarks \| Series of Individually Immaterial Business Acquisitions
Assets acquired and liabilities assumed
Weighted average useful life		7 years

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 102,764	$ 98,484	$ 95,900
Less accumulated depreciation		(68,852)	(66,507)
Total property and equipment, net		29,632	29,393
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,811	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	32,803	31,619	30,585
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	50,087	47,472	46,938
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	12,930	12,593	11,595
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, at cost		3,910	3,910
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 58	$ 79	$ 61

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9,813	$ 9,300

Goodwill and Other Intangible Assets - Changes in the carrying amount of goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in the carrying amount of goodwill
Goodwill beginning balance	$ 480,065	$ 446,318	$ 336,982
Acquisitions	58,315	34,041	123,144
Foreign currency translation adjustments	3,935	(321)	(13,808)
Other adjustments	(76)	27
Goodwill ending balance	$ 542,239	$ 480,065	$ 446,318

Goodwill and Other Intangible Assets - Intangible assets other than goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible assets subject to amortization
Gross Carrying Amount	$ 192,955	$ 177,395	$ 173,414
Accumulated Amortization	(146,395)	(131,082)	(119,642)
Net Book Value	46,560	46,313	53,772
Intangible assets not subject to amortization
In-process research and development			229
Total intangible assets Net Book Value	46,560	46,313	54,001
Total intangible assets Gross Carrying Amount		177,395	173,643
Total intangible assets Net Book Value	46,560	$ 46,313	54,001
Maximum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets		10 years
Minimum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets		3 years
Software and technology
Intangible assets subject to amortization
Gross Carrying Amount	68,650	$ 66,063	66,251
Accumulated Amortization	(62,661)	(58,866)	(57,937)
Net Book Value	$ 5,989	$ 7,197	8,314
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	3 years	3 years
Customer relationships
Intangible assets subject to amortization
Gross Carrying Amount	$ 98,602	$ 88,904	86,364
Accumulated Amortization	(68,217)	(59,744)	(52,753)
Net Book Value	$ 30,385	$ 29,160	33,611
Customer relationships \| Maximum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	10 years	10 years
Customer relationships \| Minimum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	3 years	3 years
Trademarks
Intangible assets subject to amortization
Gross Carrying Amount	$ 25,353	$ 22,278	20,799
Accumulated Amortization	(15,466)	(12,461)	(8,952)
Net Book Value	$ 9,887	$ 9,817	11,847
Trademarks \| Maximum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	10 years	10 years
Trademarks \| Minimum
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	3 years	3 years
Non-compete agreements
Intangible assets subject to amortization
Gross Carrying Amount	$ 350	$ 150
Accumulated Amortization	(51)	(11)
Net Book Value	$ 299	$ 139
Intangible assets not subject to amortization
Estimated useful lives of intangible assets	5 years	5 years
In Process Research and Development [Member]
Intangible assets not subject to amortization
In-process research and development			$ 229

Goodwill and Other Intangible Assets - Aggregate amortization expense for purchased intangible assets with finite lives (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses			$ 3,795	$ 2,840
Amortization of purchased intangibles			14,213	14,000
Amortization of Intangible Assets, Total	$ 10,984	$ 10,402	$ 18,008	$ 16,840

Goodwill and Other Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020		$ 17,422
2021		11,963
2022		8,543
2023		3,798
2024		2,058
Thereafter		2,529
Net Book Value	$ 46,560	$ 46,313	$ 53,772

Investment in Joint Venture (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Investment in Joint Venture
Investment in joint venture	$ 1,725
Topcon
Investment in Joint Venture
Ownership percentage	50.00%
DCW
Investment in Joint Venture
Ownership percentage	50.00%
Investment in joint venture	$ 1,725

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Cloud Services Subscription deposits	$ 78,671	$ 54,688	$ 25,541
Accrued benefits	32,074	33,184	25,863
Accrued compensation	24,113	31,537	30,484
Due to customers		8,945	8,467
Accruals and other current liabilities	3,583	5,100	2,390
Sales taxes payable	3,596	5,287	3,467
Accrued professional fees	2,867	4,382	2,347
Accrued acquisition stay bonuses	6,006	4,143	1,650
Accrued hosting costs	5,664	2,215	6,740
Accrued facility costs	1,981	2,168	2,269
Accrued rent	0	1,909	2,574
Accrued severance and realignment costs	10,336	1,688	6,555
Non-contingent consideration from acquisitions	91	900	8,629
Other accrued and current liabilities	$ 12,311	11,371	9,723
Total accruals and other current liabilities		$ 167,517	$ 136,699

Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Bank credit facility:
Total carrying value of debt	$ 589,583	$ 233,750	$ 258,750
Revolving Credit Facility \| Line of Credit
Bank credit facility:
Total carrying value of debt		$ 233,750	$ 258,750

Long-Term Debt - Bank Credit Facility (Details) - USD ($)		9 Months Ended		12 Months Ended
	Dec. 19, 2017	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 17, 2017
Debt Instrument [Line Items]
Total carrying value of debt		$ 589,583,000		$ 233,750,000	$ 258,750,000
Interest expense		4,821,000	$ 7,477,000	9,731,000	9,607,000
Amortization of deferred debt issuance costs		430,000	415,000	553,000	552,000
Other interest expense		40,000	157,000	$ 207,000	$ 255,000
Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate				3.47%	3.28%
Accrued interest and fees				$ 0	$ 31,000
Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		34,850,000		$ 265,704,000	240,619,000
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Percentage of stock owned from foreign subsidiaries				65.00%
Interest expense				$ 8,971,000	8,800,000
Revolving Credit Facility \| Term Loan
Debt Instrument [Line Items]
Amortization of deferred debt issuance costs		$ 430,000	$ 415,000	553,000	552,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit	$ 100,000,000
Total carrying value of debt				233,750,000	258,750,000
Revolving Credit Facility \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000					$ 500,000,000
Letter of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit	100,000,000
Letter of Credit \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Other incremental borrowings	50,000,000
Bridge Loan
Debt Instrument [Line Items]
Multi-currency swing-line sub-facility borrowings	50,000,000
Bridge Loan \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Total carrying value of debt				$ 546,000	$ 631,000
Revolving Credit Facility - Euro Currency \| London Interbank Offered Rate (LIBOR) \| Maximum \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate	2.25%			225.00%
Revolving Credit Facility - Euro Currency \| London Interbank Offered Rate (LIBOR) \| Minimum \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate	1.00%			100.00%
Revolving Credit Facility - Non-Euro Currency \| Maximum \| Credit Facility
Debt Instrument [Line Items]
Commitment fee for the unused credit facility (in percentage)	0.30%			30.00%
Revolving Credit Facility - Non-Euro Currency \| Minimum \| Credit Facility
Debt Instrument [Line Items]
Commitment fee for the unused credit facility (in percentage)	0.15%			15.00%
Revolving Credit Facility - Non-Euro Currency \| London Interbank Offered Rate (LIBOR) \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate	1.00%			100.00%
Revolving Credit Facility - Non-Euro Currency \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate				50.00%
Revolving Credit Facility - Non-Euro Currency \| Base Rate \| Maximum \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate	1.25%			125.00%
Revolving Credit Facility - Non-Euro Currency \| Base Rate \| Minimum \| Credit Facility
Debt Instrument [Line Items]
Spread variable rate	0.00%			0.00%

Executive Bonus Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Executive Bonus Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Compensation Related Costs [Abstract]
Cash bonuses (in percent)	20.00%
Incentive compensation	$ 31,061	$ 27,641

Retirement Plans - 401(k) Plan (Details) - USD ($)		9 Months Ended		12 Months Ended
Retirement Plans - 401(k) Plan (Details) - USD ($)	Aug. 28, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Benefit Plan Disclosure
Deferred compensation liability, current and noncurrent		$ 2,300,000		$ 2,544,000	$ 2,275,000
Qualified Plan
Defined Benefit Plan Disclosure
Employer discretionary contribution, percent of qualified cash compensation (up to)		5.00%		5.00%
Nonqualified Plan
Defined Benefit Plan Disclosure
Contributions by employer		$ 0	$ 0
Dividends, common stock, paid-in-kind	$ 41,948,000
Nonqualified Plan \| Deferred Compensation, Share-based Payments [Member]
Defined Benefit Plan Disclosure
Contributions by employer				$ 0	0
United States \| Qualified Plan
Defined Benefit Plan Disclosure
Employer contributions		2,600,000	2,423,000	3,311,000	3,337,000
Foreign Plan
Defined Benefit Plan Disclosure
Employer contributions				$ 8,070,000	$ 7,613,000
Foreign Plan \| Qualified Plan
Defined Benefit Plan Disclosure
Employer contributions		$ 5,566,000	$ 5,956,000
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		20.00%		20.00%
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| After January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		100.00%		100.00%
Share-based Payment Arrangement, Tranche Two \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		20.00%
Share-based Payment Arrangement, Tranche Three \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		20.00%		20.00%
Share-Based Payment Arrangement, Tranche Four \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		20.00%
Share-Based Payment Arrangement, Tranche Four \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Deferred Compensation, Share-based Payments [Member] \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage				20.00%
Share-Based Payment Arrangement, Tranche Five \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Benefit Plan Disclosure
Vesting percentage		20.00%		20.00%

Retirement Plans - Deferred Compensation Plan (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Postretirement Benefits
Bonus plan compensation expense			$ 3,994	$ 4,323
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Deferred Compensation Arrangement with Individual, Postretirement Benefits
Bonus plan compensation expense	$ (115)	$ 304	$ 408	$ (75)

Common Stock (Details) - USD ($)	9 Months Ended		12 Months Ended
Common Stock (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Sep. 25, 2020	Apr. 23, 2018	Apr. 20, 2018	Sep. 30, 2016
Profit-sharing plan shares, net, value	$ 6,970,000	$ 1,939,000
Value of shares issued for cash			$ 418,000	$ (9,673,000)
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Share-based compensation tax withholding payment				$ 6,861,000
Income tax withholdings on shares sold back			$ 5,609,000
Deferred compensation arrangement with individual, shares issued, gross (in shares)			759,624	3,340,904
Shares sold			3,082,607	1,008,319
Stock Option
Stock repurchased during period (in shares)			1,516,616	913,608
Stock option exercises, net (in shares)			4,731,158	3,738,182
Share-based compensation tax withholding payment			$ 2,324,000
Issuance of shares for options, other than cash			3,457,887	2,491,402
Income tax withholdings on shares sold back				$ 1,577,000
Equity Incentive Plan \| Performance Based Restricted Stock Units Rsus Two Thousand Sixteen [Member]
Shares repurchased by Company after exercise			$ 8,838,000	$ 8,571,000
Shares repurchased by Company after exercise (in shares)			1,126,747
Private Placement
Value of shares issued for cash	$ (57,000)	$ 420,000
Common Stock
Outstanding shares	262,227,036	255,077,438	254,842,949	250,283,513
Stock repurchased during period (in shares)	549,834	258,103
Profit-sharing plan shares, net, value	$ 5,000	$ 3,000
Stock option exercises, net (in shares)	3,506,103	2,979,031
Common Stock \| Private Placement
Value of shares issued for cash		$ 1,000
Deferred Compensation, Share-based Payments [Member] \| Deferred Profit Sharing
Stock repurchased during period (in shares)	549,834	258,103	318,203	465,979
Profit-sharing plan shares, net, value	$ 6,970,000	$ 1,939,000	$ 2,417,000	$ 3,387,000
Class A and Class B Common Stock
Stock option exercises, net (in shares)			3,214,542	2,812,998
Value of shares issued for cash				$ (13,000)
Class A and Class B Common Stock \| Equity Incentive Plan \| Performance Based Restricted Stock Units Rsus Two Thousand Sixteen [Member]
Shares repurchased by Company after exercise (in shares)				1,131,928
Class A Common Stock
Common stock shares authorized (up to) (in shares)	100,000,000		320,000,000	320,000,000	100,000,000		320,000,000
Outstanding shares	11,601,757		11,601,757	11,601,757
Class B Common Stock
Common stock shares authorized (up to) (in shares)	1,800,000,000		600,000,000	600,000,000	1,800,000,000		600,000,000
Outstanding shares	250,625,279		243,241,192	238,681,756
Common Stock Purchase Agreement, Amount Authorized	$ 250,000,000					$ 250,000,000		$ 200,000,000
Stock repurchased during period (in shares)	3,769,345
Number of each Class B common stock converted			1.00%
Class B Common Stock \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Share-based compensation tax withholding payment	$ 1,877,000	$ 4,972,000
Deferred compensation arrangement with individual, shares issued (in shares)	2,984,531	2,233,807	2,322,983	2,332,585
Deferred compensation arrangement with individual, shares issued, gross (in shares)	3,165,759	2,913,613
Shares sold	181,228	679,806
Class B Common Stock \| Stock Option
Shares exercised, net of shares withheld (in shares)	3,506,103
Stock option exercises, net (in shares)	4,864,944
Shares withheld for cost of options and tax withholding obligation	1,358,841
Share-based compensation tax withholding payment	$ 3,618,000	$ 2,270,000		$ 2,187,000
Share-based Payment Arrangement, Cash Used to Settle Award	$ 7,776,000
Class B Common Stock \| Private Placement
Number of shares sold (in shares)	4,574,567	791,873	791,873	5,151,019
Stock repurchased during period (in shares)		622,873	622,873	2,139,466
Sale of stock, consideration received	$ 58,349,000	$ 4,510,000	$ 4,510,000	$ 16,220,000
Class B Common Stock \| Private Placement, Direct Investor Investment
Number of shares sold (in shares)	805,053	169,000	169,000	3,011,553
Sale of stock, consideration received	$ 12,462,000	$ 1,224,000	$ 1,224,000	$ 22,792,000
Class B Common Stock \| Common Stock
Shares exercised, net of shares withheld (in shares)		2,979,031	3,214,542	2,812,998
Stock option exercises, net (in shares)		4,372,294	4,731,158	3,726,606
Shares withheld for cost of options and tax withholding obligation		1,393,263	1,273,271	1,235,204
Value of shares issued for cash			$ 3,627,000
Class B Common Stock \| Common Stock \| Stock Option
Share-based Payment Arrangement, Cash Used to Settle Award		$ 3,054,000

Common Stock - Terms of common stock and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Dividend per share	$ 1.530	$ 0.030	$ 0.030	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.020	$ 0.020	$ 0.020	$ 0.020	$ 1.590	$ 0.075	$ 0.100	$ 0.080
Amount	$ 400,311	$ 7,771	$ 7,666	$ 6,367	$ 6,380	$ 6,375	$ 6,268	$ 4,990	$ 5,016	$ 5,020	$ 4,979	$ 415,748	$ 19,023	$ 25,390	$ 20,005

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	$ (23,927)	$ (29,414)	$ (29,414)	$ (18,540)
Other comprehensive income (loss), before taxes	(5,263)	5,786	5,284	(10,812)
Tax expense	21	8	203	(62)
Other comprehensive (loss) income, net of taxes	(5,284)	5,778	5,487	(10,874)
Balance, ending	(29,211)		(23,927)	(29,414)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	(22,908)	(28,867)	(28,867)	(17,847)
Other comprehensive income (loss), before taxes	(5,315)	5,763	5,959	(11,020)
Tax expense	0	0
Other comprehensive (loss) income, net of taxes	(5,315)	5,763	5,959	(11,020)
Balance, ending			(22,908)	(28,867)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	$ (1,019)	$ (547)	(547)	(693)
Other comprehensive income (loss), before taxes			(675)	208
Tax expense			203	(62)
Other comprehensive (loss) income, net of taxes			(472)	146
Balance, ending			$ (1,019)	$ (547)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Equity Awards and Instruments (Details)						1 Months Ended	9 Months Ended	12 Months Ended
Equity Awards and Instruments (Details)	May 15, 2019 $ / shares shares	Mar. 22, 2019 $ / shares shares	Sep. 06, 2018 $ / shares shares	May 29, 2018 $ / shares shares	Mar. 22, 2018 $ / shares shares	Mar. 31, 2018 $ / shares shares	Sep. 30, 2020	Dec. 31, 2019 USD ($) plan shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stockholder-approved plans \| plan								2
Put provision start period, number of months since exercise							6 months
Put provision end Period, number of days after start period							30 days
Call Provision Exercise Period							7 months
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Put provision start period, number of months since exercise								6 months
Put provision end Period, number of days after start period								30 days
Call Provision Exercise Period								7 months
Option granted	10,000	4,816,000	10,000	5,096,000	20,000			4,826,000	5,126,000
Grant date fair value \| $ / shares	$ 1.65	$ 1.66	$ 1.96	$ 1.46	$ 1.43
Options outstanding								18,691,667	19,514,448	18,629,380
Income tax withholdings on shares sold back \| $									$ 1,577,000
Acquisition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value \| $ / shares						$ 3.44
Options acquired						900,000
Term of options (in years)						5 years
Initial exercise price \| $ / shares						$ 6.805
Cap and collar adjustment \| $ / shares						$ 0.01
Options outstanding								900,000
Restricted stock expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted								493,840	512,616
Performance conditions vested								241,709	451,784
Shares sold								25,677	76,375
Income tax withholdings on shares sold back \| $								$ 192,000	$ 610
Restricted stock expense \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted									57,670
Service condition (in years)									3 years
Restricted stock expense \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold									4,798
Income tax withholdings on shares sold back \| $									$ 27,000
Restricted stock expense \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold								23,343
Income tax withholdings on shares sold back \| $								$ 169,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted								0	0
RSU outstanding shares								54,771	70,687
Restricted Stock Units (RSUs) [Member] \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance conditions vested								16,746
Shares sold								5,398
Income tax withholdings on shares sold back \| $								$ 39,000
2015 Equity Incentive Plan \| Class B Common Stock \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance								50,000,000

Equity Awards and Instruments - Option activity (Details) - USD ($)						12 Months Ended
	May 15, 2019	Mar. 22, 2019	Sep. 06, 2018	May 29, 2018	Mar. 22, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Option
Options Outstanding
Beginning balance (in shares)						19,514,448	18,629,380
Granted (in shares)	10,000	4,816,000	10,000	5,096,000	20,000	4,826,000	5,126,000
Exercised						(4,731,158)	(3,738,182)
Canceled						(917,623)	(502,750)
Ending balance (in shares)						18,691,667	19,514,448	18,629,380
Exercise Price Per share, Range
Exercise per share						$ 7.24	$ 6.81	$ 5.38
Granted						7.24	8.67
Exercised						$ 6.81	$ 5.38
Canceled						$ 7.24	$ 8.67
Exercise Price Per Share, Weighted Average
Beginning balance, weighted average exercise price (USD per share)						$ 4.85	$ 3.72
Granted						7.24	6.81
Exercised						2.68	1.89
Canceled						5.82	5.04
Ending balance, weighted average exercise price (USD per share)						5.97	4.85	3.72
Stock Option \| Minimum
Exercise Price Per share, Range
Exercise per share						3.50	1.79	$ 0.31
Granted							6.81
Exercised						$ 1.79	$ 0.31
Canceled						$ 1.79	$ 0.31
2015 Equity Incentive Plan
Exercise Price Per Share, Weighted Average
Options and other equity awards available for future grants						28,101,504	30,607,529

Equity Awards and Instruments - Summary of options outstanding and exercisable by exercise price (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 28, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices, Lower limit	$ 0.01
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding		18,691,667
Exercisable		7,573,830
Cash proceeds from exercise of stock options		$ 3,612	$ 2,179
Exercise Prices $3.50 - $4.00 \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices, Lower limit		$ 3.50
Exercise Prices, Upper limit		$ 4.00
Number of Options Outstanding		1,978,256
Weighted Remaining Contractual Life (in years)		4 months 21 days
Exercisable		1,978,256
Exercise Prices 4.01 - 6.00 \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices, Lower limit		$ 4.01
Exercise Prices, Upper limit		$ 6.00
Number of Options Outstanding		7,450,203
Weighted Remaining Contractual Life (in years)		1 year 9 months 11 days
Exercisable		4,469,866
Exercise Prices $6.01 - $7.24 \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices, Lower limit		$ 6.01
Exercise Prices, Upper limit		$ 7.24
Number of Options Outstanding		9,263,208
Weighted Remaining Contractual Life (in years)		3 years 9 months 26 days
Exercisable		1,125,708

Equity Awards and Instruments - Summary of the intrinsic value of options outstanding and exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Intrinsic value of options outstanding and exercisable
Total pre-tax expense	$ 23,617	$ 6,046
Stock Option
Intrinsic value of options outstanding and exercisable
Number of Options, Outstanding			18,691,667
Number of Options, Exercisable			7,573,830
Weighted Average Exercise Price, Outstanding			$ 5.97
Weighted Average Exercise Price, Exercisable			$ 5.05
Aggregate Intrinsic Value, Outstanding			$ 91,028
Aggregate Intrinsic Value, Exercisable			$ 43,852
Weighted Remaining Contractual Life (in years), Outstanding			2 years 7 months 6 days
Weighted Remaining Contractual Life (in years), Exercisable			1 year 7 months 6 days
Total pre-tax expense	5,849	4,795	$ 6,342	$ 4,808
Unrecognized compensation cost related to unvested stock options	$ 7,825		$ 11,911
Weighted average period related to unvested stock options (in years)	1 year 10 months 24 days		2 years 7 months 6 days
Total intrinsic value of stock options exercised	$ 58,502	21,555	$ 22,914	18,291
Restricted stock expense
Intrinsic value of options outstanding and exercisable
Total pre-tax expense	$ 2,104	$ 1,251	$ 1,749	$ 3,074

Equity Awards and Instruments - Schedule of assumptions used to estimate fair value of share options (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum				26.32%
Expected volatility, maximum				27.18%
Expected volatility		31.04%	29.57%
Expected dividend yield	0.00%	1.11%	1.38%	1.18%
Risk-free interest rate		1.31%	2.48%	2.40%
Shares outstanding, weighted remaining contractual life (in years)			3 years 9 months	3 years 9 months
Weighted average grant date fair value of options issued		$ 2.49	$ 1.66	$ 1.46
Payment to Stockholder for shares bought back			$ 8,838	$ 8,571

Income Taxes - Income before income taxes (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Components of income before income taxes
Domestic			$ 61,691	$ 56,426
International			66,418	56,436
Income before income taxes	$ 98,181	$ 78,604	$ 128,109	$ 112,862

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal			$ 7,696	$ 18,634
State			2,486	873
Foreign			12,824	11,303
Current Income Tax Expense (Benefit), Total			23,006	30,810
Deferred:
Federal			2,389	(7,655)
State			412	508
Foreign			(2,069)	(52,913)
Deferred Income Tax Expense (Benefit), Total	$ 7,853	$ 833	732	(60,060)
Income Tax Expense (Benefit), Total	$ 22,145	$ 11,759	$ 23,738	$ (29,250)

Income Taxes - Reconciliation of the statutory federal income tax rate (Details)		9 Months Ended		12 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of the statutory federal income tax rate to the Company's effective income tax rate
Federal statutory rate	35.00%			21.00%	21.00%
State income taxes, net of federal benefit				2.00%	0.90%
Permanent book/tax differences				0.20%	(0.20%)
Stock-based compensation				(2.30%)	(2.40%)
Tax credits				(3.60%)	(3.30%)
Foreign tax rate differential				(2.80%)	(4.20%)
Income tax reserves				0.90%	(0.20%)
Intercompany sales of certain operating assets					(41.10%)
Net tax on foreign earnings (GILTI and FDII)				6.10%
Other				(3.00%)	(0.20%)
U.S. tax reform					0.038
Effective Income Tax Rate Reconciliation, Percent, Total		22.60%	15.00%	18.50%	(25.90%)

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Compensation accruals and DCP	$ 36,195	$ 37,816
NOL and credit carryforwards	11,544	10,013
Intangible assets including goodwill	10,371	15,199
Expenses not currently deductible	960	581
Allowance for accounts receivable	472	345
Other comprehensive income	394	195
Deferred revenue		8,185
Valuation allowance	(2,329)	(2,082)
Other	40	615
Deferred Tax Assets, Net of Valuation Allowance, Total	57,647	70,867
Deferred tax liabilities:
Deferred revenue	12,830
Depreciation	707	240
Other	1,302	31
Deferred Tax Liabilities, Gross, Total	14,839	271
Net deferred tax assets	$ 42,808	$ 70,596

Income Taxes - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Net tax benefit on intercompany sales of certain intangible operating assets between its foreign subsidiaries			$ 46,369
NOL carryforwards with indefinite carryforward		$ 801
Valuation allowance		2,016
Deferred tax assets, valuation allowance		$ 2,329	$ 2,082
Federal income tax rate	35.00%	21.00%	21.00%
Accumulated undistributed earnings generated by foreign subsidiaries		$ 408,582
Accumulated undistributed earnings generated by foreign subsidiaries subject to the one-time transition tax		359,724
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards that expires		424
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards and credit carryforwards that expires		867
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards and credit carryforwards with indefinite carryforward		$ 7,436

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of the total amounts of unrecognized tax benefits
Unrecognized tax benefit, beginning of year	$ 638	$ 872
Additions based on tax positions related to prior years	1,222	80
Reductions for tax positions related to prior years	(86)	(39)
Lapse of statute of limitations	(11)	(275)
Unrecognized tax benefit, end of year	1,763	638
Impact on effective tax rate if recognized	1,733	627
Interest expense and penalties related to income taxes	101	8
Accrued interest and penalties	$ 362	$ 252

Fair Value of Financial Instruments (Details) $ / shares in Units, £ in Thousands, $ in Thousands	1 Months Ended
	Nov. 30, 2018 GBP (£) $ / shares £ / Option	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount \| £	£ 65,000
Call option strike price \| £ / Option	1.375
Call option premium price \| $ / shares	£ 645
Fair value of call option			$ 0	$ 158
Fair Value, Recurring
Assets
Total assets		$ 30,794	70,000	30,355
Liabilities:
Acquisition contingent consideration		5,143	6,599	4,316
Deferred compensation plan		2,300	2,544	2,275
Total liabilities			9,143	6,591
Deferred compensation plan, current		149	153	115
Fair Value, Recurring \| Call Option [Member]
Assets
Call options				158
Fair Value, Recurring \| Money Market Funds
Assets
Money market funds		30,794	70,000	30,197
Total assets			70,000
Level 1 \| Fair Value, Recurring
Assets
Total assets		30,794	70,000	30,197
Liabilities:
Acquisition contingent consideration		0	0
Deferred compensation plan		2,300	2,544	2,275
Total liabilities			2,544	2,275
Level 1 \| Fair Value, Recurring \| Money Market Funds
Assets
Money market funds		30,794	70,000	30,197
Total assets			70,000
Level 2 \| Fair Value, Recurring
Assets
Total assets		0	0	158
Liabilities:
Acquisition contingent consideration		0	0
Deferred compensation plan		0	0
Level 2 \| Fair Value, Recurring \| Call Option [Member]
Assets
Call options				158
Level 2 \| Fair Value, Recurring \| Money Market Funds
Assets
Money market funds		0	0
Level 3 \| Fair Value, Recurring
Assets
Total assets		0	0
Liabilities:
Acquisition contingent consideration		5,143	6,599	4,316
Deferred compensation plan		0	0
Total liabilities			6,599	$ 4,316
Level 3 \| Fair Value, Recurring \| Money Market Funds
Assets
Money market funds		$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation of financial liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year	$ 6,599	$ 4,316	$ 241
Payments	(2,034)	(2,513)	(9)
Addition	1,902	4,498	13,206
Reclassification		180	(8,516)
Change in fair value		62	167
Foreign currency translation adjustments		56	(773)
Balance, end of period	$ 5,143	$ 6,599	$ 4,316

Commitments and Contigencies Future minimum lease payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 15,886
2021	13,186
2022	10,385
2023	6,572
2024	3,216
Thereafter	2,771
Total minimum lease payments	$ 52,016

Commitments and Contigencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-term Purchase Commitment [Line Items]
Rent expense		$ 17,036	$ 16,726
Hosted Software Solutions
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 90,650		$ 15,377

Geographic Data (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 121,898	$ 75,945	$ 83,394
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	52,893	34,758	32,490
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	54,181	34,039	43,933
Asia-Pacific ("APAC")
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 14,824	$ 7,148	$ 6,971

Interest Expense, Net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
Interest Expense, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Interest expense	$ (4,821)	$ (7,477)	$ (9,731)	$ (9,607)
Interest income	371	974	1,532	842
Total interest expense, net	$ (4,450)	$ (6,503)	$ (8,199)	$ (8,765)

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Foreign exchange loss	$ 8,567	$ (14,053)	$ (5,591)	$ (418)
Other income (expense), net	(1,811)		34	654
Total other income (expense), net	$ 6,756	$ (14,053)	(5,557)	236
Decrease in fair value of call options			159	487
Unrealized foreign currency translation losses, intercompany			$ 5,270
Gain from insurance proceeds received				$ 707

Realignment Costs - Realignment Activities Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Realignment activity
Balance, December 31, 2019	$ 491	$ 6,437	$ 6,437	$ 1,458
Realignment costs	10,012	$ (492)	(584)	6,778
Payments	(739)		(5,326)	(1,640)
Adjustments			(36)	(159)
Balance, September 30, 2020	$ 9,693		$ 491	$ 6,437

Realignment Costs - Schedule of Realignment Costs (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Realignment Costs
Realignment costs	$ 10,012	$ (492)	$ (584)	$ 6,778
Cost of Sales [Member]
Realignment Costs
Realignment costs	1,598	(236)	(236)	1,101
Cost of Sales [Member] \| Subscriptions and licenses
Realignment Costs
Realignment costs	50	(51)	(51)	256
Cost of Sales [Member] \| Services
Realignment Costs
Realignment costs	1,548	(185)	(185)	845
Operating Expense [Member]
Realignment Costs
Realignment costs	8,414	(256)	(348)	5,677
Research and Development Expense [Member]
Realignment Costs
Realignment costs	910	(79)	(171)	3,380
Selling and Marketing Expense [Member]
Realignment Costs
Realignment costs	5,183	(263)	(263)	2,252
General and Administrative Expense [Member]
Realignment Costs
Realignment costs	$ 2,321	$ 86	$ 86	$ 45

Realignment Costs - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Realignment Costs
Realignment costs	$ 10,012	$ (492)	$ (584)	$ 6,778
Accrued realignment costs	$ 9,693		491	6,437	$ 1,458
Accrual And Other Current Liabilities [Member]
Realignment Costs
Accrued realignment costs			$ 491	$ 6,437

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income	$ 74,589	$ 66,845	$ 103,096	$ 142,112
Less: Net income attributable to participating securities	(4)	(10)	(8)	(4)
Net income attributable to Class A and Class B common stockholders	$ 74,585	$ 66,835	$ 103,088	$ 142,108
Denominator:
Denominator for basic net income per share - weighted average shares (in shares)	287,063,892	286,024,263	284,625,642	285,805,096
Effect of dilutive securities:
Stock options			9,171,065	6,819,400
Denominator for dilutive net income per share (in shares)	297,251,349	294,586,354	293,796,707	292,624,496
Net income per share, basic (USD per share)	$ 0.26	$ 0.23	$ 0.36	$ 0.50
Net income per share, diluted (USD per share)	$ 0.25	$ 0.23	$ 0.35	$ 0.49

Earnings Per Share - Additional information (Details) - shares	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Shares excluded from the computation of diluted net income per share attributable to common stockholders (in shares)	1,150,860	0	0	0

Consolidated Balance Sheets (Statement) - USD ($)
$ in Thousands

Sep. 30, 2020

Dec. 31, 2019

Current assets:

Allowance for doubtful accounts

$ 137,598

$ 121,101

Accounts receivable

172,600

211,775

(6,492)

(7,274)

7,307

4,543

27,897

23,413

338,910

353,558

Operating lease right-of-use assets

29,332

29,632

46,006

46,560

46,313

542,239

480,065

Investments

5,218

1,725

44,543

51,068

37,689

32,238

^[1]

1,090,497

994,599

Current liabilities:

15,086

17,669

212,866

167,517

Operating lease liabilities

173,578

204,991

15,629

5,100

2,236

Long-term operating lease liabilities

422,259

392,413

Long-term debt

589,583

233,750

32,555

6,322

8,154

9,502

8,260

7,874

8,140

15,229

9,263

Commitments and contingencies

1,083,324

659,980

Stockholders' equity:

2,622

2,548

441,723

408,667

(29,211)

(23,927)

(407,961)

(52,669)

^[2]

7,173

334,619

$ 1,090,497

$ 994,599

[1]	As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.
[2]	Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 34040.

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Sep. 25, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 20, 2018
Class A Common Stock
Common stock par value (USD per share)	$ 0.01		$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000	320,000,000	320,000,000	320,000,000
Common stock shares issued (in shares)	11,601,757		11,601,757	11,601,757
Class B Common Stock
Common stock par value (USD per share)	$ 0.01		$ 0.01	$ 0.01
Common stock shares authorized (in shares)	1,800,000,000	1,800,000,000	600,000,000	600,000,000	600,000,000
Common stock shares issued (in shares)	250,625,279		243,241,192	238,681,756

Consolidated Statements of Operations - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 581,977	$ 533,732
Cost of revenues:
Total cost of revenues	116,592	104,249
Gross profit	465,385	429,483
Operating expenses:
Research and development	139,570	136,617
Selling and marketing	107,551	111,889
General and administrative	85,275	71,415
Amortization of purchased intangibles	10,984	10,402
Expenses associated with initial public offering	26,130	0
Total operating expenses	369,510	330,323
Income from operations	95,875	99,160
Interest expense, net	(4,450)	(6,503)
Other income (expense), net	6,756	(14,053)
Income before income taxes	98,181	78,604
Provision for income taxes	(22,145)	(11,759)
Loss from investment accounted for using the equity method, net of tax	(1,447)	0
Net income	74,589	66,845
Less: Net income attributable to participating securities	(4)	(10)
Net income attributable to Class A and Class B common stockholders	$ 74,585	$ 66,835
Per share information:
Net income per share, basic (USD per share)	$ 0.26	$ 0.23
Net income per share, diluted (USD per share)	$ 0.25	$ 0.23
Weighted average shares outstanding, basic (in shares)	287,063,892	286,024,263
Weighted average shares outstanding, diluted (in shares)	297,251,349	294,586,354
Subscriptions and licenses
Revenues:
Total revenues	$ 537,031	$ 483,593
Cost of revenues:
Total cost of revenues	66,466	48,201
Subscriptions
Revenues:
Total revenues	501,011	445,338
Perpetual licenses
Revenues:
Total revenues	36,020	38,255
Services
Revenues:
Total revenues	44,946	50,139
Cost of revenues:
Total cost of revenues	$ 50,126	$ 56,048

Consolidated Statements of Comprehensive Income (Statement) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 74,589	$ 66,845	$ 103,096	$ 142,112
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(5,315)	5,763	5,959	(11,020)
Actuarial gain on retirement plan, net of tax effect of $(6), $(2), $(21) and $(8), respectively	31	15	(472)	146
Other comprehensive (loss) income, net of taxes	(5,284)	5,778	5,487	(10,874)
Comprehensive income	$ 69,305	$ 72,623	$ 108,583	$ 131,238

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

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ (21)	$ (8)	$ 203	$ (62)

Consolidated Statements of Stockholders' Equity (Statement) - USD ($) $ in Thousands	Common Stock Private Placement	Common Stock	Additional paid-in capital Private Placement	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit Private Placement	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit	Private Placement	Cumulative Effect, Period of Adoption, Adjustment	Total
Beginning balance at Dec. 31, 2017				$ 377,809	$ (18,540)		$ (379)	$ (309,576)		$ (379)	$ 52,167
Net income								142,112			142,112
Other comprehensive (loss) income, net of taxes					(10,874)						(10,874)
Dividends declared (Note 13)								(20,005)			(20,005)
Shares issued in connection with deferred compensation plan, net								(6,884)			(6,861)
Deferred compensation plan voluntary contributions				4,504							4,504
Payment of shareholder Put and Call rights								(8,560)			(8,571)
Common Stock Purchase Agreement, net				13				(9,673)			(9,673)
Stock option exercises, net				2,151				(1,569)			610
Stock-based compensation expense				7,882							7,882
Shares related to restricted stock, net				494				(637)			(137)
Other				43							43
Ending balance (in shares) at Dec. 31, 2018		250,283,513
Ending balance at Dec. 31, 2018		$ 2,502		392,896	(29,414)		107,822	(218,553)		107,822	147,431
Net income								66,845			66,845
Other comprehensive (loss) income, net of taxes					5,778						5,778
Dividends declared (Note 13)								(19,023)			(19,023)
Profit -sharing plan shares, net (in shares)		(258,103)
Profit sharing plan shares, net		$ (3)						(1,936)			(1,939)
Shares issued in connection with deferred compensation plan, net (in shares)		2,233,807
Shares issued in connection with deferred compensation plan, net		$ 22						(4,994)			(4,972)
Deferred compensation plan voluntary contributions				2,664							2,664
Payment of shareholder Put and Call rights (in shares)		(632,859)
Payment of shareholder Put and Call rights		$ (6)						(4,946)			(4,952)
Common Stock Purchase Agreement, net (in shares)	64,509
Common Stock Purchase Agreement, net	$ 1		$ 466			$ (47)			$ 420
Stock option exercises, net (in shares)		2,979,031
Stock option exercises, net		$ 30		3,009				(2,255)			784
Stock-based compensation expense				6,046							6,046
Shares related to restricted stock, net (in shares)		402,250
Shares related to restricted stock, net		$ 4		(4)				(344)			(344)
Other (in shares)		5,290
Other				40				(17)			23
Ending balance (in shares) at Sep. 30, 2019		255,077,438
Ending balance at Sep. 30, 2019		$ 2,550		405,117	(23,636)			(77,448)			306,583
Beginning balance (in shares) at Dec. 31, 2018		250,283,513
Beginning balance at Dec. 31, 2018		$ 2,502		392,896	(29,414)		107,822	(218,553)		107,822	147,431
Net income								103,096			103,096
Other comprehensive (loss) income, net of taxes					5,487						5,487
Dividends declared (Note 13)								(25,390)			(25,390)
Shares issued in connection with deferred compensation plan, net								(5,632)			(5,609)
Deferred compensation plan voluntary contributions				3,586							3,586
Payment of shareholder Put and Call rights								(8,827)			(8,838)
Common Stock Purchase Agreement, net				466				(48)			418
Stock option exercises, net				3,579				(2,309)			1,303
Stock-based compensation expense				8,091							8,091
Shares related to restricted stock, net				(4)				(399)			(399)
Other				53				(15)			38
Ending balance (in shares) at Dec. 31, 2019		254,842,949
Ending balance at Dec. 31, 2019		$ 2,548		408,667	(23,927)		$ 107,822	(52,669)		$ 107,822	334,619
Net income								74,589			74,589
Other comprehensive (loss) income, net of taxes					(5,284)						(5,284)
Dividends declared (Note 13)								(415,748)			(415,748)
Profit -sharing plan shares, net (in shares)		(549,834)
Profit sharing plan shares, net		$ (5)						(6,965)			(6,970)
Shares issued in connection with deferred compensation plan, net (in shares)		2,984,531
Shares issued in connection with deferred compensation plan, net		$ 30						(1,907)			(1,877)
Deferred compensation plan voluntary contributions				2,602							2,602
Payment of shareholder Put and Call rights (in shares)		(128,176)
Payment of shareholder Put and Call rights		$ (1)						(1,453)			(1,454)
Common Stock Purchase Agreement, net (in shares)	169
Common Stock Purchase Agreement, net						$ (57)			$ (57)
Stock option exercises, net (in shares)		3,506,103
Stock option exercises, net		$ 35		7,741				(3,618)			4,158
Shares issued for stock grants, net (in shares)		17,411
Shares issued for stock grants, net				219							219
Stock-based compensation expense				22,510							22,510
Shares related to restricted stock, net (in shares)		1,553,883
Shares related to restricted stock, net		$ 15		(16)				(133)			(134)
Ending balance (in shares) at Sep. 30, 2020		262,227,036
Ending balance at Sep. 30, 2020		$ 2,622		$ 441,723	$ (29,211)			$ (407,961)			$ 7,173

Consolidated Statement of Cash Flows (Statement) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 74,589	$ 66,845
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,836	23,334
Provision for accounts receivable allowance	(541)	2,109
Deferred income taxes	7,853	833
Deferred compensation plan activity	2,487	2,968
Stock-based compensation expense	23,617	6,046
Amortization of deferred debt issuance costs	430	415
Change in fair value of derivative	3,365	159
Change in fair value of contingent consideration	(1,340)	62
Foreign currency remeasurement (gain) loss	(9,067)	13,956
Loss from investment accounted for using the equity method, net of tax	1,447	0
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	46,661	40,847
Prepaid and other assets	8,907	(6,505)
Accounts payable, accruals and other liabilities	31,486	18,545
Deferred revenues	(35,134)	(39,655)
Income taxes payable	(4,571)	(11,710)
Net cash provided by operating activities	176,025	118,249
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(12,805)	(11,622)
Capitalization of costs to translate software products into foreign languages	(728)	(553)
Acquisitions, net of cash acquired of $2,064 and $980, respectively	(68,920)	(9,662)
Other investing activities	(6,355)	0
Net cash used in investing activities	(88,808)	(21,837)
Cash flows from financing activities:
Proceeds from credit facilities	432,375	136,750
Payments of credit facilities	(201,125)	(147,500)
Proceeds from term loan	125,000	0
Payments of debt issuance costs	(432)	0
Payments of financing leases	(141)	0
Payments of acquisition debt and other consideration	(2,034)	(9,878)
Payments of dividends	(412,852)	(18,830)
Payments for shares acquired including shares withheld for taxes	(72,476)	(18,417)
Proceeds from Common Stock Purchase Agreement	58,349	4,510
Net proceeds from exercise of common stock options and restricted stock	3,206	3,039
Net cash used in financing activities	(70,130)	(50,326)
Effect of exchange rate changes on cash and cash equivalents	(590)	(1,272)
Increase in cash and cash equivalents	16,497	44,814
Cash and cash equivalents, beginning of year	121,101	81,183
Cash and cash equivalents, end of period	137,598	125,997
Supplemental information:
Cash paid for income taxes	17,338	24,453
Income tax refunds	1,630	1,126
Interest paid	4,658	7,214
Non-cash contingent acquisition consideration	1,902	50
Non-cash deferred acquisition consideration	$ (141)	$ 0

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Cash acquired from acquisitions	$ 2,064	$ 980	$ 2,523	$ 7,774

Basis of Presentation and Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Basis of Presentation and Significant Accounting Policies

Note 1: Basis of Presentation and Significant Accounting Policies

Description of Business and Operations—Bentley Systems, Incorporated (“Bentley” or the “Company”) is a Delaware corporation that was founded in 1984 and is headquartered in Exton, Pennsylvania. The Company, together with its subsidiaries, is a leading global provider of infrastructure engineering software solutions for professionals and organizations involved in the project delivery and operational performance of infrastructure assets. The Company is dedicated to advancing infrastructure through its comprehensive software solutions that span engineering disciplines, assets, and lifecycle processes. The Company’s integrated software platform encompasses both the design and construction of infrastructure, which the Company refers to as project delivery, and the operation of infrastructure assets, which the Company refers to as asset performance. The Company’s software solutions are designed to enable information mobility for a more complete flow of information among applications, across distributed project teams, from offices to the field, and throughout the infrastructure lifecycle. The Company believes its solutions extend the reach and scope of digital engineering models from the project delivery phase into the asset performance phase of the infrastructure lifecycle, which enables engineers to make infrastructure assets more intelligent and sustainable. Users of the Company’s solutions include engineers and construction professionals who collaborate on project delivery, and owner‑operators who maintain, adapt, and optimize the performance of infrastructure assets.

Use of Estimates—The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s critical estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of stock‑based compensation, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.

The accounting policies for the Company’s revenue recognition are explained in Note 3, Revenue from Contracts with Customers.


		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

Certain costs related to the creation of foreign language translations are capitalized and amortized over the economic life of the software.

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.

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


		Year Ended
		December 31,
		2018		2019
Balance, beginning of year	$		5,669	$	7,611
Allowances (recoveries) recorded			1,620		(452)
Foreign currency translation adjustments			322		115
Balance, end of year	$		7,611	$	7,274

Recent Accounting Pronouncements

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent Accounting Pronouncements

Note 2: Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Note 2: Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016‑02 regarding ASC Topic 842, Leases (“Topic 842”). This ASU requires balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The new standard is effective for the Company for the fiscal year beginning after December 15, 2020, including interim periods within the fiscal year beginning after December 15, 2020. Early adoption is permitted. Subsequent to the issuance of ASU 2016‑02, the FASB issued ASU Nos. 2018‑01, Land Easement Practical Expedient for Transition to Topic 842, 2018‑10, Codification Improvements to Topic 842, Leases, 2018‑11, Leases (Topic 842): Targeted Improvements, and 2018‑20, Narrow‑Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in ASU 2016‑02. Instead, these amendments are intended to clarify and improve operability of certain topics included within the lease standard. These ASUs will have the same effective date and transition requirements as ASU 2016‑02.

Recently Adopted Accounting Guidance

Quantitative Effect of Topics 606 and 340‑40 Adoption

The following tables compare the reported consolidated balance sheet and statements of operations, as of and for the year ended December 31, 2019, to the amounts had Topic 605 been in effect.


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Assets
Current assets
Cash and cash equivalents	$	81,183	$	121,101	$	—	$	121,101
Accounts receivable, net		184,565		204,268		233		204,501
Prepaid income taxes		5,085		6,732		(2,189)		4,543
Prepaid and other current assets(1)		12,390		20,080		3,333		23,413
Total current assets		283,223		352,181		1,377		353,558
Property and equipment, net		29,393		29,632		—		29,632
Intangible assets, net		54,001		46,313		—		46,313
Goodwill		446,318		480,065		—		480,065
Investment in joint venture		—		1,725		—		1,725
Deferred income taxes		81,066		72,611		(21,543)		51,068
Other assets(1)		29,595		26,517		5,721		32,238
Total assets	$	923,596	$	1,009,044	$	(14,445)	$	994,599
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	8,567	$	17,669	$	—	$	17,669
Accruals and other current liabilities		136,699		167,225		292		167,517


	As of December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topic 606 and		As reported
	Topic 605		Topic 605		Topic 340-40		Topic 606
Deferred revenues		287,682		282,070		(77,079)		204,991
Income taxes payable		2,794		1,030		1,206		2,236
Total current liabilities		435,742		467,994		(75,581)		392,413
Long-term debt		258,750		233,750		—		233,750
Deferred revenues		49,769		56,121		(47,967)		8,154
Deferred income taxes		10,470		7,627		633		8,260
Income taxes payable		12,904		6,321		1,819		8,140
Other liabilities		8,530		9,263		—		9,263
Total liabilities		776,165		781,076		(121,096)		659,980
Stockholders’ equity
Common stock		2,502		2,548		—		2,548
Additional paid-in capital		392,896		408,667		—		408,667
Accumulated other comprehensive loss		(29,414)		(23,086)		(841)		(23,927)
Accumulated deficit(2)		(218,553)		(160,161)		107,492		(52,669)
Total stockholders’ equity	$	147,431	$	227,968	$	106,651	$	334,619
Total liabilities and stockholders’ equity	$	923,596	$	1,009,044	$	(14,445)	$	994,599

(1)

As of December 31, 2019, contract cost assets of $2,690 were included in Prepaid and other current assets and $5,235 were included in Other assets.

(2)

Included in Accumulated deficit on the opening balance of January 1, 2019 is $107,822, net of tax, for the cumulative effect adjustment of adopting Topics 606 and 340‑40.


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Revenues:
Subscriptions	$	557,421	$	613,925	$	(5,625)	$	608,300
Perpetual licenses		61,065		52,519		7,174		59,693
Subscriptions and licenses		618,486		666,444		1,549		667,993
Services		73,224		68,405		256		68,661
Total revenues		691,710		734,849		1,805		736,654
Cost of revenues:
Cost of subscriptions and licenses		55,113		71,439		139		71,578


	Year Ended December 31,
	2018		2019
					Impact from
					the adoption of
	As reported		As adjusted		Topics 606		As reported
	Topic 605		Topic 605		and 340-40		Topic 606
Cost of services		76,211		72,572		—		72,572
Total cost of revenues		131,324		144,011		139		144,150
Gross profit		560,386		590,838		1,666		592,504
Operating expenses:
Research and development		175,032		183,552		—		183,552
Selling and marketing		160,635		155,274		20		155,294
General and administrative		89,328		97,580		—		97,580
Amortization of purchased intangibles		14,000		14,213		—		14,213
Total operating expenses		438,995		450,619		20		450,639
Income from operations		121,391		140,219		1,646		141,865
Interest expense, net		(8,765)		(8,199)		—		(8,199)
Other income (expense), net		236		(5,557)		—		(5,557)
Income before income taxes		112,862		126,463		1,646		128,109
Provision for income taxes		(29,250)		21,762		1,976		23,738
Equity in loss of joint venture, net of tax		—		1,275		—		1,275
Net income	$	142,112	$	103,426	$	(330)	$	103,096

Revenue from Contracts with Customer

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Revenue from Contracts with Customer

Note 3: Revenue from Contracts with Customers

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.

Nature of Products and Services

The Company generates revenues from subscriptions, perpetual licenses, and professional services.

Subscriptions

Perpetual licenses

Services

Significant Judgments and Estimates

Contract Assets and Contract Liabilities


	December 31,		September 30,
	2019		2020
Contract assets	$	644	$	313
Deferred revenues		213,145		179,900

Remaining Performance Obligations

Disaggregation of Revenues

The following table details revenues:


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	196,564	$	199,848
Enterprise license subscriptions		135,959		165,268
Term license subscriptions		112,815		135,895
Subscriptions		445,338		501,011
Perpetual licenses:
Perpetual licenses		38,255		36,020
Subscriptions and licenses		483,593		537,031
Services:
Professional services (recurring)		15,682		11,624
Professional services (other)		34,457		33,322
Services		50,139		44,946
Total revenues	$	533,732	$	581,977

The Company derived 8% of its total revenues through channel partners for the nine months ended September 30, 2019 and 2020.

Revenue to external customers is attributed to individual countries based upon the location of the customer.


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Americas (1)	$	259,216	$	287,942
Europe, the Middle East, and Africa (“EMEA”) (2)		171,604		184,913
Asia-Pacific (“APAC”)		102,912		109,122
Total revenues	$	533,732	$	581,977

(1)

(2)

Revenue attributable to the United Kingdom totaled $41,443 and $46,355 for the nine months ended September 30, 2019 and 2020, respectively.

Note 3: Revenue from Contracts with Customers

Nature of Products and Services

The Company generates revenues from subscriptions, perpetual licenses, and professional services.

Subscriptions

Enterprise subscriptions—The Company also provides Enterprise subscription offerings which provide its largest accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. Enterprise License Subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, effectively a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective standalone selling price (“SSP”). Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. Under Topic 605, ELS revenue was recognized on a ratable basis, over the subscription term.

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. 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 Cloud Services Subscription (“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. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. Under Topic 605, ATL revenues were recognized on a ratable basis, over the subscription term. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account under both Topics 606 and 605. 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.

Perpetual licenses

Services

Significant Judgments and Estimates

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 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. As of December 31, 2019, the Company has deferred $18,060 related to portfolio balancing exchange rights which is included in Deferred revenues on the consolidated balance sheet.

Contract Assets and Contract Liabilities


	January 1,		December 31,
	2019		2019
Contract assets	$	173	$	644
Deferred revenues		212,529		213,145

Remaining Performance Obligations

Disaggregation of Revenues

The following table details revenues:


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Subscriptions:
SELECT subscription revenues	$	273,745	$	267,340	$	267,249
Enterprise license subscriptions		182,816		196,081		184,833
Term license subscriptions		100,860		150,504		156,218
Subscriptions		557,421		613,925		608,300
Perpetual licenses:
Perpetual licenses		61,065		52,519		59,693
Subscriptions and licenses		618,486		666,444		667,993
Services:
Professional services (recurring)		25,981		22,974		22,797
Professional services (all other)		47,243		45,431		45,864
Services		73,224		68,405		68,661
Total revenues	$	691,710	$	734,849	$	736,654

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 year ended December 31, 2019, the Company recognized $311,689 of license related revenues, of which $251,996 was attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions.

Under Topic 606, the Company derived 8% of its total revenues through channel partners for the year ended December 31, 2019.

Revenue to external customers is attributed to individual countries based upon the location of the customer.


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Americas(1)	$	328,749	$	360,934	$	356,331
Europe, the Middle East, and Africa(2)		231,486		235,254		236,602
Asia Pacific		131,475		138,661		143,721
Total Revenues	$	691,710	$	734,849	$	736,654

(1)

(2)

Revenue attributable to the United Kingdom totaled $59,086 (Topic 605) for the year ended December 31, 2018 and $59,524 (Topic 605) and $57,321 (Topic 606) for the year ended December 31, 2019.

Adoption of the standards had no impact to net cash provided by or used in operating, financing, or investing activities on the Company’s consolidated statement of cash flows.

Acquisitions

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Acquisitions

Note 4: Acquisitions


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Number of acquisitions		4		4
Cash paid at closing (1)	$	36,577	$	70,984
Cash acquired		(2,523)		(2,064)
Net cash paid	$	34,054	$	68,920

(1)

Of the cash paid at closing during the nine months ended September 30, 2020, $3,413 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

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


	December 31,		September 30,
	2019		2020
Accruals and other current liabilities	$	5,100	$	3,583
Other liabilities		1,499		1,560
Contingent consideration from acquisitions	$	6,599	$	5,143


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Consideration:
Cash paid at closing	$	36,577	$	70,984
Contingent consideration		4,498		1,902
Deferred payment obligations to (from) sellers		—		(141)
Total consideration	$	41,075	$	72,745
Assets acquired and liabilities assumed:
Cash	$	2,523	$	2,064
Prepaid and other current assets		1,782		5,671
Operating lease right-of-use assets		—		1,668
Property and equipment		411		172
Other assets		84		36
Customer relationship asset (weighted average useful life of 7 years)		6,534		8,854
Software and technology (weighted average useful life of 3 years)		2,423		2,207
Non-compete agreement (useful life of 5 years)		150		200
Trademarks (weighted average useful life of 5 and 9 years, respectively)		1,431		3,050
Total identifiable assets acquired excluding goodwill		15,338		23,922
Accruals and other current liabilities		(3,538)		(2,458)
Deferred revenues		(2,897)		(4,274)
Operating lease liabilities		—		(1,668)
Deferred income taxes		(1,869)		(1,005)
Other liabilities		—		(87)
Total liabilities assumed		(8,304)		(9,492)
Net identifiable assets acquired excluding goodwill		7,034		14,430
Goodwill		34,041		58,315
Net assets acquired	$	41,075	$	72,745

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

As discussed above, the fair values of deferred revenues were determined using the cost‑build‑up approach.

Acquisition Subsequent to September 30, 2020

Note 4: Acquisitions


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Number of acquisitions		7		4
Cash paid at closing	$	143,038	$	36,577
Cash acquired		(7,774)		(2,523)
Net cash paid	$	135,264	$	34,054

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

In connection with the purchase price allocations related to the Company’s acquisitions, the Company has estimated the fair values of the support obligations assumed relative to acquired deferred revenue. The estimated fair values of the support obligations assumed were determined using a cost‑build‑up approach. The cost‑build‑up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. For accounting purposes, the sum of the costs and operating profit approximates the amount that the Company would be required to pay a third party to assume the support obligations. These fair value adjustments reduce the revenues recognized over the remaining support contract term of the Company’s acquired contracts. During the years ended December 31, 2018 and 2019, the fair value adjustments to reduce revenue were $2,469 and $553, respectively.


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Consideration:
Cash paid at closing	$	143,038	$	36,577
Contingent consideration		13,456		4,498
Deferred payment obligations to sellers		690		—
Total consideration	$	157,184	$	41,075
Assets acquired and liabilities assumed:
Cash	$	7,774	$	2,523
Prepaid and other current assets		4,790		1,782
Property and equipment		340		411
Other assets		—		84
Customer relationship asset (weighted average useful life of 5 and 7 years, respectively)		27,294		6,534
Software and technology (weighted average useful life of 3 years)		9,332		2,423
In-process research and development		1,366		—
Non-compete agreement (useful life of 5 years)		—		150
Trademarks (weighted average useful life of 7 and 5 years)		2,090		1,431
Total identifiable assets acquired excluding goodwill		52,986		15,338
Deferred tax liability		(8,917)		(1,869)
Other current liabilities		(3,848)		(3,538)
Deferred revenues		(6,181)		(2,897)
Total liabilities assumed		(18,946)		(8,304)
Net identifiable assets acquired excluding goodwill		34,040		7,034
Goodwill		123,144		34,041
Net assets acquired	$	157,184	$	41,075

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

As discussed above, the fair values of deferred revenues were determined using the cost‑build‑up approach.

Property and Equipment, Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Property and Equipment, Net

Note 5: Property and Equipment, Net

Property and equipment, net consist of the following as of December 31, 2019 and September 30, 2020:


	December 31,		September 30,
	2019		2020
Land	$	2,811	$	2,811
Building and improvements		31,619		32,803
Computer equipment and software		47,472		50,087
Furniture, fixtures, and equipment		12,593		12,930
Aircraft		3,910		4,075
Other		79		58
Property and equipment, at cost		98,484		102,764
Less accumulated depreciation		(68,852)		(73,432)
Total property and equipment, net	$	29,632	$	29,332

Depreciation expense was $7,212 and $7,556 for the nine months ended September 30, 2019 and 2020, respectively.

Note 5: Property and Equipment, Net

Property and equipment, net consist of the following at December 31, 2018 and 2019:


	As of December 31,
	2018		2019
Land	$	2,811	$	2,811
Building and improvements		30,585		31,619
Computer equipment and software		46,938		47,472
Furniture, fixtures, and equipment		11,595		12,593
Aircraft		3,910		3,910
Other		61		79
Property and equipment, at cost		95,900		98,484
Less accumulated depreciation		(66,507)		(68,852)
Total property and equipment, net	$	29,393	$	29,632

Depreciation expense for the years ended December 31, 2018 and 2019 was $9,300 and $9,813, respectively.

Goodwill and Other Intangible Assets

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6: Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:


Balance, December 31, 2019	$	480,065
Acquisitions		58,315
Foreign currency translation adjustments		3,935
Other adjustments		(76)
Balance, September 30, 2020	$	542,239

Details of intangible assets other than goodwill as of December 31, 2019 and September 30, 2020 are as follows:


		December 31, 2019						September 30, 2020
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization:
Software and technology	3 years	$	66,063	$	(58,866)	$	7,197	$	68,650	$	(62,661)	$	5,989
Customer relationships	3‑10 years		88,904		(59,744)		29,160		98,602		(68,217)		30,385
Trademarks	3‑10 years		22,278		(12,461)		9,817		25,353		(15,466)		9,887
Non-compete agreements	5 years		150		(11)		139		350		(51)		299
Total intangible assets		$	177,395	$	(131,082)	$	46,313	$	192,955	$	(146,395)	$	46,560


	Nine Months Ended
	September 30,
	2019		2020
Cost of subscriptions and licenses	$	2,760	$	3,426
Amortization of purchased intangibles		10,402		10,984
Total amortization expense	$	13,162	$	14,410

Note 6: Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019 are as follows:


Balance, December 31, 2017	$	336,982
Acquisitions		123,144
Foreign currency translation adjustments		(13,808)
Balance, December 31, 2018		446,318
Acquisitions		34,041
Foreign currency translation adjustments		(321)
Other adjustments		27
Balance, December 31, 2019	$	480,065

Details of intangible assets other than goodwill as of December 31, 2018 and 2019 are as follows:


		As of December 31, 2018						As of December 31, 2019
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization
Software and technology	3 years	$	66,251	$	(57,937)	$	8,314	$	66,063	$	(58,866)	$	7,197
Customer relationships	3 – 10 years		86,364		(52,753)		33,611		88,904		(59,744)		29,160
Trademarks	3 – 10 years		20,799		(8,952)		11,847		22,278		(12,461)		9,817
Non-compete agreements	5 years		—		—		—		150		(11)		139
			173,414		(119,642)		53,772		177,395		(131,082)		46,313
Intangible assets not subject to amortization
In-process research and development			229		—		229		—		—		—
Total intangible assets		$	173,643	$	(119,642)	$	54,001	$	177,395	$	(131,082)	$	46,313


	Year Ended
	December 31,
	2018		2019
Cost of subscriptions and licenses	$	2,840	$	3,795
Amortization of purchased intangibles		14,000		14,213
Total amortization expense	$	16,840	$	18,008

Amortization expense for the years following December 31, 2019 are estimated as follows:


2020	$	17,422
2021		11,963
2022		8,543
2023		3,798
2024		2,058
Thereafter		2,529
	$	46,313

Investments	9 Months Ended	12 Months Ended
Investments	Sep. 30, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Note 7: Investments In September 2019, the Company and Topcon Positioning Systems, Inc. (“Topcon”) formed Digital Construction Works, Inc. (“DCW”), a joint venture which operates as a digital integrator of software and cloud services for the construction industry. DCW’s focus is to transform the construction industry from its legacy document‑centric paradigm by simplifying and enabling digital automated workflows and processes, technology integration, and digital twinning services for infrastructure. The Company and Topcon each have a 50% ownership in DCW. In September 2020, the Company acquired an interest in a platform as a service technology company with a focus on digital twin integration in the energy sector. The Company applies the cost method of accounting for its investment over 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 applies the equity method of accounting for its investment over 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 subsequently adjusts it by the Company’s proportional share of income or losses from the investment. The Company accounts for its investment in DCW using the equity method and accounts for its other investment using the cost method. For the nine months ended September 30, 2020, the Company invested $3,440 and $1,500 in cost and equity method investments, respectively. As of December 31, 2019 and September 30, 2020, the carrying amount of the Company’s investment in DCW was $1,725 and $1,778, respectively. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. The Company’s investments were not impaired as of September 30, 2020. Related Party Disclosures — Pursuant to ASC 850‑10‑20, Related Party Disclosures, the Company has determined that DCW is a related party. For the nine months ended September 30, 2020, transactions between the Company and DCW were immaterial to the Company’s consolidated financial statements.	Note 7: Investment in Joint Venture In September 2019, the Company and Topcon Positioning Systems, Inc. formed Digital Construction Works, Inc. (“DCW”), a joint venture which operates as a digital integrator of software and cloud services for the construction industry. DCW’s focus is to transform the construction industry from its legacy document‑centric paradigm by simplifying and enabling digital automated workflows and processes, technology integration, and digital twinning services for infrastructure. The Company and Topcon each have a 50% ownership in DCW and as such, the Company applies the equity method of accounting for its investment in DCW. Under the equity method, the Company recorded its initial investment in the joint venture at cost and subsequently adjusts that investment by the Company’s proportional share of income or losses in DCW. As of December 31, 2019, the aggregate carrying amount of the Company’s investment in the joint venture was $1,725. The Company tests this investment for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. Pursuant to ASC 850‑10‑20, Related Party Disclosures, the Company has determined that DCW is a related party. For the year ended December 31, 2019, transactions between the Company and DCW were immaterial to the Company’s consolidated financial statements.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Note 8: Leases

The Company’s operating leases consist of office facilities, office equipment, and cars, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of September 30, 2020, the Company’s leases have remaining terms of less than one year to seven years, some of which include one or more options to renew, with renewal terms of up to six years and some of which include options to terminate the leases within the next four years.

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

The components of operating lease cost reflected in the consolidated statements of operations for the nine months ended September 30, 2020 were as follows:


	Nine Months Ended
	September 30, 2020
Operating lease cost (1)	$	13,424
Variable lease cost		2,898
Short-term lease cost		27
Total operating lease cost	$	16,349

(1)

Operating lease cost includes rent cost related to operating leases for office facilities of $12,857 for the nine months ended September 30, 2020.

Other information related to leases for the nine months ended September 30, 2020 was as follows:


	Nine Months Ended
	September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,589
Right-of-use assets obtained in exchange for new operating lease liabilities	$	14,530
Weighted average remaining lease term — operating leases (in years)		3.68
Weighted average discount rate — operating leases		2.22	%

Maturities of operating lease liabilities as of September 30, 2020 are as follows:


	September 30, 2020
Remainder of 2020	$	4,679
2021		16,862
2022		12,876
2023		8,120
2024		4,254
Thereafter		4,666
Total future lease payments		51,457
Less: imputed interest		(3,273)
Total operating lease liabilities	$	48,184

As of September 30, 2020, the Company had additional operating lease minimum lease payments of $106 for executed leases that have not yet commenced, primarily for office locations.

Total financing lease liabilities as of September 30, 2020 were $324. Supplemental balance sheet information related to the financing lease as of September 30, 2020 is as follows:


	September 30, 2020
Property and equipment	$	574
Accumulated depreciation		(197)
Property and equipment, net	$	377

Accruals and other current liabilities	$	184
Other liabilities		140
Total financing lease liabilities	$	324

As of December 31, 2019, under the prior lease standard (Topic 840), future minimum lease payments under non-cancelable operating leases are as follows:


	December 31, 2019
2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
Total minimum lease payments	$	52,016

Accruals and Other Current Liabilities

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Accruals and Other Current Liabilities

Note 9: Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31, 2019		September 30, 2020
Cloud Services Subscription deposits	$	54,688	$	78,671
Accrued benefits		33,184		32,074
Accrued compensation		31,537		24,113
Accrued expenses associated with initial public offering		—		22,066
Accrued severance and realignment costs		1,688		10,336
Due to customers		8,945		9,507
Accrued acquisition stay bonuses		4,143		6,006
Accrued hosting costs		2,215		5,664
Sales taxes payable		5,287		3,596
Contingent consideration from acquisitions		5,100		3,583
Accrued professional fees		4,382		2,867
Accrued facility costs		2,168		1,981
Non-contingent consideration from acquisitions		900		91
Accrued rent		1,909		—
Other accrued and current liabilities		11,371		12,311
Total accruals and other current liabilities	$	167,517	$	212,866

Note 8: Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	As of December 31,
	2018		2019
Cloud Services Subscription deposits	$	25,541	$	54,688
Accrued benefits		25,863		33,184
Accrued compensation		30,484		31,537
Due to customers		8,467		8,945
Contingent consideration from acquisitions		2,390		5,100
Sales taxes payable		3,467		5,287
Accrued professional fees		2,347		4,382
Accrued acquisition stay bonuses		1,650		4,143
Accrued hosting costs		6,740		2,215
Accrued facility costs		2,269		2,168
Accrued rent		2,574		1,909
Accrued severance and realignment costs		6,555		1,688
Non-contingent consideration from acquisitions		8,629		900
Other accrued and current liabilities		9,723		11,371
Total accruals and other current liabilities	$	136,699	$	167,517

LongTerm Debt

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Long-term Debt

Note 10: Long‑Term Debt

Long‑term debt consists of the following as of December 31, 2019 and September 30, 2020:


	December 31, 2019		September 30, 2020
Bank credit facility:
Senior secured revolver	$	233,750	$	465,000
Term loan		—		124,583
Total long‑term debt	$	233,750	$	589,583

Other — Interest expense related to other obligations was $157 and $40 for the nine months ended September 30, 2019 and 2020, respectively.

Note 9: Long‑Term Debt

Long‑term debt consists of the following at December 31, 2018 and 2019:


	As of December 31,
	2018		2019
Bank credit facility:
Senior secured revolver	$	258,750	$	233,750
Total long-term debt	$	258,750	$	233,750

In addition to the revolving line of credit, the Credit Facility also provides up to $50,000 of letters of credit and other incremental borrowings subject to availability, including a $50,000 multi‑currency swing‑line sub‑facility and a $100,000 incremental “accordion” sub‑facility. The Company had $631 and $546 of letters of credit and surety bonds outstanding as of December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the Company had $240,619 and $265,704 available under the Credit Facility.

Under the Credit Facility, the Company may make either Euro currency or non‑Euro currency interest rate elections. Interest on the Euro currency borrowings is at the one‑month London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 100 basis points (“bps”) to 225 bps as determined by the Company’s net leverage ratio. Under non‑Euro currency elections, Credit Facility borrowings bear a base interest rate of the greater of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) LIBOR plus 100 bps, plus a spread ranging from 0 bps to 125 bps as determined by the Company’s leverage ratio. In addition, a commitment fee for the unused Credit Facility ranges from 15 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s first tier domestic subsidiaries and are secured by a first priority security interest in substantially all of the Company’s and the guarantors’ U.S. assets and 65% of the stock of their directly owned foreign subsidiaries. The Credit Facility contains both affirmative and negative covenants, including maximum leverage ratios. At December 31, 2018 and 2019, the Company was in compliance with all covenants in its debt agreements.

In addition, interest expense includes amortization of deferred financing costs of $552 and $553 for the years ended December 31, 2018 and 2019.

Other—Interest expense related to other obligations was $255 and $207 for the years ended December 31, 2018 and 2019, respectively.

Executive Bonus Plan	9 Months Ended	12 Months Ended
Executive Bonus Plan	Sep. 30, 2020	Dec. 31, 2019
Compensation Related Costs [Abstract]
Executive Bonus Plan	Note 11: Executive Bonus Plan Certain of the Company’s key employees, including its named executive officers, participate in the Bentley Systems, Incorporated Bonus Pool Plan, as amended and restated, effective as of September 3, 2020 (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 board of directors, with payments made to plan participants based on each such participant’s allocated interest in the bonus pool. The plan permits the deduction of certain holdback amounts from the plan’s pool, from which amounts can then be allocated to fund items including equity and/or cash incentive compensation for non‑plan participants and participant charitable contributions. 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). Prior to September 3, 2020, a participant’s non‑deferred incentive bonus was payable in cash. On September 3, 2020, the Company amended and restated the Bonus Plan to provide, 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 Company’s 2020 Incentive Award Plan (see Note 15) beginning in the fourth quarter of 2020 subject to the limitation described below. 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 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. During the nine months ended September 30, 2019 and 2020, the incentive compensation, including cash payments and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $22,036 and $26,469, respectively.	Note 10: Executive Bonus Plan The Company has an incentive compensation program under which up to 20% of the Company’s adjusted operating profits, as defined in the plan agreement and before deductions for such plan payments, may be paid to plan participants in the form of cash bonuses, subject to approval by the Company’s board of directors and certain limitations imposed by the Company’s Credit Facility. 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. During the years ended December 31, 2018 and 2019, the incentive compensation, including cash payments and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $27,641 and $31,061, respectively.

Retirement Plans

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Retirement Benefits

Note 12: Retirement Plans

The table below shows compensation (income) expense related to the DCP recorded during the nine months ended September 30, 2019 and 2020, respectively:

Note 11: Retirement Plans

Amounts in the DCP attributable to certain non‑colleague participants are settled in cash and are classified as liabilities which are marked to market at the end of each reporting period. The total liability related to the DCP for non‑colleague participants was $2,275 and $2,544 as of December 31, 2018 and 2019, respectively.

The table below shows compensation (income) expense related to the DCP recorded during the years ended December 31, 2018 and 2019:

The entire disclosure for retirement benefits.

Common Stock

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Common Stock

Note 13: Common Stock

Initial Public Offering

In connection with the IPO, the Company’s amended and restated Certificate of Incorporation authorizes shares of undesignated preferred stock. See below for further detail.

Sales, Repurchases, and Issuances of Company Capital Stock

Upon the completion of the IPO, the Put and Call provisions of the Company’s Equity Incentive Plan terminated automatically.

During the nine months ended September 30, 2019 and 2020, the Company repurchased 258,103 and 549,834 shares from its profit‑sharing plan for $1,939 and $6,970, respectively.

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


	Dividend
	Per Share		Amount
2019:
Third quarter	$	0.025	$	6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.075	$	19,023
2020:
Third quarter (1)	$	1.530	$	400,311
Second quarter		0.030		7,771
First quarter		0.030		7,666
Total	$	1.590	$	415,748

(1)

Note 12: Common Stock

Sales, Repurchases, and Issuances of Company Capital Stock

During 2018 and 2019, the Company repurchased 465,979 and 318,203 shares from its profit sharing plan for $3,387 and $2,417, respectively.

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


	Dividend
	Per Share		Amount
2018:
Fourth quarter	$	0.020	$	4,990
Third quarter		0.020		5,016
Second quarter		0.020		5,020
First quarter		0.020		4,979
Total	$	0.080	$	20,005
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter		0.025		6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.100	$	25,390

Accumulated Other Comprehensive Loss

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Accumulated Other Comprehensive Loss

Note 14: Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the nine months ended September 30, 2019 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income, before taxes		5,763		23		5,786
Tax benefit		—		(8)		(8)
Other comprehensive income, net of taxes		5,763		15		5,778
Balance, September 30, 2019	$	(23,104)	$	(532)	$	(23,636)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)
Other comprehensive (loss) income, before taxes		(5,315)		52		(5,263)
Tax benefit		—		(21)		(21)
Other comprehensive (loss) income, net of taxes		(5,315)		31		(5,284)
Balance, September 30, 2020	$	(28,223)	$	(988)	$	(29,211)

Note 13: 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, 2017	$	(17,847)	$	(693)	$	(18,540)
Other comprehensive income (loss), before taxes		(11,020)		208		(10,812)
Tax expense		—		(62)		(62)
Other comprehensive income (loss), net of taxes		(11,020)		146		(10,874)
Balance, December 31, 2018		(28,867)		(547)		(29,414)
Other comprehensive income (loss), before taxes		5,959		(675)		5,284
Tax expense		—		203		203
Other comprehensive income (loss), net of taxes		5,959		(472)		5,487
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)

Equity Awards and Instruments

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Equity Awards and Instruments

Note 15: Equity Awards and Instruments

On March 31, 2020, the Company granted 12,454 shares of restricted stock, which are subject to a quarterly time‑based vesting schedule ending March 31, 2021.


		Exercise Price Per Share
	Options		Weighted
	Outstanding	Range	Average
Balance, December 31, 2019	18,691,667	$2.00 – $5.74	$	4.47
Option activity:
Granted	10,000	9.34		9.34
Exercised	(4,864,944)	2.00 – 5.74		3.37
Canceled	(223,250)	2.00 – 9.34		5.30
Balance, September 30, 2020	13,613,473	$3.73 – $5.74	$	4.85


		Weighted
		Remaining
	Number of	Contractual
Exercise	Options	Life
Prices	Outstanding	(in years)	Exercisable
$3.73 – $4.00	5,407,315	1.07	4,424,881
4.01 – 5.74	8,206,158	3.08	2,536,658
Total	13,613,473		6,961,539

For the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company received cash proceeds of $3,612 and $7,776, respectively, related to the exercise of stock options.


						Weighted
		Weighted				Remaining
		Average		Aggregate		Contractual
	Number of	Exercise		Intrinsic		Life
	Options	Price		Value		(in years)
Options as of September 30, 2020
Outstanding	13,613,473	$	4.85	$	361,441	2.3
Exercisable	6,961,539	$	4.40	$	187,962	1.7

Stock-based compensation expense is recognized on a straight‑line basis over the vesting period during which colleagues perform related services.

Total stock-based compensation expense was as follows:


	Nine Months Ended
	September 30,
	2019		2020
IPO vested restricted stock and RSU expense	$	—	$	15,445
Stock option expense		4,795		5,849
Restricted stock expense		1,251		2,104
Stock grants expense		—		219
Total pre-tax expense	$	6,046	$	23,617

The total intrinsic value of stock options exercised in the nine months ended September 30, 2019 and 2020 was $21,555 and $58,502, respectively.

Risk‑free rate. The risk‑free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.


	Year Ended			Nine Months Ended
	December 31,			September 30,
	2019			2020
Expected volatility		29.57	%		31.04	%
Expected dividend yield		1.38	%		1.11	%
Risk-free interest rate		2.48	%		1.31	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.66		$	2.49

Note 14: Equity Awards and Instruments

The following is a summary of activity under these two stockholder‑approved plans.

The Company did not grant fully vested shares of Class B Common Stock during 2018 or 2019.

Restricted Stock—Under the 2015 Equity Incentive Plan, the Company may grant both time and performance‑based shares of restricted Class B Common Stock to eligible colleagues.

The following is a summary of option activity under the Company’s equity incentive plans:


		Exercise Price Per Share
	Options						Weighted
	Outstanding	Range					Average
Balance, December 31, 2017	18,629,380	$	0.31	-	$	5.38	$	3.72
Option activity:
Granted	5,126,000		6.81	-		8.67		6.81
Exercised	(3,738,182)		0.31	-		5.38		1.89
Canceled	(502,750)		0.31	-		8.67		5.04
Balance, December 31, 2018	19,514,448	$	1.79	-	$	6.81	$	4.85
Option activity:
Granted	4,826,000					7.24		7.24
Exercised	(4,731,158)		1.79	-		6.81		2.68
Canceled	(917,623)		1.79	-		7.24		5.82
Balance, December 31, 2019	18,691,667	$	3.50	-	$	7.24	$	5.97

As of December 31, 2018 and 2019, options and other equity awards available for future grants under the 2015 Equity Incentive Plan were 30,607,529 and 28,101,504, respectively.

The following is a summary of options outstanding and exercisable by exercise price as of December 31, 2019:


		Weighted
	Number of	Remaining
	Options	Contractual
Exercise Prices	Outstanding	Life (in years)	Exercisable
$3.50 – $4.00	1,978,256	0.39	1,978,256
4.01 – 6.00	7,450,203	1.78	4,469,866
$6.01 – $7.24	9,263,208	3.82	1,125,708
Total	18,691,667		7,573,830

During the years ended December 31, 2018 and 2019, the Company received cash proceeds of $2,179 and $3,612, respectively, related to the exercise of stock options.

The following is a summary of the intrinsic value of options outstanding and exercisable as of December 31, 2019:


						Weighted
		Weighted		Aggregate		Remaining
	Number of	Average		Intrinsic		Contractual
	Options	Exercise Price		Value		Life (in years)
Options as of December 31, 2019
Outstanding	18,691,667	$	5.97	$	91,028	2.6
Exercisable	7,573,830	$	5.05	$	43,852	1.6

The total intrinsic value of stock options exercised in the years ended December 31, 2018 and 2019 was $18,291 and $22,914, respectively.

Risk‑free rate. The risk‑free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.


		Year Ended December 31,
		2018		2019
Expected volatility		26.32% – 27.18	%		29.57	%
Expected dividend yield		1.18	%		1.38	%
Risk-free interest rate		2.40	%		2.48	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.46		$	1.66

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 16: Income Taxes

Note 15: Income Taxes

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


	Year Ended
	December 31,
	2018		2019
Domestic	$	56,426	$	61,691
International		56,436		66,418
Income before income taxes	$	112,862	$	128,109

The provision for income taxes consists of the following at December 31, 2018 and 2019:


	Year Ended
	December 31,
	2018		2019
Current:
Federal	$	18,634	$	7,696
State		873		2,486
Foreign		11,303		12,824
		30,810		23,006
Deferred:
Federal		(7,655)		2,389
State		508		412
Foreign		(52,913)		(2,069)
		(60,060)		732
Provision for income taxes	$	(29,250)	$	23,738

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


	Year Ended
	December 31,
	2018		2019
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.9		2.0
Permanent book/tax differences	(0.2)		0.2
Stock-based compensation	(2.4)		(2.3)
Tax credits	(3.3)		(3.6)
Foreign tax rate differential	(4.2)		(2.8)
Income tax reserves	(0.2)		0.9
Intercompany sales of certain operating assets	(41.1)		—
Net tax on foreign earnings (GILTI and FDII)	—		6.1
Other	(0.2)		(3.0)
U.S. tax reform	3.8		—
Effective income tax rate	(25.9)	%	18.5	%

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


	As of December 31,
	2018		2019
Deferred tax assets:
Compensation accruals and DCP	$	37,816	$	36,195
NOL and credit carryforwards		10,013		11,544
Intangible assets including goodwill		15,199		10,371
Expenses not currently deductible		581		960
Allowance for accounts receivable		345		472
Other comprehensive income		195		394
Deferred revenue		8,185		—
Valuation allowance		(2,082)		(2,329)
Other		615		40
		70,867		57,647
Deferred tax liabilities:
Deferred revenue		—		12,830
Depreciation		240		707
Other		31		1,302
		271		14,839
Net deferred tax assets	$	70,596	$	42,808

The following is a reconciliation of the total amounts of unrecognized tax benefits:


	Year Ended
	December 31,
	2018		2019
Unrecognized tax benefit, beginning of year	$	872	$	638
Additions based on tax positions related to:
Prior years		80		1,222
Reductions for tax positions related to prior years		(39)		(86)
Lapse of statute of limitations		(275)		(11)
Unrecognized tax benefit, end of year	$	638	$	1,763

Fair Value of Financial Instruments

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Fair Value of Financial Instruments

Note 17: Fair Value of Financial Instruments

Derivatives Not Designated As Hedging Instrument

Fair Value

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

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

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan (4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143


September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	30,794	$	—	$	—	$	30,794
Total assets	$	30,794	$	—	$	—	$	30,794
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	5,143	$	5,143
Interest rate swap (3)		—		3,365		—		3,365
Deferred compensation plan (4)		2,300		—		—		2,300
Cash-settled equity awards (5)		743		—		—		743
Total liabilities	$	3,043	$	3,365	$	5,143	$	11,551

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

(3)

Included in Other liabilities in the accompanying consolidated balance sheet.

(4)

(5)

Included in Accruals and other current liabilities in the accompanying consolidated balance sheet.


	Year Ended		Nine Months Ended
	December 31, 2019		September 30, 2020
Balance, beginning of year	$	4,316	$	6,599
Payments		(2,513)		(2,034)
Addition		4,498		1,902
Reclassification		180		—
Change in fair value		62		(1,340)
Foreign currency translation adjustments		16		16
Balance, end of period	$	6,599	$	5,143

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

Note 16: Fair Value of Financial Instruments

Derivatives Not Designated As Hedging Instrument

Fair Value

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

The carrying values of the Company’s financial instruments excluding long‑term debt approximate their fair value due to the short‑term nature of those instruments. Additionally, as of December 31, 2018 and 2019, the fair value of the Company’s long‑term debt 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. 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.

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

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

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	30,197	$	—	$	—	$	30,197
Call options(2)		—		158		—		158
Total assets	$	30,197	$	158	$	—	$	30,355
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	4,316	$	4,316
Deferred compensation plan(4)		2,275		—		—		2,275
Total liabilities	$	2,275	$	—	$	4,316	$	6,591


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan(4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in Other assets in the accompanying consolidated balance sheets.

(3)

(4)


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	241	$	4,316
Payments		(9)		(2,513)
Addition		13,206		4,498
Reclassification(1)		(8,516)		180
Change in fair value		167		62
Foreign currency translation adjustments		(773)		56
Balance, end of year	$	4,316	$	6,599

(1)

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

Commitments and Contingencies

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18: Commitments and Contingencies

Note 17: Commitments and Contingencies

Operating Leases—The Company leases certain facilities, cars, and equipment under operating leases having initial or remaining non‑cancellable terms in excess of one year.

The future minimum lease payments for the years following December 31, 2019 are as follows:


2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
	$	52,016

Rent expense is recorded on straight‑line basis over the life of the lease. During the years ended December 31, 2018 and 2019, total rent expense was $16,726 and $17,036, respectively.

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 or results of operations.

Geographic Data

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Geographic Data

Note 19: Geographic Data


	December 31,		September 30,
	2019		2020
Long-lived assets:
Americas (1)	$	34,758	$	52,893
EMEA		34,039		54,181
APAC		7,148		14,824
Total long-lived assets	$	75,945	$	121,898

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

Note 18: Geographic Data


	Year Ended December 31,
	2018		2019
Long-lived assets:
Americas(1)	$	32,490	$	34,758
Europe, the Middle East, and Africa		43,933		34,039
Asia/Pacific		6,971		7,148
Total long-lived assets	$	83,394	$	75,945

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

Interest Expense, Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Interest Expense, Net

Note 20: Interest Expense, Net

Interest expense, net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Interest expense	$	(7,477)	$	(4,821)
Interest income		974		371
Total interest expense, net	$	(6,503)	$	(4,450)

Note 19: Interest Expense, Net

Interest expense, net is comprised of the following:


	Year Ended December 31,
	2018		2019
Interest expense	$	(9,607)	$	(9,731)
Interest income		842		1,532
Total interest expense, net	$	(8,765)	$	(8,199)

Other Income (Expense), Net

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Other Income (Expense), Net

Note 21: Other Income (Expense), Net

Other income (expense), net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Foreign exchange gain (loss) (1)	$	(14,053)	$	8,567
Other income (expense), net (2)		—		(1,811)
Total other income (expense), net	$	(14,053)	$	6,756

(1)

(2)

Note 20: Other Income (Expense), Net

Other income (expense), net is comprised of the following:


	Year Ended December 31,
	2018		2019
Foreign exchange loss(1)	$	(418)	$	(5,591)
Other income (expense), net(2)		654		34
Total other income (expense), net	$	236	$	(5,557)

(1)

(2)

For the year ended December 31, 2018, other income (expense), net includes a gain of $707 relating to insurance proceeds received in excess of the net book value of the replaced assets.

Realignment Costs

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Realignment Costs

Note 22: Realignment Costs

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


	2020 Program		Prior Program		Total
Balance, December 31, 2019	$	—	$	491	$	491
Realignment costs		10,020		(8)		10,012
Payments		(379)		(360)		(739)
Adjustments (1)		(71)		—		(71)
Balance, September 30, 2020	$	9,570	$	123	$	9,693

(1)

Adjustments includes foreign currency translation.

Realignment costs by expense classification were as follows:


	Nine		Nine
	Months Ended		Months Ended
	September 30, 2019		September 30, 2020
Cost of revenues:
Cost of subscriptions and licenses	$	(51)	$	50
Cost of services		(185)		1,548
Total cost of revenues		(236)		1,598
Operating expenses:
Research and development		(79)		910
Selling and marketing		(263)		5,183
General and administrative		86		2,321
Total operating expenses		(256)		8,414
Total realignment costs	$	(492)	$	10,012

Note 21: Realignment Costs

The following table sets forth realignment activity during the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	1,458	$	6,437
Realignment costs		6,778		(584)
Payments		(1,640)		(5,326)
Adjustments(1)		(159)		(36)
Balance, end of year	$	6,437	$	491

(1)

Adjustments includes foreign currency translation.

The following table sets forth the realignment costs by expense classification for the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
Cost of revenues:
Cost of subscriptions and licenses	$	256	$	(51)
Cost of services		845		(185)
Total cost of revenues		1,101		(236)
Operating expenses:
Research and development		3,380		(171)
Selling and marketing		2,252		(263)
General and administrative		45		86
Total operating expenses		5,677		(348)
Total realignment costs	$	6,778	$	(584)

Earnings Per Share

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Earnings Per Share

Note 23: Earnings Per Share


	Nine Months Ended
	September 30,
	2019		2020
Numerator:
Net income	$	66,845	$	74,589
Less: Net income attributable to participating securities		(10)		(4)
Net income attributable to Class A and Class B common stockholders	$	66,835	$	74,585
Denominator:
Denominator for basic net income per share—weighted average shares		286,024,263		287,063,892
Effect of dilutive securities		8,562,091		10,187,457
Denominator for dilutive net income per share		294,586,354		297,251,349
Net income per share, basic	$	0.23	$	0.26
Net income per share, diluted	$	0.23	$	0.25

No shares were excluded from the computation of diluted net income per share attributable to common stockholders for the nine months ended September 30, 2019.

Note 22: Earnings Per Share

Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. Basic EPS is computed by dividing net income attributable to common stockholders by the weighted‑average number of shares of Class A and Class B Common Stock outstanding.

For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. Diluted EPS attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted‑average number of fully diluted common shares outstanding.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and therefore, earnings per share would not differ under the two‑class method. The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2018		2019
Numerator:
Net income	$	142,112	$	103,096
Less: Net income attributable to participating securities		(4)		(8)
Net income attributable to Class A and Class B common stockholders	$	142,108	$	103,088
Denominator:
Denominator for basic net income per share – weighted average shares		285,805,096		284,625,642
Effect of dilutive securities:
Stock options		6,819,400		9,171,065
Denominator for dilutive net income per share		292,624,496		293,796,707
Net income per share, basic	$	0.50	$	0.36
Net income per share, diluted	$	0.49	$	0.35

No shares were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented.

Organization, Consolidation and Presentation of Financial Statements (Policies)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation — The unaudited consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) Dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements.	Basis of Presentation and Consolidation—The consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s principal subsidiaries are Bentley Systems International Limited (Ireland), Bentley Software International, Limited (Bermuda), Bentley Canada Inc. (Canada), Bentley Systems Europe BV (the Netherlands), Bentley Systems Pty Ltd. (Australia), Bentley Systems Co., Ltd. (Japan), Bentley Systems Germany GmbH (Germany), Bentley Systems Ltd. (UK), and Bentley Systems India Private Limited (India).
Consolidation	In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows at the dates and for the periods indicated. The consolidated balance sheet as of December 31, 2019 included herein is derived from the Company’s audited consolidated financial statements included in this registration statement. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results expected for the remainder of the fiscal year. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to a joint venture and an investment, both of which are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s principal subsidiaries are Bentley Systems International Limited (Ireland), Bentley Software International, Limited (Bermuda), Bentley Canada Inc. (Canada), Bentley Systems Europe BV (the Netherlands), Bentley Systems Pty Ltd. (Australia), Bentley Systems Co., Ltd. (Japan), Bentley Systems Germany GmbH (Germany), Bentley Systems Ltd. (UK), and Bentley Systems India Private Limited (India).
Use of Estimates	Use of Estimates — The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s significant estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of common stock and stock‑based compensation, operating lease assets and liabilities, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.	Use of Estimates—The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s critical estimates and assumptions include revenue recognition, adequacy of allowance for accounts receivable, determination of the fair value of acquired assets and liabilities, the fair value of derivative financial instruments, the fair value of stock‑based compensation, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, and accounting for income taxes. Actual results could differ materially from these estimates.
Derivatives Not Designated As Hedging Instruments	Derivatives Not Designated As Hedging Instruments — On March 31, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Company’s Credit Facility (see Note 10). The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the swap as either an asset or a liability on the consolidated balance sheet and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net and payments related to the swap are recognized in Interest expense, net in the consolidated statements of operations. 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.
Leases	Leases — 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 Company’s consolidated balance sheet. 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. The Company’s operating leases are primarily for office space, cars, and office equipment. The Company’s finance lease is included in Property and equipment, net, Accruals and other current liabilities, and Other liabilities in the Company’s consolidated balance sheet.
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance	In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018‑15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018‑15 is effective for the Company for the annual reporting period beginning after December 15, 2020, and interim periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and its impact on the Company’s consolidated results of operations and financial position. In January 2017, the FASB issued ASU No. 2017‑04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU is effective for the Company for the interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The Company does not believe that this ASU will have a material impact on the Company’s consolidated results of operations and financial position. Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU No. 2016‑02 regarding ASC Topic 842, Leases (“Topic 842”). This ASU requires balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Subsequent to the issuance of ASU 2016‑02, the FASB issued ASU Nos. 2018‑01, Land Easement Practical Expedient for Transition to Topic 842, 2018‑10, Codification Improvements to Topic 842, Leases, 2018‑11, Leases (Topic 842): Targeted Improvements, and 2018‑20, Narrow-Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in Topic 842. Instead, these amendments are intended to clarify and improve operability of certain topics included within the lease standard. The Company adopted Topic 842 as of January 1, 2020 using the modified retrospective method for all existing leases. Upon adoption, the Company recognized its lease assets and lease liabilities measured at the present value of all future fixed lease payments, discounted using the Company’s incremental borrowing rate. The Company elected the package of practical expedients as permitted under the transition guidance, which allows the Company: (1) to not reassess whether any existing contracts are leases or contain a lease; (2) to not reassess the lease classification of existing leases; and (3) to not reassess treatment of initial direct costs for existing leases. Additionally, the Company elected the practical expedients to combine lease and non-lease components for new leases post adoption and to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. Upon adoption of Topic 842, the Company recognized right-of-use assets of $45,850 and lease liabilities of $47,666 calculated based on the present value of the remaining minimum lease payments as of the adoption date. Topic 842 did not have a material impact to the Company’s consolidated statement of operations (see Note 8). In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”). Previous guidance required the allowance for doubtful accounts to be estimated based on an incurred loss model, which considers past and current conditions. Topic 326 requires companies to use an expected loss model that also considers reasonable and supportable forecasts of future conditions. Additionally, Topic 326 requires the allowance for doubtful accounts balance (contra‑asset) to be presented separately in the consolidated balance sheets. Topic 326 is effective for the Company for the annual period beginning after December 15, 2020, including interim periods within that annual period. The Company adopted Topic 326 as of January 1, 2020 using the modified retrospective method of adoption. The adoption of the standard did not have a material impact on the Company’s consolidated results of operations and financial position. In August 2018, the FASB issued ASU No. 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018‑13”). ASU 2018‑13 modifies certain required disclosures and establishes new requirements related to fair value measurement. Additionally, the disclosure requirement to state the reasons for transfers between Level 1 and Level 2, the policy for timing transfers between levels, and the valuation process for Level 3 measurements have been removed. ASU 2018‑13 is effective for the Company for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted the ASU effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations and financial position. In December 2019, the FASB issued ASU No. 2019‑12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019‑12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019‑12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019‑12 is effective for the Company for the annual period beginning after December 15, 2021, including interim periods within that annual period. The Company adopted the ASU effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations and financial position.
Revenue from Contract with Customer	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. Nature of Products and Services The Company generates revenues from subscriptions, perpetual licenses, and professional services. Subscriptions SELECT subscriptions — A prepaid annual recurring subscription 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 subscription 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. Enterprise subscriptions — The Company also provides Enterprise subscription offerings which provide its largest accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. Enterprise License Subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, to effectively create a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective standalone selling price (“SSP”). Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. Enterprise 365 ("E365") subscriptions , which were introduced during the fourth quarter of 2018, provide unrestricted access to the Company’s comprehensive software portfolio, similar to ELS, however, the accounts are charged based upon daily usage. The daily usage fee includes a term license component, SELECT maintenance and support, and Success Plan services, 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 defined as distinct user access on a daily basis. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage. 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. 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 Cloud Services Subscription (“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. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage. Visas and Passports are quarterly or annual term licenses enabling users to access specific project or enterprise information and entitle 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 account to estimate their annual usage for CSS eligible offerings and deposit 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. Perpetual license revenue is 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. The Company’s recent and preferred contractual structures for delivering professional services include (i) delivery of the services in the form of subscription‑like, packaged offerings which are annually recurring in nature, and (ii) delivery of the Company’s growing portfolio of Success Plans in standard offerings which offer a level of subscription service over and above the standard technical support offered to all accounts as part of their SELECT or Enterprise agreement. Revenues are recognized as services are performed. The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote and sell Bentley products and subscriptions to end‑users. Channel partners are authorized to promote the sale of an authorized set of Bentley products and subscriptions within an authorized geography under a Channel Partner Agreement. Significant Judgments and Estimates The Company’s contracts with customers may include promises to transfer licenses (perpetual or term‑based), maintenance, and services to a user. Judgment is required to determine if the promises are separate performance obligations, and if so, the allocation of the transaction price to each performance obligation. When an arrangement includes multiple performance obligations which are concurrently delivered and have the same pattern of transfer to the customer, the Company accounts for those performance obligations as a single performance obligation. For contracts with more than one performance obligation, the transaction price is allocated among the performance obligations in an amount that depicts the relative SSP of each obligation. Judgment is required to determine the SSP for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount that should be allocated based on the relative SSP of the various products and services. The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term.	Revenues—On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2014‑09, Revenue from Contracts with Customers, and related amendments (“Topic 606”) as discussed further in Recently Adopted Accounting Guidance below. Results for reporting periods beginning on or after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the guidance provided by Accounting Standards Codification (“ASC”) 985‑605, Software‑Revenue Recognition, and revenues for non‑software deliverables in accordance with Topic 605‑25, Revenue Recognition, Multiple‑Element Arrangements. The Company refers to ASC 985‑605 and Topic 605‑25 collectively as Topic 605. The accounting policies for the Company’s revenue recognition are explained in Note 3, Revenue from Contracts with Customers.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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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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-Name Accounting Standards Codification
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-Paragraph 20
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Revenue from Contracts with Customer (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Contract Assets and Contract Liabilities

Contract Assets and Contract Liabilities


	December 31,		September 30,
	2019		2020
Contract assets	$	644	$	313
Deferred revenues		213,145		179,900


	January 1,		December 31,
	2019		2019
Contract assets	$	173	$	644
Deferred revenues		212,529		213,145

Disaggregation of Revenue by Type and Location


	Nine Months Ended
	September 30,
	2019		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	196,564	$	199,848
Enterprise license subscriptions		135,959		165,268
Term license subscriptions		112,815		135,895
Subscriptions		445,338		501,011
Perpetual licenses:
Perpetual licenses		38,255		36,020
Subscriptions and licenses		483,593		537,031
Services:
Professional services (recurring)		15,682		11,624
Professional services (other)		34,457		33,322
Services		50,139		44,946
Total revenues	$	533,732	$	581,977


	Year Ended December 31,
	2018		2019
	Topic 605		Topic 605		Topic 606
Revenues:
Subscriptions:
SELECT subscription revenues	$	273,745	$	267,340	$	267,249
Enterprise license subscriptions		182,816		196,081		184,833
Term license subscriptions		100,860		150,504		156,218
Subscriptions		557,421		613,925		608,300
Perpetual licenses:
Perpetual licenses		61,065		52,519		59,693
Subscriptions and licenses		618,486		666,444		667,993
Services:
Professional services (recurring)		25,981		22,974		22,797
Professional services (all other)		47,243		45,431		45,864
Services		73,224		68,405		68,661
Total revenues	$	691,710	$	734,849	$	736,654

Acquisitions (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Business Acquisitions Aggregate Detail


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Number of acquisitions		4		4
Cash paid at closing (1)	$	36,577	$	70,984
Cash acquired		(2,523)		(2,064)
Net cash paid	$	34,054	$	68,920

(1)

Of the cash paid at closing during the nine months ended September 30, 2020, $3,413 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Number of acquisitions		7		4
Cash paid at closing	$	143,038	$	36,577
Cash acquired		(7,774)		(2,523)
Net cash paid	$	135,264	$	34,054

Schedule of Business Acquisitions Contingent Consideration

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


	December 31,		September 30,
	2019		2020
Accruals and other current liabilities	$	5,100	$	3,583
Other liabilities		1,499		1,560
Contingent consideration from acquisitions	$	6,599	$	5,143

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed in
	Year Ended		Nine Months Ended
	December 31,		September 30,
	2019		2020
Consideration:
Cash paid at closing	$	36,577	$	70,984
Contingent consideration		4,498		1,902
Deferred payment obligations to (from) sellers		—		(141)
Total consideration	$	41,075	$	72,745
Assets acquired and liabilities assumed:
Cash	$	2,523	$	2,064
Prepaid and other current assets		1,782		5,671
Operating lease right-of-use assets		—		1,668
Property and equipment		411		172
Other assets		84		36
Customer relationship asset (weighted average useful life of 7 years)		6,534		8,854
Software and technology (weighted average useful life of 3 years)		2,423		2,207
Non-compete agreement (useful life of 5 years)		150		200
Trademarks (weighted average useful life of 5 and 9 years, respectively)		1,431		3,050
Total identifiable assets acquired excluding goodwill		15,338		23,922
Accruals and other current liabilities		(3,538)		(2,458)
Deferred revenues		(2,897)		(4,274)
Operating lease liabilities		—		(1,668)
Deferred income taxes		(1,869)		(1,005)
Other liabilities		—		(87)
Total liabilities assumed		(8,304)		(9,492)
Net identifiable assets acquired excluding goodwill		7,034		14,430
Goodwill		34,041		58,315
Net assets acquired	$	41,075	$	72,745


	Acquisitions Completed
	in Year Ended
	December 31,
	2018		2019
Consideration:
Cash paid at closing	$	143,038	$	36,577
Contingent consideration		13,456		4,498
Deferred payment obligations to sellers		690		—
Total consideration	$	157,184	$	41,075
Assets acquired and liabilities assumed:
Cash	$	7,774	$	2,523
Prepaid and other current assets		4,790		1,782
Property and equipment		340		411
Other assets		—		84
Customer relationship asset (weighted average useful life of 5 and 7 years, respectively)		27,294		6,534
Software and technology (weighted average useful life of 3 years)		9,332		2,423
In-process research and development		1,366		—
Non-compete agreement (useful life of 5 years)		—		150
Trademarks (weighted average useful life of 7 and 5 years)		2,090		1,431
Total identifiable assets acquired excluding goodwill		52,986		15,338
Deferred tax liability		(8,917)		(1,869)
Other current liabilities		(3,848)		(3,538)
Deferred revenues		(6,181)		(2,897)
Total liabilities assumed		(18,946)		(8,304)
Net identifiable assets acquired excluding goodwill		34,040		7,034
Goodwill		123,144		34,041
Net assets acquired	$	157,184	$	41,075

Property and Equipment, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following as of December 31, 2019 and September 30, 2020:


	December 31,		September 30,
	2019		2020
Land	$	2,811	$	2,811
Building and improvements		31,619		32,803
Computer equipment and software		47,472		50,087
Furniture, fixtures, and equipment		12,593		12,930
Aircraft		3,910		4,075
Other		79		58
Property and equipment, at cost		98,484		102,764
Less accumulated depreciation		(68,852)		(73,432)
Total property and equipment, net	$	29,632	$	29,332


	As of December 31,
	2018		2019
Land	$	2,811	$	2,811
Building and improvements		30,585		31,619
Computer equipment and software		46,938		47,472
Furniture, fixtures, and equipment		11,595		12,593
Aircraft		3,910		3,910
Other		61		79
Property and equipment, at cost		95,900		98,484
Less accumulated depreciation		(66,507)		(68,852)
Total property and equipment, net	$	29,393	$	29,632

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:


Balance, December 31, 2019	$	480,065
Acquisitions		58,315
Foreign currency translation adjustments		3,935
Other adjustments		(76)
Balance, September 30, 2020	$	542,239


Balance, December 31, 2017	$	336,982
Acquisitions		123,144
Foreign currency translation adjustments		(13,808)
Balance, December 31, 2018		446,318
Acquisitions		34,041
Foreign currency translation adjustments		(321)
Other adjustments		27
Balance, December 31, 2019	$	480,065

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill as of December 31, 2019 and September 30, 2020 are as follows:


		December 31, 2019						September 30, 2020
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization:
Software and technology	3 years	$	66,063	$	(58,866)	$	7,197	$	68,650	$	(62,661)	$	5,989
Customer relationships	3‑10 years		88,904		(59,744)		29,160		98,602		(68,217)		30,385
Trademarks	3‑10 years		22,278		(12,461)		9,817		25,353		(15,466)		9,887
Non-compete agreements	5 years		150		(11)		139		350		(51)		299
Total intangible assets		$	177,395	$	(131,082)	$	46,313	$	192,955	$	(146,395)	$	46,560


		As of December 31, 2018						As of December 31, 2019
		Gross						Gross
	Estimated	Carrying		Accumulated		Net Book		Carrying		Accumulated		Net Book
	Useful Life	Amount		Amortization		Value		Amount		Amortization		Value
Intangible assets subject to amortization
Software and technology	3 years	$	66,251	$	(57,937)	$	8,314	$	66,063	$	(58,866)	$	7,197
Customer relationships	3 – 10 years		86,364		(52,753)		33,611		88,904		(59,744)		29,160
Trademarks	3 – 10 years		20,799		(8,952)		11,847		22,278		(12,461)		9,817
Non-compete agreements	5 years		—		—		—		150		(11)		139
			173,414		(119,642)		53,772		177,395		(131,082)		46,313
Intangible assets not subject to amortization
In-process research and development			229		—		229		—		—		—
Total intangible assets		$	173,643	$	(119,642)	$	54,001	$	177,395	$	(131,082)	$	46,313

Finite-lived Intangible Assets Amortization Expense


	Nine Months Ended
	September 30,
	2019		2020
Cost of subscriptions and licenses	$	2,760	$	3,426
Amortization of purchased intangibles		10,402		10,984
Total amortization expense	$	13,162	$	14,410


	Year Ended
	December 31,
	2018		2019
Cost of subscriptions and licenses	$	2,840	$	3,795
Amortization of purchased intangibles		14,000		14,213
Total amortization expense	$	16,840	$	18,008

Leases (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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 for the nine months ended September 30, 2020 were as follows:


	Nine Months Ended
	September 30, 2020
Operating lease cost (1)	$	13,424
Variable lease cost		2,898
Short-term lease cost		27
Total operating lease cost	$	16,349

(1)

Operating lease cost includes rent cost related to operating leases for office facilities of $12,857 for the nine months ended September 30, 2020.

Other information related to leases for the nine months ended September 30, 2020 was as follows:


	Nine Months Ended
	September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,589
Right-of-use assets obtained in exchange for new operating lease liabilities	$	14,530
Weighted average remaining lease term — operating leases (in years)		3.68
Weighted average discount rate — operating leases		2.22	%

Operating Lease Maturity

Maturities of operating lease liabilities as of September 30, 2020 are as follows:


	September 30, 2020
Remainder of 2020	$	4,679
2021		16,862
2022		12,876
2023		8,120
2024		4,254
Thereafter		4,666
Total future lease payments		51,457
Less: imputed interest		(3,273)
Total operating lease liabilities	$	48,184

Supplemental Balance Sheet Information

Total financing lease liabilities as of September 30, 2020 were $324. Supplemental balance sheet information related to the financing lease as of September 30, 2020 is as follows:


	September 30, 2020
Property and equipment	$	574
Accumulated depreciation		(197)
Property and equipment, net	$	377

Accruals and other current liabilities	$	184
Other liabilities		140
Total financing lease liabilities	$	324

Summary of Minimum Future Lease Payments

As of December 31, 2019, under the prior lease standard (Topic 840), future minimum lease payments under non-cancelable operating leases are as follows:


	December 31, 2019
2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
Total minimum lease payments	$	52,016

The future minimum lease payments for the years following December 31, 2019 are as follows:


2020	$	15,886
2021		13,186
2022		10,385
2023		6,572
2024		3,216
Thereafter		2,771
	$	52,016

Accruals and Other Current Liabilities (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	December 31, 2019		September 30, 2020
Cloud Services Subscription deposits	$	54,688	$	78,671
Accrued benefits		33,184		32,074
Accrued compensation		31,537		24,113
Accrued expenses associated with initial public offering		—		22,066
Accrued severance and realignment costs		1,688		10,336
Due to customers		8,945		9,507
Accrued acquisition stay bonuses		4,143		6,006
Accrued hosting costs		2,215		5,664
Sales taxes payable		5,287		3,596
Contingent consideration from acquisitions		5,100		3,583
Accrued professional fees		4,382		2,867
Accrued facility costs		2,168		1,981
Non-contingent consideration from acquisitions		900		91
Accrued rent		1,909		—
Other accrued and current liabilities		11,371		12,311
Total accruals and other current liabilities	$	167,517	$	212,866


	As of December 31,
	2018		2019
Cloud Services Subscription deposits	$	25,541	$	54,688
Accrued benefits		25,863		33,184
Accrued compensation		30,484		31,537
Due to customers		8,467		8,945
Contingent consideration from acquisitions		2,390		5,100
Sales taxes payable		3,467		5,287
Accrued professional fees		2,347		4,382
Accrued acquisition stay bonuses		1,650		4,143
Accrued hosting costs		6,740		2,215
Accrued facility costs		2,269		2,168
Accrued rent		2,574		1,909
Accrued severance and realignment costs		6,555		1,688
Non-contingent consideration from acquisitions		8,629		900
Other accrued and current liabilities		9,723		11,371
Total accruals and other current liabilities	$	136,699	$	167,517

LongTerm Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following as of December 31, 2019 and September 30, 2020:


	December 31, 2019		September 30, 2020
Bank credit facility:
Senior secured revolver	$	233,750	$	465,000
Term loan		—		124,583
Total long‑term debt	$	233,750	$	589,583


	As of December 31,
	2018		2019
Bank credit facility:
Senior secured revolver	$	258,750	$	233,750
Total long-term debt	$	258,750	$	233,750

Compensation Related Costs, Retirement Benefits (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of DCP Related Compensation (Income) Expense

The table below shows compensation (income) expense related to the DCP recorded during the nine months ended September 30, 2019 and 2020, respectively:

Common Stock (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2019:
Third quarter	$	0.025	$	6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.075	$	19,023
2020:
Third quarter (1)	$	1.530	$	400,311
Second quarter		0.030		7,771
First quarter		0.030		7,666
Total	$	1.590	$	415,748


	Dividend
	Per Share		Amount
2018:
Fourth quarter	$	0.020	$	4,990
Third quarter		0.020		5,016
Second quarter		0.020		5,020
First quarter		0.020		4,979
Total	$	0.080	$	20,005
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter		0.025		6,380
Second quarter		0.025		6,375
First quarter		0.025		6,268
Total	$	0.100	$	25,390

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the nine months ended September 30, 2019 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income, before taxes		5,763		23		5,786
Tax benefit		—		(8)		(8)
Other comprehensive income, net of taxes		5,763		15		5,778
Balance, September 30, 2019	$	(23,104)	$	(532)	$	(23,636)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)
Other comprehensive (loss) income, before taxes		(5,315)		52		(5,263)
Tax benefit		—		(21)		(21)
Other comprehensive (loss) income, net of taxes		(5,315)		31		(5,284)
Balance, September 30, 2020	$	(28,223)	$	(988)	$	(29,211)

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2017	$	(17,847)	$	(693)	$	(18,540)
Other comprehensive income (loss), before taxes		(11,020)		208		(10,812)
Tax expense		—		(62)		(62)
Other comprehensive income (loss), net of taxes		(11,020)		146		(10,874)
Balance, December 31, 2018		(28,867)		(547)		(29,414)
Other comprehensive income (loss), before taxes		5,959		(675)		5,284
Tax expense		—		203		203
Other comprehensive income (loss), net of taxes		5,959		(472)		5,487
Balance, December 31, 2019	$	(22,908)	$	(1,019)	$	(23,927)

Equity Awards and Instruments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Stock-based Compensation Expense

Schedule of Options


		Exercise Price Per Share
	Options		Weighted
	Outstanding	Range	Average
Balance, December 31, 2019	18,691,667	$2.00 – $5.74	$	4.47
Option activity:
Granted	10,000	9.34		9.34
Exercised	(4,864,944)	2.00 – 5.74		3.37
Canceled	(223,250)	2.00 – 9.34		5.30
Balance, September 30, 2020	13,613,473	$3.73 – $5.74	$	4.85


		Weighted
		Remaining
	Number of	Contractual
Exercise	Options	Life
Prices	Outstanding	(in years)	Exercisable
$3.73 – $4.00	5,407,315	1.07	4,424,881
4.01 – 5.74	8,206,158	3.08	2,536,658
Total	13,613,473		6,961,539

For the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company received cash proceeds of $3,612 and $7,776, respectively, related to the exercise of stock options.


						Weighted
		Weighted				Remaining
		Average		Aggregate		Contractual
	Number of	Exercise		Intrinsic		Life
	Options	Price		Value		(in years)
Options as of September 30, 2020
Outstanding	13,613,473	$	4.85	$	361,441	2.3
Exercisable	6,961,539	$	4.40	$	187,962	1.7


		Exercise Price Per Share
	Options						Weighted
	Outstanding	Range					Average
Balance, December 31, 2017	18,629,380	$	0.31	-	$	5.38	$	3.72
Option activity:
Granted	5,126,000		6.81	-		8.67		6.81
Exercised	(3,738,182)		0.31	-		5.38		1.89
Canceled	(502,750)		0.31	-		8.67		5.04
Balance, December 31, 2018	19,514,448	$	1.79	-	$	6.81	$	4.85
Option activity:
Granted	4,826,000					7.24		7.24
Exercised	(4,731,158)		1.79	-		6.81		2.68
Canceled	(917,623)		1.79	-		7.24		5.82
Balance, December 31, 2019	18,691,667	$	3.50	-	$	7.24	$	5.97

The following is a summary of options outstanding and exercisable by exercise price as of December 31, 2019:


		Weighted
	Number of	Remaining
	Options	Contractual
Exercise Prices	Outstanding	Life (in years)	Exercisable
$3.50 – $4.00	1,978,256	0.39	1,978,256
4.01 – 6.00	7,450,203	1.78	4,469,866
$6.01 – $7.24	9,263,208	3.82	1,125,708
Total	18,691,667		7,573,830

The following is a summary of the intrinsic value of options outstanding and exercisable as of December 31, 2019:


						Weighted
		Weighted		Aggregate		Remaining
	Number of	Average		Intrinsic		Contractual
	Options	Exercise Price		Value		Life (in years)
Options as of December 31, 2019
Outstanding	18,691,667	$	5.97	$	91,028	2.6
Exercisable	7,573,830	$	5.05	$	43,852	1.6

Total stock-based compensation expense was as follows:


	Nine Months Ended
	September 30,
	2019		2020
IPO vested restricted stock and RSU expense	$	—	$	15,445
Stock option expense		4,795		5,849
Restricted stock expense		1,251		2,104
Stock grants expense		—		219
Total pre-tax expense	$	6,046	$	23,617

Schedule of Valuation Assumptions


	Year Ended			Nine Months Ended
	December 31,			September 30,
	2019			2020
Expected volatility		29.57	%		31.04	%
Expected dividend yield		1.38	%		1.11	%
Risk-free interest rate		2.48	%		1.31	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.66		$	2.49


		Year Ended December 31,
		2018		2019
Expected volatility		26.32% – 27.18	%		29.57	%
Expected dividend yield		1.18	%		1.38	%
Risk-free interest rate		2.40	%		2.48	%
Expected term (in years)		3.75			3.75
Weighted average grant date fair value of options issued	$	1.46		$	1.66

Fair Value of Financial Instruments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan (4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143


September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	30,794	$	—	$	—	$	30,794
Total assets	$	30,794	$	—	$	—	$	30,794
Liabilities:
Acquisition contingent consideration (2)	$	—	$	—	$	5,143	$	5,143
Interest rate swap (3)		—		3,365		—		3,365
Deferred compensation plan (4)		2,300		—		—		2,300
Cash-settled equity awards (5)		743		—		—		743
Total liabilities	$	3,043	$	3,365	$	5,143	$	11,551

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

(3)

Included in Other liabilities in the accompanying consolidated balance sheet.

(4)

(5)

Included in Accruals and other current liabilities in the accompanying consolidated balance sheet.

The following tables provide the financial assets and financial liabilities carried at fair value measured on a recurring basis:


December 31, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	30,197	$	—	$	—	$	30,197
Call options(2)		—		158		—		158
Total assets	$	30,197	$	158	$	—	$	30,355
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	4,316	$	4,316
Deferred compensation plan(4)		2,275		—		—		2,275
Total liabilities	$	2,275	$	—	$	4,316	$	6,591


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	70,000	$	—	$	—	$	70,000
Total assets	$	70,000	$	—	$	—	$	70,000
Liabilities:
Acquisition contingent consideration(3)	$	—	$	—	$	6,599	$	6,599
Deferred compensation plan(4)		2,544		—		—		2,544
Total liabilities	$	2,544	$	—	$	6,599	$	9,143

(1)

Included in Cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in Other assets in the accompanying consolidated balance sheets.

(3)

(4)

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


	Year Ended		Nine Months Ended
	December 31, 2019		September 30, 2020
Balance, beginning of year	$	4,316	$	6,599
Payments		(2,513)		(2,034)
Addition		4,498		1,902
Reclassification		180		—
Change in fair value		62		(1,340)
Foreign currency translation adjustments		16		16
Balance, end of period	$	6,599	$	5,143


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	241	$	4,316
Payments		(9)		(2,513)
Addition		13,206		4,498
Reclassification(1)		(8,516)		180
Change in fair value		167		62
Foreign currency translation adjustments		(773)		56
Balance, end of year	$	4,316	$	6,599

(1)

Geographic Data (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Long-lived Assets by Geographic Areas

The following table presents the Company’s long-lived assets, net of depreciation and amortization by geographic region. See Notes 5, 6, and 8 for further detail around these assets.


	December 31,		September 30,
	2019		2020
Long-lived assets:
Americas (1)	$	34,758	$	52,893
EMEA		34,039		54,181
APAC		7,148		14,824
Total long-lived assets	$	75,945	$	121,898

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).


	Year Ended December 31,
	2018		2019
Long-lived assets:
Americas(1)	$	32,490	$	34,758
Europe, the Middle East, and Africa		43,933		34,039
Asia/Pacific		6,971		7,148
Total long-lived assets	$	83,394	$	75,945

(1)

Americas includes the United States, Canada, and Latin America (including the Caribbean).

Interest Expense, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Interest Expense, Net

Interest expense, net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Interest expense	$	(7,477)	$	(4,821)
Interest income		974		371
Total interest expense, net	$	(6,503)	$	(4,450)


	Year Ended December 31,
	2018		2019
Interest expense	$	(9,607)	$	(9,731)
Interest income		842		1,532
Total interest expense, net	$	(8,765)	$	(8,199)

Other Income (Expense), Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Other Income (Expense)

Other income (expense), net is comprised of the following:


	Nine Months Ended
	September 30,
	2019		2020
Foreign exchange gain (loss) (1)	$	(14,053)	$	8,567
Other income (expense), net (2)		—		(1,811)
Total other income (expense), net	$	(14,053)	$	6,756

(1)

(2)

Other income (expense), net is comprised of the following:


	Year Ended December 31,
	2018		2019
Foreign exchange loss(1)	$	(418)	$	(5,591)
Other income (expense), net(2)		654		34
Total other income (expense), net	$	236	$	(5,557)

(1)

(2)

For the year ended December 31, 2018, other income (expense), net includes a gain of $707 relating to insurance proceeds received in excess of the net book value of the replaced assets.

Realignment Costs (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Realignment Costs Rollforward

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


	2020 Program		Prior Program		Total
Balance, December 31, 2019	$	—	$	491	$	491
Realignment costs		10,020		(8)		10,012
Payments		(379)		(360)		(739)
Adjustments (1)		(71)		—		(71)
Balance, September 30, 2020	$	9,570	$	123	$	9,693

(1)

Adjustments includes foreign currency translation.


	Year Ended December 31,
	2018		2019
Balance, beginning of year	$	1,458	$	6,437
Realignment costs		6,778		(584)
Payments		(1,640)		(5,326)
Adjustments(1)		(159)		(36)
Balance, end of year	$	6,437	$	491

(1)

Adjustments includes foreign currency translation.

Schedule of Realignment Costs by Expense Classification


	Nine		Nine
	Months Ended		Months Ended
	September 30, 2019		September 30, 2020
Cost of revenues:
Cost of subscriptions and licenses	$	(51)	$	50
Cost of services		(185)		1,548
Total cost of revenues		(236)		1,598
Operating expenses:
Research and development		(79)		910
Selling and marketing		(263)		5,183
General and administrative		86		2,321
Total operating expenses		(256)		8,414
Total realignment costs	$	(492)	$	10,012


	Year Ended December 31,
	2018		2019
Cost of revenues:
Cost of subscriptions and licenses	$	256	$	(51)
Cost of services		845		(185)
Total cost of revenues		1,101		(236)
Operating expenses:
Research and development		3,380		(171)
Selling and marketing		2,252		(263)
General and administrative		45		86
Total operating expenses		5,677		(348)
Total realignment costs	$	6,778	$	(584)

Earnings Per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Schedule of Earnings Per Share, Basic and Diluted

The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Nine Months Ended
	September 30,
	2019		2020
Numerator:
Net income	$	66,845	$	74,589
Less: Net income attributable to participating securities		(10)		(4)
Net income attributable to Class A and Class B common stockholders	$	66,835	$	74,585
Denominator:
Denominator for basic net income per share—weighted average shares		286,024,263		287,063,892
Effect of dilutive securities		8,562,091		10,187,457
Denominator for dilutive net income per share		294,586,354		297,251,349
Net income per share, basic	$	0.23	$	0.26
Net income per share, diluted	$	0.23	$	0.25


	Year Ended December 31,
	2018		2019
Numerator:
Net income	$	142,112	$	103,096
Less: Net income attributable to participating securities		(4)		(8)
Net income attributable to Class A and Class B common stockholders	$	142,108	$	103,088
Denominator:
Denominator for basic net income per share – weighted average shares		285,805,096		284,625,642
Effect of dilutive securities:
Stock options		6,819,400		9,171,065
Denominator for dilutive net income per share		292,624,496		293,796,707
Net income per share, basic	$	0.50	$	0.36
Net income per share, diluted	$	0.49	$	0.35

Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ / shares in Units, £ in Thousands			1 Months Ended	9 Months Ended
	Sep. 25, 2020 USD ($) $ / shares shares	Aug. 28, 2020 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Apr. 02, 2020 USD ($)	Nov. 30, 2018 GBP (£)
Subsidiary, Sale of Stock [Line Items]
Dividends payable (USD per share) \| $ / shares		$ 1.50
Dividends payable \| $		$ 392,489,000
Stock options exercise price reduction (USD per share) \| $ / shares		$ 1.50
Stock options exercise price, lower limit (USD per share) \| $ / shares		$ 0.01
Not Designated as Hedging Instrument
Subsidiary, Sale of Stock [Line Items]
Derivative notional amount \| £						£ 65,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Subsidiary, Sale of Stock [Line Items]
Derivative notional amount \| $			$ 200,000,000		$ 200,000,000
Term of contract (in years)			10 years
Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Payments of expenses associated with initial public offering \| $				$ 26,130,000
Public Stock Offering - Shares From Existing Shareholders \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) \| shares	12,360,991
Price per share sold (USD per share) \| $ / shares	$ 22.00
IPO \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) \| shares	0
Sale of stock, consideration received \| $	$ 0

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List]	us-gaap:AccountingStandardsUpdate201602CumulativeEffectPeriodOfAdoptionMember
Operating lease right-of-use assets	$ 46,006		$ 0
Total operating lease liabilities	$ 48,184
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 45,850
Total operating lease liabilities		$ 47,666

Indicates amendment to accounting standards.

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Indicates transition method applied for adoption of amendment to accounting standards.

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Revenue from Contracts with Customer - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 179,900		$ 213,145		$ 212,529
Contract with customer, liability, revenue recognized	177,462		202,354
Increase in contract with customer, liability	(35,134)	$ (39,655)	(268)	$ 21,247
Contract with customer liability additions	142,678		202,806
Total revenues	$ 581,977	$ 533,732	736,654	$ 691,710
Customer Concentration Risk \| Revenue Benchmark \| Channel Partners
Disaggregation of Revenue [Line Items]
Concentration risk percentage	8.00%	8.00%
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 18,231		18,060
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	245,639	$ 225,921	311,689
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 209,619	$ 187,666	$ 251,996

Revenue from Contracts with Customer - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 313	$ 644	$ 173
Deferred revenues	$ 179,900	$ 213,145	$ 212,529

Revenue from Contracts with Customer - Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 179,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount		$ 213,145
Remaining performance obligation, percent to be recognized over next twelve months		96.20%
Remaining performance obligation expected timing of satisfaction period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	96.50%
Remaining performance obligation expected timing of satisfaction period	12 months

Revenue from Contracts with Customer - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,977	$ 533,732	$ 736,654	$ 691,710
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	537,031	483,593	667,993	618,486
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	501,011	445,338	608,300	557,421
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	199,848	196,564
Enterprise license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	165,268	135,959	184,833	182,816
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	135,895	112,815	156,218	100,860
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	36,020	38,255	59,693	61,065
Services
Disaggregation of Revenue [Line Items]
Total revenues	44,946	50,139	68,661	73,224
Professional services (recurring)
Disaggregation of Revenue [Line Items]
Total revenues	11,624	15,682	22,797	25,981
Professional services (other)
Disaggregation of Revenue [Line Items]
Total revenues	$ 33,322	$ 34,457	$ 45,864	$ 47,243

Revenue from Contracts with Customer - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,977	$ 533,732	$ 736,654	$ 691,710
Americas
Disaggregation of Revenue [Line Items]
Total revenues	287,942	259,216	356,331	328,749
United States
Disaggregation of Revenue [Line Items]
Total revenues	251,194	222,769	306,493	277,706
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	184,913	171,604	236,602	231,486
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenues	46,355	41,443	57,321	59,086
Asia-Pacific ("APAC")
Disaggregation of Revenue [Line Items]
Total revenues	$ 109,122	$ 102,912	$ 143,721	$ 131,475

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Cash acquired	$ (2,064)	$ (980)	$ (2,523)	$ (7,774)
Net cash paid	$ 68,920	$ 9,662	$ 34,054	$ 135,264
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions	4,000		4,000	7
Cash paid at closing	$ 70,984		$ 36,577	$ 143,038
Cash acquired	(2,064)		(2,523)	(7,774)
Net cash paid	68,920		$ 34,054	$ 135,264
Escrow deposit	$ 3,413

Acquisitions - Schedule of Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 3,583	$ 5,100	$ 2,390
Other liabilities		5,100	$ 2,390
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	3,583	5,100
Other liabilities	1,560	1,499
Contingent consideration from acquisitions	$ 5,143	$ 6,599

Acquisitions - Narrative (Details) $ in Thousands	9 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Non-contingent consideration from acquisitions	$ 91		$ 900	$ 8,629
Fair value adjustments reducing revenue	(581,977)	$ (533,732)	(736,654)	$ (691,710)
Accruals And Other Liabilities, Current
Business Combination, Separately Recognized Transactions [Line Items]
Non-contingent consideration from acquisitions	$ 91		$ 900
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions	4,000		4,000	7
Acquisition and integration costs	$ 1,609	447
Goodwill from acquisition, expected tax deductible amount	24,085		$ 6,501
Series of Individually Immaterial Business Acquisitions \| Acquired Support Contracts Adjustment To Revenue
Business Combination, Separately Recognized Transactions [Line Items]
Fair value adjustments reducing revenue	$ 483	$ 310

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 542,239	$ 480,065	$ 446,318	$ 336,982
Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life	7 years
Software and technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life	3 years
Non-compete agreements
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life	5 years
Non-compete agreements \| Minimum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life	9 years
Non-compete agreements \| Maximum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life	5 years
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	$ 70,984	36,577	143,038
Contingent consideration from acquisitions	1,902	4,498	13,456
Non-contingent consideration from acquisitions	(141)	0
Total consideration	72,745	41,075	157,184
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash	2,064	2,523
Prepaid and other current assets	5,671	1,782	4,790
Operating lease right-of-use assets	1,668	0
Property and equipment	172	411	340
Other assets	36	84
Total identifiable assets acquired excluding goodwill	23,922	15,338	52,986
Accruals and other current liabilities	(2,458)	(3,538)	(3,848)
Deferred revenues	(4,274)	(2,897)	(6,181)
Operating lease liabilities	(1,668)	0
Deferred income taxes	(1,005)	(1,869)	(8,917)
Other liabilities	(87)	0
Total liabilities assumed	(9,492)	(8,304)	(18,946)
Net identifiable assets acquired excluding goodwill	14,430	7,034	34,040
Goodwill	58,315	34,041	123,144
Net assets acquired	72,745	41,075	157,184
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Finite-lived intangibles	8,854	$ 6,534	27,294
Series of Individually Immaterial Business Acquisitions \| Customer relationships \| Minimum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life		5 years
Series of Individually Immaterial Business Acquisitions \| Customer relationships \| Maximum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life		7 years
Series of Individually Immaterial Business Acquisitions \| Software and technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Finite-lived intangibles	2,207	$ 2,423
Series of Individually Immaterial Business Acquisitions \| Non-compete agreements
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Finite-lived intangibles	200	150
Series of Individually Immaterial Business Acquisitions \| Trademarks
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Finite-lived intangibles	$ 3,050	$ 1,431	$ 2,090
Series of Individually Immaterial Business Acquisitions \| Trademarks \| Minimum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life		5 years
Series of Individually Immaterial Business Acquisitions \| Trademarks \| Maximum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Acquired finite-lived intangible assets, weighted average useful life		7 years

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 102,764	$ 98,484	$ 95,900
Less accumulated depreciation	(73,432)	(68,852)
Total property and equipment and finance lease right-of-use assets, net	29,332	29,632	29,393
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,811	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	32,803	31,619	30,585
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	50,087	47,472	46,938
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	12,930	12,593	11,595
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	4,075	3,910
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 58	$ 79	$ 61

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7,556	$ 7,212

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill beginning balance	$ 480,065	$ 446,318	$ 336,982
Acquisitions	58,315	34,041	123,144
Foreign currency translation adjustments	3,935	(321)	(13,808)
Other adjustments	(76)	27
Goodwill ending balance	$ 542,239	$ 480,065	$ 446,318

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 192,955	$ 177,395	$ 173,414
Accumulated Amortization	(146,395)	(131,082)	(119,642)
Net Book Value	$ 46,560	$ 46,313	53,772
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)		3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)		10 years
Software and technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years	3 years
Gross Carrying Amount	$ 68,650	$ 66,063	66,251
Accumulated Amortization	(62,661)	(58,866)	(57,937)
Net Book Value	5,989	7,197	8,314
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	98,602	88,904	86,364
Accumulated Amortization	(68,217)	(59,744)	(52,753)
Net Book Value	$ 30,385	$ 29,160	33,611
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years	10 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 25,353	$ 22,278	20,799
Accumulated Amortization	(15,466)	(12,461)	(8,952)
Net Book Value	$ 9,887	$ 9,817	$ 11,847
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years	3 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years	10 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years	5 years
Gross Carrying Amount	$ 350	$ 150
Accumulated Amortization	(51)	(11)
Net Book Value	$ 299	$ 139

Goodwill and Other Intangible Assets - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 3,426	$ 2,760
Amortization of purchased intangibles	10,984	10,402	$ 18,008	$ 16,840
Total amortization expense	$ 14,410	$ 13,162

Investments (Details) - USD ($)	9 Months Ended
Investments (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	$ 3,440,000
Payments to acquire equity method investments	1,500,000
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Impairment of equity method investments	0
Equity method investments	$ 1,778,000	$ 1,725,000
Topcon
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
Digital Construction Works, Inc. \| Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Digital Construction Works, Inc. \| Topcon
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Leases - Narrative (Details) $ in Thousands	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Renewal term (up to) (in years)	6 years
Termination period (in years)	4 years
Operating lease payments, leases not yet commenced	$ 106
Total financing lease liabilities	$ 324
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than) (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than) (in years)	7 years

Leases - Lease Cost (Details) $ in Thousands	9 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 13,424
Variable lease cost	2,898
Short-term lease cost	27
Total operating lease cost	16,349
Payments for rent	$ 12,857

Leases - Narrative (Details) $ in Thousands	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 13,589
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 14,530
Weighted average remaining lease term - operating leases (in years)	3 years 8 months 5 days
Weighted average discount rate - operating leases	2.22%

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Operating Leases, After Adoption of 842:
Remainder of 2020	$ 4,679
2021	16,862
2022	12,876
2023	8,120
2024	4,254
Thereafter	4,666
Total future lease payments	51,457
Less: imputed interest	(3,273)
Total operating lease liabilities	$ 48,184

Leases - Supplemental Balance Sheet (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
Property and equipment	$ 574
Accumulated depreciation	(197)
Property and equipment, net	377
Accruals and other current liabilities	184
Other liabilities	140
Total financing lease liabilities	$ 324
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	bsy:AccrualsAndOtherLiabilitiesCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent

Leases - Maturities, Prior to Adoption (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 15,886
2021	13,186
2022	10,385
2023	6,572
2024	3,216
Thereafter	2,771
Total minimum lease payments	$ 52,016

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Cloud Services Subscription deposits	$ 78,671	$ 54,688	$ 25,541
Accrued benefits	32,074	33,184	25,863
Accrued compensation	24,113	31,537	30,484
Accrued expenses associated with initial public offering	22,066	0
Accrued severance and realignment costs	10,336	1,688	6,555
Due to customers	9,507	8,945
Accrued acquisition stay bonuses	6,006	4,143	1,650
Accrued hosting costs	5,664	2,215	6,740
Sales taxes payable	3,596	5,287	3,467
Contingent consideration from acquisitions	3,583	5,100	2,390
Accrued professional fees	2,867	4,382	2,347
Accrued facility costs	1,981	2,168	2,269
Non-contingent consideration from acquisitions	91	900	8,629
Accrued rent	0	1,909	2,574
Other accrued and current liabilities	12,311	11,371	9,723
Accruals and other current liabilities	$ 212,866	$ 167,517	$ 136,699

LongTerm Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total carrying value of debt	$ 589,583		$ 233,750
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total carrying value of debt	465,000		233,750
Secured Debt \| Line of Credit \| Term Loan
Debt Instrument [Line Items]
Total carrying value of debt	$ 124,583	$ 417	$ 0

LongTerm Debt - Narrative (Details) £ in Thousands		9 Months Ended		12 Months Ended
LongTerm Debt - Narrative (Details) £ in Thousands	Dec. 19, 2017 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 02, 2020 USD ($)	Apr. 02, 2020 USD ($)	Mar. 31, 2020 USD ($)	Nov. 30, 2018 GBP (£)	Dec. 17, 2017 USD ($)
Debt Instrument [Line Items]
Total carrying value of debt		$ 589,583,000		$ 233,750,000
Amortization of deferred debt issuance costs		430,000	$ 415,000	553,000	$ 552,000
Interest expense other borrowings		40,000	$ 157,000	207,000	255,000
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount \| £									£ 65,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount							$ 200,000,000	$ 200,000,000
Derivative fair value		$ 3,365,000
Letter of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit	$ 100,000,000
Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate over time		1.92%	3.63%
Accrued interest and fees		$ 26,000
Interest expense for debt		4,351,000	$ 6,905,000
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings guaranteed through stock of foreign subsidiaries (as a percent)	0.65
Credit Facility \| Letters of Credit And Surety Bonds
Debt Instrument [Line Items]
Total carrying value of debt		150,000		$ 546,000
Credit Facility \| Minimum \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.15%			15.00%
Credit Facility \| Maximum \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.30%			30.00%
Credit Facility \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%			100.00%
Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum \| Revolving Credit Facility - Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%			100.00%
Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum \| Revolving Credit Facility - Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%			225.00%
Credit Facility \| Overnight Bank Funding Effective Rate \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Base Rate \| Minimum \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%			0.00%
Credit Facility \| Base Rate \| Maximum \| Revolving Credit Facility - Non-Euro Currency
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%			125.00%
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of deferred debt issuance costs		430,000	$ 415,000	$ 553,000	552,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total carrying value of debt		465,000,000		233,750,000
Accordion feature, increase limit	$ 100,000,000
Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		34,850,000		265,704,000	$ 240,619,000
Effective interest rate							0.73%
Line of Credit \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000									$ 500,000,000
Line of Credit \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Line of Credit \| Credit Facility \| Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Line of Credit \| Term Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount						$ 125,000,000
Total carrying value of debt		124,583,000		$ 0		$ 417,000
Debt issuance costs		$ 432,000

Executive Bonus Plan - Narrative (Details) $ in Thousands	9 Months Ended		12 Months Ended
Executive Bonus Plan - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 03, 2020 USD ($) item
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of trading days prior to end of applicable quarter, shares determined upon election by volume-weighted average price \| item					10,000
Number of trading days after the end of applicable quarter, shares determined upon election by volume-weighted average price \| item	10
Non-deferred incentive bonus threshold for pro rata adjustment					$ 7,500
Bonus plan compensation expense			$ 3,994	$ 4,323
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company's Management Reported Operating Income (MORI) threshold for bonus plan (up to)	20.00%
Bonus plan compensation expense	$ 26,469	$ 22,036

Retirement Plans - Narrative (Details) - USD ($)		9 Months Ended		12 Months Ended
Retirement Plans - Narrative (Details) - USD ($)	Aug. 28, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation liability, current and noncurrent		$ 2,300,000		$ 2,544,000	$ 2,275,000
Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions				$ 8,070,000	7,613,000
Qualified Plan
Defined Contribution Plan Disclosure [Line Items]
Employer discretionary contribution, percent of qualified cash compensation (up to)		5.00%		5.00%
Qualified Plan \| United States
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		$ 2,600,000	$ 2,423,000	$ 3,311,000	$ 3,337,000
Qualified Plan \| Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions		5,566,000	5,956,000
Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
Contributions by employer		$ 0	$ 0
Dividends, common stock, paid-in-kind	$ 41,948,000
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		20.00%		20.00%
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| After January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		100.00%		100.00%
Share-based Payment Arrangement, Tranche Two \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		20.00%
Share-based Payment Arrangement, Tranche Three \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		20.00%		20.00%
Share-Based Payment Arrangement, Tranche Four \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		20.00%
Share-Based Payment Arrangement, Tranche Five \| Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Prior to January 2016 Awards [Member]
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage		20.00%		20.00%

Retirement Plans - Schedule of DCP Related Compensation (Income) Expense (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
DCP related compensation (income) expense			$ 3,994	$ 4,323
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
DCP related compensation (income) expense	$ (115)	$ 304	$ 408	$ (75)

Common Stock - Initial Public Offering and Authorized Common Shares Narrative (Details) - $ / shares	Sep. 25, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 20, 2018
Class B Common Stock
Class of Stock [Line Items]
Common stock shares authorized (up to) (in shares)	1,800,000,000	1,800,000,000	600,000,000	600,000,000	600,000,000
Common stock shares outstanding (in shares)		250,625,279	243,241,192	238,681,756
Class B Common Stock \| Public Stock Offering - Shares From Existing Shareholders
Class of Stock [Line Items]
Number of shares sold (in shares)	12,360,991
Price per share sold (USD per share)	$ 22.00
Class A Common Stock
Class of Stock [Line Items]
Common stock shares authorized (up to) (in shares)	100,000,000	100,000,000	320,000,000	320,000,000	320,000,000
Common stock shares outstanding (in shares)		11,601,757	11,601,757	11,601,757

Common Stock - Sales, Repurchases, and Issuances of Company Capital Stock Narrative (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Apr. 23, 2018	Sep. 30, 2016
Class of Stock [Line Items]
Profit-sharing plan shares, net, value	$ 6,970,000	$ 1,939,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Class of Stock [Line Items]
Share-based compensation tax withholding payment				$ 6,861,000
Shares withheld for tax withholding obligation (in shares)			3,082,607	1,008,319
Deferred compensation arrangement with individual, shares issued, gross (in shares)			759,624	3,340,904
Common Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)	549,834	258,103
Shares exercised (in shares)	3,506,103	2,979,031
Profit-sharing plan shares, net, value	$ 5,000	$ 3,000
Deferred Compensation, Share-based Payments [Member] \| Deferred Profit Sharing
Class of Stock [Line Items]
Stock repurchased during period (in shares)	549,834	258,103	318,203	465,979
Profit-sharing plan shares, net, value	$ 6,970,000	$ 1,939,000	$ 2,417,000	$ 3,387,000
Stock Option
Class of Stock [Line Items]
Stock repurchased during period (in shares)			1,516,616	913,608
Shares exercised (in shares)			4,731,158	3,738,182
Share-based compensation tax withholding payment			$ 2,324,000
Performance Based Restricted Stock Units (RSUs), 2016 \| Equity Incentive Plan
Class of Stock [Line Items]
Shares repurchased by Company after exercise (in shares)	128,176	632,859
Shares repurchased by Company after exercise	$ 1,454,000	$ 4,952,000
Class B Common Stock
Class of Stock [Line Items]
Amount authorized for purchase	$ 250,000,000				$ 250,000,000	$ 200,000,000
Stock repurchased during period (in shares)	3,769,345
Class B Common Stock \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Class of Stock [Line Items]
Share-based compensation tax withholding payment	$ 1,877,000	$ 4,972,000
Shares withheld for tax withholding obligation (in shares)	181,228	679,806
Deferred compensation arrangement with individual, shares issued (in shares)	2,984,531	2,233,807	2,322,983	2,332,585
Deferred compensation arrangement with individual, shares issued, gross (in shares)	3,165,759	2,913,613
Class B Common Stock \| Common Stock
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)		2,979,031	3,214,542	2,812,998
Shares exercised (in shares)		4,372,294	4,731,158	3,726,606
Shares issued for cash (in shares)		1,125,506
Shares withheld for cost of options and tax withholding obligation		1,393,263	1,273,271	1,235,204
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)	3,506,103
Shares exercised (in shares)	4,864,944
Shares issued for cash (in shares)	1,761,769
Cash used to settle award	$ 7,776,000
Shares withheld for cost of options and tax withholding obligation	1,358,841
Share-based compensation tax withholding payment	$ 3,618,000	$ 2,270,000		$ 2,187,000
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Cash used to settle award		$ 3,054,000
Private Placement \| Common Stock
Class of Stock [Line Items]
Shares issued during period (in shares)	169	64,509
Private Placement \| Class B Common Stock
Class of Stock [Line Items]
Number of shares sold (in shares)	4,574,567	791,873	791,873	5,151,019
Stock repurchased during period (in shares)		622,873	622,873	2,139,466
Sale of stock, consideration received	$ 58,349,000	$ 4,510,000	$ 4,510,000	$ 16,220,000
Private Placement, Direct Investor Investment \| Class B Common Stock
Class of Stock [Line Items]
Number of shares sold (in shares)	805,053	169,000	169,000	3,011,553
Sale of stock, consideration received	$ 12,462,000	$ 1,224,000	$ 1,224,000	$ 22,792,000

Common Stock - Selected Terms Of Class A Common Stock and Class B Common Stock Narrative (Details)	Sep. 30, 2020 Vote
Class of Stock [Line Items]
Threshold of affirmative votes of Class A Common Stock outstanding for automatic conversion to Class B Common Stock (at least)	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%
Class B Common Stock
Class of Stock [Line Items]
Number Of Votes Per Share	1
Class A Common Stock
Class of Stock [Line Items]
Number Of Votes Per Share	29
Number of votes per share, if not serving as Company director or executive officer	11

Common Stock - Selected Terms of Preferred Stock Narrative (Details)	Sep. 30, 2020 shares
Equity [Abstract]
Shares authorized (in shares)	100,000,000
Shares outstanding (in shares)	0

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended											9 Months Ended		12 Months Ended
	Aug. 28, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Dividends declared (USD per share)		$ 1.530	$ 0.030	$ 0.030	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.020	$ 0.020	$ 0.020	$ 0.020	$ 1.590	$ 0.075	$ 0.100	$ 0.080
Amount		$ 400,311	$ 7,771	$ 7,666	$ 6,367	$ 6,380	$ 6,375	$ 6,268	$ 4,990	$ 5,016	$ 5,020	$ 4,979	$ 415,748	$ 19,023	$ 25,390	$ 20,005
Dividends payable	$ 392,489
Stock options exercise price reduction (USD per share)	$ 1.50
Stock options exercise price, lower limit (USD per share)	$ 0.01

Common Stock- Global Employee Stock Purchase Plan (Details) - Employee Stock - shares	Sep. 30, 2020	Sep. 22, 2020
Class of Stock [Line Items]
Maximum percent of eligible compensation available to contribute		15.00%
Purchase price of common stock, percent		85.00%
Class B Common Stock
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)		25,000,000
Shares issued (in shares)	0

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 334,619	$ 147,431	$ 147,431	$ 52,167
Other comprehensive (loss) income, before taxes	(5,263)	5,786	5,284	(10,812)
Tax benefit	(21)	(8)	(203)	62
Other comprehensive (loss) income, net of taxes	(5,284)	5,778	5,487	(10,874)
Ending balance	7,173	306,583	334,619	147,431
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(22,908)	(28,867)	(28,867)
Other comprehensive (loss) income, before taxes	(5,315)	5,763	5,959	(11,020)
Tax benefit	0	0
Other comprehensive (loss) income, net of taxes	(5,315)	5,763	5,959	(11,020)
Ending balance	(28,223)	(23,104)	(22,908)	(28,867)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,019)	(547)	(547)
Other comprehensive (loss) income, before taxes	52	23
Tax benefit	(21)	(8)
Other comprehensive (loss) income, net of taxes	31	15
Ending balance	(988)	(532)	(1,019)	(547)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(23,927)	(29,414)	(29,414)	(18,540)
Other comprehensive (loss) income, net of taxes	(5,284)	5,778	5,487	(10,874)
Ending balance	$ (29,211)	$ (23,636)	$ (23,927)	$ (29,414)

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

Equity Awards and Instruments - Incentive Plan Narrative (Details) - 2020 Incentive Award Plan - Class B Common Stock - shares	Sep. 30, 2020	Sep. 22, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		25,000,000
Percent of outstanding shares annual increase for authorized amount, minimum		1.00%
Number of shares awarded (in shares)	0

Equity Awards and Instruments - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands										9 Months Ended	12 Months Ended
	Aug. 28, 2020	May 19, 2019	May 15, 2019	May 12, 2019	Mar. 22, 2019	Mar. 12, 2019	Sep. 06, 2018	May 29, 2018	Mar. 22, 2018	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Put provision start period, number of months since exercise										6 months
Put provision end Period, number of days after start period										30 days
Call Provision Exercise Period										7 months
Dividends payable (USD per share)	$ 1.50
Stock options exercise price reduction (USD per share)	$ 1.50
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Put provision start period, number of months since exercise											6 months
Put provision end Period, number of days after start period											30 days
Call Provision Exercise Period											7 months
Granted (in shares)			10,000		4,816,000		10,000	5,096,000	20,000		4,826,000	5,126,000
Grant date fair value (USD per share)			$ 1.65		$ 1.66		$ 1.96	$ 1.46	$ 1.43
Proceeds from stock options exercised											$ 3,612	$ 2,179
Stock Option \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)										10,000
Proceeds from stock options exercised										$ 7,776	$ 3,612
Stock Option \| Class B Common Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				10,000	4,816,000
Grant date fair value (USD per share)		$ 1.65			$ 1.66	$ 2.49

Equity Awards and Instruments - Stock Grants Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Class B Common Stock \| 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)	17,411	0

Equity Awards and Instruments - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	9 Months Ended		12 Months Ended
	Jul. 21, 2020	Jul. 13, 2020	Jul. 10, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Restricted stock expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							493,840	512,616
Vested (in shares)							241,709	451,784
Shares withheld for tax withholding obligation (in shares)							25,677	76,375
Restricted stock expense \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation (in shares)								4,798
Restricted stock expense \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation (in shares)							23,343
Restricted stock expense \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				12,454
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)			$ 15.48
Vested (in shares)					37,237
Shares withheld for tax withholding obligation (in shares)					998
Share-based compensation tax withholding payment					$ 15
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| July 10, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			179,188
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| July 10, 2020, Grant One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			179,188
Performance Based Restricted Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,136					493,840
Grant date fair value (USD per share)	$ 15.48
Vested (in shares)						172,714		23,343
Shares withheld for tax withholding obligation (in shares)					8,774	18,763
Share-based compensation tax withholding payment					$ 95	$ 136		$ 170
Shares canceled (in shares)						292,131		60,832
Performance Based Restricted Stock \| Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation (in shares)					3,168
Share-based compensation tax withholding payment						$ 25
Shares outstanding (in shares)					31,015		54,770
Performance Based Restricted Stock \| Equity Incentive Plan \| Colleagues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)					26,760	11,348
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)	1,020,472	10,000
Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan \| July 10, 2020, Grant Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			994,912
Restricted Stock and Restricted Stock Units (RSUs) \| Equity Incentive Plan \| July 10, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)					10,742
Restricted Stock and Restricted Stock Units (RSUs) \| Equity Incentive Plan \| July 21, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)					12,500
Cash-Settled Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	46,300		32,238
Grant date fair value (USD per share)	$ 15.48
Cash-Settled Restricted Stock Units (RSUs) \| Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)			$ 15.48

Equity Awards and Instruments - Options Outstanding Rollfoward (Details) - $ / shares							9 Months Ended	12 Months Ended
	Aug. 28, 2020	May 15, 2019	Mar. 22, 2019	Sep. 06, 2018	May 29, 2018	Mar. 22, 2018	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise price reduction (USD per share)	$ 1.50
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)							18,691,667	19,514,448	18,629,380
Option activity:
Granted (in shares)		10,000	4,816,000	10,000	5,096,000	20,000		4,826,000	5,126,000
Exercised (in shares)								(4,731,158)	(3,738,182)
Canceled (in shares)								(917,623)	(502,750)
Ending balance (in shares)								18,691,667	19,514,448
Share-Based Payment Arrangement By Share-Based Payment Award, Options, Weighted Average Exercise Price Per Share [Roll Forward]
Beginning balance, weighted average exercise price (USD per share)							$ 5.97	$ 4.85	$ 3.72
Granted, weighted average exercise price (USD per share)								7.24	6.81
Exercised, weighted average exercise price (USD per share)								2.68	1.89
Canceled, weighted average exercise price (USD per share)								5.82	5.04
Ending balance, weighted average exercise price (USD per share)								$ 5.97	$ 4.85
2020 Incentive Award Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)							18,691,667
Option activity:
Granted (in shares)							10,000
Exercised (in shares)							(4,864,944)
Canceled (in shares)							(223,250)
Ending balance (in shares)							13,613,473	18,691,667
Share-Based Payment Arrangement By Share-Based Payment Award, Options, Exercise Price Per Share [Roll Forward]
Granted, exercise price (USD per share)							$ 9.34
Share-Based Payment Arrangement By Share-Based Payment Award, Options, Weighted Average Exercise Price Per Share [Roll Forward]
Beginning balance, weighted average exercise price (USD per share)							4.47
Granted, weighted average exercise price (USD per share)							9.34
Exercised, weighted average exercise price (USD per share)							3.37
Canceled, weighted average exercise price (USD per share)							5.30
Ending balance, weighted average exercise price (USD per share)							4.85	$ 4.47
2020 Incentive Award Plan \| Stock Option \| Minimum
Share-Based Payment Arrangement By Share-Based Payment Award, Options, Exercise Price Per Share [Roll Forward]
Beginning balance, exercise price range (USD per share)							2.00
Exercised, exercise price range (USD per share)							2.00
Canceled, exercise price range (USD per share)							2.00
Ending balance, exercise price range (USD per share)							3.73	2.00
2020 Incentive Award Plan \| Stock Option \| Maximum
Share-Based Payment Arrangement By Share-Based Payment Award, Options, Exercise Price Per Share [Roll Forward]
Beginning balance, exercise price range (USD per share)							5.74
Exercised, exercise price range (USD per share)							5.74
Canceled, exercise price range (USD per share)							9.34
Ending balance, exercise price range (USD per share)							$ 5.74	$ 5.74

Equity Awards and Instruments - Summary of Options Outstanding and Exercisable by Exercise Price Range (Details) - $ / shares		9 Months Ended
	Aug. 28, 2020	Sep. 30, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock options exercise price, lower limit (USD per share)	$ 0.01
Stock options exercise price reduction (USD per share)	$ 1.50
2020 Incentive Award Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares outstanding (in shares)		13,613,473
Shares exercisable (in shares)		6,961,539
$3.73 - $4.00 \| 2020 Incentive Award Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock options exercise price, lower limit (USD per share)		$ 3.73
Stock options exercise price, upper limit (USD per share)		$ 4.00
Shares outstanding (in shares)		5,407,315
Weighted remaining contractual life (in years)		1 year 26 days
Shares exercisable (in shares)		4,424,881
4.01 - 5.74 \| 2020 Incentive Award Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock options exercise price, lower limit (USD per share)		$ 4.01
Stock options exercise price, upper limit (USD per share)		$ 5.74
Shares outstanding (in shares)		8,206,158
Weighted remaining contractual life (in years)		3 years 29 days
Shares exercisable (in shares)		2,536,658

Equity Awards and Instruments - Additional Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended		12 Months Ended
	Aug. 28, 2020	Dec. 31, 2014	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise price reduction (USD per share)	$ 1.50
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised					$ 3,612	$ 2,179
Unrecognized compensation cost			$ 7,825		$ 11,911
Cost not yet recognized, period for recognition			1 year 10 months 24 days		2 years 7 months 6 days
Stock options exercised, intrinsic value			$ 58,502	$ 21,555	$ 22,914	$ 18,291
Expected dividend yield		0.00%	1.11%		1.38%	1.18%
Value of shares repurchased by Company after exercised by employee			$ 1,454	$ 4,952
Stock Option \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised			7,776		$ 3,612
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, excluding options			$ 16,915
Cost not yet recognized, period for recognition			3 years 8 months 12 days

Equity Awards and Instruments - Summary of Intrinsic Value of Options Outstanding and Exercisable (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		18,691,667	19,514,448	18,629,380
Weighted average exercise price, shares outstanding (USD per share)		$ 5.97	$ 4.85	$ 3.72
Shares outstanding, weighted remaining contractual life (in years)		3 years 9 months	3 years 9 months
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	13,613,473	18,691,667
Shares exercisable (in shares)	6,961,539
Weighted average exercise price, shares outstanding (USD per share)	$ 4.85	$ 4.47
Weighted average exercise price, shares exercisable (USD per share)	$ 4.40
Shares outstanding, intrinsic value	$ 361,441
Shares exercisable, intrinsic value	$ 187,962
Shares outstanding, weighted remaining contractual life (in years)	2 years 3 months 18 days
Shares exercisable, weighted remaining contractual life (in years)	1 year 8 months 12 days

Equity Awards and Instruments - Acquisition Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands								1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 28, 2020	May 15, 2019	Mar. 22, 2019	Sep. 06, 2018	May 29, 2018	Mar. 31, 2018	Mar. 22, 2018	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise price, lower limit (USD per share)	$ 0.01
Share-based compensation expense									$ 23,617	$ 6,046
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)		$ 1.65	$ 1.66	$ 1.96	$ 1.46		$ 1.43
Share-based compensation expense									5,849	$ 4,795	$ 6,342	$ 4,808
Shares outstanding (in shares)											18,691,667	19,514,448	18,629,380
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
Award vesting period						5 years
Stock options exercise price, upper limit (USD per share)						$ 6.805
Award service period								4 years
Stock options exercise price, lower limit (USD per share)						0.01
Grant date fair value (USD per share)						$ 3.44
Accelerated share-based compensation cost									1,548
Share-based compensation expense									$ 2,012
Shares outstanding (in shares)									900,000
Shares outstanding, intrinsic value									$ 7,992

Equity Awards and Instruments - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total pre-tax expense	$ 23,617	$ 6,046
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total pre-tax expense	5,849	4,795	$ 6,342	$ 4,808
Restricted stock expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total pre-tax expense	2,104	1,251	$ 1,749	$ 3,074
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total pre-tax expense	219	0
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total pre-tax expense	$ 15,445	$ 0

Equity Awards and Instruments - Schedule of Fair Value Assumptions (Details) - Stock Option - $ / shares		9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		31.04%	29.57%
Expected dividend yield	0.00%	1.11%	1.38%	1.18%
Risk-free interest rate		1.31%	2.48%	2.40%
Expected term (in years)		3 years 9 months	3 years 9 months
Weighted average grant date fair value of options issued (USD per share)		$ 2.49	$ 1.66	$ 1.46

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 22,145	$ 11,759	$ 23,738	$ (29,250)
Discrete tax benefit associated with stock-based compensation	$ 10,511	$ 3,861
Effective income tax rate	22.60%	15.00%	18.50%	(25.90%)

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