0001628280-21-016397 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Aug. 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39548
Entity Registrant Name	BENTLEY SYSTEMS, INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3936623
Entity Address, Address Line One	685 Stockton Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341
City Area Code	610
Local Phone Number	458-5000
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	BSY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		11,601,757
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		270,068,341

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 131,154	$ 122,006
Accounts receivable	221,764	195,782
Allowance for doubtful accounts	(6,396)	(5,759)
Prepaid income taxes	32,108	3,535
Prepaid and other current assets	26,864	24,694
Total current assets	405,494	340,258
Property and equipment, net	31,439	28,414
Operating lease right-of-use assets	52,599	46,128
Intangible assets, net	262,234	45,627
Goodwill	1,593,670	581,174
Investments	6,870	5,691
Deferred income taxes	54,705	39,224
Other assets	47,104	39,519
Total assets	2,454,115	1,126,035
Current liabilities:
Accounts payable	14,891	16,492
Accruals and other current liabilities	314,529	226,793
Deferred revenues	215,678	202,294
Operating lease liabilities	18,694	16,610
Income taxes payable	5,761	3,366
Total current liabilities	569,553	465,555
Long-term debt	1,269,842	246,000
Long-term operating lease liabilities	35,968	31,767
Deferred revenues	7,308	7,020
Deferred income taxes	70,683	10,849
Income taxes payable	7,613	7,883
Other liabilities	21,334	15,362
Total liabilities	1,982,301	784,436
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of June 30, 2021 and December 31, 2020	0	0
Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,601,757 shares as of June 30, 2021 and December 31, 2020, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 269,587,370 and 260,552,747 shares as of June 30, 2021 and December 31, 2020, respectively	2,812	2,722
Additional paid-in capital	910,951	741,113
Accumulated other comprehensive loss	(54,886)	(26,233)
Accumulated deficit	(387,063)	(376,003)
Total stockholders’ equity	471,814	341,599
Total liabilities and stockholders’ equity	$ 2,454,115	$ 1,126,035

Consolidated Balance Sheets - Parenthetical - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Class A Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	11,601,757	11,601,757
Common stock shares outstanding (in shares)	11,601,757	11,601,757
Class B Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock shares issued (in shares)	269,587,370	260,552,747
Common stock shares outstanding (in shares)	269,587,370	260,552,747

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 222,931	$ 184,290	$ 444,936	$ 378,980
Cost of revenues:
Total cost of revenues	53,451	36,705	102,740	73,964
Gross profit	169,480	147,585	342,196	305,016
Operating expenses:
Research and development	52,776	44,218	100,579	89,353
Selling and marketing	38,014	29,632	70,454	65,727
General and administrative	41,878	25,465	75,266	52,269
Amortization of purchased intangibles	4,589	3,679	8,027	7,115
Total operating expenses	137,257	102,994	254,326	214,464
Income from operations	32,223	44,591	87,870	90,552
Interest expense, net	(2,453)	(1,128)	(4,772)	(2,516)
Other (expense) income, net	(3,777)	405	10,705	(6,985)
Income before income taxes	25,993	43,868	93,803	81,051
Benefit (provision) for income taxes	20,746	(4,264)	10,388	(11,440)
Loss from investment accounted for using the equity method, net of tax	(1,829)	(528)	(2,275)	(866)
Net income	44,910	39,076	101,916	68,745
Less: Net income attributable to participating securities	(3)	0	(3)	0
Net income attributable to Class A and Class B common stockholders	$ 44,907	$ 39,076	$ 101,913	$ 68,745
Per share information:
Net income per share, basic (USD per share)	$ 0.15	$ 0.14	$ 0.34	$ 0.24
Net income per share, diluted (USD per share)	$ 0.14	$ 0.13	$ 0.32	$ 0.23
Weighted average shares, basic (in shares)	304,066,038	286,945,592	303,311,423	286,068,766
Weighted average shares, diluted (in shares)	324,478,086	295,187,194	323,094,045	295,595,234
Subscriptions and licenses
Revenues:
Total revenues	$ 196,843	$ 170,034	$ 395,084	$ 351,030
Cost of revenues:
Total cost of revenues	29,881	21,801	58,826	43,128
Subscriptions
Revenues:
Total revenues	185,452	157,655	373,577	327,837
Perpetual licenses
Revenues:
Total revenues	11,391	12,379	21,507	23,193
Services
Revenues:
Total revenues	26,088	14,256	49,852	27,950
Cost of revenues:
Total cost of revenues	$ 23,570	$ 14,904	$ 43,914	$ 30,836

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 44,910	$ 39,076	$ 101,916	$ 68,745
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(19,513)	582	(28,695)	(4,503)
Actuarial gain on retirement plan, net of tax effect of $(9), $(8), $(17), and $(15), respectively	21	17	42	26
Total other comprehensive (loss) income, net of taxes	(19,492)	599	(28,653)	(4,477)
Comprehensive income	$ 25,418	$ 39,675	$ 73,263	$ 64,268

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ (9)	$ (8)	$ (17)	$ (15)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2019		254,842,949
Beginning balance at Dec. 31, 2019	$ 334,619	$ 2,548	$ 408,667	$ (23,927)	$ (52,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,745				68,745
Other comprehensive loss	(4,477)			(4,477)
Dividends declared	(15,437)				(15,437)
Profit-sharing plan shares, net (in shares)		(385,568)
Profit‑sharing plan shares, net	(4,428)	$ (4)			(4,424)
Shares issued in connection with deferred compensation plan, net (in shares)		2,959,731
Shares issued in connection with deferred compensation plan, net	(1,830)	$ 30			(1,860)
Deferred compensation plan voluntary contributions	1,798		1,798
Payment of shareholder Put and Call rights (in shares)		(128,176)
Payment of shareholder Put and Call rights	(1,454)	$ (1)			(1,453)
Common Stock Purchase Agreement, net (in shares)		169
Common Stock Purchase Agreement, net	(57)				(57)
Stock option exercises, net (in shares)		2,184,628
Stock option exercises, net	(827)	$ 22	2,203		(3,052)
Shares issued for stock grants (in shares)		17,411
Shares issued for stock grants	219		219
Stock-based compensation expense	2,993		2,993
Shares related to restricted stock, net (in shares)		(281,789)
Shares related to restricted stock, net	(120)	$ (3)	3		(120)
Ending balance (in shares) at Jun. 30, 2020		259,209,355
Ending balance at Jun. 30, 2020	379,744	$ 2,592	415,883	(28,404)	(10,327)
Beginning balance (in shares) at Mar. 31, 2020		255,725,201
Beginning balance at Mar. 31, 2020	351,010	$ 2,556	412,038	(29,003)	(34,581)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,076				39,076
Other comprehensive loss	599			599
Dividends declared	(7,771)				(7,771)
Profit-sharing plan shares, net (in shares)		(198,853)
Profit‑sharing plan shares, net	(2,578)	$ (2)			(2,576)
Shares issued in connection with deferred compensation plan, net (in shares)		2,276,659
Shares issued in connection with deferred compensation plan, net	(1,529)	$ 23			(1,552)
Deferred compensation plan voluntary contributions	795		795
Payment of shareholder Put and Call rights (in shares)		(90,306)
Payment of shareholder Put and Call rights	(1,152)	$ (1)			(1,151)
Common Stock Purchase Agreement, net (in shares)		169
Common Stock Purchase Agreement, net	(57)				(57)
Stock option exercises, net (in shares)		1,486,795
Stock option exercises, net	(209)	$ 16	1,491		(1,716)
Shares issued for stock grants (in shares)		6,460
Shares issued for stock grants	100		100
Stock-based compensation expense	1,340		1,340
Shares related to restricted stock, net (in shares)		3,230
Shares related to restricted stock, net	120		119		1
Ending balance (in shares) at Jun. 30, 2020		259,209,355
Ending balance at Jun. 30, 2020	379,744	$ 2,592	415,883	(28,404)	(10,327)
Beginning balance (in shares) at Dec. 31, 2020		272,154,504
Beginning balance at Dec. 31, 2020	341,599	$ 2,722	741,113	(26,233)	(376,003)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101,916				101,916
Other comprehensive loss	(28,653)			(28,653)
Purchase of capped call options, net of tax of $6,334	(39,021)		(39,021)
Dividends declared	(16,591)				(16,591)
Shares issued in connection with deferred compensation plan, net (in shares)		2,202,079
Shares issued in connection with deferred compensation plan, net	(61,912)	$ 22			(61,934)
Deferred compensation plan voluntary contributions	1,493		1,493
Shares issued in connection with Executive Bonus Plan, net (in shares)		149,447
Shares issued in connection with Executive Bonus Plan, net	7,007	$ 2	11,721		(4,716)
Stock option exercises, net (in shares)		3,657,058
Stock option exercises, net	(24,703)	$ 36	4,288		(29,027)
Shares issued for stock grants (in shares)		7,824
Shares issued for stock grants	450		450
Stock-based compensation expense	8,548		8,548
Shares related to restricted stock, net (in shares)		(123,127)
Shares related to restricted stock, net	(709)	$ (1)			(708)
Ending balance (in shares) at Jun. 30, 2021		281,189,127
Ending balance at Jun. 30, 2021	471,814	$ 2,812	910,951	(54,886)	(387,063)
Beginning balance (in shares) at Mar. 31, 2021		273,722,483
Beginning balance at Mar. 31, 2021	353,997	$ 2,737	732,635	(35,394)	(345,981)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,910				44,910
Other comprehensive loss	(19,492)			(19,492)
Shares issued related to acquisition (in shares)		3,141,342
Shares issued related to acquisition	182,390	$ 31	182,359
Purchase of capped call options, net of tax of $6,334	(19,591)		(19,591)
Dividends declared	(8,372)				(8,372)
Shares issued in connection with deferred compensation plan, net (in shares)		1,862,576
Shares issued in connection with deferred compensation plan, net	(53,053)	$ 19			(53,072)
Deferred compensation plan voluntary contributions	639		639
Shares issued in connection with Executive Bonus Plan, net (in shares)		69,486
Shares issued in connection with Executive Bonus Plan, net	3,470	$ 1	6,148		(2,679)
Stock option exercises, net (in shares)		2,393,937
Stock option exercises, net	(19,296)	$ 24	2,549		(21,869)
Shares issued for stock grants (in shares)		7,824
Shares issued for stock grants	450		450
Stock-based compensation expense	5,762		5,762
Shares related to restricted stock, net (in shares)		(8,521)
Shares related to restricted stock, net	0	$ 0			0
Ending balance (in shares) at Jun. 30, 2021		281,189,127
Ending balance at Jun. 30, 2021	$ 471,814	$ 2,812	$ 910,951	$ (54,886)	$ (387,063)

Consolidated Statements of Stockholders' Equity - Parenthetical - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Purchase of capped call options, tax	$ 6,334	$ 12,584

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 101,916	$ 68,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,280	16,664
Bad debt allowance	291	293
Deferred income taxes	(915)	5,284
Deferred compensation plan activity	1,855	1,633
Stock-based compensation expense	20,598	3,212
Amortization and write-off of deferred debt issuance costs	2,371	277
Change in fair value of derivative	(7,735)	4,174
Change in fair value of contingent consideration	0	(1,390)
Foreign currency remeasurement (gain) loss	(2,371)	3,538
Loss from investment accounted for using the equity method, net of tax	2,275	866
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(4,665)	44,263
Prepaid and other assets	10,485	9,089
Accounts payable, accruals, and other liabilities	37,623	11,208
Deferred revenues	(4,756)	(29,500)
Income taxes payable, net of prepaid income taxes	(27,230)	(2,174)
Net cash provided by operating activities	149,022	136,182
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(4,750)	(9,970)
Acquisitions, net of cash acquired of $36,847 and $2,064, respectively	(1,002,551)	(67,595)
Other investing activities	(700)	(1,414)
Net cash used in investing activities	(1,008,001)	(78,979)
Cash flows from financing activities:
Proceeds from credit facilities	581,233	164,375
Payments of credit facilities	(790,846)	(191,125)
Proceeds from convertible senior notes, net of discounts and commissions	1,233,377	0
Payments of debt issuance costs	(4,951)	0
Purchase of capped call options	(51,555)	0
Payments of financing leases	(101)	(93)
Payments of acquisition debt and other consideration	(544)	(1,091)
Payments of dividends	(16,591)	(15,901)
Payments for shares acquired including shares withheld for taxes	(87,836)	(69,307)
Proceeds from Common Stock Purchase Agreement	0	58,349
Proceeds from exercise of stock options	4,324	2,237
Net cash provided by (used in) financing activities	866,510	(52,556)
Effect of exchange rate changes on cash and cash equivalents	1,617	(232)
Increase in cash and cash equivalents	9,148	4,415
Cash and cash equivalents, beginning of year	122,006	121,101
Cash and cash equivalents, end of period	131,154	125,516
Supplemental information:
Cash paid for income taxes	25,109	7,180
Income tax refunds	5,895	298
Interest paid	1,871	3,162
Shares issued related to acquisition	182,390	0
Contingent acquisition consideration	4,991	1,706
Deferred, non-contingent consideration, net	9,593	1,069
Convertible senior notes expenses included in Accounts payable and Accruals and other current liabilities	692	0
Capped call options expenses included in Accounts payable and Accruals and other current liabilities	50	0
Share-settled Executive Bonus Plan awards	11,723	0
Voluntary deferred compensation plan contributions	$ 1,493	$ 1,798

Consolidated Statement of Cash Flows - Parenthetical - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Cash acquired from acquisitions	$ 36,847	$ 2,064

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation — The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated (“Bentley” or the “Company”) and its wholly-owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Part II, Item 8 of the Company’s 2020 Annual Report on Form 10‑K on file with the SEC. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows at the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. The December 31, 2020 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements. Seequent Acquisition — On June 17, 2021, the Company completed the acquisition of Seequent Holdings Limited (“Seequent”), a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management and collaboration, for $910,997 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock (see Note 4). Convertible Senior Notes — On January 26, 2021, the Company completed a private offering of $690,000 of 0.125% convertible senior notes due 2026 (the “2026 Notes”). The Company incurred $18,055 of expenses in connection with the 2026 Notes offering consisting of the payment of initial purchasers’ discounts and commissions, professional fees, and other expenses (“transaction costs”). In connection with the pricing of the 2026 Notes, the Company entered into capped call options with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The capped call options are expected to reduce potential dilution to the Company’s Class B Common Stock upon any conversion of 2026 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The Company paid premiums of $25,530 in connection with the capped call options (see Note 10). On June 28, 2021, the Company completed a private offering of $575,000 of 0.375% convertible senior notes due 2027 (the “2027 Notes”). The Company incurred $15,065 of expenses in connection with the 2027 Notes offering consisting of transaction costs. In connection with the pricing of the 2027 Notes, the Company entered into capped call options with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The capped call options are expected to reduce potential dilution to the Company’s Class B Common Stock upon any conversion of 2027 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The Company paid premiums of $25,875 in connection with the capped call options (see Note 10). Initial Public Offering — On September 25, 2020, the Company completed its initial public offering (“IPO”). The selling stockholders sold 12,360,991 shares of Class B Common Stock at a public offering price of $22.00 per share. 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. For further detail, see the audited consolidated financial statements and notes thereto included in Part II, Item 8 of the Company’s 2020 Annual Report on Form 10‑K on file with the SEC. Follow-On Public Offering — On November 17, 2020, the Company completed its follow‑on public offering of 11,500,000 shares of Class B Common Stock at a public offering price of $32.00 per share (the “Follow‑On Offering”). The Company sold 9,603,965 shares of Class B Common Stock (inclusive of 1,500,000 shares sold upon the exercise by the underwriters of their option to purchase additional shares of the Company’s Class B Common Stock). The selling stockholders sold 1,896,035 shares of Class B Common Stock. The Company received net proceeds of $294,429 after deducting expenses of $12,898. The Company did not receive any of the proceeds from the sale of the Class B Common Stock sold by the selling stockholders. For further detail, see the audited consolidated financial statements and notes thereto included in Part II, Item 8 of the Company’s 2020 Annual Report on Form 10‑K on file with the SEC. 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. The Company has also taken measures to reduce selected operating expenses, including various costs associated with travel and facilities.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020‑04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform between March 12, 2020 and December 31, 2022. The expedients and exceptions provided by ASU 2020‑04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company had no transactions that were impacted by ASU 2020‑04 during the six months ended June 30, 2021. Recently Adopted Accounting Guidance 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. The new guidance is required to be applied on a prospective basis and as such, the Company will use the simplified test in its annual fourth quarter testing or more often if circumstances indicate a potential impairment may exist. The Company does not believe this ASU will have a material impact on its consolidated results of operations and financial position. In August 2018, the 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 (“ASU 2018‑15”), which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal‑use software. The Company prospectively adopted the ASU effective January 1, 2021. Capitalized costs related to cloud computing arrangements for the six months ended June 30, 2021, which are included in Prepaid and other current assets in the consolidated balance sheet, were not material. In August 2020, the FASB issued ASU No. 2020‑06, Debt–Debt with Conversion and Other Options (Subtopic 470‑20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815‑40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020‑06”), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if‑converted method. The Company early adopted the ASU effective January 1, 2021 using the modified retrospective method of adoption (see Notes 10 and 23).

- Definition

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

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+ Details

Revenue from Contracts with Customer

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customer

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 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 also includes a term license component, SELECT maintenance and support, hosting, 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. E365 subscriptions can contain quarterly usage floors or collars as accounts transition to the usage model or for accounts within the public sector. 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 entitles users to certain functionality of the Company’s ProjectWise and AssetWise systems. The Company’s standard offerings are usage based with monetization through the Company’s CSS program as described below.

CSS is a program designed to streamline the procurement, administration, and payment process. The program requires an 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. As of June 30, 2021 and December 31, 2020, the Company has deferred $18,429 and $18,166, respectively, related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets.

Contract Assets and Contract Liabilities


	June 30, 2021		December 31, 2020
Contract assets	$	581	$	446
Deferred revenues	222,986		209,314

As of June 30, 2021 and December 31, 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 in the consolidated balance sheets. Contract assets were not impaired as of June 30, 2021 and December 31, 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.

For the six months ended June 30, 2021, $135,237 of revenue that was included in the December 31, 2020 deferred revenue balance was recognized. There were additional deferrals of $152,143, which were primarily related to new billings and acquisitions (see Note 4). For the six months ended June 30, 2020, $144,391 of revenue that was included in the December 31, 2019 deferred revenue opening balance was recognized. There were additional deferrals of $118,767, 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 June 30, 2021, amounts allocated to these remaining performance obligations are $222,986, of which the Company expects to recognize 96.7% over the next 12 months with the remaining amount thereafter.

Disaggregation of Revenues

The following table details revenues:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	66,934	$	64,448	$	133,074	$	132,339
Enterprise subscriptions (1)	67,662		50,556		138,677		109,290
Term license subscriptions	50,856		42,651		101,826		86,208
Subscriptions	185,452		157,655		373,577		327,837
Perpetual licenses:
Perpetual licenses	11,391		12,379		21,507		23,193
Subscriptions and licenses	196,843		170,034		395,084		351,030
Services:
Professional services (recurring)	5,006		3,536		11,083		7,316
Professional services (other)	21,082		10,720		38,769		20,634
Services	26,088		14,256		49,852		27,950
Total revenues	$	222,931	$	184,290	$	444,936	$	378,980

(1)Enterprise subscriptions includes revenue attributable to E365 subscriptions of $53,753 and $25,179 for the three months ended June 30, 2021 and 2020, respectively, and $102,018 and $47,173 for the six months ended June 30, 2021 and 2020, respectively.

The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the three months ended June 30, 2021 and 2020, the Company recognized $87,885 and $74,853 of license related revenues, respectively, of which $76,494 and $62,474, respectively, were attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions in the consolidated statements of operations. For the six months ended June 30, 2021 and 2020, the Company recognized $183,510 and $160,270 of license related revenues, respectively, of which $162,003 and $137,077, respectively, were attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions in the consolidated statements of operations.

The Company derived 7% and 8% of its total revenues through channel partners for the three months ended June 30, 2021 and 2020, respectively, 8% and 8% of its total revenues through channel partners for the six months ended June 30, 2021 and 2020, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Americas (1)	$	112,308	$	87,938	$	221,170	$	185,838
Europe, the Middle East, and Africa (“EMEA”) (2)	69,015		59,464		142,863		121,578
Asia-Pacific (“APAC”)	41,608		36,888		80,903		71,564
Total revenues	$	222,931	$	184,290	$	444,936	$	378,980

(1)Americas includes the United States (“U.S.”), Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $91,500 and $76,781 for the three months ended June 30, 2021 and 2020, respectively, and $184,440 and $159,201 for the six months ended June 30, 2021 and 2020, respectively.

(2)Revenue attributable to the United Kingdom (“U.K.”) totaled $20,242 and $14,205 for the three months ended June 30, 2021 and 2020, respectively, and $42,625 and $27,885 for the six months ended June 30, 2021 and 2020, respectively.

- Definition

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

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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

For the six months ended June 30, 2021 and the year ended December 31, 2020, the Company completed a number of acquisitions, for an aggregate purchase price of $1,236,372 and $102,094, respectively. On June 17, 2021, the Company completed the acquisition of Seequent, a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management and collaboration, for $910,997 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock. The operating results of the acquired businesses, except for Seequent, were not material, individually or in the aggregate, to the Company’s consolidated statements of operations and financial position.

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


	Acquisitions Completed in
	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Number of acquisitions	8		6
Cash paid at closing (1)	$	1,039,398	$	98,298
Cash acquired	(36,847)		(5,266)
Net cash paid	$	1,002,551	$	93,032

(1)Of the cash paid at closing for the six months ended June 30, 2021, $5,250 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:


	June 30, 2021		December 31, 2020
Accruals and other current liabilities	$	6,561	$	2,884
Other liabilities	2,167		1,415
Contingent consideration from acquisitions	$	8,728	$	4,299

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


	June 30, 2021		December 31, 2020
Accruals and other current liabilities	$	5,952	$	685
Other liabilities	6,986		1,774
Non-contingent consideration from acquisitions	$	12,938	$	2,459

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.

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. These fair value adjustments reduce the revenues recognizable over the remaining support contract term of the Company’s acquired contracts. For the three months ended June 30, 2021 and 2020, the fair value adjustments to reduce revenue were $998 and $79, respectively, and $1,010 and $195 for the six months ended June 30, 2021 and 2020, respectively.

The purchase accounting for the eight acquisitions completed for the six months ended June 30, 2021 are 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 and are recorded in General and administrative in the consolidated statements of operations. For the three months ended June 30, 2021 and 2020, the Company incurred acquisition and integration costs of $10,233 and $265, respectively, and $17,094 and $1,078 for the six months ended June 30, 2021 and 2020, respectively, which include costs related to legal, accounting, valuation, general administrative, and other consulting fees. For the three and six months ended June 30, 2021, $9,180 and $15,896, respectively, of the Company’s acquisition and integration costs related to the acquisition of Seequent.

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
	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Consideration:
Cash paid at closing	$	1,039,398	$	98,298
Shares issued at closing (1)(2)	182,390		—
Contingent consideration	4,991		2,380
Deferred, non-contingent consideration, net	9,593		1,416
Total consideration	$	1,236,372	$	102,094
Assets acquired and liabilities assumed:
Cash	$	36,847	$	5,266
Prepaid and other current assets	21,594		8,701
Operating lease right-of-use assets	12,418		2,529
Property and equipment	6,310		499
Investments	2,211		—
Other assets	523		36
Software and technology (weighted average useful life of 5 and 3 years, respectively)	44,735		2,207
Customer relationships (weighted average useful life of 9 and 6 years, respectively)	140,299		11,371
Trademarks (weighted average useful life of 10 and 7 years, respectively)	41,417		3,953
Non-compete agreement (useful life of 5 years)	—		200
In-process research and development	4,300		—
Total identifiable assets acquired excluding goodwill	310,654		34,762
Accruals and other current liabilities	(24,580)		(4,991)
Deferred revenues	(16,041)		(5,351)
Operating lease liabilities	(12,336)		(2,529)
Deferred income taxes	(54,142)		(1,701)
Other liabilities	(895)		(86)
Total liabilities assumed	(107,994)		(14,658)
Net identifiable assets acquired excluding goodwill	202,660		20,104
Goodwill	1,033,712		81,990
Net assets acquired	$	1,236,372	$	102,094

(1)Of the total 3,141,342 shares issued at closing, 83,627 shares are subject to forfeiture if post‑closing employment service conditions are not met. Accordingly, $5,452 is being recorded as stock‑based compensation expense over the related forfeiture period of two years.

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

The 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 June 30, 2021, $16,606 is expected to be deductible for tax purposes.

Unaudited Pro Forma Financial Information

Had the acquisition of Seequent been made at the beginning of 2020, unaudited pro forma total revenues for the three months ended June 30, 2021 and 2020 would have been $241,762 and $199,339, respectively, and $497,545 and $419,180 for the six months ended June 30, 2021 and 2020, respectively. Net income, net income per share, basic, and net income per share, diluted for the three and six months ended June 30, 2021 and 2020 would not have been materially different than the amounts reported primarily due to the pro forma adjustments to reflect the amortization of purchased intangibles and the cost to finance the transaction, net of the related tax effects.

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

Acquisitions Subsequent to June 30, 2021

In July 2021, the Company completed two acquisitions. The acquisitions are not expected to be material to the Company’s consolidated statements of operations and financial position.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	June 30, 2021		December 31, 2020
Land	$	2,811	$	2,811
Building and improvements	34,639		33,094
Computer equipment and software	48,549		44,369
Furniture, fixtures, and equipment	14,857		12,849
Aircraft	4,075		4,075
Other	60		58
Property and equipment, at cost	104,991		97,256
Less: Accumulated depreciation	(73,552)		(68,842)
Total property and equipment, net	$	31,439	$	28,414

Depreciation expense was $2,617 and $2,503 for the three months ended June 30, 2021 and 2020, respectively, and $5,114 and $4,926 for the six months ended June 30, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


Balance, December 31, 2020	$	581,174
Acquisitions	1,033,712
Foreign currency translation adjustments	(21,084)
Other adjustments	(132)
Balance, June 30, 2021	$	1,593,670

Details of intangible assets other than goodwill are as follows:


		June 30, 2021						December 31, 2020
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Intangible assets subject to amortization:
Software and technology	3-5 years	$	111,455	$	(65,064)	$	46,391	$	67,691	$	(63,046)	$	4,645
Customer relationships	3-10 years	234,543		(72,366)		162,177		97,008		(66,030)		30,978
Trademarks	3-10 years	67,265		(18,063)		49,202		26,610		(16,888)		9,722
Non-compete agreements	5 years	350		(103)		247		350		(68)		282
		413,613		(155,596)		258,017		191,659		(146,032)		45,627
Intangible assets not subject to amortization:
In-process research and development		4,217		—		4,217		—		—		—
Total intangible assets		$	417,830	$	(155,596)	$	262,234	$	191,659	$	(146,032)	$	45,627

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of subscriptions and licenses	$	1,095	$	1,148	$	2,246	$	2,161
Amortization of purchased intangibles	4,589		3,679		8,027		7,115
Total amortization expense	$	5,684	$	4,827	$	10,273	$	9,276

Investments	6 Months Ended
Investments	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments In June 2021, in connection with the acquisition of Seequent, the Company recorded an equity method investment arising from a pre‑existing investment made by a Seequent subsidiary. The investee offers a broad range of data and software related services with a focus on the mining and exploration industry. As of June 30, 2021, the carrying amount of the Company’s equity method investment was $2,234. In September 2020, the Company acquired an interest in a software company with a focus on digital twin integration in the energy sector, which the Company accounts for using the cost method. As of June 30, 2021 and December 31, 2020, the carrying amount of the Company’s cost method investment was $3,440. 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, which the Company accounts for using the equity method. 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. For the six months ended June 30, 2021, the Company invested $200 in DCW. As of June 30, 2021 and December 31, 2020, the carrying amount of the Company’s investment in DCW was $174 and $2,251, 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 June 30, 2021. Related Party Disclosures — Pursuant to Accounting Standards Codification (“ASC”) 850‑10‑20, Related Party Disclosures, the Company has determined that DCW is a related party. For the three and six months ended June 30, 2021 and 2020, transactions between the Company and DCW were not material to the Company’s consolidated financial statements.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of June 30, 2021, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five 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 statement 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 statement of operations were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease cost (1)	$	4,845	$	4,514	$	9,388	$	8,859
Variable lease cost	920		861		1,888		1,882
Short-term lease cost	7		(18)		11		7
Total operating lease cost	$	5,772	$	5,357	$	11,287	$	10,748

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,618 and $4,325 for the three months ended June 30, 2021 and 2020, respectively, and $8,969 and $8,471 for the six months ended June 30, 2021 and 2020, respectively.

Other information related to leases was as follows:


	Six Months Ended
	June 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,573	$	9,003
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	3,457	$	13,118

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,418 and $1,668 for the six months ended June 30, 2021 and 2020, respectively.

The weighted average remaining lease term for operating leases was 3.9 years and 3.7 years as of June 30, 2021 and December 31, 2020, respectively. The weighted average discount rate was 2.1% and 2.1% as of June 30, 2021 and December 31, 2020, respectively.

Maturities of operating lease liabilities are as follows:


	June 30, 2021
Remainder of 2021	$	10,264
2022	17,228
2023	11,747
2024	7,341
2025	5,287
Thereafter	5,013
Total future lease payments	56,880
Less: Imputed interest	(2,218)
Total operating lease liabilities	$	54,662

As of June 30, 2021, the Company had additional operating lease minimum lease payments of $6,523 for executed leases that have not yet commenced, primarily for office locations.

Supplemental balance sheet information related to the financing lease was as follows:


	June 30, 2021		December 31, 2020
Property and equipment	$	496	$	572
Accumulated depreciation	(348)		(229)
Property and equipment, net	$	148	$	343

Accruals and other current liabilities	$	201	$	197
Other liabilities	—		99
Total financing lease liabilities	$	201	$	296

Leases

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease cost (1)	$	4,845	$	4,514	$	9,388	$	8,859
Variable lease cost	920		861		1,888		1,882
Short-term lease cost	7		(18)		11		7
Total operating lease cost	$	5,772	$	5,357	$	11,287	$	10,748

Other information related to leases was as follows:


	Six Months Ended
	June 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,573	$	9,003
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	3,457	$	13,118

Maturities of operating lease liabilities are as follows:


	June 30, 2021
Remainder of 2021	$	10,264
2022	17,228
2023	11,747
2024	7,341
2025	5,287
Thereafter	5,013
Total future lease payments	56,880
Less: Imputed interest	(2,218)
Total operating lease liabilities	$	54,662

As of June 30, 2021, the Company had additional operating lease minimum lease payments of $6,523 for executed leases that have not yet commenced, primarily for office locations.

Supplemental balance sheet information related to the financing lease was as follows:


	June 30, 2021		December 31, 2020
Property and equipment	$	496	$	572
Accumulated depreciation	(348)		(229)
Property and equipment, net	$	148	$	343

Accruals and other current liabilities	$	201	$	197
Other liabilities	—		99
Total financing lease liabilities	$	201	$	296

Accruals and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	June 30, 2021		December 31, 2020
CSS deposits	$	164,645	$	110,291
Accrued benefits	46,701		36,613
Accrued compensation	24,218		22,131
Due to customers	12,176		9,869
Accrued indirect taxes	8,659		6,361
Accrued cloud provisioning costs	6,584		7,988
Contingent consideration from acquisitions	6,561		2,884
Accrued professional fees	5,962		4,210
Non-contingent consideration from acquisitions	5,952		685
Accrued acquisition stay bonus	5,680		5,599
Employee stock purchase plan contributions (see Note 13)	3,851		—
Accrued facility costs	2,174		2,095
Accrued severance and realignment costs	1,519		7,209
Other accrued and current liabilities	19,847		10,858
Total accruals and other current liabilities	$	314,529	$	226,793

Long‑Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long‑Term Debt

Long‑term debt consists of the following:


	June 30, 2021		December 31, 2020
Bank credit facility:
Senior secured revolving loan facility	$	36,387	$	246,000
2026 Notes:
Principal	690,000		—
Unamortized debt issuance costs	(16,493)		—
Net carrying value	673,507		—
2027 Notes:
Principal	575,000		—
Unamortized debt issuance costs	(15,052)		—
Net carrying value	559,948		—
Total long-term debt	$	1,269,842	$	246,000

Bank Credit Facility

On January 25, 2021, the Company entered into the Second Amendment to the Amended and Restated Credit Agreement dated December 19, 2017, which increased the senior secured revolving loan facility from $500,000 to $850,000 and extended the maturity date from December 18, 2022 to November 15, 2025 (the “Credit Facility”). In connection with the Second Amendment, certain lenders exited the Credit Facility. The Company performed an extinguishment versus modification assessment on a lender‑by‑lender basis resulting in the write‑off of unamortized debt issuance costs of $353 and the capitalization of fees paid to lenders and third parties of $3,577. Debt issuance costs are amortized to interest expense through the maturity date of November 15, 2025.

On June 22, 2021, the Company entered into the Third Amendment to the Credit Facility, which increased the aggregate amount of approved convertible debt to permit the issuance and sale of additional convertible senior notes. See the section titled “—Convertible Senior Notes—2027 Notes” below.

In addition to the senior secured revolving loan facility, the Credit Facility also provides up to $50,000 of letters of credit and other incremental borrowings subject to availability, including a $85,000 multi‑currency swing‑line sub‑facility and a $200,000 incremental “accordion” sub‑facility. The Company had $150 of letters of credit and surety bonds outstanding as of June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, the Company had $813,463 and $253,850 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 bear a base interest rate of LIBOR plus a spread ranging from 125 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 highest 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 25 bps to 125 bps as determined by the Company’s leverage ratio. In addition, a commitment fee for the unused Credit Facility ranges from 20 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s 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 June 30, 2021 and December 31, 2020, the Company was in compliance with all covenants in its Credit Facility debt agreements.

The agreement governing the Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenants defaults, cross-defaults to certain other indebtedness in excess of $50,000, certain events of bankruptcy and insolvency, judgment defaults in excess of $10,000, failure of any security document supporting the Credit Facility to be in full force and effect, and a change of control.

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

Convertible Senior Notes

2026 Notes

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

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

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

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

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

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

As discussed in Note 2, the Company early adopted ASU 2020‑06 as of January 1, 2021 and concluded the 2026 Notes will be accounted for as debt, with no bifurcation of the embedded conversion feature. Transaction costs were recorded as a direct deduction from the related debt liability in the consolidated balance sheet and are amortized to interest expense using the effective interest method over the term of the 2026 Notes. The effective interest rate for the 2026 Notes is 0.658%.

As of June 30, 2021, none of the conditions of the 2026 Notes to early convert has been met.

The 2026 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2026 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2027 Notes, see the section titled “—2027 Notes” below), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2026 Notes contain both affirmative and negative covenants. As of June 30, 2021, the Company was in compliance with all covenants in the 2026 Notes.

Capped Call Options

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

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

2027 Notes

On June 28, 2021, the Company completed a private offering of $575,000 of 0.375% convertible senior notes due 2027. The 2027 Notes were issued pursuant to an indenture, dated as of June 28, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2027 Trustee”) (the “2027 Indenture”). Interest will accrue from June 28, 2021 and will be payable semi‑annually in arrears in cash on January 1 and July 1 of each year, with the first payment due on January 1, 2022. The 2027 Notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased. The Company incurred $15,065 of expenses in connection with the 2027 Notes offering consisting of transaction costs. As of June 30, 2021, $300 and $392 of the transaction costs were recorded in Accounts payable and Accruals and other current liabilities in the consolidated balance sheet, respectively. The Company used $25,875 of the net proceeds from the sale of the 2027 Notes to pay the premiums of the capped call options described further below, and $536,062 to repay outstanding indebtedness under the Credit Facility and to pay related fees and expenses.

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

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

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

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

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

As discussed in Note 2, the Company early adopted ASU 2020‑06 as of January 1, 2021 and concluded the 2027 Notes will be accounted for as debt, with no bifurcation of the embedded conversion feature. Transaction costs were recorded as a direct deduction from the related debt liability in the consolidated balance sheet and are amortized to interest expense using the effective interest method over the term of the 2027 Notes. The effective interest rate for the 2027 Notes is 0.864%.

As of June 30, 2021, none of the conditions of the 2027 Notes to early convert has been met.

The 2027 Notes are the Company’s senior, unsecured obligations that rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the 2027 Notes, rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated (including the Company’s 2026 Notes), effectively subordinated to the Company’s existing and future secured indebtedness (including obligations under the Company’s senior secured credit facilities), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables and preferred equity (to the extent the Company is not a holder thereof)) of the Company’s subsidiaries. The 2027 Notes contain both affirmative and negative covenants. As of June 30, 2021, the Company was in compliance with all covenants in the 2027 Notes.

Capped Call Options

In connection with the pricing of the 2027 Notes, the Company entered into capped call options with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The Company incurred $50 of expenses in connection with the capped call options, which were recorded in Accruals and other current liabilities in the consolidated balance sheet as of June 30, 2021. The capped call options are expected to reduce potential dilution to the Company’s Class B Common Stock upon any conversion of 2027 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call options is initially $95.5575 per share, which represents a premium of 55% above the last reported sale price per share of the Company’s Class B Common Stock on the Nasdaq Global Select Market on June 23, 2021 and is subject to customary adjustments under the terms of the capped call options.

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

Interest Expense

Interest expense consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Bank credit facility:
Senior secured revolving loan facility (1)	$	850	$	1,004	$	1,579	$	2,544
Interest rate swap	316		—		617		—
Amortization and write-off of deferred debt issuance costs	221		139		796		277
	1,387		1,143		2,992		2,821
2026 Notes:
Coupon interest	217		—		371		—
Amortization of deferred debt issuance costs	907		—		1,561		—
	1,124		—		1,932		—
2027 Notes:
Coupon interest	12		—		12		—
Amortization of deferred debt issuance costs	14		—		14		—
	26		—		26		—
Other obligations	45		13		33		25
Total interest expense	$	2,582	$	1,156	$	4,983	$	2,846

(1)The weighted average interest rate was 2.11% and 1.48% for the three months ended June 30, 2021 and 2020, respectively, and 2.02% and 2.18% for the six months ended June 30, 2021 and 2020, respectively.

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 (expense) income, net in the consolidated statement of operations. As of June 30, 2021 and December 31, 2020, the Company recorded a swap related asset at fair value of $8,082 and $347, respectively, in Other assets in the consolidated balance sheets.

Executive Bonus Plan	6 Months Ended
Executive Bonus Plan	Jun. 30, 2021
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus PlanCertain 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 22, 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 amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) (see Note 12). Prior to September 22, 2020, a participant’s non‑deferred incentive bonus was payable in cash. Effective September 22, 2020, the Bonus Plan provides, in part, that a participant may elect to receive any portion, or all, of such participant’s non‑deferred incentive bonus in the form of shares of fully vested Class B Common Stock issued under the Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Incentive Award Plan”) beginning in the fourth quarter of 2020, subject to the limitation described below. The Company records the election of non‑deferred incentive bonus in the form of shares of fully vested Class B Common Stock as stock‑based compensation expense in the consolidated statement of operations (see Note 15). Such election must be made prior to the start of the applicable calendar quarter for which the incentive bonus is to be paid, and the number of shares of Class B Common Stock payable in respect of such elected amount is calculated using a volume-weighted average price of the Company’s Class B Common Stock for the period commencing on the tenth trading day prior to the end of the applicable calendar quarter and ending on the tenth trading day following the end of the applicable calendar quarter. Notwithstanding participants’ elections to receive shares of fully vested Class B Common Stock in respect of their non‑deferred incentive bonus payments, if, in any calendar quarter, the aggregate U.S. Dollar value of shares of fully vested Class B Common Stock payable in respect of the non‑deferred incentive bonuses exceeds $7,500, the portion of each participant’s non‑deferred incentive bonus payable in shares of fully vested Class B Common Stock will be reduced pro rata such that the $7,500 limit is not exceeded, and, for each affected participant, the amount of such reduction will be payable in cash. For the three months ended June 30, 2021 and 2020, the incentive compensation, including cash payments, election to receive shares of fully vested Class B Common Stock beginning in the fourth quarter of 2020, and deferred compensation to plan participants, recognized under this plan (net of all applicable holdbacks) was $7,683 and $8,467, respectively, and $16,558 and $16,564 for the six months ended June 30, 2021 and 2020, respectively.

Retirement Plans	6 Months Ended
Retirement Plans	Jun. 30, 2021
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans 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 for both the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, phantom shares issuable by the DCP were 27,130,916 and 30,590,955, respectively. 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 $2,777 and $2,591 as of June 30, 2021 and December 31, 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock

Sales, Repurchases, and Issuances of Company Common Stock

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

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 six months ended June 30, 2020, the investor purchased 4,574,567 shares under the Common Stock Purchase Agreement, with 3,769,346 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. As of December 31, 2020, the investor reached the maximum purchase amount of $250,000.

For the six months ended June 30, 2021, the Company issued 3,657,058 shares of Class B Common Stock to colleagues who exercised their stock options, net of 860,335 shares withheld at exercise to pay for the cost of the stock options, as well as for $29,027 of applicable income tax withholdings. The Company received $4,324 in proceeds from the exercise of stock options.

For the six months ended June 30, 2020, the Company issued 2,184,628 shares of Class B Common Stock to colleagues who exercised their stock options, net of 1,225,926 shares withheld at exercise to pay for the cost of the stock options, as well as for $3,064 of applicable income tax withholdings. The Company received $2,237 in proceeds from the exercise of stock options. For the six months ended June 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 its applicable equity incentive plans. Upon the completion of the IPO, the Put and Call provisions of the Company’s Amended and Restated 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”) terminated automatically.

For the six months ended June 30, 2021, the Company issued 149,447 shares of Class B Common Stock in connection with Bonus Plan incentive compensation, net of shares withheld. Of the total 249,189 shares awarded, 99,742 shares were sold back to the Company to pay for applicable income tax withholdings of $4,716.

For the six months ended June 30, 2021 and 2020, the Company issued 2,202,079 and 2,959,731 shares of Class B Common Stock to DCP participants in connection with distributions from the plan. The distribution in shares for the six months ended June 30, 2021 totaled 3,527,023 shares of which 1,324,944 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $61,912. The distribution in shares for the six months ended June 30, 2020 totaled 3,137,961 shares of which 178,230 shares were sold back to the Company to pay for the cost of applicable income tax withholding of $1,830.

For the six months ended June 30, 2021, the Company did not repurchase shares from its profit‑sharing plan. The Company repurchased 385,568 shares from its profit‑sharing plan for $4,428 for the six months ended June 30, 2020.

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


	Dividend
	Per Share		Amount
2021:
Second quarter	$	0.03	$	8,372
First quarter	0.03		8,219
2020:
Second quarter	$	0.03	$	7,771
First quarter	0.03		7,666

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 toward the purchase of the Company’s Class B Common Stock at a discounted price, up to a maximum of $25 per year and subject to any other plan limitations. The ESPP has 25,000,000 shares of Class B Common Stock reserved for issuance. The ESPP has been implemented by means of consecutive offering periods, with the first offering period commencing 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 June 30, 2021, $3,851 of ESPP withholding via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheet.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2021 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2021	$	(34,401)	$	(993)	$	(35,394)
Other comprehensive (loss) income, before taxes	(19,513)		30		(19,483)
Tax expense	—		(9)		(9)
Other comprehensive (loss) income, net of taxes	(19,513)		21		(19,492)
Balance, June 30, 2021	$	(53,914)	$	(972)	$	(54,886)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2020	$	(27,993)	$	(1,010)	$	(29,003)
Other comprehensive income, before taxes	582		25		607
Tax expense	—		(8)		(8)
Other comprehensive income, net of taxes	582		17		599
Balance, June 30, 2020	$	(27,411)	$	(993)	$	(28,404)

Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2021 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2020	$	(25,219)	$	(1,014)	$	(26,233)
Other comprehensive (loss) income, before taxes	(28,695)		59		(28,636)
Tax expense	—		(17)		(17)
Other comprehensive (loss) income, net of taxes	(28,695)		42		(28,653)
Balance, June 30, 2021	$	(53,914)	$	(972)	$	(54,886)


	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	(4,503)		41		(4,462)
Tax expense	—		(15)		(15)
Other comprehensive (loss) income, net of taxes	(4,503)		26		(4,477)
Balance, June 30, 2020	$	(27,411)	$	(993)	$	(28,404)

Equity Awards and Instruments

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity Awards and Instruments

Stock-Based Compensation Expense

Total stock‑based compensation expense was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Stock option expense	$	723	$	1,422	$	1,721	$	2,956
Restricted stock and restricted stock units (“RSUs”) expense	4,961		37		6,458		37
Stock grants expense	450		100		450		219
Bonus Plan expense (see Note 11)	5,471		—		11,595		—
ESPP expense (see Note 13)	428		—		877		—
Total pre-tax expense (1)	$	12,033	$	1,559	$	21,101	$	3,212

(1)As of June 30, 2021 and December 31, 2020, $6,169 and $6,835 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of subscriptions and licenses	$	410	$	19	$	499	$	47
Cost of services	207		79		450		175
Research and development	4,887		536		8,842		1,155
Selling and marketing	1,515		404		2,303		804
General and administrative	5,014		521		9,007		1,031
Total pre-tax expense	$	12,033	$	1,559	$	21,101	$	3,212

Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures of equity awards as those forfeitures occur.

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

Stock Options

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


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Stock	Exercise Price		Contractual	Intrinsic
	Options	Per Share		Life (in years)	Value
Outstanding, December 31, 2020	12,842,226	$	4.87
Exercised	(4,517,393)	4.30
Forfeited	(120,500)	5.54
Outstanding, June 30, 2021	8,204,333	$	5.18	1.97	$	488,976
Exercisable, June 30, 2021	4,973,958	$	4.91	1.67	$	297,780

For the six months ended June 30, 2021 and 2020, the Company received cash proceeds of $4,324 and $2,237, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the six months ended June 30, 2021 and 2020 was $206,097 and $30,536, respectively.

As of June 30, 2021, there was $4,642 of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 1.5 years.

Acquisition Options — In addition to stock options granted under the Company’s equity incentive plans, in connection with an acquisition completed in March 2018, the Company issued to certain selling shareholder entities options to acquire an aggregate of up to 900,000 shares of Class B Common Stock. 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 had a four‑year service condition, which terminated automatically upon the completion of the IPO, and therefore, total stock‑based compensation expense associated with these options was fully recognized as of September 30, 2020. 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. As of June 30, 2021, all options to acquire 900,000 shares remain outstanding. As of June 30, 2021, these options are non‑exercisable and have an aggregate intrinsic value of $7,992.

Restricted Stock and RSUs

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

The fair value of restricted stock and RSUs is determined by the product of the number of shares granted and the Company’s common stock price (as described above) on the grant date.

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


						Time-		Performance-
						Based		Based
			Time-	Performance-		Weighted		Weighted
	Total		Based	Based		Average		Average
	Restricted		Restricted	Restricted		Grant Date		Grant Date
	Stock		Stock	Stock		Fair Value		Fair Value
	and RSUs		and RSUs	and RSUs		Per Share		Per Share
Unvested, December 31, 2020	1,423,715		1,263,193	160,522	(3)	$	16.38	$	16.62
Granted	602,616	(1)	502,808	99,808	(4)	49.85		49.93
Vested	(41,695)		(6,765)	(34,930)	(3)	24.15		17.53
Forfeited	(147,672)		(22,080)	(125,592)		17.17		16.36
Unvested, June 30, 2021	1,836,964	(2)	1,737,156	99,808		$	26.02	$	49.93

(1)For the six months ended June 30, 2021, the Company only granted RSUs. No shares of restricted stock were granted during the six months ended June 30, 2021.

(2)Includes 56,360 RSUs which are expected to be settled in cash.

(3)Relates to the 2020 annual performance period. Total stock‑based compensation expense associated with these awards was fully recognized as of December 31, 2020.

(4)Relates to the 2021 annual performance period.

For the six months ended June 30, 2020, the Company granted 12,454 shares of restricted stock, which were subject to a quarterly time‑based vesting schedule ending March 31, 2021, and had a weighted average grant date fair value of $10.84. No performance shares were granted during the six months ended June 30, 2020.

For the six months ended June 30, 2021, the weighted average grant date fair value of time‑based and performance‑based RSUs was $49.85 and $49.93, respectively. No RSUs were granted during the six months ended June 30, 2020.

In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of certain business growth targets. Certain colleagues elected to defer delivery of such shares upon vesting. During the six months ended June 30, 2021 and 2020, 10,864 and 9,830 shares, respectively, were delivered to colleagues, and 23 and 211 additional shares, respectively, were earned as a result of dividends. As of June 30, 2021 and December 31, 2020, 20,199 and 31,040 shares, respectively, of these RSUs remained outstanding.

For the six months ended June 30, 2021 and 2020, restricted stock and RSUs were issued net of 14,869 and 11,942 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $708 and $120, respectively.

As of June 30, 2021, there was $41,102 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 3.5 years. There was no remaining unrecognized compensation expense related to unvested performance‑based restricted stock. As of June 30, 2021, there was $2,043 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 0.5 years.

Stock Grants

For the six months ended June 30, 2021 and 2020, the Company granted 7,824 and 17,411 fully vested shares of Class B Common Stock, respectively, with a fair value of $450 and $219, respectively.

ESPP

In accordance with the guidance in ASC 718-50, Compensation—Stock Compensation, the ability to purchase shares of the Company’s Class B Common Stock for 85% of the of the lower of the price of the first day of the offering period or the last day of the offering period (i.e., the purchase date) represents an option and, therefore, the ESPP is a compensatory plan under this guidance.

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

Equity Awards Subsequent to June 30, 2021

In July 2021, the Company granted 90,400 time‑based RSUs. The unrecognized compensation expense related to these RSUs is approximately $5,300, which is expected to be recognized over a weighted average period of approximately three years.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its interim income tax provision in accordance with ASC Topics 270, Interim Reporting, and 740, Income Taxes. At the end of each interim period, the Company makes an estimate of the annual U.S. 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 U.S. 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 three months ended June 30, 2021 and 2020 were based on the estimated annual effective income tax rates adjusted for discrete items occurring during the periods presented. For the three months ended June 30, 2021 and 2020, the Company recognized an aggregate consolidated income tax (benefit) expense of $(20,746) and $4,264, respectively, for U.S. domestic and foreign income taxes. For the three months ended June 30, 2021 and 2020, the Company recorded a discrete tax benefit of $28,967 and $5,281, respectively, associated with stock‑based compensation. The effective income tax rate of (79.8)% for the three months ended June 30, 2021 was lower than the effective income tax rate of 9.7% for the three months ended June 30, 2020 primarily due to the tax benefit associated with stock‑based compensation, partially offset by the impact from officer compensation limitation provisions. The income tax provisions for the six months ended June 30, 2021 and 2020 were based on the estimated annual effective income tax rates adjusted for discrete items occurring during the periods presented. For the six months ended June 30, 2021 and 2020, the Company recognized an aggregate consolidated income tax (benefit) expense of $(10,388) and $11,440, respectively, for U.S. domestic and foreign income taxes. For the six months ended June 30, 2021 and 2020, the Company recorded a discrete tax benefit of $36,452 and $6,423, respectively, associated with stock‑based compensation. The effective income tax rate of (11.1)% for the six months ended June 30, 2021 was lower than the effective income tax rate of 14.1% for the six months ended June 30, 2020 primarily due to the tax benefit associated with stock‑based compensation, partially offset by the impact from officer compensation limitation provisions.

- Definition

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

+ References + Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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.

The following is a summary of the interest rate swap activity and the location the activity is recognized in the consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,				Recognized in Consolidated
	2021		2020		2021		2020		Statements of Operations
Interest rate swap:
(Loss) gain from change in fair value	$	(5,926)	$	(4,174)	$	7,735	$	(4,174)	Other (expense) income, net
Payments	316		110		617		110		Interest expense, net

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, 2020, the fair value of the Company’s borrowings under its Credit Facility approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. The estimated fair value of the 2026 Notes and 2027 Notes was $825,620 and $591,238, respectively, as of June 30, 2021 based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled.

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:


June 30, 2021	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	22	$	—	$	—	$	22
Interest rate swap (2)	—		8,082		—		8,082
Total assets	$	22	$	8,082	$	—	$	8,104
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	8,728	$	8,728
Deferred compensation plan (4)	2,777		—		—		2,777
Cash-settled equity awards (5)	699		—		—		699
Total liabilities	$	3,476	$	—	$	8,728	$	12,204


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	34,696	$	—	$	—	$	34,696
Interest rate swap (2)	—		347		—		347
Total assets	$	34,696	$	347	$	—	$	35,043
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	4,299	$	4,299
Deferred compensation plan (4)	2,591		—		—		2,591
Cash-settled equity awards (5)	195		—		—		195
Total liabilities	$	2,786	$	—	$	4,299	$	7,085

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

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

(3)Included in Other liabilities, except for current liabilities of $6,561 and $2,884 as of June 30, 2021 and December 31, 2020, respectively, which are included in Accruals and other current liabilities in the 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 $201 and $169 as of June 30, 2021 and December 31, 2020, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets.

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

The following 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.


	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Balance, beginning of year	$	4,299	$	6,599
Payments	(544)		(3,425)
Addition	4,991		2,380
Change in fair value	—		(1,340)
Foreign currency translation adjustments	(18)		85
Balance, end of period	$	8,728	$	4,299

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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — In the normal course of business, the Company enters into various purchase commitments for goods and services. As of June 30, 2021, the non‑cancelable future cash purchase commitment for services related to the cloud provisioning of the Company’s software solutions was $67,598 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, automobiles, and equipment under operating leases having initial or remaining non‑cancelable terms in excess of one year (see Note 8). Litigation — From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, based upon the advice of counsel, the outcome of such actions is not expected to have a material adverse effect on the Company’s future financial position, results of operations, or cash flows.

Geographic Data

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

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 (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8).


	June 30, 2021		December 31, 2020
Long-lived assets:
Americas (1)	$	105,884	$	50,306
EMEA	51,136		56,322
APAC	189,252		13,541
Total long-lived assets	$	346,272	$	120,169

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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+ Details

Interest Expense, Net

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Interest Expense, Net

Interest expense, net is comprised of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Interest expense	$	(2,582)	$	(1,156)	$	(4,983)	$	(2,846)
Interest income	129		28		211		330
Interest expense, net	$	(2,453)	$	(1,128)	$	(4,772)	$	(2,516)

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Income (Expense), Net

Other (Expense) Income, Net

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Foreign exchange gain (loss) (1)	$	1,406	$	4,518	$	2,198	$	(4,263)
Other (expense) income, net (2)	(5,183)		(4,113)		8,507		(2,722)
Total other (expense) income, net	$	(3,777)	$	405	$	10,705	$	(6,985)

(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 exchange gains (losses) of $963 and $5,012 for the three months ended June 30, 2021 and 2020, respectively, $1,443 and $(1,765) for the six months ended June 30, 2021 and 2020, respectively.

(2)For the three months ended June 30, 2021 and 2020, other (expense) income, net includes a loss from the change in fair value of the Company’s interest rate swap of $5,926 and $4,174, respectively (see Note 17). For the six months ended June 30, 2021, other (expense) income, net includes a gain from the change in fair value of the Company’s interest rate swap of $7,735 (see Note 17). For the six months ended June 30, 2020, other (expense) income, net includes a loss from the change in fair value of the Company’s interest rate swap of $4,174 (see Note 17), partly offset by a gain from the change in fair value of acquisition contingent consideration of $1,390.

Realignment Costs

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

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 “2020 Program”). The Company incurred realignment costs of $10,046 for the year ended December 31, 2020 related to the aforementioned program, which represents termination benefits for colleagues whose positions were eliminated. The 2020 Program activities have been broadly implemented across the Company’s various businesses with substantially all actions completed in mid‑2021.

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


Balance, December 31, 2020	$	6,240
Payments	(5,356)
Adjustments (1)	(229)
Balance, June 30, 2021	$	655

(1)Adjustments includes foreign currency translation.

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

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 and using the if‑converted method for the convertible senior notes in accordance with ASU 2020‑06.

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 June 30, 2021, there were 99,808 participating securities outstanding. As of June 30, 2020, there were no participating securities outstanding.

Undistributed earnings allocated to participating securities are subtracted from net income in determining basic net income attributable to common stockholders. Basic EPS is computed by dividing basic net income attributable to common stockholders by the weighted average number of shares, inclusive of undistributed shares held in the DCP as phantom shares.

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

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

The details of basic and diluted EPS are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	44,910	$	39,076	$	101,916	$	68,745
Less: Net income attributable to participating securities	(3)		—		(3)		—
Net income attributable to Class A and Class B common stockholders, basic	44,907		39,076		101,913		68,745
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	841		—		1,430		—
Net income attributable to Class A and Class B common stockholders, diluted	$	45,748	$	39,076	$	103,343	$	68,745

Denominator:
Weighted average shares, basic	304,066,038		286,945,592		303,311,423		286,068,766
Dilutive effect of stock options, restricted stock, and RSUs	9,389,339		8,241,602		10,388,725		9,526,468
Dilutive effect of ESPP	110,355		—		112,360		—
Dilutive effect of assumed conversion of convertible senior notes	10,912,354		—		9,281,537		—
Weighted average shares, diluted	324,478,086		295,187,194		323,094,045		295,595,234

Net income per share, basic	$	0.15	$	0.14	$	0.34	$	0.24
Net income per share, diluted	$	0.14	$	0.13	$	0.32	$	0.23

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2021	2020	2021	2020
Stock options, restricted stock, and RSUs	495,368	—	495,368	—
Total anti-dilutive securities	495,368	—	495,368	—

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated (“Bentley” or the “Company”) and its wholly-owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.
Consolidation	These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Part II, Item 8 of the Company’s 2020 Annual Report on Form 10‑K on file with the SEC. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows at the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. The December 31, 2020 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.Seequent Acquisition — On June 17, 2021, the Company completed the acquisition of Seequent Holdings Limited (“Seequent”), a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management and collaboration, for $910,997 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock (see Note 4).
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance	In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020‑04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform between March 12, 2020 and December 31, 2022. The expedients and exceptions provided by ASU 2020‑04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company had no transactions that were impacted by ASU 2020‑04 during the six months ended June 30, 2021. Recently Adopted Accounting Guidance 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. The new guidance is required to be applied on a prospective basis and as such, the Company will use the simplified test in its annual fourth quarter testing or more often if circumstances indicate a potential impairment may exist. The Company does not believe this ASU will have a material impact on its consolidated results of operations and financial position. In August 2018, the 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 (“ASU 2018‑15”), which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal‑use software. The Company prospectively adopted the ASU effective January 1, 2021. Capitalized costs related to cloud computing arrangements for the six months ended June 30, 2021, which are included in Prepaid and other current assets in the consolidated balance sheet, were not material. In August 2020, the FASB issued ASU No. 2020‑06, Debt–Debt with Conversion and Other Options (Subtopic 470‑20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815‑40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020‑06”), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if‑converted method. The Company early adopted the ASU effective January 1, 2021 using the modified retrospective method of adoption (see Notes 10 and 23).
Revenues	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 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 also includes a term license component, SELECT maintenance and support, hosting, 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. E365 subscriptions can contain quarterly usage floors or collars as accounts transition to the usage model or for accounts within the public sector. 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 entitles users to certain functionality of the Company’s ProjectWise and AssetWise systems. The Company’s standard offerings are usage based with monetization through the Company’s CSS program as described below. CSS is a program designed to streamline the procurement, administration, and payment process. The program requires an 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

+ Details

Revenue from Contracts with Customer (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract Assets and Contract Liabilities


	June 30, 2021		December 31, 2020
Contract assets	$	581	$	446
Deferred revenues	222,986		209,314

Disaggregation of Revenue by Type and Location

The following table details revenues:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Subscriptions:
SELECT subscriptions	$	66,934	$	64,448	$	133,074	$	132,339
Enterprise subscriptions (1)	67,662		50,556		138,677		109,290
Term license subscriptions	50,856		42,651		101,826		86,208
Subscriptions	185,452		157,655		373,577		327,837
Perpetual licenses:
Perpetual licenses	11,391		12,379		21,507		23,193
Subscriptions and licenses	196,843		170,034		395,084		351,030
Services:
Professional services (recurring)	5,006		3,536		11,083		7,316
Professional services (other)	21,082		10,720		38,769		20,634
Services	26,088		14,256		49,852		27,950
Total revenues	$	222,931	$	184,290	$	444,936	$	378,980

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Americas (1)	$	112,308	$	87,938	$	221,170	$	185,838
Europe, the Middle East, and Africa (“EMEA”) (2)	69,015		59,464		142,863		121,578
Asia-Pacific (“APAC”)	41,608		36,888		80,903		71,564
Total revenues	$	222,931	$	184,290	$	444,936	$	378,980

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions Aggregate Detail

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


	Acquisitions Completed in
	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Number of acquisitions	8		6
Cash paid at closing (1)	$	1,039,398	$	98,298
Cash acquired	(36,847)		(5,266)
Net cash paid	$	1,002,551	$	93,032

(1)Of the cash paid at closing for the six months ended June 30, 2021, $5,250 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

Schedule of Business Acquisitions Contingent Consideration

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


	June 30, 2021		December 31, 2020
Accruals and other current liabilities	$	6,561	$	2,884
Other liabilities	2,167		1,415
Contingent consideration from acquisitions	$	8,728	$	4,299

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


	June 30, 2021		December 31, 2020
Accruals and other current liabilities	$	5,952	$	685
Other liabilities	6,986		1,774
Non-contingent consideration from acquisitions	$	12,938	$	2,459

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed in
	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Consideration:
Cash paid at closing	$	1,039,398	$	98,298
Shares issued at closing (1)(2)	182,390		—
Contingent consideration	4,991		2,380
Deferred, non-contingent consideration, net	9,593		1,416
Total consideration	$	1,236,372	$	102,094
Assets acquired and liabilities assumed:
Cash	$	36,847	$	5,266
Prepaid and other current assets	21,594		8,701
Operating lease right-of-use assets	12,418		2,529
Property and equipment	6,310		499
Investments	2,211		—
Other assets	523		36
Software and technology (weighted average useful life of 5 and 3 years, respectively)	44,735		2,207
Customer relationships (weighted average useful life of 9 and 6 years, respectively)	140,299		11,371
Trademarks (weighted average useful life of 10 and 7 years, respectively)	41,417		3,953
Non-compete agreement (useful life of 5 years)	—		200
In-process research and development	4,300		—
Total identifiable assets acquired excluding goodwill	310,654		34,762
Accruals and other current liabilities	(24,580)		(4,991)
Deferred revenues	(16,041)		(5,351)
Operating lease liabilities	(12,336)		(2,529)
Deferred income taxes	(54,142)		(1,701)
Other liabilities	(895)		(86)
Total liabilities assumed	(107,994)		(14,658)
Net identifiable assets acquired excluding goodwill	202,660		20,104
Goodwill	1,033,712		81,990
Net assets acquired	$	1,236,372	$	102,094

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

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	June 30, 2021		December 31, 2020
Land	$	2,811	$	2,811
Building and improvements	34,639		33,094
Computer equipment and software	48,549		44,369
Furniture, fixtures, and equipment	14,857		12,849
Aircraft	4,075		4,075
Other	60		58
Property and equipment, at cost	104,991		97,256
Less: Accumulated depreciation	(73,552)		(68,842)
Total property and equipment, net	$	31,439	$	28,414

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

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


Balance, December 31, 2020	$	581,174
Acquisitions	1,033,712
Foreign currency translation adjustments	(21,084)
Other adjustments	(132)
Balance, June 30, 2021	$	1,593,670

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill are as follows:


		June 30, 2021						December 31, 2020
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Intangible assets subject to amortization:
Software and technology	3-5 years	$	111,455	$	(65,064)	$	46,391	$	67,691	$	(63,046)	$	4,645
Customer relationships	3-10 years	234,543		(72,366)		162,177		97,008		(66,030)		30,978
Trademarks	3-10 years	67,265		(18,063)		49,202		26,610		(16,888)		9,722
Non-compete agreements	5 years	350		(103)		247		350		(68)		282
		413,613		(155,596)		258,017		191,659		(146,032)		45,627
Intangible assets not subject to amortization:
In-process research and development		4,217		—		4,217		—		—		—
Total intangible assets		$	417,830	$	(155,596)	$	262,234	$	191,659	$	(146,032)	$	45,627

Finite-lived Intangible Assets Amortization Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of subscriptions and licenses	$	1,095	$	1,148	$	2,246	$	2,161
Amortization of purchased intangibles	4,589		3,679		8,027		7,115
Total amortization expense	$	5,684	$	4,827	$	10,273	$	9,276

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information Related to Leases

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease cost (1)	$	4,845	$	4,514	$	9,388	$	8,859
Variable lease cost	920		861		1,888		1,882
Short-term lease cost	7		(18)		11		7
Total operating lease cost	$	5,772	$	5,357	$	11,287	$	10,748

Other information related to leases was as follows:


	Six Months Ended
	June 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,573	$	9,003
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	3,457	$	13,118

Operating Lease Maturity

Maturities of operating lease liabilities are as follows:


	June 30, 2021
Remainder of 2021	$	10,264
2022	17,228
2023	11,747
2024	7,341
2025	5,287
Thereafter	5,013
Total future lease payments	56,880
Less: Imputed interest	(2,218)
Total operating lease liabilities	$	54,662

Supplemental Balance Sheet Information

Supplemental balance sheet information related to the financing lease was as follows:


	June 30, 2021		December 31, 2020
Property and equipment	$	496	$	572
Accumulated depreciation	(348)		(229)
Property and equipment, net	$	148	$	343

Accruals and other current liabilities	$	201	$	197
Other liabilities	—		99
Total financing lease liabilities	$	201	$	296

Accruals and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	June 30, 2021		December 31, 2020
CSS deposits	$	164,645	$	110,291
Accrued benefits	46,701		36,613
Accrued compensation	24,218		22,131
Due to customers	12,176		9,869
Accrued indirect taxes	8,659		6,361
Accrued cloud provisioning costs	6,584		7,988
Contingent consideration from acquisitions	6,561		2,884
Accrued professional fees	5,962		4,210
Non-contingent consideration from acquisitions	5,952		685
Accrued acquisition stay bonus	5,680		5,599
Employee stock purchase plan contributions (see Note 13)	3,851		—
Accrued facility costs	2,174		2,095
Accrued severance and realignment costs	1,519		7,209
Other accrued and current liabilities	19,847		10,858
Total accruals and other current liabilities	$	314,529	$	226,793

Long‑Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:


	June 30, 2021		December 31, 2020
Bank credit facility:
Senior secured revolving loan facility	$	36,387	$	246,000
2026 Notes:
Principal	690,000		—
Unamortized debt issuance costs	(16,493)		—
Net carrying value	673,507		—
2027 Notes:
Principal	575,000		—
Unamortized debt issuance costs	(15,052)		—
Net carrying value	559,948		—
Total long-term debt	$	1,269,842	$	246,000

Schedule of Interest Expense

Interest expense consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Bank credit facility:
Senior secured revolving loan facility (1)	$	850	$	1,004	$	1,579	$	2,544
Interest rate swap	316		—		617		—
Amortization and write-off of deferred debt issuance costs	221		139		796		277
	1,387		1,143		2,992		2,821
2026 Notes:
Coupon interest	217		—		371		—
Amortization of deferred debt issuance costs	907		—		1,561		—
	1,124		—		1,932		—
2027 Notes:
Coupon interest	12		—		12		—
Amortization of deferred debt issuance costs	14		—		14		—
	26		—		26		—
Other obligations	45		13		33		25
Total interest expense	$	2,582	$	1,156	$	4,983	$	2,846

Interest expense, net is comprised of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Interest expense	$	(2,582)	$	(1,156)	$	(4,983)	$	(2,846)
Interest income	129		28		211		330
Interest expense, net	$	(2,453)	$	(1,128)	$	(4,772)	$	(2,516)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2021:
Second quarter	$	0.03	$	8,372
First quarter	0.03		8,219
2020:
Second quarter	$	0.03	$	7,771
First quarter	0.03		7,666

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2021 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2021	$	(34,401)	$	(993)	$	(35,394)
Other comprehensive (loss) income, before taxes	(19,513)		30		(19,483)
Tax expense	—		(9)		(9)
Other comprehensive (loss) income, net of taxes	(19,513)		21		(19,492)
Balance, June 30, 2021	$	(53,914)	$	(972)	$	(54,886)


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, March 31, 2020	$	(27,993)	$	(1,010)	$	(29,003)
Other comprehensive income, before taxes	582		25		607
Tax expense	—		(8)		(8)
Other comprehensive income, net of taxes	582		17		599
Balance, June 30, 2020	$	(27,411)	$	(993)	$	(28,404)

Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2021 and 2020:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2020	$	(25,219)	$	(1,014)	$	(26,233)
Other comprehensive (loss) income, before taxes	(28,695)		59		(28,636)
Tax expense	—		(17)		(17)
Other comprehensive (loss) income, net of taxes	(28,695)		42		(28,653)
Balance, June 30, 2021	$	(53,914)	$	(972)	$	(54,886)


	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	(4,503)		41		(4,462)
Tax expense	—		(15)		(15)
Other comprehensive (loss) income, net of taxes	(4,503)		26		(4,477)
Balance, June 30, 2020	$	(27,411)	$	(993)	$	(28,404)

Equity Awards and Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Stock option expense	$	723	$	1,422	$	1,721	$	2,956
Restricted stock and restricted stock units (“RSUs”) expense	4,961		37		6,458		37
Stock grants expense	450		100		450		219
Bonus Plan expense (see Note 11)	5,471		—		11,595		—
ESPP expense (see Note 13)	428		—		877		—
Total pre-tax expense (1)	$	12,033	$	1,559	$	21,101	$	3,212

(1)As of June 30, 2021 and December 31, 2020, $6,169 and $6,835 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of subscriptions and licenses	$	410	$	19	$	499	$	47
Cost of services	207		79		450		175
Research and development	4,887		536		8,842		1,155
Selling and marketing	1,515		404		2,303		804
General and administrative	5,014		521		9,007		1,031
Total pre-tax expense	$	12,033	$	1,559	$	21,101	$	3,212

Schedule of Options

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


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Stock	Exercise Price		Contractual	Intrinsic
	Options	Per Share		Life (in years)	Value
Outstanding, December 31, 2020	12,842,226	$	4.87
Exercised	(4,517,393)	4.30
Forfeited	(120,500)	5.54
Outstanding, June 30, 2021	8,204,333	$	5.18	1.97	$	488,976
Exercisable, June 30, 2021	4,973,958	$	4.91	1.67	$	297,780

Schedule of Restricted Stock and Restricted Stock Unit Activity

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


						Time-		Performance-
						Based		Based
			Time-	Performance-		Weighted		Weighted
	Total		Based	Based		Average		Average
	Restricted		Restricted	Restricted		Grant Date		Grant Date
	Stock		Stock	Stock		Fair Value		Fair Value
	and RSUs		and RSUs	and RSUs		Per Share		Per Share
Unvested, December 31, 2020	1,423,715		1,263,193	160,522	(3)	$	16.38	$	16.62
Granted	602,616	(1)	502,808	99,808	(4)	49.85		49.93
Vested	(41,695)		(6,765)	(34,930)	(3)	24.15		17.53
Forfeited	(147,672)		(22,080)	(125,592)		17.17		16.36
Unvested, June 30, 2021	1,836,964	(2)	1,737,156	99,808		$	26.02	$	49.93

(1)For the six months ended June 30, 2021, the Company only granted RSUs. No shares of restricted stock were granted during the six months ended June 30, 2021.

(2)Includes 56,360 RSUs which are expected to be settled in cash.

(3)Relates to the 2020 annual performance period. Total stock‑based compensation expense associated with these awards was fully recognized as of December 31, 2020.

(4)Relates to the 2021 annual performance period.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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:


June 30, 2021	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	22	$	—	$	—	$	22
Interest rate swap (2)	—		8,082		—		8,082
Total assets	$	22	$	8,082	$	—	$	8,104
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	8,728	$	8,728
Deferred compensation plan (4)	2,777		—		—		2,777
Cash-settled equity awards (5)	699		—		—		699
Total liabilities	$	3,476	$	—	$	8,728	$	12,204


December 31, 2020	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	34,696	$	—	$	—	$	34,696
Interest rate swap (2)	—		347		—		347
Total assets	$	34,696	$	347	$	—	$	35,043
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	4,299	$	4,299
Deferred compensation plan (4)	2,591		—		—		2,591
Cash-settled equity awards (5)	195		—		—		195
Total liabilities	$	2,786	$	—	$	4,299	$	7,085

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

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

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

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

The following 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.


	Six Months Ended		Year Ended
	June 30, 2021		December 31, 2020
Balance, beginning of year	$	4,299	$	6,599
Payments	(544)		(3,425)
Addition	4,991		2,380
Change in fair value	—		(1,340)
Foreign currency translation adjustments	(18)		85
Balance, end of period	$	8,728	$	4,299

Schedule of Interest Rate Derivatives

The following is a summary of the interest rate swap activity and the location the activity is recognized in the consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,				Recognized in Consolidated
	2021		2020		2021		2020		Statements of Operations
Interest rate swap:
(Loss) gain from change in fair value	$	(5,926)	$	(4,174)	$	7,735	$	(4,174)	Other (expense) income, net
Payments	316		110		617		110		Interest expense, net

Geographic Data (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

The following table presents the Company’s long‑lived assets (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8).


	June 30, 2021		December 31, 2020
Long-lived assets:
Americas (1)	$	105,884	$	50,306
EMEA	51,136		56,322
APAC	189,252		13,541
Total long-lived assets	$	346,272	$	120,169

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

Interest Expense, Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Interest Expense, Net

Interest expense consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Bank credit facility:
Senior secured revolving loan facility (1)	$	850	$	1,004	$	1,579	$	2,544
Interest rate swap	316		—		617		—
Amortization and write-off of deferred debt issuance costs	221		139		796		277
	1,387		1,143		2,992		2,821
2026 Notes:
Coupon interest	217		—		371		—
Amortization of deferred debt issuance costs	907		—		1,561		—
	1,124		—		1,932		—
2027 Notes:
Coupon interest	12		—		12		—
Amortization of deferred debt issuance costs	14		—		14		—
	26		—		26		—
Other obligations	45		13		33		25
Total interest expense	$	2,582	$	1,156	$	4,983	$	2,846

Interest expense, net is comprised of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Interest expense	$	(2,582)	$	(1,156)	$	(4,983)	$	(2,846)
Interest income	129		28		211		330
Interest expense, net	$	(2,453)	$	(1,128)	$	(4,772)	$	(2,516)

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense)

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Foreign exchange gain (loss) (1)	$	1,406	$	4,518	$	2,198	$	(4,263)
Other (expense) income, net (2)	(5,183)		(4,113)		8,507		(2,722)
Total other (expense) income, net	$	(3,777)	$	405	$	10,705	$	(6,985)

Realignment Costs (Tables)

6 Months Ended

Jun. 30, 2021

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:


Balance, December 31, 2020	$	6,240
Payments	(5,356)
Adjustments (1)	(229)
Balance, June 30, 2021	$	655

(1)Adjustments includes foreign currency translation.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The details of basic and diluted EPS are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	44,910	$	39,076	$	101,916	$	68,745
Less: Net income attributable to participating securities	(3)		—		(3)		—
Net income attributable to Class A and Class B common stockholders, basic	44,907		39,076		101,913		68,745
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	841		—		1,430		—
Net income attributable to Class A and Class B common stockholders, diluted	$	45,748	$	39,076	$	103,343	$	68,745

Denominator:
Weighted average shares, basic	304,066,038		286,945,592		303,311,423		286,068,766
Dilutive effect of stock options, restricted stock, and RSUs	9,389,339		8,241,602		10,388,725		9,526,468
Dilutive effect of ESPP	110,355		—		112,360		—
Dilutive effect of assumed conversion of convertible senior notes	10,912,354		—		9,281,537		—
Weighted average shares, diluted	324,478,086		295,187,194		323,094,045		295,595,234

Net income per share, basic	$	0.15	$	0.14	$	0.34	$	0.24
Net income per share, diluted	$	0.14	$	0.13	$	0.32	$	0.23

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2021	2020	2021	2020
Stock options, restricted stock, and RSUs	495,368	—	495,368	—
Total anti-dilutive securities	495,368	—	495,368	—

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended	6 Months Ended
	Jun. 28, 2021	Jun. 17, 2021	Jan. 26, 2021	Nov. 17, 2020	Sep. 25, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Net cash paid							$ 1,002,551	$ 67,595
Payments of debt issuance costs							4,951	0
Proceeds from Common Stock Purchase Agreement							$ 0	$ 58,349
Seequent
Subsidiary, Sale of Stock [Line Items]
Net cash paid						$ 910,997
Class B Common Stock \| Seequent
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)		3,141,342
Class B Common Stock \| Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)					12,360,991
Price per share sold (USD per share)					$ 22.00
Class B Common Stock \| Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				11,500,000
Price per share sold (USD per share)				$ 32.00
Class B Common Stock \| Follow-On Offering, Sold By Company
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				9,603,965
Class B Common Stock \| Follow-On Offering, Exercise By Underwriters
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				1,500,000
Class B Common Stock \| Follow-On Offering, Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				1,896,035
Proceeds from Common Stock Purchase Agreement				$ 294,429
Expenses associated with sale of stock				$ 12,898
2026 Notes \| Convertible Debt
Subsidiary, Sale of Stock [Line Items]
Debt instrument, face amount			$ 690,000
Debt instrument, interest rate, stated percentage			0.125%
Payments of debt issuance costs			$ 18,055
Payments of expenses associated with initial public offering			$ 25,530
2027 Notes \| Convertible Debt
Subsidiary, Sale of Stock [Line Items]
Debt instrument, face amount	$ 575,000
Debt instrument, interest rate, stated percentage	0.375%
Payments of debt issuance costs	$ 15,065
Payments of expenses associated with initial public offering	$ 25,875

Revenue from Contracts with Customer - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 222,986,000		$ 222,986,000		$ 209,314,000
Contract asset impairment			0		0
Contract with customer, liability, revenue recognized			135,237,000	$ 144,391,000
Contract with customer liability additions			152,143,000	118,767,000
Total revenues	$ 222,931,000	$ 184,290,000	$ 444,936,000	$ 378,980,000
Customer Concentration Risk \| Revenue Benchmark \| Channel Partners
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7.00%	8.00%	8.00%	8.00%
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 18,429,000		$ 18,429,000		$ 18,166,000
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	87,885,000	$ 74,853,000	183,510,000	$ 160,270,000
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 76,494,000	$ 62,474,000	$ 162,003,000	$ 137,077,000

Revenue from Contracts with Customer - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 581	$ 446
Deferred revenues	$ 222,986	$ 209,314

Revenue from Contracts with Customer - Performance Obligation (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 222,986
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	96.70%
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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 222,931	$ 184,290	$ 444,936	$ 378,980
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	196,843	170,034	395,084	351,030
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	185,452	157,655	373,577	327,837
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	66,934	64,448	133,074	132,339
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	67,662	50,556	138,677	109,290
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	53,753	25,179	102,018	47,173
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	50,856	42,651	101,826	86,208
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	11,391	12,379	21,507	23,193
Services
Disaggregation of Revenue [Line Items]
Total revenues	26,088	14,256	49,852	27,950
Professional services (recurring)
Disaggregation of Revenue [Line Items]
Total revenues	5,006	3,536	11,083	7,316
Professional services (other)
Disaggregation of Revenue [Line Items]
Total revenues	$ 21,082	$ 10,720	$ 38,769	$ 20,634

Revenue from Contracts with Customer - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 222,931	$ 184,290	$ 444,936	$ 378,980
Americas
Disaggregation of Revenue [Line Items]
Total revenues	112,308	87,938	221,170	185,838
United States
Disaggregation of Revenue [Line Items]
Total revenues	91,500	76,781	184,440	159,201
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	69,015	59,464	142,863	121,578
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenues	20,242	14,205	42,625	27,885
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 41,608	$ 36,888	$ 80,903	$ 71,564

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-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
-Topic 280
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Acquisitions - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Jun. 17, 2021 shares	Jul. 31, 2021 acquisition	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) acquisition	Jun. 30, 2020 USD ($) acquisition	Dec. 31, 2020 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid					$ 1,002,551	$ 67,595
Fair value adjustments reducing revenue			$ (222,931)	$ (184,290)	(444,936)	(378,980)
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Total consideration					1,236,372		$ 102,094
Net cash paid					$ 1,002,551	$ 93,032
Number of acquisitions \| acquisition					8	6
Acquisition and integration costs			10,233	265	$ 17,094	$ 1,078
Goodwill from acquisition, expected tax deductible amount			16,606		16,606
Series of Individually Immaterial Business Acquisitions \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition		2
Series of Individually Immaterial Business Acquisitions \| Acquired Support Contracts Adjustment To Revenue
Business Combination, Separately Recognized Transactions [Line Items]
Fair value adjustments reducing revenue			998	79	1,010	195
Seequent
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid			910,997
Acquisition and integration costs			9,180		15,896
Business acquisition, pro forma revenue			$ 241,762	$ 199,339	$ 497,545	$ 419,180
Seequent \| Class B Common Stock
Business Combination, Separately Recognized Transactions [Line Items]
Number of shares sold (in shares) \| shares	3,141,342

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) acquisition	Jun. 30, 2020 USD ($) acquisition	Dec. 31, 2020 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Cash acquired	$ (36,847)	$ (2,064)
Net cash paid	$ 1,002,551	$ 67,595
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	8	6
Cash paid at closing	$ 1,039,398	$ 98,298	$ 98,298
Cash acquired	(36,847)	(5,266)
Net cash paid	1,002,551	$ 93,032
Escrow deposit	$ 5,250

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 6,561	$ 2,884
Accruals and other current liabilities	5,952	685
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	6,561	2,884
Other liabilities	2,167	1,415
Contingent consideration from acquisitions	8,728	4,299
Accruals and other current liabilities	5,952	685
Other liabilities	6,986	1,774
Non-contingent consideration from acquisitions	$ 12,938	$ 2,459

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 17, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Assets acquired and liabilities assumed:
Goodwill		$ 1,593,670		$ 1,593,670		$ 581,174
Stock-based compensation expense		12,033	$ 1,559	21,101	$ 3,212
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing				1,039,398	$ 98,298	98,298
Shares issued at closing				182,390		0
Contingent consideration from acquisitions		4,991		4,991		2,380
Deferred, non-contingent consideration, net		9,593		9,593		1,416
Total consideration				1,236,372		102,094
Assets acquired and liabilities assumed:
Cash		36,847		36,847		5,266
Prepaid and other current assets		21,594		21,594		8,701
Operating lease right-of-use assets		12,418		12,418		2,529
Property and equipment		6,310		6,310		499
Investments		2,211		2,211		0
Other assets		523		523		36
Total identifiable assets acquired excluding goodwill		310,654		310,654		34,762
Accruals and other current liabilities		(24,580)		(24,580)		(4,991)
Deferred revenues		(16,041)		(16,041)		(5,351)
Operating lease liabilities		(12,336)		(12,336)		(2,529)
Deferred income taxes		(54,142)		(54,142)		(1,701)
Other liabilities		(895)		(895)		(86)
Total liabilities assumed		(107,994)		(107,994)		(14,658)
Net identifiable assets acquired excluding goodwill		202,660		202,660		20,104
Goodwill		1,033,712		1,033,712		81,990
Net assets acquired		1,236,372		1,236,372		102,094
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles		44,735		$ 44,735		$ 2,207
Series of Individually Immaterial Business Acquisitions \| Software and technology \| Weighted Average
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				5 years		3 years
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles		140,299		$ 140,299		$ 11,371
Series of Individually Immaterial Business Acquisitions \| Customer relationships \| Weighted Average
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				9 years		6 years
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles		41,417		$ 41,417		$ 3,953
Series of Individually Immaterial Business Acquisitions \| Trademarks \| Weighted Average
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				10 years		7 years
Series of Individually Immaterial Business Acquisitions \| Non-compete agreements
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				5 years
Assets acquired and liabilities assumed:
Finite-lived intangibles		0		$ 0		$ 200
Series of Individually Immaterial Business Acquisitions \| In-process research and development
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 4,300		$ 4,300		$ 0
Seequent
Assets acquired and liabilities assumed:
Award service period				2 years
Fair value adjustment of stock consideration				$ 16,943
Seequent \| Common Class B Stock Subject to Service Conditions
Assets acquired and liabilities assumed:
Stock-based compensation expense				$ 5,452
Seequent \| Class B Common Stock
Assets acquired and liabilities assumed:
Number of shares sold (in shares)	3,141,342
Number of shares sold subject to employment service conditions (in shares)		83,627

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	$ 104,991	$ 97,256
Less: Accumulated depreciation	(73,552)	(68,842)
Total property and equipment and finance lease right-of-use assets, net	31,439	28,414
Land
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	34,639	33,094
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	48,549	44,369
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	14,857	12,849
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	4,075	4,075
Other
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use assets at cost	$ 60	$ 58

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,617	$ 2,503	$ 5,114	$ 4,926

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 581,174
Acquisitions	1,033,712
Foreign currency translation adjustments	(21,084)
Other adjustments	(132)
Goodwill ending balance	$ 1,593,670

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details ) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 413,613	$ 191,659
Accumulated Amortization	(155,596)	(146,032)
Net Book Value	258,017	45,627
Intangible assets not subject to amortization:
Gross Carrying Amount	417,830	191,659
Net Book Value	262,234	45,627
In-process research and development
Intangible assets not subject to amortization:
In-process research and development	4,217	0
Software and technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	111,455	67,691
Accumulated Amortization	(65,064)	(63,046)
Net Book Value	$ 46,391	4,645
Software and technology \| Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	3 years
Software and technology \| Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	5 years
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 234,543	97,008
Accumulated Amortization	(72,366)	(66,030)
Net Book Value	$ 162,177	30,978
Customer relationships \| Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	10 years
Trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 67,265	26,610
Accumulated Amortization	(18,063)	(16,888)
Net Book Value	$ 49,202	9,722
Trademarks \| Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	3 years
Trademarks \| Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	10 years
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life (in years)	5 years
Gross Carrying Amount	$ 350	350
Accumulated Amortization	(103)	(68)
Net Book Value	$ 247	$ 282

Goodwill and Other Intangible Assets - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 1,095	$ 1,148	$ 2,246	$ 2,161
Amortization of purchased intangibles	4,589	3,679	8,027	7,115
Total amortization expense	$ 5,684	$ 4,827	$ 10,273	$ 9,276

Investments (Details) - USD ($)	6 Months Ended
Investments (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Cost method investment	$ 3,440,000	$ 3,440,000
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	200,000
Impairment of equity method investments	0
Digital Construction Works, Inc. \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 174,000	$ 2,251,000
Ownership percentage	50.00%
Digital Construction Works, Inc. \| Topcon
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Seequent
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,234,000

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	3 years 10 months 24 days	3 years 8 months 12 days
Operating lease, weighted average discount rate, percent	2.10%	2.10%
Operating lease payments, leases not yet commenced	$ 6,523
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than) (in years)	1 year
Renewal term (in years)	1 year
Termination period (less than) (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than) (in years)	9 years
Renewal term (in years)	10 years
Termination period (less than) (in years)	5 years

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 4,845	$ 4,514	$ 9,388	$ 8,859
Variable lease cost	920	861	1,888	1,882
Short-term lease cost	7	(18)	11	7
Total operating lease cost	5,772	5,357	11,287	10,748
Payments for rent	$ 4,618	$ 4,325	$ 8,969	$ 8,471

Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 9,573	$ 9,003
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	3,457	13,118
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 12,418	$ 1,668

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 10,264
2022	17,228
2023	11,747
2024	7,341
2025	5,287
Thereafter	5,013
Total future lease payments	56,880
Less: Imputed interest	(2,218)
Total operating lease liabilities	$ 54,662

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Property and equipment	$ 496	$ 572
Accumulated depreciation	$ (348)	$ (229)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Property and equipment, net	$ 148	$ 343
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accruals and other current liabilities	Accruals and other current liabilities
Accruals and other current liabilities	$ 201	$ 197
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Other liabilities	$ 0	$ 99
Total financing lease liabilities	$ 201	$ 296

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
CSS deposits	$ 164,645	$ 110,291
Accrued benefits	46,701	36,613
Accrued compensation	24,218	22,131
Due to customers	12,176	9,869
Accrued indirect taxes	8,659	6,361
Accrued cloud provisioning costs	6,584	7,988
Contingent consideration from acquisitions	6,561	2,884
Accrued professional fees	5,962	4,210
Non-contingent consideration from acquisitions	5,952	685
Accrued acquisition stay bonus	5,680	5,599
Employee stock purchase plan contributions	3,851	0
Accrued facility costs	2,174	2,095
Accrued severance and realignment costs	1,519	7,209
Other accrued and current liabilities	19,847	10,858
Accruals and other current liabilities	$ 314,529	$ 226,793

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 1,269,842	$ 246,000
Convertible Debt \| 2026 Notes
Debt Instrument [Line Items]
Long-term debt, gross	690,000	0
Unamortized debt issuance costs	(16,493)	0
Total long-term debt	673,507	0
Convertible Debt \| 2027 Notes
Debt Instrument [Line Items]
Long-term debt, gross	575,000	0
Unamortized debt issuance costs	(15,052)	0
Total long-term debt	559,948	0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 36,387	$ 246,000

Long‑Term Debt - Bank Credit Facility Narrative (Details)	Jan. 25, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 19, 2017 USD ($)
Debt Instrument [Line Items]
Total long-term debt		$ 1,269,842,000	$ 246,000,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity		813,463,000	$ 253,850,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit				$ 200,000,000
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Borrowings guaranteed through stock of foreign subsidiaries (as a percent)				0.65
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 500,000,000
Revolving Credit Facility \| New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 850,000,000
Write off of unamortized debt issuance costs	353,000
Capitalization of professional fees	3,577,000
Debt covenant, cross-defaults of other debt threshold	50,000,000
Debt covenant, judgment defaults threshold	$ 10,000,000
Letter of Credit \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000,000
Bridge Loan \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 85,000,000
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Total long-term debt		$ 150,000
Revolving Credit Facility - Euro Currency \| Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility - Euro Currency \| Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Overnight Bank Funding Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.20%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.30%
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Long‑Term Debt - 2026 Convertible Senior Notes Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 28, 2021 USD ($)	Jan. 26, 2021 USD ($) share_rate day $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 4,951	$ 0
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $		$ 690,000
Debt instrument, interest rate, stated percentage		0.125%
Payments of debt issuance costs \| $		$ 18,055
Payments of expenses associated with initial public offering \| $		25,530
Repayment of credit facility \| $	$ 536,062	$ 250,500
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
Debt instrument, redemption price, percentage		98.00%
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate		15.5925
Debt instrument, convertible, conversion price (USD per share) \| $ / shares		$ 64.13
Number of trading days after maturity date, debt redeemable		40 days
Effective interest rate			0.658%
2026 Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 44.23
2026 Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate		22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding		25.00%
2026 Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
2026 Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days		5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days		10

Long‑Term Debt - 2026 Notes Capped Call Options Narrative (Details) - Convertible Debt - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 28, 2021	Jan. 26, 2021	Jun. 30, 2021
2026 Notes
Debt Instrument [Line Items]
Capped call options expense			$ 150
Capped call transaction, cap price (USD per share)		$ 72.9795
Capped call, premium above share price, percentage		65.00%
2027 Notes
Debt Instrument [Line Items]
Capped call options expense			$ 50
Capped call transaction, cap price (USD per share)	$ 95.5575
Capped call, premium above share price, percentage	55.00%

Long‑Term Debt - 2027 Convertible Senior Notes Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 28, 2021 USD ($) share_rate day $ / shares	Jan. 26, 2021 USD ($) share_rate day $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 4,951	$ 0
2027 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 575,000
Debt instrument, interest rate, stated percentage	0.375%
Payments of debt issuance costs \| $	$ 15,065
Payments of expenses associated with initial public offering \| $	$ 25,875
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Debt instrument, redemption price, percentage	98.00%
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate	12.0153
Debt instrument, convertible, conversion price (USD per share) \| $ / shares	$ 83.23
Number of trading days after maturity date, debt redeemable	40 days
Effective interest rate			0.864%
2027 Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares	$ 61.65
2027 Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate	16.2206
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares	$ 325.00
Debt covenant, percent of note holders threshold by amount of principal outstanding	25.00%
2027 Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
2027 Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days	5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days	10
2027 Notes \| Convertible Debt \| Accounts Payable
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 300
2027 Notes \| Convertible Debt \| Accrued Liabilities Current
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 392
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $		$ 690,000
Debt instrument, interest rate, stated percentage		0.125%
Payments of debt issuance costs \| $		$ 18,055
Payments of expenses associated with initial public offering \| $		25,530
Repayment of credit facility \| $	$ 536,062	$ 250,500
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
Debt instrument, redemption price, percentage		98.00%
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate		15.5925
Debt instrument, convertible, conversion price (USD per share) \| $ / shares		$ 64.13
Number of trading days after maturity date, debt redeemable		40 days
Effective interest rate			0.658%
2026 Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 44.23
2026 Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, number of equity instruments, conversion rate \| share_rate		22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding		25.00%
2026 Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
2026 Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days		5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days		10

Long‑Term Debt - 2027 Notes Capped Call Options Narrative (Details) - 2027 Notes - Convertible Debt - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 28, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Capped call options expense		$ 50
Capped call transaction, cap price (USD per share)	$ 95.5575
Capped call, premium above share price, percentage	55.00%

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Amortization and write-off of deferred debt issuance costs			$ 2,371	$ 277
Interest expense other borrowings	$ 45	$ 13	33	25
Interest expense	2,582	1,156	4,983	2,846
Interest Rate Swap
Debt Instrument [Line Items]
Interest rate swap	316	0	617	0
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense for debt	850	1,004	1,579	2,544
Amortization and write-off of deferred debt issuance costs	221	139	796	277
Interest expense and amortization of debt issuance costs	$ 1,387	$ 1,143	$ 2,992	$ 2,821
Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate over time	2.11%	1.48%	2.02%	2.18%
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Interest expense for debt	$ 217	$ 0	$ 371	$ 0
Amortization and write-off of deferred debt issuance costs	907	0	1,561	0
Interest expense and amortization of debt issuance costs	1,124	0	1,932	0
2027 Notes \| Convertible Debt
Debt Instrument [Line Items]
Interest expense for debt	12	0	12	0
Amortization and write-off of deferred debt issuance costs	14	0	14	0
Interest expense and amortization of debt issuance costs	$ 26	$ 0	$ 26	$ 0

Long‑Term Debt - Additional Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Apr. 02, 2020
Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount			$ 200,000,000
Derivative fair value	$ 8,082,000	$ 347,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate			0.73%

Executive Bonus Plan - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Executive Bonus Plan - Narrative (Details) $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Sep. 22, 2020 USD ($) acquisition
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 \| acquisition					10,000
Number of trading days after the end of applicable quarter, shares determined upon election by volume-weighted average price \| acquisition					10
Non-deferred incentive bonus threshold for pro rata adjustment \| $					$ 7,500
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company's adjusted Management Reported Operating Income (MORI) threshold for bonus plan (up to)	20.00%		20.00%
Bonus plan compensation expense \| $	$ 7,683	$ 8,467	$ 16,558	$ 16,564

Retirement Plans - Narrative (Details) - Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation liability, current and noncurrent	$ 2,777,000		$ 2,591,000
Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
Contributions by employer	$ 0	$ 0
Phantom shares issuable (in shares)	27,130,916		30,590,955
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| Prior to January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	20.00%
Share-based Payment Arrangement, Tranche One \| Nonqualified Plan \| After January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	100.00%
Share-based Payment Arrangement, Tranche Two \| Nonqualified Plan \| Prior to January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	20.00%
Share-based Payment Arrangement, Tranche Three \| Nonqualified Plan \| Prior to January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	20.00%
Share-Based Payment Arrangement, Tranche Four \| Nonqualified Plan \| Prior to January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	20.00%
Share-Based Payment Arrangement, Tranche Five \| Nonqualified Plan \| Prior to January 2016 Awards
Defined Contribution Plan Disclosure [Line Items]
Vesting percentage	20.00%

Common Stock - Sales, Repurchases, and Issuances of Company Capital Stock Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 17, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 23, 2018	Apr. 22, 2018
Class of Stock [Line Items]
Profit-sharing plan shares, net, value			$ 2,578,000		$ 4,428,000
Common Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)			198,853		385,568
Shares exercised (in shares)		2,393,937	1,486,795	3,657,058	2,184,628
Profit-sharing plan shares, net, value			$ 2,000		$ 4,000
Deferred Compensation, Share-based Payments \| Deferred Profit Sharing
Class of Stock [Line Items]
Stock repurchased during period (in shares)					385,568
Profit-sharing plan shares, net, value					$ 4,428,000
Performance Based Restricted Stock Units (RSUs), 2016 \| Equity Incentive Plan
Class of Stock [Line Items]
Shares repurchased by Company after exercise					$ 1,454,000
Shares repurchased by Company after exercise (in shares)					128,176
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)					3,769,346
Class B Common Stock \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)					4,574,567
Sale of stock, consideration received					$ 58,349,000
Class B Common Stock \| Private Placement, Direct Investor Investment
Class of Stock [Line Items]
Number of shares sold (in shares)					805,053
Sale of stock, consideration received					$ 12,462,000
Class B Common Stock \| Seequent
Class of Stock [Line Items]
Number of shares sold (in shares)	3,141,342
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				$ 61,912,000	$ 1,830,000
Deferred compensation arrangement with individual, shares issued (in shares)				2,202,079	2,959,731
Deferred compensation arrangement with individual, shares issued, gross (in shares)				3,527,023	3,137,961
Shares withheld for tax withholding obligation (in shares)				1,324,944	178,230
Class B Common Stock \| Common Stock
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)					2,184,628
Shares withheld for cost of options and tax withholding obligation					1,225,926
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)				149,447
Shares withheld for cost of options and tax withholding obligation				99,742
Share-based compensation tax withholding payment				$ 4,716,000
Shares exercised (in shares)				249,189
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)				3,657,058
Shares withheld for cost of options and tax withholding obligation				860,335
Share-based compensation tax withholding payment				$ 29,027,000	$ 3,064,000
Cash used to settle award				$ 4,324,000
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Cash used to settle award					$ 2,237,000

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Equity [Abstract]
Dividends declared (USD per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03
Amount	$ 8,372	$ 8,219	$ 7,771	$ 7,666

Common Stock- Global Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	Sep. 22, 2020	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Employee stock purchase plan contributions		$ 3,851	$ 0
Employee Stock
Class of Stock [Line Items]
Maximum percent of eligible compensation available to contribute	15.00%
Maximum employee annual contribution amount	$ 25
Purchase price of common stock, percent	85.00%
Class B Common Stock \| Employee Stock
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	25,000,000

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 353,997	$ 351,010	$ 341,599	$ 334,619
Other comprehensive income (loss), before taxes	(19,483)	607	(28,636)	(4,462)
Tax expense	(9)	(8)	(17)	(15)
Total other comprehensive (loss) income, net of taxes	(19,492)	599	(28,653)	(4,477)
Ending balance	471,814	379,744	471,814	379,744
Foreign Currency Translations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(34,401)	(27,993)	(25,219)	(22,908)
Other comprehensive income (loss), before taxes	(19,513)	582	(28,695)	(4,503)
Tax expense	0	0	0	0
Total other comprehensive (loss) income, net of taxes	(19,513)	582	(28,695)	(4,503)
Ending balance	(53,914)	(27,411)	(53,914)	(27,411)
Accumulated (Loss) Gain on Retirement Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(993)	(1,010)	(1,014)	(1,019)
Other comprehensive income (loss), before taxes	30	25	59	41
Tax expense	(9)	(8)	(17)	(15)
Total other comprehensive (loss) income, net of taxes	21	17	42	26
Ending balance	(972)	(993)	(972)	(993)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(35,394)	(29,003)	(26,233)	(23,927)
Total other comprehensive (loss) income, net of taxes	(19,492)	599	(28,653)	(4,477)
Ending balance	$ (54,886)	$ (28,404)	$ (54,886)	$ (28,404)

- Definition

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

+ References + Details

Equity Awards and Instruments - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,033	$ 1,559	$ 21,101	$ 3,212
Stock-based compensation expense accrued	6,169		6,169		$ 6,835
Cost of Revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	207	79	450	175
Cost of Revenues \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	410	19	499	47
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,887	536	8,842	1,155
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,515	404	2,303	804
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,014	521	9,007	1,031
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	723	1,422	1,721	2,956
Restricted stock and restricted stock units (“RSUs”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,961	37	6,458	37
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	450	100	450	219
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,471	0	11,595	0
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 428	$ 0	$ 877	$ 0

Equity Awards and Instruments - Options Outstanding Rollforward (Details) - 2020 Incentive Award Plan - Stock Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	12,842,226
Exercised (in shares)	(4,517,393)
Canceled (in shares)	(120,500)
Ending balance (in shares)	8,204,333
Shares exercisable (in shares)	4,973,958
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)	$ 4.87
Exercised, weighted average exercise price (USD per share)	4.30
Canceled, weighted average exercise price (USD per share)	5.54
Ending balance, weighted average exercise price (USD per share)	5.18
Weighted average exercise price, shares exercisable (USD per share)	$ 4.91
Weighted remaining contractual life (in years)	1 year 11 months 19 days
Shares outstanding, intrinsic value	$ 488,976
Shares exercisable, weighted remaining contractual life (in years)	1 year 8 months 1 day
Shares exercisable, intrinsic value	$ 297,780

Equity Awards and Instruments - Stock Options Narrative (Details) - Stock Option - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised, intrinsic value	$ 206,097	$ 30,536
Unrecognized compensation cost	$ 4,642
Cost not yet recognized, period for recognition	1 year 6 months
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 4,324	$ 2,237

Equity Awards and Instruments - Acquisition Options Narrative (Details) - Stock Option - Equity Incentive Plan - Class B Common Stock - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Mar. 31, 2018	Jun. 30, 2021
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
Shares outstanding (in shares)		900,000
Shares outstanding, intrinsic value		$ 7,992

Equity Awards and Instruments - Restricted Stock and RSUs Activity (Details) - 2020 Incentive Award Plan - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock And Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance (in shares)	1,423,715
Granted (in shares)	602,616
Vested (in shares)	(41,695)
Shares canceled (in shares)	(147,672)
Unvested, ending balance (in shares)	1,836,964
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance (in shares)	1,263,193
Granted (in shares)	502,808
Vested (in shares)	(6,765)
Shares canceled (in shares)	(22,080)
Unvested, ending balance (in shares)	1,737,156
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, beginning balance (USD per share)	$ 16.38
Grant date fair value (USD per share)	49.85
Vested (USD per share)	24.15
Canceled (USD per share)	17.17
Unvested, ending balance (USD per share)	$ 26.02
Performance Based Restricted Stock And Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance (in shares)	160,522
Granted (in shares)	99,808
Vested (in shares)	(34,930)
Shares canceled (in shares)	(125,592)
Unvested, ending balance (in shares)	99,808
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, beginning balance (USD per share)	$ 16.62
Grant date fair value (USD per share)	49.93
Vested (USD per share)	17.53
Canceled (USD per share)	16.36
Unvested, ending balance (USD per share)	$ 49.93
Cash-Settled Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	56,360
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	0	12,454
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Grant date fair value (USD per share)	$ 10.84

Equity Awards and Instruments - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restricted Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	12,454
Grant date fair value (USD per share)	$ 10.84
Performance Based Restricted Stock Units (RSUs), 2016 \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earned through dividends in period (in shares)	23	211
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0
Unrecognized compensation cost, excluding options	$ 2,043,000
Cost not yet recognized, period for recognition	6 months
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Delivered in period (in shares)	10,864	9,830
Shares outstanding (in shares)	20,199		31,040
Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0
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)	602,616
Shares outstanding (in shares)	1,836,964		1,423,715
Shares withheld for tax withholding obligation (in shares)	14,869	11,942
Share-based compensation tax withholding payment	$ 708,000	$ 120,000
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	502,808
Grant date fair value (USD per share)	$ 49.85
Shares outstanding (in shares)	1,737,156		1,263,193
Unrecognized compensation cost, excluding options	$ 41,102,000
Cost not yet recognized, period for recognition	3 years 6 months
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	99,808
Grant date fair value (USD per share)	$ 49.93
Shares outstanding (in shares)	99,808		160,522
Unrecognized compensation cost, excluding options	$ 0

Equity Awards and Instruments - Stock Grants Narrative (Details) - Class B Common Stock - 2020 Incentive Award Plan - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)	7,824	17,411
Fully vested shares granted	$ 450	$ 219

Equity Awards and Instruments - Equity Awards Subsequent To June 30, 2021 Narrative (Details) - Time-Based Restricted Stock Units (RSUs) - 2020 Incentive Award Plan - Subsequent Event $ in Thousands	1 Months Ended
	Jul. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	90,400
Unrecognized compensation cost, excluding options \| $	$ 5,300
Cost not yet recognized, period for recognition	3 years

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ (20,746)	$ 4,264	$ (10,388)	$ 11,440
Discrete income tax benefit	$ 28,967	$ 5,281	$ 36,452	$ 6,423
Effective income tax rate	(79.80%)	9.70%	(11.10%)	14.10%

- Definition

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

+ References + Details

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	1 Months Ended
	Mar. 31, 2020	Jun. 30, 2021
Convertible Debt \| 2026 Notes \| Level 2
Derivative [Line Items]
Long-term debt, fair value		$ 825,620,000
Convertible Debt \| 2027 Notes \| Level 2
Derivative [Line Items]
Long-term debt, fair value		$ 591,238,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 200,000,000
Term of contract (in years)	10 years

Fair Value of Financial Instruments - Interest Rate Swap Activity (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other (expense) income, net
Derivative [Line Items]
(Loss) gain from change in fair value	$ (5,926)	$ (4,174)	$ 7,735	$ (4,174)
Interest expense, net
Derivative [Line Items]
Payments	$ 316	$ 110	$ 617	$ 110

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities, Fair Value Disclosure [Abstract]
Accruals and other current liabilities	$ 6,561	$ 2,884
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total assets	8,104	35,043
Liabilities, Fair Value Disclosure [Abstract]
Acquisition contingent consideration	8,728	4,299
Deferred compensation plan	2,777	2,591
Cash-settled equity awards	699	195
Total liabilities	12,204	7,085
Accruals and other current liabilities	6,561	2,884
Deferred compensation plan, current	201	169
Fair Value, Recurring \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Money market funds	22	34,696
Fair Value, Recurring \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap	8,082	347
Level 1 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total assets	22	34,696
Liabilities, Fair Value Disclosure [Abstract]
Acquisition contingent consideration	0	0
Deferred compensation plan	2,777	2,591
Cash-settled equity awards	699	195
Total liabilities	3,476	2,786
Level 1 \| Fair Value, Recurring \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Money market funds	22	34,696
Level 1 \| Fair Value, Recurring \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap	0	0
Level 2 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total assets	8,082	347
Liabilities, Fair Value Disclosure [Abstract]
Acquisition contingent consideration	0	0
Deferred compensation plan	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Fair Value, Recurring \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Money market funds	0	0
Level 2 \| Fair Value, Recurring \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap	8,082	347
Level 3 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Acquisition contingent consideration	8,728	4,299
Deferred compensation plan	0	0
Cash-settled equity awards	0	0
Total liabilities	8,728	4,299
Level 3 \| Fair Value, Recurring \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Money market funds	0	0
Level 3 \| Fair Value, Recurring \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap	$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation of the Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year	$ 4,299	$ 6,599
Payments	(544)	(3,425)
Addition	4,991	2,380
Change in fair value	0	(1,340)
Foreign currency translation adjustments	(18)	85
Balance, end of period	$ 8,728	$ 4,299

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Hosted Software Solutions
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 67,598

Geographic Data (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 346,272	$ 120,169
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	105,884	50,306
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	51,136	56,322
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 189,252	$ 13,541

Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Interest Expense, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Interest expense	$ (2,582)	$ (1,156)	$ (4,983)	$ (2,846)
Interest income	129	28	211	330
Interest expense, net	$ (2,453)	$ (1,128)	$ (4,772)	$ (2,516)

Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Foreign exchange gain (loss), unrealized	$ 1,406	$ 4,518	$ 2,198	$ (4,263)
Other income (expense), net	(5,183)	(4,113)	8,507	(2,722)
Total other (expense) income, net	(3,777)	405	10,705	(6,985)
Foreign exchange gain (loss), unrealized, intercompany	963	5,012	1,443	(1,765)
Gain on change in fair value of interest rate swaps	$ 5,926	$ 4,174	7,735	4,174
Change in fair value of contingent consideration			$ 0	$ 1,390

Realignment Costs - Narrative (Details) $ in Thousands	12 Months Ended
Realignment Costs - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2020 Strategic Realignment Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10,046

Realignment Costs - Realignment Activities Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020	$ 6,240
Payments	(5,356)
Adjustments	(229)
Balance, June 30, 2021	$ 655

Earnings Per Share - Narrative (Details) - shares	6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	99,808	0

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator [Abstract]
Net income	$ 44,910	$ 39,076	$ 101,916	$ 68,745
Less: Net income attributable to participating securities	(3)	0	(3)	0
Net income attributable to Class A and Class B common stockholders	44,907	39,076	101,913	68,745
Net income attributable to Class A and Class B common stockholders, diluted	$ 45,748	$ 39,076	$ 103,343	$ 68,745
Denominator [Abstract]
Weighted average shares, basic (in shares)	304,066,038	286,945,592	303,311,423	286,068,766
Effect of dilutive securities (in shares)	9,389,339	8,241,602	10,388,725	9,526,468
Dilutive effect of ESPP	110,355	0	112,360	0
Dilutive effect of assumed conversion of convertible senior notes	10,912,354	0	9,281,537	0
Denominator for dilutive net income per share (in shares)	324,478,086	295,187,194	323,094,045	295,595,234
Net income per share, basic (USD per share)	$ 0.15	$ 0.14	$ 0.34	$ 0.24
Net income per share, diluted (USD per share)	$ 0.14	$ 0.13	$ 0.32	$ 0.23
Convertible Debt \| 2026 Notes
Numerator [Abstract]
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	$ 841	$ 0	$ 1,430	$ 0

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net income per share attributable to common stockholders (in shares)	495,368	0	495,368	0
Stock options, restricted stock, and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net income per share attributable to common stockholders (in shares)	495,368	0	495,368	0