0001628280-22-004474 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 329,337	$ 122,006
Accounts receivable	241,807	195,782
Allowance for doubtful accounts	(6,541)	(5,759)
Prepaid income taxes	16,880	3,535
Prepaid and other current assets	34,348	24,694
Total current assets	615,831	340,258
Property and equipment, net	31,823	28,414
Operating lease right-of-use assets	50,818	46,128
Intangible assets, net	245,834	45,627
Goodwill	1,588,477	581,174
Investments	6,438	5,691
Deferred income taxes	71,376	39,224
Other assets	48,646	39,519
Total assets	2,659,243	1,126,035
Current liabilities:
Accounts payable	16,483	16,492
Accruals and other current liabilities	323,603	226,793
Deferred revenues	224,610	202,294
Operating lease liabilities	17,482	16,610
Income taxes payable	6,696	3,366
Current portion of long-term debt	5,000	0
Total current liabilities	593,874	465,555
Long-term debt	1,430,992	246,000
Deferred compensation plan liabilities	94,890	2,422
Long-term operating lease liabilities	35,274	31,767
Deferred revenues	7,983	7,020
Deferred income taxes	65,014	10,849
Income taxes payable	7,725	7,883
Other liabilities	14,269	12,940
Total liabilities	2,250,021	784,436
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of December 31, 2021 and 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 December 31, 2021 and 2020, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 270,924,962 and 260,552,747 shares as of December 31, 2021 and 2020, respectively	2,825	2,722
Additional paid-in capital	937,805	741,113
Accumulated other comprehensive loss	(91,774)	(26,233)
Accumulated deficit	(439,634)	(376,003)
Total stockholders’ equity	409,222	341,599
Total liabilities and stockholders’ equity	$ 2,659,243	$ 1,126,035

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	270,924,962	260,552,747
Common stock shares outstanding (in shares)	270,924,962	260,552,747

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 965,046	$ 801,544	$ 736,654
Cost of revenues:
Total cost of revenues	216,539	167,155	144,150
Gross profit	748,507	634,389	592,504
Operating expenses:
Research and development	220,915	185,515	183,552
Selling and marketing	162,240	143,791	155,294
General and administrative	150,116	113,274	97,172
Deferred compensation plan	95,046	177	408
Amortization of purchased intangibles	25,601	15,352	14,213
Expenses associated with initial public offering	0	26,130	0
Total operating expenses	653,918	484,239	450,639
Income from operations	94,589	150,150	141,865
Interest expense, net	(12,491)	(7,476)	(8,199)
Other income (expense), net	11,231	24,946	(5,557)
Income before income taxes	93,329	167,620	128,109
Benefit (provision) for income taxes	3,448	(38,625)	(23,738)
Loss from investment accounted for using the equity method, net of tax	(3,585)	(2,474)	(1,275)
Net income	93,192	126,521	103,096
Less: Net income attributable to participating securities	(9)	(234)	(8)
Net income attributable to Class A and Class B common stockholders	$ 93,183	$ 126,287	$ 103,088
Per share information:
Net income per share, basic (USD per share)	$ 0.30	$ 0.44	$ 0.36
Net income per share, diluted (USD per share)	$ 0.30	$ 0.42	$ 0.35
Weighted average shares, basic (in shares)	305,711,345	289,863,272	284,625,642
Weighted average shares, diluted (in shares)	314,610,814	299,371,129	293,796,707
Subscriptions and licenses
Revenues:
Total revenues	$ 865,887	$ 736,655	$ 667,993
Cost of revenues:
Total cost of revenues	124,321	95,803	71,578
Subscriptions
Revenues:
Total revenues	812,807	679,273	608,300
Perpetual licenses
Revenues:
Total revenues	53,080	57,382	59,693
Services
Revenues:
Total revenues	99,159	64,889	68,661
Cost of revenues:
Total cost of revenues	$ 92,218	$ 71,352	$ 72,572

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 93,192	$ 126,521	$ 103,096
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(65,648)	(2,311)	5,959
Actuarial gain (loss) on retirement plan, net of tax effect of $(44), $(1), and $203, respectively	107	5	(472)
Total other comprehensive (loss) income, net of taxes	(65,541)	(2,306)	5,487
Comprehensive income	$ 27,651	$ 124,215	$ 108,583

- 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Actuarial gain (loss) on retirement plan, tax effect	$ (44)	$ (1)	$ 203

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Follow-On Offering	Private Placement	Cumulative effect of accounting changes	Common Stock	Common Stock Follow-On Offering	Common Stock Private Placement	Additional paid-in capital	Additional paid-in capital Follow-On Offering	Additional paid-in capital Private Placement	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Private Placement	Accumulated deficit Cumulative effect of accounting changes
Beginning balance (in shares) at Dec. 31, 2018					250,283,513
Beginning balance at Dec. 31, 2018	$ 147,431			$ 107,822	$ 2,502			$ 392,896			$ (29,414)	$ (218,553)		$ 107,822
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	103,096											103,096
Other comprehensive income (loss)	5,487										5,487
Class B Common Stock follow-on offering, net of expenses (in shares)							64,509
Class B Common Stock follow-on offering, net of expenses of $12,898			$ 418							$ 466			$ (48)
Dividends declared	(25,390)											(25,390)
Profit-sharing plan shares, net (in shares)					(318,203)
Profit-sharing plan shares, net	(2,417)				$ (3)							(2,414)
Shares issued in connection with deferred compensation plan, net (in shares)					2,322,983
Shares issued in connection with deferred compensation plan, net	(5,609)				$ 23							(5,632)
Deferred compensation plan elective participant deferrals and vesting of awards	3,586							3,586
Payment of shareholder Put and Call rights (in shares)					(1,126,747)
Payment of shareholder Put and Call rights	(8,838)				$ (11)							(8,827)
Stock option exercises, net (in shares)					3,214,542
Stock option exercises, net	1,303				$ 33			3,579				(2,309)
Stock-based compensation expense	8,091							8,091
Shares related to restricted stock, net (in shares)					395,336
Shares related to restricted stock, net	(399)				$ 4			(4)				(399)
Other (in shares)					7,016
Other	38							53				(15)
Ending balance (in shares) at Dec. 31, 2019					254,842,949
Ending balance at Dec. 31, 2019	334,619				$ 2,548			408,667			(23,927)	(52,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	126,521											126,521
Other comprehensive income (loss)	(2,306)										(2,306)
Class B Common Stock follow-on offering, net of expenses (in shares)						9,603,965
Class B Common Stock follow-on offering, net of expenses of $12,898		$ 294,429	$ (57)			$ 96			$ 294,333				$ (57)
Dividends declared	(424,018)											(424,018)
Profit-sharing plan shares, net (in shares)					(549,834)
Profit-sharing plan shares, net	(6,970)				$ (5)							(6,965)
Shares issued in connection with deferred compensation plan, net (in shares)					3,081,607
Shares issued in connection with deferred compensation plan, net	(4,625)				$ 31							(4,656)
Deferred compensation plan elective participant deferrals and vesting of awards	3,530							3,530
Payment of shareholder Put and Call rights (in shares)					(128,007)
Payment of shareholder Put and Call rights	(1,454)				$ (1)							(1,453)
Stock option exercises, net (in shares)					4,060,839
Stock option exercises, net	4,356				$ 41			9,070				(4,755)
Shares issued for stock grants, net (in shares)					21,956
Shares issued for stock grants, net	319							319
Stock-based compensation expense	25,194							25,194
Shares related to restricted stock, net (in shares)					1,221,029
Shares related to restricted stock, net	(7,939)				$ 12			0				(7,951)
Ending balance (in shares) at Dec. 31, 2020					272,154,504
Ending balance at Dec. 31, 2020	341,599				$ 2,722			741,113			(26,233)	(376,003)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,192											93,192
Other comprehensive income (loss)	(65,541)										(65,541)
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 $12,871	(38,734)							(38,734)
Dividends declared	(33,537)											(33,537)
Shares issued in connection with deferred compensation plan, net (in shares)					2,378,645
Shares issued in connection with deferred compensation plan, net	(69,007)				$ 24							(69,031)
Deferred compensation plan elective participant deferrals and vesting of awards	2,619							2,619
Deferred compensation plan modification	(4,739)							(4,739)
Shares issued in connection with Executive Bonus Plan, net (in shares)					238,755
Shares issued in connection with Executive Bonus Plan, net	12,214				$ 2			20,951				(8,739)
Shares issued in connection with employee stock purchase plan (in shares)					104,716
Shares issued in connection with employee stock purchase plan, net	3,408				$ 1			3,845				(438)
Stock option exercises, net (in shares)					4,587,053
Stock option exercises, net	(32,180)				$ 46			5,559				(37,785)
Shares issued for stock grants, net (in shares)					7,824
Shares issued for stock grants, net	450							450
Stock-based compensation expense	24,382							24,382
Shares related to restricted stock, net (in shares)					(86,120)
Shares related to restricted stock, net	(7,294)				$ (1)			0				(7,293)
Ending balance (in shares) at Dec. 31, 2021					282,526,719
Ending balance at Dec. 31, 2021	$ 409,222				$ 2,825			$ 937,805			$ (91,774)	$ (439,634)

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Purchase of capped call options, tax	$ 12,871

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 93,192	$ 126,521	$ 103,096
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,793	36,117	32,160
Bad debt allowance (recovery)	1,203	(1,000)	862
Deferred income taxes	(19,745)	16,246	732
Stock-based compensation expense	49,045	32,114	8,091
Amortization and write-off of deferred debt issuance costs	5,955	985	553
Change in fair value of derivative	(9,770)	(347)	159
Change in fair value of contingent consideration	550	(1,340)	62
Foreign currency remeasurement loss (gain)	64	(24,502)	5,311
Loss from investment accounted for using the equity method, net of tax	3,585	2,474	1,275
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(35,519)	12,388	(21,152)
Prepaid and other assets	14,260	11,705	(668)
Accounts payable, accruals, and other liabilities	50,077	47,656	41,880
Deferred compensation plan liabilities	92,926	3,706	3,994
Deferred revenues	5,340	(565)	(268)
Income taxes payable, net of prepaid income taxes	(15,932)	(3,818)	(5,314)
Net cash provided by operating activities	288,024	258,340	170,773
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(17,539)	(16,447)	(16,639)
Acquisitions, net of cash acquired	(1,034,983)	(93,032)	(34,054)
Other investing activities	(4,081)	(7,854)	(3,000)
Net cash used in investing activities	(1,056,603)	(117,333)	(53,693)
Cash flows from financing activities:
Proceeds from credit facilities	745,310	550,875	191,250
Payments of credit facilities	(991,310)	(538,625)	(216,250)
Proceeds from convertible senior notes, net of discounts and commissions	1,233,377	0	0
Payments of debt issuance costs	(5,643)	(432)	0
Purchase of capped call options	(51,605)	0	0
Proceeds from term loans	199,505	125,000	0
Repayment of term loan	0	(125,000)	0
Payments of financing leases	(197)	(189)	0
Payments of acquisition debt and other consideration	(2,371)	(3,425)	(11,029)
Proceeds from issuance of common stock	0	58,349	4,510
Payments of Class B Common Stock follow-on offering expenses	0	(1,373)	0
Payments of dividends	(33,396)	(422,646)	(24,989)
Payments for shares acquired including shares withheld for taxes	(120,539)	(83,975)	(24,166)
Proceeds from stock purchases under employee stock purchase plan	3,846	0	0
Proceeds from exercise of stock options	5,605	9,128	3,626
Net cash provided by (used in) financing activities	982,582	(136,511)	(77,048)
Effect of exchange rate changes on cash and cash equivalents	(6,672)	(3,591)	(114)
Increase in cash and cash equivalents	207,331	905	39,918
Cash and cash equivalents, beginning of year	122,006	121,101	81,183
Cash and cash equivalents, end of year	329,337	122,006	121,101
Supplemental information:
Cash paid for income taxes	40,203	28,986	27,907
Income tax refunds	9,372	3,863	1,752
Interest paid	4,631	8,012	9,221
Non-cash investing and financing activities:
Shares issued related to acquisition	182,390	0	0
Contingent acquisition consideration	4,544	2,380	4,498
Deferred, non-contingent consideration, net	10,090	1,416	0
Term loan expenses included in Accruals and other current liabilities	45	0	0
Share-settled Executive Bonus Plan awards	20,953	0	0
Deferred compensation plan elective participant deferrals	2,619	3,530	3,586
Follow-On Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 0	$ 295,802	$ 0

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

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

Basis of Presentation and Consolidation — The consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) Dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to a joint venture, which is accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. 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 pandemic has created and may continue to create significant uncertainty in the macroeconomic environment which, in addition to other unforeseen effects of this pandemic, may adversely impact our results of operations. As the COVID-19 pandemic continues to develop, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods.

Examples of significant estimates and assumptions made by management include revenue recognition, the fair value of acquired assets and liabilities, the fair value of stock consideration in conjunction with business combinations, the fair value of deferred compensation plan liabilities, the fair value of derivative financial instruments, the fair value of common stock (prior to the Company’s initial public offering (“IPO”)), operating lease assets and liabilities, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, valuation allowances for tax assets, and accruals for uncertain tax positions.

Initial Public Offering — On September 25, 2020, the Company completed its 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 (see Notes 13 and 15). For the year ended December 31, 2020, the Company recorded $26,130 in Expenses associated with initial public offering in the consolidated statement of operations. These expenses included certain non‑recurring costs relating to the Company’s IPO, consisting of the payment of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.

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. Expenses associated with the Follow‑On Offering included certain non‑recurring costs, consisting of the payment of underwriting discounts and commissions applicable to the sale of shares by the Company, professional fees, and other expenses. The Company agreed to pay certain expenses in connection with the Follow‑On Offering on behalf of the selling stockholders and made an accounting policy election to offset these expenses against the Follow‑On Offering proceeds (see Note 13).

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).

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

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

Business Combinations — The Company allocates the purchase price for each acquisition to the net tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the respective acquisition date. Goodwill is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date, as well as contingent and non‑contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that the Company is within the measurement period (up to one year from the acquisition date) and that the Company continues to collect information to determine estimated fair value. Subsequent to the measurement period or the Company’s final determination of estimated fair value, whichever comes first, adjustments are recorded in the consolidated statements of operations. 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 $883,336 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock (see Note 4).

Revenue Recognition — Effective January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014‑09, Revenue from Contracts with Customers, and related amendments (“Topic 606”) using the modified retrospective method. The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generates revenues from subscriptions, perpetual licenses, and services (see Note 3).

With the adoption of Topic 606, the Company also adopted Accounting Standards Codification (“ASC”) Topic 340‑40, Other Assets and Deferred Costs‑Contracts with Customers (“Topic 340‑40”). Under Topic 340‑40, the Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The contract costs are amortized based on the economic life of the goods and services to which the contract costs relate. The Company has determined that costs under certain sales incentive programs meet the requirements to be capitalized. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company’s internal sales force compensation program and certain channel partner sales incentive programs for which the annual compensation is commensurate with annual sales activities.

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

Software Development Costs — The Company’s software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external accounts, before technological feasibility is reached, are included in Research and development in the consolidated statements of operations. Research and development expenses, which are generally expensed as incurred, primarily consist of personnel and related costs of the Company’s research and development staff, including colleagues’ salaries, incentives, and benefits, and costs of certain third‑party contractors, as well as allocated overhead costs. In general, technological feasibility is reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

Under its Accelerated Commercial Development Program (“ACDP”) (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years). For the years ended December 31, 2021, 2020, and 2019, total costs capitalized under the ACDP were $6,608, $7,809, and $6,060, respectively. Additionally, for the years ended December 31, 2021, 2020, and 2019, total ACDP related amortization recorded in Cost of subscriptions and licenses in the consolidated statements of operations was $7,020, $4,699, and $3,516, respectively.

Stock‑Based Compensation — The Company records all stock‑based compensation as an expense in the consolidated statements of operations measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. The fair value of stock option awards is determined using the Black‑Scholes option pricing model. For all other equity‑based arrangements, the stock‑based compensation expense is based on the share price at the grant date (see Note 15).

Deferred Compensation — Under the amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”), certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15).

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

While DCP participants’ investments in phantom shares remain equity classified, as they will be settled in shares of Class B Common Stock upon eventual distribution, the amendment and elections resulted in a change to liability classification for the reallocated phantom investments, as they will be settled in cash upon eventual distribution. As a result, during the year ended December 31, 2021, the Company reclassified cumulative compensation cost of $4,739 from Additional paid-in capital to Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheet and recognized a compensation charge of $90,721 to Deferred compensation plan expenses in the consolidated statements of operations to record the reallocated deferred compensation plan liabilities at their fair value of $95,460. Subsequent to the one‑time reallocation, these diversified deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations (see Note 12).

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

Advertising Expense — The Company expenses advertising costs as incurred. Advertising expense of $2,396, $1,726, and $1,579 is included in Selling and marketing in the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019, respectively.

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

On March 31, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Company’s Credit Facility (see Note 10). The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the interest rate swap as either an asset or a liability on the consolidated balance sheets and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net and payments related to the interest rate swap are recognized in Interest expense, net in the consolidated statements of operations. The bank counterparty to the derivative potentially exposes the Company to credit-related losses in the event of nonperformance. To mitigate that risk, the Company only contracts with counterparties who meet the Company’s minimum requirements under its counterparty risk assessment process. The Company monitors counterparty risk on at least a quarterly basis and adjusts its exposure as necessary. The Company does not enter into derivative instrument transactions for trading or speculative purposes.

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

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

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

Net Income Per Share — Net income per share of Class A and Class B Common Stock amounts are computed using the two‑class method required for participating securities, using the treasury stock method for awards under the Company’s equity compensation plans and global employee stock purchase plan, and using the if‑converted method for the convertible senior notes in accordance with FASB 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”). In addition, the weighted average number of shares of the Company’s Class A and Class B Common Stock is inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B Common Stock.

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

Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2021 and 2020, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.

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

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

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

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


	Year Ended December 31,
	2021		2020
Balance, beginning of year	$	5,759	$	7,274
Bad debt allowance (recovery)	1,203		(1,000)
Write-offs	(700)		(812)
Foreign currency translation adjustments	279		297
Balance, end of year	$	6,541	$	5,759

Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area. No single customer accounted for more than 2.5% of the Company’s revenue for the years ended December 31, 2021, 2020, or 2019.

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

Property and Equipment — Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight‑line method over the estimated useful lives of the assets, which range from three to 25 years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. Land is not depreciated. Depreciation for equipment commences once it is placed in service and depreciation for buildings and leasehold improvements commences once they are ready for their intended use. Estimated useful lives of property and equipment are as follows:


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

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

Leases — The Company adopted FASB ASU No. 2016‑02 regarding FASB ASC Topic 842, Leases (“Topic 842”), as of January 1, 2020 using the modified retrospective method for all existing leases. Upon adoption, the Company recognized its lease assets and lease liabilities measured at the present value of all future fixed lease payments, discounted using the Company’s incremental borrowing rate. The Company elected the package of practical expedients as permitted under the transition guidance, which allows the Company: (1) to not reassess whether any existing contracts are leases or contain a lease; (2) to not reassess the lease classification of existing leases; and (3) to not reassess treatment of initial direct costs for existing leases. Additionally, the Company elected the practical expedients to combine lease and non-lease components for new leases post adoption and to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. Upon adoption of Topic 842, the Company recognized right‑of‑use assets of $45,850 and lease liabilities of $47,666 calculated based on the present value of the remaining minimum lease payments as of the adoption date.

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

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

Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead is tested annually for impairment, or more frequently if events occur or circumstances change that would more likely than not reduce its fair value below its carrying amount. The Company operates as a single reporting unit.

In testing for goodwill impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that a goodwill impairment exists. If it is determined that a quantitative assessment is required, the Company will recognize goodwill impairment as the difference between the carrying amount of the reporting unit and it’s fair value, but not to exceed the carrying amount of goodwill within the reporting unit. Based upon the Company’s most recent annual impairment assessment completed as of October 1, 2021, there were no indicators of impairment, and no impairment losses were recorded. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted for the years ended December 31, 2021, 2020, and 2019.

Long‑Lived Assets — The Company evaluates the recoverability of long‑lived assets, such as property and equipment, operating lease right‑of‑use assets, and amortizable intangible assets, in accordance with authoritative guidance on accounting for the impairment or disposal of long‑lived assets, which includes evaluating long‑lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require a long‑lived asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the long‑lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. No impairment of long‑lived assets occurred for the years ended December 31, 2021, 2020, and 2019.

Investments — The Company applies the cost method of accounting for its investment in which it does not have the ability to exercise significant influence over operating and financial policies. Under the cost method, the Company records the investment based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations. The Company applies the equity method of accounting for its investment in which it does have the ability to exercise significant influence over operating and financial policies. Under the equity method, the Company recognizes its initial investment at cost and updates the carrying value of its investment by its proportional share of income or losses from the investment. In addition, the Company decreases the carrying value by any dividends received from the investee. The Company does not otherwise adjust the carrying value to reflect changes to the fair market value of the investment. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No impairment of investments occurred for the years ended December 31, 2021, 2020, and 2019.

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

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying 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 year ended December 31, 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 used the simplified test in its annual fourth quarter testing. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 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 year ended December 31, 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 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, 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). In October 2021, the FASB issued ASU No. 2021‑08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021‑08”), which improves the comparability of accounting for acquired revenue contracts with customers in a business combination. The new guidance is meant to reduce diversity in practice and inconsistencies related to recognition of an acquired contract liability and revenue contract payment terms and their effect on subsequent revenue recognized by the acquirer. The Company early adopted the ASU effective January 1, 2021 using the modified retrospective method of adoption, which does not include retrospectively recasting prior periods presented in the consolidated financial statements. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

- Definition

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

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+ Details

Revenue from Contracts with Customer

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customer

Revenue from Contracts with Customers

Nature of Products and Services

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

Subscriptions

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

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 Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is 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 and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner licenses. Virtuoso subscriptions are bundles with customizable training and expert consultation administered through “keys” or credits. Quarterly term license (“QTL”) subscriptions allow accounts to pay quarterly in arrears for license usage that is beyond their prepaid subscriptions. Monthly term license (“MTL”) subscriptions are identical to QTL subscriptions, except for the term of the license, and the manner in which they are monetized. MTL subscriptions require a 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. For Virtuoso keys, revenue is recognized as services are delivered. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage.

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

Perpetual licenses

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

Services

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

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

Significant Judgments and Estimates

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

The Company’s SELECT agreement provides users with perpetual licenses a right to exchange software for other eligible perpetual licenses on an annual basis upon renewal. The Company refers to this option as portfolio balancing and has concluded that the portfolio balancing feature represents a material right resulting in the deferral of the associated revenue. Judgment is required to estimate the percentage of users who may elect to portfolio balance and considers inputs such as historical user elections. This feature is available once per term and must be exercised prior to the respective renewal term. The Company recognizes the associated revenue upon election or when the portfolio balancing right expires. This right is included in the initial and subsequent renewal terms and the Company reestablishes the revenue deferral for the material right upon the beginning of the renewal term. As of December 31, 2021 and 2020, the Company has deferred $18,020 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



	December 31,
	2021		2020
Contract assets	$	336	$	446
Deferred revenues	232,593		209,314

As of December 31, 2021 and 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 December 31, 2021 and 2020.

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

For the year ended December 31, 2021, $183,997 of revenues that were included in the December 31, 2020 deferred revenues balance were recognized. There were additional deferrals of $215,947, which were primarily related to new billings and acquisitions (see Note 4). For the year ended December 31, 2020, $203,682 of revenues that were included in the December 31, 2019 deferred revenues balance were recognized. There were additional deferrals of $193,999, which were primarily related to new billings.

Remaining Performance Obligations

The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of December 31, 2021, amounts allocated to these remaining performance obligations are $232,593, of which the Company expects to recognize 96.6% over the next 12 months with the remaining amount thereafter.

Disaggregation of Revenues

The following table details revenues:


	Year Ended December 31,
	2021		2020		2019
Subscriptions:
SELECT subscriptions	$	269,283	$	270,749	$	267,249
Enterprise subscriptions (1)	290,097		221,524		184,833
Term license subscriptions	253,427		187,000		156,218
Subscriptions	812,807		679,273		608,300
Perpetual licenses	53,080		57,382		59,693
Subscriptions and licenses	865,887		736,655		667,993
Services:
Recurring	21,343		17,389		22,797
Other	77,816		47,500		45,864
Services	99,159		64,889		68,661
Total revenues	$	965,046	$	801,544	$	736,654

(1)Enterprise subscriptions includes revenue attributable to E365 subscriptions of $223,293, $110,979, and $24,668 for the years ended December 31, 2021, 2020, and 2019, respectively.

The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the years ended December 31, 2021, 2020, and 2019, the Company recognized $412,375, $338,792, and $311,689 of license related revenues, respectively, of which $359,295, $281,410, and $251,996, respectively, were attributable to the term license component of the Company’s subscription based commercial offerings recorded in Subscriptions in the consolidated statements of operations.

The Company derived 8% of its total revenues through channel partners for the years ended December 31, 2021, 2020, and 2019.

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


	Year Ended December 31,
	2021		2020		2019
Revenues:
Americas (1)	$	483,087	$	395,746	$	356,331
Europe, the Middle East, and Africa (“EMEA”) (2)	300,123		254,036		236,602
Asia-Pacific (“APAC”)	181,836		151,762		143,721
Total revenues	$	965,046	$	801,544	$	736,654

(1)Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $393,865, $348,222, and $306,493 for the years ended December 31, 2021, 2020, and 2019, respectively.

(2)Revenue attributable to the United Kingdom (“U.K.”) totaled $85,656, $64,433, and $57,321 for the years ended December 31, 2021, 2020, and 2019, 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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-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&loc=SL49130554-203045

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

AcquisitionsFor the years ended December 31, 2021, 2020, and 2019, the Company completed a number of acquisitions, for an aggregate purchase price of $1,269,844, $102,094, and $41,075, 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 $883,336 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock. The operating results of the acquired businesses, except for Seequent, were not material, individually or in the aggregate, to the Company’s consolidated statements of operations and financial position.

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


	Acquisitions Completed in


	Year Ended December 31,
	2021		2020		2019
Number of acquisitions	13		6		4
Cash paid at closing (1)	$	1,072,820	$	98,298	$	36,577
Cash acquired	(37,837)		(5,266)		(2,523)
Net cash paid	$	1,034,983	$	93,032	$	34,054

(1)Of the cash paid at closing for the year ended December 31, 2021, $8,701 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	5,382	$	2,884
Other liabilities	1,231		1,415
Contingent consideration from acquisitions	$	6,613	$	4,299

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	4,751	$	685
Other liabilities	6,177		1,774
Non-contingent consideration from acquisitions	$	10,928	$	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.

As discussed in Note 2, the Company early adopted ASU 2021‑08 effective January 1, 2021. In connection with the purchase price allocations related to the Company’s acquisitions that closed prior to 2021, the Company estimated the fair values of the support obligations assumed relative to acquired deferred revenues. 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 years ended December 31, 2021, 2020, and 2019, the fair value adjustments to reduce revenue related to acquisitions that closed prior to 2021 were $32, $599, and $553, respectively.The Company finalized the purchase accounting for acquisitions completed through the year ended December 31, 2021.Acquisition costs are expensed as incurred and are recorded in General and administrative in the consolidated statements of operations. For the years ended December 31, 2021, 2020, and 2019, the Company incurred acquisition expenses of $20,471, $2,227, and $950, respectively, which include costs related to legal, accounting, valuation, insurance, general administrative, and other consulting fees. For the year ended December 31, 2021, $16,557 of the Company’s acquisition expenses 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
	Year Ended December 31,
	2021		2020		2019
Consideration:
Cash paid at closing	$	1,072,820	$	98,298	$	36,577
Shares issued at closing (1)(2)	182,390		—		—
Contingent consideration	4,544		2,380		4,498
Deferred, non-contingent consideration, net	10,090		1,416		—
Total consideration	$	1,269,844	$	102,094	$	41,075
Assets acquired and liabilities assumed:
Cash	$	37,837	$	5,266	$	2,523
Accounts receivable and other current assets	24,174		8,701		1,782
Operating lease right-of-use assets	12,095		2,529		—
Property and equipment	4,383		499		411
Other assets	874		36		84
Software and technology (weighted average useful life of 5, 3, and 3 years, respectively)	43,560		2,207		2,423
Customer relationships (weighted average useful life of 9, 6, and 7 years, respectively)	158,555		11,371		6,534
Trademarks (weighted average useful life of 10, 7 and 5 years, respectively)	38,256		3,953		1,431
Non-compete agreement (useful life of 5 years)	—		200		150
In-process research and development	3,700		—		—
Total identifiable assets acquired excluding goodwill	323,434		34,762		15,338
Accruals and other current liabilities	(27,649)		(4,991)		(3,538)
Deferred revenues	(26,245)		(5,351)		(2,897)
Operating lease liabilities	(11,988)		(2,529)		—
Deferred income taxes	(53,342)		(1,701)		(1,869)
Other liabilities	(716)		(86)		—
Total liabilities assumed	(119,940)		(14,658)		(8,304)
Net identifiable assets acquired excluding goodwill	203,494		20,104		7,034
Goodwill	1,066,350		81,990		34,041
Net assets acquired	$	1,269,844	$	102,094	$	41,075

(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 (see Note 15).

(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 related to the Company’s acquisitions that closed prior to 2021 were determined using the cost‑build‑up approach. The fair values of deferred revenues related to the Company’s acquisitions that closed during 2021 were determined in accordance with Topic 606 (see Note 3).

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 December 31, 2021, $18,534 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 years ended December 31, 2021 and 2020 would have been $1,017,975 and $877,584, respectively. Net income, net income per share, basic, and net income per share, diluted for the years ended December 31, 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.

Acquisition Subsequent to December 31, 2021

On January 31, 2022, the Company completed the acquisition of Power Line Systems, a leader in software for the design of overhead electric power transmission lines and their structures, for approximately $700,000 in cash, net of cash acquired, and subject to customary adjustments including for working capital. The Company used readily available cash and borrowings under its bank credit facility (see Note 10) to fund the transaction. The acquisition is not expected to be material to the Company’s consolidated statements of operations. The acquisition is expected to be material to the Company’s financial position and cash flows.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2021		2020
Land	$	2,811	$	2,811
Building and improvements	35,188		33,094
Computer equipment and software	47,651		44,369
Furniture, fixtures, and equipment	14,274		12,849
Aircraft	4,075		4,075
Other	61		58
Property and equipment, at cost	104,060		97,256
Less: Accumulated depreciation	(72,237)		(68,842)
Total property and equipment, net	$	31,823	$	28,414

Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $11,217, $10,166, and $9,813, respectively.

Related Party Equipment Sale Subsequent to December 31, 2021

In January 2022, the audit committee of the Company’s board of directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029. Ongoing operating and fixed costs of the aircraft will be shared on a proportional use basis subject to a cost-sharing agreement. Pursuant to FASB ASC Topic 850, Related Party Disclosures, the Company determined this transaction was to a related party.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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, 2019	$	480,065
Acquisitions	81,990
Foreign currency translation adjustments	19,195
Other adjustments	(76)
Balance, December 31, 2020	581,174
Acquisitions	1,066,350
Foreign currency translation adjustments	(58,408)
Other adjustments	(639)
Balance, December 31, 2021	$	1,588,477

Details of intangible assets other than goodwill are as follows:


		December 31, 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	$	101,588	$	(63,225)	$	38,363	$	67,691	$	(63,046)	$	4,645
Customer relationships	3-10 years	245,325		(83,799)		161,526		97,008		(66,030)		30,978
Trademarks	3-10 years	63,080		(20,893)		42,187		26,610		(16,888)		9,722
Non-compete agreements	5 years	350		(139)		211		350		(68)		282
		410,343		(168,056)		242,287		191,659		(146,032)		45,627
Intangible assets not subject to amortization:
In-process research and development		3,547		—		3,547		—		—		—
Total intangible assets		$	413,890	$	(168,056)	$	245,834	$	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:


	Year Ended December 31,
	2021		2020		2019
Cost of subscriptions and licenses	$	8,125	$	4,981	$	3,795
Amortization of purchased intangibles	25,601		15,352		14,213
Total amortization expense	$	33,726	$	20,333	$	18,008

Amortization expense for the years following December 31, 2021 are estimated as follows:


2022	$	43,782
2023	37,752
2024	31,568
2025	28,787
2026	22,693
Thereafter	77,705
	$	242,287

Investments

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:



	December 31,
	2021		2020
Cost method investments	$	6,438	$	3,440
Equity method investment	—		2,251
Total investments	$	6,438	$	5,691

Through iTwin Ventures, the Company invests in technology development companies, generally in the form of equity interests or convertible notes. The Company recorded these investments under the cost method. For the years ended December 31, 2021 and 2020, the Company invested $2,781 and $3,440 in cost method investments, respectively.

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 Seequent. The investee offers a broad range of data and software related services with a focus on the mining and exploration industry. During the third quarter of 2021, the Company acquired the remaining interest in this investment and accounted for it as a business combination (see Note 4).

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 years ended December 31, 2021 and 2020, the Company invested $1,300 and $3,000 in DCW, respectively. Pursuant to FASB ASC Topic 850, Related Party Disclosures, the Company has determined that DCW is a related party. For the years ended December 31, 2021 and 2020, transactions between the Company and DCW were not material to the Company’s consolidated financial statements.

Leases

12 Months Ended

Dec. 31, 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 December 31, 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 statements of operations on a straight‑line basis over the lease term.

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


	Year Ended December 31,
	2021		2020
Operating lease cost (1)	$	19,425	$	18,194
Variable lease cost	4,151		3,881
Short-term lease cost	21		399
Total operating lease cost	$	23,597	$	22,474

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $18,636 and $17,417 for the years ended December 31, 2021 and 2020, respectively.

For the year ended December 31, 2019, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the previous accounting guidance was $17,036.

Other information related to leases was as follows:




	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,636	$	18,384
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	12,842	$	15,522

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,095 and $2,529 for the years ended December 31, 2021 and 2020, respectively.

The weighted average remaining lease term for operating leases was 4.1 years and 3.7 years as of December 31, 2021 and 2020, respectively. The weighted average discount rate was 2.5% and 2.1% as of December 31, 2021 and 2020.

Maturities of operating lease liabilities are as follows:


	December 31, 2021
2022	$	18,411
2023	13,212
2024	8,645
2025	6,398
2026	3,972
Thereafter	5,262
Total future lease payments	55,900
Less: Imputed interest	(3,144)
Total operating lease liabilities	$	52,756

As of December 31, 2021, the Company had additional operating lease minimum lease payments of $1,383 for executed leases that have not yet commenced, primarily for office locations.

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



	December 31,
	2021		2020
Property and equipment	$	484	$	572
Accumulated depreciation	(453)		(229)
Property and equipment, net	$	31	$	343

Accruals and other current liabilities	$	98	$	197
Other liabilities	—		99
Total financing lease liabilities	$	98	$	296

Leases

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


	Year Ended December 31,
	2021		2020
Operating lease cost (1)	$	19,425	$	18,194
Variable lease cost	4,151		3,881
Short-term lease cost	21		399
Total operating lease cost	$	23,597	$	22,474

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $18,636 and $17,417 for the years ended December 31, 2021 and 2020, respectively.

For the year ended December 31, 2019, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the previous accounting guidance was $17,036.

Other information related to leases was as follows:




	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,636	$	18,384
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	12,842	$	15,522

Maturities of operating lease liabilities are as follows:


	December 31, 2021
2022	$	18,411
2023	13,212
2024	8,645
2025	6,398
2026	3,972
Thereafter	5,262
Total future lease payments	55,900
Less: Imputed interest	(3,144)
Total operating lease liabilities	$	52,756

As of December 31, 2021, the Company had additional operating lease minimum lease payments of $1,383 for executed leases that have not yet commenced, primarily for office locations.

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



	December 31,
	2021		2020
Property and equipment	$	484	$	572
Accumulated depreciation	(453)		(229)
Property and equipment, net	$	31	$	343

Accruals and other current liabilities	$	98	$	197
Other liabilities	—		99
Total financing lease liabilities	$	98	$	296

Accruals and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:



	December 31,
	2021		2020
CSS deposits	$	162,046	$	110,291
Accrued compensation	37,725		22,131
Accrued benefits	36,656		36,613
Due to customers	12,798		9,869
Accrued acquisition stay bonus	9,461		5,599
Accrued indirect taxes	7,520		6,361
Deferred compensation plan liabilities	7,309		169
Accrued professional fees	6,940		4,210
Accrued cloud provisioning costs	5,862		7,988
Contingent consideration from acquisitions	5,382		2,884
Employee stock purchase plan contributions	4,818		—
Non-contingent consideration from acquisitions	4,751		685
Accrued facility costs	2,194		2,095
Accrued severance and realignment costs	664		7,209
Other accrued and current liabilities	19,477		10,689
Total accruals and other current liabilities	$	323,603	$	226,793

Long‑Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long‑Term Debt

Long‑term debt consists of the following:



	December 31,
	2021		2020
Bank credit facility:
Revolving loan facility	$	—	$	246,000
Term loan:
Principal	200,000		—
Unamortized debt issuance costs	(534)		—
Term loan net carrying value	199,466		—
Bank credit facility net carrying value	199,466		246,000
2026 Notes:
Principal	690,000		—
Unamortized debt issuance costs	(14,677)		—
2026 Notes net carrying value	675,323		—
2027 Notes:
Principal	575,000		—
Unamortized debt issuance costs	(13,797)		—
2027 Notes net carrying value	561,203		—
Total net carrying value	1,435,992		246,000
Less: Current portion of long-term debt	(5,000)		—
Total long-term debt	$	1,430,992	$	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.

On December 22, 2021, the Company entered into the Fourth Amendment to the Credit Facility, which provided for a new $200,000 senior secured term loan with a maturity of November 15, 2025 (the “2021 Term Loan”) and included certain other amendments. The 2021 Term Loan requires principal repayment at the end of each calendar quarter. Beginning with March 31, 2022 and ending with December 31, 2023, the Company is required to repay $1,250 per quarter. Beginning with March 31, 2024 and ending with the last such date prior to the maturity date, the Company is required to repay $2,500 per quarter. The Company incurred $540 of debt issuance costs related to the 2021 Term Loan. As of December 31, 2021, $45 of the transaction costs were recorded in Accruals and other current liabilities in the consolidated balance sheet. The Company used borrowings under the 2021 Term Loan to pay down borrowings under the swingline sub‑facility and revolving facility under the Credit Facility.

Under the 2021 Term Loan, 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 100 basis points (“bps”) to 200 bps as determined by the Company’s net leverage ratio. Under the non-Euro currency elections, the 2021 Term Loan bears 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 0 bps to 100 bps as determined by the Company’s net leverage ratio.On September 2, 2020, the Company entered into the First Amendment to the Credit Facility, which provided a new term loan of $125,000 (the “2020 Term Loan”) with a maturity of December 18, 2022 and included certain other amendments, including the addition of a mandatory prepayment provision requiring the Company to prepay borrowings under the Credit Facility in an aggregate amount equal to the net proceeds from any underwritten public offering by the Company, which prepayment shall be applied, first, to the 2020 Term Loan and, second, to any borrowings outstanding under the revolving facility under the Credit Facility without reducing the revolving commitments thereof. The Company used borrowings under the 2020 Term Loan and under the revolving facility under the Credit Facility to pay the Special Dividend declared by the Company’s board of directors on August 28, 2020 (see Note 1). The Company incurred $432 of debt issuance costs related to the 2020 Term Loan. In November 2020, the Company used a portion of the net proceeds from the Follow‑On Offering to repay the 2020 Term Loan (see Note 13).

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 U.S. Dollar swingline sub‑facility and a $200,000 incremental “accordion” sub‑facility. The Company had $150 of letters of credit and surety bonds outstanding as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, the Company had $849,850 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 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 net leverage ratio. In addition, a commitment fee for the unused Credit Facility ranges from 20 bps to 30 bps as determined by the Company’s net leverage ratio.

Borrowings under the Credit Facility are guaranteed by all of the Company’s 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 net leverage ratios. As of December 31, 2021 and 2020, the Company was in compliance with all covenants in its Credit Facility.

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 over the term of the 2026 Notes. The effective interest rate for the 2026 Notes is 0.658%.

As of December 31, 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 December 31, 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. 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 previously discussed, 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 over the term of the 2027 Notes. The effective interest rate for the 2027 Notes is 0.864%.

As of December 31, 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 December 31, 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. 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:


	Year Ended December 31,
	2021		2020		2019
Bank credit facility (1):
Revolving loan facility	$	3,448	$	5,680	$	8,971
Term loans	117		502		—
Interest rate swap	1,270		696		—
Amortization and write-off of deferred debt issuance costs	1,309		985		553
	6,144		7,863		9,524
2026 Notes:
0.125% Coupon interest	803		—		—
Amortization of deferred debt issuance costs	3,378		—		—
	4,181		—		—
2027 Notes:
0.375% Coupon interest	1,096		—		—
Amortization of deferred debt issuance costs	1,268		—		—
	2,364		—		—
Other obligations	108		50		207
Total interest expense	$	12,797	$	7,913	$	9,731

(1)The weighted average interest rate was 2.03%, 1.92%, and 3.47% for the years ended December 31, 2021, 2020, and 2019, 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 interest rate swap has an effective date of April 2, 2020 and a termination date of April 2, 2030. Under the terms of the interest rate 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 interest rate swap as either an asset or a liability in the consolidated balance sheets and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net in the consolidated statements of operations. As of December 31, 2021 and 2020, the Company recorded a swap related asset at fair value of $10,117 and $347, respectively, in Other assets in the consolidated balance sheets.

Scheduled maturities of long‑term debt are as follows:


	December 31, 2021
2022	$	5,000
2023	5,000
2024	10,000
2025	180,000
2026	690,000
Thereafter	575,000
Total scheduled maturities of long-term debt	$	1,465,000

Executive Bonus Plan	12 Months Ended
Executive Bonus Plan	Dec. 31, 2021
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus Plan Certain of the Company’s key employees, including its named executive officers, participate in the 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 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 statements of operations (see Note 15). Such election must be made prior to the start of the applicable calendar quarter for which the incentive bonus is to be paid, and the number of shares of Class B Common Stock payable in respect of such elected amount is calculated using a volume-weighted average price of the Company’s Class B Common Stock for the period commencing on the tenth trading day prior to the end of the applicable calendar quarter and ending on the tenth trading day following the end of the applicable calendar quarter. Notwithstanding participants’ elections to receive shares of fully vested Class B Common Stock in respect of their non‑deferred incentive bonus payments, if, in any calendar quarter, the aggregate U.S. Dollar value of shares of fully vested Class B Common Stock payable in respect of the non‑deferred incentive bonuses exceeds $7,500, the portion of each participant’s non‑deferred incentive bonus payable in shares of fully vested Class B Common Stock will be reduced pro rata such that the $7,500 limit is not exceeded, and, for each affected participant, the amount of such reduction will be payable in cash. For the years ended December 31, 2021, 2020, and 2019, 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 $33,454, $34,340, and $31,061, respectively.

Retirement Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

Deferred Compensation Plan

Under the Company’s unfunded DCP, certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15).

Amounts in the DCP attributable to certain non‑colleague participants are settled in cash and are classified as liabilities in either Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets. The deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations.

Deferred compensation plan expense was $95,046, $177, and $408 for the years ended December 31, 2021, 2020, and 2019, respectively.

For the years ended December 31, 2021, 2020, and 2019, DCP elective participant deferrals were $2,619, $3,530, and $3,586, respectively. No discretionary contributions were made to the DCP during the years ended December 31, 2021, 2020, and 2019. Pursuant to the terms of the DCP, in connection with the Special Dividend (see Note 1) declared on August 28, 2020, participants received 2,709,851 phantom shares in lieu of the Special Dividend. As of December 31, 2021 and 2020, phantom shares of the Company’s Class B Common Stock issuable by the DCP were 25,384,449 and 30,590,955, respectively.

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	7,309	$	169
Deferred compensation plan liabilities	94,890		2,422
Total DCP liabilities	$	102,199	$	2,591

Other Plans

The Company maintains a qualified 401(k) profit‑sharing plan (the “401(k) Plan”) for the benefit of substantially all U.S.‑based full‑time colleagues. The Company may make discretionary profit‑sharing contributions to the 401(k) Plan. The Company matches 50%, up to a maximum of 5% of “qualified cash compensation” for each eligible participating colleague. The Company’s matching contributions to the 401(k) Plan were $4,114, $3,583, and $3,311, for the years ended December 31, 2021, 2020, and 2019, respectively. Effective January 1, 2022, the Company will match 50%, up to a maximum of 6% of “qualified cash compensation” for each eligible participating colleague.

The Company also maintains various retirement benefit plans (primarily defined contribution plans) for colleagues of its international subsidiaries. The Company’s contributions to these plans were $10,729, $7,347, and $8,070, for the years ended December 31, 2021, 2020, and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Preferred and Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Preferred and Common Stock

Initial Public Offering

On September 25, 2020, the Company completed its 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 the year ended December 31, 2020, the Company recorded $26,130 in Expenses associated with initial public offering in the consolidated statement of operations. These expenses included certain non‑recurring costs relating to the Company’s IPO, consisting of the payment of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.

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

Follow-On Public Offering

On November 17, 2020, the Company completed its Follow‑On Offering of 11,500,000 shares of Class B Common Stock at a public offering price of $32.00 per share. 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. Expenses associated with the Follow‑On Offering included certain non‑recurring costs, consisting of the payment of underwriting discounts and commissions applicable to the sale of shares by the Company, professional fees, and other expenses. The Company agreed to pay certain expenses in connection with the Follow‑On Offering on behalf of the selling stockholders and made an accounting policy election to offset these expenses against the Follow‑On Offering proceeds. The Follow‑On Offering net proceeds were used to repay outstanding borrowings under the 2020 Term Loan and revolving facility of the Company’s Credit Facility (see Note 10).

Preferred Stock Authorized and Selected Terms

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

Common Stock Authorized and Selected Terms

Upon the closing of the IPO, the Company’s amended and restated Certificate of Incorporation authorizes the Company to issue up to 100,000,000 shares of Class A Common Stock and up to 1,800,000,000 shares of Class B Common Stock. Prior to the IPO, the Company amended and restated its Certificate of Incorporation on April 20, 2018 to authorize 320,000,000 shares of Class A Common Stock and 600,000,000 shares of Class B Common Stock.

Upon the closing of the IPO, the rights of the holders of Class A Common Stock and Class B Common Stock are identical, except with respect to voting and conversion rights. Each share of Class B Common Stock is entitled to one vote per share, while each share of Class A Common Stock is entitled to 29 votes per share and is convertible at any time into one share of Class B Common Stock. Class A Common Stock will automatically convert into Class B Common Stock upon certain transfers, and its votes per share will be reduced to 11 in the event none of the Bentleys (Barry J. Bentley, Gregory S. Bentley, Keith A. Bentley, Raymond B. Bentley, and Richard P. Bentley, collectively) serves as a Company director or executive officer. Class A Common Stock also will automatically convert into shares of Class B Common Stock upon the affirmative vote of at least 90% of the then outstanding shares of Class A Common Stock or such time that the Bentley family (the Bentleys, certain other family members and trusts and other entities controlled by or primarily for the benefit of the Bentleys and their families, collectively) directly or indirectly, own less than 20% of the issued and outstanding Class B Common Stock on a fully-diluted basis (assuming the conversion of all issued and outstanding Class A Common Stock). Pursuant to the terms of the Company’s amended and restated Certificate of Incorporation in effect prior to the IPO, each share of Class B Common Stock had the same rights and privileges as each share of Class A Common Stock, except that the holders of outstanding shares of Class B Common Stock did not have any right to vote on, or consent with respect to, any matters to be voted on or consented to by the stockholders of the Company except as was required by law, and the shares of Class B Common Stock were not included in determining the number of shares voting or entitled to vote on any such matters.

Common Stock Issuances, Sales, and Repurchases

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

The Company has a Class B Common Stock Purchase Agreement with a strategic investor (the “Common Stock Purchase Agreement”), pursuant to which the investor could acquire in a series of transactions up to $250,000 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 Company had the right to retain a portion of the shares that would otherwise be sold to the investor. As of December 31, 2020, the investor reached the maximum purchase amount of $250,000.

The Common Stock Purchase Agreement grants to the strategic investor certain informational and protective rights, including, for so long as the Company remains party to a long-term strategic collaboration agreement with the investor the right to participate in any sale process the Company may undertake. The Common Stock Purchase Agreement expires in 2030.

During the year ended December 31, 2020, the investor purchased 4,574,399 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.

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

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

For the year ended December 31, 2020, the Company issued 4,060,839 shares of Class B Common Stock to colleagues who exercised their stock options, net of 1,425,352 shares withheld at exercise to pay for the cost of the stock options, as well as for $4,755 of applicable income tax withholdings. The Company received $9,128 in proceeds from the exercise of stock options. For the year ended December 31, 2020, the Company paid $1,454 for 128,007 shares sold back to the Company upon exercise of the Put and Call provisions under its applicable equity incentive plans (see Note 15).

For the year ended December 31, 2019, the Company issued 3,214,542 shares of Class B Common Stock to colleagues who exercised their stock options, net of 1,516,616 shares withheld at exercise to pay for the cost of the stock options, as well as for $2,324 of applicable income tax withholdings. The Company received $3,627 in proceeds from the exercise of stock options. For the year ended December 31, 2019, the Company paid $8,838 for 1,126,747 shares sold back to the Company upon exercise of the Put and Call provisions under its applicable equity incentive plans (see Note 15).

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 year ended December 31, 2021, the Company issued 238,755 shares of Class B Common Stock in connection with Bonus Plan incentive compensation, net of shares withheld. Of the total 407,473 shares awarded, 168,718 shares were sold back to the Company to pay for applicable income tax withholdings of $8,739.

For the years ended December 31, 2021, 2020, and 2019, the Company issued 2,378,645, 3,081,607, and 2,322,983 shares of Class B Common Stock to DCP participants in connection with distributions from the plan. The distribution in shares for the year ended December 31, 2021 totaled 3,820,099 shares of which 1,441,454 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $69,007. The distribution in shares for the year ended December 31, 2020 totaled 3,352,931 shares of which 271,324 shares were sold back to the Company to pay for the cost of applicable income tax withholding of $4,625. The distribution in shares for the year ended December 31, 2019 totaled 3,082,607 shares of which 759,624 shares were sold back to the Company to pay for the cost of applicable income tax withholding of $5,609.

For the year ended December 31, 2021, the Company did not repurchase shares from its profit‑sharing plan. The Company repurchased 549,834 and 318,203 shares from its profit‑sharing plan for $6,970 and $2,417 for the years ended December 31, 2020 and 2019, respectively.

Dividends

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


	Dividend
	Per Share		Amount
2021:
Fourth quarter	$	0.030	$	8,461
Third quarter	0.030		8,485
Second quarter	0.030		8,372
First quarter	0.030		8,219
Total	$	0.120	$	33,537
2020:
Fourth quarter	$	0.030	$	8,270
Third quarter (1)	1.530		400,311
Second quarter	0.030		7,771
First quarter	0.030		7,666
Total	$	1.620	$	424,018
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter	0.025		6,380
Second quarter	0.025		6,375
First quarter	0.025		6,268
Total	$	0.100	$	25,390

(1)As discussed in Note 1, on August 28, 2020, the Company’s board of directors declared a Special Dividend of $1.50 per share of the Company’s common stock ($392,489 in the aggregate).

Global Employee Stock Purchase Plan

Effective September 22, 2020, the Company’s board of directors 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). During the year ended December 31, 2021, colleagues who elected to participate in the ESPP purchased a total of 104,716 shares of Class B Common Stock, net of shares withheld, resulting in cash proceeds to the Company of $3,846. Of the total 111,486 shares purchased, 6,770 shares were sold back to the Company to pay for applicable income tax withholdings of $438. During the year ended December 31, 2020, no shares were issued under the ESPP. As of December 31, 2021, $4,818 of ESPP withholding via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheet. As of December 31, 2020, there was no ESPP withholding via colleague payroll deduction.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income (loss), before taxes	5,959		(675)		5,284
Tax benefit	—		203		203
Other comprehensive income (loss), net of taxes	5,959		(472)		5,487
Balance, December 31, 2019	(22,908)		(1,019)		(23,927)
Other comprehensive (loss) income, before taxes	(2,311)		6		(2,305)
Tax expense	—		(1)		(1)
Other comprehensive (loss) income, net of taxes	(2,311)		5		(2,306)
Balance, December 31, 2020	(25,219)		(1,014)		(26,233)
Other comprehensive (loss) income, before taxes	(65,648)		151		(65,497)
Tax expense	—		(44)		(44)
Other comprehensive (loss) income, net of taxes	(65,648)		107		(65,541)
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)

Equity Awards and Instruments

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Awards and Instruments

Effective September 22, 2020, the Company adopted and approved the 2020 Incentive Award Plan. The 2020 Incentive Award Plan provides for the granting of stock, stock options, restricted stock, RSUs, and other stock‑based or performance‑based awards to certain directors, officers, colleagues, consultants, and advisors of the Company. The 2020 Incentive Award Plan provides that the total number of shares of Class B Common Stock that may be issued under the 2020 Incentive Award Plan is 25,000,000 (the “Absolute Share Limit”). Effective December 31, 2021, the board of directors amended the 2020 Incentive Award Plan to eliminate a provision that automatically increased the Absolute Share Limit on the first day of each fiscal year in an amount equal to the lower of 1% of the total number of shares of Class B Common Stock outstanding on the last day of the immediately preceding fiscal year and a lower number of shares of Class B Common Stock as determined by the Company’s board of directors. For fiscal year 2021, the board of directors determined that the increase to the Absolute Share Limit would be set at zero. The 2020 Incentive Award Plan terminates in September 2030. Equity awards that are expired, canceled, forfeited, or terminated for any reason will be available for future grant under the 2020 Incentive Award Plan. As of December 31, 2021, equity awards available for future grants under the 2020 Incentive Award Plan were 24,073,298.

The Company also has equity awards outstanding under its 2015 Equity Incentive Plan, which provided for the granting of awards in the form of stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, and stock grants. The 2015 Equity Incentive Plan had 50,000,000 shares of Class B Common Stock reserved for issuance and terminates in November 2024. Following the completion of the IPO, no further awards may be granted under the 2015 Equity Incentive Plan.

Equity Awards

Stock Options

Stock options generally vest ratably on each of the first four anniversaries of the grant date. Prior to the IPO, stock options granted under the 2015 Equity Incentive Plan included Put and Call provisions that allowed colleagues who have exercised an option to sell all or part of their shares acquired upon such exercise to the Company at the fair market value at the time of the sale. The exercise period for the Put right began on the second day after the six‑month anniversary of the date the option was exercised and ended after an additional 30 days. The Call right provision allowed the Company to purchase all or a part of the shares acquired by a colleague upon exercise of an option, at the fair market value at the time of such purchase. The Company could exercise the Call right at any time within seven months of the later of i) the optionee’s termination of service with the Company, or ii) the optionee’s (or his or her beneficiary’s) exercise of such option after a termination of service. These Put and Call rights terminated upon the completion of the IPO.

In accordance with the terms of the 2015 Equity Incentive Plan, in connection with the payment of the Special Dividend of $1.50 per share of the Company’s common stock on September 2, 2020, the Company equitably reduced the exercise price of each outstanding stock option granted under the 2015 Equity Incentive Plan by $1.50, but not lower than $0.01 (see Note 1).

Stock Grants

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

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 annualized 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.

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

Stock-Based Compensation Expense

Total stock‑based compensation expense was as follows:


	Year Ended December 31,
	2021		2020		2019
Bonus Plan expense (see Note 11)	$	23,121	$	6,524	$	—
Restricted stock and RSUs expense (1)	19,917		4,248		1,749
Stock option expense	3,271		6,858		6,342
ESPP expense (see Note 13)	2,118		—		—
Stock grants expense	445		319		—
DCP elective participant deferrals expense (2) (see Note 12)	173		—		—
IPO vested restricted stock and RSU expense	—		15,102		—
Total stock-based compensation expense (3)	$	49,045	$	33,051	$	8,091

(1)Includes acquisition‑related shares (see Note 4).

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

(3)As of December 31, 2021 and 2020, $6,749 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:


	Year Ended December 31,
	2021		2020		2019
Cost of subscriptions and licenses	$	1,442	$	960	$	115
Cost of services	1,257		2,939		522
Research and development	19,740		12,105		3,107
Selling and marketing	5,980		6,692		2,210
General and administrative	20,626		10,355		2,137
Total stock-based compensation expense	$	49,045	$	33,051	$	8,091

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 fair value of each stock option award was estimated on the date of grant using the Black‑Scholes option pricing model. The determination of the fair value of share‑based payment awards using an option pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of complex and subjective variables, which are estimated as follows:

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

Expected dividend yield. The expected dividend yield is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the Company’s common stock price (as described above) on the grant date.

Risk‑free interest rate. The risk‑free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the stock options at the time of grant.

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

The following weighted average assumptions were used in the Black‑Scholes option pricing model to estimate the fair values of stock options granted during the years ended December 31, 2020 and 2019. The Company did not grant stock options during the year ended December 31, 2021.


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

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	(5,653,551)	4.36
Forfeited	(270,750)	5.56
Outstanding, December 31, 2021	6,917,925	$	5.26	1.57	$	297,933
Exercisable, December 31, 2021	3,837,800	$	5.00	1.26	$	166,305

For the years ended December 31, 2021, 2020, and 2019, the Company received cash proceeds of $5,605, $9,128, and $3,612, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the years ended December 31, 2021, 2020, and 2019 was $270,614, $72,275, and $22,914, respectively.

As of December 31, 2021, there was $2,668 of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 0.9 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 was incorporated into the Company’s Call rights. The exercise price of the options is subject to a cap and collar adjustment mechanism that automatically reduces (but not to less than $0.01) or increases the exercise price based on the difference between the exercise price and the fair market value of the Company’s Class B Common Stock on the exercise date. The fair value of the awards was estimated on the date of grant using the Black‑Scholes option pricing model. The grant date fair value of each option was $3.44. Any shares of Class B Common Stock acquired upon exercise of the options were generally entitled to the Put and Call rights summarized above under “Stock Options,” and the options contain customary adjustment provisions in case of stock splits, stock dividends, or other corporate transactions. Upon the completion of the IPO, the Put and Call provisions, as well as the incorporated service condition, of the Company’s acquisition options terminated automatically and as such, the Company accelerated $1,548 of previously unrecognized stock‑based compensation associated with these options for the year ended December 31, 2020. The Company recorded a total of $2,012 of stock‑based compensation expense associated with these options for the year ended December 31, 2020. As of December 31, 2021, all options to acquire 900,000 shares remain outstanding. As of December 31, 2021, these options are non‑exercisable and have an aggregate intrinsic value of $7,992.

Restricted Stock and RSUs

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	894,595	(1)	794,787	99,808	(4)	52.80		49.93
Vested	(399,893)		(364,963)	(34,930)	(3)	21.95		17.53
Forfeited	(209,872)		(81,155)	(128,717)		22.00		17.18
Unvested, December 31, 2021	1,708,545	(2)	1,611,862	96,683	(5)	$	32.81	$	49.93

(1)For the year ended December 31, 2021, the Company granted RSUs only.

(2)Includes 48,927 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.

(5)Relates to the 2021 annual performance period. Total stock‑based compensation expense associated with these awards was fully recognized as of December 31, 2021.

In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of certain business growth targets. Certain colleagues elected to defer delivery of such shares upon vesting. During the years ended December 31, 2021 and 2020, 10,864 and 9,831 shares, respectively, were delivered to colleagues, and 45 and 3,030 additional shares, respectively, were earned as a result of dividends. As of December 31, 2021 and 2020, 20,221 and 31,040 shares, respectively, of these vested and deferred RSUs remained outstanding.

The weighted average grant date fair values of restricted stock and RSUs granted were $52.48, $16.03, and $7.24, for the years ended December 31, 2021, 2020, and 2019, respectively.

For the years ended December 31, 2021, 2020, and 2019, restricted stock and RSUs were issued net of 125,825, 339,833, and 54,418 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $7,293, $7,951, and $399, respectively.

As of December 31, 2021, there was $46,271 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years. There was no remaining unrecognized compensation expense related to unvested performance‑based restricted stock and RSUs.

Stock Grants

The fair value of stock grants is determined by the product of the number of fully vested Class B Common Stock granted and the Company’s common stock price (as described above) on the grant date. The total expense related to stock grants is recognized on the grant date as the issued award is fully vested.

For the years ended December 31, 2021 and 2020, the Company granted 7,824 and 21,956 fully vested shares of Class B Common Stock, respectively, with a fair value of $450 and $319, respectively. The Company did not grant fully vested shares of Class B Common Stock during 2019.

ESPP

In accordance with the guidance in FASB ASC Topic 718-50, Compensation—Stock Compensation - Employee Share Purchase Plans, the ability to purchase shares of the Company’s Class B Common Stock for 85% of the lower of the price of the first day of the offering period or the last day of the offering period (i.e., the purchase date) 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 the sum of its components, which includes the discount, a six‑month call option, and a six‑month put option. The call and put options were valued using the Black‑Scholes option pricing model. Stock‑based compensation expense is recognized ratably over the respective offering period.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
Domestic	$	(14,544)	$	61,470	$	61,691
International	107,873		106,150		66,418
Income before income taxes	$	93,329	$	167,620	$	128,109

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


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	770	$	(11,094)	$	(7,696)
State	163		(3,597)		(2,486)
Foreign	(17,230)		(7,688)		(12,824)
	(16,297)		(22,379)		(23,006)
Deferred:
Federal	15,182		(5,194)		(2,389)
State	3,660		(1,272)		(412)
Foreign	903		(9,780)		2,069
	19,745		(16,246)		(732)
Benefit (provision) for income taxes	$	3,448	$	(38,625)	$	(23,738)

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


	Year Ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(2.7)		2.9		2.0
Stock-based compensation	(52.5)		(5.2)		(2.3)
Non-deductible officer compensation	36.6		4.6		—
Tax credits	(6.1)		(2.1)		(3.6)
Transaction costs	3.9		—		—
Foreign tax rate differential	(1.1)		(2.0)		(2.8)
Permanent book/tax differences	(1.0)		(0.6)		0.2
Income tax reserves	0.1		(0.5)		0.9
Expenses associated with IPO	—		3.3		—
Net tax on foreign earnings (GILTI/FDII/FTC)	—		0.5		6.1
Other	(1.9)		1.1		(3.0)
Effective income tax rate	(3.7)	%	23.0	%	18.5	%

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


	December 31,
	2021		2020
Deferred tax assets:
Accrued compensation	$	39,125	$	31,580
Net operating loss (“NOL”) and credit carryforwards	28,698		7,573
Intangible assets	19,942		283
Capped call options and 163(j) interest disallowance	15,682		—
Lease liabilities	10,540		10,466
Other accruals not currently deductible	2,006		346
Allowance for doubtful accounts	918		382
Other comprehensive income	354		431
Other	1,497		138
Total deferred tax assets	118,762		51,199
Less: Valuation allowance	(1,899)		(1,207)
Net deferred tax assets	116,863		49,992
Deferred tax liabilities:
Intangible assets including goodwill	(90,258)		—
Operating lease right-of-use assets	(10,196)		(10,070)
Deferred revenues	(3,421)		(7,257)
Prepaid expenses	(2,739)		(2,301)
Unrealized gains and losses	(2,387)		—
Property and equipment	(1,500)		(1,989)
Total deferred tax liabilities	(110,501)		(21,617)
Net deferred tax assets (liabilities)	$	6,362	$	28,375

As of December 31, 2021, the U.S. federal NOL carryforwards with a future benefit of $8,518 can be carried forward indefinitely and the remaining U.S. federal NOL of $19 expires in 2037. The U.S. federal credit carryforward of $2,974 expires in 2041. The foreign tax credit carryforward of $224 expires in 2031. The Company’s state NOL carryforwards and state credit carryforwards with a future benefit of $1,934 expire in 2026 through 2041. The remaining state NOL carryforward of $208 have indefinite expirations. In addition, the Company has foreign NOL carryforwards with a future benefit of $12,788 (net of a $67 valuation allowance), which predominately have indefinite expirations. The Canadian credit carryforward of $2,033 expires in 2030 through 2040.

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

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

As of December 31, 2021 and 2020, the Company has recorded a valuation allowance against its net deferred tax assets of $1,899 and $1,207, respectively. The valuation allowance is principally related to the losses from a joint venture for which the Company has determined that realization is not more likely than not.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “JOBS Act”) was enacted. The JOBS Act requires certain Global Intangible Low‑Taxed Income (“GILTI”) earned by a controlled foreign corporation (“CFC”) to be included in the gross income of the CFC’s U.S. shareholder. The Company has elected the “period cost method” and treats taxes due on future U.S. inclusions in taxable income related to GILTI as a current‑period expense when incurred. The JOBS Act allows a U.S. corporation a deduction equal to a certain percentage of its foreign‑derived intangible income (“FDII”). The Company estimated the impact of the GILTI tax and FDII deduction in determining its 2019 annual effective tax rate that is reflected in its provision for income taxes for the year ended December 31, 2019.

As of December 31, 2021, the Company has accumulated undistributed earnings generated by its foreign subsidiaries of approximately $440,838, of which $272,242 was subject to the one‑time transition tax on foreign earnings required by the JOBS Act and the tax on GILTI. Subsequent to December 31, 2021, the Company repatriated $100,000 and intends to repatriate an additional $50,000 of undistributed previously taxed earnings generated by its foreign subsidiaries as of December 31, 2021, to the U.S. The repatriation will be used to fund a portion of the acquisition of Power Line Systems (see Note 4). The Company expects future U.S. cash generation will be sufficient to meet future U.S. cash needs. The Company intends to indefinitely reinvest the remaining undistributed earnings, as well as future earnings from its foreign subsidiaries, in order to fund its international operations and acquisitions. The Company has not provided for any additional outside basis difference inherent in its foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practicable.

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

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


	Year Ended December 31,
	2021		2020		2019
Unrecognized tax benefit, beginning of year	$	1,223	$	1,763	$	638
Tax positions related to prior years:
Additions	160		1,436		1,222
Reductions	(42)		(1,723)		(86)
Lapse of statute of limitations	(10)		(253)		(11)
Unrecognized tax benefit, end of year	$	1,331	$	1,223	$	1,763

The amount of unrecognized tax benefits as of December 31, 2021, 2020, and 2019 was $1,331, $1,223, and $1,763, respectively, of which $1,273, $1,175, and $1,733, respectively, would impact the Company’s effective tax rate if recognized. Interest expense and penalties related to income taxes resulted in an increase (decrease) of income tax expense of $101, $(20), and $101 for the year ended December 31, 2021, 2020, and 2019, respectively. Interest expense and penalties are included in Benefit (provision) for income taxes in the consolidated statements of operations. Accrued interest and penalties as of December 31, 2021 and 2020 totaled $373 and $272, respectively. The Company records the amount of uncertain taxes expected to be paid in the next 12 months as a current liability and records the remaining amount in Other liabilities in the consolidated balance sheets.

The Company is subject to income tax in the U.S., as well as numerous state and foreign jurisdictions. The Company’s U.S. consolidated federal income tax returns for years 2018 through 2021 remain subject to examination by the Internal Revenue Service. The Company is currently under audit in the U.K. for 2018. The Company’s 2018 through 2021 tax years remain subject to examination by the Irish Revenue Commissioners for Irish tax purposes. In addition, the Company is under audit in various other foreign taxing jurisdictions that are not material to the consolidated financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Derivatives Not Designated As Hedging Instrument

The following is a summary of the interest rate swap activity:


	Year Ended December 31,				Recognized in Consolidated
	2021		2020		Statements of Operations
Interest rate swap:
Gain from change in fair value	$	9,770	$	347	Other income (expense), net
Payments	1,270		696		Interest expense, net

Fair Value

The Company applies the provisions of FASB 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 following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments as of December 31, 2021 and 2020:

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

Acquisition contingent consideration — The fair value of these liabilities 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.

Interest rate swap — The fair value of the Company’s interest rate swap is measured based on the implied forward rates from the U.S. Dollar one‑month LIBOR yield curve and are classified as Level 2 within the fair value hierarchy.

Long-term debt — The fair value of the Company’s borrowings under its Credit Facility approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. The estimated fair value of the 2026 Notes and 2027 Notes was $720,284 and $531,915, respectively, as of December 31, 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.

Deferred compensation plan liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period.

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

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

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

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

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


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	21	$	—	$	—	$	21
Interest rate swap (2)	—		10,117		—		10,117
Total assets	$	21	$	10,117	$	—	$	10,138
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	6,613	$	6,613
Deferred compensation plan liabilities (4)	102,199		—		—		102,199
Cash-settled equity awards (5)	353		—		—		353
Total liabilities	$	102,552	$	—	$	6,613	$	109,165


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 liabilities (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 $5,382 and $2,884 as of December 31, 2021 and 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 Deferred compensation plan liabilities, except for current liabilities of $7,309 and $169 as of December 31, 2021 and 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:




	Year Ended December 31,
	2021		2020
Balance, beginning of year	$	4,299	$	6,599
Payments	(2,371)		(3,425)
Addition	4,544		2,380
Change in fair value	294		(1,340)
Foreign currency translation adjustments	(153)		85
Balance, end of period	$	6,613	$	4,299

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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 December 31, 2021, the non‑cancelable future cash purchase commitment for services related to the cloud provisioning of the Company’s software solutions was $50,329 through May 2023. The Company expects to fully consume its contractual commitment in the ordinary course of operations. Operating Leases — The Company leases certain office facilities, office equipment, and automobiles 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

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Geographic Data

Revenues by geographic area are presented 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):



	December 31,
	2021		2020
Long-lived assets:
Americas (1)	$	99,500	$	50,306
EMEA	44,730		56,322
APAC	184,245		13,541
Total long-lived assets	$	328,475	$	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
-SubTopic 10
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+ Details

Interest Expense, Net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Interest Expense, Net

Interest expense, net is comprised of the following:


	Year Ended December 31,
	2021		2020		2019
Interest expense (see Note 10)	$	(12,797)	$	(7,913)	$	(9,731)
Interest income	306		437		1,532
Interest expense, net	$	(12,491)	$	(7,476)	$	(8,199)

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Year Ended December 31,
	2021		2020		2019
Foreign exchange gain (loss) (1)	$	827	$	22,919	$	(5,591)
Other income, net (2)	10,404		2,027		34
Total other income (expense), net	$	11,231	$	24,946	$	(5,557)

(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 (losses) gains of $(779), $22,310, and $(5,270) for the years ended December 31, 2021, 2020, and 2019, respectively.

(2)For the year ended December 31, 2021, other income, net includes a gain from the change in fair value of the Company’s interest rate swap of $9,770 (see Note 17). For the year ended December 31, 2020, other income, net includes a gain from the change in fair value of the Company’s interest rate swap of $347 (see Note 17) and a gain from the change in fair value of acquisition contingent consideration of $1,340.

Realignment Costs

12 Months Ended

Dec. 31, 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, 2019	$	491
Realignment costs	10,022
Payments	(4,542)
Adjustments (1)	269
Balance, December 31, 2020	6,240
Payments	(5,814)
Adjustments (1)	(291)
Balance, December 31, 2021	$	135

(1)Adjustments includes foreign currency translation.

Realignment costs by expense classification were as follows:


	Year Ended
	December 31,
	2020
Cost of revenues:
Cost of subscriptions and licenses	$	42
Cost of services	1,422
Total cost of revenues	1,464
Operating expenses:
Research and development	848
Selling and marketing	5,945
General and administrative	1,765
Total operating expenses	8,558
Total realignment costs	$	10,022

Net Income Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per ShareThe Company issues certain performance-based RSUs determined to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of December 31, 2021, 2020, and 2019, there were 96,683, 149,754, and 321,126 participating securities outstanding, respectively.

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

For the Company’s diluted net income per share numerator, interest expense, net of tax, attributable to the conversion of the convertible senior notes is added back to basic net income attributable to common stockholders. For the Company’s diluted net income per share denominator, the basic weighted average number of shares is adjusted 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 net income per share attributable to common stockholders is computed by dividing diluted net income attributable to common stockholders by the weighted average number of fully diluted common shares.

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

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


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	93,192	$	126,521	$	103,096
Less: Net income attributable to participating securities	(9)		(234)		(8)
Net income attributable to Class A and Class B common stockholders, basic	93,183		126,287		103,088
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	—		—		—
Net income attributable to Class A and Class B common stockholders, diluted	$	93,183	$	126,287	$	103,088

Denominator:
Weighted average shares, basic	305,711,345		289,863,272		284,625,642
Dilutive effect of stock options, restricted stock, and RSUs	8,791,084		9,507,857		9,171,065
Dilutive effect of ESPP	108,385		—		—
Dilutive effect of assumed conversion of convertible senior notes	—		—		—
Weighted average shares, diluted	314,610,814		299,371,129		293,796,707

Net income per share, basic	$	0.30	$	0.44	$	0.36
Net income per share, diluted	$	0.30	$	0.42	$	0.35

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


	Year Ended December 31,
	2021	2020	2019
Stock options, restricted stock, and RSUs	150,017	—	—

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

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation — The consolidated financial statements and accompanying notes have been prepared in United States (“U.S.”) Dollars and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Consolidation	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company is party to a joint venture, which is accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates — The preparation of consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. 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 pandemic has created and may continue to create significant uncertainty in the macroeconomic environment which, in addition to other unforeseen effects of this pandemic, may adversely impact our results of operations. As the COVID-19 pandemic continues to develop, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods. Examples of significant estimates and assumptions made by management include revenue recognition, the fair value of acquired assets and liabilities, the fair value of stock consideration in conjunction with business combinations, the fair value of deferred compensation plan liabilities, the fair value of derivative financial instruments, the fair value of common stock (prior to the Company’s initial public offering (“IPO”)), operating lease assets and liabilities, useful lives for depreciation and amortization, impairment of goodwill and intangible assets, valuation allowances for tax assets, and accruals for uncertain tax positions.
Segment	Segment — Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) to allocate resources and assess performance. The Company defines its CODM to be its chief executive officer. The chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating the Company’s financial performance. Accordingly, the Company has determined it operates and manages its business in a single reportable operating segment, the development and marketing of computer software and related services. The Company markets its products and services through the Company’s offices in the U.S. and its wholly‑owned branches and subsidiaries internationally.
Business Combinations	Business Combinations — The Company allocates the purchase price for each acquisition to the net tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the respective acquisition date. Goodwill is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date, as well as contingent and non‑contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that the Company is within the measurement period (up to one year from the acquisition date) and that the Company continues to collect information to determine estimated fair value. Subsequent to the measurement period or the Company’s final determination of estimated fair value, whichever comes first, adjustments are recorded in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition — Effective January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014‑09, Revenue from Contracts with Customers, and related amendments (“Topic 606”) using the modified retrospective method. The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generates revenues from subscriptions, perpetual licenses, and services (see Note 3). With the adoption of Topic 606, the Company also adopted Accounting Standards Codification (“ASC”) Topic 340‑40, Other Assets and Deferred Costs‑Contracts with Customers (“Topic 340‑40”). Under Topic 340‑40, the Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The contract costs are amortized based on the economic life of the goods and services to which the contract costs relate. The Company has determined that costs under certain sales incentive programs meet the requirements to be capitalized. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company’s internal sales force compensation program and certain channel partner sales incentive programs for which the annual compensation is commensurate with annual sales activities. Cost of Revenues — Cost of subscriptions and licenses includes salaries and other related costs, including the depreciation of property and equipment and the amortization of capitalized software costs associated with servicing software subscriptions, the amortization of intangible assets associated with acquired software and technology, channel partner compensation for providing sales coverage to subscribers, as well as cloud‑related costs incurred for servicing the Company’s customers using cloud deployed hosted solutions and those using the Company’s SELECT subscription offering. Cost of services includes salaries for internal and third‑party personnel and related overhead costs, including depreciation of property and equipment and amortization of capitalized software costs, for providing training, implementation, configuration, and customization services to customers. Nature of Products and Services The Company generates revenues from subscriptions, perpetual licenses, and services. Subscriptions SELECT subscriptions — The Company provides prepaid annual recurring subscriptions that accounts (which are based on distinct contractual and billing relationships with the Company, where affiliated entities of a single parent company may each have an independent account with the Company) can elect to add to a new or previously purchased perpetual license. SELECT provides accounts with benefits, including upgrades, comprehensive technical support, pooled licensing benefits, annual portfolio balancing exchange rights, learning benefits, certain Azure‑based cloud collaboration services, mobility advantages, and access to other available benefits. SELECT subscriptions revenues are recognized as distinct performance obligations are satisfied. The performance obligations within the SELECT offering, outside of the portfolio balancing exchange right, are concurrently delivered and have the same pattern of recognition. These performance obligations are accounted for ratably over the term as a single performance obligation. 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 Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is 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 and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner licenses. Virtuoso subscriptions are bundles with customizable training and expert consultation administered through “keys” or credits. Quarterly term license (“QTL”) subscriptions allow accounts to pay quarterly in arrears for license usage that is beyond their prepaid subscriptions. Monthly term license (“MTL”) subscriptions are identical to QTL subscriptions, except for the term of the license, and the manner in which they are monetized. MTL subscriptions require a 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. For Virtuoso keys, revenue is recognized as services are delivered. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets. For usage‑based QTL and MTL subscriptions, revenues are recognized based upon usage incurred by the account. Usage is defined as peak usage over the respective terms. The terms of QTL and MTL subscriptions align with calendar quarters and calendar months, respectively, and revenue is recognized based on actual usage. Visas 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 estimation of annual usage for CSS eligible offerings and a deposit of funds in advance. Actual consumption is monitored and invoiced against the deposit on a calendar quarter basis. CSS balances not utilized for eligible products or services may roll over to future periods or are refundable. Paid and unconsumed CSS balances are recorded in Accruals and other current liabilities in the consolidated balance sheets. Software and services consumed under CSS are recognized pursuant to the applicable revenue recognition guidance for the respective software or service and classified as subscriptions or services based on their respective nature. Perpetual licenses Perpetual licenses may be sold with or without attaching a SELECT subscription. Historically, attachment and retention of the SELECT subscription has been high given the benefits of the SELECT subscription discussed above. Perpetual licenses revenues are recognized upon delivery of the license to the user. Services The Company provides professional services, including training, implementation, configuration, customization, and strategic consulting services. The Company performs projects on both a time and materials and a fixed fee basis. Certain of the Company’s fixed‑fee arrangements, including its Success Services offerings, are structured as subscription‑like, packaged offerings that are annually recurring in nature. Success Services are standard service offerings that provide a level of dedicated professional services above the standard technical support offered to all accounts as part of their SELECT or Enterprise agreement. Revenues are recognized as services are performed. The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote and sell 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.
Software Development Costs	Software Development Costs — The Company’s software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external accounts, before technological feasibility is reached, are included in Research and development in the consolidated statements of operations. Research and development expenses, which are generally expensed as incurred, primarily consist of personnel and related costs of the Company’s research and development staff, including colleagues’ salaries, incentives, and benefits, and costs of certain third‑party contractors, as well as allocated overhead costs. In general, technological feasibility is reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented.Under its Accelerated Commercial Development Program (“ACDP”) (the Company’s structured approach to an in‑house business incubator function), the Company capitalizes certain development costs related to certain projects once technological feasibility is established. Technological feasibility is established when a detailed program design has been completed and documented, the Company has established that the necessary skills, hardware, and software technology are available to produce the product, and there are no unresolved high‑risk development issues. Once the software is ready for its intended use, amortization is recorded over the software’s estimated useful life (generally three years).
Stock-Based Compensation	Stock‑Based Compensation — The Company records all stock‑based compensation as an expense in the consolidated statements of operations measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. The fair value of stock option awards is determined using the Black‑Scholes option pricing model. For all other equity‑based arrangements, the stock‑based compensation expense is based on the share price at the grant date (see Note 15).
Deferred Compensation	Deferred Compensation — Under the amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”), certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15).
Advertising Expense	Advertising Expense — The Company expenses advertising costs as incurred.
Derivative Arrangements	Derivative Arrangements — The Company records derivative instruments as an asset or liability measured at fair value and depending on the nature of the hedge, the corresponding changes in the fair value of these instruments are recorded in the consolidated statements of operations or comprehensive income. If the derivative is determined to be a hedge, changes in the fair value of the derivative are offset against the change in the fair value of the hedged assets or liabilities through the consolidated statements of operations or recognized in Other comprehensive income (loss), net of taxes until the hedged item is recognized in the consolidated statements of operations. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Also, changes in the entire fair value of a derivative that is not designated as a hedge are recognized in earnings. On March 31, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Company’s Credit Facility (see Note 10). The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the interest rate swap as either an asset or a liability on the consolidated balance sheets and carries the derivative at fair value. Gains and losses from the change in fair value are recognized in Other income (expense), net and payments related to the interest rate swap are recognized in Interest expense, net in the consolidated statements of operations. The bank counterparty to the derivative potentially exposes the Company to credit-related losses in the event of nonperformance. To mitigate that risk, the Company only contracts with counterparties who meet the Company’s minimum requirements under its counterparty risk assessment process. The Company monitors counterparty risk on at least a quarterly basis and adjusts its exposure as necessary. The Company does not enter into derivative instrument transactions for trading or speculative purposes.
Foreign Currency Translation	Foreign Currency Translation — Gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are included in Other income (expense), net in the consolidated statements of operations. The assets and liabilities of foreign subsidiaries are translated from their respective functional currencies into U.S. Dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period. Foreign currency translation adjustments are recorded as a component of Other comprehensive income (loss), net of taxes in the consolidated statements of comprehensive income.
Income Taxes	Income Taxes — The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of net operating loss carryforwards, credit carryforwards, and temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases, using enacted tax rates in effect for the year in which the items are expected to reverse. The Company accounts for uncertain tax positions based on an evaluation as to whether it is more likely than not that a tax position will be sustained on audit, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the appropriate tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is based on the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. Interest expense and penalties are included in Provision for income taxes in the consolidated statements of operations.
Net Income Per Share	Net Income Per Share — Net income per share of Class A and Class B Common Stock amounts are computed using the two‑class method required for participating securities, using the treasury stock method for awards under the Company’s equity compensation plans and global employee stock purchase plan, and using the if‑converted method for the convertible senior notes in accordance with FASB 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”). In addition, the weighted average number of shares of the Company’s Class A and Class B Common Stock is inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B Common Stock.
Fair Value Measurements	Fair Value Measurements — The Company categorizes its assets and liabilities measured at fair value into a three‑level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. As of December 31, 2021 and 2020, all of the Company’s cash and cash equivalents consisted of money market funds and cash held in checking accounts maintained at various financial institutions. Cash equivalents are recorded at cost, which approximates fair value.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable represent receivables from customers for products and services invoiced by the Company for which payment is outstanding. Receivables are recorded at the invoiced amount and do not bear interest. The Company establishes an allowance for doubtful accounts for expected losses during the accounts receivable collection process. The allowance for doubtful accounts is presented separately in the consolidated balance sheets and reduces the accounts receivable balance to the net realizable value of the outstanding accounts and installment receivables. The development of the allowance for doubtful accounts is based on an expected loss model which considers historical write‑off and recovery experience, aging trends affecting specific accounts, and general operational factors affecting all accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company considers current economic trends and takes into account reasonable and supportable forecasts of future conditions when evaluating the adequacy of the allowance for doubtful accounts. If circumstances relating to specific customers change or unanticipated changes occur in the general business environment, the Company’s estimate of the recoverability of receivables could be further adjusted.
Concentration of Credit Risk	Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and cash equivalents and receivables. To reduce credit risk, the Company performs ongoing credit evaluations of its customers and limits the amount of credit extended when deemed necessary. Generally, the Company requires no collateral from its customers. The Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area.The Company’s cash and cash equivalents are deposited with financial institutions and invested in money market funds that the Company believes are of high credit quality.
Property and Equipment	Property and Equipment — Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight‑line method over the estimated useful lives of the assets, which range from three to 25 years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. Land is not depreciated. Depreciation for equipment commences once it is placed in service and depreciation for buildings and leasehold improvements commences once they are ready for their intended use.Cost of maintenance and repairs is charged to expense as incurred. Upon retirement or other disposition, the cost of the asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations.
Leases	Leases — The Company adopted FASB ASU No. 2016‑02 regarding FASB ASC Topic 842, Leases (“Topic 842”), as of January 1, 2020 using the modified retrospective method for all existing leases. Upon adoption, the Company recognized its lease assets and lease liabilities measured at the present value of all future fixed lease payments, discounted using the Company’s incremental borrowing rate. The Company elected the package of practical expedients as permitted under the transition guidance, which allows the Company: (1) to not reassess whether any existing contracts are leases or contain a lease; (2) to not reassess the lease classification of existing leases; and (3) to not reassess treatment of initial direct costs for existing leases. Additionally, the Company elected the practical expedients to combine lease and non-lease components for new leases post adoption and to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. Upon adoption of Topic 842, the Company recognized right‑of‑use assets of $45,850 and lease liabilities of $47,666 calculated based on the present value of the remaining minimum lease payments as of the adoption date.The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right‑of‑use assets, Operating lease liabilities, and Long‑term operating lease liabilities in the consolidated balance sheets. Operating lease right‑of‑use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right‑of‑use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, if the Company’s leases do not provide an implicit rate, based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is determined based on the Company’s estimated credit rating, the term of the lease, economic environment where the asset resides, and full collateralization. The operating lease right‑of‑use assets also include any lease payments made and are reduced by any lease incentives. Options to extend or terminate the lease are considered in determining the lease term when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight‑line basis over the lease term. The Company’s operating leases are primarily for office facilities, office equipment, and automobiles. The Company’s finance lease is included in Property and equipment, net, Accruals and other current liabilities, and Other liabilities in the consolidated balance sheets.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets — Intangible assets arise from acquisitions and principally consist of goodwill, trademarks, customer relationships, in‑process research and development, and acquired software and technology. Intangible assets, other than goodwill and in‑process research and development, are amortized on a straight‑line basis over their estimated useful lives, which range from three to ten years. Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead is tested annually for impairment, or more frequently if events occur or circumstances change that would more likely than not reduce its fair value below its carrying amount. The Company operates as a single reporting unit. In testing for goodwill impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that a goodwill impairment exists. If it is determined that a quantitative assessment is required, the Company will recognize goodwill impairment as the difference between the carrying amount of the reporting unit and it’s fair value, but not to exceed the carrying amount of goodwill within the reporting unit. Based upon the Company’s most recent annual impairment assessment completed as of October 1, 2021, there were no indicators of impairment, and no impairment losses were recorded. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted for the years ended December 31, 2021, 2020, and 2019.
Long-Lived Assets	Long‑Lived Assets — The Company evaluates the recoverability of long‑lived assets, such as property and equipment, operating lease right‑of‑use assets, and amortizable intangible assets, in accordance with authoritative guidance on accounting for the impairment or disposal of long‑lived assets, which includes evaluating long‑lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require a long‑lived asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the long‑lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value.
Investments	Investments — The Company applies the cost method of accounting for its investment in which it does not have the ability to exercise significant influence over operating and financial policies. Under the cost method, the Company records the investment based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations. The Company applies the equity method of accounting for its investment in which it does have the ability to exercise significant influence over operating and financial policies. Under the equity method, the Company recognizes its initial investment at cost and updates the carrying value of its investment by its proportional share of income or losses from the investment. In addition, the Company decreases the carrying value by any dividends received from the investee. The Company does not otherwise adjust the carrying value to reflect changes to the fair market value of the investment. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No impairment of investments occurred for the years ended December 31, 2021, 2020, and 2019.
Guarantees	Guarantees — The Company’s software license agreements typically provide for indemnification of customers for intellectual property infringement claims. The Company also warrants to customers, when requested, that its software products operate substantially in accordance with standard specifications for a limited period of time. The Company has not incurred significant obligations under customer indemnification or warranty provisions historically and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification or warranty‑related obligations.
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying 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 year ended December 31, 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 used the simplified test in its annual fourth quarter testing. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 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 year ended December 31, 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 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, 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). In October 2021, the FASB issued ASU No. 2021‑08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021‑08”), which improves the comparability of accounting for acquired revenue contracts with customers in a business combination. The new guidance is meant to reduce diversity in practice and inconsistencies related to recognition of an acquired contract liability and revenue contract payment terms and their effect on subsequent revenue recognized by the acquirer. The Company early adopted the ASU effective January 1, 2021 using the modified retrospective method of adoption, which does not include retrospectively recasting prior periods presented in the consolidated financial statements. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Rollforward of Accounts Receivable Allowance for Doubtful Accounts

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


	Year Ended December 31,
	2021		2020
Balance, beginning of year	$	5,759	$	7,274
Bad debt allowance (recovery)	1,203		(1,000)
Write-offs	(700)		(812)
Foreign currency translation adjustments	279		297
Balance, end of year	$	6,541	$	5,759

Schedule of Property and Equipment, Net Useful Lives

Estimated useful lives of property and equipment are as follows:


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

Property and equipment, net consist of the following:


	December 31,
	2021		2020
Land	$	2,811	$	2,811
Building and improvements	35,188		33,094
Computer equipment and software	47,651		44,369
Furniture, fixtures, and equipment	14,274		12,849
Aircraft	4,075		4,075
Other	61		58
Property and equipment, at cost	104,060		97,256
Less: Accumulated depreciation	(72,237)		(68,842)
Total property and equipment, net	$	31,823	$	28,414

Revenue from Contracts with Customer (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract Assets and Contract Liabilities



	December 31,
	2021		2020
Contract assets	$	336	$	446
Deferred revenues	232,593		209,314

Disaggregation of Revenue by Type and Location

The following table details revenues:


	Year Ended December 31,
	2021		2020		2019
Subscriptions:
SELECT subscriptions	$	269,283	$	270,749	$	267,249
Enterprise subscriptions (1)	290,097		221,524		184,833
Term license subscriptions	253,427		187,000		156,218
Subscriptions	812,807		679,273		608,300
Perpetual licenses	53,080		57,382		59,693
Subscriptions and licenses	865,887		736,655		667,993
Services:
Recurring	21,343		17,389		22,797
Other	77,816		47,500		45,864
Services	99,159		64,889		68,661
Total revenues	$	965,046	$	801,544	$	736,654

(1)Enterprise subscriptions includes revenue attributable to E365 subscriptions of $223,293, $110,979, and $24,668 for the years ended December 31, 2021, 2020, and 2019, respectively.

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


	Year Ended December 31,
	2021		2020		2019
Revenues:
Americas (1)	$	483,087	$	395,746	$	356,331
Europe, the Middle East, and Africa (“EMEA”) (2)	300,123		254,036		236,602
Asia-Pacific (“APAC”)	181,836		151,762		143,721
Total revenues	$	965,046	$	801,544	$	736,654

(2)Revenue attributable to the United Kingdom (“U.K.”) totaled $85,656, $64,433, and $57,321 for the years ended December 31, 2021, 2020, and 2019, respectively.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions Aggregate Details

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


	Acquisitions Completed in


	Year Ended December 31,
	2021		2020		2019
Number of acquisitions	13		6		4
Cash paid at closing (1)	$	1,072,820	$	98,298	$	36,577
Cash acquired	(37,837)		(5,266)		(2,523)
Net cash paid	$	1,034,983	$	93,032	$	34,054

(1)Of the cash paid at closing for the year ended December 31, 2021, $8,701 was deposited into an escrow account to secure any potential indemnification and other obligations of the seller.

Schedule of Business Acquisitions Contingent Consideration

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	5,382	$	2,884
Other liabilities	1,231		1,415
Contingent consideration from acquisitions	$	6,613	$	4,299

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	4,751	$	685
Other liabilities	6,177		1,774
Non-contingent consideration from acquisitions	$	10,928	$	2,459

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Acquisitions Completed in
	Year Ended December 31,
	2021		2020		2019
Consideration:
Cash paid at closing	$	1,072,820	$	98,298	$	36,577
Shares issued at closing (1)(2)	182,390		—		—
Contingent consideration	4,544		2,380		4,498
Deferred, non-contingent consideration, net	10,090		1,416		—
Total consideration	$	1,269,844	$	102,094	$	41,075
Assets acquired and liabilities assumed:
Cash	$	37,837	$	5,266	$	2,523
Accounts receivable and other current assets	24,174		8,701		1,782
Operating lease right-of-use assets	12,095		2,529		—
Property and equipment	4,383		499		411
Other assets	874		36		84
Software and technology (weighted average useful life of 5, 3, and 3 years, respectively)	43,560		2,207		2,423
Customer relationships (weighted average useful life of 9, 6, and 7 years, respectively)	158,555		11,371		6,534
Trademarks (weighted average useful life of 10, 7 and 5 years, respectively)	38,256		3,953		1,431
Non-compete agreement (useful life of 5 years)	—		200		150
In-process research and development	3,700		—		—
Total identifiable assets acquired excluding goodwill	323,434		34,762		15,338
Accruals and other current liabilities	(27,649)		(4,991)		(3,538)
Deferred revenues	(26,245)		(5,351)		(2,897)
Operating lease liabilities	(11,988)		(2,529)		—
Deferred income taxes	(53,342)		(1,701)		(1,869)
Other liabilities	(716)		(86)		—
Total liabilities assumed	(119,940)		(14,658)		(8,304)
Net identifiable assets acquired excluding goodwill	203,494		20,104		7,034
Goodwill	1,066,350		81,990		34,041
Net assets acquired	$	1,269,844	$	102,094	$	41,075

(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)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Estimated useful lives of property and equipment are as follows:


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

Property and equipment, net consist of the following:


	December 31,
	2021		2020
Land	$	2,811	$	2,811
Building and improvements	35,188		33,094
Computer equipment and software	47,651		44,369
Furniture, fixtures, and equipment	14,274		12,849
Aircraft	4,075		4,075
Other	61		58
Property and equipment, at cost	104,060		97,256
Less: Accumulated depreciation	(72,237)		(68,842)
Total property and equipment, net	$	31,823	$	28,414

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2019	$	480,065
Acquisitions	81,990
Foreign currency translation adjustments	19,195
Other adjustments	(76)
Balance, December 31, 2020	581,174
Acquisitions	1,066,350
Foreign currency translation adjustments	(58,408)
Other adjustments	(639)
Balance, December 31, 2021	$	1,588,477

Schedule of Finite-Lived Intangible Assets

Details of intangible assets other than goodwill are as follows:


		December 31, 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	$	101,588	$	(63,225)	$	38,363	$	67,691	$	(63,046)	$	4,645
Customer relationships	3-10 years	245,325		(83,799)		161,526		97,008		(66,030)		30,978
Trademarks	3-10 years	63,080		(20,893)		42,187		26,610		(16,888)		9,722
Non-compete agreements	5 years	350		(139)		211		350		(68)		282
		410,343		(168,056)		242,287		191,659		(146,032)		45,627
Intangible assets not subject to amortization:
In-process research and development		3,547		—		3,547		—		—		—
Total intangible assets		$	413,890	$	(168,056)	$	245,834	$	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:


	Year Ended December 31,
	2021		2020		2019
Cost of subscriptions and licenses	$	8,125	$	4,981	$	3,795
Amortization of purchased intangibles	25,601		15,352		14,213
Total amortization expense	$	33,726	$	20,333	$	18,008

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the years following December 31, 2021 are estimated as follows:


2022	$	43,782
2023	37,752
2024	31,568
2025	28,787
2026	22,693
Thereafter	77,705
	$	242,287

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:



	December 31,
	2021		2020
Cost method investments	$	6,438	$	3,440
Equity method investment	—		2,251
Total investments	$	6,438	$	5,691

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information Related to Leases

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


	Year Ended December 31,
	2021		2020
Operating lease cost (1)	$	19,425	$	18,194
Variable lease cost	4,151		3,881
Short-term lease cost	21		399
Total operating lease cost	$	23,597	$	22,474

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $18,636 and $17,417 for the years ended December 31, 2021 and 2020, respectively.

For the year ended December 31, 2019, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the previous accounting guidance was $17,036.

Other information related to leases was as follows:




	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,636	$	18,384
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	12,842	$	15,522

Operating Lease Maturity

Maturities of operating lease liabilities are as follows:


	December 31, 2021
2022	$	18,411
2023	13,212
2024	8,645
2025	6,398
2026	3,972
Thereafter	5,262
Total future lease payments	55,900
Less: Imputed interest	(3,144)
Total operating lease liabilities	$	52,756

Supplemental Balance Sheet Information

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



	December 31,
	2021		2020
Property and equipment	$	484	$	572
Accumulated depreciation	(453)		(229)
Property and equipment, net	$	31	$	343

Accruals and other current liabilities	$	98	$	197
Other liabilities	—		99
Total financing lease liabilities	$	98	$	296

Accruals and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:



	December 31,
	2021		2020
CSS deposits	$	162,046	$	110,291
Accrued compensation	37,725		22,131
Accrued benefits	36,656		36,613
Due to customers	12,798		9,869
Accrued acquisition stay bonus	9,461		5,599
Accrued indirect taxes	7,520		6,361
Deferred compensation plan liabilities	7,309		169
Accrued professional fees	6,940		4,210
Accrued cloud provisioning costs	5,862		7,988
Contingent consideration from acquisitions	5,382		2,884
Employee stock purchase plan contributions	4,818		—
Non-contingent consideration from acquisitions	4,751		685
Accrued facility costs	2,194		2,095
Accrued severance and realignment costs	664		7,209
Other accrued and current liabilities	19,477		10,689
Total accruals and other current liabilities	$	323,603	$	226,793

Long‑Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt consists of the following:



	December 31,
	2021		2020
Bank credit facility:
Revolving loan facility	$	—	$	246,000
Term loan:
Principal	200,000		—
Unamortized debt issuance costs	(534)		—
Term loan net carrying value	199,466		—
Bank credit facility net carrying value	199,466		246,000
2026 Notes:
Principal	690,000		—
Unamortized debt issuance costs	(14,677)		—
2026 Notes net carrying value	675,323		—
2027 Notes:
Principal	575,000		—
Unamortized debt issuance costs	(13,797)		—
2027 Notes net carrying value	561,203		—
Total net carrying value	1,435,992		246,000
Less: Current portion of long-term debt	(5,000)		—
Total long-term debt	$	1,430,992	$	246,000

Schedule of Interest Expense

Interest expense consists of the following:


	Year Ended December 31,
	2021		2020		2019
Bank credit facility (1):
Revolving loan facility	$	3,448	$	5,680	$	8,971
Term loans	117		502		—
Interest rate swap	1,270		696		—
Amortization and write-off of deferred debt issuance costs	1,309		985		553
	6,144		7,863		9,524
2026 Notes:
0.125% Coupon interest	803		—		—
Amortization of deferred debt issuance costs	3,378		—		—
	4,181		—		—
2027 Notes:
0.375% Coupon interest	1,096		—		—
Amortization of deferred debt issuance costs	1,268		—		—
	2,364		—		—
Other obligations	108		50		207
Total interest expense	$	12,797	$	7,913	$	9,731

(1)The weighted average interest rate was 2.03%, 1.92%, and 3.47% for the years ended December 31, 2021, 2020, and 2019, respectively.

Interest expense, net is comprised of the following:


	Year Ended December 31,
	2021		2020		2019
Interest expense (see Note 10)	$	(12,797)	$	(7,913)	$	(9,731)
Interest income	306		437		1,532
Interest expense, net	$	(12,491)	$	(7,476)	$	(8,199)

Schedule of Maturities of Long-term Debt

Scheduled maturities of long‑term debt are as follows:


	December 31, 2021
2022	$	5,000
2023	5,000
2024	10,000
2025	180,000
2026	690,000
Thereafter	575,000
Total scheduled maturities of long-term debt	$	1,465,000

- Definition

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

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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Plan Liabilities

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



	December 31,
	2021		2020
Accruals and other current liabilities	$	7,309	$	169
Deferred compensation plan liabilities	94,890		2,422
Total DCP liabilities	$	102,199	$	2,591

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Dividends Declared

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


	Dividend
	Per Share		Amount
2021:
Fourth quarter	$	0.030	$	8,461
Third quarter	0.030		8,485
Second quarter	0.030		8,372
First quarter	0.030		8,219
Total	$	0.120	$	33,537
2020:
Fourth quarter	$	0.030	$	8,270
Third quarter (1)	1.530		400,311
Second quarter	0.030		7,771
First quarter	0.030		7,666
Total	$	1.620	$	424,018
2019:
Fourth quarter	$	0.025	$	6,367
Third quarter	0.025		6,380
Second quarter	0.025		6,375
First quarter	0.025		6,268
Total	$	0.100	$	25,390

(1)As discussed in Note 1, on August 28, 2020, the Company’s board of directors declared a Special Dividend of $1.50 per share of the Company’s common stock ($392,489 in the aggregate).

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Foreign		Actuarial (Loss)
	Currency		Gain on
	Translation		Retirement Plan		Total
Balance, December 31, 2018	$	(28,867)	$	(547)	$	(29,414)
Other comprehensive income (loss), before taxes	5,959		(675)		5,284
Tax benefit	—		203		203
Other comprehensive income (loss), net of taxes	5,959		(472)		5,487
Balance, December 31, 2019	(22,908)		(1,019)		(23,927)
Other comprehensive (loss) income, before taxes	(2,311)		6		(2,305)
Tax expense	—		(1)		(1)
Other comprehensive (loss) income, net of taxes	(2,311)		5		(2,306)
Balance, December 31, 2020	(25,219)		(1,014)		(26,233)
Other comprehensive (loss) income, before taxes	(65,648)		151		(65,497)
Tax expense	—		(44)		(44)
Other comprehensive (loss) income, net of taxes	(65,648)		107		(65,541)
Balance, December 31, 2021	$	(90,867)	$	(907)	$	(91,774)

Equity Awards and Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense was as follows:


	Year Ended December 31,
	2021		2020		2019
Bonus Plan expense (see Note 11)	$	23,121	$	6,524	$	—
Restricted stock and RSUs expense (1)	19,917		4,248		1,749
Stock option expense	3,271		6,858		6,342
ESPP expense (see Note 13)	2,118		—		—
Stock grants expense	445		319		—
DCP elective participant deferrals expense (2) (see Note 12)	173		—		—
IPO vested restricted stock and RSU expense	—		15,102		—
Total stock-based compensation expense (3)	$	49,045	$	33,051	$	8,091

(1)Includes acquisition‑related shares (see Note 4).

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

(3)As of December 31, 2021 and 2020, $6,749 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:


	Year Ended December 31,
	2021		2020		2019
Cost of subscriptions and licenses	$	1,442	$	960	$	115
Cost of services	1,257		2,939		522
Research and development	19,740		12,105		3,107
Selling and marketing	5,980		6,692		2,210
General and administrative	20,626		10,355		2,137
Total stock-based compensation expense	$	49,045	$	33,051	$	8,091

Schedule of Valuation Assumptions


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

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	(5,653,551)	4.36
Forfeited	(270,750)	5.56
Outstanding, December 31, 2021	6,917,925	$	5.26	1.57	$	297,933
Exercisable, December 31, 2021	3,837,800	$	5.00	1.26	$	166,305

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	894,595	(1)	794,787	99,808	(4)	52.80		49.93
Vested	(399,893)		(364,963)	(34,930)	(3)	21.95		17.53
Forfeited	(209,872)		(81,155)	(128,717)		22.00		17.18
Unvested, December 31, 2021	1,708,545	(2)	1,611,862	96,683	(5)	$	32.81	$	49.93

(1)For the year ended December 31, 2021, the Company granted RSUs only.

(2)Includes 48,927 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.

(5)Relates to the 2021 annual performance period. Total stock‑based compensation expense associated with these awards was fully recognized as of December 31, 2021.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and International

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


	Year Ended December 31,
	2021		2020		2019
Domestic	$	(14,544)	$	61,470	$	61,691
International	107,873		106,150		66,418
Income before income taxes	$	93,329	$	167,620	$	128,109

Schedule of Components of Income Tax

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


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	770	$	(11,094)	$	(7,696)
State	163		(3,597)		(2,486)
Foreign	(17,230)		(7,688)		(12,824)
	(16,297)		(22,379)		(23,006)
Deferred:
Federal	15,182		(5,194)		(2,389)
State	3,660		(1,272)		(412)
Foreign	903		(9,780)		2,069
	19,745		(16,246)		(732)
Benefit (provision) for income taxes	$	3,448	$	(38,625)	$	(23,738)

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(2.7)		2.9		2.0
Stock-based compensation	(52.5)		(5.2)		(2.3)
Non-deductible officer compensation	36.6		4.6		—
Tax credits	(6.1)		(2.1)		(3.6)
Transaction costs	3.9		—		—
Foreign tax rate differential	(1.1)		(2.0)		(2.8)
Permanent book/tax differences	(1.0)		(0.6)		0.2
Income tax reserves	0.1		(0.5)		0.9
Expenses associated with IPO	—		3.3		—
Net tax on foreign earnings (GILTI/FDII/FTC)	—		0.5		6.1
Other	(1.9)		1.1		(3.0)
Effective income tax rate	(3.7)	%	23.0	%	18.5	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2021		2020
Deferred tax assets:
Accrued compensation	$	39,125	$	31,580
Net operating loss (“NOL”) and credit carryforwards	28,698		7,573
Intangible assets	19,942		283
Capped call options and 163(j) interest disallowance	15,682		—
Lease liabilities	10,540		10,466
Other accruals not currently deductible	2,006		346
Allowance for doubtful accounts	918		382
Other comprehensive income	354		431
Other	1,497		138
Total deferred tax assets	118,762		51,199
Less: Valuation allowance	(1,899)		(1,207)
Net deferred tax assets	116,863		49,992
Deferred tax liabilities:
Intangible assets including goodwill	(90,258)		—
Operating lease right-of-use assets	(10,196)		(10,070)
Deferred revenues	(3,421)		(7,257)
Prepaid expenses	(2,739)		(2,301)
Unrealized gains and losses	(2,387)		—
Property and equipment	(1,500)		(1,989)
Total deferred tax liabilities	(110,501)		(21,617)
Net deferred tax assets (liabilities)	$	6,362	$	28,375

Schedule of Unrecognized Tax Benefits Roll Forward

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


	Year Ended December 31,
	2021		2020		2019
Unrecognized tax benefit, beginning of year	$	1,223	$	1,763	$	638
Tax positions related to prior years:
Additions	160		1,436		1,222
Reductions	(42)		(1,723)		(86)
Lapse of statute of limitations	(10)		(253)		(11)
Unrecognized tax benefit, end of year	$	1,331	$	1,223	$	1,763

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of the interest rate swap activity:


	Year Ended December 31,				Recognized in Consolidated
	2021		2020		Statements of Operations
Interest rate swap:
Gain from change in fair value	$	9,770	$	347	Other income (expense), net
Payments	1,270		696		Interest expense, net

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	21	$	—	$	—	$	21
Interest rate swap (2)	—		10,117		—		10,117
Total assets	$	21	$	10,117	$	—	$	10,138
Liabilities:
Acquisition contingent consideration (3)	$	—	$	—	$	6,613	$	6,613
Deferred compensation plan liabilities (4)	102,199		—		—		102,199
Cash-settled equity awards (5)	353		—		—		353
Total liabilities	$	102,552	$	—	$	6,613	$	109,165


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 liabilities (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:




	Year Ended December 31,
	2021		2020
Balance, beginning of year	$	4,299	$	6,599
Payments	(2,371)		(3,425)
Addition	4,544		2,380
Change in fair value	294		(1,340)
Foreign currency translation adjustments	(153)		85
Balance, end of period	$	6,613	$	4,299

Geographic Data (Tables)

12 Months Ended

Dec. 31, 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):



	December 31,
	2021		2020
Long-lived assets:
Americas (1)	$	99,500	$	50,306
EMEA	44,730		56,322
APAC	184,245		13,541
Total long-lived assets	$	328,475	$	120,169

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

Interest Expense, Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Interest Expense, Net

Interest expense consists of the following:


	Year Ended December 31,
	2021		2020		2019
Bank credit facility (1):
Revolving loan facility	$	3,448	$	5,680	$	8,971
Term loans	117		502		—
Interest rate swap	1,270		696		—
Amortization and write-off of deferred debt issuance costs	1,309		985		553
	6,144		7,863		9,524
2026 Notes:
0.125% Coupon interest	803		—		—
Amortization of deferred debt issuance costs	3,378		—		—
	4,181		—		—
2027 Notes:
0.375% Coupon interest	1,096		—		—
Amortization of deferred debt issuance costs	1,268		—		—
	2,364		—		—
Other obligations	108		50		207
Total interest expense	$	12,797	$	7,913	$	9,731

(1)The weighted average interest rate was 2.03%, 1.92%, and 3.47% for the years ended December 31, 2021, 2020, and 2019, respectively.

Interest expense, net is comprised of the following:


	Year Ended December 31,
	2021		2020		2019
Interest expense (see Note 10)	$	(12,797)	$	(7,913)	$	(9,731)
Interest income	306		437		1,532
Interest expense, net	$	(12,491)	$	(7,476)	$	(8,199)

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income, Net

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


	Year Ended December 31,
	2021		2020		2019
Foreign exchange gain (loss) (1)	$	827	$	22,919	$	(5,591)
Other income, net (2)	10,404		2,027		34
Total other income (expense), net	$	11,231	$	24,946	$	(5,557)

Realignment Costs (Tables)

12 Months Ended

Dec. 31, 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, 2019	$	491
Realignment costs	10,022
Payments	(4,542)
Adjustments (1)	269
Balance, December 31, 2020	6,240
Payments	(5,814)
Adjustments (1)	(291)
Balance, December 31, 2021	$	135

(1)Adjustments includes foreign currency translation.

Schedule of Realignment Costs by Expense Classification

Realignment costs by expense classification were as follows:


	Year Ended
	December 31,
	2020
Cost of revenues:
Cost of subscriptions and licenses	$	42
Cost of services	1,422
Total cost of revenues	1,464
Operating expenses:
Research and development	848
Selling and marketing	5,945
General and administrative	1,765
Total operating expenses	8,558
Total realignment costs	$	10,022

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Net (Loss) Income Per Share, Basic and Diluted

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


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	93,192	$	126,521	$	103,096
Less: Net income attributable to participating securities	(9)		(234)		(8)
Net income attributable to Class A and Class B common stockholders, basic	93,183		126,287		103,088
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	—		—		—
Net income attributable to Class A and Class B common stockholders, diluted	$	93,183	$	126,287	$	103,088

Denominator:
Weighted average shares, basic	305,711,345		289,863,272		284,625,642
Dilutive effect of stock options, restricted stock, and RSUs	8,791,084		9,507,857		9,171,065
Dilutive effect of ESPP	108,385		—		—
Dilutive effect of assumed conversion of convertible senior notes	—		—		—
Weighted average shares, diluted	314,610,814		299,371,129		293,796,707

Net income per share, basic	$	0.30	$	0.44	$	0.36
Net income per share, diluted	$	0.30	$	0.42	$	0.35

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2021	2020	2019
Stock options, restricted stock, and RSUs	150,017	—	—

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

Description of Business and Summary of Significant Accounting Policies - Initial and Follow-On Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 17, 2020	Sep. 25, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Payments of expenses associated with initial public offering			$ 0	$ 1,373	$ 0
Proceeds from issuance of common stock			0	58,349	4,510
Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Payments of expenses associated with initial public offering				26,130
Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock			$ 0	295,802	$ 0
Expenses associated with sale of stock				$ 12,898
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 issuance of common stock	$ 294,429
Expenses associated with sale of stock	$ 12,898

Description of Business and Summary of Significant Accounting Policies - Convertible Senior Notes (Details) - USD ($)			12 Months Ended
	Jun. 28, 2021	Jan. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Payments of debt issuance costs			$ 5,643,000	$ 432,000	$ 0
Payments of expenses associated with initial public offering			$ 0	$ 1,373,000	$ 0
2026 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 690,000,000
Debt instrument, interest rate, stated percentage		0.125%
Payments of debt issuance costs		$ 18,055,000
Payments of expenses associated with initial public offering		$ 25,530,000
2027 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 575,000,000
Debt instrument, interest rate, stated percentage	0.375%
Payments of debt issuance costs	$ 15,065,000
Payments of expenses associated with initial public offering	$ 25,875,000

Description of Business and Summary of Significant Accounting Policies - Special Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 02, 2020	Aug. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dividends payable (USD per share)	$ 1.50	$ 1.50
Dividends payable		$ 392,489
Stock options exercise price reduction (USD per share)	1.50	$ 1.50
Stock options exercise price, lower limit (USD per share)	$ 0.01	$ 0.01

Description of Business and Summary of Significant Accounting Policies - Business Combinations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 17, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition, Contingent Consideration [Line Items]
Net cash paid		$ 1,034,983	$ 93,032	$ 34,054
Seequent
Business Acquisition, Contingent Consideration [Line Items]
Net cash paid	$ 883,336
Seequent \| Class B Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Number of shares sold (in shares)	3,141,342

Description of Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Research and development costs capitalized	$ 6,608	$ 7,809	$ 6,060
Research and development costs capitalized, amortization	$ 7,020	$ 4,699	$ 3,516
Software and technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years

Description of Business and Summary of Significant Accounting Policies - Deferred Compensation & Advertising Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense	$ 95,046	$ 177	$ 408
Advertising expense	2,396	1,726	1,579
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan
Defined Contribution Plan Disclosure [Line Items]
Bonus plan compensation expense	95,046	$ 177	$ 408
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan \| DCP, One-Time Inducement
Defined Contribution Plan Disclosure [Line Items]
Reclassified cumulative compensation cost	4,739
Bonus plan compensation expense	90,721
Deferred compensation liability	$ 95,460
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Nonqualified Plan \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares, maximum elections (in shares)				1,500,000
Reduction in shares outstanding, diluted (in shares)				1,500,000
Reduction in shares outstanding, basic (in shares)				1,500,000

Description of Business and Summary of Significant Accounting Policies - Derivative Arrangements (Details) - USD ($)	Mar. 31, 2020	Apr. 02, 2020
Derivative [Line Items]
Term of contract	10 years
Interest rate swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	$ 200,000,000	$ 200,000,000
Term of contract	10 years

Description of Business and Summary of Significant Accounting Policies - Rollforward of Accounts Receivable Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 5,759	$ 7,274
Bad debt allowance (recovery)	1,203	(1,000)	$ 862
Write-offs	(700)	(812)
Foreign currency translation adjustments	279	297
Balance, end of year	$ 6,541	$ 5,759	$ 7,274

Description of Business and Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	25 years
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	25 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	6 years
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years

Description of Business and Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 50,818	$ 46,128
Total operating lease liabilities	$ 52,756
Cumulative effect of accounting changes
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 45,850
Total operating lease liabilities			$ 47,666

Description of Business and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0	$ 0
Software and technology
Goodwill [Line Items]
Estimated useful life	3 years
Minimum
Goodwill [Line Items]
Estimated useful life	3 years
Minimum \| Software and technology
Goodwill [Line Items]
Estimated useful life	3 years
Maximum
Goodwill [Line Items]
Estimated useful life	10 years
Maximum \| Software and technology
Goodwill [Line Items]
Estimated useful life	5 years

Description of Business and Summary of Significant Accounting Policies - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investee
Subsidiary, Sale of Stock [Line Items]
Impairment of equity method investments	$ 0	$ 0	$ 0

Revenue from Contracts with Customer - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 232,593,000	$ 209,314,000
Contract asset impairment	0	0
Contract with customer, liability, revenue recognized	183,997,000	203,682,000
Contract with customer liability additions	215,947,000	193,999,000
Total revenues	$ 965,046,000	$ 801,544,000	$ 736,654,000
Customer Concentration Risk \| Revenue Benchmark \| Channel Partners
Disaggregation of Revenue [Line Items]
Concentration risk percentage	8.00%	8.00%	8.00%
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 18,020,000	$ 18,166,000
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	412,375,000	338,792,000	$ 311,689,000
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 359,295,000	$ 281,410,000	$ 251,996,000

Revenue from Contracts with Customer - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 336	$ 446
Deferred revenues	$ 232,593	$ 209,314

Revenue from Contracts with Customer - Performance Obligation (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 232,593
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	96.60%
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 965,046	$ 801,544	$ 736,654
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	865,887	736,655	667,993
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	812,807	679,273	608,300
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	269,283	270,749	267,249
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	290,097	221,524	184,833
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	253,427	187,000	156,218
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	53,080	57,382	59,693
Services
Disaggregation of Revenue [Line Items]
Total revenues	99,159	64,889	68,661
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	21,343	17,389	22,797
Other
Disaggregation of Revenue [Line Items]
Total revenues	77,816	47,500	45,864
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 223,293	$ 110,979	$ 24,668

Revenue from Contracts with Customer - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 965,046	$ 801,544	$ 736,654
Americas
Disaggregation of Revenue [Line Items]
Total revenues	483,087	395,746	356,331
United States
Disaggregation of Revenue [Line Items]
Total revenues	393,865	348,222	306,493
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue [Line Items]
Total revenues	300,123	254,036	236,602
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenues	85,656	64,433	57,321
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 181,836	$ 151,762	$ 143,721

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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=123359005&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=123351226&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) - USD ($) $ in Thousands			12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jun. 17, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid			$ 1,034,983	$ 93,032	$ 34,054
Fair value adjustments reducing revenue			(965,046)	(801,544)	(736,654)
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Total consideration			1,269,844	102,094	41,075
Net cash paid			1,034,983	93,032	34,054
Acquisition and integration costs			20,471	2,227	950
Goodwill from acquisition, expected tax deductible amount			18,534
Series of Individually Immaterial Business Acquisitions \| Acquired Support Contracts Adjustment To Revenue
Business Combination, Separately Recognized Transactions [Line Items]
Fair value adjustments reducing revenue			32	599	$ 553
Seequent
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid		$ 883,336
Acquisition and integration costs			16,557
Business acquisition, pro forma revenue			$ 1,017,975	$ 877,584
Seequent \| Class B Common Stock
Business Combination, Separately Recognized Transactions [Line Items]
Number of shares sold (in shares)		3,141,342
Power Line Systems \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 700,000

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) acquisition	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2019 USD ($) acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 1,034,983	$ 93,032	$ 34,054
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	13	6	4
Cash paid at closing	$ 1,072,820	$ 98,298	$ 36,577
Cash acquired	(37,837)	(5,266)	(2,523)
Net cash paid	1,034,983	$ 93,032	$ 34,054
Escrow deposit	$ 8,701

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 5,382	$ 2,884
Accruals and other current liabilities	4,751	685
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	5,382	2,884
Other liabilities	1,231	1,415
Contingent consideration from acquisitions	6,613	4,299
Accruals and other current liabilities	4,751	685
Other liabilities	6,177	1,774
Non-contingent consideration from acquisitions	$ 10,928	$ 2,459

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 17, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets acquired and liabilities assumed:
Goodwill		$ 1,588,477	$ 581,174	$ 480,065
Stock-based compensation expense		49,045	33,051	8,091
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing		1,072,820	98,298	36,577
Shares issued at closing		182,390	0	0
Contingent consideration		4,544	2,380	4,498
Deferred, non-contingent consideration, net		10,090	1,416	0
Total consideration		1,269,844	102,094	41,075
Assets acquired and liabilities assumed:
Cash		37,837	5,266	2,523
Accounts receivable and other current assets		24,174	8,701	1,782
Operating lease right-of-use assets		12,095	2,529	0
Property and equipment		4,383	499	411
Other assets		874	36	84
Total identifiable assets acquired excluding goodwill		323,434	34,762	15,338
Accruals and other current liabilities		(27,649)	(4,991)	(3,538)
Deferred revenues		(26,245)	(5,351)	(2,897)
Operating lease liabilities		(11,988)	(2,529)	0
Deferred income taxes		(53,342)	(1,701)	(1,869)
Other liabilities		(716)	(86)	0
Total liabilities assumed		(119,940)	(14,658)	(8,304)
Net identifiable assets acquired excluding goodwill		203,494	20,104	7,034
Goodwill		1,066,350	81,990	34,041
Net assets acquired		1,269,844	102,094	41,075
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 43,560	$ 2,207	$ 2,423
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	3 years
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 158,555	$ 11,371	$ 6,534
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	7 years
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 38,256	$ 3,953	$ 1,431
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	5 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	5 years	5 years
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 0	$ 200	$ 150
Series of Individually Immaterial Business Acquisitions \| In-process research and development
Assets acquired and liabilities assumed:
Finite-lived intangibles		$ 3,700	$ 0	$ 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	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 104,060	$ 97,256
Less: Accumulated depreciation	(72,237)	(68,842)
Total property and equipment, net	31,823	28,414
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	35,188	33,094
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	47,651	44,369
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	14,274	12,849
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	4,075	4,075
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 61	$ 58

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 01, 2022	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 11,217	$ 10,166	$ 9,813
Aircraft \| Entity Controlled By CEO \| Subsequent Event
Property, Plant and Equipment [Line Items]
Sale of interest percent		50.00%
Transaction cost	$ 2,380
Gain on disposition of property plant equipment	$ 2,029

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill beginning balance	$ 581,174	$ 480,065
Acquisitions	1,066,350	81,990
Foreign currency translation adjustments	(58,408)	19,195
Other adjustments	(639)	(76)
Goodwill ending balance	$ 1,588,477	$ 581,174

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details ) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets subject to amortization:
Gross Carrying Amount	$ 410,343	$ 191,659
Accumulated Amortization	(168,056)	(146,032)
Net Book Value	242,287	45,627
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	413,890	191,659
Accumulated Amortization	(168,056)	(146,032)
Net Book Value	$ 245,834	45,627
Minimum
Intangible assets subject to amortization:
Estimated useful life	3 years
Maximum
Intangible assets subject to amortization:
Estimated useful life	10 years
In-process research and development
Intangible assets not subject to amortization:
In-process research and development	$ 3,547	0
Software and technology
Intangible assets subject to amortization:
Estimated useful life	3 years
Gross Carrying Amount	$ 101,588	67,691
Accumulated Amortization	(63,225)	(63,046)
Net Book Value	38,363	4,645
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (63,225)	(63,046)
Software and technology \| Minimum
Intangible assets subject to amortization:
Estimated useful life	3 years
Software and technology \| Maximum
Intangible assets subject to amortization:
Estimated useful life	5 years
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	$ 245,325	97,008
Accumulated Amortization	(83,799)	(66,030)
Net Book Value	161,526	30,978
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (83,799)	(66,030)
Customer relationships \| Minimum
Intangible assets subject to amortization:
Estimated useful life	3 years
Customer relationships \| Maximum
Intangible assets subject to amortization:
Estimated useful life	10 years
Trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	$ 63,080	26,610
Accumulated Amortization	(20,893)	(16,888)
Net Book Value	42,187	9,722
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (20,893)	(16,888)
Trademarks \| Minimum
Intangible assets subject to amortization:
Estimated useful life	3 years
Trademarks \| Maximum
Intangible assets subject to amortization:
Estimated useful life	10 years
Non-compete agreements
Intangible assets subject to amortization:
Estimated useful life	5 years
Gross Carrying Amount	$ 350	350
Accumulated Amortization	(139)	(68)
Net Book Value	211	282
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (139)	$ (68)

Goodwill and Other Intangible Assets - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 8,125	$ 4,981	$ 3,795
Amortization of purchased intangibles	25,601	15,352	14,213
Total amortization expense	$ 33,726	$ 20,333	$ 18,008

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 43,782
2023	37,752
2024	31,568
2025	28,787
2026	22,693
Thereafter	77,705
Net Book Value	$ 242,287	$ 45,627

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 6,438	$ 3,440
Equity method investment	0	2,251
Total investments	$ 6,438	$ 5,691

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	$ 2,781	$ 3,440
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 1,300	$ 3,000
Digital Construction Works, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Digital Construction Works, Inc. \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 1 month 6 days	3 years 8 months 12 days
Operating lease, weighted average discount rate, percent	2.50%	2.10%
Operating lease payments, leases not yet commenced	$ 1,383
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than)	1 year
Renewal term	1 year
Termination period (less than)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (less than)	9 years
Renewal term	10 years
Termination period (less than)	5 years

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 19,425	$ 18,194
Variable lease cost	4,151	3,881
Short-term lease cost	21	399
Total operating lease cost	23,597	22,474
Payments for rent	$ 18,636	$ 17,417
Operating leases, rent expense before Topic 842 adoption			$ 17,036

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 19,636	$ 18,384
Right-of-use assets obtained in exchange for new operating lease liabilities	12,842	15,522
Series of Individually Immaterial Business Acquisitions
Cash paid for amounts included in the measurement of lease liabilities:
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 12,095	$ 2,529

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 18,411
2023	13,212
2024	8,645
2025	6,398
2026	3,972
Thereafter	5,262
Total future lease payments	55,900
Less: Imputed interest	(3,144)
Total operating lease liabilities	$ 52,756

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Property and equipment	$ 484	$ 572
Accumulated depreciation	$ (453)	$ (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	$ 31	$ 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	$ 98	$ 197
Finance lease, liability, noncurrent, statement of financial position [Extensible List]	Other liabilities	Other liabilities
Other liabilities	$ 0	$ 99
Total financing lease liabilities	$ 98	$ 296

Accruals and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
CSS deposits	$ 162,046,000	$ 110,291,000
Accrued compensation	37,725,000	22,131,000
Accrued benefits	36,656,000	36,613,000
Due to customers	12,798,000	9,869,000
Accrued acquisition stay bonus	9,461,000	5,599,000
Accrued indirect taxes	7,520,000	6,361,000
Deferred compensation plan liabilities	7,309,000	169,000
Accrued professional fees	6,940,000	4,210,000
Accrued cloud provisioning costs	5,862,000	7,988,000
Contingent consideration from acquisitions	5,382,000	2,884,000
Employee stock purchase plan contributions	4,818,000	0
Non-contingent consideration from acquisitions	4,751,000	685,000
Accrued facility costs	2,194,000	2,095,000
Accrued severance and realignment costs	664,000	7,209,000
Other accrued and current liabilities	19,477,000	10,689,000
Total accruals and other current liabilities	$ 323,603,000	$ 226,793,000

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,465,000
Total net carrying value	1,435,992	$ 246,000
Less: Current portion of long-term debt	(5,000)	0
Total long-term debt	1,430,992	246,000
Line of Credit
Debt Instrument [Line Items]
Total net carrying value	199,466	246,000
Convertible Debt \| 2026 Notes:
Debt Instrument [Line Items]
Long-term debt, gross	690,000	0
Unamortized debt issuance costs	(14,677)	0
Total net carrying value	675,323	0
Convertible Debt \| 2027 Notes:
Debt Instrument [Line Items]
Long-term debt, gross	575,000	0
Unamortized debt issuance costs	(13,797)	0
Total net carrying value	561,203	0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0	246,000
Secured Debt \| Line of Credit \| Term loan:
Debt Instrument [Line Items]
Long-term debt, gross	200,000	0
Unamortized debt issuance costs	(534)	0
Total net carrying value	$ 199,466	$ 0

Long‑Term Debt - Bank Credit Facility (Details)			12 Months Ended
Long‑Term Debt - Bank Credit Facility (Details)	Dec. 22, 2021 USD ($)	Jan. 25, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 02, 2020 USD ($)	Dec. 19, 2017 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs			$ 5,643,000	$ 432,000	$ 0
Total long-term debt			1,435,992,000	246,000,000
Line of Credit
Debt Instrument [Line Items]
Total long-term debt			199,466,000	246,000,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity			849,850,000	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 percentage		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
Secured Debt \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt issuance costs	540,000
Payments of debt issuance costs			45,000
Total long-term debt			199,466,000	0
Secured Debt \| 2021 Term Loan \| Line of Credit \| March 31,2022 - December 31, 2023
Debt Instrument [Line Items]
Repayments of term loan per quarter	1,250,000
Secured Debt \| 2021 Term Loan \| Line of Credit \| March 31, 2024 - November 14, 2025
Debt Instrument [Line Items]
Repayments of term loan per quarter	$ 2,500,000
Secured Debt \| 2020 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount						$ 125,000,000
Debt issuance costs						$ 432,000
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 - Euro Currency \| 2021 Term Loan \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility - Euro Currency \| 2021 Term Loan \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
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%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Overnight Bank Funding Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Letter of Credit \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| 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	$ 150,000

Long‑Term Debt - 2026 Convertible Senior Notes (Details)			12 Months Ended
	Jun. 28, 2021 USD ($)	Jan. 26, 2021 USD ($) share_rate day $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 5,643,000	$ 432,000	$ 0
Payments of expenses associated with initial public offering \| $			$ 0	$ 1,373,000	$ 0
2026 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $		$ 690,000,000
Debt instrument, interest rate, stated percentage		0.125%
Payments of debt issuance costs \| $		$ 18,055,000
Payments of expenses associated with initial public offering \| $		25,530,000
Repayment of credit facility \| $	$ 536,062,000	$ 250,500,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Debt instrument, redemption price, percentage		98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| share_rate		15.5925
Debt instrument, convertible, conversion price (USD per share) \| $ / shares		$ 64.13
Number of trading days after maturity date, debt redeemable		40 days
Effective interest rate		0.658%
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 (shares per USD) \| share_rate		22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding		25.00%
2026 Notes: \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
2026 Notes: \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive business days \| day		5
Debt instrument, convertible, threshold consecutive trading days, after threshold consecutive business days \| day		10

Long‑Term Debt - 2026 Notes Capped Call Options (Details) - 2026 Notes: - Convertible Debt - USD ($) $ / shares in Units, $ in Thousands	Jan. 26, 2021	Jan. 21, 2021
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%

Long‑Term Debt - 2027 Convertible Senior Notes (Details)			12 Months Ended
	Jun. 28, 2021 USD ($) share_rate day $ / shares	Jan. 26, 2021 USD ($) share_rate day $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs \| $			$ 5,643,000	$ 432,000	$ 0
Payments of expenses associated with initial public offering \| $			$ 0	$ 1,373,000	$ 0
2027 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 575,000,000
Debt instrument, interest rate, stated percentage	0.375%
Payments of debt issuance costs \| $	$ 15,065,000
Payments of expenses associated with initial public offering \| $	$ 25,875,000
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Debt instrument, redemption price, percentage	98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| 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 (shares per USD) \| share_rate	16.2206
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares	$ 325.00
Debt covenant, percent of note holders threshold by amount of principal outstanding	25.00%
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
2026 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount \| $		$ 690,000,000
Debt instrument, interest rate, stated percentage		0.125%
Payments of debt issuance costs \| $		$ 18,055,000
Payments of expenses associated with initial public offering \| $		25,530,000
Repayment of credit facility \| $	$ 536,062,000	$ 250,500,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
Debt instrument, redemption price, percentage		98.00%
Debt instrument, convertible, number of equity instruments, conversion rate (shares per USD) \| 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 (shares per USD) \| share_rate		22.6090
Share price threshold, adjustment to conversion rate (USD per share) \| $ / shares		$ 210.00
Debt covenant, percent of note holders threshold by amount of principal outstanding		25.00%
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 (Details) - 2027 Notes: - Convertible Debt - USD ($) $ / shares in Units, $ in Thousands	Jun. 28, 2021	Jun. 23, 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 28, 2021	Jan. 26, 2021
Debt Instrument [Line Items]
Amortization and write-off of deferred debt issuance costs	$ 5,955	$ 985	$ 553
Other obligations	108	50	207
Total interest expense	12,797	7,913	9,731
Interest rate swap
Debt Instrument [Line Items]
Interest rate swap	1,270	696	0
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense for debt	3,448	5,680	8,971
Amortization and write-off of deferred debt issuance costs	1,309	985	553
Interest expense and amortization of debt issuance costs	6,144	7,863	9,524
Term loan: \| Secured Debt
Debt Instrument [Line Items]
Interest expense for debt	117	502	0
2026 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Interest expense for debt	803	0	0
Amortization and write-off of deferred debt issuance costs	3,378	0	0
Interest expense and amortization of debt issuance costs	4,181	0	0
Debt instrument, interest rate, stated percentage					0.125%
2027 Notes: \| Convertible Debt
Debt Instrument [Line Items]
Interest expense for debt	1,096	0	0
Amortization and write-off of deferred debt issuance costs	1,268	0	0
Interest expense and amortization of debt issuance costs	$ 2,364	$ 0	$ 0
Debt instrument, interest rate, stated percentage				0.375%
Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate over time	2.03%	1.92%	3.47%

Long‑Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Apr. 02, 2020	Mar. 31, 2020
Interest rate swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount			$ 200,000,000	$ 200,000,000
Derivative fair value	$ 10,117,000	$ 347,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate			0.73%

Long‑Term Debt - Long-Term Debt, Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 5,000
2023	5,000
2024	10,000
2025	180,000
2026	690,000
Thereafter	575,000
Total scheduled maturities of long-term debt	$ 1,465,000

Executive Bonus Plan - Narrative (Details) $ in Thousands	12 Months Ended
Executive Bonus Plan - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 22, 2020 USD ($) day
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 \| day				10,000
Number of trading days after the end of applicable quarter, shares determined upon election by volume-weighted average price \| day				10
Non-deferred incentive bonus threshold for pro rata adjustment				$ 7,500
Bonus plan compensation expense	$ 95,046	$ 177	$ 408
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 percentage (up to)				20.00%
Bonus plan compensation expense	$ 33,454	$ 34,340	$ 31,061

Retirement Plans (Details) - USD ($)			12 Months Ended
Retirement Plans (Details) - USD ($)	Jan. 01, 2022	Aug. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation plan			$ 95,046,000	$ 177,000	$ 408,000
Accruals and other current liabilities			323,603,000	226,793,000
Deferred compensation plan liabilities			94,890,000	2,422,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities			7,309,000	169,000
Deferred compensation plan liabilities			94,890,000	2,422,000
Total DCP liabilities			102,199,000	2,591,000
Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation plan			95,046,000	177,000	408,000
DCP participant deferrals			2,619,000	3,530,000	3,586,000
Contributions by employer			0	$ 0	0
Dividends, common stock, stock (in shares)		$ 2,709,851
Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| DCP, One-Time Inducement
Defined Contribution Plan Disclosure [Line Items]
Reclassified cumulative compensation cost			4,739,000
Deferred compensation plan			90,721,000
Deferred compensation liability			$ 95,460,000
Nonqualified Plan \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits \| Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares, maximum elections (in shares)						1,500,000
Reduction in shares outstanding, basic (in shares)						1,500,000
Reduction in shares outstanding, diluted (in shares)						1,500,000
Phantom shares issuable (in shares)			25,384,449	30,590,955
Qualified Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match			50.00%
Employer discretionary contribution, percent of qualified cash compensation (up to)			5.00%
Qualified Plan \| Subsequent Event
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Employer discretionary contribution, percent of qualified cash compensation (up to)	6.00%
Qualified Plan \| United States
Defined Contribution Plan Disclosure [Line Items]
Employer contributions			$ 4,114,000	$ 3,583,000	3,311,000
Qualified Plan \| Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions			$ 10,729,000	$ 7,347,000	$ 8,070,000

Preferred and Common Stock - Narrative (Details)				12 Months Ended
Preferred and Common Stock - Narrative (Details)	Jun. 17, 2021 shares	Nov. 17, 2020 USD ($) $ / shares shares	Sep. 25, 2020 vote $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Apr. 20, 2018 shares
Class of Stock [Line Items]
Payments of expenses associated with initial public offering \| $				$ 0	$ 1,373,000	$ 0
Proceeds from issuance of common stock \| $				$ 0	$ 58,349,000	4,510,000
Preferred stock shares authorized (in shares)			100,000,000	100,000,000	100,000,000
Threshold of affirmative votes of class A common Stock outstanding for automatic conversion to class B common Stock (at least)			90.00%
Threshold of Bentley family ownership of issued and outstanding class B common Stock, fully-diluted basis, automatic conversion of class A common stock			20.00%
Profit-sharing plan shares, net, value \| $					$ 6,970,000	$ 2,417,000
Common Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)					549,834	318,203
Shares exercised (in shares)				4,587,053	4,060,839	3,214,542
Profit-sharing plan shares, net, value \| $					$ 5,000	$ 3,000
Deferred Compensation, Share-based Payments \| Deferred Profit Sharing
Class of Stock [Line Items]
Stock repurchased during period (in shares)				0	549,834	318,203
Profit-sharing plan shares, net, value \| $					$ 6,970,000	$ 2,417,000
Performance Based Restricted Stock Units (RSUs), 2016 \| Equity Incentive Plan
Class of Stock [Line Items]
Shares repurchased by Company after exercise \| $					$ 1,454,000	$ 8,838,000
Shares repurchased by Company after exercise (in shares)					128,007	1,126,747
Public Stock Offering - Shares From Existing Shareholders
Class of Stock [Line Items]
Payments of expenses associated with initial public offering \| $					$ 26,130,000
Follow-On Offering
Class of Stock [Line Items]
Proceeds from issuance of common stock \| $				$ 0	295,802,000	$ 0
Expenses associated with sale of stock \| $					$ 12,898,000
Class B Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)			1,800,000,000	1,800,000,000	1,800,000,000		600,000,000
Number of votes per share \| vote			1
Amount authorized for purchase \| $				$ 250,000,000	$ 250,000,000
Stock repurchased during period (in shares)					3,769,346	622,873
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 \| $				$ 69,007,000	$ 4,625,000	$ 5,609,000
Deferred compensation arrangement with individual, shares issued (in shares)				2,378,645	3,081,607	2,322,983
Deferred compensation arrangement with individual, shares issued, gross (in shares)				3,820,099	3,352,931	3,082,607
Shares withheld for tax withholding obligation (in shares)				1,441,454	271,324	759,624
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)				238,755
Shares withheld for cost of options and tax withholding obligation (in shares)				168,718
Share-based compensation tax withholding payment \| $				$ 8,739,000
Shares exercised (in shares)				407,473
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)				4,587,053		3,214,542
Shares withheld for cost of options and tax withholding obligation (in shares)				1,066,498		1,516,616
Share-based compensation tax withholding payment \| $				$ 37,785,000	$ 4,755,000	$ 2,324,000
Cash used to settle award \| $				$ 5,605,000		$ 3,627,000
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)					4,060,839
Shares withheld for cost of options and tax withholding obligation (in shares)					1,425,352
Cash used to settle award \| $					$ 9,128,000
Class B Common Stock \| Public Stock Offering - Shares From Existing Shareholders
Class of Stock [Line Items]
Number of shares sold (in shares)			12,360,991
Price per share sold (USD per share) \| $ / shares			$ 22.00
Class B Common Stock \| Follow-On Offering
Class of Stock [Line Items]
Number of shares sold (in shares)		11,500,000
Price per share sold (USD per share) \| $ / shares		$ 32.00
Class B Common Stock \| Follow-On Offering, Sold By Company
Class of Stock [Line Items]
Number of shares sold (in shares)		9,603,965
Class B Common Stock \| Follow-On Offering, Exercise By Underwriters
Class of Stock [Line Items]
Number of shares sold (in shares)		1,500,000
Class B Common Stock \| Follow-On Offering, Shares From Existing Shareholders
Class of Stock [Line Items]
Number of shares sold (in shares)		1,896,035
Proceeds from issuance of common stock \| $		$ 294,429,000
Expenses associated with sale of stock \| $		$ 12,898,000
Class B Common Stock \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)					4,574,399	791,873
Sale of stock, consideration received \| $					$ 58,349,000	$ 4,510,000
Class B Common Stock \| Private Placement, Direct Investor Investment
Class of Stock [Line Items]
Number of shares sold (in shares)					805,053	169,000
Sale of stock, consideration received \| $					$ 12,462,000	$ 1,224,000
Class A Common Stock
Class of Stock [Line Items]
Common stock shares authorized (in shares)			100,000,000	100,000,000	100,000,000		320,000,000
Number of votes per share \| vote			29
Number of votes per share, if not serving as company director or executive officer \| vote			11
Seequent \| Class B Common Stock
Class of Stock [Line Items]
Number of shares sold (in shares)	3,141,342

Preferred and Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 02, 2020	Aug. 28, 2020
Equity [Abstract]
Dividends per share (USD per share)	$ 0.030	$ 0.030	$ 0.030	$ 0.030	$ 0.030	$ 1.530	$ 0.030	$ 0.030	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.120	$ 1.620	$ 0.100
Amount	$ 8,461	$ 8,485	$ 8,372	$ 8,219	$ 8,270	$ 400,311	$ 7,771	$ 7,666	$ 6,367	$ 6,380	$ 6,375	$ 6,268	$ 33,537	$ 424,018	$ 25,390
Dividends payable (USD per share)																$ 1.50	$ 1.50
Dividends payable																	$ 392,489

Preferred and Common Stock- Global Employee Stock Purchase Plan (Details) - USD ($)		12 Months Ended
	Sep. 22, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Net proceeds received		$ 0	$ 58,349,000	$ 4,510,000
Employee stock purchase plan contributions		$ 4,818,000	$ 0
ESPP
Class of Stock [Line Items]
Maximum percent of eligible compensation available to contribute	15.00%
Maximum employee annual contribution amount	$ 25,000
Purchase price of common stock, percent	85.00%
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	25,000,000
Shares issued (in shares)		104,716	0
Net proceeds received		$ 3,846,000
Shares purchased (in shares)		111,486
Shares sold back (in shares)		6,770
Share-based compensation tax withholding payment		$ 438,000

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 341,599	$ 334,619	$ 147,431
Other comprehensive income (loss), before taxes	(65,497)	(2,305)	5,284
Tax benefit (expense)	(44)	(1)	203
Total other comprehensive (loss) income, net of taxes	(65,541)	(2,306)	5,487
Ending balance	409,222	341,599	334,619
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(26,233)	(23,927)	(29,414)
Total other comprehensive (loss) income, net of taxes	(65,541)	(2,306)	5,487
Ending balance	(91,774)	(26,233)	(23,927)
Foreign Currency Translations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(25,219)	(22,908)	(28,867)
Other comprehensive income (loss), before taxes	(65,648)	(2,311)	5,959
Tax benefit (expense)	0	0	0
Total other comprehensive (loss) income, net of taxes	(65,648)	(2,311)	5,959
Ending balance	(90,867)	(25,219)	(22,908)
Accumulated (Loss) Gain on Retirement Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,014)	(1,019)	(547)
Other comprehensive income (loss), before taxes	151	6	(675)
Tax benefit (expense)	(44)	(1)	203
Total other comprehensive (loss) income, net of taxes	107	5	(472)
Ending balance	$ (907)	$ (1,014)	$ (1,019)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: 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(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: 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(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: 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(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Equity Awards and Instruments - Incentive Plan Narrative (Details) - Class B Common Stock - shares	Dec. 31, 2021	Sep. 22, 2020
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		25,000,000
Percent of outstanding shares annual increase for authorized amount, minimum		1.00%
Number of shares available (in shares)	24,073,298
2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	50,000,000

Equity Awards and Instruments - Equity Awards Stock Options Narrative (Details) - $ / shares			12 Months Ended
	Sep. 02, 2020	Aug. 28, 2020	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Put provision start period, number of months since exercise			6 months
Put provision end Period, number of days after start period			30 days
Call provision exercise period			7 months
Dividends payable (USD per share)	$ 1.50	$ 1.50
Stock options exercise price reduction (USD per share)	1.50	1.50
Stock options exercise price, lower limit (USD per share)	$ 0.01	$ 0.01

Equity Awards and Instruments - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 49,045	$ 33,051	$ 8,091
Stock-based compensation expense accrued	6,749	6,835
Cost of revenues: \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,442	960	115
Cost of revenues: \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,257	2,939	522
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	19,740	12,105	3,107
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,980	6,692	2,210
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	20,626	10,355	2,137
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	23,121	6,524	0
Restricted stock and RSUs expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	19,917	4,248	1,749
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,271	6,858	6,342
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,118	0	0
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	445	319	0
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	173	0	0
IPO vested restricted stock and RSU expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 15,102	$ 0

Equity Awards and Instruments - Schedule of Fair Value Assumptions (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.04%	29.57%
Expected dividend yield	1.11%	1.38%
Risk-free interest rate	1.31%	2.48%
Expected term (in years)	3 years 9 months	3 years 9 months
Weighted average grant date fair value of options issued (USD per share)	$ 2.49	$ 1.66

Equity Awards and Instruments - Options Outstanding Rollforward (Details) - 2020 Incentive Award Plan - Stock Option $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	12,842,226
Exercised (in shares) \| shares	(5,653,551)
Forfeited (in shares) \| shares	(270,750)
Ending balance (in shares) \| shares	6,917,925
Stock option, exercisable (in shares) \| shares	3,837,800
Weighted Average Exercise Price Per Share
Beginning balance (USD per share) \| $ / shares	$ 4.87
Exercised (USD per share) \| $ / shares	4.36
Forfeited (USD per share) \| $ / shares	5.56
Ending balance (USD per share) \| $ / shares	5.26
Weighted average exercise price, exercisable (USD per share) \| $ / shares	$ 5.00
Weighted remaining contractual life (in years)	1 year 6 months 25 days
Shares exercisable, weighted remaining contractual life (in years)	1 year 3 months 3 days
Shares outstanding, aggregate intrinsic value \| $	$ 297,933
Shares exercisable, aggregate intrinsic value \| $	$ 166,305

Equity Awards and Instruments - Stock Options Narrative (Details) - Stock Option - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised, intrinsic value	$ 270,614	$ 72,275	$ 22,914
Unrecognized compensation cost	$ 2,668
Cost not yet recognized, period for recognition	10 months 24 days
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 5,605	$ 9,128	$ 3,612

Equity Awards and Instruments - Acquisition Options (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Sep. 02, 2020	Aug. 28, 2020	Mar. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise price, lower limit (USD per share)	$ 0.01	$ 0.01
Stock-based compensation expense				$ 49,045	$ 33,051	$ 8,091
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 3,271	6,858	$ 6,342
Stock Option \| Equity Incentive Plan \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)			900,000
Award vesting period			5 years
Stock options exercise price, upper limit (USD per share)			$ 6.805
Award service period			4 years
Stock options exercise price, lower limit (USD per share)			$ 0.01
Grant date fair value (USD per share)			$ 3.44
Accelerated share-based compensation cost					1,548
Stock-based compensation expense					$ 2,012
Shares outstanding (in shares)				900,000
Shares outstanding, intrinsic value				$ 7,992

Equity Awards and Instruments - Restricted Stock and RSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock And Restricted Stock Units (RSUs)
Weighted Average Grant Date Fair Value Per Share
Granted (USD per share)	$ 52.48	$ 16.03	$ 7.24
Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)	1,423,715
Granted (in shares)	894,595
Vested (in shares)	(399,893)
Forfeited (in shares)	(209,872)
Unvested, ending balance (in shares)	1,708,545	1,423,715
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)	1,263,193
Granted (in shares)	794,787
Vested (in shares)	(364,963)
Forfeited (in shares)	(81,155)
Unvested, ending balance (in shares)	1,611,862	1,263,193
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 16.38
Granted (USD per share)	52.80
Vested (USD per share)	21.95
Forfeited (USD per share)	22.00
Unvested, ending balance (USD per share)	$ 32.81	$ 16.38
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Unvested, beginning balance (in shares)	160,522
Granted (in shares)	99,808
Vested (in shares)	(34,930)
Forfeited (in shares)	(128,717)
Unvested, ending balance (in shares)	96,683	160,522
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 16.62
Granted (USD per share)	49.93
Vested (USD per share)	17.53
Forfeited (USD per share)	17.18
Unvested, ending balance (USD per share)	$ 49.93	$ 16.62
Cash-Settled Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Number of Shares
Granted (in shares)	48,927

Equity Awards and Instruments - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	45	3,030
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	9,831
Shares outstanding (in shares)	20,221	31,040
Restricted Stock And Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 52.48	$ 16.03	$ 7.24
Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,708,545	1,423,715
Shares withheld for tax withholding obligation (in shares)	125,825	339,833	54,418
Share-based compensation tax withholding payment	$ 7,293,000	$ 7,951,000	$ 399,000
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,611,862	1,263,193
Grant date fair value (USD per share)	$ 52.80
Unrecognized compensation cost, excluding options	$ 46,271,000
Cost not yet recognized, period for recognition	2 years
Performance Based Restricted Stock And Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	96,683	160,522
Grant date fair value (USD per share)	$ 49.93
Unrecognized compensation cost, excluding options	$ 0

Equity Awards and Instruments - Stock Grants (Details) - Class B Common Stock - 2020 Incentive Award Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)	7,824	21,956	0
Fully vested shares granted	$ 450	$ 319

Equity Awards and Instruments - ESPP (Details)	12 Months Ended
Equity Awards and Instruments - ESPP (Details)	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent discount from market price, offering date	85.00%
Percent discount from market price, purchase date	85.00%
Measurement Input, Call Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input	6 months
Measurement Input, Put Option Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase right measurement input	6 months

Income Taxes - Schedule of Income before Income Tax, Domestic and International (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (14,544)	$ 61,470	$ 61,691
International	107,873	106,150	66,418
Income before income taxes	$ 93,329	$ 167,620	$ 128,109

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 770	$ (11,094)	$ (7,696)
State	163	(3,597)	(2,486)
Foreign	(17,230)	(7,688)	(12,824)
Current income taxes	(16,297)	(22,379)	(23,006)
Deferred:
Federal	15,182	(5,194)	(2,389)
State	3,660	(1,272)	(412)
Foreign	903	(9,780)	2,069
Deferred income taxes	19,745	(16,246)	(732)
Benefit (provision) for income taxes	$ 3,448	$ (38,625)	$ (23,738)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(2.70%)	2.90%	2.00%
Stock-based compensation	(52.50%)	(5.20%)	(2.30%)
Non-deductible officer compensation	36.60%	4.60%	0.00%
Tax credits	(6.10%)	(2.10%)	(3.60%)
Transaction costs	3.90%	0.00%	0.00%
Foreign tax rate differential	(1.10%)	(2.00%)	(2.80%)
Permanent book/tax differences	(1.00%)	(0.60%)	0.20%
Income tax reserves	0.10%	(0.50%)	0.90%
Expenses associated with IPO	0.00%	3.30%	0.00%
Net tax on foreign earnings (GILTI/FDII/FTC)	0	0.005	0.061
Other	(1.90%)	1.10%	(3.00%)
Effective income tax rate	(3.70%)	23.00%	18.50%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued compensation	$ 39,125	$ 31,580
Net operating loss (“NOL”) and credit carryforwards	28,698	7,573
Intangible assets	19,942	283
Capped call options and 163(j) interest disallowance	15,682	0
Lease liabilities	10,540	10,466
Other accruals not currently deductible	2,006	346
Allowance for doubtful accounts	918	382
Other comprehensive income	354	431
Other	1,497	138
Total deferred tax assets	118,762	51,199
Less: Valuation allowance	(1,899)	(1,207)
Net deferred tax assets	116,863	49,992
Deferred tax liabilities:
Intangible assets including goodwill	(90,258)	0
Operating lease right-of-use assets	(10,196)	(10,070)
Deferred revenues	(3,421)	(7,257)
Prepaid expenses	(2,739)	(2,301)
Unrealized gains and losses	(2,387)	0
Property and equipment	(1,500)	(1,989)
Total deferred tax liabilities	(110,501)	(21,617)
Net deferred tax assets (liabilities)	$ 6,362	$ 28,375

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Valuation allowance			$ 1,899	$ 1,207
Undistributed earnings of foreign subsidiaries			440,838
Undistributed earnings of foreign subsidiaries, subject to one-time transition tax by Tax Cut and Jobs Act and GILTI			272,242
Unrecognized tax benefits			1,331	1,223	$ 1,763	$ 638
Unrecognized tax benefits that would impact effective tax rate			1,273	1,175	1,733
Unrecognized tax benefits, increase (decrease) in income tax penalties and interest expense			101	(20)	$ 101
Unrecognized tax benefits, income tax penalties and interest accrued			373	$ 272
Forecast
Operating Loss Carryforwards [Line Items]
Foreign earnings repatriated		$ 50,000
Subsequent Event
Operating Loss Carryforwards [Line Items]
Foreign earnings repatriated	$ 100,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration			8,518
Operating loss carryforwards subject to expiration			19
Operating loss carryforwards and tax credit carryforwards subject to limitation			2,974
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration			12,788
Operating loss carryforwards subject to expiration			2,033
Operating loss carryforwards and tax credit carryforwards subject to limitation			224
Operating loss carryforwards, not subject to expiration, valuation allowance			67
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, not subject to expiration			208
Operating loss carryforwards and tax credit carryforwards subject to limitation			$ 1,934

Income Taxes - Unrecognized Tax Benefits Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of year	$ 1,223	$ 1,763	$ 638
Tax positions related to prior years:
Additions	160	1,436	1,222
Reductions	(42)	(1,723)	(86)
Lapse of statute of limitations	(10)	(253)	(11)
Unrecognized tax benefit, end of year	$ 1,331	$ 1,223	$ 1,763

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2021
Derivative [Line Items]
Term of contract	10 years
Convertible Debt \| 2026 Notes: \| Level 2
Derivative [Line Items]
Long-term debt, fair value		$ 720,284,000
Convertible Debt \| 2027 Notes: \| Level 2
Derivative [Line Items]
Long-term debt, fair value		$ 531,915,000
Interest rate swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 200,000,000
Term of contract	10 years

Fair Value of Financial Instruments - Interest Rate Swap Activity (Details) - Interest rate swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other income (expense), net
Derivative [Line Items]
Gain from change in fair value	$ 9,770	$ 347
Interest expense, net
Derivative [Line Items]
Payments	$ 1,270	$ 696

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities:
Accruals and other current liabilities	$ 5,382	$ 2,884
Fair Value, Recurring
Assets:
Total assets	10,138	35,043
Liabilities:
Acquisition contingent consideration	6,613	4,299
Deferred compensation plan liabilities	102,199	2,591
Cash-settled equity awards	353	195
Total liabilities	109,165	7,085
Accruals and other current liabilities	5,382	2,884
Deferred compensation plan, current	7,309	169
Fair Value, Recurring \| Money Market Funds
Assets:
Money market funds	21	34,696
Fair Value, Recurring \| Interest rate swap
Assets:
Interest rate swap	10,117	347
Level 1 \| Fair Value, Recurring
Assets:
Total assets	21	34,696
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	102,199	2,591
Cash-settled equity awards	353	195
Total liabilities	102,552	2,786
Level 1 \| Fair Value, Recurring \| Money Market Funds
Assets:
Money market funds	21	34,696
Level 1 \| Fair Value, Recurring \| Interest rate swap
Assets:
Interest rate swap	0	0
Level 2 \| Fair Value, Recurring
Assets:
Total assets	10,117	347
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Fair Value, Recurring \| Money Market Funds
Assets:
Money market funds	0	0
Level 2 \| Fair Value, Recurring \| Interest rate swap
Assets:
Interest rate swap	10,117	347
Level 3 \| Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Acquisition contingent consideration	6,613	4,299
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	6,613	4,299
Level 3 \| Fair Value, Recurring \| Money Market Funds
Assets:
Money market funds	0	0
Level 3 \| Fair Value, Recurring \| Interest rate swap
Assets:
Interest rate swap	$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation of the Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	(2,371)	(3,425)
Addition	4,544	2,380
Change in fair value	294	(1,340)
Foreign currency translation adjustments	(153)	85
Balance, end of period	$ 6,613	$ 4,299

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Hosted Software Solutions
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 50,329

Geographic Data (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 328,475	$ 120,169
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	99,500	50,306
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	44,730	56,322
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 184,245	$ 13,541

Interest Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Interest Expense, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Interest expense	$ (12,797)	$ (7,913)	$ (9,731)
Interest income	306	437	1,532
Interest expense, net	$ (12,491)	$ (7,476)	$ (8,199)

Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Foreign exchange gain (loss)	$ 827	$ 22,919	$ (5,591)
Other income, net	10,404	2,027	34
Total other income (expense), net	11,231	24,946	(5,557)
Foreign exchange gains (losses), unrealized, intercompany	(779)	22,310	(5,270)
Gain (loss) on change in fair value of interest rate swaps	9,770	347
Fair value gain on acquisition contingent consideration	$ (550)	$ 1,340	$ (62)

Realignment Costs - Narrative (Details) $ in Thousands	12 Months Ended
Realignment Costs - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10,022
2020 Strategic Realignment Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10,046

Realignment Costs - Realignment Activities Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 6,240	$ 491
Realignment costs		10,022
Payments	(5,814)	(4,542)
Adjustments	(291)	269
Restructuring reserve, ending balance	$ 135	$ 6,240

Realignment Costs - Schedule of Realignment Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Realignment costs	$ 10,022
Cost of revenues:
Restructuring Cost and Reserve [Line Items]
Realignment costs	1,464
Cost of revenues: \| Subscriptions and licenses
Restructuring Cost and Reserve [Line Items]
Realignment costs	42
Cost of revenues: \| Services
Restructuring Cost and Reserve [Line Items]
Realignment costs	1,422
Research and development
Restructuring Cost and Reserve [Line Items]
Realignment costs	848
Selling and marketing
Restructuring Cost and Reserve [Line Items]
Realignment costs	5,945
General and administrative
Restructuring Cost and Reserve [Line Items]
Realignment costs	1,765
Total operating expenses
Restructuring Cost and Reserve [Line Items]
Realignment costs	$ 8,558

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
Net Income Per Share - Narrative (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	96,683	149,754	321,126

Net Income Per Share - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 93,192	$ 126,521	$ 103,096
Less: Net income attributable to participating securities	(9)	(234)	(8)
Net income attributable to Class A and Class B common stockholders	93,183	126,287	103,088
Net income attributable to Class A and Class B common stockholders, diluted	$ 93,183	$ 126,287	$ 103,088
Denominator:
Weighted average shares, basic (in shares)	305,711,345	289,863,272	284,625,642
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	8,791,084	9,507,857	9,171,065
Dilutive effect of ESPP (in shares)	108,385	0	0
Dilutive effect of assumed conversion of convertible senior notes (in shares)	0	0	0
Weighted average shares, diluted (in shares)	314,610,814	299,371,129	293,796,707
Net income per share, basic (USD per share)	$ 0.30	$ 0.44	$ 0.36
Net income per share, diluted (USD per share)	$ 0.30	$ 0.42	$ 0.35
Convertible Debt \| 2026 Notes:
Numerator:
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	$ 0	$ 0	$ 0

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	13,624,597	0	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)	150,017	0	0
Convertible senior notes
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)	13,474,580	0	0