Bentley Systems (BSY) 10-Q8 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39548
Entity Registrant Name	BENTLEY SYSTEMS, INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3936623
Entity Address, Address Line One	685 Stockton Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341
City Area Code	610
Local Phone Number	458-5000
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	BSY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Central Index Key	0001031308
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,601,757
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		283,364,519

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 82,716	$ 71,684
Accounts receivable	252,863	296,376
Allowance for doubtful accounts	(8,656)	(9,303)
Prepaid income taxes	20,491	18,406
Prepaid and other current assets	44,043	38,732
Total current assets	391,457	415,895
Property and equipment, net	35,520	32,251
Operating lease right-of-use assets	43,248	40,249
Intangible assets, net	271,639	292,271
Goodwill	2,252,832	2,237,184
Investments	26,997	22,270
Deferred income taxes	68,681	52,636
Other assets	73,553	72,249
Total assets	3,163,927	3,165,005
Current liabilities:
Accounts payable	37,423	15,176
Accruals and other current liabilities	398,883	362,048
Deferred revenues	231,473	226,955
Operating lease liabilities	12,533	14,672
Income taxes payable	21,383	4,507
Current portion of long-term debt	7,500	5,000
Total current liabilities	709,195	628,358
Long-term debt	1,629,483	1,775,696
Deferred compensation plan liabilities	82,641	77,014
Long-term operating lease liabilities	32,273	27,670
Deferred revenues	16,282	16,118
Deferred income taxes	37,773	51,235
Income taxes payable	7,316	8,105
Other liabilities	5,192	7,355
Total liabilities	2,520,155	2,591,551
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of June 30, 2023 and December 31, 2022	0	0
Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,601,757 shares as of June 30, 2023 and December 31, 2022, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 283,111,226 and 277,412,730 shares as of June 30, 2023 and December 31, 2022, respectively	2,947	2,890
Additional paid-in capital	1,085,066	1,030,466
Accumulated other comprehensive loss	(87,828)	(89,740)
Accumulated deficit	(357,117)	(370,866)
Non-controlling interest	704	704
Total stockholders’ equity	643,772	573,454
Total liabilities and stockholders’ equity	$ 3,163,927	$ 3,165,005

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	283,111,226	277,412,730
Common stock shares outstanding (in shares)	283,111,226	277,412,730

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 296,749	$ 268,285	$ 611,160	$ 543,802
Cost of revenues:
Total cost of revenues	66,426	59,694	133,610	115,479
Gross profit	230,323	208,591	477,550	428,323
Operating expense (income):
Research and development	70,117	64,866	137,917	126,139
Selling and marketing	54,364	49,617	106,505	95,562
General and administrative	39,258	40,033	86,065	91,187
Deferred compensation plan	3,777	(12,159)	7,923	(17,297)
Amortization of purchased intangibles	9,502	10,517	20,050	20,423
Total operating expenses	177,018	152,874	358,460	316,014
Income from operations	53,305	55,717	119,090	112,309
Interest expense, net	(9,484)	(7,639)	(20,576)	(14,387)
Other income, net	965	3,514	1,254	13,861
Income before income taxes	44,786	51,592	99,768	111,783
Benefit (provision) for income taxes	3,899	4,674	(5,593)	1,443
Loss from investments accounted for using the equity method, net of tax	0	(593)	0	(1,165)
Net income	$ 48,685	$ 55,673	$ 94,175	$ 112,061
Per share information:
Net income per share, basic (USD per share)	$ 0.16	$ 0.18	$ 0.30	$ 0.36
Net income per share, diluted (USD per share)	$ 0.15	$ 0.17	$ 0.29	$ 0.35
Weighted average shares, basic (in shares)	311,914,602	308,244,778	311,366,371	308,512,924
Weighted average shares, diluted (in shares)	332,352,725	332,275,216	331,831,973	332,208,435
Subscriptions and licenses
Revenues:
Total revenues	$ 270,961	$ 243,739	$ 558,353	$ 495,177
Cost of revenues:
Total cost of revenues	41,156	36,806	82,087	70,533
Subscriptions
Revenues:
Total revenues	259,243	232,191	537,088	473,424
Perpetual licenses
Revenues:
Total revenues	11,718	11,548	21,265	21,753
Services
Revenues:
Total revenues	25,788	24,546	52,807	48,625
Cost of revenues:
Total cost of revenues	$ 25,270	$ 22,888	$ 51,523	$ 44,946

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 48,685	$ 55,673	$ 94,175	$ 112,061
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	1,538	(13,820)	1,878	2,617
Actuarial gain on retirement plan, net of tax effect of $(1), $(5), $(7), and $(10), respectively	8	13	34	26
Total other comprehensive income (loss), net of taxes	1,546	(13,807)	1,912	2,643
Comprehensive income	$ 50,231	$ 41,866	$ 96,087	$ 114,704

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Actuarial gain on retirement plan, tax effect	$ (1)	$ (5)	$ (7)	$ (10)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		282,526,719
Beginning balance at Dec. 31, 2021	$ 409,222	$ 2,825	$ 937,805	$ (91,774)	$ (439,634)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	112,061				112,061
Other comprehensive income	2,643			2,643
Dividends declared	(17,031)				(17,031)
Shares issued in connection with deferred compensation plan, net (in shares)		3,425,795
Shares issued in connection with deferred compensation plan	(24,246)	$ 34	(26)		(24,254)
Deferred compensation plan elective participant deferrals	3,108		3,108
Shares issued in connection with executive bonus plan, net (in shares)		159,797
Shares issued in connection with executive bonus plan	6,696	$ 2	11,891		(5,197)
Shares issued in connection with employee stock purchase plan (in shares)		109,749
Shares issued in connection with employee stock purchase plan	4,490	$ 1	4,610		(121)
Stock option exercises, net (in shares)		2,054,585
Stock option exercises, net	(2,539)	$ 21	5,840		(8,400)
Acquisition option exercises, net (in shares)		185,178
Acquisition option exercises, net	0	$ 2	(2)
Shares issued for stock grants, net (in shares)		13,632
Shares issued for stock grants, net	450		450
Stock-based compensation expense	17,529		17,529
Shares related to restricted stock, net (in shares)		141,705
Shares related to restricted stock, net	(2,148)	$ 2	(2)		(2,148)
Repurchase of Class B Common Stock under approved program (in shares)		(463,001)
Repurchase of Class B Common Stock under approved program	(13,242)	$ (5)			(13,237)
Ending balance (in shares) at Jun. 30, 2022		288,154,159
Ending balance at Jun. 30, 2022	496,993	$ 2,882	981,203	(89,131)	(397,961)
Beginning balance (in shares) at Mar. 31, 2022		285,134,093
Beginning balance at Mar. 31, 2022	457,653	$ 2,851	957,498	(75,324)	(427,372)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,673				55,673
Other comprehensive income	(13,807)			(13,807)
Dividends declared	(8,678)				(8,678)
Shares issued in connection with deferred compensation plan, net (in shares)		2,616,044
Shares issued in connection with deferred compensation plan	0	$ 26	(26)
Deferred compensation plan elective participant deferrals	2,439		2,439
Shares issued in connection with executive bonus plan, net (in shares)		87,692
Shares issued in connection with executive bonus plan	3,892	$ 1	6,896		(3,005)
Stock option exercises, net (in shares)		653,336
Stock option exercises, net	2,344	$ 7	3,086		(749)
Acquisition option exercises, net (in shares)		35,323
Acquisition option exercises, net	0	$ 1	(1)
Shares issued for stock grants, net (in shares)		13,632
Shares issued for stock grants, net	450		450
Stock-based compensation expense	10,862		10,862
Shares related to restricted stock, net (in shares)		77,040
Shares related to restricted stock, net	(593)	$ 1	(1)		(593)
Repurchase of Class B Common Stock under approved program (in shares)		(463,001)
Repurchase of Class B Common Stock under approved program	(13,242)	$ (5)			(13,237)
Ending balance (in shares) at Jun. 30, 2022		288,154,159
Ending balance at Jun. 30, 2022	496,993	$ 2,882	981,203	(89,131)	(397,961)
Beginning balance (in shares) at Dec. 31, 2022		289,014,487
Beginning balance at Dec. 31, 2022	573,454	$ 2,890	1,030,466	(89,740)	(370,866)	$ 704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	94,175				94,175
Other comprehensive income	1,912			1,912
Dividends declared	(29,224)				(29,224)
Shares issued in connection with deferred compensation plan, net (in shares)		2,782,181
Shares issued in connection with deferred compensation plan	(36,329)	$ 28	(28)		(36,329)
Deferred compensation plan elective participant deferrals	1,651		1,651
Shares issued in connection with executive bonus plan, net (in shares)		137,197
Shares issued in connection with executive bonus plan	5,480	$ 2	9,804		(4,326)
Shares issued in connection with employee stock purchase plan (in shares)		153,381
Shares issued in connection with employee stock purchase plan	4,335	$ 1	4,556		(222)
Stock option exercises, net (in shares)		2,236,827
Stock option exercises, net	3,711	$ 22	9,678		(5,989)
Shares issued for stock grants, net (in shares)		12,639
Shares issued for stock grants, net	600		600
Stock-based compensation expense	28,343		28,343
Shares related to restricted stock, net (in shares)		376,271
Shares related to restricted stock, net	(4,336)	$ 4	(4)		(4,336)
Ending balance (in shares) at Jun. 30, 2023		294,712,983
Ending balance at Jun. 30, 2023	643,772	$ 2,947	1,085,066	(87,828)	(357,117)	704
Beginning balance (in shares) at Mar. 31, 2023		291,501,271
Beginning balance at Mar. 31, 2023	614,190	$ 2,915	1,060,842	(89,374)	(360,897)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48,685				48,685
Other comprehensive income	1,546			1,546
Dividends declared	(14,702)				(14,702)
Shares issued in connection with deferred compensation plan, net (in shares)		1,729,443
Shares issued in connection with deferred compensation plan	(22,703)	$ 17	(17)		(22,703)
Deferred compensation plan elective participant deferrals	118		118
Shares issued in connection with executive bonus plan, net (in shares)		57,393
Shares issued in connection with executive bonus plan	2,421	$ 1	4,321		(1,901)
Stock option exercises, net (in shares)		1,308,527
Stock option exercises, net	1,210	$ 13	5,485		(4,288)
Shares issued for stock grants, net (in shares)		12,639
Shares issued for stock grants, net	600		600
Stock-based compensation expense	13,718		13,718
Shares related to restricted stock, net (in shares)		103,710
Shares related to restricted stock, net	(1,311)	$ 1	(1)		(1,311)
Ending balance (in shares) at Jun. 30, 2023		294,712,983
Ending balance at Jun. 30, 2023	$ 643,772	$ 2,947	$ 1,085,066	$ (87,828)	$ (357,117)	$ 704

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 94,175	$ 112,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,304	35,730
Deferred income taxes	(28,935)	(16,806)
Stock-based compensation expense	37,588	32,568
Deferred compensation plan	7,923	(17,297)
Amortization of deferred debt issuance costs	3,646	3,646
Change in fair value of derivative	663	(19,490)
Foreign currency remeasurement (gain) loss	(144)	5,748
Other non-cash items, net	3,530	3,315
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	49,171	15,581
Prepaid and other assets	(364)	3,325
Accounts payable, accruals, and other liabilities	41,969	25,683
Deferred revenues	(1,792)	(20,292)
Income taxes payable, net of prepaid income taxes	14,085	4,958
Net cash provided by operating activities	256,819	168,730
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(11,253)	(6,589)
Proceeds from sale of aircraft	0	2,380
Acquisitions, net of cash acquired	(10,299)	(714,197)
Purchases of investments	(8,200)	(5,561)
Net cash used in investing activities	(29,752)	(723,967)
Cash flows from financing activities:
Proceeds from credit facilities	288,387	657,981
Payments of credit facilities	(432,739)	(264,107)
Repayments of term loan	(2,500)	(2,500)
Payments of contingent and non-contingent consideration	(2,860)	(5,059)
Payments of dividends	(29,224)	(17,163)
Proceeds from stock purchases under employee stock purchase plan	4,557	4,611
Proceeds from exercise of stock options	9,700	5,861
Payments for shares acquired including shares withheld for taxes	(51,202)	(40,520)
Repurchase of Class B Common Stock under approved program	0	(13,242)
Other financing activities	(95)	(89)
Net cash (used in) provided by financing activities	(215,976)	325,773
Effect of exchange rate changes on cash and cash equivalents	(59)	(6,462)
Increase (decrease) in cash and cash equivalents	11,032	(235,926)
Cash and cash equivalents, beginning of year	71,684	329,337
Cash and cash equivalents, end of period	82,716	93,411
Supplemental information:
Cash paid for income taxes	18,167	11,606
Income tax refunds	168	1,076
Interest paid	19,382	10,528
Non-cash investing and financing activities:
Cost method investment	3,500	0
Deferred, non-contingent consideration, net	525	0
Share-settled executive bonus plan awards	9,806	11,893
Deferred compensation plan elective participant deferrals	$ 1,651	$ 3,108

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated and its wholly-owned subsidiaries (“Bentley Systems, Incorporated” or the “Company”), and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10 ‑ K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2022 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. For the three and six months ended June 30, 2023, payments related to the Company’s interest rate swap were recognized in Other income (expense), net in the consolidated statements of operations and the corresponding prior period amounts, which were previously recognized in Interest expense, net , were reclassified to conform to the current period presentation. For the three and six months ended June 30, 2022, the amounts reclassified were not material, and Income before income taxes and Net income in the consolidated statements of operations did not change as a result of these reclassifications.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Guidance In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. In December 2022, the FASB issued ASU No. 2022‑06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting by extending the sunset date of Topic 848 to December 31, 2024. The expedients and exceptions provided by these ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted these ASUs during the second quarter of 2023 (see Note 10) and the adoption did not have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Disaggregation of Revenues The Company’s revenues consist of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Subscriptions: Enterprise subscriptions (1) $ 103,674 $ 81,593 $ 207,578 $ 163,420 SELECT subscriptions 64,085 66,579 127,428 133,177 Term license subscriptions 91,484 84,019 202,082 176,827 Subscriptions 259,243 232,191 537,088 473,424 Perpetual licenses 11,718 11,548 21,265 21,753 Subscriptions and licenses 270,961 243,739 558,353 495,177 Services: Recurring 4,949 4,173 9,127 8,874 Other 20,839 20,373 43,680 39,751 Services 25,788 24,546 52,807 48,625 Total revenues $ 296,749 $ 268,285 $ 611,160 $ 543,802 (1) Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $99,248 and $72,905 for the three months ended June 30, 2023 and 2022, respectively, and $193,579 and $141,503 for the six months ended June 30, 2023 and 2022, respectively. The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered or at the start of the subscription term. For the three months ended June 30, 2023 and 2022, the Company recognized $138,822 and $129,872 of license related revenues, respectively, of which $127,104 and $118,324, respectively, were attributable to the term license component of the Company’s subscription‑based commercial offerings recorded in Subscriptions in the consolidated statements of operations. For the six months ended June 30, 2023 and 2022, the Company recognized $296,846 and $255,097 of license related revenues, respectively, of which $275,581 and $233,344, respectively, were attributable to the term license component of the Company’s subscription‑based commercial offerings recorded in Subscriptions in the consolidated statements of operations. The Company derived 7% of its total revenues through channel partners for the three and six months ended June 30, 2023 and 2022. Revenue from external customers is attributed to individual countries based upon the location of the customer. Revenues by geographic region are as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Americas (1) $ 158,836 $ 144,359 $ 327,181 $ 298,619 Europe, the Middle East, and Africa (“EMEA”) 83,444 74,800 176,276 152,280 Asia-Pacific (“APAC”) 54,469 49,126 107,703 92,903 Total revenues $ 296,749 $ 268,285 $ 611,160 $ 543,802 (1) Americas includes the United States (“U.S.”), Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $127,847 and $108,456 for the three months ended June 30, 2023 and 2022, respectively, and $255,297 and $224,589 for the six months ended June 30, 2023 and 2022, respectively. Contract Assets and Contract Liabilities June 30, 2023 December 31, 2022 Contract assets $ 451 $ 575 Deferred revenues 247,755 243,073 As of June 30, 2023 and December 31, 2022, the Company’s contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaid and other current assets in the consolidated balance sheets. Contract assets were not impaired as of June 30, 2023 and December 31, 2022. 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 six months ended June 30, 2023, $149,247 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $151,528 for the six months ended June 30, 2023, which were primarily related to new billings and acquisitions. For the six months ended June 30, 2022, $139,873 of revenues that were included in the December 31, 2021 deferred revenues balance were recognized. There were additional deferrals of $131,051 for the six months ended June 30, 2022, which were primarily related to new billings and acquisitions. As of June 30, 2023 and December 31, 2022, the Company has deferred $17,965 and $17,338, respectively, related to portfolio balancing exchange rights which is included in Deferred revenues in the consolidated balance sheets. Remaining Performance Obligations The Company’s contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of June 30, 2023, amounts allocated to these remaining performance obligations are $247,755, of which the Company expects to recognize approximately 93% over the next 12 months with the remaining amount thereafter.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions The aggregate details of the Company’s acquisition activity are as follows: Acquisitions Completed during Six Months Ended June 30, 2023 2022 Number of acquisitions 1 2 Cash paid at closing (1) $ 10,299 $ 733,343 Cash acquired — (19,146) Net cash paid $ 10,299 $ 714,197 The fair value of the contingent consideration from acquisitions is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 3 $ 1,196 Contingent consideration from acquisitions $ 3 $ 1,196 The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 3,662 $ 2,434 Other liabilities 625 2,977 Non-contingent consideration from acquisitions $ 4,287 $ 5,411 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. Acquisition costs are expensed as incurred and are recorded in General and administrative in the consolidated statements of operations. For the three months ended June 30, 2023 and 2022, the Company’s acquisition expenses were $113 and $677, respectively, and $5,298 and $11,251 for the six months ended June 30, 2023 and 2022, respectively, which include costs related to legal, accounting, valuation, insurance, general administrative, and other consulting and transaction fees. For the three and six months ended June 30, 2022, $26 and $9,799, respectively, of the Company’s acquisition expenses related to the acquisition of PLS. The following summarizes the fair values of the assets acquired and liabilities assumed, as well as the weighted average useful lives assigned to acquired intangible assets at the respective date of each acquisition (including contingent consideration): Acquisitions Completed in Six Months Ended Year Ended June 30, 2023 December 31, 2022 Consideration: Cash paid at closing $ 10,299 $ 763,228 Contingent consideration — 1,390 Deferred, non-contingent consideration, net 525 749 Other 56 (269) Total consideration $ 10,880 $ 765,098 Assets acquired and liabilities assumed: Cash $ — $ 20,221 Accounts receivable and other current assets 1,483 8,890 Operating lease right-of-use assets 345 1,237 Property and equipment — 1,316 Other assets — 7 Software and technology (weighted average useful life of 3 and 5 years, respectively) 1,300 10,608 Customer relationships (weighted average useful life of 6 and 10 years, respectively) 3,900 82,278 Trademarks (weighted average useful life of 5 and 8 years, respectively) 800 6,972 Total identifiable assets acquired excluding goodwill 7,828 131,529 Accruals and other current liabilities — (4,079) Deferred revenues (3,951) (14,176) Operating lease liabilities (345) (1,237) Deferred income taxes — (5,745) Total liabilities assumed (4,296) (25,237) Net identifiable assets acquired excluding goodwill 3,532 106,292 Goodwill 7,348 658,806 Net assets acquired $ 10,880 $ 765,098 The fair values of the working capital, other assets (liabilities), and property and equipment approximated their respective carrying values as of the acquisition date. Deferred revenues were determined in accordance with the Company’s revenue recognition policies. 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.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
Property and Equipment, Net	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following: June 30, 2023 December 31, 2022 Land $ 2,811 $ 2,811 Building and improvements 35,941 35,717 Computer equipment and software 61,452 54,636 Furniture, fixtures, and equipment 14,918 14,600 Aircraft 2,038 2,038 Other 151 156 Property and equipment, at cost 117,311 109,958 Less: Accumulated depreciation (81,791) (77,707) Total property and equipment, net $ 35,520 $ 32,251 Depreciation expense was $2,910 and $2,922 for the three months ended June 30, 2023 and 2022, respectively, and $5,634 and $5,412 for the six months ended June 30, 2023 and 2022, respectively. Related Party Equipment Sale In January 2022, the Audit Committee of the Company’s Board of Directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029, which was recorded in Other income, net in the consolidated statements of operations for the six months ended June 30, 2022 (see Note 20). Subsequent to the transaction, ongoing operating and fixed costs of the aircraft are shared on a proportional use basis subject to a cost-sharing agreement. Such costs were not material during the six months ended June 30, 2023 and 2022. The Company determined this transaction was with a related party.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows: Balance, December 31, 2022 $ 2,237,184 Acquisitions 7,348 Foreign currency translation adjustments 8,944 Other adjustments (644) Balance, June 30, 2023 $ 2,252,832 Details of intangible assets other than goodwill are as follows: June 30, 2023 December 31, 2022 Estimated Gross Accumulated Net Book Gross Accumulated Net Book Intangible assets subject to amortization: Software and technology 3-5 years $ 93,212 $ (57,955) $ 35,257 $ 92,390 $ (51,938) $ 40,452 Customer relationships 3-10 years 325,196 (129,116) 196,080 323,164 (114,387) 208,777 Trademarks 3-10 years 70,607 (30,414) 40,193 69,803 (26,904) 42,899 Non-compete agreements 5 years 350 (241) 109 350 (207) 143 Total intangible assets $ 489,365 $ (217,726) $ 271,639 $ 485,707 $ (193,436) $ 292,271 The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of subscriptions and licenses $ 3,123 $ 3,154 $ 6,310 $ 6,176 Amortization of purchased intangibles 9,502 10,517 20,050 20,423 Total amortization expense $ 12,625 $ 13,671 $ 26,360 $ 26,599

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: June 30, 2023 December 31, 2022 Cost method investments $ 26,906 $ 22,174 Equity method investments 91 96 Total investments $ 26,997 $ 22,270 Cost Method Investments Through its iTwin Ventures initiative, the Company invests in technology development companies, generally in the form of equity interests or convertible notes. In March 2023, the Company acquired an equity interest in Worldsensing, a leading global connectivity hardware platform company for infrastructure monitoring, via contribution of its sensemetrics’ Thread connectivity device business (the “Thread business”) and cash. The non‑cash contribution of the Thread business resulted in an insignificant gain, which was recorded in Other income, net in the consolidated statements of operations for the six months ended June 30, 2023 (see Note 20). In July 2022, the Company acquired an equity interest in Teralytics Holdings AG, a global platform company for human mobility analysis. During the second quarter of 2023, the Company recognized impairment charges of $7,318 to write-down certain cost method investments to their fair value primarily as a result of the investees’ decline in operating performance and the overall decline in the venture investment valuation environment. The impairment charges were recorded in Other income, net in the consolidated statements of operations for the three and six months ended June 30, 2023 (see Note 20).

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	LeasesThe Company’s operating leases consist of office facilities, office equipment, and automobiles. As of June 30, 2023, the Company’s leases have remaining terms of less than one year to ten 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. The components of operating lease cost reflected in the consolidated statements of operations were as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost (1) $ 4,534 $ 5,195 $ 9,162 $ 10,948 Variable lease cost 1,146 968 2,348 2,241 Short-term lease cost — 5 — 10 Total operating lease cost $ 5,680 $ 6,168 $ 11,510 $ 13,199 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $4,329 and $5,014 for the three months ended June 30, 2023 and 2022, respectively, and $8,746 and $10,567 for the six months ended June 30, 2023 and 2022, respectively. Supplemental operating cash flow and other information related to leases was as follows: Six Months Ended June 30, 2023 2022 Cash paid for operating leases included in operating cash flows $ 9,319 $ 10,092 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 11,212 $ 5,091 (1) Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the six months ended June 30, 2023 and 2022, respectively. The weighted average remaining lease term for operating leases was 4.7 years and 3.9 years as of June 30, 2023 and December 31, 2022, respectively. The weighted average discount rate was 4.3% and 3.4% as of June 30, 2023 and December 31, 2022, respectively.
Leases	LeasesThe Company’s operating leases consist of office facilities, office equipment, and automobiles. As of June 30, 2023, the Company’s leases have remaining terms of less than one year to ten 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. The components of operating lease cost reflected in the consolidated statements of operations were as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost (1) $ 4,534 $ 5,195 $ 9,162 $ 10,948 Variable lease cost 1,146 968 2,348 2,241 Short-term lease cost — 5 — 10 Total operating lease cost $ 5,680 $ 6,168 $ 11,510 $ 13,199 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $4,329 and $5,014 for the three months ended June 30, 2023 and 2022, respectively, and $8,746 and $10,567 for the six months ended June 30, 2023 and 2022, respectively. Supplemental operating cash flow and other information related to leases was as follows: Six Months Ended June 30, 2023 2022 Cash paid for operating leases included in operating cash flows $ 9,319 $ 10,092 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 11,212 $ 5,091 (1) Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the six months ended June 30, 2023 and 2022, respectively. The weighted average remaining lease term for operating leases was 4.7 years and 3.9 years as of June 30, 2023 and December 31, 2022, respectively. The weighted average discount rate was 4.3% and 3.4% as of June 30, 2023 and December 31, 2022, respectively.

Accruals and Other Current Liab

Accruals and Other Current Liabilities	6 Months Ended
Accruals and Other Current Liabilities	Jun. 30, 2023
Payables and Accruals [Abstract]
Accruals and Other Current Liabilities	Accruals and Other Current Liabilities Accruals and other current liabilities consist of the following: June 30, 2023 December 31, 2022 Cloud Services Subscription (“CSS”) deposits $ 260,118 $ 201,082 Accrued benefits 40,830 35,493 Accrued compensation 28,446 40,296 Due to customers 14,686 13,720 Accrued acquisition stay bonus 5,919 9,135 Employee stock purchase plan contributions 5,488 5,230 Accrued indirect taxes 4,730 9,766 Accrued professional fees 3,896 4,984 Non-contingent consideration from acquisitions 3,662 2,434 Accrued cloud provisioning costs 2,375 4,224 Deferred compensation plan liabilities 2,238 2,067 Contingent consideration from acquisitions 3 1,196 Other accrued and current liabilities 26,492 32,421 Total accruals and other current liabilities $ 398,883 $ 362,048

Long_Term Debt

Long‑Term Debt	6 Months Ended
Long‑Term Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long‑term debt consists of the following: June 30, 2023 December 31, 2022 Credit facility: Revolving loan facility due November 2025 $ 201,245 $ 345,597 Term loan due November 2025 192,500 195,000 Convertible senior notes due January 2026 (the “2026 Notes”) 687,830 687,830 Convertible senior notes due July 2027 (the “2027 Notes”) 575,000 575,000 Unamortized debt issuance costs (19,592) (22,731) Total debt 1,636,983 1,780,696 Less: Current portion of long-term debt (7,500) (5,000) Long-term debt $ 1,629,483 $ 1,775,696 Credit Facility The Company is party to a Credit Agreement dated December 19, 2017 (as amended from time to time), which provides for an $850,000 senior secured revolving loan facility that matures on November 15, 2025 (the “Credit Facility”). The Credit Facility also provides up to $50,000 of letters of credit and other borrowings subject to availability, including an $85,000 U.S. dollar swingline sub‑facility and a $200,000 incremental “accordion” sub‑facility. Debt issuance costs are amortized to interest expense through the maturity date. Under the Credit Facility, the Company has a $200,000 senior secured term loan with a maturity of November 15, 2025 (the “Term Loan”). The 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 had $150 of letters of credit and surety bonds outstanding as of June 30, 2023 and December 31, 2022 under the Credit Facility. As of June 30, 2023 and December 31, 2022, the Company had $648,605 and $504,253, respectively, available under the Credit Facility. Effective June 23, 2023, the Company amended the Credit Facility to replace the referenced interest rate based on LIBOR with the Secured Overnight Financing Rate (“SOFR”). Revolving loan borrowings under the Credit Facility bear interest at variable rates that reset every one, three, or six months depending on the period selected by the Company. Under the Term SOFR elections, revolving loan borrowings bear an interest rate of the applicable term SOFR rate plus 10 basis points (“bps”), plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio. Under the non‑Term SOFR elections, revolving loan borrowings bear a base interest rate of the highest of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) the applicable term SOFR rate plus 10 bps, plus a spread ranging from 25 bps to 125 bps as determined by the Company’s net leverage ratio. Swingline borrowings under the Credit Facility bear interest that resets daily. Interest on U.S. dollar swingline borrowings bear an interest rate of the daily simple SOFR rate plus 3.5 bps, plus a spread ranging from 125 bps to 225 bps as determined by the Company’s net leverage ratio. The Company cannot make optional currency swingline borrowings without the consent of the applicable swingline lender. Term loan borrowings under the Credit Facility bear interest at variable rates that reset every one, three, or six months depending on the period selected by the Company. Under the Term SOFR elections, term loan borrowings bear an interest rate of the applicable term SOFR rate plus 10 bps, plus a spread ranging from 100 bps to 200 bps as determined by the Company’s net leverage ratio. Under the non‑Term SOFR elections, term loan borrowings bear a base interest rate of the highest of (i) the prime rate, (ii) the overnight bank funding effective rate plus 50 bps, or (iii) the applicable term SOFR rate plus 10 bps, plus a spread ranging from 0 bps to 100 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 material first tier domestic subsidiaries and are secured by a first priority security interest in substantially all of the Company’s and the guarantors’ U.S. assets and 65% of the stock of their directly owned foreign subsidiaries. The agreement governing the Credit Facility contains customary positive and negative covenants, including restrictions on our ability to pay dividends and make other restricted payments, as well as events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenants defaults, cross-defaults to certain other indebtedness in excess of $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. The Credit Facility also contains customary financial covenants, including maximum net leverage ratio. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants in its Credit Facility. 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 SOFR‑based loan and the prepayment is made on a date other than an interest payment date, the Company is subject to customary breakage costs. Convertible Senior Notes As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants in the 2026 Notes and 2027 Notes, and none of the conditions of the 2026 Notes or 2027 Notes to early convert had been met. Derivative Arrangements The Company records derivative instruments as an asset or liability measured at fair value and depending on the nature of the hedge, the corresponding changes in the fair value of these instruments are recorded in the consolidated statements of operations or comprehensive income. If the derivative is determined to be a hedge, changes in the fair value of the derivative are offset against the change in the fair value of the hedged assets or liabilities through the consolidated statements of operations or recognized in Other comprehensive income (loss), net of taxes until the hedged item is recognized in the consolidated statements of operations. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Also, changes in the entire fair value of a derivative that is not designated as a hedge are recognized in earnings. Effective on April 2, 2020, the Company entered into an interest rate swap with a notional amount of $200,000 and a ten‑year term to reduce the interest rate risk associated with the Credit Facility. Effective on June 26, 2023, the Company amended the interest rate swap agreement to replace the LIBOR rate to SOFR under the ISDA Fallback Protocols included within the agreement. Subsequent to the amendment, the Company will continue to pay a fixed interest rate of 72.9 bps, and will receive a floating interest rate equal to daily SOFR plus an ARRC spread adjustment of 11.448 bps. The interest rate swap is not designated as a hedging instrument for accounting purposes. The Company accounts for the interest rate swap as either an asset or a liability on the consolidated balance sheets and carries the derivative at fair value (see Note 17). Gain (loss) from the change in fair value and payments related to the interest rate swap are recognized in Other income (expense), net in the consolidated statements of operations (see Note 20). The bank counterparty to the derivative potentially exposes the Company to credit-related losses in the event of nonperformance. To mitigate that risk, the Company only contracts with counterparties who meet the Company’s minimum requirements under its counterparty risk assessment process. The Company monitors counterparty risk on at least a quarterly basis and adjusts its exposure as necessary. The Company does not enter into derivative instrument transactions for trading or speculative purposes. Interest Expense, Net Interest expense, net consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Contractual interest expense $ (9,364) $ (5,700) $ (18,674) $ (9,747) Amortization of deferred debt issuance costs (1,823) (1,868) (3,646) (3,646) Other interest income (expense) 1,193 (153) 1,005 (1,158) Interest income 510 82 739 164 Interest expense, net $ (9,484) $ (7,639) $ (20,576) $ (14,387) The weighted average interest rate on borrowings under the Credit Facility were 7.14% and 2.89% for the three months ended June 30, 2023 and 2022, respectively, and 6.89% and 2.62% for the six months ended June 30, 2023 and 2022, respectively.

Executive Bonus Plan

Executive Bonus Plan	6 Months Ended
Executive Bonus Plan	Jun. 30, 2023
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus PlanFor the three months ended June 30, 2023 and 2022, the incentive compensation, including cash payments, election to receive shares of fully vested Class B Common Stock, and deferred compensation to plan participants, recognized under the amended and restated Bentley Systems, Incorporated Bonus Pool Plan (the “Bonus Plan”) (net of all applicable holdbacks) was $4,297 and $6,811, respectively, and $12,245 and $16,530 for the six months ended June 30, 2023 and 2022, respectively.

Retirement Plans

Retirement Plans	6 Months Ended
Retirement Plans	Jun. 30, 2023
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Deferred Compensation Plan Deferred compensation plan expense (income) was $3,777 and $(12,159) for the three months ended June 30, 2023 and 2022, respectively, and $7,923 and $(17,297) for the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023 and 2022, elective participant deferrals into the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) were $118 and $2,439, respectively, and $1,651 and $3,108 for the six months ended June 30, 2023 and 2022, respectively. No discretionary contributions were made to the DCP during the three and six months ended June 30, 2023 and 2022. As of June 30, 2023 and December 31, 2022, phantom shares of the Company’s Class B Common Stock issuable by the DCP were 17,995,119 and 21,587,831, respectively. The total liabilities related to the DCP is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 2,238 $ 2,067 Deferred compensation plan liabilities 82,641 77,014 Total DCP liabilities $ 84,879 $ 79,081

Common Stock

Common Stock	6 Months Ended
Common Stock	Jun. 30, 2023
Equity [Abstract]
Common Stock	Common Stock BSY Stock Repurchase Program On May 11, 2022, the Company announced that its Board of Directors approved the BSY Stock Repurchase Program (the “Repurchase Program”) authorizing the Company to repurchase up to $200,000 of the Company’s Class B Common Stock through June 30, 2024. On December 14, 2022, the Company’s Board of Directors amended the Repurchase Program to allow the Company also to repurchase its outstanding convertible senior notes. This additional authorization did not increase the overall dollar limit of the Repurchase Program. The shares and notes proposed to be acquired in the Repurchase Program may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares and/or notes repurchased under the Repurchase Program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company’s Class B Common Stock and outstanding notes, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, and applicable legal requirements. The exact number of shares and/or notes to be repurchased by the Company is not guaranteed, and the Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. The Company did not repurchase shares under the Repurchase Program for the six months ended June 30, 2023. For the six months ended June 30, 2022, the Company repurchased 463,001 shares for $13,242 under the Repurchase Program. As of June 30, 2023, $169,752 was available under the Company’s Board of Directors authorization for future repurchases of Class B Common Stock and/or outstanding convertible senior notes under the Repurchase Program. Common Stock Issuances, Sales, and Repurchases For the six months ended June 30, 2023, the Company issued 2,236,827 shares of Class B Common Stock to colleagues who exercised their stock options, net of 221,078 shares withheld at exercise to pay for the cost of the stock options, as well as for $5,989 of applicable income tax withholdings. The Company received $9,700 in proceeds from the exercise of stock options. For the six months ended June 30, 2022, the Company issued 2,054,585 shares of Class B Common Stock to colleagues who exercised their stock options, net of 355,063 shares withheld at exercise to pay for the cost of the stock options, as well as for $8,400 of applicable income tax withholdings. The Company received $5,861 in proceeds from the exercise of stock options. For the six months ended June 30, 2022, the Company issued 185,178 shares of Class B Common Stock related to the exercise of acquisition options, net of 714,822 shares withheld at exercise to pay for the cost of the options. The Company did not receive any proceeds from the exercise of these options. For the six months ended June 30, 2023 and 2022, the Company issued 137,197 and 159,797 shares of Class B Common Stock, respectively, in connection with Bonus Plan incentive compensation, net of shares withheld. Of the total 245,571 shares awarded for the six months ended June 30, 2023, 108,374 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $4,326. Of the total 283,913 shares awarded for the six months ended June 30, 2022, 124,116 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $5,197. For the six months ended June 30, 2023 and 2022, the Company issued 2,782,181 and 3,425,795 shares of Class B Common Stock, respectively, to DCP participants in connection with distributions from the plan. The distribution in shares for the six months ended June 30, 2023 totaled 3,677,405 shares of which 895,224 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $36,329. The distribution in shares for the six months ended June 30, 2022 totaled 3,926,105 shares of which 500,310 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $24,246. Dividends The Company declared cash dividends during the periods presented as follows: Dividend Per Share Amount 2023: Second quarter $ 0.05 $ 14,702 First quarter 0.05 14,522 2022: Second quarter $ 0.03 $ 8,678 First quarter 0.03 8,353 Dividends Declared Subsequent to June 30, 2023 In July 2023, the Company’s Board of Directors approved cash dividends of $0.05 per share payable on August 24, 2023 to all stockholders of record of Class A and Class B Common Stock as of the close of business on August 15, 2023. Global Employee Stock Purchase Plan During the six months ended June 30, 2023, colleagues who elected to participate in the Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”) purchased a total of 153,381 shares of Class B Common Stock, net of shares withheld, resulting in cash proceeds to the Company of $4,557. Of the total 159,377 shares purchased, 5,996 shares were sold back to the Company to pay for applicable income tax withholdings of $222. During the six months ended June 30, 2022, colleagues who elected to participate in the ESPP purchased a total of 109,749 shares of Class B Common Stock, net of shares withheld, resulting in cash proceeds to the Company of $4,611. Of the total 112,249 shares purchased, 2,500 shares were sold back to the Company to pay for applicable income tax withholdings of $121. As of June 30, 2023 and December 31, 2022, $5,488 and $5,230 of ESPP withholdings via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheets, respectively. As of June 30, 2023, shares of Class B Common Stock available for future issuance under the ESPP were 24,434,497.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2023 and 2022: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, March 31, 2023 $ (89,068) $ (306) $ (89,374) Other comprehensive income, before taxes 1,538 9 1,547 Tax expense — (1) (1) Other comprehensive income, net of taxes 1,538 8 1,546 Balance, June 30, 2023 $ (87,530) $ (298) $ (87,828) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, March 31, 2022 $ (74,430) $ (894) $ (75,324) Other comprehensive (loss) income, before taxes (13,820) 18 (13,802) Tax expense — (5) (5) Other comprehensive (loss) income, net of taxes (13,820) 13 (13,807) Balance, June 30, 2022 $ (88,250) $ (881) $ (89,131) Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2023 and 2022: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2022 $ (89,408) $ (332) $ (89,740) Other comprehensive income, before taxes 1,878 41 1,919 Tax expense — (7) (7) Other comprehensive income, net of taxes 1,878 34 1,912 Balance, June 30, 2023 $ (87,530) $ (298) $ (87,828) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2021 $ (90,867) $ (907) $ (91,774) Other comprehensive income, before taxes 2,617 36 2,653 Tax expense — (10) (10) Other comprehensive income, net of taxes 2,617 26 2,643 Balance, June 30, 2022 $ (88,250) $ (881) $ (89,131)

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock‑based compensation expense consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Restricted stock and restricted stock units (“RSUs”) expense $ 13,530 $ 9,197 $ 27,453 $ 14,562 Bonus Plan expense (see Note 11) 3,336 5,978 7,882 14,139 ESPP expense (see Note 13) 600 1,149 1,175 1,829 Stock option expense — 611 343 1,367 Stock grants expense 600 450 600 450 DCP elective participant deferrals expense (1) (see Note 12) 38 84 135 221 Total stock-based compensation expense (2) $ 18,104 $ 17,469 $ 37,588 $ 32,568 (1) DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan. (2) As of June 30, 2023 and December 31, 2022, $4,338 and $7,300 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively. Total stock‑based compensation expense is included in the consolidated statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of subscriptions and licenses $ 1,132 $ 785 $ 2,166 $ 1,170 Cost of services 707 564 1,714 947 Research and development 4,424 5,544 9,710 10,939 Selling and marketing 2,943 2,189 5,813 3,643 General and administrative 8,898 8,387 18,185 15,869 Total stock-based compensation expense $ 18,104 $ 17,469 $ 37,588 $ 32,568 Stock Options The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans: Weighted Weighted Average Average Remaining Aggregate Stock Exercise Price Contractual Intrinsic Options Per Share Life (in years) Value Outstanding, December 31, 2022 3,794,515 $ 5.57 Exercised (2,457,905) 5.48 Forfeited and expired (7,500) 5.60 Outstanding, June 30, 2023 1,329,110 $ 5.74 0.7 $ 64,449 Exercisable, June 30, 2023 1,329,110 $ 5.74 0.7 $ 64,449 For the six months ended June 30, 2023 and 2022, the Company received cash proceeds of $9,700 and $5,861, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the six months ended June 30, 2023 and 2022 was $93,656 and $82,288, respectively. As of June 30, 2023, there was no remaining unrecognized compensation expense related to unvested stock options. 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, including growth in annualized recurring revenues (“ARR”), and actual bookings for perpetual licenses and non‑recurring services, among others. Performance targets are generally set for performance periods of one The following is a summary of unvested restricted stock and RSU activity and related information under the Company’s applicable equity incentive plans: Time- Performance- Based Based Time- Weighted Weighted Total Based Average Average Restricted Restricted Performance- Grant Date Grant Date Stock Stock Based Fair Value Fair Value and RSUs and RSUs RSUs Per Share Per Share Unvested, December 31, 2022 3,068,851 2,706,078 (3) 362,773 (4) $ 36.67 $ 38.21 Granted 1,195,377 (1) 998,913 196,464 (5) 41.15 39.03 Vested (518,106) (360,946) (157,160) 44.70 38.20 Forfeited and canceled (121,669) (87,875) (33,794) 30.82 32.83 Unvested, June 30, 2023 3,624,453 (2) 3,256,170 368,283 37.32 39.14 (1) For the six months ended June 30, 2023, the Company only granted RSUs. (2) Includes 64,939 RSUs which are expected to be settled in cash. (3) Includes 199,076 time‑based RSUs granted during the three months ended March 31, 2022 to certain officers and key employees, which cliff vest on January 31, 2025. (4) Primarily relates to the 2022 annual performance period, except for 185,186 performance‑based RSUs granted during the year ended December 31, 2022 with extraordinary terms, which are described below. (5) Primarily relates to the 2023 annual performance period, except for 13,367 additional shares earned based on the achievement of 2022 performance goals for performance‑based RSUs granted during the year ended December 31, 2022. During the year ended December 31, 2022, the Company granted 185,186 performance‑based RSUs to certain officers and key employees, which vest subject to the achievement of certain performance goals over a three‑year performance period (the “Performance Period”). For each year of the Performance Period, one‑third of the performance‑based RSUs will be subject to a cliff, whereby no vesting of that portion will occur unless the Company’s applicable margin metrics (which, for 2022, was Adjusted EBITDA margin and for 2023 and 2024, will be Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin, excluding the impact of currency exchange fluctuations) also equals or exceeds the relevant target level for such year. Provided that the applicable margin targets are met, the total number of performance‑based RSUs that will vest is determined by the achievement of growth targets, which include growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. Final actual vesting will be determined on January 31, 2025. The 2022 Adjusted EBITDA margin target for the performance‑based RSUs was met. In 2016, the Company granted RSUs subject to performance‑based vesting as determined by the achievement of certain business growth targets. Certain colleagues elected to defer delivery of such shares upon vesting. During the six months ended June 30, 2023 and 2022, 1,562 and 10,888 shares, respectively, were delivered to colleagues, and 20 and 16 additional shares, respectively, were earned as a result of dividends. As of June 30, 2023 and December 31, 2022, 7,821 and 9,363 shares, respectively, of these vested and deferred RSUs remained outstanding. The weighted average grant date fair values of RSUs granted were $40.80 and $39.02, for the six months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, restricted stock and RSUs were issued net of 104,773 and 52,026 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $4,336 and $2,148, respectively. Stock Grants For the six months ended June 30, 2023 and 2022, the Company granted 12,639 and 13,632 fully vested shares of Class B Common Stock, respectively, with a fair value of $600 and $450, respectively.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a summary of Income before income taxes , (Benefit) provision for income taxes , and effective tax rate for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Income before income taxes $ 44,786 $ 51,592 $ 99,768 $ 111,783 (Benefit) provision for income taxes $ (3,899) $ (4,674) $ 5,593 $ (1,443) Effective tax rate (8.7) % (9.1) % 5.6 % (1.3) % For the three months ended June 30, 2023, the effective tax rate was higher compared to the prior year period primarily due to the increase in the forecasted effective tax rate impact of the U.S. Global Intangible Low-Taxed Income (“GILTI”) inclusion due to the mandatory capitalization of research and development expenses for U.S. tax purposes, partially offset by an increase in discrete tax benefits recognized in the current year period. For the three months ended June 30, 2023 and 2022, the Company recorded discrete tax benefits of $20,394 and $19,024, respectively, primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions. For the six months ended June 30, 2023, the effective tax rate was higher compared to the prior year period primarily due to the decrease in discrete tax benefits recognized in the current year period and the increase in the forecasted effective tax rate impact of the GILTI inclusion due to the mandatory capitalization of research and development expenses for U.S. tax purposes. For the six months ended June 30, 2023 and 2022, the Company recorded discrete tax benefits of $27,467 and $31,752, respectively, primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments A financial asset or liability classification is determined based on the lowest level input that is significant to the fair value measurement. The fair value hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt. Current assets and current liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments. The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 and Level 3 financial instruments as of June 30, 2023 and December 31, 2022: Acquisition contingent consideration — The fair value of these liabilities is generally determined using a cost or income approach and is measured 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 asset or liability is determined using an income approach and is measured based on the implied forward rates for the remaining term of the interest rate swap. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. Long-term debt — The fair value of the Company’s borrowings under its Credit Facility approximated its carrying value based upon discounted cash flows at current market rates for instruments with similar remaining terms. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. As of June 30, 2023, the estimated fair value of the 2026 Notes and 2027 Notes was $700,438 and $516,873, respectively. As of December 31, 2022, the estimated fair value of the 2026 Notes and 2027 Notes was $622,431 and $470,856, respectively. The estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled. Deferred compensation plan liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period. Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following: June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 6,026 $ — $ — $ 6,026 Interest rate swap (2) — 36,537 — 36,537 Total assets $ 6,026 $ 36,537 $ — $ 42,563 Liabilities: Acquisition contingent consideration (3) $ — $ — $ 3 $ 3 Deferred compensation plan liabilities (4) 84,879 — — 84,879 Cash-settled equity awards (3) 968 — — 968 Total liabilities $ 85,847 $ — $ 3 $ 85,850 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 19 $ — $ — $ 19 Interest rate swap (2) — 37,200 — 37,200 Total assets $ 19 $ 37,200 $ — $ 37,219 Liabilities: Acquisition contingent consideration (3) $ — $ — $ 1,196 $ 1,196 Deferred compensation plan liabilities (4) 79,081 — — 79,081 Cash-settled equity awards (3) 536 — — 536 Total liabilities $ 79,617 $ — $ 1,196 $ 80,813 (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 Accruals and other current liabilities in the consolidated balance sheets. (4) Included in Deferred compensation plan liabilities , except for current liabilities of $2,238 and $2,067 as of June 30, 2023 and December 31, 2022, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets. The following is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy: Six Months Ended Year Ended June 30, 2023 December 31, 2022 Balance, beginning of year $ 1,196 $ 6,613 Payments (1,206) (5,261) Addition — 1,390 Change in fair value — (1,427) Foreign currency translation adjustments 13 (119) Balance, end of period $ 3 $ 1,196 The Company did not have any transfers between levels within the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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. During June 2023, the Company entered into a $122,000 non‑cancelable future cash purchase commitment for services related to cloud provisioning of the Company’s software solutions through May 2026. As of June 30, 2023, the non‑cancelable future cash purchase commitment was $118,915. The Company expects to fully consume its contractual commitment in the ordinary course of operations. Litigation — From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, based upon the advice of counsel, the outcome of such actions is not expected to have a material adverse effect on the Company’s future financial position, results of operations, or cash flows.

Geographic Data

Geographic Data	6 Months Ended
Geographic Data	Jun. 30, 2023
Segment Reporting [Abstract]
Geographic Data	Geographic Data Revenues by geographic region are presented in Note 3. Long‑lived assets (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8) are as follows: June 30, 2023 December 31, 2022 Americas (1) $ 158,643 $ 164,729 EMEA 37,218 32,372 APAC 154,546 167,670 Total long-lived assets $ 350,407 $ 364,771 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean).

Other Income, Net

Other Income, Net	6 Months Ended
Other Income, Net	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net Other income, net consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Gain (loss) from: Change in fair value of interest rate swap (see Note 17) $ 3,826 $ 7,406 $ (663) $ 19,490 Foreign exchange (1) 2,104 (4,717) 3,558 (7,788) Sale of aircraft (see Note 5) — — — 2,029 Change in fair value of acquisition contingent consideration (see Note 17) — — — (500) Receipts (payments) related to interest rate swap 2,164 17 4,084 (277) Other (expense) income, net (2) (7,129) 808 (5,725) 907 Total other income, net $ 965 $ 3,514 $ 1,254 $ 13,861 (2) Other (expense) income, net includes investment impairment charges of $(7,318) for the three and six months ended June 30, 2023 (see Note 7).

Net Income Per Share

Net Income Per Share	6 Months Ended
Net Income Per Share	Jun. 30, 2023
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 June 30, 2023 and 2022, there were 368,283 and 356,946 participating securities outstanding, respectively.Undistributed net income allocated to participating securities are subtracted from net income in determining basic net income attributable to common stockholders. Basic net income per share is computed by dividing basic net income attributable to common stockholders by the weighted average number of shares, inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B Common Stock. For the Company’s diluted net income per share numerator, interest expense, net of tax, attributable to the assumed conversion of the convertible senior notes is added back to basic net income attributable to common stockholders. For the Company’s diluted net income per share denominator, the basic weighted average number of shares is adjusted for the effect of dilutive securities, including awards under the Company’s equity compensation plans and ESPP, and for the dilutive effect of the assumed conversion of the convertible senior notes. Diluted net income per share attributable to common stockholders is computed by dividing diluted net income attributable to common stockholders by the weighted average number of fully diluted common shares. Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and, therefore, net income per share would not differ under the two‑class method. The details of basic and diluted net income per share are as follows : Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income $ 48,685 $ 55,673 $ 94,175 $ 112,061 Less: Net income attributable to participating securities (19) (11) (38) (20) Net income attributable to Class A and Class B common stockholders, basic 48,666 55,662 94,137 112,041 Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes 1,723 1,705 3,440 3,400 Net income attributable to Class A and Class B common stockholders, diluted $ 50,389 $ 57,367 $ 97,577 $ 115,441 Denominator: Weighted average shares, basic 311,914,602 308,244,778 311,366,371 308,512,924 Dilutive effect of stock options, restricted stock, and RSUs 2,643,664 6,167,330 2,744,259 5,854,791 Dilutive effect of ESPP 160,673 195,485 87,557 173,097 Dilutive effect of assumed conversion of convertible senior notes 17,633,786 17,667,623 17,633,786 17,667,623 Weighted average shares, diluted 332,352,725 332,275,216 331,831,973 332,208,435 Net income per share, basic $ 0.16 $ 0.18 $ 0.30 $ 0.36 Net income per share, diluted $ 0.15 $ 0.17 $ 0.29 $ 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: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 RSUs — 223,731 — 223,731 Total anti-dilutive securities — 223,731 — 223,731

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 48,685	$ 55,673	$ 94,175	$ 112,061

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
David R. Shaman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Effective June 6, 2023, David R. Shaman, Chief Legal Officer and Secretary, terminated a trading plan established pursuant to Rule 10b5‑1 of the Exchange Act, which was intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) and was adopted effective December 16, 2022, to sell an aggregate of 65,696 shares of our Class B common stock through December 31, 2023. Effective June 8, 2023, Mr. Shaman adopted a trading plan established pursuant to Rule 10b5‑1 of the Exchange Act, which is intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c), to sell an aggregate of 127,942 shares of our Class B common stock through March 31, 2024.
December 2022 Plan [Member] \| David R. Shaman [Member]
Trading Arrangements, by Individual
Name	David R. Shaman
Title	Chief Legal Officer and Secretary
Adoption Date	December 16, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 6, 2023
Aggregate Available	65,696	65,696
June 2023 Plan [Member] \| David R. Shaman [Member]
Trading Arrangements, by Individual
Name	David R. Shaman
Title	Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 8, 2023
Arrangement Duration	297 days
Aggregate Available	127,942	127,942

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated and its wholly-owned subsidiaries (“Bentley Systems, Incorporated” or the “Company”), and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.
Consolidation	These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10 ‑ K. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ materially from those estimates. The December 31, 2022 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Reclassification	Certain reclassifications of prior period amounts have been made to conform to the current period presentation. For the three and six months ended June 30, 2023, payments related to the Company’s interest rate swap were recognized in Other income (expense), net in the consolidated statements of operations and the corresponding prior period amounts, which were previously recognized in Interest expense, net , were reclassified to conform to the current period presentation. For the three and six months ended June 30, 2022, the amounts reclassified were not material, and Income before income taxes and Net income in the consolidated statements of operations did not change as a result of these reclassifications.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Guidance In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. In December 2022, the FASB issued ASU No. 2022‑06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting by extending the sunset date of Topic 848 to December 31, 2024. The expedients and exceptions provided by these ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted these ASUs during the second quarter of 2023 (see Note 10) and the adoption did not have a material impact on the Company’s consolidated financial statements.
Revenue Recognition	As of June 30, 2023 and December 31, 2022, 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
Fair Value Measurements	A financial asset or liability classification is determined based on the lowest level input that is significant to the fair value measurement. The fair value hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. The Company’s financial instruments include cash equivalents, account receivables, certain other assets, accounts payable, accruals, certain other current and long‑term liabilities, and long‑term debt. Current assets and current liabilities — In general, the carrying amounts reported on the Company’s consolidated balance sheets for current assets and current liabilities approximate their fair values due to the short‑term nature of those instruments. The following methods and assumptions were used by the Company in estimating its fair value measurements for Level 2 and Level 3 financial instruments as of June 30, 2023 and December 31, 2022: Acquisition contingent consideration — The fair value of these liabilities is generally determined using a cost or income approach and is measured 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 asset or liability is determined using an income approach and is measured based on the implied forward rates for the remaining term of the interest rate swap. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. 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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Type and Location	The Company’s revenues consist of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Subscriptions: Enterprise subscriptions (1) $ 103,674 $ 81,593 $ 207,578 $ 163,420 SELECT subscriptions 64,085 66,579 127,428 133,177 Term license subscriptions 91,484 84,019 202,082 176,827 Subscriptions 259,243 232,191 537,088 473,424 Perpetual licenses 11,718 11,548 21,265 21,753 Subscriptions and licenses 270,961 243,739 558,353 495,177 Services: Recurring 4,949 4,173 9,127 8,874 Other 20,839 20,373 43,680 39,751 Services 25,788 24,546 52,807 48,625 Total revenues $ 296,749 $ 268,285 $ 611,160 $ 543,802 (1) Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $99,248 and $72,905 for the three months ended June 30, 2023 and 2022, respectively, and $193,579 and $141,503 for the six months ended June 30, 2023 and 2022, respectively. Revenue from external customers is attributed to individual countries based upon the location of the customer. Revenues by geographic region are as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Americas (1) $ 158,836 $ 144,359 $ 327,181 $ 298,619 Europe, the Middle East, and Africa (“EMEA”) 83,444 74,800 176,276 152,280 Asia-Pacific (“APAC”) 54,469 49,126 107,703 92,903 Total revenues $ 296,749 $ 268,285 $ 611,160 $ 543,802 (1) Americas includes the United States (“U.S.”), Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $127,847 and $108,456 for the three months ended June 30, 2023 and 2022, respectively, and $255,297 and $224,589 for the six months ended June 30, 2023 and 2022, respectively.
Schedule of Contract Assets and Contract Liabilities	Contract Assets and Contract Liabilities June 30, 2023 December 31, 2022 Contract assets $ 451 $ 575 Deferred revenues 247,755 243,073

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2023
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 during Six Months Ended June 30, 2023 2022 Number of acquisitions 1 2 Cash paid at closing (1) $ 10,299 $ 733,343 Cash acquired — (19,146) Net cash paid $ 10,299 $ 714,197
Schedule of Business Acquisitions Contingent Consideration	The fair value of the contingent consideration from acquisitions is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 3 $ 1,196 Contingent consideration from acquisitions $ 3 $ 1,196 The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 3,662 $ 2,434 Other liabilities 625 2,977 Non-contingent consideration from acquisitions $ 4,287 $ 5,411
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the fair values of the assets acquired and liabilities assumed, as well as the weighted average useful lives assigned to acquired intangible assets at the respective date of each acquisition (including contingent consideration): Acquisitions Completed in Six Months Ended Year Ended June 30, 2023 December 31, 2022 Consideration: Cash paid at closing $ 10,299 $ 763,228 Contingent consideration — 1,390 Deferred, non-contingent consideration, net 525 749 Other 56 (269) Total consideration $ 10,880 $ 765,098 Assets acquired and liabilities assumed: Cash $ — $ 20,221 Accounts receivable and other current assets 1,483 8,890 Operating lease right-of-use assets 345 1,237 Property and equipment — 1,316 Other assets — 7 Software and technology (weighted average useful life of 3 and 5 years, respectively) 1,300 10,608 Customer relationships (weighted average useful life of 6 and 10 years, respectively) 3,900 82,278 Trademarks (weighted average useful life of 5 and 8 years, respectively) 800 6,972 Total identifiable assets acquired excluding goodwill 7,828 131,529 Accruals and other current liabilities — (4,079) Deferred revenues (3,951) (14,176) Operating lease liabilities (345) (1,237) Deferred income taxes — (5,745) Total liabilities assumed (4,296) (25,237) Net identifiable assets acquired excluding goodwill 3,532 106,292 Goodwill 7,348 658,806 Net assets acquired $ 10,880 $ 765,098

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
Property and Equipment, Net (Tables)	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following: June 30, 2023 December 31, 2022 Land $ 2,811 $ 2,811 Building and improvements 35,941 35,717 Computer equipment and software 61,452 54,636 Furniture, fixtures, and equipment 14,918 14,600 Aircraft 2,038 2,038 Other 151 156 Property and equipment, at cost 117,311 109,958 Less: Accumulated depreciation (81,791) (77,707) Total property and equipment, net $ 35,520 $ 32,251

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows: Balance, December 31, 2022 $ 2,237,184 Acquisitions 7,348 Foreign currency translation adjustments 8,944 Other adjustments (644) Balance, June 30, 2023 $ 2,252,832
Schedule of Finite-Lived Intangible Assets	Details of intangible assets other than goodwill are as follows: June 30, 2023 December 31, 2022 Estimated Gross Accumulated Net Book Gross Accumulated Net Book Intangible assets subject to amortization: Software and technology 3-5 years $ 93,212 $ (57,955) $ 35,257 $ 92,390 $ (51,938) $ 40,452 Customer relationships 3-10 years 325,196 (129,116) 196,080 323,164 (114,387) 208,777 Trademarks 3-10 years 70,607 (30,414) 40,193 69,803 (26,904) 42,899 Non-compete agreements 5 years 350 (241) 109 350 (207) 143 Total intangible assets $ 489,365 $ (217,726) $ 271,639 $ 485,707 $ (193,436) $ 292,271
Schedule of Finite-lived Intangible Assets Amortization Expense	The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of subscriptions and licenses $ 3,123 $ 3,154 $ 6,310 $ 6,176 Amortization of purchased intangibles 9,502 10,517 20,050 20,423 Total amortization expense $ 12,625 $ 13,671 $ 26,360 $ 26,599

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: June 30, 2023 December 31, 2022 Cost method investments $ 26,906 $ 22,174 Equity method investments 91 96 Total investments $ 26,997 $ 22,270

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The components of operating lease cost reflected in the consolidated statements of operations were as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost (1) $ 4,534 $ 5,195 $ 9,162 $ 10,948 Variable lease cost 1,146 968 2,348 2,241 Short-term lease cost — 5 — 10 Total operating lease cost $ 5,680 $ 6,168 $ 11,510 $ 13,199 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $4,329 and $5,014 for the three months ended June 30, 2023 and 2022, respectively, and $8,746 and $10,567 for the six months ended June 30, 2023 and 2022, respectively. Supplemental operating cash flow and other information related to leases was as follows: Six Months Ended June 30, 2023 2022 Cash paid for operating leases included in operating cash flows $ 9,319 $ 10,092 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 11,212 $ 5,091 (1) Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the six months ended June 30, 2023 and 2022, respectively.

Accruals and Other Current Li_2

Accruals and Other Current Liabilities (Tables)	6 Months Ended
Accruals and Other Current Liabilities (Tables)	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accruals and Other Current Liabilities	Accruals and other current liabilities consist of the following: June 30, 2023 December 31, 2022 Cloud Services Subscription (“CSS”) deposits $ 260,118 $ 201,082 Accrued benefits 40,830 35,493 Accrued compensation 28,446 40,296 Due to customers 14,686 13,720 Accrued acquisition stay bonus 5,919 9,135 Employee stock purchase plan contributions 5,488 5,230 Accrued indirect taxes 4,730 9,766 Accrued professional fees 3,896 4,984 Non-contingent consideration from acquisitions 3,662 2,434 Accrued cloud provisioning costs 2,375 4,224 Deferred compensation plan liabilities 2,238 2,067 Contingent consideration from acquisitions 3 1,196 Other accrued and current liabilities 26,492 32,421 Total accruals and other current liabilities $ 398,883 $ 362,048

Long_Term Debt (Tables)

Long‑Term Debt (Tables)	6 Months Ended
Long‑Term Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long‑term debt consists of the following: June 30, 2023 December 31, 2022 Credit facility: Revolving loan facility due November 2025 $ 201,245 $ 345,597 Term loan due November 2025 192,500 195,000 Convertible senior notes due January 2026 (the “2026 Notes”) 687,830 687,830 Convertible senior notes due July 2027 (the “2027 Notes”) 575,000 575,000 Unamortized debt issuance costs (19,592) (22,731) Total debt 1,636,983 1,780,696 Less: Current portion of long-term debt (7,500) (5,000) Long-term debt $ 1,629,483 $ 1,775,696
Schedule of Interest Expense, Net	Interest expense, net consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Contractual interest expense $ (9,364) $ (5,700) $ (18,674) $ (9,747) Amortization of deferred debt issuance costs (1,823) (1,868) (3,646) (3,646) Other interest income (expense) 1,193 (153) 1,005 (1,158) Interest income 510 82 739 164 Interest expense, net $ (9,484) $ (7,639) $ (20,576) $ (14,387)

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
Retirement Plans (Tables)	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Plan Liabilities	The total liabilities related to the DCP is included in the consolidated balance sheets as follows: June 30, 2023 December 31, 2022 Accruals and other current liabilities $ 2,238 $ 2,067 Deferred compensation plan liabilities 82,641 77,014 Total DCP liabilities $ 84,879 $ 79,081

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
Common Stock (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Dividends Declared	The Company declared cash dividends during the periods presented as follows: Dividend Per Share Amount 2023: Second quarter $ 0.05 $ 14,702 First quarter 0.05 14,522 2022: Second quarter $ 0.03 $ 8,678 First quarter 0.03 8,353

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following during the three months ended June 30, 2023 and 2022: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, March 31, 2023 $ (89,068) $ (306) $ (89,374) Other comprehensive income, before taxes 1,538 9 1,547 Tax expense — (1) (1) Other comprehensive income, net of taxes 1,538 8 1,546 Balance, June 30, 2023 $ (87,530) $ (298) $ (87,828) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, March 31, 2022 $ (74,430) $ (894) $ (75,324) Other comprehensive (loss) income, before taxes (13,820) 18 (13,802) Tax expense — (5) (5) Other comprehensive (loss) income, net of taxes (13,820) 13 (13,807) Balance, June 30, 2022 $ (88,250) $ (881) $ (89,131) Accumulated other comprehensive loss consists of the following during the six months ended June 30, 2023 and 2022: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2022 $ (89,408) $ (332) $ (89,740) Other comprehensive income, before taxes 1,878 41 1,919 Tax expense — (7) (7) Other comprehensive income, net of taxes 1,878 34 1,912 Balance, June 30, 2023 $ (87,530) $ (298) $ (87,828) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2021 $ (90,867) $ (907) $ (91,774) Other comprehensive income, before taxes 2,617 36 2,653 Tax expense — (10) (10) Other comprehensive income, net of taxes 2,617 26 2,643 Balance, June 30, 2022 $ (88,250) $ (881) $ (89,131)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Total stock‑based compensation expense consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Restricted stock and restricted stock units (“RSUs”) expense $ 13,530 $ 9,197 $ 27,453 $ 14,562 Bonus Plan expense (see Note 11) 3,336 5,978 7,882 14,139 ESPP expense (see Note 13) 600 1,149 1,175 1,829 Stock option expense — 611 343 1,367 Stock grants expense 600 450 600 450 DCP elective participant deferrals expense (1) (see Note 12) 38 84 135 221 Total stock-based compensation expense (2) $ 18,104 $ 17,469 $ 37,588 $ 32,568 (1) DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan. (2) As of June 30, 2023 and December 31, 2022, $4,338 and $7,300 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively. Total stock‑based compensation expense is included in the consolidated statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of subscriptions and licenses $ 1,132 $ 785 $ 2,166 $ 1,170 Cost of services 707 564 1,714 947 Research and development 4,424 5,544 9,710 10,939 Selling and marketing 2,943 2,189 5,813 3,643 General and administrative 8,898 8,387 18,185 15,869 Total stock-based compensation expense $ 18,104 $ 17,469 $ 37,588 $ 32,568
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, 2022 3,794,515 $ 5.57 Exercised (2,457,905) 5.48 Forfeited and expired (7,500) 5.60 Outstanding, June 30, 2023 1,329,110 $ 5.74 0.7 $ 64,449 Exercisable, June 30, 2023 1,329,110 $ 5.74 0.7 $ 64,449
Schedule of Restricted Stock and Restricted Stock Unit Activity	The following is a summary of unvested restricted stock and RSU activity and related information under the Company’s applicable equity incentive plans: Time- Performance- Based Based Time- Weighted Weighted Total Based Average Average Restricted Restricted Performance- Grant Date Grant Date Stock Stock Based Fair Value Fair Value and RSUs and RSUs RSUs Per Share Per Share Unvested, December 31, 2022 3,068,851 2,706,078 (3) 362,773 (4) $ 36.67 $ 38.21 Granted 1,195,377 (1) 998,913 196,464 (5) 41.15 39.03 Vested (518,106) (360,946) (157,160) 44.70 38.20 Forfeited and canceled (121,669) (87,875) (33,794) 30.82 32.83 Unvested, June 30, 2023 3,624,453 (2) 3,256,170 368,283 37.32 39.14 (1) For the six months ended June 30, 2023, the Company only granted RSUs. (2) Includes 64,939 RSUs which are expected to be settled in cash. (3) Includes 199,076 time‑based RSUs granted during the three months ended March 31, 2022 to certain officers and key employees, which cliff vest on January 31, 2025. (4) Primarily relates to the 2022 annual performance period, except for 185,186 performance‑based RSUs granted during the year ended December 31, 2022 with extraordinary terms, which are described below. (5) Primarily relates to the 2023 annual performance period, except for 13,367 additional shares earned based on the achievement of 2022 performance goals for performance‑based RSUs granted during the year ended December 31, 2022.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax	The following is a summary of Income before income taxes , (Benefit) provision for income taxes , and effective tax rate for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Income before income taxes $ 44,786 $ 51,592 $ 99,768 $ 111,783 (Benefit) provision for income taxes $ (3,899) $ (4,674) $ 5,593 $ (1,443) Effective tax rate (8.7) % (9.1) % 5.6 % (1.3) %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following: June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 6,026 $ — $ — $ 6,026 Interest rate swap (2) — 36,537 — 36,537 Total assets $ 6,026 $ 36,537 $ — $ 42,563 Liabilities: Acquisition contingent consideration (3) $ — $ — $ 3 $ 3 Deferred compensation plan liabilities (4) 84,879 — — 84,879 Cash-settled equity awards (3) 968 — — 968 Total liabilities $ 85,847 $ — $ 3 $ 85,850 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 19 $ — $ — $ 19 Interest rate swap (2) — 37,200 — 37,200 Total assets $ 19 $ 37,200 $ — $ 37,219 Liabilities: Acquisition contingent consideration (3) $ — $ — $ 1,196 $ 1,196 Deferred compensation plan liabilities (4) 79,081 — — 79,081 Cash-settled equity awards (3) 536 — — 536 Total liabilities $ 79,617 $ — $ 1,196 $ 80,813 (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 Accruals and other current liabilities in the consolidated balance sheets. (4) Included in Deferred compensation plan liabilities , except for current liabilities of $2,238 and $2,067 as of June 30, 2023 and December 31, 2022, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy: Six Months Ended Year Ended June 30, 2023 December 31, 2022 Balance, beginning of year $ 1,196 $ 6,613 Payments (1,206) (5,261) Addition — 1,390 Change in fair value — (1,427) Foreign currency translation adjustments 13 (119) Balance, end of period $ 3 $ 1,196

Geographic Data (Tables)

Geographic Data (Tables)	6 Months Ended
Geographic Data (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Long-lived Assets by Geographic Areas	Long‑lived assets (other than goodwill), net of depreciation and amortization by geographic region (see Notes 5, 6, and 8) are as follows: June 30, 2023 December 31, 2022 Americas (1) $ 158,643 $ 164,729 EMEA 37,218 32,372 APAC 154,546 167,670 Total long-lived assets $ 350,407 $ 364,771 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean).

Other Income, Net (Tables)

Other Income, Net (Tables)	6 Months Ended
Other Income, Net (Tables)	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	Other income, net consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Gain (loss) from: Change in fair value of interest rate swap (see Note 17) $ 3,826 $ 7,406 $ (663) $ 19,490 Foreign exchange (1) 2,104 (4,717) 3,558 (7,788) Sale of aircraft (see Note 5) — — — 2,029 Change in fair value of acquisition contingent consideration (see Note 17) — — — (500) Receipts (payments) related to interest rate swap 2,164 17 4,084 (277) Other (expense) income, net (2) (7,129) 808 (5,725) 907 Total other income, net $ 965 $ 3,514 $ 1,254 $ 13,861 (2) Other (expense) income, net includes investment impairment charges of $(7,318) for the three and six months ended June 30, 2023 (see Note 7).

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
Net Income Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Share, Basic and Diluted	The details of basic and diluted net income per share are as follows : Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income $ 48,685 $ 55,673 $ 94,175 $ 112,061 Less: Net income attributable to participating securities (19) (11) (38) (20) Net income attributable to Class A and Class B common stockholders, basic 48,666 55,662 94,137 112,041 Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes 1,723 1,705 3,440 3,400 Net income attributable to Class A and Class B common stockholders, diluted $ 50,389 $ 57,367 $ 97,577 $ 115,441 Denominator: Weighted average shares, basic 311,914,602 308,244,778 311,366,371 308,512,924 Dilutive effect of stock options, restricted stock, and RSUs 2,643,664 6,167,330 2,744,259 5,854,791 Dilutive effect of ESPP 160,673 195,485 87,557 173,097 Dilutive effect of assumed conversion of convertible senior notes 17,633,786 17,667,623 17,633,786 17,667,623 Weighted average shares, diluted 332,352,725 332,275,216 331,831,973 332,208,435 Net income per share, basic $ 0.16 $ 0.18 $ 0.30 $ 0.36 Net income per share, diluted $ 0.15 $ 0.17 $ 0.29 $ 0.35
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potential common shares were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti‑dilutive for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 RSUs — 223,731 — 223,731 Total anti-dilutive securities — 223,731 — 223,731

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 296,749	$ 268,285	$ 611,160	$ 543,802
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	270,961	243,739	558,353	495,177
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	259,243	232,191	537,088	473,424
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	103,674	81,593	207,578	163,420
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	64,085	66,579	127,428	133,177
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	91,484	84,019	202,082	176,827
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	11,718	11,548	21,265	21,753
Services
Disaggregation of Revenue [Line Items]
Total revenues	25,788	24,546	52,807	48,625
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	4,949	4,173	9,127	8,874
Other
Disaggregation of Revenue [Line Items]
Total revenues	20,839	20,373	43,680	39,751
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 99,248	$ 72,905	$ 193,579	$ 141,503

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 296,749,000	$ 268,285,000	$ 611,160,000	$ 543,802,000
Contract asset impairment			0		$ 0
Contract with customer, liability, revenue recognized			149,247,000	139,873,000
Contract with customer liability additions			151,528,000	$ 131,051,000
Deferred revenues	$ 247,755,000		$ 247,755,000		243,073,000
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7%	7%	7%	7%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 138,822,000	$ 129,872,000	$ 296,846,000	$ 255,097,000
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	127,104,000	$ 118,324,000	275,581,000	$ 233,344,000
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Deferred revenues	$ 17,965,000		$ 17,965,000		$ 17,338,000

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 296,749	$ 268,285	$ 611,160	$ 543,802
Americas
Disaggregation of Revenue [Line Items]
Total revenues	158,836	144,359	327,181	298,619
United States
Disaggregation of Revenue [Line Items]
Total revenues	127,847	108,456	255,297	224,589
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue [Line Items]
Total revenues	83,444	74,800	176,276	152,280
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 54,469	$ 49,126	$ 107,703	$ 92,903

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 451	$ 575
Deferred revenues	$ 247,755	$ 243,073

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 247,755
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	93%
Remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction period

Acquisitions - Schedule of Cash

Acquisitions - Schedule of Cash Paid and Acquired for Acquisitions (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) acquisition	Jun. 30, 2022 USD ($) acquisition	Dec. 31, 2022 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 10,299	$ 714,197
Escrow deposit		$ 3,000
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	1	2
Cash paid at closing	$ 10,299	$ 733,343	$ 763,228
Cash acquired	0	(19,146)
Net cash paid	$ 10,299	$ 714,197

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Jan. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) acquisition	Jun. 30, 2022 USD ($)	Dec. 31, 2022 acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid				$ 10,299	$ 714,197
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid				$ 10,299	714,197
Number business acquired pending purchase accounting adjustments \| acquisition				1		1
Acquisition and integration costs		$ 113	$ 677	$ 5,298	11,251
Goodwill from acquisition, expected tax deductible amount		$ 7,289		$ 7,289
Power Line Systems
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 695,968
Acquisition and integration costs			$ 26		$ 9,799

Acquisitions - Schedule of Cont

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	$ 3	$ 1,196
Non-contingent consideration from acquisitions	3,662	2,434
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Accruals and other current liabilities	3	1,196
Contingent consideration from acquisitions	3	1,196
Non-contingent consideration from acquisitions	3,662	2,434
Other liabilities	625	2,977
Non-contingent consideration from acquisitions	$ 4,287	$ 5,411

Acquisitions - Schedule of Cons

Acquisitions - Schedule of Consideration and Net Assets Acquired (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Assets acquired and liabilities assumed:
Goodwill	$ 2,252,832		$ 2,237,184
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	10,299	$ 733,343	763,228
Contingent consideration	0		1,390
Deferred, non-contingent consideration, net	525		749
Other	56		(269)
Total consideration	10,880		765,098
Assets acquired and liabilities assumed:
Cash	0		20,221
Accounts receivable and other current assets	1,483		8,890
Operating lease right-of-use assets	345		1,237
Property and equipment	0		1,316
Other assets	0		7
Total identifiable assets acquired excluding goodwill	7,828		131,529
Accruals and other current liabilities	0		(4,079)
Deferred revenues	(3,951)		(14,176)
Operating lease liabilities	(345)		(1,237)
Deferred income taxes	0		(5,745)
Total liabilities assumed	(4,296)		(25,237)
Net identifiable assets acquired excluding goodwill	3,532		106,292
Goodwill	7,348		658,806
Net assets acquired	10,880		765,098
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles	1,300		10,608
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles	3,900		82,278
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles	$ 800		$ 6,972
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Software and technology
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years		5 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Customer relationships
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	6 years		10 years
Series of Individually Immaterial Business Acquisitions \| Weighted Average \| Trademarks
Business Combination, Separately Recognized Transactions [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years		8 years

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	$ 117,311	$ 109,958
Less: Accumulated depreciation	(81,791)	(77,707)
Property and equipment, and finance lease right-of-use asset, net	35,520	32,251
Land
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	35,941	35,717
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	61,452	54,636
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	14,918	14,600
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	2,038	2,038
Other
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, at cost	$ 151	$ 156

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 01, 2022	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 2,910	$ 2,922	$ 5,634	$ 5,412
Proceeds from sale of aircraft					$ 0	2,380
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of interest percent		50%
Proceeds from sale of aircraft	$ 2,380
Gain on disposition of property plant equipment						$ 2,029

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,237,184
Acquisitions	7,348
Foreign currency translation adjustments	8,944
Other adjustments	(644)
Goodwill ending balance	$ 2,252,832

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Gross Carrying Amount	$ 489,365	$ 485,707
Accumulated Amortization	(217,726)	(193,436)
Net Book Value	271,639	292,271
Software and technology
Intangible assets subject to amortization:
Gross Carrying Amount	93,212	92,390
Accumulated Amortization	(57,955)	(51,938)
Net Book Value	$ 35,257	40,452
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	$ 325,196	323,164
Accumulated Amortization	(129,116)	(114,387)
Net Book Value	$ 196,080	208,777
Customer relationships \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Customer relationships \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	10 years
Trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	$ 70,607	69,803
Accumulated Amortization	(30,414)	(26,904)
Net Book Value	$ 40,193	42,899
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	(241)	(207)
Net Book Value	$ 109	$ 143

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 3,123	$ 3,154	$ 6,310	$ 6,176
Amortization of purchased intangibles	9,502	10,517	20,050	20,423
Total amortization expense	$ 12,625	$ 13,671	$ 26,360	$ 26,599

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 26,906	$ 22,174
Equity method investments	91	96
Total investments	$ 26,997	$ 22,270

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Impairment of cost method investment	$ 7,318	$ 7,318
Payments to acquire cost method investments		11,700
Cost method investments	26,906	26,906		$ 22,174
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments		8,928
Cost method investments	8,928	8,928
Teralytics Investment
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments			$ 4,361
Cost method investments	$ 7,270	$ 7,270		$ 11,130

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 8 months 12 days	3 years 10 months 24 days
Operating lease, weighted average discount rate, percent	4.30%	3.40%
Operating lease payments, leases not yet commenced	$ 1,080
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)	10 years
Renewal term	10 years
Termination period (less than)	5 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 4,534	$ 5,195	$ 9,162	$ 10,948
Variable lease cost	1,146	968	2,348	2,241
Short-term lease cost	0	5	0	10
Total operating lease cost	5,680	6,168	11,510	13,199
Payments for rent	$ 4,329	$ 5,014	$ 8,746	$ 10,567

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 9,319	$ 10,092
Right-of-use assets obtained in exchange for new operating lease liabilities	11,212	5,091
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions	$ 345	$ 1,237

Accruals and Other Current Li_3

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Cloud Services Subscription (“CSS”) deposits	$ 260,118	$ 201,082
Accrued benefits	40,830	35,493
Accrued compensation	28,446	40,296
Due to customers	14,686	13,720
Accrued acquisition stay bonus	5,919	9,135
Employee stock purchase plan contributions	5,488	5,230
Accrued indirect taxes	4,730	9,766
Accrued professional fees	3,896	4,984
Non-contingent consideration from acquisitions	3,662	2,434
Accrued cloud provisioning costs	2,375	4,224
Deferred compensation plan liabilities	2,238	2,067
Contingent consideration from acquisitions	3	1,196
Other accrued and current liabilities	26,492	32,421
Total accruals and other current liabilities	$ 398,883	$ 362,048

Long_Term Debt - Schedule of Lo

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (19,592)	$ (22,731)
Total debt	1,636,983	1,780,696
Less: Current portion of long-term debt	(7,500)	(5,000)
Long-term debt	1,629,483	1,775,696
Senior Notes Due January 2026 \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	687,830	687,830
Senior Notes Due July 2027 \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Revolving Credit Facility \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	201,245	345,597
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 192,500	$ 195,000

Long_Term Debt - Narrative (Det

Long‑Term Debt - Narrative (Details)		3 Months Ended		6 Months Ended		21 Months Ended	23 Months Ended
Long‑Term Debt - Narrative (Details)	Apr. 02, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Dec. 31, 2023 USD ($)	Nov. 15, 2025 USD ($)	Jun. 23, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 1,636,983,000		$ 1,636,983,000					$ 1,780,696,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount	$ 200,000,000
Term of contract	10 years
Fixed interest rate								0.729%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Interest Rate Swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Basis spread on variable rate								0.11448%
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity		648,605,000		648,605,000					504,253,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Accordion feature, increase limit		$ 200,000,000		$ 200,000,000
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Borrowings guaranteed through stock of foreign subsidiaries percentage		0.65		0.65
Revolving Credit Facility \| New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 850,000,000		$ 850,000,000
Debt covenant, cross-defaults of other debt threshold				50,000,000
Debt covenant, judgment defaults threshold				$ 10,000,000
Weighted average interest rate over time		7.14%	2.89%	6.89%	2.62%
Letter of Credit \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000		$ 50,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		85,000,000		$ 85,000,000
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.035%
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Multi‑Currency Swing‑Line Sub‑Facility \| Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Secured Debt \| 2021 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount		200,000,000		$ 200,000,000
Secured Debt \| March 31,2022 - December 31, 2023 \| 2021 Term Loan \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Repayments of term loan per quarter						$ 1,250,000
Secured Debt \| March 31, 2024 - November 14, 2025 \| 2021 Term Loan \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Repayments of term loan per quarter							$ 2,500,000
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 150,000		$ 150,000					$ 150,000
Revolving Credit Facility - Non-Euro Currency \| Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
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 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
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 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
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 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
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 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2%
Revolving Credit Facility - Non-Euro Currency \| 2021 Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1%

Long_Term Debt - Schedule of In

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ (9,364)	$ (5,700)	$ (18,674)	$ (9,747)
Amortization of deferred debt issuance costs	(1,823)	(1,868)	(3,646)	(3,646)
Other interest income (expense)	1,193	(153)	1,005	(1,158)
Interest income	510	82	739	164
Interest expense, net	$ (9,484)	$ (7,639)	$ (20,576)	$ (14,387)

Executive Bonus Plan (Details)

Executive Bonus Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Executive Bonus Plan (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 3,777	$ (12,159)	$ 7,923	$ (17,297)
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 4,297	$ 6,811	$ 12,245	$ 16,530

Retirement Plans - Narrative (D

Retirement Plans - Narrative (Details) - Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits - Nonqualified Plan - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation plan expense (income)	$ 3,777,000	$ (12,159,000)	$ 7,923,000	$ (17,297,000)
DCP participant deferrals	$ 118,000	$ 2,439,000	1,651,000	3,108,000
Contributions by employer			$ 0	$ 0
Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares issuable (in shares)	17,995,119		17,995,119		21,587,831

Retirement Plans - Schedule of

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 398,883	$ 362,048
Deferred compensation plan liabilities	82,641	77,014
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	2,238	2,067
Deferred compensation plan liabilities	82,641	77,014
Total DCP liabilities	$ 84,879	$ 79,081

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended
Common Stock - Narrative (Details) - USD ($)	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 11, 2022
Class of Stock [Line Items]
Repurchase of Class B Common Stock under approved program				$ 13,242,000			$ 13,242,000
Dividends per share (USD per share)		$ 0.05	$ 0.05	$ 0.03	$ 0.03
Employee stock purchase plan contributions		$ 5,488,000				$ 5,488,000		$ 5,230,000
Subsequent Event
Class of Stock [Line Items]
Dividends per share (USD per share)	$ 0.05
Common Stock
Class of Stock [Line Items]
Repurchase of Class B Common Stock under approved program (in shares)				463,001			463,001
Repurchase of Class B Common Stock under approved program				$ 5,000			$ 5,000
Shares exercised (in shares)		1,308,527		653,336		2,236,827	2,054,585
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions		$ 5,488,000				$ 5,488,000		$ 5,230,000
Class B Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount									$ 200,000,000
Repurchase of Class B Common Stock under approved program (in shares)						0	463,001
Repurchase of Class B Common Stock under approved program							$ 13,242,000
Common stock, reserved for future issuance amount		$ 169,752,000				$ 169,752,000
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						$ 36,329,000	$ 24,246,000
Deferred compensation arrangement with individual, shares issued (in shares)						2,782,181	3,425,795
Deferred compensation arrangement with individual, shares issued, gross (in shares)						3,677,405	3,926,105
Shares withheld for tax withholding obligation (in shares)						895,224	500,310
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)						137,197	159,797
Shares withheld for cost of options and tax withholding obligation (in shares)						108,374	124,116
Share-based compensation tax withholding payment						$ 4,326,000	$ 5,197,000
Shares exercised (in shares)						245,571	283,913
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)						2,236,827
Shares withheld for cost of options and tax withholding obligation (in shares)						221,078
Share-based compensation tax withholding payment						$ 5,989,000	$ 8,400,000
Cash used to settle award						$ 9,700,000
Class B Common Stock \| Stock Option \| Acquisition Options
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)							185,178
Shares withheld for cost of options and tax withholding obligation (in shares)							714,822
Cash used to settle award							$ 0
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Shares exercised, net of shares withheld (in shares)							2,054,585
Shares withheld for cost of options and tax withholding obligation (in shares)							355,063
Cash used to settle award							$ 5,861,000
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)						5,996	2,500
Share-based compensation tax withholding payment						$ 222,000	$ 121,000
Shares issued (in shares)						153,381	109,749
Proceeds from issuance of common stock						$ 4,557,000	$ 4,611,000
Shares purchased (in shares)						159,377	112,249
Shares reserved for future issuance (in shares)		24,434,497				24,434,497

Common Stock - Schedule of Divi

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividends per share (USD per share)	$ 0.05	$ 0.05	$ 0.03	$ 0.03
Amount	$ 14,702	$ 14,522	$ 8,678	$ 8,353

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Rollforward of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive (loss) income, before taxes	$ 1,547	$ (13,802)	$ 1,919	$ 2,653
Tax expense	(1)	(5)	(7)	(10)
Total other comprehensive income (loss), net of taxes	1,546	(13,807)	1,912	2,643
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,374)	(75,324)	(89,740)	(91,774)
Ending balance	(87,828)	(89,131)	(87,828)	(89,131)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(89,068)	(74,430)	(89,408)	(90,867)
Other comprehensive (loss) income, before taxes	1,538	(13,820)	1,878	2,617
Tax expense	0	0	0	0
Total other comprehensive income (loss), net of taxes	1,538	(13,820)	1,878	2,617
Ending balance	(87,530)	(88,250)	(87,530)	(88,250)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(306)	(894)	(332)	(907)
Other comprehensive (loss) income, before taxes	9	18	41	36
Tax expense	(1)	(5)	(7)	(10)
Total other comprehensive income (loss), net of taxes	8	13	34	26
Ending balance	$ (298)	$ (881)	$ (298)	$ (881)

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,104	$ 17,469	$ 37,588	$ 32,568
Stock-based compensation expense accrued	4,338		4,338		$ 7,300
Cost of Sales \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,132	785	2,166	1,170
Cost of Sales \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	707	564	1,714	947
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,424	5,544	9,710	10,939
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,943	2,189	5,813	3,643
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,898	8,387	18,185	15,869
Restricted stock and restricted stock units (“RSUs”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13,530	9,197	27,453	14,562
Bonus Plan expense (see Note 11)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,336	5,978	7,882	14,139
ESPP expense (see Note 13)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	600	1,149	1,175	1,829
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	611	343	1,367
Stock grants expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	600	450	600	450
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 38	$ 84	$ 135	$ 221

Stock-Based Compensation - Opti

Stock-Based Compensation - Options Outstanding Rollforward (Details) - Stock Option - 2020 Incentive Award Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023
Stock Options
Beginning balance (in shares)	3,794,515
Exercised (in shares)	(2,457,905)
Forfeited and expired (in shares)	(7,500)
Ending balance (in shares)	1,329,110
Stock options, exercisable (in shares)	1,329,110
Weighted Average Exercise Price Per Share
Beginning balance (USD per share)	$ 5.57
Exercised (USD per share)	5.48
Forfeited and expired (USD per share)	5.60
Ending balance (USD per share)	5.74
Weighted average exercise price, exercisable (USD per share)	$ 5.74
Weighted average remaining contractual life (in years)	8 months 12 days
Shares exercisable, weighted average remaining contractual life (in years)	8 months 12 days
Aggregate intrinsic value, Outstanding	$ 64,449
Aggregate intrinsic value, exercisable	$ 64,449

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Narrative (Details) - Stock Option - 2020 Incentive Award Plan - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 9,700,000	$ 5,861,000
Stock options exercised, intrinsic value	93,656,000	$ 82,288,000
Unrecognized compensation cost	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Performance Based Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	13,367		185,186
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)	20	16
Performance Based Restricted Stock Units (RSUs), 2016 \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, excluding options	$ 8,437
Cost not yet recognized, period for recognition	1 year
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)	1,562	10,888
Shares outstanding (in shares)	7,821		9,363
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 40.80	$ 39.02
Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,195,377
Shares outstanding (in shares)	3,624,453		3,068,851
Shares withheld for tax withholding obligation (in shares)	104,773	52,026
Share-based compensation tax withholding payment	$ 4,336	$ 2,148
Time-Based Restricted Stock and Restricted Stock Units (RSUs) \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	998,913
Shares outstanding (in shares)	3,256,170		2,706,078
Grant date fair value (USD per share)	$ 41.15
Unrecognized compensation cost, excluding options	$ 95,227
Cost not yet recognized, period for recognition	1 year 9 months 18 days
Class B Common Stock \| 2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares granted (in shares)	12,639	13,632
Fully vested shares granted	$ 600	$ 450
Minimum \| Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum \| Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock and RSUs Activity (Details) - 2020 Incentive Award Plan - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)		3,068,851
Granted (in shares)		1,195,377
Vested (in shares)		(518,106)
Forfeited and canceled (in shares)		(121,669)
Unvested, ending balance (in shares)		3,624,453	3,068,851
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)		2,706,078
Granted (in shares)		998,913
Vested (in shares)		(360,946)
Forfeited and canceled (in shares)		(87,875)
Unvested, ending balance (in shares)		3,256,170	2,706,078
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)		$ 36.67
Granted (USD per share)		41.15
Vested (USD per share)		44.70
Forfeited and canceled (USD per share)		30.82
Unvested, ending balance (USD per share)		$ 37.32	$ 36.67
Performance Based Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)		362,773
Granted (in shares)		196,464
Vested (in shares)		(157,160)
Forfeited and canceled (in shares)		(33,794)
Unvested, ending balance (in shares)		368,283	362,773
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)		$ 38.21
Granted (USD per share)		39.03
Vested (USD per share)		38.20
Forfeited and canceled (USD per share)		32.83
Unvested, ending balance (USD per share)		$ 39.14	$ 38.21
Cash-Settled Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)		64,939
Time-Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	199,076
Performance Based Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)		13,367	185,186

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 44,786	$ 51,592	$ 99,768	$ 111,783
(Benefit) provision for income taxes	$ (3,899)	$ (4,674)	$ 5,593	$ (1,443)
Effective tax rate	(8.70%)	(9.10%)	5.60%	(1.30%)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Discrete income tax benefit	$ 20,394	$ 19,024	$ 27,467	$ 31,752

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
2026 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 700,438	$ 622,431
2027 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 516,873	$ 470,856

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 42,563	$ 37,219
Liabilities:
Acquisition contingent consideration	3	1,196
Deferred compensation plan liabilities	84,879	79,081
Cash-settled equity awards	968	536
Total liabilities	85,850	80,813
Deferred compensation plan, current	2,238	2,067
Interest Rate Swap
Assets:
Interest rate swap	36,537	37,200
Level 1
Assets:
Total assets	6,026	19
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	84,879	79,081
Cash-settled equity awards	968	536
Total liabilities	85,847	79,617
Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Level 2
Assets:
Total assets	36,537	37,200
Liabilities:
Acquisition contingent consideration	0	0
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Interest Rate Swap
Assets:
Interest rate swap	36,537	37,200
Level 3
Assets:
Total assets	0	0
Liabilities:
Acquisition contingent consideration	3	1,196
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	3	1,196
Level 3 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Money Market Funds
Assets:
Money market funds	6,026	19
Money Market Funds \| Level 1
Assets:
Money market funds	6,026	19
Money Market Funds \| Level 2
Assets:
Money market funds	0	0
Money Market Funds \| Level 3
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation of the Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year	$ 1,196	$ 6,613
Payments	(1,206)	(5,261)
Addition	0	1,390
Change in fair value	0	(1,427)
Foreign currency translation adjustments	13	(119)
Balance, end of period	$ 3	$ 1,196
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net

Commitments and Contingencies (

Commitments and Contingencies (Details) - Hosted Software Solutions $ in Thousands	1 Months Ended
	Jun. 30, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 122,000
Long-term purchase commitment, amount remaining	$ 118,915

Geographic Data (Details)

Geographic Data (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 350,407	$ 364,771
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	158,643	164,729
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	37,218	32,372
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 154,546	$ 167,670

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Change in fair value of interest rate swap	$ 3,826	$ 7,406	$ (663)	$ 19,490
Foreign exchange	2,104	(4,717)	3,558	(7,788)
Change in fair value of acquisition contingent consideration	0	0	0	(500)
Receipts (payments) related to interest rate swap	2,164	17	4,084	(277)
Other (expense) income, net	(7,129)	808	(5,725)	907
Total other income, net	965	3,514	1,254	13,861
Foreign exchange (losses) gains, unrealized, intercompany	1,397	(5,799)	2,258	(6,563)
Impairment of cost method investment	(7,318)		(7,318)
Aircraft \| Entity Controlled By CEO
Property, Plant and Equipment [Line Items]
Sale of aircraft	$ 0	$ 0	$ 0	$ 2,029

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	6 Months Ended
Net Income Per Share - Narrative (Details) - shares	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	368,283	356,946

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 48,685	$ 55,673	$ 94,175	$ 112,061
Less: Net income attributable to participating securities	(19)	(11)	(38)	(20)
Net income attributable to Class A and Class B common stockholders, basic	48,666	55,662	94,137	112,041
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,723	1,705	3,440	3,400
Net income attributable to Class A and Class B common stockholders, diluted	$ 50,389	$ 57,367	$ 97,577	$ 115,441
Denominator:
Weighted average shares, basic (in shares)	311,914,602	308,244,778	311,366,371	308,512,924
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	2,643,664	6,167,330	2,744,259	5,854,791
Dilutive effect of ESPP (in shares)	160,673	195,485	87,557	173,097
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,667,623	17,633,786	17,667,623
Weighted average shares, diluted (in shares)	332,352,725	332,275,216	331,831,973	332,208,435
Net income per share, basic (USD per share)	$ 0.16	$ 0.18	$ 0.30	$ 0.36
Net income per share, diluted (USD per share)	$ 0.15	$ 0.17	$ 0.29	$ 0.35

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	223,731	0	223,731
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	223,731	0	223,731