Bentley Systems (BSY) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39548
Entity Registrant Name	BENTLEY SYSTEMS, INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3936623
Entity Address, Address Line One	685 Stockton Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341
City Area Code	610
Local Phone Number	458-5000
Title of 12(b) Security	Class B Common Stock, $0.01 Par Value
Trading Symbol	BSY
Security Exchange Name	NASDAQ
Entity 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	Q1
Document Fiscal Year Focus	2024
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,537,627
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		288,462,583

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 141,601	$ 68,412
Accounts receivable	284,200	302,501
Allowance for doubtful accounts	(9,723)	(8,965)
Prepaid income taxes	10,891	12,812
Prepaid and other current assets	46,716	44,797
Total current assets	473,685	419,557
Property and equipment, net	38,563	40,100
Operating lease right-of-use assets	36,454	38,476
Intangible assets, net	236,402	248,787
Goodwill	2,261,190	2,269,336
Investments	23,641	23,480
Deferred income taxes	208,152	212,831
Other assets	75,681	67,283
Total assets	3,353,768	3,319,850
Current liabilities:
Accounts payable	23,568	18,094
Accruals and other current liabilities	539,775	457,348
Deferred revenues	242,037	253,785
Operating lease liabilities	11,178	11,645
Income taxes payable	11,275	9,491
Current portion of long-term debt	10,000	10,000
Total current liabilities	837,833	760,363
Long-term debt	1,425,445	1,518,403
Deferred compensation plan liabilities	93,402	88,181
Long-term operating lease liabilities	28,812	30,626
Deferred revenues	15,206	15,862
Deferred income taxes	10,391	9,718
Income taxes payable	7,337	7,337
Other liabilities	2,735	5,378
Total liabilities	2,421,161	2,435,868
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	1,154,137	1,127,234
Accumulated other comprehensive loss	(92,619)	(84,987)
Accumulated deficit	(132,595)	(161,932)
Non-controlling interest	704	704
Total stockholders’ equity	932,607	883,982
Total liabilities and stockholders’ equity	3,353,768	3,319,850
Class A Common Stock
Stockholders’ equity:
Common stock	115	115
Class B Common Stock
Stockholders’ equity:
Common stock	$ 2,865	$ 2,848

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Class A Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	11,537,627	11,537,627
Common stock shares outstanding (in shares)	11,537,627	11,537,627
Class B Common Stock
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock shares issued (in shares)	286,477,055	284,728,210
Common stock shares outstanding (in shares)	286,477,055	284,728,210

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 337,763	$ 314,411
Cost of revenues:
Total cost of revenues	61,830	67,184
Gross profit	275,933	247,227
Operating expenses:
Research and development	68,371	67,800
Selling and marketing	54,386	52,141
General and administrative	46,482	46,807
Deferred compensation plan	5,799	4,146
Amortization of purchased intangibles	8,964	10,548
Total operating expenses	184,002	181,442
Income from operations	91,931	65,785
Interest expense, net	(6,520)	(11,092)
Other income, net	7,137	289
Income before income taxes	92,548	54,982
Provision for income taxes	(22,247)	(9,492)
Equity in net income of investees, net of tax	9	0
Net income	$ 70,310	$ 45,490
Per share information:
Net income per share, basic (USD per share)	$ 0.22	$ 0.15
Net income per share, diluted (USD per share)	$ 0.22	$ 0.14
Weighted average shares, basic (in shares)	314,295,102	310,758,802
Weighted average shares, diluted (in shares)	333,623,518	331,251,884
Subscriptions and licenses
Revenues:
Total revenues	$ 316,601	$ 287,392
Cost of revenues:
Total cost of revenues	40,218	40,931
Subscriptions
Revenues:
Total revenues	307,089	277,845
Perpetual licenses
Revenues:
Total revenues	9,512	9,547
Services
Revenues:
Total revenues	21,162	27,019
Cost of revenues:
Total cost of revenues	$ 21,612	$ 26,253

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 70,310	$ 45,490
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(7,733)	340
Actuarial gain on retirement plan, net of tax effect of $(28) and $(6), respectively	101	26
Total other comprehensive (loss) income, net of taxes	(7,632)	366
Comprehensive income	$ 62,678	$ 45,856

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Actuarial (loss) gain on retirement plan, tax effect	$ (28)	$ (6)

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, 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	45,490				45,490
Other comprehensive (loss) income	366			366
Dividends declared	(14,522)				(14,522)
Shares issued in connection with deferred compensation plan (in shares)		1,052,738
Shares issued in connection with deferred compensation plan	(13,626)	$ 11	(11)		(13,626)
Deferred compensation plan elective participant deferrals	1,533		1,533
Shares issued in connection with executive bonus plan, net (in shares)		79,804
Shares issued in connection with executive bonus plan	3,059	$ 1	5,483		(2,425)
Shares issued in connection with employee stock purchase plan, net (in shares)		153,381
Shares issued in connection with employee stock purchase plan, net	4,335	$ 1	4,556		(222)
Stock option exercises, net (in shares)		928,300
Stock option exercises, net	2,501	$ 9	4,193		(1,701)
Stock-based compensation expense	14,625		14,625
Shares related to restricted stock, net (in shares)		272,561
Shares related to restricted stock, net	(3,025)	$ 3	(3)		(3,025)
Ending balance (in shares) at Mar. 31, 2023		291,501,271
Ending balance at Mar. 31, 2023	614,190	$ 2,915	1,060,842	(89,374)	(360,897)	704
Beginning balance (in shares) at Dec. 31, 2023		296,265,837
Beginning balance at Dec. 31, 2023	883,982	$ 2,963	1,127,234	(84,987)	(161,932)	704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,310				70,310
Other comprehensive (loss) income	(7,632)			(7,632)
Dividends declared	(17,871)				(17,871)
Shares issued in connection with deferred compensation plan (in shares)		537,745
Shares issued in connection with deferred compensation plan	0	$ 5	(5)
Deferred compensation plan elective participant deferrals	58		58
Shares issued in connection with executive bonus plan, net (in shares)		65,939
Shares issued in connection with executive bonus plan	3,351	$ 1	3,350
Shares issued in connection with employee stock purchase plan, net (in shares)		122,020
Shares issued in connection with employee stock purchase plan, net	5,385	$ 1	5,559		(175)
Stock option exercises, net (in shares)		844,283
Stock option exercises, net	1,812	$ 8	3,999		(2,195)
Stock-based compensation expense	13,947		13,947
Shares related to restricted stock, net (in shares)		481,456
Shares related to restricted stock, net	(5,729)	$ 5	(5)		(5,729)
Repurchases of Class B common stock under approved program (in shares)		(302,598)
Repurchases of Class B Common Stock under approved program	(15,006)	$ (3)			(15,003)
Ending balance (in shares) at Mar. 31, 2024		298,014,682
Ending balance at Mar. 31, 2024	$ 932,607	$ 2,980	$ 1,154,137	$ (92,619)	$ (132,595)	$ 704

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 70,310	$ 45,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,385	18,057
Deferred income taxes	5,302	(4,178)
Stock-based compensation expense	19,658	19,484
Deferred compensation plan	5,799	4,146
Amortization of deferred debt issuance costs	1,823	1,823
Change in fair value of derivative	(2,790)	4,489
Foreign currency remeasurement (gain) loss	(1,744)	1,018
Other	1,099	(4,411)
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	14,508	15,420
Prepaid and other assets	(5,321)	12,137
Accounts payable, accruals, and other liabilities	85,071	53,127
Deferred revenues	(9,257)	1,942
Income taxes payable, net of prepaid income taxes	4,126	7,679
Net cash provided by operating activities	204,969	176,223
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(3,599)	(4,284)
Acquisitions, net of cash acquired	0	(10,299)
Purchases of investments	(250)	(6,178)
Net cash used in investing activities	(3,849)	(20,761)
Cash flows from financing activities:
Proceeds from credit facilities	39,838	117,139
Payments of credit facilities	(131,866)	(223,124)
Repayments of term loan	(2,500)	(1,250)
Payments of contingent and non-contingent consideration	(451)	(249)
Payments of dividends	(17,871)	(14,522)
Proceeds from stock purchases under employee stock purchase plan	5,560	4,557
Proceeds from exercise of stock options	4,007	4,202
Payments for shares acquired including shares withheld for taxes	(8,099)	(20,948)
Repurchases of Class B common stock under approved program	(15,006)	0
Other	(47)	(46)
Net cash used in financing activities	(126,435)	(134,241)
Effect of exchange rate changes on cash and cash equivalents	(1,496)	662
Increase in cash and cash equivalents	73,189	21,883
Cash and cash equivalents, beginning of year	68,412	71,684
Cash and cash equivalents, end of period	141,601	93,567
Supplemental information:
Cash paid for income taxes	11,722	6,104
Income tax refunds	179	71
Interest paid	5,257	10,473
Non-cash investing and financing activities:
Cost method investment	0	3,500
Deferred, non-contingent consideration, net	0	525
Share-settled executive bonus plan awards	3,351	5,484
Deferred compensation plan elective participant deferrals	$ 58	$ 1,533

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements have been prepared in U.S. dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all the information and notes required by 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 2023 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 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, 2023 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the SEC adopted the final rule under SEC Release No. 33‑11275, The Enhancement and Standardization of Climate‑Related Disclosures for Investors . The final rule requires registrants to disclose certain climate‑related information in registration statements and annual reports. The final rule disclosure requirements will begin phasing in prospectively for the Company’s fiscal year beginning January 1, 2025. Subsequent to issuance, the final rule became the subject of litigation and the SEC issued a stay to allow the legal process to proceed. The Company is currently evaluating the impact of the final rule on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023‑07”), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how the Company’s chief operating decision maker (“CODM”) uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023‑07 is effective for the Company for the annual reporting period beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of the adoption of ASU 2023‑07 on its consolidated financial statements and related disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2024
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 March 31, 2024 2023 Subscriptions: Enterprise subscriptions (1) $ 127,527 $ 103,904 SELECT subscriptions 63,541 63,343 Term license subscriptions 116,021 110,598 Subscriptions 307,089 277,845 Perpetual licenses 9,512 9,547 Subscriptions and licenses 316,601 287,392 Services: Recurring 3,814 4,178 Other 17,348 22,841 Services 21,162 27,019 Total revenues $ 337,763 $ 314,411 (1) Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $123,036 and $94,331 for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023, the Company recognized $176,309 and $158,024 of license related revenues, respectively, of which $166,797 and $148,477, 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 months ended March 31, 2024 and 2023. 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 March 31, 2024 2023 Americas (1) $ 184,193 $ 168,345 Europe, the Middle East, and Africa (“EMEA”) 94,714 92,832 Asia-Pacific (“APAC”) 58,856 53,234 Total revenues $ 337,763 $ 314,411 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $138,252 and $127,450 for the three months ended March 31, 2024 and 2023, respectively. Unbilled Revenues Unbilled revenues represent revenues that have not yet been billed to customers due to timing differences in usage and billing cycles, and are included in Accounts receivable in the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, unbilled revenues were $142,361 and $129,494, respectively. Contract Balances As of March 31, 2024 and December 31, 2023, the Company’s contract assets relate to performance obligations completed in advance of the right to invoice and are included in Prepaid and other current assets in the consolidated balance sheets. Contract assets were not material as of March 31, 2024 or December 31, 2023. 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. As of March 31, 2024 and December 31, 2023, total deferred revenues on the consolidated balance sheets were $257,243 and $269,647, respectively. For the three months ended March 31, 2024, $105,678 of revenues that were included in the December 31, 2023 deferred revenues balance were recognized. There were additional deferrals of $96,617 for the three months ended March 31, 2024, which were primarily related to new billings. For the three months ended March 31, 2023, $95,979 of revenues that were included in the December 31, 2022 deferred revenues balance were recognized. There were additional deferrals of $101,577 for the three months ended March 31, 2023, which were primarily related to new billings and acquisitions. As of March 31, 2024 and December 31, 2023, the Company has deferred $18,323 and $18,269, 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 March 31, 2024, amounts allocated to these remaining performance obligations are $257,243, of which the Company expects to recognize approximately 94% over the next 12 months with the remaining amount thereafter.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions The aggregate details of the Company’s acquisition activity are as follows: Acquisitions Completed During Three Months Ended March 31, 2024 2023 Number of acquisitions — 1 Cash paid at closing $ — $ 10,299 Net cash paid $ — $ 10,299 The operating results of the acquired businesses were not material, individually or in the aggregate, to the Company’s consolidated statements of operations. The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 Accruals and other current liabilities $ 2,906 $ 3,576 Non-contingent consideration from acquisitions $ 2,906 $ 3,576 The operating results of the acquired businesses are included in the Company’s consolidated financial statements from the closing date of each respective acquisition. 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. The Company is in the process of finalizing the purchase accounting for two acquisitions completed during the year ended December 31, 2023. Identifiable assets acquired and liabilities assumed were provisionally recorded at their estimated fair values on the respective acquisition date. The initial accounting for these business combinations is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified from the date of the acquisition as more information is obtained about the fair values of assets acquired and liabilities assumed, however, such measurement period cannot exceed one year. Acquisition costs are expensed as incurred and are recorded in General and administrative in the consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the Company’s acquisition costs were $198 and $5,185, respectively, which include costs related to legal, accounting, valuation, insurance, and other consulting and transaction fees. The following summarizes the fair values of the assets acquired and liabilities assumed, as well as the weighted average useful lives assigned to acquired intangible assets at the respective date of each acquisition (including contingent consideration): Acquisitions Completed During Year Ended December 31, 2023 Consideration: Cash paid at closing $ 26,287 Deferred, non-contingent consideration, net 525 Other 15 Total consideration $ 26,827 Assets acquired and liabilities assumed: Cash $ 264 Accounts receivable and other current assets 1,742 Operating lease right-of-use assets 397 Deferred income taxes 2,151 Other assets 6 Software and technology (weighted average useful life of 3 years) 3,077 Customer relationships (weighted average useful life of 6 years) 3,900 Trademarks (weighted average useful life of 5 years) 1,000 Total identifiable assets acquired excluding goodwill 12,537 Accruals and other current liabilities (624) Deferred revenues (4,623) Operating lease liabilities (397) Total liabilities assumed (5,644) Net identifiable assets acquired excluding goodwill 6,893 Goodwill 19,934 Net assets acquired $ 26,827

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
Property and Equipment, Net	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following: March 31, 2024 December 31, 2023 Land $ 2,811 $ 2,811 Building and improvements 30,948 31,025 Computer equipment and software 47,736 46,202 Furniture, fixtures, and equipment 9,627 9,799 Aircraft 2,038 2,038 Other 85 89 Property and equipment, at cost 93,245 91,964 Less: Accumulated depreciation (54,682) (51,864) Total property and equipment, net $ 38,563 $ 40,100 Depreciation expense for the three months ended March 31, 2024 and 2023 was $3,367 and $2,724, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
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, 2023 $ 2,269,336 Foreign currency translation adjustments (7,585) Other adjustments (561) Balance, March 31, 2024 $ 2,261,190 Details of intangible assets other than goodwill are as follows: March 31, 2024 December 31, 2023 Estimated Gross Accumulated Net Book Gross Accumulated Net Book Intangible assets subject to amortization: Software and technology 3-5 years $ 89,294 $ (61,887) $ 27,407 $ 89,693 $ (59,045) $ 30,648 Customer relationships 3-10 years 322,194 (148,581) 173,613 323,442 (142,378) 181,064 Trademarks 3-10 years 70,573 (35,249) 35,324 70,710 (33,709) 37,001 Non-compete agreements 5 years 350 (292) 58 350 (276) 74 Total intangible assets $ 482,411 $ (246,009) $ 236,402 $ 484,195 $ (235,408) $ 248,787 The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of subscriptions and licenses $ 3,226 $ 3,187 Amortization of purchased intangibles 8,964 10,548 Total amortization expense $ 12,190 $ 13,735

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: March 31, 2024 December 31, 2023 Cost method investments $ 21,236 $ 21,044 Equity method investments 2,405 2,436 Total investments $ 23,641 $ 23,480 Cost Method Investments 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 three months ended March 31, 2023. During the three months ended March 31, 2024, the Company invested a total of $250. During the three months ended March 31, 2023, the Company invested a total of $9,678, including $8,928 of cash and non-cash for its investment in Worldsensing. As of March 31, 2024 and December 31, 2023, the Company’s investment balance in Worldsensing was $8,928.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company’s operating leases consist of office facilities, office equipment, and automobiles. As of March 31, 2024, 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 five 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 March 31, 2024 2023 Operating lease cost (1) $ 3,695 $ 4,628 Variable lease cost 1,173 1,202 Total operating lease cost $ 4,868 $ 5,830 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $3,471 and $4,417 for the three months ended March 31, 2024 and 2023, respectively. Supplemental operating cash flows and other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Cash paid for operating leases included in operating cash flows $ 3,850 $ 4,710 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 1,838 $ 2,797 (1) For the three months ended March 31, 2023 , right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from an acquisition of $345. The weighted average remaining lease term for operating leases was 4.5 years and 4.6 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rate was 4.8% as of March 31, 2024 and December 31, 2023.
Leases	Leases The Company’s operating leases consist of office facilities, office equipment, and automobiles. As of March 31, 2024, 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 five 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 March 31, 2024 2023 Operating lease cost (1) $ 3,695 $ 4,628 Variable lease cost 1,173 1,202 Total operating lease cost $ 4,868 $ 5,830 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $3,471 and $4,417 for the three months ended March 31, 2024 and 2023, respectively. Supplemental operating cash flows and other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Cash paid for operating leases included in operating cash flows $ 3,850 $ 4,710 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 1,838 $ 2,797 (1) For the three months ended March 31, 2023 , right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from an acquisition of $345. The weighted average remaining lease term for operating leases was 4.5 years and 4.6 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rate was 4.8% as of March 31, 2024 and December 31, 2023.

Accruals and Other Current Liab

Accruals and Other Current Liabilities	3 Months Ended
Accruals and Other Current Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accruals and Other Current Liabilities	Accruals and Other Current Liabilities Accruals and other current liabilities consist of the following: March 31, 2024 December 31, 2023 Cloud Services Subscription (“CSS”) deposits $ 370,221 $ 284,276 Accrued benefits 50,851 39,983 Accrued compensation 42,189 43,316 Due to customers 16,392 16,924 Accrued indirect taxes 10,561 10,722 Accrued acquisition stay bonus 6,594 4,336 Accrued professional fees 5,286 5,970 Accrued realignment costs 4,694 12,459 Accrued cloud provisioning costs 3,630 3,572 Employee stock purchase plan contributions 2,959 5,790 Non-contingent consideration from acquisitions 2,906 3,576 Deferred compensation plan liabilities 2,460 2,355 Other accrued and current liabilities 21,032 24,069 Total accruals and other current liabilities $ 539,775 $ 457,348

Long_Term Debt

Long‑Term Debt	3 Months Ended
Long‑Term Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long‑term debt consists of the following: March 31, 2024 December 31, 2023 Credit facility: Revolving loan facility due November 2025 $ — $ 92,028 Term loan due November 2025 187,500 190,000 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 (14,885) (16,455) Total debt 1,435,445 1,528,403 Less: Current portion of long-term debt (10,000) (10,000) Long-term debt $ 1,425,445 $ 1,518,403 The Company had $150 of letters of credit and surety bonds outstanding as of March 31, 2024 and December 31, 2023 under its amended and restated credit agreement, entered into on December 19, 2017 (the “Credit Facility”). As of March 31, 2024 and December 31, 2023, the Company had $849,850 and $757,822, respectively, available under the Credit Facility. As of March 31, 2024 and December 31, 2023, the Company was in compliance with all debt covenants and none of the conditions of the 2026 Notes or 2027 Notes to early convert had been met. Interest Expense, Net Interest expense, net consists of the following: Three Months Ended March 31, 2024 2023 Contractual interest expense $ (5,414) $ (9,310) Amortization of deferred debt issuance costs (1,823) (1,823) Other interest expense (66) (188) Interest income 783 229 Interest expense, net $ (6,520) $ (11,092) The weighted average interest rate on borrowings under the Credit Facility were 7.46% and 6.67% for the three months ended March 31, 2024 and 2023, respectively.

Executive Bonus Plan

Executive Bonus Plan	3 Months Ended
Executive Bonus Plan	Mar. 31, 2024
Compensation Related Costs [Abstract]
Executive Bonus Plan	Executive Bonus Plan For the three months ended March 31, 2024 and 2023, 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 $7,031 and $7,948, respectively.

Retirement Plans

Retirement Plans	3 Months Ended
Retirement Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Deferred Compensation Plan Deferred compensation plan expense was $5,799 and $4,146 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, elective participant deferrals into the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”) were $58 and $1,533, respectively. No discretionary contributions were made to the DCP during the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, 16,847,673 and 17,364,980 phantom shares of the Company’s Class B common stock were distributable under the DCP, respectively. As of March 31, 2024, shares of Class B common stock available for future issuance under the DCP were 4,401,185. The total liabilities related to the DCP is included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 Accruals and other current liabilities $ 2,460 $ 2,355 Deferred compensation plan liabilities 93,402 88,181 Total DCP liabilities $ 95,862 $ 90,536

Common Stock

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2024
Equity [Abstract]
Common Stock	Common Stock BSY Stock Repurchase Program In May 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. In December 2022, the Company’s Board of Directors amended the Repurchase Program to allow the Company also to repurchase its outstanding convertible senior notes. This additional authorization did not increase the overall dollar limit of the Repurchase Program. Effective July 1, 2024, the Company’s Board of Directors extended the Repurchase Program, authorizing the Company to repurchase from such date up to $200,000 of the Company’s Class B common stock and/or convertible senior notes through June 30, 2026. The Company’s current authorization under the Repurchase Program expires on June 30, 2024. The shares and convertible senior notes proposed to be acquired in the Repurchase Program may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares and/or convertible senior notes repurchased under the Repurchase Program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company’s Class B common stock and outstanding convertible senior notes, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, and applicable legal requirements. The exact number of shares and/or convertible senior notes to be repurchased by the Company is not guaranteed, and the Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. During the three months ended March 31, 2024, the Company repurchased 302,598 shares for $15,006 under the Repurchase Program. The Company did not repurchase shares under the Repurchase Program for the three months ended March 31, 2023. As of March 31, 2024, $154,752 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 During the three months ended March 31, 2024, the Company issued 537,745 shares of Class B common stock to DCP participants in connection with distributions from the plan. There were no shares sold back to the Company as they were issued on a gross basis during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company issued 1,052,738 shares of Class B common stock to DCP participants in connection with distributions from the plan, net of 368,733 shares which were sold back to the Company in the same period to pay for applicable income tax withholdings of $13,626. During the three months ended March 31, 2024, the Company issued 65,939 shares of Class B common stock in connection with Bonus Plan incentive compensation. There were no shares sold back to the Company as they were issued on a gross basis during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company issued 79,804 shares of Class B common stock in connection with Bonus Plan incentive compensation, net of 63,310 shares were sold back to the Company in the same period to pay for applicable income tax withholdings of $2,425. During the three months ended March 31, 2024, the Company issued 844,283 shares of Class B common stock to colleagues who exercised their stock options, net of 67,146 shares withheld at exercise to pay for the cost of the stock options, as well as for $2,195 of applicable income tax withholdings. The Company received $4,007 in cash proceeds from the exercise of stock options. For the three months ended March 31, 2023, the Company issued 928,300 shares of Class B common stock to colleagues who exercised their stock options, net of 73,822 shares withheld at exercise to pay for the cost of the stock options, as well as for $1,701 of applicable income tax withholdings. The Company received $4,202 in cash proceeds from the exercise of stock options. Dividends The Company declared cash dividends during the periods presented as follows: Dividend Per Share Amount 2024: First quarter $ 0.06 $ 17,871 2023: First quarter $ 0.05 $ 14,522 Global Employee Stock Purchase Plan During the three months ended March 31, 2024, colleagues who elected to participate in the Bentley Systems, Incorporated Global Employee Stock Purchase Plan (the “ESPP”) purchased a total of 122,020 shares of Class B common stock, net of shares withheld, resulting in cash proceeds to the Company of $5,560. Of the total 125,374 shares purchased, 3,354 shares were sold back to the Company to pay for applicable income tax withholdings of $175. During the three months ended March 31, 2023, colleagues who elected to participate in 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. As of March 31, 2024 and December 31, 2023, $2,959 and $5,790 of ESPP withholdings via colleague payroll deduction were recorded in Accruals and other current liabilities in the consolidated balance sheets, respectively. As of March 31, 2024, shares of Class B common stock available for future issuance under the ESPP were 24,150,018.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following during the three months ended March 31, 2024 and 2023: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2023 $ (84,634) $ (353) $ (84,987) Other comprehensive (loss) income, before taxes (7,733) 129 (7,604) Tax expense — (28) (28) Other comprehensive (loss) income, net of taxes (7,733) 101 (7,632) Balance, March 31, 2024 $ (92,367) $ (252) $ (92,619) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2022 $ (89,408) $ (332) $ (89,740) Other comprehensive income, before taxes 340 32 372 Tax expense — (6) (6) Other comprehensive income, net of taxes 340 26 366 Balance, March 31, 2023 $ (89,068) $ (306) $ (89,374)

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock‑based compensation expense consists of the following: Three Months Ended March 31, 2024 2023 Restricted stock and restricted stock units (“RSUs”) expense $ 13,690 $ 13,923 Bonus Plan expense (see Note 11) 5,301 4,546 ESPP expense (see Note 13) 624 575 Stock option expense — 343 DCP elective participant deferrals expense (1) (see Note 12) 43 97 Total stock-based compensation expense (2) $ 19,658 $ 19,484 (1) DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan. (2) As of March 31, 2024 and December 31, 2023, $6,300 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively. Total stock‑based compensation expense is included in the consolidated statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of subscriptions and licenses $ 1,094 $ 1,034 Cost of services 882 1,007 Research and development 4,881 5,286 Selling and marketing 2,778 2,870 General and administrative 10,023 9,287 Total stock-based compensation expense $ 19,658 $ 19,484 Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. Specifically for performance‑based RSUs, stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period based on the number of awards expected to vest at each reporting date. The Company accounts for forfeitures of equity awards as those forfeitures occur. Bentley Systems, Incorporated 2020 Omnibus Incentive Plan The Bentley Systems, Incorporated 2020 Omnibus Incentive Plan (the “2020 Plan”) provides for the granting of stock, stock options, restricted stock, RSUs, and other stock‑based or performance‑based awards to certain directors, officers, colleagues, consultants, and advisors of the Company, and terminates in September 2030. The 2020 Plan provides that 25,000,000 shares of Class B common stock may be issued for equity awards. Equity awards that are expired, canceled, forfeited, or terminated for any reason will be available for future grant under the 2020 Plan. As of March 31, 2024, equity awards available for future grants under the 2020 Plan were 20,273,484. 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 growth targets, which include growth in annualized recurring revenues (“ARR”), as well as actual bookings for perpetual licenses and non‑recurring services. Performance targets are generally set for performance periods of one year to three years. The 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, 2023 3,303,849 2,938,208 (3) 365,641 (4) $ 39.87 $ 39.21 Granted 830,534 (1) 670,560 159,974 (5) 51.36 48.60 Vested (606,781) (424,991) (181,790) 40.30 39.15 Forfeited and canceled (55,497) (55,497) — 36.01 0.00 Unvested, March 31, 2024 3,472,105 (2) 3,128,280 (3) 343,825 $ 42.34 $ 43.61 (1) For the three months ended March 31, 2024, the Company only granted RSUs. (2) Includes 51,638 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 2023 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 2024 annual performance period, except for 1,335 additional shares earned based on the achievement of 2023 performance goals for performance-based RSUs granted during the year ended December 31, 2023. During the year ended December 31, 2022, the Company granted 185,186 performance‑based RSUs to certain officers and key employees, which vest subject to the achievement of certain performance goals over a three‑year performance period (the “Performance Period”). For each year of the Performance Period, one‑third of the performance‑based RSUs will be subject to a cliff, whereby no vesting of that portion will occur unless the Company’s applicable margin metrics (which, for 2022 was Adjusted EBITDA margin, and for 2023 was and 2024 will be Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin, excluding the impact of foreign currency exchange fluctuations) also equals or exceeds the relevant target level for such year. Provided that the applicable margin targets are met, the total number of performance‑based RSUs that will vest is determined by the achievement of growth targets, which include growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. Final actual vesting will be determined on January 31, 2025. The 2023 Adjusted OI w/SBC margin target, excluding the impact of foreign currency exchange fluctuations, and the 2022 Adjusted EBITDA margin target for the performance‑based RSUs were met. The weighted average grant date fair values of RSUs granted were $50.83 and $40.73, for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, restricted stock and RSUs were issued net of 113,790 and 78,993 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $5,729 and $3,025, respectively. As of March 31, 2024, there was $102,848 of unrecognized compensation expense related to unvested time‑based restricted stock and RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of March 31, 2024, there was $9,208 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 0.8 years. Stock Options The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans: Weighted Average Stock Exercise Price Options Per Share Outstanding, December 31, 2023 916,429 $ 5.74 Exercised (911,429) 5.74 Forfeited and expired (5,000) 5.74 Outstanding, March 31, 2024 — $ — For the three months ended March 31, 2024 and 2023, the Company received cash proceeds of $4,007 and $4,202, respectively, related to the exercise of stock options. The total intrinsic value of stock options exercised for the three months ended March 31, 2024 and 2023 was $40,775 and $35,076, respectively. As of March 31, 2024, there was no remaining unrecognized compensation expense related to unvested stock options.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a summary of Income before income taxes , Provision for income taxes , and effective tax rate for the periods presented: Three Months Ended March 31, 2024 2023 Income before income taxes $ 92,548 $ 54,982 Provision for income taxes $ 22,247 $ 9,492 Effective tax rate 24.0 % 17.3 % For the three months ended March 31, 2024, the effective tax rate was higher compared to the same period in the prior year primarily due to the decrease in discrete tax benefits recognized in the current year period. For the three months ended March 31, 2024 and 2023, the Company recorded discrete tax benefits of $2,138 and $7,073, 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	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Interest Rate Swap — The fair value of the Company’s interest rate swap asset or liability is determined using an income approach and is measured based on the implied forward rates for the remaining term of the interest rate swap. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. Long-Term Debt — The fair value of the Company’s 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 March 31, 2024, the estimated fair value of the 2026 Notes and 2027 Notes was $692,789 and $516,419, respectively. As of December 31, 2023, the estimated fair value of the 2026 Notes and 2027 Notes was $684,205 and $516,051, respectively. The estimated fair value of the 2026 Notes and 2027 Notes is based on quoted market prices of the Company’s instrument in markets that are not active and are classified as Level 2 within the fair value hierarchy. Considerable judgment is necessary to interpret the market data and develop estimates of fair values. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold, or settled. Deferred Compensation Plan Liabilities — The fair value of deferred compensation plan liabilities, including the liability classified phantom investments in the DCP, are marked to market at the end of each reporting period. Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following: March 31, 2024 Level 1 Level 2 Total Assets: Money market funds (1) $ 36,299 $ — $ 36,299 Interest rate swap (2) — 34,952 34,952 Total assets $ 36,299 $ 34,952 $ 71,251 Liabilities: Deferred compensation plan liabilities (3) $ 95,862 $ — $ 95,862 Cash-settled equity awards (4) 1,102 — 1,102 Total liabilities $ 96,964 $ — $ 96,964 December 31, 2023 Level 1 Level 2 Total Assets: Money market funds (1) $ 1 $ — $ 1 Interest rate swap (2) — 32,162 32,162 Total assets $ 1 $ 32,162 $ 32,163 Liabilities: Deferred compensation plan liabilities (3) $ 90,536 $ — $ 90,536 Cash-settled equity awards (4) 781 — 781 Total liabilities $ 91,317 $ — $ 91,317 (1) Included in Cash and cash equivalents in the consolidated balance sheets. (2) Included in Other assets in the consolidated balance sheets. (3) Included in Deferred compensation plan liabilities , except for current liabilities of $2,460 and $2,355 as of March 31, 2024 and December 31, 2023, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets. (4) Included in Accruals and other current liabilities in the consolidated balance sheets. The Company did not have any transfers between levels within the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In the normal course of business, the Company enters into various purchase commitments for goods and services. During the year ended December 31, 2023, the Company entered into approximately $158,000 of non‑cancelable future cash purchase commitments for services related to cloud provisioning of the Company’s software solutions and for other software costs. As of March 31, 2024, total non‑cancelable future cash purchase commitments were approximately $116,500 to be paid through September 2028. The Company expects to fully consume its contractual commitments in the ordinary course of operations. Litigation From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, based upon the advice of counsel, the outcome of such actions is not expected to have a material adverse effect on the Company’s future financial position, results of operations, or cash flows.

Geographic Data

Geographic Data	3 Months Ended
Geographic Data	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Americas (1) $ 259,741 $ 272,492 EMEA 38,353 40,411 APAC 13,325 14,460 Total long-lived assets $ 311,419 $ 327,363 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean).

Other Income, Net

Other Income, Net	3 Months Ended
Other Income, Net	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net Other income, net consists of the following: Three Months Ended March 31, 2024 2023 Gain (loss) from: Change in fair value of interest rate swap (see Note 17) $ 2,790 $ (4,489) Foreign exchange (1) 2,342 1,454 Receipts related to interest rate swap 2,357 1,920 Other (expense) income, net (352) 1,404 Total other income, net $ 7,137 $ 289 (1) Foreign exchange gain is primarily attributable to foreign currency translation derived mainly from U.S. dollar denominated cash and cash equivalents, account receivables, customer deposits, and intercompany balances held by foreign subsidiaries. Intercompany finance transactions primarily denominated in U.S. dollars resulted in unrealized foreign exchange (losses) gains of $(394) and $861 for the three months ended March 31, 2024 and 2023, respectively.

Realignment Costs

Realignment Costs	3 Months Ended
Realignment Costs	Mar. 31, 2024
Postemployment Benefits [Abstract]
Realignment Costs	Realignment Costs During the fourth quarter of 2023, the Company approved a strategic realignment program to better serve the Company’s accounts and to better align resources with the strategy of the business, including reinvestment in go-to-market functions, as well as in artificial intelligence product development (the “2023 Program”). The Company incurred realignment costs of $12,579 for the year ended December 31, 2023 related to the aforementioned program, which represents termination benefits for colleagues whose roles were impacted. During the first quarter of 2024, the Company incurred realignment costs of $24 for the three months ended March 31, 2024 related to the aforementioned program. The 2023 Program activities have been broadly implemented across the Company’s various businesses with the intention that all actions, including payment of the termination benefits, will be substantially complete by the end of the second quarter of 2024. Realignment costs by expense classification were as follows: Three Months Ended March 31, 2024 Cost of revenues: Cost of subscriptions and licenses $ (80) Cost of services 31 Total cost of revenues (49) Operating expenses: Research and development (71) Selling and marketing 678 General and administrative (534) Total operating expenses 73 Total realignment costs $ 24 Accruals and other current liabilities in the consolidated balance sheets included amounts related to the realignment activities as follows: Balance, December 31, 2023 $ 12,459 Realignment costs 24 Payments (7,517) Adjustments (1) (272) Balance, March 31, 2024 $ 4,694 (1) Adjustments include foreign currency translation.

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The Company issues certain performance-based RSUs determined to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of March 31, 2024 and 2023, there were 343,825 and 387,237 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 March 31, 2024 2023 Numerator: Net income $ 70,310 $ 45,490 Less: Net income attributable to participating securities (21) (19) Net income attributable to Class A and Class B common stockholders, basic 70,289 45,471 Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes 1,723 1,717 Net income attributable to Class A and Class B common stockholders, diluted $ 72,012 $ 47,188 Denominator: Weighted average shares, basic 314,295,102 310,758,802 Dilutive effect of stock options, restricted stock, and RSUs 1,686,026 2,844,855 Dilutive effect of ESPP 8,604 14,441 Dilutive effect of assumed conversion of convertible senior notes 17,633,786 17,633,786 Weighted average shares, diluted 333,623,518 331,251,884 Net income per share, basic $ 0.22 $ 0.15 Net income per share, diluted $ 0.22 $ 0.14 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 March 31, 2024 2023 RSUs — 87,388 Total anti-dilutive securities — 87,388

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 70,310	$ 45,490

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael M. Campbell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 1, 2024, Michael M. Campbell, the Company’s Chief Product Officer, adopted a trading plan established pursuant to Rule 10b5‑1 of the Exchange Act, which is intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c). The Company estimates that Mr. Campbell could sell up to an aggregate of 17,000 shares of its Class B common stock under the plan, though the final number of shares sold will depend upon a variety of factors, including applicable tax rates. Mr. Campbell’s plan expires on October 15, 2024.
Name	Michael M. Campbell
Title	Chief Product Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 1, 2024,
Arrangement Duration	228 days
Aggregate Available	17,000
David R. Shaman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 13, 2024, David R. Shaman, the Company’s 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 June 8, 2023 to sell an aggregate of 127,942 shares of our Class B common stock through March 31, 2024. On March 14, 2024, 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. Mr. Shaman’s plan expires on March 7, 2025.
Name	David R. Shaman
Title	Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 13, 2024
Arrangement Duration	358 days
June 2023 Plan [Member] \| David R. Shaman [Member]
Trading Arrangements, by Individual
Aggregate Available	127,942
March 2024 Plan [Member] \| David R. Shaman [Member]
Trading Arrangements, by Individual
Aggregate Available	127,942

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements have been prepared in U.S. dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all the information and notes required by 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 2023 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 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, 2023 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the SEC adopted the final rule under SEC Release No. 33‑11275, The Enhancement and Standardization of Climate‑Related Disclosures for Investors . The final rule requires registrants to disclose certain climate‑related information in registration statements and annual reports. The final rule disclosure requirements will begin phasing in prospectively for the Company’s fiscal year beginning January 1, 2025. Subsequent to issuance, the final rule became the subject of litigation and the SEC issued a stay to allow the legal process to proceed. The Company is currently evaluating the impact of the final rule on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023‑09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023‑09 is effective for the Company for the annual reporting period beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023‑09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023‑07”), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how the Company’s chief operating decision maker (“CODM”) uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023‑07 is effective for the Company for the annual reporting period beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of the adoption of ASU 2023‑07 on its consolidated financial statements and related disclosures.
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 March 31, 2024 and December 31, 2023: Interest Rate Swap — The fair value of the Company’s interest rate swap asset or liability is determined using an income approach and is measured based on the implied forward rates for the remaining term of the interest rate swap. The Company considers these valuation inputs to be Level 2 inputs in the fair value hierarchy. Long-Term Debt 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)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Type and Location	The Company’s revenues consist of the following: Three Months Ended March 31, 2024 2023 Subscriptions: Enterprise subscriptions (1) $ 127,527 $ 103,904 SELECT subscriptions 63,541 63,343 Term license subscriptions 116,021 110,598 Subscriptions 307,089 277,845 Perpetual licenses 9,512 9,547 Subscriptions and licenses 316,601 287,392 Services: Recurring 3,814 4,178 Other 17,348 22,841 Services 21,162 27,019 Total revenues $ 337,763 $ 314,411 (1) Enterprise subscriptions includes revenue attributable to Enterprise 365 (“E365”) subscriptions of $123,036 and $94,331 for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 Americas (1) $ 184,193 $ 168,345 Europe, the Middle East, and Africa (“EMEA”) 94,714 92,832 Asia-Pacific (“APAC”) 58,856 53,234 Total revenues $ 337,763 $ 314,411 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean). Revenue attributable to the U.S. totaled $138,252 and $127,450 for the three months ended March 31, 2024 and 2023, respectively.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Mar. 31, 2024
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 Three Months Ended March 31, 2024 2023 Number of acquisitions — 1 Cash paid at closing $ — $ 10,299 Net cash paid $ — $ 10,299
Schedule of Non-Contingent Consideration Fair Value	The fair value of non-contingent consideration from acquisitions is included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 Accruals and other current liabilities $ 2,906 $ 3,576 Non-contingent consideration from acquisitions $ 2,906 $ 3,576
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the fair values of the assets acquired and liabilities assumed, as well as the weighted average useful lives assigned to acquired intangible assets at the respective date of each acquisition (including contingent consideration): Acquisitions Completed During Year Ended December 31, 2023 Consideration: Cash paid at closing $ 26,287 Deferred, non-contingent consideration, net 525 Other 15 Total consideration $ 26,827 Assets acquired and liabilities assumed: Cash $ 264 Accounts receivable and other current assets 1,742 Operating lease right-of-use assets 397 Deferred income taxes 2,151 Other assets 6 Software and technology (weighted average useful life of 3 years) 3,077 Customer relationships (weighted average useful life of 6 years) 3,900 Trademarks (weighted average useful life of 5 years) 1,000 Total identifiable assets acquired excluding goodwill 12,537 Accruals and other current liabilities (624) Deferred revenues (4,623) Operating lease liabilities (397) Total liabilities assumed (5,644) Net identifiable assets acquired excluding goodwill 6,893 Goodwill 19,934 Net assets acquired $ 26,827

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
Property and Equipment, Net (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following: March 31, 2024 December 31, 2023 Land $ 2,811 $ 2,811 Building and improvements 30,948 31,025 Computer equipment and software 47,736 46,202 Furniture, fixtures, and equipment 9,627 9,799 Aircraft 2,038 2,038 Other 85 89 Property and equipment, at cost 93,245 91,964 Less: Accumulated depreciation (54,682) (51,864) Total property and equipment, net $ 38,563 $ 40,100

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows: Balance, December 31, 2023 $ 2,269,336 Foreign currency translation adjustments (7,585) Other adjustments (561) Balance, March 31, 2024 $ 2,261,190
Schedule of Finite-Lived Intangible Assets	Details of intangible assets other than goodwill are as follows: March 31, 2024 December 31, 2023 Estimated Gross Accumulated Net Book Gross Accumulated Net Book Intangible assets subject to amortization: Software and technology 3-5 years $ 89,294 $ (61,887) $ 27,407 $ 89,693 $ (59,045) $ 30,648 Customer relationships 3-10 years 322,194 (148,581) 173,613 323,442 (142,378) 181,064 Trademarks 3-10 years 70,573 (35,249) 35,324 70,710 (33,709) 37,001 Non-compete agreements 5 years 350 (292) 58 350 (276) 74 Total intangible assets $ 482,411 $ (246,009) $ 236,402 $ 484,195 $ (235,408) $ 248,787
Schedule of Finite-lived Intangible Assets Amortization Expense	The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of subscriptions and licenses $ 3,226 $ 3,187 Amortization of purchased intangibles 8,964 10,548 Total amortization expense $ 12,190 $ 13,735

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: March 31, 2024 December 31, 2023 Cost method investments $ 21,236 $ 21,044 Equity method investments 2,405 2,436 Total investments $ 23,641 $ 23,480

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The components of operating lease cost reflected in the consolidated statements of operations were as follows: Three Months Ended March 31, 2024 2023 Operating lease cost (1) $ 3,695 $ 4,628 Variable lease cost 1,173 1,202 Total operating lease cost $ 4,868 $ 5,830 (1) Operating lease cost includes rent cost related to operating leases for office facilities of $3,471 and $4,417 for the three months ended March 31, 2024 and 2023, respectively. Supplemental operating cash flows and other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Cash paid for operating leases included in operating cash flows $ 3,850 $ 4,710 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 1,838 $ 2,797 (1) For the three months ended March 31, 2023 , right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from an acquisition of $345.

Accruals and Other Current Li_2

Accruals and Other Current Liabilities (Tables)	3 Months Ended
Accruals and Other Current Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accruals and Other Current Liabilities	Accruals and other current liabilities consist of the following: March 31, 2024 December 31, 2023 Cloud Services Subscription (“CSS”) deposits $ 370,221 $ 284,276 Accrued benefits 50,851 39,983 Accrued compensation 42,189 43,316 Due to customers 16,392 16,924 Accrued indirect taxes 10,561 10,722 Accrued acquisition stay bonus 6,594 4,336 Accrued professional fees 5,286 5,970 Accrued realignment costs 4,694 12,459 Accrued cloud provisioning costs 3,630 3,572 Employee stock purchase plan contributions 2,959 5,790 Non-contingent consideration from acquisitions 2,906 3,576 Deferred compensation plan liabilities 2,460 2,355 Other accrued and current liabilities 21,032 24,069 Total accruals and other current liabilities $ 539,775 $ 457,348

Long_Term Debt (Tables)

Long‑Term Debt (Tables)	3 Months Ended
Long‑Term Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long‑term debt consists of the following: March 31, 2024 December 31, 2023 Credit facility: Revolving loan facility due November 2025 $ — $ 92,028 Term loan due November 2025 187,500 190,000 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 (14,885) (16,455) Total debt 1,435,445 1,528,403 Less: Current portion of long-term debt (10,000) (10,000) Long-term debt $ 1,425,445 $ 1,518,403
Schedule of Interest Expense, Net	Interest expense, net consists of the following: Three Months Ended March 31, 2024 2023 Contractual interest expense $ (5,414) $ (9,310) Amortization of deferred debt issuance costs (1,823) (1,823) Other interest expense (66) (188) Interest income 783 229 Interest expense, net $ (6,520) $ (11,092)

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
Retirement Plans (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Plan Liabilities	The total liabilities related to the DCP is included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 Accruals and other current liabilities $ 2,460 $ 2,355 Deferred compensation plan liabilities 93,402 88,181 Total DCP liabilities $ 95,862 $ 90,536

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
Common Stock (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared	The Company declared cash dividends during the periods presented as follows: Dividend Per Share Amount 2024: First quarter $ 0.06 $ 17,871 2023: First quarter $ 0.05 $ 14,522

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following during the three months ended March 31, 2024 and 2023: Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2023 $ (84,634) $ (353) $ (84,987) Other comprehensive (loss) income, before taxes (7,733) 129 (7,604) Tax expense — (28) (28) Other comprehensive (loss) income, net of taxes (7,733) 101 (7,632) Balance, March 31, 2024 $ (92,367) $ (252) $ (92,619) Foreign Actuarial (Loss) Currency Gain on Translation Retirement Plan Total Balance, December 31, 2022 $ (89,408) $ (332) $ (89,740) Other comprehensive income, before taxes 340 32 372 Tax expense — (6) (6) Other comprehensive income, net of taxes 340 26 366 Balance, March 31, 2023 $ (89,068) $ (306) $ (89,374)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Total stock‑based compensation expense consists of the following: Three Months Ended March 31, 2024 2023 Restricted stock and restricted stock units (“RSUs”) expense $ 13,690 $ 13,923 Bonus Plan expense (see Note 11) 5,301 4,546 ESPP expense (see Note 13) 624 575 Stock option expense — 343 DCP elective participant deferrals expense (1) (see Note 12) 43 97 Total stock-based compensation expense (2) $ 19,658 $ 19,484 (1) DCP elective participant deferrals expense excludes deferred incentive bonus payable pursuant to the Bonus Plan. (2) As of March 31, 2024 and December 31, 2023, $6,300 and $4,043 remained in Accruals and other current liabilities in the consolidated balance sheets, respectively. Total stock‑based compensation expense is included in the consolidated statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of subscriptions and licenses $ 1,094 $ 1,034 Cost of services 882 1,007 Research and development 4,881 5,286 Selling and marketing 2,778 2,870 General and administrative 10,023 9,287 Total stock-based compensation expense $ 19,658 $ 19,484
Schedule of Options	The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans: Weighted Average Stock Exercise Price Options Per Share Outstanding, December 31, 2023 916,429 $ 5.74 Exercised (911,429) 5.74 Forfeited and expired (5,000) 5.74 Outstanding, March 31, 2024 — $ —
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, 2023 3,303,849 2,938,208 (3) 365,641 (4) $ 39.87 $ 39.21 Granted 830,534 (1) 670,560 159,974 (5) 51.36 48.60 Vested (606,781) (424,991) (181,790) 40.30 39.15 Forfeited and canceled (55,497) (55,497) — 36.01 0.00 Unvested, March 31, 2024 3,472,105 (2) 3,128,280 (3) 343,825 $ 42.34 $ 43.61 (1) For the three months ended March 31, 2024, the Company only granted RSUs. (2) Includes 51,638 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 2023 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 2024 annual performance period, except for 1,335 additional shares earned based on the achievement of 2023 performance goals for performance-based RSUs granted during the year ended December 31, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax	The following is a summary of Income before income taxes , Provision for income taxes , and effective tax rate for the periods presented: Three Months Ended March 31, 2024 2023 Income before income taxes $ 92,548 $ 54,982 Provision for income taxes $ 22,247 $ 9,492 Effective tax rate 24.0 % 17.3 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following: March 31, 2024 Level 1 Level 2 Total Assets: Money market funds (1) $ 36,299 $ — $ 36,299 Interest rate swap (2) — 34,952 34,952 Total assets $ 36,299 $ 34,952 $ 71,251 Liabilities: Deferred compensation plan liabilities (3) $ 95,862 $ — $ 95,862 Cash-settled equity awards (4) 1,102 — 1,102 Total liabilities $ 96,964 $ — $ 96,964 December 31, 2023 Level 1 Level 2 Total Assets: Money market funds (1) $ 1 $ — $ 1 Interest rate swap (2) — 32,162 32,162 Total assets $ 1 $ 32,162 $ 32,163 Liabilities: Deferred compensation plan liabilities (3) $ 90,536 $ — $ 90,536 Cash-settled equity awards (4) 781 — 781 Total liabilities $ 91,317 $ — $ 91,317 (1) Included in Cash and cash equivalents in the consolidated balance sheets. (2) Included in Other assets in the consolidated balance sheets. (3) Included in Deferred compensation plan liabilities , except for current liabilities of $2,460 and $2,355 as of March 31, 2024 and December 31, 2023, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets. (4) Included in Accruals and other current liabilities in the consolidated balance sheets.

Geographic Data (Tables)

Geographic Data (Tables)	3 Months Ended
Geographic Data (Tables)	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Americas (1) $ 259,741 $ 272,492 EMEA 38,353 40,411 APAC 13,325 14,460 Total long-lived assets $ 311,419 $ 327,363 (1) Americas includes the U.S., Canada, and Latin America (including the Caribbean).

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
Other Income, Net (Tables)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	Other income, net consists of the following: Three Months Ended March 31, 2024 2023 Gain (loss) from: Change in fair value of interest rate swap (see Note 17) $ 2,790 $ (4,489) Foreign exchange (1) 2,342 1,454 Receipts related to interest rate swap 2,357 1,920 Other (expense) income, net (352) 1,404 Total other income, net $ 7,137 $ 289 (1) Foreign exchange gain is primarily attributable to foreign currency translation derived mainly from U.S. dollar denominated cash and cash equivalents, account receivables, customer deposits, and intercompany balances held by foreign subsidiaries. Intercompany finance transactions primarily denominated in U.S. dollars resulted in unrealized foreign exchange (losses) gains of $(394) and $861 for the three months ended March 31, 2024 and 2023, respectively.

Realignment Costs (Tables)

Realignment Costs (Tables)	3 Months Ended
Realignment Costs (Tables)	Mar. 31, 2024
Postemployment Benefits [Abstract]
Schedule of Realignment Costs by Expense Classification	Realignment costs by expense classification were as follows: Three Months Ended March 31, 2024 Cost of revenues: Cost of subscriptions and licenses $ (80) Cost of services 31 Total cost of revenues (49) Operating expenses: Research and development (71) Selling and marketing 678 General and administrative (534) Total operating expenses 73 Total realignment costs $ 24
Realignment Costs Rollforward	Accruals and other current liabilities in the consolidated balance sheets included amounts related to the realignment activities as follows: Balance, December 31, 2023 $ 12,459 Realignment costs 24 Payments (7,517) Adjustments (1) (272) Balance, March 31, 2024 $ 4,694 (1) Adjustments include foreign currency translation.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
Net Income Per Share (Tables)	Mar. 31, 2024
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 March 31, 2024 2023 Numerator: Net income $ 70,310 $ 45,490 Less: Net income attributable to participating securities (21) (19) Net income attributable to Class A and Class B common stockholders, basic 70,289 45,471 Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes 1,723 1,717 Net income attributable to Class A and Class B common stockholders, diluted $ 72,012 $ 47,188 Denominator: Weighted average shares, basic 314,295,102 310,758,802 Dilutive effect of stock options, restricted stock, and RSUs 1,686,026 2,844,855 Dilutive effect of ESPP 8,604 14,441 Dilutive effect of assumed conversion of convertible senior notes 17,633,786 17,633,786 Weighted average shares, diluted 333,623,518 331,251,884 Net income per share, basic $ 0.22 $ 0.15 Net income per share, diluted $ 0.22 $ 0.14
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 March 31, 2024 2023 RSUs — 87,388 Total anti-dilutive securities — 87,388

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 337,763	$ 314,411
Subscriptions and licenses
Disaggregation of Revenue [Line Items]
Total revenues	316,601	287,392
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	307,089	277,845
Enterprise subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	127,527	103,904
SELECT subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	63,541	63,343
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	116,021	110,598
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenues	9,512	9,547
Services
Disaggregation of Revenue [Line Items]
Total revenues	21,162	27,019
Recurring
Disaggregation of Revenue [Line Items]
Total revenues	3,814	4,178
Other
Disaggregation of Revenue [Line Items]
Total revenues	17,348	22,841
Enterprise subscriptions, E365
Disaggregation of Revenue [Line Items]
Total revenues	$ 123,036	$ 94,331

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 337,763,000	$ 314,411,000
Accounts receivable	284,200,000		$ 302,501,000
Contract asset impairment	0		0
Contract with customer, liability, revenue recognized	105,678,000	95,979,000
Contract with customer liability additions	96,617,000	$ 101,577,000
Contract with customer, liability	257,243,000		269,647,000
Unbilled Revenues
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 142,361,000		129,494,000
Channel Partners \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	7%	7%
Licenses
Disaggregation of Revenue [Line Items]
Total revenues	$ 176,309,000	$ 158,024,000
Term Licenses
Disaggregation of Revenue [Line Items]
Total revenues	166,797,000	$ 148,477,000
Portfolio Balancing
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 18,323,000		$ 18,269,000

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Revenue Disaggregation by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 337,763	$ 314,411
Americas
Disaggregation of Revenue [Line Items]
Total revenues	184,193	168,345
United States
Disaggregation of Revenue [Line Items]
Total revenues	138,252	127,450
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue [Line Items]
Total revenues	94,714	92,832
Asia-Pacific (“APAC”)
Disaggregation of Revenue [Line Items]
Total revenues	$ 58,856	$ 53,234

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 257,243
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent to be recognized over next twelve months	94%
Remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction period

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions Aggregate Details (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) acquisition	Mar. 31, 2023 USD ($) acquisition	Dec. 31, 2023 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net cash paid	$ 0	$ 10,299
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Number of acquisitions \| acquisition	0	1
Cash paid at closing	$ 0	$ 10,299	$ 26,287
Net cash paid	$ 0	$ 10,299

Acquisitions - Schedule of Cont

Acquisitions - Schedule of Contingent and Non-Contingent Consideration Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Non-contingent consideration from acquisitions	$ 2,906	$ 3,576
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Non-contingent consideration from acquisitions	2,906	3,576
Non-contingent consideration from acquisitions	$ 2,906	$ 3,576

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Number business acquired pending purchase accounting adjustments \| acquisition			2
Acquisition and integration costs \| $	$ 198	$ 5,185

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Assets acquired and liabilities assumed:
Deferred income taxes				$ 2,151
Goodwill	$ 2,261,190			2,269,336
Series of Individually Immaterial Business Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid at closing	$ 0	$ 10,299		26,287
Deferred, non-contingent consideration, net				525
Other				15
Total consideration				26,827
Assets acquired and liabilities assumed:
Cash				264
Accounts receivable and other current assets				1,742
Operating lease right-of-use assets				397
Other assets				6
Total identifiable assets acquired excluding goodwill				12,537
Accruals and other current liabilities				(624)
Deferred revenues				(4,623)
Operating lease liabilities				(397)
Total liabilities assumed				(5,644)
Net identifiable assets acquired excluding goodwill				6,893
Goodwill				19,934
Net assets acquired				26,827
Series of Individually Immaterial Business Acquisitions \| Software and technology
Assets acquired and liabilities assumed:
Finite-lived intangibles				3,077
Series of Individually Immaterial Business Acquisitions \| Customer relationships
Assets acquired and liabilities assumed:
Finite-lived intangibles				3,900
Series of Individually Immaterial Business Acquisitions \| Trademarks
Assets acquired and liabilities assumed:
Finite-lived intangibles				$ 1,000
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
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
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

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 93,245	$ 91,964
Less: Accumulated depreciation	(54,682)	(51,864)
Total property and equipment, net	38,563	40,100
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,811	2,811
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	30,948	31,025
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	47,736	46,202
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	9,627	9,799
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,038	2,038
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 85	$ 89

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,367	$ 2,724

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 2,269,336
Foreign currency translation adjustments	(7,585)
Other adjustments	(561)
Goodwill ending balance	$ 2,261,190

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Gross Carrying Amount	$ 482,411	$ 484,195
Accumulated Amortization	(246,009)	(235,408)
Net Book Value	236,402	248,787
Software and technology
Intangible assets subject to amortization:
Gross Carrying Amount	89,294	89,693
Accumulated Amortization	(61,887)	(59,045)
Net Book Value	$ 27,407	30,648
Software and technology \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Software and technology \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	5 years
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	$ 322,194	323,442
Accumulated Amortization	(148,581)	(142,378)
Net Book Value	$ 173,613	181,064
Customer relationships \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Customer relationships \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	10 years
Trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	$ 70,573	70,710
Accumulated Amortization	(35,249)	(33,709)
Net Book Value	$ 35,324	37,001
Trademarks \| Minimum
Intangible assets subject to amortization:
Estimated Useful Life	3 years
Trademarks \| Maximum
Intangible assets subject to amortization:
Estimated Useful Life	10 years
Non-compete agreements
Intangible assets subject to amortization:
Estimated Useful Life	5 years
Gross Carrying Amount	$ 350	350
Accumulated Amortization	(292)	(276)
Net Book Value	$ 58	$ 74

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of subscriptions and licenses	$ 3,226	$ 3,187
Amortization of purchased intangibles	8,964	10,548
Total amortization expense	$ 12,190	$ 13,735

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Cost method investments	$ 21,236	$ 21,044
Equity method investments	2,405	2,436
Total investments	$ 23,641	$ 23,480

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments	$ 250	$ 9,678
Cost method investments	21,236		$ 21,044
Worldsensing
Schedule of Equity Method Investments [Line Items]
Payments to acquire cost method investments		$ 8,928
Cost method investments	$ 8,928		$ 8,928

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 6 months	4 years 7 months 6 days
Operating lease, weighted average discount rate, percent	4.80%	4.80%
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	5 years
Termination period (less than)	5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,695	$ 4,628
Variable lease cost	1,173	1,202
Total operating lease cost	4,868	5,830
Payments for rent	$ 3,471	$ 4,417

Leases - Schedule of Other Info

Leases - Schedule of Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Cash paid for operating leases included in operating cash flows	$ 3,850	$ 4,710
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,838	2,797
Series of Individually Immaterial Business Acquisitions
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for lease liabilities, business acquisitions		$ 345

Accruals and Other Current Li_3

Accruals and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Cloud Services Subscription (“CSS”) deposits	$ 370,221	$ 284,276
Accrued benefits	50,851	39,983
Accrued compensation	42,189	43,316
Due to customers	16,392	16,924
Accrued indirect taxes	10,561	10,722
Accrued acquisition stay bonus	6,594	4,336
Accrued professional fees	5,286	5,970
Accrued realignment costs	4,694	12,459
Accrued cloud provisioning costs	3,630	3,572
Employee stock purchase plan contributions	2,959	5,790
Non-contingent consideration from acquisitions	2,906	3,576
Deferred compensation plan liabilities	2,460	2,355
Other accrued and current liabilities	21,032	24,069
Total accruals and other current liabilities	$ 539,775	$ 457,348

Long_Term Debt - Schedule of Lo

Long‑Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (14,885)	$ (16,455)
Total debt	1,435,445	1,528,403
Less: Current portion of long-term debt	(10,000)	(10,000)
Long-term debt	1,425,445	1,518,403
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	0	92,028
Secured Debt \| November 2025 Notes \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 187,500	$ 190,000

Long_Term Debt - Narrative (Det

Long‑Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,435,445		$ 1,528,403
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity	849,850		757,822
Letters of Credit And Surety Bonds \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 150		$ 150
Revolving Credit Facility \| New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate over time	7.46%	6.67%

Long_Term Debt - Schedule of In

Long‑Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ (5,414)	$ (9,310)
Amortization of deferred debt issuance costs	(1,823)	(1,823)
Other interest expense	(66)	(188)
Interest income	783	229
Interest expense, net	$ (6,520)	$ (11,092)

Executive Bonus Plan (Details)

Executive Bonus Plan (Details) - USD ($) $ in Thousands	3 Months Ended
Executive Bonus Plan (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 5,799	$ 4,146
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Bonus plan compensation expense	$ 7,031	$ 7,948

Retirement Plans - Narrative (D

Retirement Plans - Narrative (Details) - Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation plan expense	$ 5,799,000	$ 4,146,000
DCP participant deferrals	58,000	1,533,000
Contributions by employer	$ 0	$ 0
Class B Common Stock
Defined Contribution Plan Disclosure [Line Items]
Phantom shares issuable (in shares)	16,847,673		17,364,980
Shares reserved for future issuance (in shares)	4,401,185

Retirement Plans - Schedule of

Retirement Plans - Schedule of Deferred Compensation Plan Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	$ 539,775	$ 457,348
Deferred compensation plan liabilities	93,402	88,181
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Defined Contribution Plan Disclosure [Line Items]
Accruals and other current liabilities	2,460	2,355
Deferred compensation plan liabilities	93,402	88,181
Total DCP liabilities	$ 95,862	$ 90,536

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Common Stock - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Jul. 01, 2024	Dec. 31, 2023	May 11, 2022
Class of Stock [Line Items]
Repurchases of Class B Common Stock under approved program	$ 15,006
Employee stock purchase plan contributions	$ 2,959			$ 5,790
Common Stock
Class of Stock [Line Items]
Repurchase of Class B common stock under approved program (in shares)	302,598
Repurchases of Class B Common Stock under approved program	$ 3
Shares issued in connection with executive bonus plan, net (in shares)	65,939	79,804
ESPP
Class of Stock [Line Items]
Employee stock purchase plan contributions	$ 2,959			$ 5,790
Class B Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 200,000
Repurchase of Class B common stock under approved program (in shares)	302,598	0
Repurchases of Class B Common Stock under approved program	$ 15,006
Common stock, reserved for future issuance amount	$ 154,752
Class B Common Stock \| Forecast
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 200,000
Class B Common Stock \| Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Class of Stock [Line Items]
Deferred compensation arrangement with individual, shares issued (in shares)	537,745	1,052,738
Shares withheld for tax withholding obligation (in shares)	0	368,733
Share-based compensation tax withholding payment		$ 13,626
Shares reserved for future issuance (in shares)	4,401,185
Class B Common Stock \| Bonus Plan Incentive
Class of Stock [Line Items]
Share-based compensation tax withholding payment		$ 2,425
Shares issued in connection with executive bonus plan, net (in shares)	65,939
Shares withheld for cost of options and tax withholding obligation (in shares)	0	63,310
Shares exercised, net of shares withheld (in shares)		79,804
Class B Common Stock \| Stock Option
Class of Stock [Line Items]
Share-based compensation tax withholding payment	$ 2,195	$ 1,701
Shares withheld for cost of options and tax withholding obligation (in shares)	67,146
Shares exercised, net of shares withheld (in shares)	844,283
Cash used to settle award	$ 4,007
Class B Common Stock \| Stock Option \| Common Stock
Class of Stock [Line Items]
Shares withheld for cost of options and tax withholding obligation (in shares)		73,822
Shares exercised, net of shares withheld (in shares)		928,300
Cash used to settle award		$ 4,202
Class B Common Stock \| ESPP
Class of Stock [Line Items]
Share-based compensation tax withholding payment	$ 175	$ 222
Shares withheld for cost of options and tax withholding obligation (in shares)	3,354	5,996
Shares issued (in shares)	122,020	153,381
Proceeds from issuance of common stock	$ 5,560	$ 4,557
Shares purchased (in shares)	125,374	159,377
Shares reserved for future issuance (in shares)	24,150,018

Common Stock - Schedule of Divi

Common Stock - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividends per share (USD per share)	$ 0.06	$ 0.05
Amount	$ 17,871	$ 14,522

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 883,982	$ 573,454
Other comprehensive (loss) income, before taxes	(7,604)	372
Tax expense	(28)	(6)
Total other comprehensive (loss) income, net of taxes	(7,632)	366
Ending balance	932,607	614,190
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(84,987)	(89,740)
Ending balance	(92,619)	(89,374)
Foreign Currency Translations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(84,634)	(89,408)
Other comprehensive (loss) income, before taxes	(7,733)	340
Tax expense	0	0
Total other comprehensive (loss) income, net of taxes	(7,733)	340
Ending balance	(92,367)	(89,068)
Accumulated (Loss) Gain on Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(353)	(332)
Other comprehensive (loss) income, before taxes	129	32
Tax expense	(28)	(6)
Total other comprehensive (loss) income, net of taxes	101	26
Ending balance	$ (252)	$ (306)

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 19,658	$ 19,484
Stock-based compensation expense accrued	6,300		$ 4,043
Cost of revenues: \| Subscriptions and licenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,094	1,034
Cost of revenues: \| Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	882	1,007
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,881	5,286
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,778	2,870
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10,023	9,287
Restricted stock and restricted stock units (“RSUs”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13,690	13,923
Bonus Plan expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,301	4,546
ESPP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	624	575
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	343
DCP elective participant deferrals expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 43	$ 97

Stock-Based Compensation - 2020

Stock-Based Compensation - 2020 Omnibus Incentive Plan Narrative (Details) - 2020 Incentive Award Plan - Class B Common Stock	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	25,000,000
Number of shares available (in shares)	20,273,484

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	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)			1,335	185,186
Unrecognized compensation cost, excluding options	$ 9,208
Cost not yet recognized, period for recognition	9 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (USD per share)	$ 50.83	$ 40.73
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)	830,534
Shares withheld for tax withholding obligation (in shares)	113,790	78,993
Share-based compensation tax withholding payment	$ 5,729	$ 3,025
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)	670,560
Grant date fair value (USD per share)	$ 51.36
Unrecognized compensation cost, excluding options	$ 102,848
Cost not yet recognized, period for recognition	2 years
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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	3,303,849
Granted (in shares)	830,534
Vested (in shares)	(606,781)
Forfeited and canceled (in shares)	(55,497)
Unvested, ending balance (in shares)	3,472,105		3,303,849
Time-Based Restricted Stock and Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	2,938,208
Granted (in shares)	670,560
Vested (in shares)	(424,991)
Forfeited and canceled (in shares)	(55,497)
Unvested, ending balance (in shares)	3,128,280		2,938,208
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 39.87
Granted (USD per share)	51.36
Vested (USD per share)	40.30
Forfeited and canceled (USD per share)	36.01
Unvested, ending balance (USD per share)	$ 42.34		$ 39.87
Performance Based Restricted Stock And Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	365,641
Granted (in shares)	159,974
Vested (in shares)	(181,790)
Forfeited and canceled (in shares)	0
Unvested, ending balance (in shares)	343,825		365,641
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (USD per share)	$ 39.21
Granted (USD per share)	48.60
Vested (USD per share)	39.15
Forfeited and canceled (USD per share)	0
Unvested, ending balance (USD per share)	$ 43.61		$ 39.21
Cash-Settled Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	51,638
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)			1,335	185,186

Stock-Based Compensation - Opti

Stock-Based Compensation - Options Outstanding Rollforward (Details) - Stock Option - 2020 Incentive Award Plan	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	916,429
Exercised (in shares) \| shares	(911,429)
Forfeited and expired (in shares) \| shares	(5,000)
Ending balance (in shares) \| shares	0
Weighted Average Exercise Price Per Share
Beginning balance (USD per share) \| $ / shares	$ 5.74
Exercised (USD per share) \| $ / shares	5.74
Forfeited and expired (USD per share) \| $ / shares	5.74
Ending balance (USD per share) \| $ / shares	$ 0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Narrative (Details) - Stock Option - 2020 Incentive Award Plan - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 4,007,000	$ 4,202,000
Stock options exercised, intrinsic value	40,775,000	$ 35,076,000
Unrecognized compensation cost	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 92,548	$ 54,982
Provision for income taxes	$ 22,247	$ 9,492
Effective tax rate	24%	17.30%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Discrete income tax benefit	$ 2,138	$ 7,073

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2026 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 692,789	$ 684,205
2027 Notes
Derivative [Line Items]
Long-term debt, fair value	$ 516,419	$ 516,051

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	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 71,251	$ 32,163
Liabilities:
Deferred compensation plan liabilities	95,862	90,536
Cash-settled equity awards	1,102	781
Total liabilities	96,964	91,317
Deferred compensation plan, current	2,460	2,355
Interest Rate Swap
Assets:
Interest rate swap	34,952	32,162
Level 1
Assets:
Total assets	36,299	1
Liabilities:
Deferred compensation plan liabilities	95,862	90,536
Cash-settled equity awards	1,102	781
Total liabilities	96,964	91,317
Level 1 \| Interest Rate Swap
Assets:
Interest rate swap	0	0
Level 2
Assets:
Total assets	34,952	32,162
Liabilities:
Deferred compensation plan liabilities	0	0
Cash-settled equity awards	0	0
Total liabilities	0	0
Level 2 \| Interest Rate Swap
Assets:
Interest rate swap	34,952	32,162
Money Market Funds
Assets:
Money market funds	36,299	1
Money Market Funds \| Level 1
Assets:
Money market funds	36,299	1
Money Market Funds \| Level 2
Assets:
Money market funds	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - Hosted Software Solutions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, amount	$ 158,000
Long-term purchase commitment, amount remaining		$ 116,500

Geographic Data (Details)

Geographic Data (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 311,419	$ 327,363
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	259,741	272,492
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	38,353	40,411
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 13,325	$ 14,460

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
Other Income, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Change in fair value of interest rate swap	$ 2,790	$ (4,489)
Foreign exchange	2,342	1,454
Receipts related to interest rate swap	2,357	1,920
Other (expense) income, net	(352)	1,404
Total other income, net	7,137	289
Foreign exchange (losses) gains, unrealized, intercompany	$ (394)	$ 861

Realignment Costs - Narrative (

Realignment Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
2023 Program
Postemployment Benefits [Line Items]
Realignment costs	$ 24	$ 12,579

Realignment Costs - Schedule of

Realignment Costs - Schedule of Realignment Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Postemployment Benefits [Line Items]
Realignment costs	$ 24
Cost of revenues:
Postemployment Benefits [Line Items]
Realignment costs	(49)
Cost of revenues: \| Subscriptions and licenses
Postemployment Benefits [Line Items]
Realignment costs	(80)
Cost of revenues: \| Services
Postemployment Benefits [Line Items]
Realignment costs	31
Research and development
Postemployment Benefits [Line Items]
Realignment costs	(71)
Selling and marketing
Postemployment Benefits [Line Items]
Realignment costs	678
General and administrative
Postemployment Benefits [Line Items]
Realignment costs	(534)
Total operating expenses
Postemployment Benefits [Line Items]
Realignment costs	$ 73

Realignment Costs - Realignment

Realignment Costs - Realignment Activities Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Postemployment Benefits [Roll Forward]
Realignment costs, beginning balance	$ 12,459
Payments	(7,517)
Adjustments	(272)
Realignment costs, beginning balance	4,694
One-time Termination Benefits
Postemployment Benefits [Roll Forward]
Realignment costs	$ 24

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	3 Months Ended
Net Income Per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	343,825	387,237

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
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 70,310	$ 45,490
Less: Net income attributable to participating securities	(21)	(19)
Net income attributable to Class A and Class B common stockholders, basic	70,289	45,471
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes	1,723	1,717
Net income attributable to Class A and Class B common stockholders, diluted	$ 72,012	$ 47,188
Denominator:
Weighted average shares, basic (in shares)	314,295,102	310,758,802
Dilutive effect of stock options, restricted stock, and RSUs (in shares)	1,686,026	2,844,855
Dilutive effect of ESPP (in shares)	8,604	14,441
Dilutive effect of assumed conversion of convertible senior notes (in shares)	17,633,786	17,633,786
Weighted average shares, diluted (in shares)	333,623,518	331,251,884
Net income per share, basic (USD per share)	$ 0.22	$ 0.15
Net income per share, diluted (USD per share)	$ 0.22	$ 0.14

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
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	87,388
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	87,388