Vertex (VERX) 10-Q9 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 04, 2023
Document Information:
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39413
Entity Registrant Name	Vertex, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2081753
Entity Address, Address Line One	2301 Renaissance Blvd
Entity Address, City or Town	King of Prussia
Entity Address State Or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	800
Local Phone Number	355-3500
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol	VERX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001806837
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A
Document Information:
Entity Common Stock, Shares Outstanding		55,245,904
Class B
Document Information:
Entity Common Stock, Shares Outstanding		96,839,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 41,865	$ 91,803
Funds held for customers	30,156	14,945
Accounts receivable, net of allowance of $14,218 and $9,554, respectively	129,093	102,885
Prepaid expenses and other current assets	22,026	22,340
Investment securities available-for-sale, at fair value (amortized cost of $11,235 and $11,220, respectively)	11,201	11,173
Total current assets	234,341	243,146
Property and equipment, net of accumulated depreciation	98,912	101,090
Capitalized software, net of accumulated amortization	39,461	39,012
Goodwill and other intangible assets	259,587	257,023
Deferred commissions	16,726	15,463
Deferred income tax asset	42,855	30,938
Operating lease right-of-use assets	16,564	17,187
Other assets	16,624	15,333
Total assets	725,070	719,192
Current liabilities:
Current portion of long-term debt	2,500	2,188
Accounts payable	22,009	14,329
Accrued expenses	55,991	38,234
Customer funds obligations	26,594	12,121
Accrued salaries and benefits	12,332	10,790
Accrued variable compensation	15,027	23,729
Deferred compensation, current		2,809
Deferred revenue, current	274,094	268,847
Current portion of operating lease liabilities	4,454	4,086
Current portion of finance lease liabilities	59	103
Deferred purchase consideration, current	9,974	19,824
Purchase commitment and contingent consideration liabilities, current	7,866	6,149
Total current liabilities	430,900	403,209
Deferred revenue, net of current portion	2,959	10,289
Debt, net of current portion	45,478	46,709
Operating lease liabilities, net of current portion	18,330	20,421
Finance lease liabilities, net of current portion		10
Purchase commitment and contingent consideration liabilities, net of current portion	1,500	8,412
Deferred other liabilities	188	417
Total liabilities	499,355	489,467
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding
Additional paid in capital	262,095	244,820
(Accumulated deficit) retained earnings	(12,521)	12,507
Accumulated other comprehensive loss	(24,011)	(27,752)
Total stockholders' equity	225,715	229,725
Total liabilities and stockholders' equity	725,070	719,192
Class A
Stockholders' equity:
Common stock	54	50
Class B
Stockholders' equity:
Common stock	$ 98	$ 100

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for accounts receivable	$ 14,218	$ 9,554
Amortized cost	$ 11,235	$ 11,220
Preferred stock par value (per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	30,000	30,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock par value (per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	54,054	50,014
Common stock, shares outstanding (in shares)	54,054	50,014
Class B
Common stock par value (per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	97,718	100,307
Common stock, shares outstanding (in shares)	97,718	100,307

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 139,695	$ 119,276	$ 272,446	$ 234,260
Cost of revenues:
Total cost of revenues	53,879	48,129	105,626	92,995
Gross profit	85,816	71,147	166,820	141,265
Operating expenses:
Research and development	12,680	10,310	28,542	19,943
Selling and marketing	33,541	31,979	69,277	59,431
General and administrative	39,376	30,084	73,686	58,841
Depreciation and amortization	3,878	3,224	7,619	6,184
Other operating expense (income), net	413	(154)	697	694
Total operating expenses	89,888	75,443	179,821	145,093
Loss from operations	(4,072)	(4,296)	(13,001)	(3,828)
Other (income) expense:
Interest (income) expense, net	(105)	724	(455)	718
Loss before income taxes	(3,967)	(5,020)	(12,546)	(4,546)
Income tax expense	2,929	500	12,482	1,308
Net loss	(6,896)	(5,520)	(25,028)	(5,854)
Other comprehensive (income) loss:
Foreign currency translation adjustments and revaluations, net of tax	(609)	11,777	(3,731)	13,826
Unrealized (gain) loss on investments, net of tax	3	(2)	(10)	(2)
Total other comprehensive (income) loss, net of tax	(606)	11,775	(3,741)	13,824
Total comprehensive loss	(6,290)	(17,295)	(21,287)	(19,678)
Software subscriptions
Revenues:
Total revenues	117,836	101,088	228,850	198,219
Cost of revenues:
Total cost of revenues	38,516	36,209	75,919	69,122
Services
Revenues:
Total revenues	21,859	18,188	43,596	36,041
Cost of revenues:
Total cost of revenues	15,363	11,920	29,707	23,873
Class A
Other comprehensive (income) loss:
Net loss attributable to stockholders, basic	$ (2,447)	$ (1,598)	$ (8,633)	$ (1,679)
Net loss per share, basic (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.17)	$ (0.04)
Weighted average common stock, basic (in shares)	53,762	43,286	52,109	42,818
Net loss attributable to stockholders, diluted	$ (2,447)	$ (1,598)	$ (8,633)	$ (1,679)
Net loss per share, diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.17)	$ (0.04)
Weighted average common stock, diluted (in shares)	53,762	43,286	52,109	42,818
Class B
Other comprehensive (income) loss:
Net loss attributable to stockholders, basic	$ (4,449)	$ (3,922)	$ (16,395)	$ (4,175)
Net loss per share, basic (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.17)	$ (0.04)
Weighted average common stock, basic (in shares)	97,718	106,203	98,969	106,505
Net loss attributable to stockholders, diluted	$ (4,449)	$ (3,922)	$ (16,395)	$ (4,175)
Net loss per share, diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.17)	$ (0.04)
Weighted average common stock, diluted (in shares)	97,718	106,203	98,969	106,505

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A	Common Stock Class B	Additional paid in capital.	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss	Class A	Class B	Total
Balance at Dec. 31, 2021	$ 42	$ 107	$ 222,621	$ 24,811	$ (17,497)			$ 230,084
Balance (in shares) at Dec. 31, 2021	42,286	106,807
Exercise of stock options, net			278					278
Exercise of stock options, net (in shares)	272
Shares issued upon vesting of Restricted Stock Units, net			(15)					(15)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	3
Stock-based compensation expense			4,867					4,867
Foreign currency translation adjustments and revaluations, net of tax					(2,049)			(2,049)
Net loss				(334)				(334)
Balance at Mar. 31, 2022	$ 42	$ 107	227,751	24,477	(19,546)			232,831
Balance (in shares) at Mar. 31, 2022	42,561	106,807
Balance at Dec. 31, 2021	$ 42	$ 107	222,621	24,811	(17,497)			230,084
Balance (in shares) at Dec. 31, 2021	42,286	106,807
Exercise of stock options, net (in shares)						365
Shares issued upon vesting of Restricted Stock Units, net (in shares)						3
Foreign currency translation adjustments and revaluations, net of tax								(13,826)
Unrealized gain from available-for-sale investments, net of tax								2
Net loss								(5,854)
Balance at Jun. 30, 2022	$ 48	$ 101	232,850	18,957	(31,321)			220,635
Balance (in shares) at Jun. 30, 2022	48,316	101,307
Balance at Mar. 31, 2022	$ 42	$ 107	227,751	24,477	(19,546)			232,831
Balance (in shares) at Mar. 31, 2022	42,561	106,807
Exercise of stock options, net			(34)					(34)
Exercise of stock options, net (in shares)	93					93
Shares issued upon vesting of Restricted Stock Units, net (in shares)						0
Shares issued upon vesting of Restricted Stock Awards, net (in shares)	59
Shares issued in connection with ESPP			967					967
Shares issued in connection with ESPP (shares)	103
Stock-based compensation expense			4,166					4,166
Class B shares exchanged for Class A shares	$ 6	$ (6)
Class B shares exchanged for Class A shares (in shares)	5,500	(5,500)
Foreign currency translation adjustments and revaluations, net of tax					(11,777)			(11,777)
Unrealized gain from available-for-sale investments, net of tax					2			2
Net loss				(5,520)				(5,520)
Balance at Jun. 30, 2022	$ 48	$ 101	232,850	18,957	(31,321)			220,635
Balance (in shares) at Jun. 30, 2022	48,316	101,307
Balance at Dec. 31, 2022	$ 50	$ 100	244,820	12,507	(27,752)			229,725
Balance (in shares) at Dec. 31, 2022	50,014	100,307				50,014	100,307
Exercise of stock options, net	$ 1		1,279					1,280
Exercise of stock options, net (in shares)	592
Shares issued upon vesting of Restricted Stock Units, net			(3,471)					(3,471)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	391
Stock-based compensation expense			10,938					10,938
Class B shares exchanged for Class A shares	$ 2	$ (2)
Class B shares exchanged for Class A shares (in shares)	2,589	(2,589)
Foreign currency translation adjustments and revaluations, net of tax					3,122			3,122
Unrealized gain from available-for-sale investments, net of tax					13			13
Net loss				(18,132)				(18,132)
Balance at Mar. 31, 2023	$ 53	$ 98	253,566	(5,625)	(24,617)			223,475
Balance (in shares) at Mar. 31, 2023	53,586	97,718
Balance at Dec. 31, 2022	$ 50	$ 100	244,820	12,507	(27,752)			229,725
Balance (in shares) at Dec. 31, 2022	50,014	100,307				50,014	100,307
Exercise of stock options, net (in shares)						851
Foreign currency translation adjustments and revaluations, net of tax								3,731
Unrealized gain from available-for-sale investments, net of tax								10
Net loss								(25,028)
Balance at Jun. 30, 2023	$ 54	$ 98	262,095	(12,521)	(24,011)			225,715
Balance (in shares) at Jun. 30, 2023	54,054	97,718				54,054	97,718
Balance at Mar. 31, 2023	$ 53	$ 98	253,566	(5,625)	(24,617)			223,475
Balance (in shares) at Mar. 31, 2023	53,586	97,718
Exercise of stock options, net	$ 1		668					669
Exercise of stock options, net (in shares)	259					259
Shares issued upon vesting of Restricted Stock Units, net			(221)					(221)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	22
Shares issued upon vesting of Restricted Stock Awards, net (in shares)	106
Shares issued in connection with ESPP			1,178					1,178
Shares issued in connection with ESPP (shares)	81
Stock-based compensation expense			6,904					6,904
Foreign currency translation adjustments and revaluations, net of tax					609			609
Unrealized gain from available-for-sale investments, net of tax					(3)			(3)
Net loss				(6,896)				(6,896)
Balance at Jun. 30, 2023	$ 54	$ 98	$ 262,095	$ (12,521)	$ (24,011)			$ 225,715
Balance (in shares) at Jun. 30, 2023	54,054	97,718				54,054	97,718

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (25,028)	$ (5,854)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	34,190	30,535
Amortization of cloud computing implementation costs	631
Provision for subscription cancellations and non-renewals	1,374	(611)
Amortization of deferred financing costs	126	118
Change in fair value of contingent consideration liability	449	700
Write-off of deferred financing costs		370
Stock-based compensation expense	18,456	9,127
Deferred income tax (benefit)	(12,331)	(88)
Non-cash operating lease costs	625	1,534
Other	(67)	552
Changes in operating assets and liabilities:
Accounts receivable	(30,512)	(10,900)
Prepaid expenses and other current assets	355	(3,124)
Deferred commissions	(1,263)	387
Accounts payable	7,655	4,732
Accrued expenses	17,407	685
Accrued and deferred compensation	(10,705)	(17,550)
Deferred revenue	1,179	6,288
Operating lease liabilities	(1,722)	(1,868)
Other changes in operating assets and liabilities	(1,717)	(6,445)
Net cash (used in) provided by operating activities	(898)	8,588
Cash flows from investing activities:
Acquisition of business, net of cash acquired		(474)
Property and equipment additions	(21,859)	(21,839)
Capitalized software additions	(9,042)	(5,926)
Purchase of investment securities, available-for-sale	(8,427)	(6,943)
Proceeds from maturities of investment securities, available-for-sale	8,600
Net cash used in investing activities	(30,728)	(35,182)
Cash flows from financing activities:
Net increase (decrease) in customer funds obligations	14,473	(4,571)
Proceeds from term loan		50,000
Principal payments on long-term debt	(938)	(313)
Payments for deferred financing costs		(983)
Proceeds from purchases of stock under ESPP	1,178	967
Payments for taxes related to net share settlement of stock-based awards	(3,986)	(489)
Proceeds from exercise of stock options	2,243	718
Distributions under Tax Sharing Agreement		(536)
Payments for purchase commitment and contingent consideration liabilities	(6,424)	(255)
Payments of finance lease liabilities	(27)	(49)
Payments for deferred purchase commitments	(10,000)	(10,000)
Net cash (used in) provided by financing activities	(3,481)	34,489
Effect of exchange rate changes on cash, cash equivalents and restricted cash	380	(612)
Net (decrease) increase in cash, cash equivalents and restricted cash	(34,727)	7,283
Cash, cash equivalents and restricted cash, beginning of period	106,748	98,206
Cash, cash equivalents and restricted cash, end of period	$ 72,021	$ 105,489

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets, end of period:
Cash and cash equivalents	$ 41,865	$ 85,554
Restricted cash-funds held for customers	30,156	19,935
Total cash, cash equivalents and restricted cash, end of period	$ 72,021	$ 105,489

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Vertex, Inc. (“Vertex”) and its consolidated subsidiaries and variable interest entities (“VIE”) (collectively, the “Company”) operate as solutions providers of state, local and value added tax calculation, compliance and analytics, offering software products which are sold through software license and software as a service (“cloud”) subscriptions. The Company also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. The Company sells to customers located throughout the United States of America (“U.S.”) and internationally. Basis of Consolidation The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of the Company. All intercompany transactions have been eliminated in consolidation. The Company has a 80% controlling equity interest in Systax Sistemas Fiscais LTDA (“Systax”), a provider of Brazilian transaction tax content and software. Systax was determined to be a VIE and the accounts are included in the condensed consolidated condensed financial statements. Vertex does not have full decision-making authority over Systax; however, Vertex is the entity that most significantly participates in the variability of the fair value of Systax’s net assets and is considered the entity most closely associated to Systax. As such, Vertex is deemed the primary beneficiary of Systax and consolidates Systax into its condensed consolidated financial statements. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and include the accounts of the Company. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the SEC on March 10, 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements included in the 2022 Annual Report. The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the interim condensed consolidated statements of comprehensive loss and changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the annual audited consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items necessary for the fair presentation of the condensed consolidated financial statements. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Revision of Previously Issued Financial Statements Certain prior period amounts on the condensed consolidated balance sheets and condensed consolidated statements of cash flows, reflected in the tables below, have been revised to correct for certain immaterial errors, as described below. During the second quarter of 2023, management identified certain immaterial errors impacting previously issued financial statements beginning as of December 31, 2021, and subsequent annual and quarterly reporting periods through March 31, 2023. Specifically, management identified an error in financial statement presentation required to be corrected to correctly reflect Cloud Computing Arrangement (“CCA”) software implementation costs in accordance with Accounting Standards Codification (“ASC”) 350-40, Goodwill and Other, Internal-Use Software Management assessed the materiality of this presentation on prior period consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality,” codified in ASC Topic 250, Accounting Changes and Error Corrections (“ASC 250”). Based on this assessment, management concluded that the error correction is not material to any previously presented interim or annual financial statements. The effect on the consolidated balance sheets is as follows: December 31, 2021 As Reported Revision As Revised Property and equipment, net of accumulated depreciation $ 98,390 $ (1,680) $ 96,710 Other assets 1,900 1,680 3,580 March 31, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 102,228 $ (4,642) $ 97,586 Other assets 3,158 4,642 7,800 June 30, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 106,526 $ (7,668) $ 98,858 Other assets 2,592 7,668 10,260 September 30, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 109,123 $ (11,107) $ 98,016 Other assets 2,422 11,107 13,529 December 31, 2022 Prepaid expenses and other current assets $ 20,383 $ 1,957 $ 22,340 Total current assets 241,189 1,957 243,146 Property and equipment, net of accumulated depreciation 115,768 (14,678) 101,090 Other assets 2,612 12,721 15,333 March 31, 2023 (unaudited) Prepaid expenses and other current assets $ 22,536 $ 3,588 $ 26,124 Total current assets 231,435 3,588 235,023 Property and equipment, net of accumulated depreciation 117,444 (17,942) 99,502 Other assets 2,621 14,354 16,975 The effect on the consolidated statements of cash flows are as follows: Twelve months ended December 31, 2021 As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ 336 $ (1,680) $ (1,344) Net cash (used in) provided by operating activities 91,969 (1,680) 90,289 Cash flows from investing activities: Property and equipment additions (33,386) 1,680 (31,706) Net cash used in investing activities (296,458) 1,680 (294,778) Three months ended March 31, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (950) $ (2,962) $ (3,912) Net cash (used in) provided by operating activities 2,595 (2,962) (367) Cash flows from investing activities: Property and equipment additions (13,873) 2,962 (10,911) Net cash used in investing activities (17,259) 2,962 (14,297) Six months ended June 30, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (457) $ (5,988) $ (6,445) Net cash (used in) provided by operating activities 14,576 (5,988) 8,588 Cash flows from investing activities: Property and equipment additions (27,827) 5,988 (21,839) Net cash used in investing activities (41,170) 5,988 (35,182) Nine months ended September 30, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (349) $ (9,427) $ (9,776) Net cash (used in) provided by operating activities 33,026 (9,427) 23,599 Cash flows from investing activities: Property and equipment additions (42,973) 9,427 (33,546) Net cash used in investing activities (59,862) 9,427 (50,435) Twelve months ended December 31, 2022 As Reported Revision As Revised Cash flows from operating activities: Prepaid expenses and other current assets $ (214) $ (1,957) $ (2,171) Other changes in operating assets and liabilities (583) (11,041) (11,624) Net cash (used in) provided by operating activities 76,846 (12,998) 63,848 Cash flows from investing activities: Property and equipment additions (58,530) 12,998 (45,532) Net cash used in investing activities (85,046) 12,998 (72,048) Three months ended March 31, 2023 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Prepaid expenses and other current assets $ (2,109) $ (1,631) $ (3,740) Other changes in operating assets and liabilities (58) (1,633) (1,691) Net cash (used in) provided by operating activities 6,755 (3,264) 3,491 Cash flows from investing activities: Property and equipment additions (13,313) 3,264 (10,049) Net cash used in investing activities (17,561) 3,264 (14,297) The condensed consolidated balance sheet as of December 31, 2022 and the condensed consolidated statement of cash flows for the six months ended June 30, 2022 have been revised in this Quarterly Report on Form 10-Q. The Company intends to revise the remaining quarterly and annual amounts affected in future filings in which they appear, as applicable. Segments The Company operates its business as one operating segment. For the three and six months ended June 30, 2023, approximately 7% of the Company’s revenues were generated from customers located outside the U.S. For the three and six months ended June 30, 2022, revenues generated from customers located outside the U.S. were approximately 10% and 8%, respectively. As of June 30, 2023 and December 31, 2022, $1,056 and $827, respectively, of the Company’s property and equipment assets were held outside the U.S. Use of Estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses during the reporting period. Significant estimates used in preparing these condensed consolidated financial statements include: (i) the estimated allowance for subscription cancellations, (ii) expected credit losses associated with the allowance for doubtful accounts; (iii) allowance for credit losses on available-for-sale debt securities; (iv) the reserve for self-insurance, (v) assumptions related to achievement of technological feasibility for software developed for sale, (vi) product life cycles, (vii) estimated useful lives and potential impairment of long-lived assets and intangible assets, (viii) potential impairment of goodwill, (ix) determination of the fair value of tangible and intangible assets acquired, liabilities assumed and consideration transferred in acquisitions, (x) amortization period of material rights and deferred commissions (xi) Black-Scholes-Merton option pricing model (“Black-Scholes model”) input assumptions used to determine the fair value of certain stock-based compensation awards, and Employee Stock Purchase Plan (“ESPP”) purchase rights (xii) measurement of future purchase commitment, contingent consideration liabilities and deferred purchase consideration liabilities associated with acquisitions, and (xiii) the potential outcome of future tax consequences of events that have been recognized in the condensed consolidated financial statements or tax returns. Actual results may differ from these estimates. Software Development Costs Cloud Computing Software Implementation Costs The Company follows ASC 350-40, Goodwill and Other, Internal-Use Software, an option to extend, ranging from two Costs related to cloud computing implementation incurred in hosting arrangements are capitalized and reported as a component of prepaid expenses and other current assets, or non-current assets. At June 30, 2023, $4,639 and $16,615 were reported in prepaid expenses and other current assets, and non-current assets, respectively, in the condensed consolidated balance sheets. Amortization expense for capitalized cloud computing implementation costs for both the three and six month periods ended June 30, 2023 was $699 and is included in general and administrative expense in the condensed consolidated statements of comprehensive loss. There was no amortization expense for the three and six month periods ended June 30, 2022. Supplemental Balance Sheet Disclosures Supplemental balance sheet disclosures are as follows for the respective periods: As of June 30, December 31, 2023 2022 (unaudited) Prepaid expenses and other current assets: Prepaid expenses $ 6,187 $ 5,875 Unamortized cloud computing implementation costs 4,105 1,957 Prepaid insurance 647 2,291 Prepaid licenses and support 11,087 12,217 Prepaid expenses and other current assets $ 22,026 $ 22,340 Other assets: Unamortized cloud computing implementation costs $ 14,545 $ 12,721 Other assets 2,079 2,612 Total other assets $ 16,624 $ 15,333 Accrued expenses: Accrued general expenses $ 20,593 $ 18,485 Accrued contract labor and professional fees 12,782 17,421 Accrued income and other taxes 22,616 2,328 Accrued expenses $ 55,991 $ 38,234 Recently Issued or Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to delay adoption of certain new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Deferred Revenue In October 2021, the Financial Accounting Standard Board issued ASU No. 2021-08, Business Combinations (“ASU 2021-08”). ASU 2021-08 provides specific guidance on how to recognize and measure contract assets and contract liabilities related to revenue contracts with customers acquired in a business combination. This will align the accounting for these acquired contracts to the accounting for revenue contracts originated by the acquirer and will provide more comparable information to investors and other financial statement users seeking to better understand the financial impact of these acquisitions. The Company adopted this standard effective January 1, 2023 on a prospective basis for business combinations occurring on or after this date. Although this standard does not have a material impact on the Company’s current condensed consolidated financial statements, adoption could have a material impact on the accounting for future acquisitions reflected in the Company’s condensed consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION Disaggregation of revenue The table reflects revenue by major source for the following periods: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Software subscriptions: Software licenses $ 66,625 $ 60,872 $ 129,433 $ 119,731 Cloud subscriptions 51,211 40,216 99,417 78,488 Software subscriptions 117,836 101,088 228,850 198,219 Services 21,859 18,188 43,596 36,041 Total revenues $ 139,695 $ 119,276 $ 272,446 $ 234,260 Contract balances Timing of revenue recognition may differ from the timing of invoicing customers. A receivable is recorded in the condensed consolidated balance sheets when customers are billed related to revenue to be collected and recognized for subscription agreements as there is an unconditional right to invoice and receive payment in the future related to these subscriptions. A receivable and related revenue may also be recorded in advance of billings to the extent services have been performed and the Company has a right under the contract to bill and collect for such performance. Subscription-based customers are generally invoiced annually at the beginning of each annual subscription period. Accounts receivable is presented net of an allowance for potentially uncollectible accounts and estimated cancellations of software license and cloud-based subscriptions (the “allowance”) of $14,218 and $9,554 at June 30, 2023 and December 31, 2022, respectively. The allowance for potentially uncollectible accounts represents future expected credit losses over the life of the receivables based on past experience, current information and forward-looking economic considerations. The beginning and ending balances of accounts receivable, net of allowance, are as follows: For the six months ended June 30, 2023 For the year ended December 31, 2022 (unaudited) Balance, beginning of period $ 102,885 $ 76,929 Balance, end of period 129,093 102,885 Increase, net $ 26,208 $ 25,956 A contract liability is recorded as deferred revenue on the condensed consolidated balance sheets when customers are billed in advance of performance obligations being satisfied, and revenue is recognized after invoicing ratably over the subscription period or over the amortization period of material rights. Deferred revenue is reflected net of a related deferred allowance for subscription cancellations (the “deferred allowance”) of $10,409 and $7,133 at June 30, 2023 and December 31, 2022, respectively. The deferred allowance represents the portion of the allowance for subscription cancellations associated with deferred revenue. The beginning and ending balances of and changes to the allowance and the deferred allowance are as follows: For the three months ended June 30, 2023 2022 Balance Net Change Balance Net Change (unaudited) Allowance balance, April 1, $ (10,641) $ (8,450) Allowance balance, June 30, (14,218) (8,719) Change in allowance $ 3,577 $ 269 Deferred allowance balance, April 1, 7,516 6,098 Deferred allowance balance, June 30, 10,409 6,700 Change in deferred allowance (2,893) (602) Net amount charged to revenues $ 684 $ (333) For the six months ended June 30, 2023 2022 Balance Net Change Balance Net Change (unaudited) Allowance balance, January 1, $ (9,554) $ (9,151) Allowance balance, June 30, (14,218) (8,719) Change in allowance $ 4,664 $ (432) Deferred allowance balance, January 1, 7,133 6,537 Deferred allowance balance, June 30, 10,409 6,700 Change in deferred allowance (3,276) (163) Net amount charged to revenues $ 1,388 $ (595) The portion of deferred revenue expected to be recognized in revenue beyond one year is included in deferred revenue, net of current portion in the condensed consolidated balance sheets. The tables provide information about the balances of and changes to deferred revenue for the following periods: As of June 30, As of December 31, 2023 2022 (unaudited) Balances: Deferred revenue, current $ 274,094 $ 268,847 Deferred revenue, non-current 2,959 10,289 Total deferred revenue $ 277,053 $ 279,136 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Changes to deferred revenue: Beginning balance $ 283,116 $ 245,715 $ 279,136 $ 249,010 Additional amounts deferred 133,632 128,635 270,363 240,324 Revenues recognized (139,695) (119,276) (272,446) (234,260) Ending balance $ 277,053 $ 255,074 $ 277,053 $ 255,074 Contract costs Deferred sales commissions earned by the Company’s sales force and certain sales incentive programs and vendor referral agreements are considered incremental and recoverable costs of obtaining a contract with a customer. An asset is recognized for these incremental contract costs and reflected as deferred commissions in the condensed consolidated balance sheets. These contract costs are amortized on a straight-line basis over a period consistent with the transfer of the associated product and services to the customer, which is generally three years. Amortization of these costs are included in selling and marketing expense in the condensed consolidated statements of comprehensive loss. The Company periodically reviews these contract assets to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these assets. There were no impairment losses recorded for the periods presented. The changes to contract cost balances as of and for the following periods are: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Deferred commissions: Beginning balance $ 15,921 $ 11,679 $ 15,463 $ 12,555 Additions 2,747 2,931 5,598 4,656 Amortization (1,942) (2,442) (4,335) (5,043) Ending balance $ 16,726 $ 12,168 $ 16,726 $ 12,168

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	Jun. 30, 2023
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	3. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s fair value for its financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using As of June 30, 2023 (unaudited) Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Money Market Funds $ 27,458 $ 27,458 $ — $ — Commercial Paper 9,353 — 9,353 — U.S. Treasury Securities 5,780 — 5,780 — Tellutax Contingent Consideration 3,800 — — 3,800 Foreign Currency Forward Contracts 744 — 744 — Fair Value Measurements Using As of December 31, 2022 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Money Market Funds $ 67,430 $ 67,430 $ — $ — Commercial Paper 9,660 — 9,660 — U.S. Treasury Securities 5,203 — 5,203 — Tellutax Contingent Consideration 4,800 — — 4,800 Foreign Currency Forward Contracts 569 — 569 — The Company has investments in high quality, short-term money market instruments which are issued and payable in U.S. dollars (“Money Market Funds”), which are included in cash and cash equivalents on the condensed consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the fair value hierarchy since Money Market Fund fair values are known and observable through daily published floating net asset values. Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company has investments in bank and corporate issued commercial paper (“Commercial Paper”), and U.S. treasury securities (“U.S. Treasury Securities”), the Company believes that Level 2 designation is appropriate under Accounting Standards Codification, (“ASC”) 820-10, Fair Value Measurements and Disclosures In connection with the January 2021 Tellutax LLC (“Tellutax”) acquisition, the sellers are entitled to contingent consideration if sales targets are met during a period of time following the acquisition (the “Tellutax Contingent Consideration”). The Tellutax Contingent Consideration is based on three potential earn-out payments determined by periodic revenue achievements over a thirty-month period. Such estimate represents a recurring fair value measurement with significant unobservable inputs, which management considers to be Level 3 measurements under the Fair Value Hierarchy. The significant assumptions used in these calculations included forecasted results and the estimated likelihood for each performance scenario. The fair value of Tellutax Contingent Consideration is estimated using a Monte Carlo Simulation to compute the expected cash flows from the payments specified in the purchase agreement. Such payments have no maximum limit, but if certain targets are not met, there will be no payment for the applicable measurement period. A fair value adjustment of $249 and $449 was recorded in other operating expense (income), net for the three and six months ended June 30, 2023, respectively. A fair value adjustment of $0 and $700 was recorded in other operating expense (income), net for the three and six months ended June 30, 2022, respectively. At June 30, 2023, the Tellutax Contingent Consideration of $2,300 and $1,500 is included in purchase commitment and contingent consideration liabilities, current, and purchase commitment and contingent consideration liabilities, net of current portion, respectively, in the condensed consolidated balance sheets. At December 31, 2022, the Tellutax Contingent Consideration of $1,400 and $3,400 is included in purchase commitment and contingent consideration liabilities, current, and purchase commitment and contingent consideration liabilities, net of current portion, respectively, in the condensed consolidated balance sheets. Tellutax Contingent Consideration fair value as of June 30, 2023 and December 31, 2022 and unobservable inputs used for the Monte Carlo Simulation valuation were as follows: June 30, 2023 (unaudited) Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration $ 3,800 Monte Carlo Simulation Revenue volatility 70.0 % Revenue discount rate 22.9 % Term (in years) 1.9 December 31, 2022 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration $ 4,800 Monte Carlo Simulation Revenue volatility 75.0 % Revenue discount rate 22.4 % Term (in years) 2.4 Changes in the fair value of Tellutax Contingent Consideration during the six months ended June 30, 2023 were as follows: Tellutax Contingent Consideration (unaudited) Balance, January 1, 2023 $ 4,800 Fair value adjustments 449 Payments (1,449) Balance, June 30, 2023 $ 3,800 Assets and Liabilities for Which Fair Value is Only Disclosed The carrying amounts of cash and cash equivalents and the carrying amount of funds held for customers were the same as their respective fair values and are considered Level 1 measurements. The carrying amount of our bank debt approximates fair value as the variable rates on the debt approximate those commercially available in the market, and is considered a Level 3 measurement. Non-recurring Fair Value Measurements The LCR-Dixon Corporation (“LCR”) acquisition on September 22, 2021, the acquisition of EVAT Solutions Limited (“EVAT”) and its wholly owned subsidiaries (collectively, “Taxamo”) on May 12, 2021, the Tellutax acquisition on January 25, 2021, and the Systax acquisition on January 10, 2020, were accounted for as business combinations and the total purchase price for each acquisition was allocated to the net assets acquired and liabilities assumed based on their estimated fair values. Deferred purchase consideration associated with the LCR acquisition was $9,974 and $19,824 at June 30, 2023 and December 31, 2022, respectively. The Company has a contractual commitment to acquire the remaining equity interest from the original Systax Quotaholders incrementally through 2024. Future purchase commitment payments for these incremental acquisition amounts are based on a multiple of Systax revenue and earnings before interest, depreciation, amortization and income taxes (“EBITDA”) performance at the end of 2022 and 2023, whereby the Company will have full ownership after the final transaction in 2024. Management determined these future purchase commitments to be a forward contract, resulting in the Company being required to estimate and record an estimated future purchase commitment amount (the “Purchase Commitment Liability”) in connection with recording the initial purchase. The fair value of the Purchase Commitment Liability at the acquisition date was finalized to be $12,592. This amount will fluctuate as a result of changes in foreign currency exchange rates and is reflected in purchase commitment and contingent consideration liabilities in the condensed consolidated balance sheets, with such changes in exchange rates being reflected in other comprehensive loss or income in the condensed consolidated statements of comprehensive loss. Adjustments to the settlement date value that arise as a result of remeasurement at future balance sheet dates will be recorded as interest expense related to financing costs in the condensed consolidated statements of comprehensive income (loss) in the period the change is identified. No such adjustments have been recorded for the three or six months ended June 30, 2023 or 2022. The Company acquired an additional 15% equity interest of Systax through a Purchase Commitment Liability payment of $4,975 during the three and six months ended June 30, 2023, increasing the Company’s equity interest in Systax to 80%. The remaining Purchase Commitment Liability at June 30, 2023 was $5,566, and is included in purchase commitment and contingent consideration liabilities, current, in the condensed consolidated balance sheet. The Purchase Commitment Liability included in purchase commitment and contingent consideration liabilities, current and purchase commitment and contingent consideration liabilities, net of current portion in the consolidated balance sheets on December 31, 2022 was $4,749 and $5,012, respectively. The carrying amounts of both the LCR deferred purchase consideration and the Systax Purchase Commitment Liability amounts discussed above approximated their respective fair values at such dates and are considered Level 3 non-recurring fair value measurements. Derivative Instruments The Company may periodically enter into derivative contracts to reduce our exposure to foreign currency exchange rates. Historically, the Company has not designated derivative contracts as hedges. Such derivative contracts are typically designed to manage specific risks according to our strategies, which may change from time to time. The Company entered into a series of foreign currency forward contracts to reduce our exposure to adverse fluctuations in the Brazilian Real associated with a portion of the Systax Purchase Commitment Liability. Such forward contracts, have not been designated as a hedge, do not qualify for hedge accounting and are not material to our condensed consolidated financial statements. These forward contacts are remeasured at fair value on a recurring basis and are included in other assets in our condensed consolidated balance sheets with changes in their estimated fair value recognized as interest expense in our condensed consolidated statements of comprehensive loss. Our fair value determinations are based on foreign currency exchange rates in active markets, which are considered to be Level 2 measurements within the Fair Value Hierarchy.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
PROPERTY AND EQUIPMENT	Jun. 30, 2023
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT The major components of property and equipment are as follows: As of June 30, As of December 31, 2023 2022 (unaudited) Leasehold improvements $ 20,458 $ 20,929 Equipment 22,030 39,238 Computer software purchased 2,687 11,892 Internal-use software developed: Cloud-based customer solutions 135,874 142,980 Internal systems and tools 40,008 42,035 Furniture and fixtures 7,668 7,665 In-process internal-use software 7,058 18,200 Property and equipment 235,783 282,939 Less accumulated depreciation and amortization (136,871) (181,849) Property and equipment, net $ 98,912 $ 101,090 Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $1,967 and $1,671 for the three months ended June 30, 2023 and 2022, respectively, and $3,484 and $3,389 for the six months ended June 30, 2023 and 2022, respectively, and is reflected in depreciation and amortization in the condensed consolidated statements of comprehensive loss. Finance lease amortization was $237 and $535 for the three months ended June 30, 2023 and 2022, respectively, and $516 and $770 for the six months ended June 30, 2023 and 2022, respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of comprehensive loss. Assets under finance leases of $393 and $1,461, net of accumulated amortization of $316 and $861, respectively, at June 30, 2023 and December 31, 2022, respectively, are included in property and equipment in the condensed consolidated balance sheets. The major components of internal-use software are as follows: As of June 30, As of December 31, 2023 2022 (unaudited) Internal-use software developed $ 175,882 $ 185,015 Less accumulated depreciation (98,320) (119,603) Internal-use software developed, net of accumulated depreciation 77,562 65,412 In-process internal-use software 7,058 18,200 Internal-use software developed, net $ 84,620 $ 83,612 Amounts included in property and equipment additions related to capitalized internal-use software on the condensed consolidated statements of cash flows are as follows: For the six months ended June 30, 2023 2022 (unaudited) Cloud-based customer solutions $ 14,154 $ 14,406 Internal systems and tools 7,662 4,181 Total $ 21,816 $ 18,587 In-process internal-use software developed is not depreciated until it is available for its intended use. Depreciation expense for internal-use software developed for cloud-based customer solutions for the three months ended June 30, 2023 and 2022 was $8,260 and $6,927, respectively, and $16,408 and $13,258, for the six months ended June 30, 2023 and 2022, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive loss. Depreciation expense for internal-use software developed for internal systems and tools for the three months ended June 30, 2023 and 2022 was $1,674 and $1,018, respectively, and $3,619 and $2,025 for the six months ended June 30, 2023 and 2022, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive loss.

CAPITALIZED SOFTWARE

CAPITALIZED SOFTWARE	6 Months Ended
CAPITALIZED SOFTWARE	Jun. 30, 2023
CAPITALIZED SOFTWARE
CAPITALIZED SOFTWARE	5. CAPITALIZED SOFTWARE Capitalized software includes acquired software and direct labor and related expenses for software developed for sale for new products and enhancements to existing products. The major components of capitalized software are as follows: As of June 30, As of December 31, 2023 2022 (unaudited) Capitalized software $ 110,186 $ 96,577 Less accumulated amortization (70,790) (62,197) Capitalized software, net of accumulated depreciation 39,396 34,380 In-process capitalized software 65 4,632 Capitalized software, net $ 39,461 $ 39,012 Software development costs capitalized for the three months ended June 30, 2023 and 2022, excluding acquisitions, were $5,035 and $3,014, respectively, and $9,042 and $5,926 for the six months ended June 30, 2023 and 2022, respectively. Capitalized software amortization expense, including amortization of acquired technology, was $4,364 and $5,405 for the three months ended June 30, 2023 and 2022, respectively, and $8,593 and $8,706 for the six months ended June 30, 2023 and 2022, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive loss.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets are as follows for the periods presented: As of June 30, As of December 31, 2023 2022 (unaudited) Goodwill $ 255,868 $ 251,842 Other intangible assets, net 3,719 5,181 Total $ 259,587 $ 257,023 The Company has recognized various amortizable other intangible assets in connection with acquisitions related to customer relationships, technology, and tradenames. The following tables provide additional information for other intangible assets, which are individually not material to the condensed consolidated financial statements, for the periods presented: As of June 30, As of December 31, 2023 2022 (unaudited) Weighted average amortization period (years) 3.5 3.5 Gross value $ 10,953 $ 10,667 Accumulated amortization (7,234) (5,486) Carrying value $ 3,719 $ 5,181 The following table presents amortization of other intangible assets: For the three months ended June 30, Cost of Revenues, Software Subscriptions Selling and Marketing Expense Total Expense 2023 $ 62 $ 684 $ 746 2022 54 2,019 2,073 For the six months ended June 30, Cost of Revenues, Software Subscriptions Selling and Marketing Expense Total Expense 2023 $ 120 $ 1,450 $ 1,570 2022 119 2,268 2,387

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
DEBT
DEBT	7. Credit Agreement On March 8, 2022, the Company entered into the Second Amendment to the Credit Agreement, with a banking syndicate, which provides (i) a term loan in the aggregate amount of $50,000 (the “Term Loan”); and (ii) a $200,000 revolving facility (the “Line of Credit”). Our indebtedness at June 30, 2023 and December 31, 2022 was as follows: As of June 30, As of December 31, 2023 2022 (unaudited) Term Loan $ 2,500 $ 2,188 Current portion of long-term debt 2,500 2,188 Term Loan 45,625 46,875 Deferred financing costs (147) (166) Debt, net of current portion $ 45,478 $ 46,709 Total debt, net of financing costs $ 47,978 $ 48,897

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	8 . Common Stock During the three and six months ended and June 30, 2023, the Company issued 259 and 851 shares of Class A common stock, respectively, related to the exercise of options, net of 6 and 23 shares, respectively, returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. During the three and six months ended June 30, 2023, the Company issued 22 and 413 shares of Class A common stock, respectively, in connection with the vesting of Restricted Stock Units (“RSUs”), net of 11 and 242 shares, respectively, returned to the Company in lieu of payment of taxes due on the vesting of these RSUs. During the three and six months ended June 30, 2023, the Company issued 106 shares of Class A common stock, in connection with the vesting of Restricted Stock Awards (“RSAs”). During the three and six months ended June 30, 2023, a stockholder exchanged 2,589 shares of Class B common stock, for an equivalent number of shares of Class A common stock. During the three and six months ended and June 30, 2022, the Company issued 93 and 365 shares of Class A, respectively, related to the exercise of options, net of 23 and 70 shares, respectively, returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. During the three and six months ended June 30, 2022, the Company issued 0 and 3 shares of Class A, respectively, in connection with the vesting of RSUs, net of 0 and 1 share, respectively, returned to the Company in lieu of payment of taxes due on the vesting of these RSUs. During the three and six months ended June 30, 2022, the Company issued 59 shares of Class A common stock in connection with the vesting of Restricted Stock Awards (“RSAs”). During the three and six months ended June 30, 2022, a stockholder exchanged 5,500 shares of Class B common stock for an equivalent number of shares of Class A common stock. Tax Sharing Agreement Payments In connection with termination of the Company’s S-Corporation election effective July 27, 2020, the Company entered into a tax sharing agreement (“Tax Sharing Agreement”) with the former S-Corporation shareholders. All obligations of the Company under the Tax Sharing Agreement are satisfied by adjustments of additional paid in capital. During the three and six months ended June 30, 2022, the Company distributed $0 and $536, respectively, to the former S-Corporation shareholders under the Tax Sharing Agreement to settle the Company’s obligation for income taxes related to the allocation of taxable income to the S-Corporation short tax period ended July 26, 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	9. EARNINGS PER SHARE The tables below illustrate the calculation of basic and diluted net loss per common share for the Class A common stock and Class B common stock for the periods reflected below. For the three months ended June 30, For the six months ended June 30, Class A common stock: 2023 2022 2023 2022 (unaudited) (unaudited) Numerator, basic: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class A common stock as a percentage of total shares outstanding, basic 35.49 % 28.96 % 34.49 % 28.67 % Net loss attributable to Class A stockholders, basic $ (2,447) $ (1,598) $ (8,633) $ (1,679) Numerator, diluted: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class A common stock as a percentage of total shares outstanding, diluted 35.49 % 28.96 % 34.49 % 28.67 % Net loss attributable to Class A stockholders, diluted $ (2,447) $ (1,598) $ (8,633) $ (1,679) Denominator, basic and diluted: Weighted average Class A common stock, basic 53,762 43,286 52,109 42,818 Dilutive effect of common stock equivalents (1) (2) — — — — Weighted average Class A common stock, diluted 53,762 43,286 52,109 42,818 Net loss per Class A share, basic $ (0.05) $ (0.04) $ (0.17) $ (0.04) Net loss per Class A share, diluted $ (0.05) $ (0.04) $ (0.17) $ (0.04) (1) For the three months ended June 30, 2023, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 7,788 options (including 261 out-of-the-money options), 225 restricted stock awards (“RSAs”), 4,161 RSUs and 47 shares under the ESPP. For the three months ended June 30, 2022, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 9,024 options (including 763 out-of-the-money options), 306 RSAs, 2,417 RSUs and 49 shares under the ESPP. (2) For the six months ended June 30, 2023, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 8,060 options (including 483 out-of-the-money options), 230 RSAs, 3,654 RSUs and 46 shares under the ESPP. For the six months ended June 30, 2022, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 9,226 options (including 765 out-of-the-money options), 316 RSAs, 1,984 RSUs and 45 shares under the ESPP. For the three months ended June 30, For the six months ended June 30, Class B common stock: 2023 2022 2023 2022 (unaudited) (unaudited) Numerator, basic: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class B common stock as a percentage of total shares outstanding, basic 64.51 % 71.04 % 65.51 % 71.33 % Net loss attributable to Class B stockholders, basic $ (4,449) $ (3,922) $ (16,395) $ (4,175) Numerator, diluted: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class B common stock as a percentage of total shares outstanding, diluted 64.51 % 71.04 % 65.51 % 71.33 % Net loss attributable to Class B stockholders, diluted $ (4,449) $ (3,922) $ (16,395) $ (4,175) Denominator, basic and diluted: Weighted average Class B common stock, basic 97,718 106,203 98,969 106,505 Dilutive effect of common stock equivalents — — — — Weighted average Class B common stock, diluted 97,718 106,203 98,969 106,505 Net loss per Class B share, basic $ (0.05) $ (0.04) $ (0.17) $ (0.04) Net loss per Class B share, diluted $ (0.05) $ (0.04) $ (0.17) $ (0.04)

STOCK-BASED AWARD PLANS

STOCK-BASED AWARD PLANS	6 Months Ended
STOCK-BASED AWARD PLANS	Jun. 30, 2023
STOCK-BASED AWARD PLANS
STOCK-BASED AWARD PLANS	10. STOCK-BASED AWARD PLANS The 2020 Plan provides the ability to grant cash and equity-based incentive awards to eligible employees, directors and service providers in order to attract, retain and motivate those that make important contributions to the Company. The Company issued stock options, RSAs, and RSUs under the 2020 Plan. As of June 30, 2023, 14,555 shares of Class A common stock were available for issuance under the 2020 Plan. Options The following table summarizes activity for options outstanding under the 2020 Plan for the six months ended June 30, 2023: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic 2020 Plan Option Activity Units Price Life (Years) Value (unaudited) Outstanding at January 1, 2023 8,508 $ 4.34 4.3 $ 86,514 Exercised (874) $ 2.72 2020 Plan options outstanding at June 30, 2023 7,634 $ 4.53 4.0 114,311 2020 Plan options exercisable at June 30, 2023 5,875 $ 3.31 3.2 95,091 *Amended Options have indefinite contractual lives The detail of options outstanding, vested and exercisable under the 2020 Plan as of June 30, 2023 is as follows: Options Outstanding Options Vested and Exercisable Weighted Weighted Average Average Exercise Prices Units Life (Years) Units Life (Years) (unaudited) $0.15 to $0.71 1,636 — 1,636 — $2.15 212 1.6 212 1.6 $2.50 2,096 3.0 2,096 3.0 $2.67 172 3.6 172 3.6 $3.17 670 4.8 482 4.7 $3.73 1,461 6.3 683 6.3 $4.70 628 6.6 286 6.6 $18.47 213 8.4 53 8.4 $18.96 235 8.1 105 8.1 $19.00 66 8.2 17 8.2 $32.16 245 7.7 133 7.3 7,634 5,875 The Board of Directors (“the Board”) intends all options granted to be exercisable at a price per share not less than the per share fair market value of the Company’s Class A common stock underlying the options on the date of grant. Compensation expense for option awards are measured based on the grant date fair value of the awards and recognized in the condensed consolidated statements of comprehensive loss over the period during which the participant is required to perform the requisite services. The vesting period is generally one There were no options issued under the 2020 Plan during the three or six months ended June 30, 2023 or 2022. At June 30, 2023, $7,286 of unrecognized compensation expense associated with options is expected to be recognized over a weighted average period of approximately 1.6 years. Restricted Stock Units The following table summarizes RSU activity for the six months ended June 30, 2023: Weighted Average Grant Date Fair Units Value Per Share Outstanding at January 1, 2023 2,562 $ 15.90 Granted 2,355 15.94 Vested (655) 17.60 Forfeited (100) 14.70 Outstanding at June 30, 2023 4,162 $ 15.68 Stock-based compensation cost for RSUs is measured based on the fair value of the Company’s underlying common stock on the date of grant and is recognized on a straight-line basis in the condensed consolidated statements of comprehensive loss over the period during which the participant is required to perform services in exchange for the award, which is generally one In connection with the Taxamo acquisition, certain continuing employees of Taxamo received RSUs with service and performance conditions (“PSUs”). At June 30, 2023, there are 895 shares of our Class A common stock with an aggregate grant date fair value of $15,803 that will be accounted for as post-acquisition compensation expense over the vesting period if targets are achieved. The performance-based condition will be satisfied upon meeting certain performance targets for the year ended 2023. As of June 30, 2023, it is not probable that these targets will be met, thus no compensation expense has been recorded to date related to these PSUs. Restricted Stock Awards The following table summarizes RSA activity for the six months ended June 30, 2023: Weighted Average Grant Date Fair Units Value Per Share Outstanding at January 1, 2023 235 $ 14.91 Granted 62 $ 22.69 Vested (106) 9.92 Forfeited — — Outstanding at June 30, 2023 191 $ 20.19 Stock-based compensation cost for RSAs is measured based on the fair value of the Company’s underlying common stock on the date of grant and is recognized on a straight-line basis in the condensed consolidated statements of comprehensive loss over the period during which the participants are required to perform services in exchange for the award, which is generally one Employee Stock Purchase Plan The ESPP provides eligible employees with rights during each six-month ESPP offering period to purchase shares of the Company’s Class A common stock through payroll deductions of up to a specified percentage of their eligible compensation. The purchase price of the shares, in the absence of a contrary designation, is 85% of the lower of the fair value of the Class A common stock on the first or last day of the ESPP offering period. Amounts withheld from participants are reflected in accrued salaries and benefits in the condensed consolidated balance sheets until such shares are purchased. Amounts withheld from participants for the offering period ending November 30, 2023 aggregated $363 as of June 30, 2023. As of June 30, 2023, 4,985 shares of Class A common stock were available for issuance under the ESPP. As of June 30, 2023 there was approximately $345 of unrecognized ESPP stock-based compensation cost expected to be recognized on a straight-line basis over the remaining term of the six-month offering period ending November 30, 2023. At June 30, 2023 and 2022, there were two ESPP offering periods open that end November 30, 2023 and 2022, respectively. The fair value of ESPP purchase rights for the offering periods is comprised of the value of the 15% ESPP discount and the value associated with the call or put over the respective ESPP offering period. ESPP offering periods reflected in the June 30, 2023 and 2022 financial statements include the periods noted below in the table. The value of the call or put was estimated using the Black-Scholes model with the following assumptions: Offering Period Ending 11/30/2023 11/30/2022 Fair market value of common stock $ 21.76 $ 11.16 Volatility 39.4 % 35.4 % Expected term (years) 0.5 0.5 Expected dividend yield - % - % Risk-free interest rate 5.4 % 1.6 % Volatility is representative of expected stock price volatility over the offering period. Effective with the offering period beginning December 1, 2022, the Company’s volatility was applied and will be applied to future offering periods. Prior to this offering period, volatility was based on the historical and implied volatility of comparable publicly traded companies over a similar expected term for the respective offering periods. The expected term represents the term of the ESPP offering period, which is generally six months. The Company does not expect to pay dividends after the Offering. The risk-free interest rate was based on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected term of the award at the date nearest the offering term. Stock-Based Compensation The Company recognized total stock-based compensation cost related to incentive awards, net of forfeitures, as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Stock-based compensation expense: Stock options $ 1,102 $ 1,133 $ 3,273 $ 3,414 RSUs 4,968 2,343 13,310 4,121 RSAs 751 574 1,478 1,309 ESPP 201 144 395 283 Total stock-based compensation expense $ 7,022 $ 4,194 $ 18,456 $ 9,127 The Company recognized stock-based compensation cost in the condensed consolidated statements of comprehensive loss as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Stock-based compensation expense: Cost of revenues, software subscriptions $ 419 $ 479 $ 1,415 $ 925 Cost of revenues, services 166 275 1,002 681 Research and development 775 498 3,009 612 Selling and marketing 1,082 1,401 3,980 2,973 General and administrative 4,581 1,541 9,051 3,936 Total stock-based compensation expense $ 7,022 $ 4,194 $ 18,456 $ 9,127

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES In January 2022, the Company filed a complaint against a competitor alleging claims of unfair competition, intentional interference with contractual relations, and trade secret misappropriation. The outcome of the case is subject to a number of uncertainties, therefore the Company has not recognized any potential impact to the condensed consolidated financial statements. The Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. The Company is not aware of any such legal proceedings or claims that management believes will have a material adverse effect on its business, financial condition, or operating results.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company reported income tax expense of $2,929 and $500 for the three months ended June 30, 2023, and 2022, respectively. The Company reported income tax expense of $12,482 and $1,308 for the six months ended June 30, 2023, and 2022, respectively. The effective income tax rate ("ETR") was (73.8)% for the three months ended June 30, 2023, compared to (10.0)% for the three months ended June 30, 2022. The ETR was (99.5)% for the six months ended June 30, 2023, compared to (28.8)% for the six months ended June 30, 2022. The ETR for the three and six months ended June 30, 2023 and 2022 differ from the U.S. federal statutory income tax rate of 21% primarily due to income tax expense on income allocated to state jurisdictions, differences in tax rates on foreign jurisdiction income or loss, and limitations on deductions of certain employees’ compensation under Internal Revenue Code Section 162(m). In addition, the ETR for June 30, 2023 includes a valuation allowance recorded on certain foreign deferred tax assets.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business	Nature of Business Vertex, Inc. (“Vertex”) and its consolidated subsidiaries and variable interest entities (“VIE”) (collectively, the “Company”) operate as solutions providers of state, local and value added tax calculation, compliance and analytics, offering software products which are sold through software license and software as a service (“cloud”) subscriptions. The Company also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. The Company sells to customers located throughout the United States of America (“U.S.”) and internationally.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of the Company. All intercompany transactions have been eliminated in consolidation. The Company has a 80% controlling equity interest in Systax Sistemas Fiscais LTDA (“Systax”), a provider of Brazilian transaction tax content and software. Systax was determined to be a VIE and the accounts are included in the condensed consolidated condensed financial statements. Vertex does not have full decision-making authority over Systax; however, Vertex is the entity that most significantly participates in the variability of the fair value of Systax’s net assets and is considered the entity most closely associated to Systax. As such, Vertex is deemed the primary beneficiary of Systax and consolidates Systax into its condensed consolidated financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and include the accounts of the Company. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the SEC on March 10, 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements included in the 2022 Annual Report. The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the interim condensed consolidated statements of comprehensive loss and changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the annual audited consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items necessary for the fair presentation of the condensed consolidated financial statements. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023.
Segments	The Company operates its business as one operating segment. For the three and six months ended June 30, 2023, approximately 7% of the Company’s revenues were generated from customers located outside the U.S. For the three and six months ended June 30, 2022, revenues generated from customers located outside the U.S. were approximately 10% and 8%, respectively. As of June 30, 2023 and December 31, 2022, $1,056 and $827, respectively, of the Company’s property and equipment assets were held outside the U.S.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses during the reporting period. Significant estimates used in preparing these condensed consolidated financial statements include: (i) the estimated allowance for subscription cancellations, (ii) expected credit losses associated with the allowance for doubtful accounts; (iii) allowance for credit losses on available-for-sale debt securities; (iv) the reserve for self-insurance, (v) assumptions related to achievement of technological feasibility for software developed for sale, (vi) product life cycles, (vii) estimated useful lives and potential impairment of long-lived assets and intangible assets, (viii) potential impairment of goodwill, (ix) determination of the fair value of tangible and intangible assets acquired, liabilities assumed and consideration transferred in acquisitions, (x) amortization period of material rights and deferred commissions (xi) Black-Scholes-Merton option pricing model (“Black-Scholes model”) input assumptions used to determine the fair value of certain stock-based compensation awards, and Employee Stock Purchase Plan (“ESPP”) purchase rights (xii) measurement of future purchase commitment, contingent consideration liabilities and deferred purchase consideration liabilities associated with acquisitions, and (xiii) the potential outcome of future tax consequences of events that have been recognized in the condensed consolidated financial statements or tax returns. Actual results may differ from these estimates.
Software Development Costs	Software Development Costs Cloud Computing Software Implementation Costs The Company follows ASC 350-40, Goodwill and Other, Internal-Use Software, an option to extend, ranging from two
Capitalized Cloud Implementation Costs	Costs related to cloud computing implementation incurred in hosting arrangements are capitalized and reported as a component of prepaid expenses and other current assets, or non-current assets. At June 30, 2023, $4,639 and $16,615 were reported in prepaid expenses and other current assets, and non-current assets, respectively, in the condensed consolidated balance sheets. Amortization expense for capitalized cloud computing implementation costs for both the three and six month periods ended June 30, 2023 was $699 and is included in general and administrative expense in the condensed consolidated statements of comprehensive loss. There was no amortization expense for the three and six month periods ended June 30, 2022.
Supplemental Balance Sheet Disclosures	Supplemental Balance Sheet Disclosures Supplemental balance sheet disclosures are as follows for the respective periods: As of June 30, December 31, 2023 2022 (unaudited) Prepaid expenses and other current assets: Prepaid expenses $ 6,187 $ 5,875 Unamortized cloud computing implementation costs 4,105 1,957 Prepaid insurance 647 2,291 Prepaid licenses and support 11,087 12,217 Prepaid expenses and other current assets $ 22,026 $ 22,340 Other assets: Unamortized cloud computing implementation costs $ 14,545 $ 12,721 Other assets 2,079 2,612 Total other assets $ 16,624 $ 15,333 Accrued expenses: Accrued general expenses $ 20,593 $ 18,485 Accrued contract labor and professional fees 12,782 17,421 Accrued income and other taxes 22,616 2,328 Accrued expenses $ 55,991 $ 38,234
Recently Issued or Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to delay adoption of certain new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Deferred Revenue In October 2021, the Financial Accounting Standard Board issued ASU No. 2021-08, Business Combinations (“ASU 2021-08”). ASU 2021-08 provides specific guidance on how to recognize and measure contract assets and contract liabilities related to revenue contracts with customers acquired in a business combination. This will align the accounting for these acquired contracts to the accounting for revenue contracts originated by the acquirer and will provide more comparable information to investors and other financial statement users seeking to better understand the financial impact of these acquisitions. The Company adopted this standard effective January 1, 2023 on a prospective basis for business combinations occurring on or after this date. Although this standard does not have a material impact on the Company’s current condensed consolidated financial statements, adoption could have a material impact on the accounting for future acquisitions reflected in the Company’s condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of revision of previously issued financial statements	December 31, 2021 As Reported Revision As Revised Property and equipment, net of accumulated depreciation $ 98,390 $ (1,680) $ 96,710 Other assets 1,900 1,680 3,580 March 31, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 102,228 $ (4,642) $ 97,586 Other assets 3,158 4,642 7,800 June 30, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 106,526 $ (7,668) $ 98,858 Other assets 2,592 7,668 10,260 September 30, 2022 (unaudited) Property and equipment, net of accumulated depreciation $ 109,123 $ (11,107) $ 98,016 Other assets 2,422 11,107 13,529 December 31, 2022 Prepaid expenses and other current assets $ 20,383 $ 1,957 $ 22,340 Total current assets 241,189 1,957 243,146 Property and equipment, net of accumulated depreciation 115,768 (14,678) 101,090 Other assets 2,612 12,721 15,333 March 31, 2023 (unaudited) Prepaid expenses and other current assets $ 22,536 $ 3,588 $ 26,124 Total current assets 231,435 3,588 235,023 Property and equipment, net of accumulated depreciation 117,444 (17,942) 99,502 Other assets 2,621 14,354 16,975 The effect on the consolidated statements of cash flows are as follows: Twelve months ended December 31, 2021 As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ 336 $ (1,680) $ (1,344) Net cash (used in) provided by operating activities 91,969 (1,680) 90,289 Cash flows from investing activities: Property and equipment additions (33,386) 1,680 (31,706) Net cash used in investing activities (296,458) 1,680 (294,778) Three months ended March 31, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (950) $ (2,962) $ (3,912) Net cash (used in) provided by operating activities 2,595 (2,962) (367) Cash flows from investing activities: Property and equipment additions (13,873) 2,962 (10,911) Net cash used in investing activities (17,259) 2,962 (14,297) Six months ended June 30, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (457) $ (5,988) $ (6,445) Net cash (used in) provided by operating activities 14,576 (5,988) 8,588 Cash flows from investing activities: Property and equipment additions (27,827) 5,988 (21,839) Net cash used in investing activities (41,170) 5,988 (35,182) Nine months ended September 30, 2022 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Other changes in operating assets and liabilities $ (349) $ (9,427) $ (9,776) Net cash (used in) provided by operating activities 33,026 (9,427) 23,599 Cash flows from investing activities: Property and equipment additions (42,973) 9,427 (33,546) Net cash used in investing activities (59,862) 9,427 (50,435) Twelve months ended December 31, 2022 As Reported Revision As Revised Cash flows from operating activities: Prepaid expenses and other current assets $ (214) $ (1,957) $ (2,171) Other changes in operating assets and liabilities (583) (11,041) (11,624) Net cash (used in) provided by operating activities 76,846 (12,998) 63,848 Cash flows from investing activities: Property and equipment additions (58,530) 12,998 (45,532) Net cash used in investing activities (85,046) 12,998 (72,048) Three months ended March 31, 2023 (unaudited) As Reported Revision As Revised Cash flows from operating activities: Prepaid expenses and other current assets $ (2,109) $ (1,631) $ (3,740) Other changes in operating assets and liabilities (58) (1,633) (1,691) Net cash (used in) provided by operating activities 6,755 (3,264) 3,491 Cash flows from investing activities: Property and equipment additions (13,313) 3,264 (10,049) Net cash used in investing activities (17,561) 3,264 (14,297)
Schedule of supplemental balance sheet information	As of June 30, December 31, 2023 2022 (unaudited) Prepaid expenses and other current assets: Prepaid expenses $ 6,187 $ 5,875 Unamortized cloud computing implementation costs 4,105 1,957 Prepaid insurance 647 2,291 Prepaid licenses and support 11,087 12,217 Prepaid expenses and other current assets $ 22,026 $ 22,340 Other assets: Unamortized cloud computing implementation costs $ 14,545 $ 12,721 Other assets 2,079 2,612 Total other assets $ 16,624 $ 15,333 Accrued expenses: Accrued general expenses $ 20,593 $ 18,485 Accrued contract labor and professional fees 12,782 17,421 Accrued income and other taxes 22,616 2,328 Accrued expenses $ 55,991 $ 38,234

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2023
REVENUE RECOGNITION
Schedule of disaggregation of revenue	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Software subscriptions: Software licenses $ 66,625 $ 60,872 $ 129,433 $ 119,731 Cloud subscriptions 51,211 40,216 99,417 78,488 Software subscriptions 117,836 101,088 228,850 198,219 Services 21,859 18,188 43,596 36,041 Total revenues $ 139,695 $ 119,276 $ 272,446 $ 234,260
Schedule of beginning and ending balances of accounts receivable, net of allowance	For the six months ended June 30, 2023 For the year ended December 31, 2022 (unaudited) Balance, beginning of period $ 102,885 $ 76,929 Balance, end of period 129,093 102,885 Increase, net $ 26,208 $ 25,956
Schedule of beginning and ending balances of and changes to the allowance and the deferred allowance	For the three months ended June 30, 2023 2022 Balance Net Change Balance Net Change (unaudited) Allowance balance, April 1, $ (10,641) $ (8,450) Allowance balance, June 30, (14,218) (8,719) Change in allowance $ 3,577 $ 269 Deferred allowance balance, April 1, 7,516 6,098 Deferred allowance balance, June 30, 10,409 6,700 Change in deferred allowance (2,893) (602) Net amount charged to revenues $ 684 $ (333) For the six months ended June 30, 2023 2022 Balance Net Change Balance Net Change (unaudited) Allowance balance, January 1, $ (9,554) $ (9,151) Allowance balance, June 30, (14,218) (8,719) Change in allowance $ 4,664 $ (432) Deferred allowance balance, January 1, 7,133 6,537 Deferred allowance balance, June 30, 10,409 6,700 Change in deferred allowance (3,276) (163) Net amount charged to revenues $ 1,388 $ (595)
Schedule of information about the balances of and changes to deferred revenue	As of June 30, As of December 31, 2023 2022 (unaudited) Balances: Deferred revenue, current $ 274,094 $ 268,847 Deferred revenue, non-current 2,959 10,289 Total deferred revenue $ 277,053 $ 279,136 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Changes to deferred revenue: Beginning balance $ 283,116 $ 245,715 $ 279,136 $ 249,010 Additional amounts deferred 133,632 128,635 270,363 240,324 Revenues recognized (139,695) (119,276) (272,446) (234,260) Ending balance $ 277,053 $ 255,074 $ 277,053 $ 255,074
Schedule of information about the changes to contract cost balances	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Deferred commissions: Beginning balance $ 15,921 $ 11,679 $ 15,463 $ 12,555 Additions 2,747 2,931 5,598 4,656 Amortization (1,942) (2,442) (4,335) (5,043) Ending balance $ 16,726 $ 12,168 $ 16,726 $ 12,168

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurements Using As of June 30, 2023 (unaudited) Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Money Market Funds $ 27,458 $ 27,458 $ — $ — Commercial Paper 9,353 — 9,353 — U.S. Treasury Securities 5,780 — 5,780 — Tellutax Contingent Consideration 3,800 — — 3,800 Foreign Currency Forward Contracts 744 — 744 — Fair Value Measurements Using As of December 31, 2022 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Money Market Funds $ 67,430 $ 67,430 $ — $ — Commercial Paper 9,660 — 9,660 — U.S. Treasury Securities 5,203 — 5,203 — Tellutax Contingent Consideration 4,800 — — 4,800 Foreign Currency Forward Contracts 569 — 569 —
Summary of estimated fair value of Tellutax contingent consideration	June 30, 2023 (unaudited) Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration $ 3,800 Monte Carlo Simulation Revenue volatility 70.0 % Revenue discount rate 22.9 % Term (in years) 1.9 December 31, 2022 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration $ 4,800 Monte Carlo Simulation Revenue volatility 75.0 % Revenue discount rate 22.4 % Term (in years) 2.4
Changes in fair value of Tellutax contingent consideration	Tellutax Contingent Consideration (unaudited) Balance, January 1, 2023 $ 4,800 Fair value adjustments 449 Payments (1,449) Balance, June 30, 2023 $ 3,800

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Jun. 30, 2023
PROPERTY AND EQUIPMENT
Schedule of major components of property and equipment	As of June 30, As of December 31, 2023 2022 (unaudited) Leasehold improvements $ 20,458 $ 20,929 Equipment 22,030 39,238 Computer software purchased 2,687 11,892 Internal-use software developed: Cloud-based customer solutions 135,874 142,980 Internal systems and tools 40,008 42,035 Furniture and fixtures 7,668 7,665 In-process internal-use software 7,058 18,200 Property and equipment 235,783 282,939 Less accumulated depreciation and amortization (136,871) (181,849) Property and equipment, net $ 98,912 $ 101,090
Schedule of major components of internal-use software	As of June 30, As of December 31, 2023 2022 (unaudited) Internal-use software developed $ 175,882 $ 185,015 Less accumulated depreciation (98,320) (119,603) Internal-use software developed, net of accumulated depreciation 77,562 65,412 In-process internal-use software 7,058 18,200 Internal-use software developed, net $ 84,620 $ 83,612
Schedule of amounts capitalized for internal-use software and included in property and equipment additions on the consolidated statements of cash flows	For the six months ended June 30, 2023 2022 (unaudited) Cloud-based customer solutions $ 14,154 $ 14,406 Internal systems and tools 7,662 4,181 Total $ 21,816 $ 18,587

CAPITALIZED SOFTWARE (Tables)

CAPITALIZED SOFTWARE (Tables)	6 Months Ended
CAPITALIZED SOFTWARE (Tables)	Jun. 30, 2023
CAPITALIZED SOFTWARE
Schedule of major components of capitalized software	As of June 30, As of December 31, 2023 2022 (unaudited) Capitalized software $ 110,186 $ 96,577 Less accumulated amortization (70,790) (62,197) Capitalized software, net of accumulated depreciation 39,396 34,380 In-process capitalized software 65 4,632 Capitalized software, net $ 39,461 $ 39,012

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Changes in the carrying amount of goodwill	As of June 30, As of December 31, 2023 2022 (unaudited) Goodwill $ 255,868 $ 251,842 Other intangible assets, net 3,719 5,181 Total $ 259,587 $ 257,023
Schedule of other acquired intangible assets	As of June 30, As of December 31, 2023 2022 (unaudited) Weighted average amortization period (years) 3.5 3.5 Gross value $ 10,953 $ 10,667 Accumulated amortization (7,234) (5,486) Carrying value $ 3,719 $ 5,181
Schedule of acquired intangible assets	For the three months ended June 30, Cost of Revenues, Software Subscriptions Selling and Marketing Expense Total Expense 2023 $ 62 $ 684 $ 746 2022 54 2,019 2,073 For the six months ended June 30, Cost of Revenues, Software Subscriptions Selling and Marketing Expense Total Expense 2023 $ 120 $ 1,450 $ 1,570 2022 119 2,268 2,387

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
DEBT
Schedule of Debt	As of June 30, As of December 31, 2023 2022 (unaudited) Term Loan $ 2,500 $ 2,188 Current portion of long-term debt 2,500 2,188 Term Loan 45,625 46,875 Deferred financing costs (147) (166) Debt, net of current portion $ 45,478 $ 46,709 Total debt, net of financing costs $ 47,978 $ 48,897

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of earnings per share basic and diluted	For the three months ended June 30, For the six months ended June 30, Class A common stock: 2023 2022 2023 2022 (unaudited) (unaudited) Numerator, basic: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class A common stock as a percentage of total shares outstanding, basic 35.49 % 28.96 % 34.49 % 28.67 % Net loss attributable to Class A stockholders, basic $ (2,447) $ (1,598) $ (8,633) $ (1,679) Numerator, diluted: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class A common stock as a percentage of total shares outstanding, diluted 35.49 % 28.96 % 34.49 % 28.67 % Net loss attributable to Class A stockholders, diluted $ (2,447) $ (1,598) $ (8,633) $ (1,679) Denominator, basic and diluted: Weighted average Class A common stock, basic 53,762 43,286 52,109 42,818 Dilutive effect of common stock equivalents (1) (2) — — — — Weighted average Class A common stock, diluted 53,762 43,286 52,109 42,818 Net loss per Class A share, basic $ (0.05) $ (0.04) $ (0.17) $ (0.04) Net loss per Class A share, diluted $ (0.05) $ (0.04) $ (0.17) $ (0.04) (1) For the three months ended June 30, 2023, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 7,788 options (including 261 out-of-the-money options), 225 restricted stock awards (“RSAs”), 4,161 RSUs and 47 shares under the ESPP. For the three months ended June 30, 2022, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 9,024 options (including 763 out-of-the-money options), 306 RSAs, 2,417 RSUs and 49 shares under the ESPP. (2) For the six months ended June 30, 2023, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 8,060 options (including 483 out-of-the-money options), 230 RSAs, 3,654 RSUs and 46 shares under the ESPP. For the six months ended June 30, 2022, the following weighted-average outstanding shares of common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A stockholders, as the impact of including them would have been anti-dilutive: 9,226 options (including 765 out-of-the-money options), 316 RSAs, 1,984 RSUs and 45 shares under the ESPP.
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of earnings per share basic and diluted	For the three months ended June 30, For the six months ended June 30, Class B common stock: 2023 2022 2023 2022 (unaudited) (unaudited) Numerator, basic: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class B common stock as a percentage of total shares outstanding, basic 64.51 % 71.04 % 65.51 % 71.33 % Net loss attributable to Class B stockholders, basic $ (4,449) $ (3,922) $ (16,395) $ (4,175) Numerator, diluted: Net loss attributable to all stockholders $ (6,896) $ (5,520) $ (25,028) $ (5,854) Class B common stock as a percentage of total shares outstanding, diluted 64.51 % 71.04 % 65.51 % 71.33 % Net loss attributable to Class B stockholders, diluted $ (4,449) $ (3,922) $ (16,395) $ (4,175) Denominator, basic and diluted: Weighted average Class B common stock, basic 97,718 106,203 98,969 106,505 Dilutive effect of common stock equivalents — — — — Weighted average Class B common stock, diluted 97,718 106,203 98,969 106,505 Net loss per Class B share, basic $ (0.05) $ (0.04) $ (0.17) $ (0.04) Net loss per Class B share, diluted $ (0.05) $ (0.04) $ (0.17) $ (0.04)

STOCK-BASED AWARD PLANS (Tables

STOCK-BASED AWARD PLANS (Tables)	6 Months Ended
STOCK-BASED AWARD PLANS (Tables)	Jun. 30, 2023
Compensation plans:
Schedule of ESPP valuation assumptions	Offering Period Ending 11/30/2023 11/30/2022 Fair market value of common stock $ 21.76 $ 11.16 Volatility 39.4 % 35.4 % Expected term (years) 0.5 0.5 Expected dividend yield - % - % Risk-free interest rate 5.4 % 1.6 %
Schedule of stock-based compensation cost related to incentive awards	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Stock-based compensation expense: Stock options $ 1,102 $ 1,133 $ 3,273 $ 3,414 RSUs 4,968 2,343 13,310 4,121 RSAs 751 574 1,478 1,309 ESPP 201 144 395 283 Total stock-based compensation expense $ 7,022 $ 4,194 $ 18,456 $ 9,127
Schedule of stock based compensation cost in consolidated statement of operations	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Stock-based compensation expense: Cost of revenues, software subscriptions $ 419 $ 479 $ 1,415 $ 925 Cost of revenues, services 166 275 1,002 681 Research and development 775 498 3,009 612 Selling and marketing 1,082 1,401 3,980 2,973 General and administrative 4,581 1,541 9,051 3,936 Total stock-based compensation expense $ 7,022 $ 4,194 $ 18,456 $ 9,127
Employee Stock Option [Member]
Compensation plans:
Schedule of Option activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic 2020 Plan Option Activity Units Price Life (Years) Value (unaudited) Outstanding at January 1, 2023 8,508 $ 4.34 4.3 $ 86,514 Exercised (874) $ 2.72 2020 Plan options outstanding at June 30, 2023 7,634 $ 4.53 4.0 114,311 2020 Plan options exercisable at June 30, 2023 5,875 $ 3.31 3.2 95,091 *Amended Options have indefinite contractual lives
Schedule of outstanding, vested and exercisable	Options Outstanding Options Vested and Exercisable Weighted Weighted Average Average Exercise Prices Units Life (Years) Units Life (Years) (unaudited) $0.15 to $0.71 1,636 — 1,636 — $2.15 212 1.6 212 1.6 $2.50 2,096 3.0 2,096 3.0 $2.67 172 3.6 172 3.6 $3.17 670 4.8 482 4.7 $3.73 1,461 6.3 683 6.3 $4.70 628 6.6 286 6.6 $18.47 213 8.4 53 8.4 $18.96 235 8.1 105 8.1 $19.00 66 8.2 17 8.2 $32.16 245 7.7 133 7.3 7,634 5,875
Restricted Stock Units
Compensation plans:
Schedule of Option activity	Weighted Average Grant Date Fair Units Value Per Share Outstanding at January 1, 2023 2,562 $ 15.90 Granted 2,355 15.94 Vested (655) 17.60 Forfeited (100) 14.70 Outstanding at June 30, 2023 4,162 $ 15.68
Restricted Stock Awards
Compensation plans:
Schedule of restricted activity	Weighted Average Grant Date Fair Units Value Per Share Outstanding at January 1, 2023 235 $ 14.91 Granted 62 $ 22.69 Vested (106) 9.92 Forfeited — — Outstanding at June 30, 2023 191 $ 20.19

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2023 segment
Accounting policies:
Operating segments	1
Minimum
Accounting policies:
Capitalized software development cost amortization extension term	2 years
Maximum
Accounting policies:
Capitalized software development cost amortization extension term	5 years
Systax - VIE \| Systax
Accounting policies:
Ownership (as a percent)	80%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revised condensed consolidated balance sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Revision of Previously Issued Financial Statements
Prepaid expenses and other current assets	$ 22,026	$ 26,124	$ 22,340
Total current assets	234,341	235,023	243,146
Property and equipment, net of accumulated depreciation	98,912	99,502	101,090	$ 98,016	$ 98,858	$ 97,586	$ 96,710
Other assets	$ 16,624	16,975	15,333	13,529	10,260	7,800	3,580
As Reported
Revision of Previously Issued Financial Statements
Prepaid expenses and other current assets		22,536	20,383
Total current assets		231,435	241,189
Property and equipment, net of accumulated depreciation		117,444	115,768	109,123	106,526	102,228	98,390
Other assets		2,621	2,612	2,422	2,592	3,158	1,900
Revision
Revision of Previously Issued Financial Statements
Prepaid expenses and other current assets		3,588	1,957
Total current assets		3,588	1,957
Property and equipment, net of accumulated depreciation		(17,942)	(14,678)	(11,107)	(7,668)	(4,642)	(1,680)
Other assets		$ 14,354	$ 12,721	$ 11,107	$ 7,668	$ 4,642	$ 1,680

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revised condensed consolidated statements of cash flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Prepaid expenses and other current assets	$ (3,740)		$ 355	$ (3,124)		$ (2,171)
Other changes in operating assets and liabilities	(1,691)	$ (3,912)	(1,717)	(6,445)	$ (9,776)	(11,624)	$ (1,344)
Net cash (used in) provided by operating activities	3,491	(367)	(898)	8,588	23,599	63,848	90,289
Cash flows from investing activities:
Property and equipment additions	(10,049)	(10,911)	(21,859)	(21,839)	(33,546)	(45,532)	(31,706)
Net cash used in investing activities	(14,297)	(14,297)	$ (30,728)	(35,182)	(50,435)	(72,048)	(294,778)
As Reported
Cash flows from operating activities:
Prepaid expenses and other current assets	(2,109)					(214)
Other changes in operating assets and liabilities	(58)	(950)		(457)	(349)	(583)	336
Net cash (used in) provided by operating activities	6,755	2,595		14,576	33,026	76,846	91,969
Cash flows from investing activities:
Property and equipment additions	(13,313)	(13,873)		(27,827)	(42,973)	(58,530)	(33,386)
Net cash used in investing activities	(17,561)	(17,259)		(41,170)	(59,862)	(85,046)	(296,458)
Revision
Cash flows from operating activities:
Prepaid expenses and other current assets	(1,631)					(1,957)
Other changes in operating assets and liabilities	(1,633)	(2,962)		(5,988)	(9,427)	(11,041)	(1,680)
Net cash (used in) provided by operating activities	(3,264)	(2,962)		(5,988)	(9,427)	(12,998)	(1,680)
Cash flows from investing activities:
Property and equipment additions	3,264	2,962		5,988	9,427	12,998	1,680
Net cash used in investing activities	$ 3,264	$ 2,962		$ 5,988	$ 9,427	$ 12,998	$ 1,680

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Segment information:
Property and equipment	$ 98,912	$ 98,858	$ 98,912	$ 98,858	$ 99,502	$ 101,090	$ 98,016	$ 97,586	$ 96,710
Outside United States
Segment information:
Property and equipment	$ 1,056		$ 1,056			$ 827
Revenue \| Geographic Concentration Risk \| Outside United States
Segment information:
Risk percentage	7%	10%	7%	8%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Costs and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Cloud computing implementation costs
Cloud computing implementation costs, prepaid expenses and other current assets	$ 4,639	$ 4,639
Cloud computing implementation costs, non-current assets	16,615	16,615
Amortization of cloud computing implementation costs	699	699
Prepaid expenses and other current assets:
Prepaid expenses	6,187	6,187		$ 5,875
Unamortized cloud computing implementation costs	4,105	4,105		1,957
Prepaid Insurance	647	647		2,291
Prepaid licenses and support	11,087	11,087		12,217
Prepaid expenses and other current assets	22,026	22,026	$ 26,124	22,340
Other assets:
Unamortized cloud computing implementation costs	14,545	14,545		12,721
Other assets	2,079	2,079		2,612
Total other assets	16,624	16,624	$ 16,975	15,333	$ 13,529	$ 10,260	$ 7,800	$ 3,580
Accrued expenses:
Accrued general expenses	20,593	20,593		18,485
Accrued contract labor and professional fees	12,782	12,782		17,421
Accrued income and other taxes	22,616	22,616		2,328
Accrued expenses	$ 55,991	$ 55,991		$ 38,234

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenue:
Total revenues	$ 139,695	$ 119,276	$ 272,446	$ 234,260
Software subscriptions
Disaggregation of revenue:
Total revenues	117,836	101,088	228,850	198,219
Software licenses
Disaggregation of revenue:
Total revenues	66,625	60,872	129,433	119,731
Cloud subscriptions
Disaggregation of revenue:
Total revenues	51,211	40,216	99,417	78,488
Services
Disaggregation of revenue:
Total revenues	$ 21,859	$ 18,188	$ 43,596	$ 36,041

REVENUE RECOGNITION - Accounts

REVENUE RECOGNITION - Accounts receivable, net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
REVENUE RECOGNITION
Allowance for accounts receivable	$ 14,218	$ 9,554	$ 10,641	$ 8,719	$ 8,450	$ 9,151
Allowance for credit loss
Balance, beginning of period	102,885	76,929
Balance, end of period	129,093	102,885
Increase, net	$ 26,208	$ 25,956

REVENUE RECOGNITION - Allowance

REVENUE RECOGNITION - Allowance and deferred allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for credit loss
Beginning balance	$ (10,641)	$ (8,450)	$ (9,554)	$ (9,151)
Ending balance	(14,218)	(8,719)	(14,218)	(8,719)
Change in allowance	3,577	269	4,664	(432)
Deferred beginning balance	7,516	6,098	7,133	6,537
Deferred ending balance	10,409	6,700	10,409	6,700
Change in deferred allowance	(2,893)	(602)	(3,276)	(163)
Net amount charged to revenues	684	$ (333)	1,388	$ (595)
Software subscriptions
Allowance for credit loss
Beginning balance			(9,554)
Ending balance	(14,218)		(14,218)
Deferred beginning balance			7,133
Deferred ending balance	$ 10,409		$ 10,409

REVENUE RECOGNITION - Deferred

REVENUE RECOGNITION - Deferred revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
REVENUE RECOGNITION
Deferred revenue, current	$ 274,094		$ 268,847
Deferred revenue, non-current	2,959		10,289
Total deferred revenue	$ 277,053	$ 283,116	$ 279,136	$ 255,074	$ 245,715	$ 249,010

REVENUE RECOGNITION - Changes t

REVENUE RECOGNITION - Changes to deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE RECOGNITION
Beginning balance	$ 283,116	$ 245,715	$ 279,136	$ 249,010
Additional amounts deferred	133,632	128,635	270,363	240,324
Revenues recognized	(139,695)	(119,276)	(272,446)	(234,260)
Ending balance	$ 277,053	$ 255,074	$ 277,053	$ 255,074

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract cost balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred commissions:
Beginning balance	$ 15,921	$ 11,679	$ 15,463	$ 12,555
Additions	2,747	2,931	5,598	4,656
Amortization	(1,942)	(2,442)	(4,335)	(5,043)
Ending balance	$ 16,726	$ 12,168	$ 16,726	$ 12,168
Contract costs, amortization period	3 years		3 years
Impairment loss			$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2021 USD ($) payment	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Forward foreign current contract, asset		$ 744	$ 569
Significant other observable inputs (Level 2) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Forward foreign current contract, asset		744	569
Money Market Funds \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		27,458	67,430
Money Market Funds \| Prices in active markets for identical assets (Level 1) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		27,458	67,430
Commercial Paper \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		9,353	9,660
Commercial Paper \| Significant other observable inputs (Level 2) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		9,353	9,660
U.S. Treasury Securities \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		5,780	5,203
U.S. Treasury Securities \| Significant other observable inputs (Level 2) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		5,780	5,203
Tellutax
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration		3,800	4,800
Number of potential earnout payments \| payment	3
Revenue achievement period	30 months
Maximum limit on earnout payments	$ 0
Earn out payment for applicable measurement period	$ 0
Tellutax \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration		3,800	4,800
Tellutax \| Significant unobservable inputs (Level 3) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration		$ 3,800	$ 4,800

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Estimated fair values of Tellutax contingent consideration (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Y	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Y	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Y
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustments to contingent consideration			$ 449	$ 700
Purchase commitment and contingent consideration liabilities, current	$ 7,866		7,866		$ 6,149
Purchase commitment and contingent consideration liabilities, net of current portion	1,500		1,500		8,412
Tellutax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Tellutax Contingent Consideration	3,800		3,800		4,800
Fair value adjustments to contingent consideration	249	$ 0	449	$ 700
Purchase commitment and contingent consideration liabilities, current	2,300		2,300		1,400
Purchase commitment and contingent consideration liabilities, net of current portion	$ 1,500		$ 1,500		$ 3,400
Tellutax \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	70		70		75
Tellutax \| Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	22.9		22.9		22.4
Tellutax \| Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input \| Y	1.9		1.9		2.4

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in fair value of Tellutax contingent consideration (Details) - Contingent Consideration $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,800
Fair value adjustments	449
Payments	(1,449)
Ending balance	$ 3,800

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Non-recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
LCR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred purchase consideration	$ 9,974		$ 9,974		$ 19,824
Systax
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest acquired (as a percent)	15%		15%
Purchase commitment liability payment	$ 4,975		$ 4,975
Total equity interests	80%		80%
Purchase commitment liability					5,012
Purchase commitment liability	$ 12,592		$ 12,592
Adjustment due to currency exchange rates fluctuation	0	$ 0	0	$ 0
Minimum Purchase Commitment liability	$ 5,566		$ 5,566		$ 4,749

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment	$ 235,783		$ 282,939
Less accumulated depreciation and amortization	(136,871)		(181,849)
Property and equipment, net	98,912	$ 99,502	101,090	$ 98,016	$ 98,858	$ 97,586	$ 96,710
Leasehold improvements
Property and equipment
Property and equipment	20,458		20,929
Equipment
Property and equipment
Property and equipment	22,030		39,238
Computer software purchased
Property and equipment
Property and equipment	2,687		11,892
Internal-Use Software
Property and equipment
Property and equipment	175,882		185,015
Less accumulated depreciation and amortization	(98,320)		(119,603)
Property and equipment, net	84,620		83,612
Cloud-based customer solutions
Property and equipment
Property and equipment	135,874		142,980
Internal systems and tools
Property and equipment
Property and equipment	40,008		42,035
Furniture and fixtures
Property and equipment
Property and equipment	7,668		7,665
In-process internal-use software
Property and equipment
Property and equipment	$ 7,058		$ 18,200

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and equipment
Finance lease amortization	$ 237	$ 535	$ 516	$ 770
Property and equipment, gross	235,783		235,783		$ 282,939
Accumulated amortization	136,871		136,871		181,849
Excluding internal-use software and capital leases
Property and equipment
Depreciation expense	1,967	1,671	3,484	3,389
Assets under finance leases
Property and equipment
Property and equipment, gross	393		393		1,461
Accumulated amortization	316		316		861
Internal-Use Software
Property and equipment
Property and equipment, gross	175,882		175,882		185,015
Accumulated amortization	98,320		98,320		119,603
Depreciation expense	8,260	6,927	16,408	13,258
Internal systems and tools
Property and equipment
Property and equipment, gross	40,008		40,008		$ 42,035
Depreciation expense	$ 1,674	$ 1,018	$ 3,619	$ 2,025

PROPERTY AND EQUIPMENT - Major

PROPERTY AND EQUIPMENT - Major components of internal-use software (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment, gross	$ 235,783		$ 282,939
Less accumulated depreciation and amortization	(136,871)		(181,849)
Property and equipment	98,912	$ 99,502	101,090	$ 98,016	$ 98,858	$ 97,586	$ 96,710
Internal-Use Software
Property and equipment
Property and equipment, gross	175,882		185,015
Less accumulated depreciation and amortization	(98,320)		(119,603)
Property and equipment, net excluding in-process internal-use software	77,562		65,412
Property and equipment	84,620		83,612
In-process internal-use software
Property and equipment
Property and equipment, gross	$ 7,058		$ 18,200

PROPERTY AND EQUIPMENT - Amount

PROPERTY AND EQUIPMENT - Amounts capitalized for internal-use software and included in property and equipment additions on the consolidated statements of cash flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Capitalized internal-use software	$ 10,049	$ 10,911	$ 21,859	$ 21,839	$ 33,546	$ 45,532	$ 31,706
Cloud-based customer solutions
Property and equipment
Capitalized internal-use software			14,154	14,406
Internal systems and tools
Property and equipment
Capitalized internal-use software			7,662	4,181
Internal-Use Software
Property and equipment
Capitalized internal-use software			$ 21,816	$ 18,587

CAPITALIZED SOFTWARE (Details)

CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Capitalized software, movement
Capitalized software, net	$ 39,461		$ 39,461		$ 39,012
Capitalized software amortization expense	4,364	$ 5,405	8,593	$ 8,706
Software
Capitalized software, movement
Capitalized software, gross	110,186		110,186		96,577
Less accumulated amortization	(70,790)		(70,790)		(62,197)
Capitalized software, net	39,396		39,396		34,380
Capitalized development costs	5,035	$ 3,014	9,042	$ 5,926
In-process internal-use software
Capitalized software, movement
Capitalized software, gross	$ 65		$ 65		$ 4,632

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill.	$ 255,868	$ 251,842
Goodwill and other intangible assets	259,587	257,023
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 3,719	$ 5,181

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Amortization of acquired intangible assets
Amortization	$ 746	$ 2,073	$ 1,570	$ 2,387
Cost of Revenues
Amortization of acquired intangible assets
Amortization	62	54	120	119
Selling and marketing
Amortization of acquired intangible assets
Amortization	684	$ 2,019	$ 1,450	$ 2,268
Other intangible assets
Other intangible assets
Weighted average amortization period (years)			3 years 6 months		3 years 6 months
Gross Value	10,953		$ 10,953		$ 10,667
Accumulated amortization	(7,234)		(7,234)		(5,486)
Carrying Value	$ 3,719		$ 3,719		$ 5,181

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) $ in Thousands	Mar. 08, 2022 USD ($)
Line of Credit
Debt
Line of credit, capacity	$ 200,000
New Term Loan.
Debt
Face amount	$ 50,000

DEBT - Indebtness (Details)

DEBT - Indebtness (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current portion of long-term debt
Current portion of long-term debt	$ 2,500	$ 2,188
Debt, net of current portion
Deferred financing costs	(147)	(166)
Total debt, net of current portion	45,478	46,709
Total Debt	47,978	48,897
Term Loan
Current portion of long-term debt
Current portion of long-term debt	2,500	2,188
Debt, net of current portion
Debt, net of current portion	$ 45,625	$ 46,875

STOCKHOLDERS EQUITY (Details)

STOCKHOLDERS EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock
Exchange of shares		5,500		5,500
Class A
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)		0		3
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		0		1
Exercise of stock options, net (in shares)	259	93	851	365
Shares exchanged in lieu	6	23	23	70
Class A \| Restricted Stock Units
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	22		413
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	11		242
Class A \| Restricted Stock Awards
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	106	59		59
Class B
Common Stock
Exchange of shares	2,589		2,589
S Corporation
Common Stock
Distributions	$ 0		$ 536

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss)	$ (6,896)	$ (18,132)	$ (5,520)	$ (334)	$ (25,028)	$ (5,854)
Class A
Numerator:
Common stock as a percentage of total shares outstanding, basic	35.49%		28.96%		34.49%	28.67%
Net loss attributable to stockholders, basic	$ (2,447)		$ (1,598)		$ (8,633)	$ (1,679)
Common stock as a percentage of total shares outstanding, diluted	35.49%		28.96%		34.49%	28.67%
Net loss attributable to stockholders, diluted	$ (2,447)		$ (1,598)		$ (8,633)	$ (1,679)
Denominator:
Weighted average common stock, basic (in shares)	53,762		43,286		52,109	42,818
Weighted average common stock, diluted (in shares)	53,762		43,286		52,109	42,818
Net loss per share, basic (in dollars per share)	$ (0.05)		$ (0.04)		$ (0.17)	$ (0.04)
Net loss per share, diluted (in dollars per share)	$ (0.05)		$ (0.04)		$ (0.17)	$ (0.04)
Class A \| Amended Options
Denominator:
Anti-dilutive shares	7,788		9,024		8,060	9,226
Class A \| Out-of-the-money options
Denominator:
Anti-dilutive shares	261		763		483	765
Class A \| Restricted Stock Awards
Denominator:
Anti-dilutive shares	225		306		230	316
Class A \| Restricted Stock Units
Denominator:
Anti-dilutive shares	4,161		2,417		3,654	1,984
Class A \| ESPP
Denominator:
Anti-dilutive shares	47		49		46	45
Class B
Numerator:
Common stock as a percentage of total shares outstanding, basic	64.51%		71.04%		65.51%	71.33%
Net loss attributable to stockholders, basic	$ (4,449)		$ (3,922)		$ (16,395)	$ (4,175)
Common stock as a percentage of total shares outstanding, diluted	64.51%		71.04%		65.51%	71.33%
Net loss attributable to stockholders, diluted	$ (4,449)		$ (3,922)		$ (16,395)	$ (4,175)
Denominator:
Weighted average common stock, basic (in shares)	97,718		106,203		98,969	106,505
Weighted average common stock, diluted (in shares)	97,718		106,203		98,969	106,505
Net loss per share, basic (in dollars per share)	$ (0.05)		$ (0.04)		$ (0.17)	$ (0.04)
Net loss per share, diluted (in dollars per share)	$ (0.05)		$ (0.04)		$ (0.17)	$ (0.04)

STOCK-BASED AWARD PLANS - Optio

STOCK-BASED AWARD PLANS - Options under 2020 Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Weighted Average Per Share
Unrecognized compensation expense period			1 year 7 months 6 days
Employee Stock Option [Member]
Units
Beginning, balance			8,508
Granted	0	0	0	0
Exercised			(874)
Ending balance	7,634		7,634		8,508
Exercisable	5,875		5,875
Weighted Average Per Share
Beginning balance			$ 4.34
Exercised			2.72
Ending Balance	$ 4.53		4.53		$ 4.34
Exercisable	$ 3.31		$ 3.31
Remaining contractual life, outstanding			4 years		4 years 3 months 18 days
Remaining contractual life, exercisable			3 years 2 months 12 days
Intrinsic value, outstanding	$ 114,311		$ 114,311		$ 86,514
Intrinsic value, exercisable	$ 95,091		$ 95,091
Employee Stock Option [Member] \| Minimum
Weighted Average Per Share
Vesting period			1 year
Employee Stock Option [Member] \| Maximum
Weighted Average Per Share
Vesting period			4 years

STOCK-BASED AWARD PLANS - 2020

STOCK-BASED AWARD PLANS - 2020 Plan (Details) shares in Thousands	Jun. 30, 2023 shares
Employee Stock Option [Member]
Compensation plans:
Shares authorized	14,555

STOCK-BASED AWARD PLANS - Opt_2

STOCK-BASED AWARD PLANS - Options under 2020 Plan Price Range (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Options outstanding, vested and exercisable:
Options outstanding	7,634
Options outstanding, life	0 years
Options vested and exercisable	5,875
Options vested and exercisable, life	0 years
$0.15 to $0.71
Options outstanding, vested and exercisable:
Exercise prices, lower range \| $ / shares	$ 0.15
Exercise prices, upper range \| $ / shares	$ 0.71
Options outstanding	1,636,000
Options vested and exercisable	1,636,000
$2.15
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 2.15
Options outstanding	212,000
Options outstanding, life	1 year 7 months 6 days
Options vested and exercisable	212,000
Options vested and exercisable, life	1 year 7 months 6 days
$2.50
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 2.50
Options outstanding	2,096,000
Options outstanding, life	3 years
Options vested and exercisable	2,096,000
Options vested and exercisable, life	3 years
$2.67
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 2.67
Options outstanding	172,000
Options outstanding, life	3 years 7 months 6 days
Options vested and exercisable	172,000
Options vested and exercisable, life	3 years 7 months 6 days
$3.17
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.17
Options outstanding	670,000
Options outstanding, life	4 years 9 months 18 days
Options vested and exercisable	482,000
Options vested and exercisable, life	4 years 8 months 12 days
$3.73
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.73
Options outstanding	1,461,000
Options outstanding, life	6 years 3 months 18 days
Options vested and exercisable	683,000
Options vested and exercisable, life	6 years 3 months 18 days
$4.70
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 4.70
Options outstanding	628,000
Options outstanding, life	6 years 7 months 6 days
Options vested and exercisable	286,000
Options vested and exercisable, life	6 years 7 months 6 days
$18.47
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.47
Options outstanding	213,000
Options outstanding, life	8 years 4 months 24 days
Options vested and exercisable	53,000
Options vested and exercisable, life	8 years 4 months 24 days
$18.96
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.96
Options outstanding	235,000
Options outstanding, life	8 years 1 month 6 days
Options vested and exercisable	105,000
Options vested and exercisable, life	8 years 1 month 6 days
$19.00
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 19
Options outstanding	66,000
Options outstanding, life	8 years 2 months 12 days
Options vested and exercisable	17,000
Options vested and exercisable, life	8 years 2 months 12 days
$32.16
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 32.16
Options outstanding	245,000
Options outstanding, life	7 years 8 months 12 days
Options vested and exercisable	133,000
Options vested and exercisable, life	7 years 3 months 18 days

STOCK-BASED AWARD PLANS - Restr

STOCK-BASED AWARD PLANS - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Compensation plans:
Compensation expense	$ 7,022	$ 4,194	$ 18,456	$ 9,127
Unrecognized compensation cost	7,286		$ 7,286
Unrecognized compensation expense period			1 year 7 months 6 days
Restricted Stock Units
Compensation plans:
Compensation expense	4,968	$ 2,343	$ 13,310	$ 4,121
Unrecognized compensation cost	$ 52,793		$ 52,793
Unrecognized compensation expense period			3 years 1 month 6 days
Units
Beginning balance (in units)			2,562
Granted (in units)			2,355
Vested (in units)			(655)
Forfeited (in units)			(100)
Ending balance (in units)	4,162		4,162
Weighted Average Per Share
Beginning balance (in dollars per share)			$ 15.90
Granted (in dollars per share)			15.94
Vested (in dollars per share)			17.60
Forfeited (in dollars per share)			14.70
Ending balance (in dollars per share)	$ 15.68		$ 15.68
Restricted Stock Units \| Minimum
Compensation plans:
Service requirement (in years)			1 year
Restricted Stock Units \| Maximum
Compensation plans:
Service requirement (in years)			4 years
PSU \| Taxamo
Compensation plans:
Compensation expense			$ 0
Grant date fair value			$ 15,803
Units
Granted (in units)			895

STOCK-BASED AWARD PLANS - Res_2

STOCK-BASED AWARD PLANS - Restricted Stock Awards (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Weighted Average Per Share
Unrecognized compensation cost \| $	$ 7,286
Unrecognized compensation expense period	1 year 7 months 6 days
Restricted Stock Awards
Units
Beginning balance (in units) \| shares	235
Granted (in units) \| shares	62
Vested (in units) \| shares	(106)
Ending balance (in units) \| shares	191
Weighted Average Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 14.91
Granted (in dollars per share) \| $ / shares	22.69
Vested (in dollars per share) \| $ / shares	9.92
Ending balance (in dollars per share) \| $ / shares	$ 20.19
Unrecognized compensation cost \| $	$ 2,038
Unrecognized compensation expense period	1 year
Restricted Stock Awards \| Minimum
Compensation plans:
Service requirement (in years)	1 year
Restricted Stock Awards \| Maximum
Compensation plans:
Service requirement (in years)	4 years

STOCK-BASED AWARD PLANS - Emplo

STOCK-BASED AWARD PLANS - Employee Stock Purchase Plan (Details) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) period shares	Jun. 30, 2022 period
Compensation plans:
Unrecognized compensation cost	$ 7,286
Class A
Compensation plans:
Purchase price as a percent of fair value	85%
ESPP
Compensation plans:
Reserved for issuance \| shares	4,985
Amounts withheld from participants	$ 363
Unrecognized compensation cost	$ 345
Number of offering periods \| period	2	2
ESPP offering period	6 months
Discount	15%	15%

STOCK-BASED AWARD PLANS - ESPP

STOCK-BASED AWARD PLANS - ESPP - Option-pricing model key input assumptions (Details) - Initial Public Offering - ESPP - $ / shares	1 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Fair Value Assumptions and Methodology
Fair market value of common stock	$ 21.76	$ 11.16
Volatility	39.40%	35.40%
Expected term (in years)	6 months	6 months
Risk-free interest rate	5.40%	1.60%

STOCK-BASED AWARD PLANS - Stock

STOCK-BASED AWARD PLANS - Stock based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allocation of costs
Compensation expense	$ 7,022	$ 4,194	$ 18,456	$ 9,127
Employee Stock Option [Member]
Allocation of costs
Compensation expense	1,102	1,133	3,273	3,414
Restricted Stock Units
Allocation of costs
Compensation expense	4,968	2,343	13,310	4,121
Restricted Stock Awards
Allocation of costs
Compensation expense	751	574	1,478	1,309
ESPP
Allocation of costs
Compensation expense	$ 201	$ 144	$ 395	$ 283

STOCK-BASED AWARD PLANS - Sto_2

STOCK-BASED AWARD PLANS - Stock based compensation, comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allocation of costs
Compensation expense	$ 7,022	$ 4,194	$ 18,456	$ 9,127
Research and development
Allocation of costs
Compensation expense	775	498	3,009	612
Selling and marketing
Allocation of costs
Compensation expense	1,082	1,401	3,980	2,973
General and administrative
Allocation of costs
Compensation expense	4,581	1,541	9,051	3,936
Software subscriptions
Allocation of costs
Compensation expense	419	479	1,415	925
Services
Allocation of costs
Compensation expense	$ 166	$ 275	$ 1,002	$ 681

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Income tax expense	$ 2,929	$ 500	$ 12,482	$ 1,308
Effective tax rate (as a percent)	(73.80%)	(10.00%)	(99.50%)	(28.80%)
U.S. federal statutory income tax rate	21%	21%	21%	21%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,896)	$ (18,132)	$ (5,520)	$ (334)	$ (25,028)	$ (5,854)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false