0001558370-24-011378 | 10-Q | XBRL Viewer

Schedule of ESPP valuation assumptions


		Offering Period Ending
	11/30/2024			11/30/2023
Fair market value of common stock	$	27.82		$	21.76
Volatility		36.6	%		39.4	%
Expected term (years)		0.5			0.5
Expected dividend yield		-	%		-	%
Risk-free interest rate		5.3	%		5.4	%

Schedule of stock-based compensation cost related to incentive awards


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock-based compensation expense:
Stock options	$	1,144	$	1,102	$	3,750	$	3,273
RSUs		8,145		4,968		21,148		13,310
RSAs		476		751		966		1,478
ESPP		236		201		461		395
Total stock-based compensation expense	$	10,001	$	7,022	$	26,325	$	18,456

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,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock-based compensation expense:
Cost of revenues, software subscriptions	$	953	$	419	$	2,543	$	1,415
Cost of revenues, services		565		166		1,571		1,002
Research and development		1,922		775		5,295		3,009
Selling and marketing		2,928		1,082		7,150		3,980
General and administrative		3,633		4,581		9,766		9,051
Total stock-based compensation expense	$	10,001	$	7,022	$	26,325	$	18,456

Employee Stock Option

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, 2024	5,692	$	5.32	4.7	$	124,327
Exercised	(1,113)	$	4.05
2020 Plan options outstanding at June 30, 2024	4,579	$	5.63	4.5		139,299
2020 Plan options exercisable at June 30, 2024	3,388	$	4.83	3.8		105,752

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	761	*	761	*
$2.15	60	0.6	60	0.6
$2.50	1,159	2.1	1,159	2.1
$3.17	320	3.8	320	3.8
$3.73	1,098	5.4	507	5.2
$4.70	566	5.6	225	5.6
$18.47	213	7.4	107	7.4
$18.96	110	7.1	45	7.1
$19.00	50	7.2	17	7.2
$32.16	242	6.7	187	6.7
	4,579		3,388
*These options have indefinite contractual lives.

Restricted Stock Units

Schedule of Option activity



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share
Outstanding at January 1, 2024	4,171	$	16.11
Granted	1,746		25.44
Vested	(1,137)		16.29
Forfeited	(103)		16.02
Outstanding at June 30, 2024	4,677	$	19.54

Restricted Stock Awards

Schedule of restricted activity



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share
Outstanding at January 1, 2024	91	$	21.50
Granted	34		35.06
Vested	(62)		22.69
Outstanding at June 30, 2024	63	$	27.62

PROPERTY AND EQUIPMENT - Amounts included in property and equipment additions related to capitalized internal-use software (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cloud-Based Customer Solutions
Property and equipment
Total	$ 19,898	$ 14,154
Internal Systems and Tools
Property and equipment
Total	9,559	7,662
Internal-use software
Property and equipment
Total	$ 29,457	$ 21,816

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of supplemental balance sheet information


		As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Prepaid expenses and other current assets:
Prepaid expenses	$	8,283	$	11,558
Unamortized cloud computing implementation costs		3,995		3,995
Prepaid insurance		506		521
Prepaid licenses and support		12,350		10,099
Prepaid expenses and other current assets	$	25,134	$	26,173

Other assets:
Unamortized cloud computing implementation costs	$	10,486	$	12,475
Other assets		3,286		3,538
Total other assets	$	13,772	$	16,013

Accrued expenses:
Accrued general expenses	$	22,466	$	25,998
Accrued contract labor and professional fees		13,679		13,372
Accrued income and other taxes		5,622		5,365
Accrued expenses	$	41,767	$	44,735

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

Schedule of disaggregation of revenue


	Three months ended June 30,				Six months ended June 30,
		2024	2023			2024	2023

	(unaudited)				(unaudited)
Software subscriptions:
Software licenses	$	70,098	$	66,625	$	140,092	$	129,433
Cloud subscriptions		66,345		51,211		128,181		99,417
Software subscriptions		136,443		117,836		268,273		228,850
Services		24,661		21,859		49,612		43,596
Total revenues	$	161,104	$	139,695	$	317,885	$	272,446

Schedule of beginning and ending balances of accounts receivable, net of allowance


	For the six months ended June 30, 2024		For the year ended December 31, 2023
	(unaudited)
Balance, beginning of period	$	141,752	$	102,885
Balance, end of period		120,082		141,752
Increase (decrease), net	$	(21,670)	$	38,867

Schedule of beginning and ending balances of and changes to the allowance and the deferred allowance


	For the three months ended June 30,
	2024				2023
	Balance			Net Change	Balance			Net Change

	(unaudited)
Allowance balance, April 1,	$	(20,241)			$	(10,641)
Allowance balance, June 30,		(17,704)				(14,218)
Change in allowance			$	(2,537)			$	3,577
Deferred allowance balance, April 1,		14,634				7,516
Deferred allowance balance, June 30,		12,753				10,409
Change in deferred allowance				1,881				(2,893)
Net amount charged to revenues			$	(656)			$	684

	For the six months ended June 30,
	2024				2023
	Balance			Net Change	Balance			Net Change

	(unaudited)
Allowance balance, January 1,	$	(16,272)			$	(9,554)
Allowance balance, June 30,		(17,704)				(14,218)
Change in allowance			$	1,432			$	4,664
Deferred allowance balance, January 1,		11,741				7,133
Deferred allowance balance, June 30,		12,753				10,409
Change in deferred allowance				(1,012)				(3,276)
Net amount charged to revenues			$	420			$	1,388

Schedule of information about the balances of and changes to deferred revenue


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Changes to deferred revenue:
Beginning balance	$	300,991	$	283,116	$	292,720	$	279,136
Additional amounts deferred		159,854		133,632		324,906		270,363
Revenues recognized		(161,104)		(139,695)		(317,885)		(272,446)
Ending balance	$	299,741	$	277,053	$	299,741	$	277,053

Schedule of information about the changes to contract cost balances


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Deferred commissions:
Beginning balance	$	21,301	$	15,921	$	21,237	$	15,463
Additions		4,785		2,747		8,769		5,598
Amortization		(4,224)		(1,942)		(8,144)		(4,335)
Ending balance	$	21,862	$	16,726	$	21,862	$	16,726

REVENUE RECOGNITION - Accounts receivable, net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
REVENUE RECOGNITION
Allowance for accounts receivable	$ 17,704	$ 16,272	$ 20,241	$ 14,218	$ 10,641	$ 9,554
Balance, beginning of period	141,752	102,885
Balance, end of period	120,082	141,752
Increase (decrease), net	$ (21,670)	$ 38,867

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Estimated fair values of Tellutax contingent consideration (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Y	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Y	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Y
Fair Value Measurement Inputs and Valuation Techniques
Fair value adjustments to contingent consideration			$ (2,375)	$ 449
Purchase commitment and contingent consideration liabilities, current	$ 200		200		$ 11,901
Purchase commitment and contingent consideration liabilities, net of current portion					2,600
Tellutax
Fair Value Measurement Inputs and Valuation Techniques
Tellutax Contingent Consideration	200		200		4,900
Fair value adjustments to contingent consideration	(1,575)	$ 249	(2,375)	$ 449
Purchase commitment and contingent consideration liabilities, current	$ 200		$ 200		2,300
Purchase commitment and contingent consideration liabilities, net of current portion					$ 2,600
Tellutax \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques
Contingent consideration measurement input	0.550		0.550		0.600
Tellutax \| Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques
Contingent consideration measurement input	0.208		0.208		0.208
Tellutax \| Term (in years)
Fair Value Measurement Inputs and Valuation Techniques
Contingent consideration measurement input \| Y	0.9		0.9		1.3

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets, end of period:
Cash and cash equivalents	$ 325,535	$ 41,865
Restricted cash-funds held for customers	35,408	30,156
Total cash, cash equivalents and restricted cash, end of period	$ 360,943	$ 72,021

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

DEBT

Schedule of Debt


	As of June 30, 2024						As of December 31, 2023
		(unaudited)						(unaudited)

		Principal Amount		Discounts and Deferred Financing Costs		Net Carrying Amount		Principal Amount		Discounts and Deferred Financing Costs		Net Carrying Amount

Term Loan	$	—	$	—	$	—	$	2,500	$	—	$	2,500
Current portion of long-term debt		—		—		—		2,500		—		2,500

Term Loan		—		—		—		44,375		(316)		44,059
Debt, net of current portion		—		—		—		44,375		(316)		44,059

Convertible senior notes, non-current		345,000		(10,908)		334,092		—		—		—
Total debt	$	345,000	$	(10,908)	$	334,092	$	46,875	$	(316)	$	46,559

Schedule Of Interest Expense Debt


		For the three months ended June 30,				For the six months ended June 30,
		2024		2023		2024		2023
		(unaudited)			(unaudited)
Contractual interest expense	$	431	$	—	$	431	$	—
Amortization of issuance costs		376		—		376		—
Total interest expense, Convertible Senior Notes	$	807	$	—	$	807	$	—

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment
Finance lease amortization	$ 21	$ 237	$ 42	$ 516
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization		Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization		Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Excluding internal-use software and capital leases
Property and equipment
Depreciation expense	$ 1,120	1,967	$ 2,365	3,484
Assets under finance leases
Property and equipment
Finance lease assets	172		172		$ 297
Accumulated amortization	60		60		$ 190
Cloud-Based Customer Solutions
Property and equipment
Depreciation expense	8,345	8,260	17,778	16,408
Internal Systems and Tools
Property and equipment
Depreciation expense	$ 4,072	$ 1,674	$ 7,811	$ 3,619

REVENUE RECOGNITION - Changes to deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE RECOGNITION
Beginning balance	$ 300,991	$ 283,116	$ 292,720	$ 279,136
Additional amounts deferred	159,854	133,632	324,906	270,363
Revenues recognized	(161,104)	(139,695)	(317,885)	(272,446)
Ending balance	$ 299,741	$ 277,053	$ 299,741	$ 277,053

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Document Information:
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001806837
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A
Document Information:
Entity Common Stock, Shares Outstanding		65,360,518
Class B
Document Information:
Entity Common Stock, Shares Outstanding		90,161,000

STOCK-BASED AWARD PLANS - Stock based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allocation of costs
Compensation expense	$ 10,001	$ 7,022	$ 26,325	$ 18,456
Employee Stock Option
Allocation of costs
Compensation expense	1,144	1,102	3,750	3,273
Restricted Stock Units
Allocation of costs
Compensation expense	8,145	4,968	21,148	13,310
Restricted Stock Awards
Allocation of costs
Compensation expense	476	751	966	1,478
ESPP
Allocation of costs
Compensation expense	$ 236	$ 201	$ 461	$ 395

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 161,104	$ 139,695	$ 317,885	$ 272,446
Cost of revenues:
Total cost of revenues	58,416	53,879	119,405	105,626
Gross profit	102,688	85,816	198,480	166,820
Operating expenses:
Research and development	14,614	12,680	31,459	28,542
Selling and marketing	40,541	33,541	81,032	69,277
General and administrative	35,874	39,376	71,416	73,686
Depreciation and amortization	5,212	3,878	10,218	7,619
Other operating expense (income), net	(1,098)	413	(1,625)	697
Total operating expenses	95,143	89,888	192,500	179,821
Income (loss) from operations	7,545	(4,072)	5,980	(13,001)
Interest expense (income), net	181	(105)	467	(455)
Income (loss) before income taxes	7,364	(3,967)	5,513	(12,546)
Income tax (benefit) expense	2,200	2,929	(2,335)	12,482
Net income (loss)	5,164	(6,896)	7,848	(25,028)
Other comprehensive (income) loss:
Foreign currency translation adjustments, net of tax	3,335	(609)	7,346	(3,731)
Unrealized (gain) loss on investments, net of tax	(19)	3	(2)	(10)
Total other comprehensive (income) loss, net of tax	3,316	(606)	7,344	(3,741)
Total comprehensive income (loss)	1,848	(6,290)	504	(21,287)
Software subscriptions
Revenues:
Total revenues	136,443	117,836	268,273	228,850
Cost of revenues:
Total cost of revenues	42,261	38,516	87,389	75,919
Services
Revenues:
Total revenues	24,661	21,859	49,612	43,596
Cost of revenues:
Total cost of revenues	$ 16,155	$ 15,363	$ 32,016	$ 29,707
Class A
Other comprehensive (income) loss:
Net income (loss) per share, basic (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)
Net income (loss) per share, diluted (in dollars per share)	0.03	(0.05)	0.05	(0.17)
Class B
Other comprehensive (income) loss:
Net income (loss) per share, basic (in dollars per share)	0.03	(0.05)	0.05	(0.17)
Net income (loss) per share, diluted (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

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, 2024 (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	$	311,035	$	311,035		—		—
Commercial Paper		6,720		—		6,720		—
Corporate Bonds		247		—		247		—
U.S. Treasury Securities		3,925		—		3,925		—
Tellutax Contingent Consideration		200		—		—		200

	Fair Value Measurements Using
As of December 31, 2023	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	$	53,049	$	53,049	$	—	$	—
Commercial Paper		7,168		—		7,168		—
U.S. Treasury Securities		3,621		—		3,621		—
Tellutax Contingent Consideration		4,900		—		—		4,900
Foreign Currency Forward Contracts		849		—		849		—

The Company has investments in high quality, short-term money market instruments, which are issued and payable in U.S. dollars (“Money Market Funds”) and 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”), U.S. treasury securities (“U.S. Treasury Securities”) and corporate bonds (“Corporate Bonds”). The Company believes that Level 2 designation is appropriate for Commercial Paper, U.S. Treasury Securities and Corporate Bonds under ASC 820-10, Fair Value Measurements and Disclosures, as these securities are fixed income securities, none are exchange-traded and all are priced by correlation to observed market data. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.

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.

Fair value adjustments of $(1,575) and $(2,375) were recorded in other operating expense (income), net for the three and six months ended June 30, 2024, respectively. Fair value adjustments of $249 and $449 were recorded in other operating expense (income), net for the three and six months ended June 30, 2023, respectively. At June 30, 2024, the Tellutax Contingent Consideration of $200 is included in purchase commitment and contingent consideration liabilities, current in the condensed consolidated balance sheets. At December 31, 2023, the Tellutax Contingent Consideration of $2,300 and $2,600 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, 2024 and December 31, 2023 and unobservable inputs used for the Monte Carlo Simulation valuation were as follows:


	June 30, 2024 (unaudited)
Liability	Fair Value		Valuation Technique	Unobservable Inputs
Tellutax Contingent Consideration	$	200	Monte Carlo Simulation	Revenue volatility	55.0	%
				Revenue discount rate	20.8	%
				Term (in years)	0.9

	December 31, 2023
Liability	Fair Value		Valuation Technique	Unobservable Inputs
Tellutax Contingent Consideration	$	4,900	Monte Carlo Simulation	Revenue volatility	60.0	%
				Revenue discount rate	20.8	%
				Term (in years)	1.3

Changes in the fair value of Tellutax Contingent Consideration during the three months ended June 30, 2024 were as follows:


	Tellutax
	Contingent
	Consideration
	(unaudited)
Balance, January 1, 2024	$	4,900
Fair value adjustments		(2,375)
Payments		(2,325)
Balance, June 30, 2024	$	200

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 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.

The Company had a contractual commitment to acquire the remaining equity interest from the original Systax Quotaholders incrementally through 2024. Purchase commitment payments for these incremental acquisition amounts were based on a multiple of Systax revenue and earnings before interest, depreciation, amortization, and income taxes (“EBITDA”) performance at the end of 2023 and 2022. 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 has fluctuated 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 income (loss). Adjustments to the settlement date value that arose as a result of remeasurement at future balance sheet dates were recorded

as interest expense related to financing costs in the condensed consolidated statements of comprehensive income (loss) in the period the change is identified. A final adjustment for $423 to interest expense was recorded for the three and six months ended June 30, 2024. No such adjustments were recorded for the three or six months ended June 30, 2023.

During the second quarter of 2024, the Company paid $9,622, to acquire the remaining 20% equity interest of Systax, which increased the Company’s ownership percentage of Systax to 100%, and settled the outstanding Purchase Commitment Liability. The Purchase Commitment Liability included in purchase commitment and contingent consideration liabilities, current in the condensed consolidated balance sheet on December 31, 2023 was $9,601. The carrying amount of the Purchase Commitment Liability approximated its respective fair value at December 31, 2023 and is considered a Level 3 non-recurring fair value measurement.

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 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. During the second quarter of 2024, the forward currency contracts matured as the Company settled the outstanding Purchase Commitment Liability. These forward contacts are remeasured at fair value on a recurring basis and are included in other assets in our December 31, 2023 condensed consolidated balance sheet with changes in their estimated fair value recognized as interest expense in our condensed consolidated statements of comprehensive income (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.

Convertible Senior Notes

As of June 30, 2024 and December 31, 2023, the fair value of the Notes were $410,271 and $0, respectively. The fair value was determined based on the quoted price of the Notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. For further information on the Notes, refer to Note 7, “Debt”.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

Nature of Business

Basis of Consolidation

Basis of Consolidation

Unaudited Interim Financial Information

Unaudited Interim Financial Information

Segments

Segments

Use of Estimates

Use of Estimates

Convertible Senior Notes

Convertible Senior Notes

Capped Call Transactions

Supplemental Balance Sheet Disclosures

Supplemental balance sheet disclosures are as follows for the respective periods:


		As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Prepaid expenses and other current assets:
Prepaid expenses	$	8,283	$	11,558
Unamortized cloud computing implementation costs		3,995		3,995
Prepaid insurance		506		521
Prepaid licenses and support		12,350		10,099
Prepaid expenses and other current assets	$	25,134	$	26,173

Other assets:
Unamortized cloud computing implementation costs	$	10,486	$	12,475
Other assets		3,286		3,538
Total other assets	$	13,772	$	16,013

Accrued expenses:
Accrued general expenses	$	22,466	$	25,998
Accrued contract labor and professional fees		13,679		13,372
Accrued income and other taxes		5,622		5,365
Accrued expenses	$	41,767	$	44,735

Recently Issued or Adopted Accounting Pronouncements

Segment Reporting

Income Tax Disclosures

Disclosure of accounting policy for segment reporting.

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GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Changes in the carrying amount of goodwill


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Goodwill	$	251,178	$	257,842
Other intangible assets, net		1,005		2,396
Total	$	252,183	$	260,238

Schedule of other acquired intangible assets


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Weighted average amortization period (years)		3.4		3.5

Gross value	$	10,517	$	10,960
Accumulated amortization		(9,512)		(8,564)
Carrying value	$	1,005	$	2,396

Schedule of acquired intangible assets


For the three months ended June 30,	Cost of Revenues, Software Subscriptions		Selling and Marketing Expense			Total Expense
2024	$	58	$	592	$	650
2023		62		684		746

For the six months ended June 30,	Cost of Revenues, Software Subscriptions		Selling and Marketing Expense			Total Expense
2024	$	119	$	1,187		1,306
2023		120		1,450		1,570

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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GOODWILL AND OTHER INTANGIBLE ASSETS

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Non-recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 05, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Adjustment in settlement value of deferred purchase commitment liability			$ (423)
Fair value of convertible senior notes	$ 410,271		410,271			$ 0
Systax
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Purchase commitment liability	12,592		12,592
Adjustment in settlement value of deferred purchase commitment liability	(423)	$ 0	$ (423)	$ 0
Purchase price	$ 9,622
Equity interest acquired	20.00%		20.00%		20.00%
Purchase Commitment Liability						$ 9,601
Systax \| Systax
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Ownership percentage	100.00%		100.00%

DEBT - Indebtedness (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt
Principal Amount - Current		$ 2,500
Net Carrying Amount - Current		2,500
Principal Amount - Noncurrent		44,375
Discounts and Deferred Financing Costs - Noncurrent		(316)
Net Carrying Amount - Noncurrent	$ 334,092	44,059
Total debt -Principal Amount	345,000	46,875
Total Discounts and Deferred Financing Costs	(10,908)	(316)
Total Debt Net Carrying Amount	334,092	46,559
Term Loan
Debt
Principal Amount - Current		2,500
Net Carrying Amount - Current		2,500
Principal Amount - Noncurrent		44,375
Discounts and Deferred Financing Costs - Noncurrent		(316)
Net Carrying Amount - Noncurrent		$ 44,059
Convertible Notes
Debt
Total debt -Principal Amount	345,000
Total Discounts and Deferred Financing Costs	(10,908)
Total Debt Net Carrying Amount	$ 334,092

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Segment information:
Operating segments \| segment			1
Property and equipment	$ 98,752		$ 98,752		$ 88,969
Outside United States
Segment information:
Property and equipment	$ 504		$ 504		$ 633
Revenue \| Geographic Concentration Risk \| Outside United States
Segment information:
Risk percentage	7.00%	7.00%	7.00%	7.00%

REVENUE RECOGNITION - Allowance and deferred allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for credit loss
Beginning balance	$ (20,241)	$ (10,641)	$ (16,272)	$ (9,554)
Ending balance	(17,704)	(14,218)	(17,704)	(14,218)
Change in allowance	(2,537)	3,577	1,432	4,664
Deferred beginning balance	14,634	7,516	11,741	7,133
Deferred ending balance	12,753	10,409	12,753	10,409
Change in deferred allowance	1,881	(2,893)	(1,012)	(3,276)
Net amount charged to revenues	(656)	$ 684	420	$ 1,388
Software subscriptions
Allowance for credit loss
Beginning balance			(16,272)
Ending balance	(17,704)		(17,704)
Deferred beginning balance			11,741
Deferred ending balance	$ 12,753		$ 12,753

PROPERTY AND EQUIPMENT - Asset Acquisition (Details) - USD ($) $ in Thousands		6 Months Ended
	May 31, 2024	Jun. 30, 2024
Asset Acquisition
Consideration paid		$ 6,075
Tax-specific Artificial Intelligence
Asset Acquisition
Consideration paid	$ 6,075
Transaction costs	$ 75
Term for earnout payments and referral fees	5 years
Referral fees percentage	35.00%
Tax-specific Artificial Intelligence \| Cloud-Based Customer Solutions
Asset Acquisition
Estimated useful lives (in years)	5 years
Tax-specific Artificial Intelligence \| Minimum
Asset Acquisition
Applicable percentage	0.00%
Tax-specific Artificial Intelligence \| Maximum
Asset Acquisition
Applicable percentage	35.00%

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
	(unaudited)
Goodwill	$	251,178	$	257,842
Other intangible assets, net		1,005		2,396
Total	$	252,183	$	260,238

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,
	2024		2023
	(unaudited)
Weighted average amortization period (years)		3.4		3.5

Gross value	$	10,517	$	10,960
Accumulated amortization		(9,512)		(8,564)
Carrying value	$	1,005	$	2,396

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
2024	$	58	$	592	$	650
2023		62		684		746

For the six months ended June 30,	Cost of Revenues, Software Subscriptions		Selling and Marketing Expense			Total Expense
2024	$	119	$	1,187		1,306
2023		120		1,450		1,570

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 7,848	$ (25,028)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	41,330	34,190
Amortization of cloud computing implementation costs	1,989	631
Provision for subscription cancellations and non-renewals	451	1,374
Amortization of deferred financing costs	660	126
Change in fair value of contingent consideration liabilities	(2,375)	449
Change in settlement value of deferred purchase commitment liability	423
Write-off of deferred financing costs	276
Stock-based compensation expense	26,324	18,456
Deferred income tax benefit	(9,702)	(12,331)
Non-cash operating lease costs	1,536	625
Other	(165)	(67)
Changes in operating assets and liabilities:
Accounts receivable	19,730	(30,512)
Prepaid expenses and other current assets	969	355
Deferred commissions	(625)	(1,263)
Accounts payable	665	7,655
Accrued expenses	(3,021)	17,407
Accrued and deferred compensation	(8,660)	(10,705)
Deferred revenue	8,051	1,179
Operating lease liabilities	(2,081)	(1,722)
Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value	(4,367)
Other	3,036	(1,717)
Net cash provided by (used in) operating activities	82,292	(898)
Cash flows from investing activities:
Acquisition of assets, net of cash acquired	(6,075)
Property and equipment additions	(29,749)	(21,859)
Capitalized software additions	(11,097)	(9,042)
Purchase of investment securities, available-for-sale	(7,776)	(8,427)
Proceeds from sales and maturities of investment securities, available-for-sale	8,860	8,600
Other	(2,000)
Net cash used in investing activities	(47,837)	(30,728)
Cash flows from financing activities:
Net increase in customer funds obligations	14,979	14,473
Proceeds from convertible senior notes	345,000
Principal payments on long-term debt	(46,875)	(938)
Payment for purchase of capped calls	(42,366)
Payments for deferred financing costs	(11,374)
Proceeds from purchases of stock under ESPP	1,443	1,178
Payments for taxes related to net share settlement of stock-based awards	(18,324)	(3,986)
Proceeds from exercise of stock options	3,274	2,243
Payments for purchase commitment and contingent consideration liabilities	(7,580)	(6,424)
Payments of finance lease liabilities	(51)	(27)
Payments for deferred purchase commitments		(10,000)
Net cash provided by (used in) financing activities	238,126	(3,481)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(789)	380
Net increase (decrease) in cash, cash equivalents and restricted cash	271,792	(34,727)
Cash, cash equivalents and restricted cash, beginning of period	89,151	106,748
Cash, cash equivalents and restricted cash, end of period	$ 360,943	$ 72,021

SUBSEQUENT EVENTS (Details) - Subsequent event - Ecosio $ in Thousands	Aug. 07, 2024 USD ($)
Subsequent events:
Cash payment	$ 69,000
Targeted cash earnout payment	$ 76,000
Financial performance targets, term	3 years
Maximum
Subsequent events:
Stock earnout	$ 35,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Software Development Costs and Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Prepaid expenses and other current assets:
Prepaid expenses	$ 8,283		$ 8,283		$ 11,558
Unamortized cloud computing implementation costs	3,995		3,995		3,995
Prepaid Insurance	506		506		521
Prepaid licenses and support	12,350		12,350		10,099
Prepaid expenses and other current assets	25,134		25,134		26,173
Other assets:
Unamortized cloud computing implementation costs	10,486		10,486		12,475
Other assets	3,286		3,286		3,538
Total other assets	13,772		13,772		16,013
Accrued expenses:
Accrued general expenses	22,466		22,466		25,998
Accrued contract labor and professional fees	13,679		13,679		13,372
Accrued income and other taxes	5,622		5,622		5,365
Accrued expenses	41,767		41,767		$ 44,735
Cloud computing implementation costs
Amortization expense for capitalized cloud computing implementation costs	$ 995	$ 631	$ 1,989	$ 631
Minimum
Cloud computing implementation costs
Capitalized software development cost amortization extension term			2 years
Maximum
Cloud computing implementation costs
Capitalized software development cost amortization extension term			5 years

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 (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	$	311,035	$	311,035		—		—
Commercial Paper		6,720		—		6,720		—
Corporate Bonds		247		—		247		—
U.S. Treasury Securities		3,925		—		3,925		—
Tellutax Contingent Consideration		200		—		—		200

	Fair Value Measurements Using
As of December 31, 2023	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	$	53,049	$	53,049	$	—	$	—
Commercial Paper		7,168		—		7,168		—
U.S. Treasury Securities		3,621		—		3,621		—
Tellutax Contingent Consideration		4,900		—		—		4,900
Foreign Currency Forward Contracts		849		—		849		—

Summary of estimated fair value of Tellutax contingent consideration


	June 30, 2024 (unaudited)
Liability	Fair Value		Valuation Technique	Unobservable Inputs
Tellutax Contingent Consideration	$	200	Monte Carlo Simulation	Revenue volatility	55.0	%
				Revenue discount rate	20.8	%
				Term (in years)	0.9

	December 31, 2023
Liability	Fair Value		Valuation Technique	Unobservable Inputs
Tellutax Contingent Consideration	$	4,900	Monte Carlo Simulation	Revenue volatility	60.0	%
				Revenue discount rate	20.8	%
				Term (in years)	1.3

Changes in fair value of Tellutax contingent consideration


	Tellutax
	Contingent
	Consideration
	(unaudited)
Balance, January 1, 2024	$	4,900
Fair value adjustments		(2,375)
Payments		(2,325)
Balance, June 30, 2024	$	200

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

STOCK-BASED AWARD PLANS - Options under 2020 Plan Price Range (Details) - Employee Stock Option shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Options outstanding, vested and exercisable:
Options outstanding	4,579
Options vested and exercisable	3,388
$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	761
Options outstanding, life	0 years
Options vested and exercisable	761
Options vested and exercisable, life	0 years
$2.15
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 2.15
Options outstanding	60
Options outstanding, life	7 months 6 days
Options vested and exercisable	60
Options vested and exercisable, life	7 months 6 days
$2.50
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 2.50
Options outstanding	1,159
Options outstanding, life	2 years 1 month 6 days
Options vested and exercisable	1,159
Options vested and exercisable, life	2 years 1 month 6 days
$3.17
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.17
Options outstanding	320
Options outstanding, life	3 years 9 months 18 days
Options vested and exercisable	320
Options vested and exercisable, life	3 years 9 months 18 days
$3.73
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.73
Options outstanding	1,098
Options outstanding, life	5 years 4 months 24 days
Options vested and exercisable	507
Options vested and exercisable, life	5 years 2 months 12 days
$4.70
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 4.70
Options outstanding	566
Options outstanding, life	5 years 7 months 6 days
Options vested and exercisable	225
Options vested and exercisable, life	5 years 7 months 6 days
$18.47
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.47
Options outstanding	213
Options outstanding, life	7 years 4 months 24 days
Options vested and exercisable	107
Options vested and exercisable, life	7 years 4 months 24 days
$18.96
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.96
Options outstanding	110
Options outstanding, life	7 years 1 month 6 days
Options vested and exercisable	45
Options vested and exercisable, life	7 years 1 month 6 days
$19.00
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 19.00
Options outstanding	50
Options outstanding, life	7 years 2 months 12 days
Options vested and exercisable	17
Options vested and exercisable, life	7 years 2 months 12 days
$32.16
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 32.16
Options outstanding	242
Options outstanding, life	6 years 8 months 12 days
Options vested and exercisable	187
Options vested and exercisable, life	6 years 8 months 12 days

INCOME TAXES

6 Months Ended

Jun. 30, 2024

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

The Company reported income tax (benefit) expense of $2,200 and $2,929 for the three months ended June 30, 2024 and 2023, respectively, and $(2,335) and $12,482 for the six months ended June 30, 2024 and 2023, respectively. The effective income tax rate ("ETR") was 29.9% for the three months ended June 30, 2024, compared to (73.8)% for the three months ended June 30, 2023, and (42.4)% for the six months ended June 30, 2024, compared to (99.5)% for the six months ended June 30, 2023.

In determining interim provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date loss adjusted for discrete items arising in that quarter. The Company’s effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to state taxes, foreign taxes, limitations on deductions of certain employees’ compensation under Internal Revenue Code Section 162(m), tax benefits on the exercises and vesting of stock awards, tax credits, and fluctuations in valuation allowances on certain foreign deferred tax assets.

The income tax expense for the three months ended June 30, 2024 was primarily attributable to income tax expense from profitable jurisdictions and on income allocated to state jurisdictions. This income tax expense was partially offset by tax benefits from stock based awards exercised or vested during the quarter, net of the impact from limitations on deductions of certain employees’ compensation, and benefits from tax credits. The income tax benefit for the six months ended June 30, 2024 was primarily attributable to tax benefits from stock based awards exercised or vested, net of the impact from limitations on deductions of certain employees’ compensation, which were greater than the income tax expense recognized during the three months ended June 30, 2024. The income tax expense for the three and six months ended June 30, 2023 was primarily attributable to taxes in foreign jurisdictions, fluctuations in valuation allowances on certain foreign deferred tax assets, and income tax expense on income allocated to state jurisdictions.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of major components of property and equipment

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
	(unaudited)
Leasehold improvements	$	20,657	$	20,662
Equipment		20,300		22,012
Computer software purchased		2,387		2,690
Internal-use software developed:
Cloud-based customer solutions		164,722		142,302
Internal systems and tools		61,836		39,430
Furniture and fixtures		7,666		7,669
In-process internal-use software		18,428		28,883
Property and equipment		295,996		263,648
Less accumulated depreciation and amortization		(187,589)		(162,914)
Property and equipment, net	$	108,407	$	100,734

Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $1,120 and $1,967 for the three months ended June 30, 2024 and 2023, respectively, and $2,365 and $3,484 for the six months ended June 30, 2024 and 2023, respectively, and is reflected in depreciation and amortization in the condensed consolidated statements of comprehensive income (loss).

Finance lease amortization was $21 and $237 for the three months ended June 30, 2024 and 2023, respectively, and $42 and $516 for the six months ended June 30, 2024 and 2023, respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of comprehensive income (loss).

Assets under finance leases of $172 and $297, net of accumulated amortization of $60 and $190, respectively, at June 30, 2024 and December 31, 2023, respectively, are included in property and equipment in the condensed consolidated balance sheets.

The major components of internal-use software developed are as follows:


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Internal-use software developed	$	226,558	$	181,732
Less accumulated depreciation		(146,234)		(121,646)
Internal-use software developed, net of accumulated depreciation		80,324		60,086
In-process internal-use software		18,428		28,883
Internal-use software developed, net	$	98,752	$	88,969

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,
	2024		2023

	(unaudited)
Cloud-based customer solutions	$	19,898	$	14,154
Internal systems and tools		9,559		7,662
Total	$	29,457	$	21,816

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, 2024 and 2023 was $8,345 and $8,260, respectively, and $17,778 and $16,408 for the six months ended June 30, 2024 and 2023, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive income (loss).

Depreciation expense for internal-use software developed for internal systems and tools for the three months ended June 30, 2024 and 2023 was $4,072 and $1,674, respectively, and $7,811 and $3,619 for the six months ended June 30, 2024 and 2023, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income (loss).

Asset Acquisition

On May 31,^,2024, the Company entered into an asset purchase agreement with Ryan, LLC (“Ryan”) to acquire tax-specific artificial intelligence (“AI”) capabilities, designed to more effectively manage the complexity of tax mapping. The acquisition will accelerate the Company’s AI innovation strategy to help global companies manage tax complexity with greater speed and scale.

The Company paid $6,075 in closing consideration, which included $75 in transaction costs. The purchase agreement also includes the potential for earnout payments and referral fees to Ryan over a five-year period. The earnout payments will be paid annually in an amount equal to the (a) applicable percentage (ranging from 0% to 35%) multiplied by (b) new sales (excluding new sales to new customers). The referral fees will be paid annually to compensate Ryan for new customers in an amount equal to 35% multiplied by new sales from such new customer. The agreement also contained the assignment and assumption of certain immaterial contracts related to the software.

Following the guidance provided under the FASB Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business, the transaction was accounted for as an asset acquisition and the entire consideration was allocated to the asset and recognized as in-process internal-use software within property and equipment on the condensed consolidated balance sheet. Once placed into service, the asset will be reported as internal-use cloud-based customer solutions software, net of accumulated amortization within property and equipment on the condensed consolidated balance sheet, and will amortize over its assigned useful life of 5 years.

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2024

PROPERTY AND EQUIPMENT


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Leasehold improvements	$	20,657	$	20,662
Equipment		20,300		22,012
Computer software purchased		2,387		2,690
Internal-use software developed:
Cloud-based customer solutions		164,722		142,302
Internal systems and tools		61,836		39,430
Furniture and fixtures		7,666		7,669
In-process internal-use software		18,428		28,883
Property and equipment		295,996		263,648
Less accumulated depreciation and amortization		(187,589)		(162,914)
Property and equipment, net	$	108,407	$	100,734

Schedule of major components of internal-use software


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Internal-use software developed	$	226,558	$	181,732
Less accumulated depreciation		(146,234)		(121,646)
Internal-use software developed, net of accumulated depreciation		80,324		60,086
In-process internal-use software		18,428		28,883
Internal-use software developed, net	$	98,752	$	88,969

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,
	2024		2023

	(unaudited)
Cloud-based customer solutions	$	19,898	$	14,154
Internal systems and tools		9,559		7,662
Total	$	29,457	$	21,816

CAPITALIZED SOFTWARE (Tables)

6 Months Ended

Jun. 30, 2024

CAPITALIZED SOFTWARE

Schedule of major components of capitalized software


	As of June 30,		As of December 31,
	2024		2023
	(unaudited)
Capitalized software	$	129,945	$	115,152
Less accumulated amortization		(93,438)		(81,410)
Capitalized software, net of accumulated depreciation		36,507		33,742
In-process capitalized software		1,333		5,029
Capitalized software, net	$	37,840	$	38,771

EARNINGS PER SHARE - weighted- Average outstanding shares of common stock equivalents (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares		7,527		7,577
Stock Options out-of-the money options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	117	261	174	483
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares		225		230
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares		4,161		3,654
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares		47		46
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	6,860		3,411

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for accounts receivable	$ 17,704	$ 16,272
Amortized cost	$ 8,407	$ 9,550
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)	65,165	60,989
Common stock, shares outstanding (in shares)	65,165	60,989
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)	90,161	92,661
Common stock, shares outstanding (in shares)	90,161	92,661

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2021 USD ($) payment	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Foreign Currency Forward Contracts			$ 849
Significant other observable inputs (Level 2) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Foreign Currency Forward Contracts			849
Money Market Funds \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		$ 311,035	53,049
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		311,035	53,049
Commercial Paper \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		6,720	7,168
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		6,720	7,168
Corporate Bonds \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		247
Corporate Bonds \| Significant other observable inputs (Level 2) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		247
U.S. Treasury Securities \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure		3,925	3,621
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		3,925	3,621
Tellutax
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration		200	4,900
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		200	4,900
Tellutax \| Significant unobservable inputs (Level 3) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration		$ 200	$ 4,900

PROPERTY AND EQUIPMENT - Major components of internal-use software (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property and equipment
Property and equipment	$ 98,752	$ 88,969
Internal-use software
Property and equipment
Property and equipment, gross	226,558	181,732
Less accumulated depreciation	(146,234)	(121,646)
Internal-use software developed, net of accumulated depreciation	80,324	60,086
In-process internal-use software
Property and equipment
Property and equipment	$ 18,428	$ 28,883

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

Schedule of earnings per share basic and diluted


		Three months ended June 30,								Six months ended June 30,
		2024				2023				2024				2023
		Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic net income (loss) per share:
Numerator
Allocation of net income (loss)⁽¹⁾	$	2,137	$	3,027	$	(2,447)	$	(4,449)	$	3,190	$	4,658	$	(8,633)	$	(16,395)
Denominator
Total shares used in per share computation		64,198		90,930		53,762		97,718		62,879		91,796		52,109		98,969
Basic net income (loss) per share:	$	0.03	$	0.03	$	(0.05)	$	(0.05)	$	0.05	$	0.05	$	(0.17)	$	(0.17)

Diluted net income (loss) per share:
Numerator
Allocation of net income (loss)⁽¹⁾	$	2,255	$	2,909	$	(2,447)	$	(4,449)	$	3,374	$	4,474	$	(8,633)	$	(16,395)
Total net income (loss) used in per diluted computation	$	2,255	$	2,909	$	(2,447)	$	(4,449)	$	3,374	$	4,474	$	(8,633)	$	(16,395)
Denominator
Number shares used in basic per share computation		64,198		90,930		53,762		97,718		62,879		91,796		52,109		98,969
Dilutive effect of common stock equivalents		6,311		—		—		—		6,336		—		—		—
Total shares used in per share computation ⁽²⁾		70,509		90,930		53,762		97,718		69,215		91,796		52,109		98,969
Dilutive net income (loss) per share:	$	0.03	$	0.03	$	(0.05)	$	(0.05)	$	0.05	$	0.05	$	(0.17)	$	(0.17)

⁽¹⁾Allocation of net income (loss) is based on the percentages of average shares outstanding.

⁽²⁾The Notes were issued on April 26, 2024. Proration of shares assumed to be converted from the Notes during the current year periods resulted in anti-dilutive impact to EPS.

Schedule of weighted-average outstanding shares of common stock equivalents


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock Options⁽¹⁾		—		7,527		—		7,577
Stock Options out-of-the money options		117		261		174		483
RSAs		—		225		—		230
RSUs		—		4,161		—		3,654
ESPP		—		47		—		46
Convertible Senior Notes		6,860		—		3,411		—

(1)

Excludes out-of-the-money options.

REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of revenue:
Total revenues	$ 161,104	$ 139,695	$ 317,885	$ 272,446
Software subscriptions
Disaggregation of revenue:
Total revenues	136,443	117,836	268,273	228,850
Software licenses
Disaggregation of revenue:
Total revenues	70,098	66,625	140,092	129,433
Cloud subscriptions
Disaggregation of revenue:
Total revenues	66,345	51,211	128,181	99,417
Services
Disaggregation of revenue:
Total revenues	$ 24,661	$ 21,859	$ 49,612	$ 43,596

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

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

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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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Weighted Average Per Share
Unrecognized compensation expense period			9 months 18 days
Employee Stock Option
Units
Beginning, balance			5,692
Granted	0	0	0	0
Exercised			(1,113)
Ending balance	4,579		4,579		5,692
Exercisable	3,388		3,388
Weighted Average Per Share
Beginning balance			$ 5.32
Exercised			4.05
Ending Balance	$ 5.63		5.63		$ 5.32
Exercisable	$ 4.83		$ 4.83
Remaining contractual life, outstanding			4 years 6 months		4 years 8 months 12 days
Remaining contractual life, exercisable			3 years 9 months 18 days
Intrinsic value, outstanding	$ 139,299		$ 139,299		$ 124,327
Intrinsic value, exercisable	105,752		105,752
Unrecognized compensation cost	$ 2,559		$ 2,559
Employee Stock Option \| Minimum
Weighted Average Per Share
Vesting period			1 year
Employee Stock Option \| Maximum
Weighted Average Per Share
Vesting period			4 years

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

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,
		2024	2023			2024	2023

	(unaudited)				(unaudited)
Software subscriptions:
Software licenses	$	70,098	$	66,625	$	140,092	$	129,433
Cloud subscriptions		66,345		51,211		128,181		99,417
Software subscriptions		136,443		117,836		268,273		228,850
Services		24,661		21,859		49,612		43,596
Total revenues	$	161,104	$	139,695	$	317,885	$	272,446

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 $17,704 and $16,272 at June 30, 2024 and December 31, 2023, 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, 2024		For the year ended December 31, 2023
	(unaudited)
Balance, beginning of period	$	141,752	$	102,885
Balance, end of period		120,082		141,752
Increase (decrease), net	$	(21,670)	$	38,867

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. Deferred revenue is reflected net of a related deferred allowance for subscription cancellations (the

“deferred allowance”) of $12,753 and $11,741 at June 30, 2024 and December 31, 2023, 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,
	2024				2023
	Balance			Net Change	Balance			Net Change

	(unaudited)
Allowance balance, April 1,	$	(20,241)			$	(10,641)
Allowance balance, June 30,		(17,704)				(14,218)
Change in allowance			$	(2,537)			$	3,577
Deferred allowance balance, April 1,		14,634				7,516
Deferred allowance balance, June 30,		12,753				10,409
Change in deferred allowance				1,881				(2,893)
Net amount charged to revenues			$	(656)			$	684

	For the six months ended June 30,
	2024				2023
	Balance			Net Change	Balance			Net Change

	(unaudited)
Allowance balance, January 1,	$	(16,272)			$	(9,554)
Allowance balance, June 30,		(17,704)				(14,218)
Change in allowance			$	1,432			$	4,664
Deferred allowance balance, January 1,		11,741				7,133
Deferred allowance balance, June 30,		12,753				10,409
Change in deferred allowance				(1,012)				(3,276)
Net amount charged to revenues			$	420			$	1,388

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 following table provides information about the balances of and changes to deferred revenue for the following periods:


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Changes to deferred revenue:
Beginning balance	$	300,991	$	283,116	$	292,720	$	279,136
Additional amounts deferred		159,854		133,632		324,906		270,363
Revenues recognized		(161,104)		(139,695)		(317,885)		(272,446)
Ending balance	$	299,741	$	277,053	$	299,741	$	277,053

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 income (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,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Deferred commissions:
Beginning balance	$	21,301	$	15,921	$	21,237	$	15,463
Additions		4,785		2,747		8,769		5,598
Amortization		(4,224)		(1,942)		(8,144)		(4,335)
Ending balance	$	21,862	$	16,726	$	21,862	$	16,726

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

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CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Capitalized software, movement
Capitalized software, net	$ 37,840		$ 37,840		$ 38,771
Capitalized software, net of accumulated amortization	37,840		37,840		38,771
Capitalized software amortization expense	6,174	$ 4,364	12,028	$ 8,593
Software
Capitalized software, movement
Capitalized software, gross	129,945		129,945		115,152
Less accumulated amortization	(93,438)		(93,438)		(81,410)
Capitalized software, net	36,507		36,507		33,742
Capitalized software, net of accumulated amortization	36,507		36,507		33,742
Capitalized development costs	5,482	$ 5,035	11,097	$ 9,042
In-process internal-use software
Capitalized software, movement
Capitalized software, gross	$ 1,333		$ 1,333		$ 5,029

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

On August 7, 2024, the Company announced it signed a definitive agreement to acquire ecosio GmbH (“Ecosio”), a limited liability company incorporated under the laws of Austria and a provider of electronic data interchange (“EDI”) and e-invoicing services. The acquisition is expected to close during the third quarter of 2024 pending customary Austrian regulatory approvals.

Under the terms of the agreement, the acquisition includes an upfront cash payment of $69,000, net of certain closing adjustments. The acquisition also includes a targeted cash earn-out payment of $76,000 and a stock earn-out of up to $35,000 in the Company’s Class A common stock, based on Ecosio achieving certain financial performance targets over the next three years, subject to adjustment pursuant to the terms of the acquisition agreement.

The Company expects to fund the upfront cash consideration using cash on hand. Transaction costs related to the acquisition that were incurred during the second quarter of 2024 were not material.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,164	$ 2,684	$ (6,896)	$ (18,132)	$ 7,848	$ (25,028)

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

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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STOCK-BASED AWARD PLANS - ESPP - Option-pricing model key input assumptions (Details) - Initial Public Offering - ESPP - $ / shares	1 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Fair Value Assumptions and Methodology
Fair market value of common stock	$ 27.82	$ 21.76
Volatility	36.60%	39.40%
Expected term (in years)	6 months	6 months
Risk-free interest rate	5.30%	5.40%

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

9. EARNINGS PER SHARE

The Company has two classes of common stock outstanding and thus calculates earnings per share (“EPS”) following the two-class method. This method allocates earnings for the respective periods between the two classes of common stock in proportion to the weighted average shares outstanding for each class of common stock as a percentage of total weighted average shares of both classes of common stock outstanding. Neither the Class A nor Class B common stock has any liquidity or dividend preferences and are both considered to be participating securities.

Basic and diluted net income (loss) per share attributable to common stockholders is calculated using the treasury stock and if-converted methods. The basic net income (loss) per share attributable to Class A common stockholders includes RSAs, RSUs, and ESPP shares once vesting or purchase contingencies are resolved, and the related shares are deemed to be outstanding. The diluted net income (loss) per share attributable to Class A common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, all options to purchase shares of Class A common stock and nonvested RSAs and RSUs are considered common stock equivalents. The portion of ESPP shares for which the Company has received payments but for which the related shares are not yet issuable are also considered potential common stock equivalents. Additionally, the dilutive effect of shares issuable upon conversion of the Notes is included in the calculation of diluted EPS by application of the if-converted method. In connection with the issuance of the Notes, the Company entered into the Capped Calls Transactions, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would be anti-dilutive. In periods of net loss available to common stockholders diluted calculations are equal to basic calculations because the inclusion of potential common stock equivalents would be anti-dilutive.

The tables below illustrate the calculation of basic and diluted net income (loss) per common share for the Class A common stock and Class B common stock for the periods reflected below.


		Three months ended June 30,								Six months ended June 30,
		2024				2023				2024				2023
		Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic net income (loss) per share:
Numerator
Allocation of net income (loss)⁽¹⁾	$	2,137	$	3,027	$	(2,447)	$	(4,449)	$	3,190	$	4,658	$	(8,633)	$	(16,395)
Denominator
Total shares used in per share computation		64,198		90,930		53,762		97,718		62,879		91,796		52,109		98,969
Basic net income (loss) per share:	$	0.03	$	0.03	$	(0.05)	$	(0.05)	$	0.05	$	0.05	$	(0.17)	$	(0.17)

Diluted net income (loss) per share:
Numerator
Allocation of net income (loss)⁽¹⁾	$	2,255	$	2,909	$	(2,447)	$	(4,449)	$	3,374	$	4,474	$	(8,633)	$	(16,395)
Total net income (loss) used in per diluted computation	$	2,255	$	2,909	$	(2,447)	$	(4,449)	$	3,374	$	4,474	$	(8,633)	$	(16,395)
Denominator
Number shares used in basic per share computation		64,198		90,930		53,762		97,718		62,879		91,796		52,109		98,969
Dilutive effect of common stock equivalents		6,311		—		—		—		6,336		—		—		—
Total shares used in per share computation ⁽²⁾		70,509		90,930		53,762		97,718		69,215		91,796		52,109		98,969
Dilutive net income (loss) per share:	$	0.03	$	0.03	$	(0.05)	$	(0.05)	$	0.05	$	0.05	$	(0.17)	$	(0.17)

⁽¹⁾Allocation of net income (loss) is based on the percentages of average shares outstanding.

⁽²⁾The Notes were issued on April 26, 2024. Proration of shares assumed to be converted from the Notes during the current year periods resulted in anti-dilutive impact to EPS.

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:


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock Options⁽¹⁾		—		7,527		—		7,577
Stock Options out-of-the money options		117		261		174		483
RSAs		—		225		—		230
RSUs		—		4,161		—		3,654
ESPP		—		47		—		46
Convertible Senior Notes		6,860		—		3,411		—

(1)

Excludes out-of-the-money options.

STOCK-BASED AWARD PLANS - Restricted Stock Awards (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Weighted Average Per Share
Unrecognized compensation expense period	9 months 18 days
Restricted Stock Awards
Units
Beginning balance (in units) \| shares	91
Granted (in units) \| shares	34
Vested (in units) \| shares	(62)
Ending balance (in units) \| shares	63
Weighted Average Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 21.50
Granted (in dollars per share) \| $ / shares	35.06
Vested (in dollars per share) \| $ / shares	22.69
Ending balance (in dollars per share) \| $ / shares	$ 27.62
Unrecognized compensation cost \| $	$ 1,184
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

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Income tax (benefit) expense	$ 2,200	$ 2,929	$ (2,335)	$ 12,482
Effective tax rate (as a percent)	29.90%	(73.80%)	(42.40%)	(99.50%)
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%

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

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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	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Class A	Class B	Total
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
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 (loss) from available-for-sale investments, net of tax					13			13
Net income (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
Exercise of stock options, net (in shares)						851
Foreign currency translation adjustments and revaluations, net of tax								3,731
Unrealized gain (loss) from available-for-sale investments, net of tax								10
Net income (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
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 (loss) from available-for-sale investments, net of tax					(3)			(3)
Net income (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
Balance at Dec. 31, 2023	$ 61	$ 93	275,155	(586)	(21,742)			252,981
Balance (in shares) at Dec. 31, 2023	60,989	92,661				60,989	92,661
Exercise of stock options, net			(5,454)					(5,454)
Exercise of stock options, net (in shares)	653
Shares issued upon vesting of Restricted Stock Units, net	$ 1		(10,899)					(10,898)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	674
Stock-based compensation expense			14,845					14,845
Foreign currency translation adjustments and revaluations, net of tax					(4,011)			(4,011)
Unrealized gain (loss) from available-for-sale investments, net of tax					(17)			(17)
Net income (loss)				2,684				2,684
Balance at Mar. 31, 2024	$ 62	$ 93	273,647	2,098	(25,770)			250,130
Balance (in shares) at Mar. 31, 2024	62,316	92,661
Balance at Dec. 31, 2023	$ 61	$ 93	275,155	(586)	(21,742)			252,981
Balance (in shares) at Dec. 31, 2023	60,989	92,661				60,989	92,661
Exercise of stock options, net (in shares)						847
Foreign currency translation adjustments and revaluations, net of tax								(7,346)
Unrealized gain (loss) from available-for-sale investments, net of tax								2
Net income (loss)								7,848
Balance at Jun. 30, 2024	$ 65	$ 90	254,799	7,262	(29,086)			233,130
Balance (in shares) at Jun. 30, 2024	65,165	90,161				65,165	90,161
Balance at Mar. 31, 2024	$ 62	$ 93	273,647	2,098	(25,770)			250,130
Balance (in shares) at Mar. 31, 2024	62,316	92,661
Exercise of stock options, net			1,734					1,734
Exercise of stock options, net (in shares)	194					194
Shares issued upon vesting of Restricted Stock Units, net			(432)					(432)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	32
Shares issued upon vesting of Restricted Stock Awards, net (in shares)	62
Shares issued in connection with ESPP			1,443					1,443
Shares issued in connection with ESPP (shares)	61
Stock-based compensation expense			9,924					9,924
Class B shares exchanged for Class A shares	$ 3	$ (3)
Class B shares exchanged for Class A shares (in shares)	2,500	(2,500)
Purchase of capped calls, net of tax			(31,517)					(31,517)
Foreign currency translation adjustments and revaluations, net of tax					(3,335)			(3,335)
Unrealized gain (loss) from available-for-sale investments, net of tax					19			19
Net income (loss)				5,164				5,164
Balance at Jun. 30, 2024	$ 65	$ 90	$ 254,799	$ 7,262	$ (29,086)			$ 233,130
Balance (in shares) at Jun. 30, 2024	65,165	90,161				65,165	90,161

STOCK-BASED AWARD PLANS - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Weighted Average Per Share
Unrecognized compensation expense period	9 months 18 days
Restricted Stock Units
Units
Beginning balance (in units)	4,171
Granted (in units)	1,746
Vested (in units)	(1,137)
Forfeited (in units)	(103)
Ending balance (in units)	4,677
Weighted Average Per Share
Beginning balance (in dollars per share)	$ 16.11
Granted (in dollars per share)	25.44
Vested (in dollars per share)	16.29
Forfeited (in dollars per share)	16.02
Ending balance (in dollars per share)	$ 19.54
Unrecognized compensation cost	$ 67,772
Unrecognized compensation expense period	2 years 8 months 12 days
Restricted Stock Units \| Minimum
Compensation plans:
Service requirement (in years)	1 year
Restricted Stock Units \| Maximum
Compensation plans:
Service requirement (in years)	4 years

DEBT - Credit Agreement (Details) $ / shares in Units, $ in Thousands					3 Months Ended	6 Months Ended
	Jul. 01, 2024 D $ / shares	May 10, 2024 USD ($)	Apr. 26, 2024 USD ($) $ / shares	Apr. 23, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Debt
Purchase of capped calls					$ 31,517
Write-off of deferred financing costs						$ 276
Proceeds from Convertible Debt						345,000
Share price \| $ / shares				$ 55.88
Capped call transaction
Debt
Purchase of capped calls				$ 42,366
Anti-dilutive shares \| shares				12,348
Term Loan
Debt
Repaid Term Loan balance		$ 46,332
Interest included in repaid Term Loan balance		82
Write-off of deferred financing costs		$ 276
Convertible Senior Notes 7.50 Percent, Due 2029
Debt
Principal amount			$ 345,000
Debt instrument interest rate percentage			0.75%
Additional principal amount			$ 45,000
Conversion rate			27.5315
Conversion price \| $ / shares	$ 47.21		$ 36.32
Trading days \| D	20
Consecutive trading days \| D	30
Threshold stock price percentage	130.00%
Convertible business days \| D	5
Consecutive trading days \| D	10
Percentage of stock price trigger	98.00%
Proceeds from Convertible Debt			$ 333,716
Cost of capped call transactions			$ 42,366
Line of Credit
Debt
Line of credit, capacity					200,000	200,000
New Term Loan
Debt
Principal amount					$ 50,000	$ 50,000

STOCKHOLDERS EQUITY (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
STOCKHOLDERS EQUITY (Details) - shares shares in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A
Common Stock
Exercise of stock options, net (in shares)	194	259	847	851
Shares exchanged	1	6	266	23
Class A \| Restricted Stock Units
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	32	22	706	413
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	14	11	431	242
Class A \| Restricted Stock Awards
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	62	106	62	106
Class A \| ESPP
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	61	81	61	81
Class B
Common Stock
Exchange of shares	2,500	2,589	2,500	2,589

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in fair value of Tellutax contingent consideration (Details) - Contingent Consideration $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,900
Fair value adjustments	(2,375)
Payments	(2,325)
Ending balance	$ 200

DEBT - Interest expense related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of deferred financing costs		$ 660	$ 126
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Contractual interest expense	$ 431	431
Amortization of deferred financing costs	376	376
Total interest expense	$ 807	$ 807

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

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STOCK-BASED AWARD PLANS - Stock based compensation, comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allocation of costs
Compensation expense	$ 10,001	$ 7,022	$ 26,325	$ 18,456
Software subscriptions
Allocation of costs
Compensation expense	953	419	2,543	1,415
Services
Allocation of costs
Compensation expense	565	166	1,571	1,002
Research and development
Allocation of costs
Compensation expense	1,922	775	5,295	3,009
Selling and marketing
Allocation of costs
Compensation expense	2,928	1,082	7,150	3,980
General and administrative
Allocation of costs
Compensation expense	$ 3,633	$ 4,581	$ 9,766	$ 9,051

REVENUE RECOGNITION - Contract cost balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred commissions:
Beginning balance	$ 21,301	$ 15,921	$ 21,237	$ 15,463
Additions	4,785	2,747	8,769	5,598
Amortization	(4,224)	(1,942)	(8,144)	(4,335)
Ending balance	$ 21,862	16,726	$ 21,862	16,726
Contract costs, amortization period	3 years		3 years
Impairment loss	$ 0	$ 0	$ 0	$ 0

DEBT

6 Months Ended

Jun. 30, 2024

DEBT

DEBT

7.DEBT

Credit Agreement

The Company has a credit agreement (“Credit Agreement”) with a banking syndicate, which provided (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”).

On April 19, 2024, the Company entered into the Fourth Amendment to the Credit Agreement (the “Fourth Amendment”) with a banking syndicate, which amended the Credit Agreement, dated as of June 30, 2020, providing for, among other things, amendments of certain definitions.

Indenture and Notes

On April 26, 2024, the Company closed its offering of $345,000 aggregate principal amount of 0.750% Convertible Senior Notes due 2029 (the “Notes”) to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The Notes issued on April 26, 2024 include an additional $45,000 aggregate principal amount of Notes, issued pursuant to the full exercise by the initial purchasers of the Notes of their option to purchase additional Notes.

The Notes are the senior, unsecured obligations of the Company and are (i) ranked equal in right of payment with the Company’s senior unsecured indebtedness, (ii) senior in right of payment to the Company’s indebtedness that is expressly subordinated to the Notes, (iii) effectively subordinated to the Company’s senior secured indebtedness, to the extent of the value of the collateral securing that indebtedness, and (iv) structurally subordinated to all indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

The Notes bear interest at a rate of 0.750% per annum on the principal amount thereof, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2024. The Notes will mature on May 1, 2029 (the “maturity date”), unless earlier repurchased, redeemed or converted in accordance with their terms. On November 1, 2028, and thereafter, holders may convert their Notes anytime at their election, until the close of business on the second scheduled trading day immediately before the maturity date. Before November 1, 2028, holders have the right to convert their Notes only upon the occurrence of the following events:

●

During any calendar quarter after June 30, 2024 if the closing price of the Company's common stock for at least 20 trading days in a period of 30 consecutive trading days ending on and including the last trading day of the preceding calendar quarter is more than 130% of the then applicable conversion price (effectively $47.21) for the Notes per share of common stock.

●

During the five business days immediately after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Notes, as determined following a request by a holder of Notes, for each day of that period was less than 98% of the product of the closing price of the Company’s common stock and the then applicable conversion rate.

●

If the Company calls any or all of the Notes for redemption, holders may convert all or any portion of their notes at any time prior to the close of business on the scheduled trading day prior to the redemption date, even if the Notes are not otherwise convertible at such time.

●

If specified distributions to holders of the Company’s common stock are made or specified corporate events occur.

If a holder converts upon a make-whole fundamental change (as defined in the Indenture) or Company redemption, the holder may be eligible to receive a make-whole premium through an increase to the conversion rate.

Upon conversion, the Company will pay or deliver, as applicable, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock at the Company’s election. The initial conversion rate for the Notes is 27.5315 shares of Class A common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $36.32 per share of Class A common stock, and is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.

The net proceeds from the offering of the Notes were $333,716, after deducting the initial purchasers’ discount and commissions, and other transaction and offering expenses. The Company used $42,366 of the net proceeds from this offering to fund the cost of the Capped Call Transactions (as defined below) and intends to use the remainder for working capital or other general corporate expenses, which may include capital expenditures, potential acquisitions, and strategic transactions.

Capped Call Transactions

In connection with the pricing of the Notes on April 23, 2024, the Company entered into privately negotiated capped call transactions (the “Base Capped Calls”) with certain financial institutions (together, the “Option Counterparties”). In connection with the exercise of the option to purchase the additional Notes in full, the Company entered into additional capped call transactions with the Option Counterparties (together, the “Additional Capped Call Transactions” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”).

The cap price of the Capped Call Transactions will initially be $55.88 per share of Class A common stock, and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A common stock upon any conversion of the Notes and/or to offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, as the case may be, upon any conversion of the Notes. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, approximately 12,348 shares of the Company’s common stock. The cost of the Capped Call Transactions was $42,366, which was included in additional paid-in capital, net of tax, in the condensed consolidated balance sheets, with no remeasurement in subsequent periods as it meets the conditions for equity classification.

Term Loan

On May 10, 2024, the Company repaid the outstanding Term Loan balance of $46,332, which included $82 of interest. The Term Loan was originally due on March 8, 2027. The Company also wrote off $276 in deferred financing fees pertaining to the Term Loan.

The Company’s indebtedness at June 30, 2024 and December 31, 2023 was as follows:


	As of June 30, 2024						As of December 31, 2023
		(unaudited)						(unaudited)

		Principal Amount		Discounts and Deferred Financing Costs		Net Carrying Amount		Principal Amount		Discounts and Deferred Financing Costs		Net Carrying Amount

Term Loan	$	—	$	—	$	—	$	2,500	$	—	$	2,500
Current portion of long-term debt		—		—		—		2,500		—		2,500

Term Loan		—		—		—		44,375		(316)		44,059
Debt, net of current portion		—		—		—		44,375		(316)		44,059

Convertible senior notes, non-current		345,000		(10,908)		334,092		—		—		—
Total debt	$	345,000	$	(10,908)	$	334,092	$	46,875	$	(316)	$	46,559

The Company’s interest expense related to the Notes is as follows:


		For the three months ended June 30,				For the six months ended June 30,
		2024		2023		2024		2023
		(unaudited)			(unaudited)
Contractual interest expense	$	431	$	—	$	431	$	—
Amortization of issuance costs		376		—		376		—
Total interest expense, Convertible Senior Notes	$	807	$	—	$	807	$	—

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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STOCK-BASED AWARD PLANS - Employee Stock Purchase Plan (Details) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) period shares	Jun. 30, 2023 period
Class A
Compensation plans:
Purchase price as a percent of fair value	85.00%
ESPP
Compensation plans:
Reserved for issuance \| shares	6,390
Amounts withheld from participants	$ 424
Unrecognized compensation cost	$ 438
Number of offering periods \| period	2	2
ESPP offering period	6 months
Discount	15.00%	15.00%

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A
Numerator:
Allocation of net income (loss), basic	$ 2,137	$ (2,447)	$ 3,190	$ (8,633)
Total net income (loss) used in per diluted computation	$ 2,255	$ (2,447)	$ 3,374	$ (8,633)
Denominator:
Total shares used in per share computation, basic (in shares)	64,198	53,762	62,879	52,109
Dilutive effect of common stock equivalents	6,311		6,336
Total shares used in per share computation, diluted (in shares)	70,509	53,762	69,215	52,109
Basic net income (loss) per share: (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)
Dilutive net income (loss) per share: (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)
Class B
Numerator:
Allocation of net income (loss), basic	$ 3,027	$ (4,449)	$ 4,658	$ (16,395)
Total net income (loss) used in per diluted computation	$ 2,909	$ (4,449)	$ 4,474	$ (16,395)
Denominator:
Total shares used in per share computation, basic (in shares)	90,930	97,718	91,796	98,969
Total shares used in per share computation, diluted (in shares)	90,930	97,718	91,796	98,969
Basic net income (loss) per share: (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)
Dilutive net income (loss) per share: (in dollars per share)	$ 0.03	$ (0.05)	$ 0.05	$ (0.17)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 325,535	$ 68,175
Funds held for customers	35,408	20,976
Accounts receivable, net of allowance of $17,704 and $16,272, respectively	120,082	141,752
Prepaid expenses and other current assets	25,134	26,173
Investment securities available-for-sale, at fair value (amortized cost of $8,407 and $9,550, respectively)	8,650	9,545
Total current assets	514,809	266,621
Property and equipment, net of accumulated depreciation	108,407	100,734
Capitalized software, net of accumulated amortization	37,840	38,771
Goodwill and other intangible assets	252,183	260,238
Deferred commissions	21,862	21,237
Deferred income tax asset	61,897	41,708
Operating lease right-of-use assets	13,060	14,605
Other assets	13,772	16,013
Total assets	1,023,830	759,927
Current liabilities:
Current portion of long-term debt		2,500
Accounts payable	24,220	23,596
Accrued expenses	41,767	44,735
Customer funds obligations	32,710	17,731
Accrued salaries and benefits	13,251	12,277
Accrued variable compensation	25,727	34,105
Deferred revenue, current	297,305	290,143
Current portion of operating lease liabilities	3,799	3,717
Current portion of finance lease liabilities	90	74
Purchase commitment and contingent consideration liabilities, current	200	11,901
Total current liabilities	439,069	440,779
Deferred revenue, net of current portion	2,436	2,577
Debt, net of current portion	334,092	44,059
Operating lease liabilities, net of current portion	14,397	16,567
Finance lease liabilities, net of current portion	36	51
Purchase commitment and contingent consideration liabilities, net of current portion		2,600
Deferred other liabilities	670	313
Total liabilities	790,700	506,946
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	254,799	275,155
Retained Earnings (Accumulated deficit)	7,262	(586)
Accumulated other comprehensive loss	(29,086)	(21,742)
Total stockholders' equity	233,130	252,981
Total liabilities and stockholders' equity	1,023,830	759,927
Class A
Stockholders' equity:
Common stock	65	61
Class B
Stockholders' equity:
Common stock	$ 90	$ 93

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

8.STOCKHOLDERS’ EQUITY

Common Stock

During the three months ended June 30, 2024, the Company issued 194 shares of Class A common stock related to the exercise of options, net of 1 share returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. During this period, the Company also issued 32 shares of Class A common stock in connection with the vesting of Restricted Stock Units (“RSUs”), net of 14 shares returned to the Company in lieu of payment of taxes due on the vesting of these RSUs. During the six months ended June 30, 2024, the Company issued 847 shares of Class A common stock related to the exercise of options, net of 266 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises and the Company also issued 706 shares of Class A common stock in connection with the vesting of RSUs, net of 431 shares 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, 2024, the Company issued 62 shares of Class A common stock in connection with the vesting of Restricted Stock Awards (“RSAs”) and the Company also issued 61 shares in connection with the ESPP and a stockholder exchanged 2,500 shares of Class B common stock, for an equivalent number of shares of Class A common stock.

During the three months ended June 30, 2023, the Company issued 259 shares of Class A common stock related to the exercise of options, net of 6 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. During this period, the Company issued 22 shares of Class A common stock in connection with the vesting of RSUs, net of 11 shares returned to the Company in lieu of payment of taxes due on the vesting of these RSUs. During

the six months ended June 30, 2023, the Company issued 851 shares of Class A common stock related to the exercise of options, net of 23 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises and the Company also issued 413 shares of Class A common stock in connection with the vesting of RSUs, net of 242 shares 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 RSAs and the Company also issued 81 shares in connection with the ESPP and a stockholder exchanged 2,589 shares of Class B common stock for an equivalent number of shares of Class A common stock.

The entire disclosure for equity.

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GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill.	$ 251,178	$ 257,842
Goodwill and other intangible assets	252,183	260,238
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 1,005	$ 2,396

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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GOODWILL AND OTHER INTANGIBLE ASSETS - Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Amortization of acquired intangible assets
Amortization	$ 650	$ 746	$ 1,306	$ 1,570
Cost of Revenues
Amortization of acquired intangible assets
Amortization	58	62	119	120
Selling and marketing
Amortization of acquired intangible assets
Amortization	592	$ 684	$ 1,187	$ 1,450
Other intangible assets
Other intangible assets
Weighted average amortization period (years)			3 years 4 months 24 days		3 years 6 months
Gross Value	10,517		$ 10,517		$ 10,960
Accumulated amortization	(9,512)		(9,512)		(8,564)
Carrying Value	$ 1,005		$ 1,005		$ 2,396

STOCK-BASED AWARD PLANS - 2020 Plan (Details) shares in Thousands	Jun. 30, 2024 shares
Employee Stock Option
Compensation plans:
Shares authorized	20,843

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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CAPITALIZED SOFTWARE

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
	(unaudited)
Capitalized software	$	129,945	$	115,152
Less accumulated amortization		(93,438)		(81,410)
Capitalized software, net of accumulated depreciation		36,507		33,742
In-process capitalized software		1,333		5,029
Capitalized software, net	$	37,840	$	38,771

Software development costs capitalized for the three months ended June 30, 2024 and 2023, were $5,482 and $5,035 respectively, and $11,097 and $9,042 for the six months ended June 30, 2024 and 2023, respectively.

Capitalized software amortization expense, including amortization of acquired technology, was $6,174 and $4,364 for the three months ended June 30, 2024 and 2023, respectively, and $12,028 and $8,593 for the six months ended June 30, 2024 and 2023, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive income (loss).

STOCK-BASED AWARD PLANS

6 Months Ended

Jun. 30, 2024

STOCK-BASED AWARD PLANS

STOCK-BASED AWARD PLANS

10. STOCK-BASED AWARD PLANS

The 2020 Incentive Award Plan (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, 2024, 20,843 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, 2024:


				Weighted
			Weighted	Average
			Average	Remaining	Aggregate
			Exercise	Contractual	Intrinsic
2020 Plan Option Activity	Units		Price	Life (Years)	Value

	(unaudited)
Outstanding at January 1, 2024	5,692	$	5.32	4.7	$	124,327
Exercised	(1,113)	$	4.05
2020 Plan options outstanding at June 30, 2024	4,579	$	5.63	4.5		139,299
2020 Plan options exercisable at June 30, 2024	3,388	$	4.83	3.8		105,752

The detail of options outstanding, vested, and exercisable under the 2020 Plan as of June 30, 2024 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	761	*	761	*
$2.15	60	0.6	60	0.6
$2.50	1,159	2.1	1,159	2.1
$3.17	320	3.8	320	3.8
$3.73	1,098	5.4	507	5.2
$4.70	566	5.6	225	5.6
$18.47	213	7.4	107	7.4
$18.96	110	7.1	45	7.1
$19.00	50	7.2	17	7.2
$32.16	242	6.7	187	6.7
	4,579		3,388
*These options have indefinite contractual lives.

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 income (loss) over the period during which the participant is required to perform the requisite services. The vesting period is generally one to four years. The grant date fair value of options is estimated using the Black-Scholes model.

There were no options issued under the 2020 Plan during the three or six months ended June 30, 2024 or 2023.

At June 30, 2024, $2,559 of unrecognized compensation expense associated with options is expected to be recognized over a weighted average period of approximately 0.8 years.

Restricted Stock Units

The following table summarizes RSU activity for the six months ended June 30, 2024:



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share
Outstanding at January 1, 2024	4,171	$	16.11
Granted	1,746		25.44
Vested	(1,137)		16.29
Forfeited	(103)		16.02
Outstanding at June 30, 2024	4,677	$	19.54

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 income (loss) over the period during which the participant is required to perform services in exchange for the award, which is generally one to four years. Vested RSUs are settled by issuing Class A shares or the equivalent value in cash at the Board’s discretion. At June 30, 2024, $67,772 of unrecognized compensation cost for RSUs is expected to be recognized over a weighted average period of approximately 2.7 years.

Restricted Stock Awards

The following table summarizes RSA activity for the six months ended June 30, 2024:



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share
Outstanding at January 1, 2024	91	$	21.50
Granted	34		35.06
Vested	(62)		22.69
Outstanding at June 30, 2024	63	$	27.62

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 income (loss) over the period during which the participant is required to perform services in exchange for the award, which is generally one to four years. At June 30, 2024, $1,184 of unrecognized compensation cost for RSAs is expected to be recognized over a weighted average period of approximately 1.0 years.

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, 2024 aggregated $424 as of June 30, 2024. As of June 30, 2024, 6,390 shares of Class A common stock were available for issuance under the ESPP.

As of June 30, 2024, there was approximately $438 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, 2024.

At June 30, 2024 and 2023, there were two ESPP offering periods open that end November 30, 2024 and 2023, 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, 2024 and 2023 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
	11/30/2024			11/30/2023
Fair market value of common stock	$	27.82		$	21.76
Volatility		36.6	%		39.4	%
Expected term (years)		0.5			0.5
Expected dividend yield		-	%		-	%
Risk-free interest rate		5.3	%		5.4	%

Volatility is representative of expected stock price volatility over the offering period. The Company’s volatility is applied to current and future offering periods. The expected term represents the term of the ESPP offering period, which is six months. The Company does not expect to pay dividends. 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 to 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,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock-based compensation expense:
Stock options	$	1,144	$	1,102	$	3,750	$	3,273
RSUs		8,145		4,968		21,148		13,310
RSAs		476		751		966		1,478
ESPP		236		201		461		395
Total stock-based compensation expense	$	10,001	$	7,022	$	26,325	$	18,456

The Company recognized stock-based compensation cost in the condensed consolidated statements of comprehensive income (loss) as follows:


	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Stock-based compensation expense:
Cost of revenues, software subscriptions	$	953	$	419	$	2,543	$	1,415
Cost of revenues, services		565		166		1,571		1,002
Research and development		1,922		775		5,295		3,009
Selling and marketing		2,928		1,082		7,150		3,980
General and administrative		3,633		4,581		9,766		9,051
Total stock-based compensation expense	$	10,001	$	7,022	$	26,325	$	18,456

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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