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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Prepaid expenses and other current assets:
Prepaid expenses	$ 25,715		$ 13,068
Unamortized cloud computing implementation costs	6,416		4,666
Prepaid insurance	1,240		1,229
Prepaid licenses and support	25,987		20,003
Prepaid expenses and other current assets	59,358		38,966
Other assets:
Unamortized cloud computing implementation costs	5,964		8,518
Other assets	4,042		3,727
Total other assets	10,006		12,245
Accrued expenses:
Accrued general expenses	16,436		18,918
Accrued contract labor and professional fees	14,124		17,624
Accrued income and other taxes	6,047		7,100
Accrued expenses	36,607		$ 43,642
Amortization expense for capitalized cloud computing implementation costs	$ 1,006	$ 1,037
Minimum
Accrued expenses:
Capitalized software development cost amortization extension term	2 years
Maximum
Accrued expenses:
Capitalized software development cost amortization extension term	5 years

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 252,455	$ 314,009
Funds held for customers	17,698	24,286
Accounts receivable, net of allowance of $13,225 and $11,466, respectively	158,998	183,446
Prepaid expenses and other current assets	59,358	38,966
Total current assets	488,509	560,707
Property and equipment, net of accumulated depreciation	220,407	209,727
Capitalized software, net of accumulated amortization	35,253	35,480
Goodwill and other intangible assets	405,355	396,006
Deferred commissions	30,879	31,907
Deferred income tax asset	129	85
Operating lease right-of-use assets	8,830	9,678
Long-term investment	15,000	15,000
Other assets	10,006	12,245
Total assets	1,214,368	1,270,835
Current liabilities:
Accounts payable	35,630	37,557
Accrued expenses	36,607	43,642
Customer funds obligations	15,180	21,802
Accrued salaries and benefits	32,199	23,992
Accrued variable compensation	16,682	34,593
Deferred revenue, current	393,107	382,839
Current portion of operating lease liabilities	4,327	4,283
Current portion of finance lease liabilities	44	55
Purchase commitment and contingent consideration liabilities, current	32,800	25,900
Total current liabilities	566,576	574,663
Deferred revenue, net of current portion	5,290	5,209
Debt, net of current portion	338,041	337,477
Operating lease liabilities, net of current portion	7,686	8,903
Finance lease liabilities, net of current portion	46	54
Purchase commitment and contingent consideration liabilities, net of current portion	41,300	79,600
Deferred income tax liabilities	8,925	5,664
Deferred other liabilities		345
Total liabilities	967,864	1,011,915
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding
Treasury stock, at cost, 1,875 and 504 shares, respectively	(30,135)	(10,094)
Additional paid in capital	332,910	316,327
Accumulated deficit	(48,614)	(46,104)
Accumulated other comprehensive loss	(7,818)	(1,368)
Total stockholders' equity	246,504	258,920
Total liabilities and stockholders' equity	1,214,368	1,270,835
Class A common stock
Stockholders' equity:
Common stock	79	77
Class B common stock
Stockholders' equity:
Common stock	$ 82	$ 82

STOCK-BASED AWARD PLANS - Stock based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allocation of costs
Compensation expense	$ 18,508	$ 21,044
Employee Stock Option
Allocation of costs
Compensation expense		311
RSUs
Allocation of costs
Compensation expense	15,545	19,353
RSAs
Allocation of costs
Compensation expense	489	298
PSUs
Allocation of costs
Compensation expense	2,127	830
ESPP
Allocation of costs
Compensation expense	$ 347	$ 252

ACQUISITIONS (Details) - Finta Inc And Its Subsidiaries shares in Thousands, $ in Thousands			3 Months Ended
	Mar. 02, 2026 USD ($) installment shares	Mar. 01, 2026	Mar. 31, 2026 USD ($)
ACQUISITIONS
Equity interest acquired	100.00%
Purchase price	$ 21,968
Cash acquired	40
Settlement of pre-existing debt/borrowings	10,089
Aggregate cash bonus payments	$ 10,000
Number of installment payments for bonus compensation \| installment	2
Amounts of bonus payments payable	$ 5,000
Total transaction costs			$ 690
Restricted Stock Awards
ACQUISITIONS
Granted for acquisition \| shares	497
Aggregate fair value	$ 8,000		$ 7,151
Consecutive trading days	30 days
Business day	1 day
Vesting period	4 years
Percentage of award vesting annually	25.00%	25.00%

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 02, 2026	Dec. 31, 2025
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	$ 402,429		$ 392,493
Total	405,355		396,006
Brinta acquisition
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	14,912	$ 14,912
Other intangible assets
GOODWILL AND OTHER INTANGIBLE ASSETS
Other intangible assets, net	$ 2,926		$ 3,513

- Definition

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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- Definition

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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+ Details

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

STOCKHOLDERS' EQUITY

Schedule of repurchase of shares


	For the three months ended March 31,
	2026			2025

	(unaudited)
Total number of shares repurchased		1,371			—
Average price paid per share ⁽¹⁾	$	14.59		$	—
Amount repurchased ⁽¹⁾	$	20,000		$	—
⁽¹⁾ Amount excludes excise tax and commissions.

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

Schedule of major components of property and equipment


		As of March 31,		As of December 31,
		2026		2025
		(unaudited)
Leasehold improvements		$	20,412	$	20,395
Equipment			17,285		16,426
Computer software purchased			1,376		1,383
Internal-use software developed:
Cloud-based customer solutions⁽¹⁾			349,991		328,648
Internal systems and tools			97,471		92,074
Furniture and fixtures			7,201		7,187
In-process internal-use software			23,916		21,416
Property and equipment			517,652		487,529
Less accumulated depreciation and amortization			(297,245)		(277,802)
Property and equipment, net		$	220,407	$	209,727
⁽¹⁾ Includes $7,848 of developed technology related to the Brinta acquisition. For further information, refer to Note 3, "Acquisitions".

Schedule of major components of internal-use software


		As of March 31,		As of December 31,
		2026		2025
		(unaudited)
Internal-use software developed		$	447,462	$	420,722
Less accumulated depreciation			(262,623)		(244,374)
Internal-use software developed, net of accumulated depreciation			184,839		176,348
In-process internal-use software			23,916		21,416
Internal-use software developed, net		$	208,755	$	197,764

Schedule of amounts capitalized for internal-use software and included in property and equipment additions on the consolidated statements of cash flows


	For the three months ended March 31,
	2026		2025

	(unaudited)
Cloud-based customer solutions	$	17,614	$	15,084
Internal systems and tools		6,238		4,762
Total	$	23,852	$	19,846

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,510)	$ 11,130

- Definition

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

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+ Details

STOCK-BASED AWARD PLANS - Options under 2020 Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Weighted Average Per Share
Compensation expense	$ 18,508	$ 21,044
Employee Stock Option
Units
Beginning, balance	1,700
Granted	0	0
Exercised	(37)
Ending balance	1,663		1,700
Exercisable	1,663
Weighted Average Per Share
Beginning balance	$ 7.32
Exercised	2.66
Ending Balance	7.42		$ 7.32
Exercisable	$ 7.42
Remaining contractual life, outstanding	3 years 9 months 18 days		4 years 3 months 18 days
Remaining contractual life, exercisable	3 years 9 months 18 days
Intrinsic value, outstanding	$ 11,110		$ 22,526
Intrinsic value, exercisable	$ 11,110
Compensation expense		$ 311
Employee Stock Option \| Minimum
Weighted Average Per Share
Vesting period	1 year
Employee Stock Option \| Maximum
Weighted Average Per Share
Vesting period	4 years

ACQUISITIONS

3 Months Ended

Mar. 31, 2026

ACQUISITIONS

ACQUISITIONS

3. ACQUISITIONS

On March 2, 2026 (the “Acquisition Date”), the Company completed its acquisition of 100% of the equity interests of Finta Inc. and its subsidiaries (collectively, “Brinta” or the “Acquisition”). Headquartered in Uruguay, Brinta is a Latin American provider of business-to-business integration services, specializing in indirect tax calculation, tax filing, and e-invoicing. The Company plans to fully integrate Brinta, leveraging its e-invoicing capabilities to immediately expand the Company’s coverage across the Latin American region.

Purchase Consideration

Total purchase consideration for the Acquisition was $21,968 net of $40 cash acquired, which included $10,089 for the settlement of pre-existing debt/borrowings.

Additional Consideration

Stock Consideration

In connection with the Acquisition, the Company granted the sellers 497 shares of its Class A common stock (the “Stock Consideration”) in the form of restricted stock awards (“RSAs”) with an aggregate fair value of $8,000 based on the average closing share price of the Company’s Class A common stock for the 30 consecutive trading days ending one business day prior to the Acquisition Date. The RSAs vest ratably over a four-year period (25% vesting annually), conditioned on the continued employment of the sellers during that period. The Stock Consideration is accounted for as post-combination compensation cost and will be recognized as stock-based compensation expense over the applicable service period. For further information on these RSAs, see Note 11, “Stock-Based Award Plans.”

Additional Cash Consideration

In connection with the Acquisition, the Company entered into arrangements providing for aggregate additional cash consideration payments of $10,000 to the sellers (the “Additional Cash Consideration”), consisting of two installment payments of $5,000, payable on each of the first and second anniversaries of the Acquisition Date. Continued service to the Company is a requirement for the sellers to receive the additional cash consideration payments; however, in the event a seller is terminated without cause, the remaining payments remain payable on the original scheduled payment dates. These payments are accounted for as post-combination compensation liabilities and will be recognized as compensation expense over the applicable service period.

Fair Value of Assets Acquired and Liabilities Assumed

The purchase price was allocated to the net assets acquired based on the Company’s determination of their estimated fair values using available information as of the Acquisition Date. The excess of purchase consideration over the net assets acquired is recorded as goodwill, which primarily reflects the existence of intangible assets not recognized under U.S. GAAP such as the value of expected future synergies, the value of the assembled workforce and other market factors. The preliminary values recorded, which are reflected in the table below, will be adjusted during the measurement period as more detailed analyses are performed and further information becomes available regarding the fair values of these amounts on the Acquisition Date.


	March 2, 2026
	(unaudited)
Cash	$	40
Accounts receivable		685
Prepaid expenses and other current assets		5
Property and equipment⁽¹⁾		7,932
Goodwill ⁽²⁾		14,912
Accounts payable		(46)
Other current liabilities		(33)
Deferred income tax		(1,487)
Total	$	22,008
⁽¹⁾ Includes $7,848 of acquired developed technology.
⁽²⁾ Goodwill associated with the acquisition is not deductible for tax purposes.

The fair value, valuation methodology, estimated useful life, and significant assumptions of the identifiable intangible asset acquired in the Acquisition are summarized in the table below:


		March 2, 2026
Brinta Identifiable Intangibles	Balance Sheet Location		Fair Value	Valuation Methodology	Estimated Useful Life
Developed technology	Property and equipment, net	$	7,848	Multi-period excess earnings method - income approach	7 years

Any subsequent adjustments to the preliminary values not associated with determination of their fair values on the Acquisition Date will be recorded in the consolidated statements of comprehensive income (loss) in the period in which the adjustment is identified.

Total transaction costs associated with the Acquisition were $690 for the three months ended March 31, 2026 and are recorded in other operating expense (income), net in the condensed consolidated statements of comprehensive income (loss).

- Definition

The entire disclosure for business combination.

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+ Details

REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of revenue:
Total revenues	$ 196,646	$ 177,062
Software subscriptions
Disaggregation of revenue:
Total revenues	167,146	150,761
Software licenses
Disaggregation of revenue:
Total revenues	70,376	70,611
Cloud subscriptions
Disaggregation of revenue:
Total revenues	96,770	80,150
Services
Disaggregation of revenue:
Total revenues	$ 29,500	$ 26,301

- Definition

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

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+ Details

- Definition

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

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Aug. 31, 2024
Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Money Market Funds	$ 198,605	$ 266,892
Long-Term Investment	15,000	15,000
Prices in active markets for identical assets (Level 1) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Money Market Funds	198,605	266,892
Significant unobservable inputs (Level 3) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Long-Term Investment	15,000	15,000
Ecosio \| Cash Earn-outs
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	66,700	86,600	$ 71,000
Ecosio \| Cash Earn-outs \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	66,700	86,600
Ecosio \| Cash Earn-outs \| Significant unobservable inputs (Level 3) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	66,700	86,600
Ecosio \| Stock Earn-outs
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	7,400	18,900	$ 34,000
Ecosio \| Stock Earn-outs \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	7,400	18,900
Ecosio \| Stock Earn-outs \| Significant unobservable inputs (Level 3) \| Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Contingent consideration	$ 7,400	$ 18,900

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Amortization of acquired intangible assets
Amortization	$ 525	$ 531
Selling and Marketing Expense
Amortization of acquired intangible assets
Amortization	$ 525	$ 531
Other intangible assets
Other intangible assets
Weighted average amortization period (years)	1 year 4 months 24 days		1 year 8 months 12 days
Gross value	$ 16,999		$ 17,026
Accumulated amortization	(14,073)		(13,513)
Carrying value	$ 2,926		$ 3,513

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

RESTRUCTURING (Details) - Value Creation Plan $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) employee
RESTRUCTURING
Reduction in force \| employee	170
Pre-tax charge	$ 6,170
Total liabilities related to the Plan	$ 6,170

- Definition

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

STOCK-BASED AWARD PLANS

3 Months Ended

Mar. 31, 2026

STOCK-BASED AWARD PLANS

STOCK-BASED AWARD PLANS

11. 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, RSUs, and PSUs under the 2020 Plan. As of March 31, 2026, 15,159 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 three months ended March 31, 2026:


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

	(unaudited)
Outstanding at January 1, 2026	1,700	$	7.32	4.3	$	22,526
Exercised	(37)		2.66
2020 Plan options outstanding at March 31, 2026	1,663	$	7.42	3.8	$	11,110
2020 Plan options exercisable at March 31, 2026	1,663	$	7.42	3.8	$	11,110

The details of options outstanding, vested, and exercisable under the 2020 Plan as of March 31, 2026 are 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		302		*		302		*
$3.17		58		1.7		58		1.7
$3.73		460		3.3		460		3.3
$4.70		466		3.9		466		3.9
$18.47		190		5.7		190		5.7
$18.96		60		0.1		60		0.1
$19.00		43		5.5		43		5.5
$32.16		84		4.7		84		4.7
		1,663				1,663
*These options have indefinite contractual lives.

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 months ended March 31, 2026 or 2025. At March 31, 2026, all compensation expense associated with the options was fully recognized.

Restricted Stock Units

The following table summarizes RSU activity for the three months ended March 31, 2026:


		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	5,412	$	25.05
Granted	3,728		12.83
Vested	(1,490)		23.04
Forfeited	(118)		22.15
Outstanding at March 31, 2026	7,532	$	19.51

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 common stock or the equivalent value in cash at the Board’s discretion. At March 31, 2026, $116,101 of unrecognized compensation expense for RSUs is expected to be recognized over a weighted average period of approximately 3.0 years.

Restricted Stock Awards

The following table summarizes Restricted Stock Awards (“RSAs”) activity for the three months ended March 31, 2026:



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	37	$	37.55
Granted	497		14.40
Outstanding at March 31, 2026	534	$	16.02

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.

In connection with the Brinta acquisition, the Company granted the sellers 497 RSAs with an aggregate fair value of $7,151, based on the value of the Company's Class A common stock on the Acquisition Date. The RSAs vest ratably over a four-year service period, with 25% vesting annually and are recognized on a straight-line basis in the condensed consolidated statements of comprehensive income (loss).

At March 31, 2026, $7,279 of unrecognized compensation expense for RSAs is expected to be recognized over a weighted average period of approximately 3.9 years.

Performance Stock Units

In connection with the 2024 ecosio acquisition, current and newly hired employees of ecosio have or may receive RSUs that vest upon continuing service and performance conditions (“Performance Stock Units” or “PSUs”). These performance conditions are based upon ecosio’s monthly software revenues meeting specified annual targets over a three-year period. The annual targets are based on a range of performance targets in which grantees may earn a prorated portion of the base number of awards granted up to 100%.

The stock-compensation expense associated with the awards will be accounted for as compensation expense over the vesting periods based on the Company’s assessment of the probability of achieving the targets. If the required conditions are not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. During the three months ended March 31, 2026, the Company determined that it was probable that the performance targets for the remaining second and third annual measurement periods would be fully achieved.

The following table summarizes PSU activity for the three months ended March 31, 2026:


		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	141	$	50.86
Granted	4		14.40
Forfeited	(1)		53.34
Outstanding at March 31, 2026	144	$	49.83

At March 31, 2026, a maximum of $3,276 of unrecognized compensation expense for PSUs, pending achievement of targets, may be recognized over a weighted average period of approximately 1.7 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 included 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 May 31, 2026 aggregated $1,953 as of March 31, 2026. As of March 31, 2026, 6,132 shares of Class A common stock were available for issuance under the ESPP.

As of March 31, 2026, there was approximately $235 of unrecognized ESPP stock-based compensation expense expected to be recognized on a straight-line basis over the remaining term of the six-month offering period ending May 31, 2026.

At March 31, 2026 and 2025, there were two ESPP offering periods open that end May 31, 2026 and 2025, 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 reported in the March 31, 2026 and 2025 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
	5/31/2026			5/31/2025
Fair market value of common stock	$	19.22		$	54.64
Volatility		34.5	%		26.4	%
Expected term (years)		0.5			0.5
Expected dividend yield		-	%		-	%
Risk-free interest rate		3.8	%		4.4	%

Volatility is representative of expected stock price volatility over the offering period based on the Company’s historic stock price volatility. 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 expense related to incentive awards, net of forfeitures, as follows:


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock-based compensation expense:
Stock options	$	—		$	311
RSUs		15,545			19,353
RSAs		489			298
PSUs		2,127			830
ESPP		347			252
Total stock-based compensation expense	$	18,508		$	21,044

The Company recognized stock-based compensation expense in the condensed consolidated statements of comprehensive income as follows:


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock-based compensation expense:
Cost of revenues, software subscriptions	$	1,745		$	2,227
Cost of revenues, services		1,671			1,696
Research and development		3,866			4,352
Selling and marketing		5,343			5,806
General and administrative		5,883			6,963
Total stock-based compensation expense	$	18,508		$	21,044

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Long-term investment and convertible senior notes (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Number of preferred stock shares purchased	1,568
Aggregate consideration	$ 15,000
Percentage of shares purchased	10.00%
Warrants to purchase shares	320
Exercise price	$ 0.01
Fair value of warrant	$ 0
Observable price change		$ 0	$ 0
Long-term investment		15,000		$ 15,000
Convertible Debt, Fair Value Disclosures		$ 299,595		$ 327,043

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

SEGMENT DISCLOSURES (Details) $ in Thousands	3 Months Ended
SEGMENT DISCLOSURES (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2025 USD ($)
SEGMENT DISCLOSURES
Operating segments \| segment	1
Reportable segments \| segment	1
Property and equipment	$ 220,407			$ 209,727
Value Creation Plan
SEGMENT DISCLOSURES
Severance expense	6,170
Non U.S
SEGMENT DISCLOSURES
Property and equipment	$ 1,411			$ 1,347
Revenue \| Geographical \| Non U.S
SEGMENT DISCLOSURES
Risk percentage		11.00%	8.00%
Revenue \| No customer concentration more than 10% \| Non U.S
SEGMENT DISCLOSURES
Risk percentage	0.00%	0.00%

REVENUE RECOGNITION - Allowance and deferred allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allowance for credit loss
Allowance beginning balance	$ (11,466)	$ (16,838)
Allowance ending balance	(13,225)	(17,566)
Change in allowance	1,759	728
Deferred allowance beginning balance	4,120	12,028
Deferred allowance ending balance	4,943	12,547
Change in deferred allowance	(823)	(519)
Net amount charged to revenues	$ 936	$ 209

RESTRUCTURING

3 Months Ended

Mar. 31, 2026

RESTRUCTURING

RESTRUCTURING

15. RESTRUCTURING

On April 28, 2026, the Company announced its Board approved a global Value Creation Plan (the “Plan”) with the intention to become a more AI-enabled company, focusing investments on key growth opportunities and driving operational efficiency to better align the Company’s workforce and resources with its long-term strategic priorities. The Plan includes a reduction in force of approximately 170 employees along with a significant reduction of third party spend across the Company. In connection with the Plan, the Company recognized a pre-tax charge of $6,170 during the three months ended March 31, 2026, which is included in the general and administrative expense line of the condensed consolidated statements of comprehensive income (loss). This charge consists primarily of cash expenditures related to employee severance, notice pay, statutory termination indemnities, and other employee separation benefits. All related cash payments are expected to be made during 2026. Any changes to the estimates or timing of the Plan will be reflected in the Company’s results of operations in future periods. Total liabilities of $6,170 related to the Plan are recorded in the accrued salaries and benefits line of the condensed consolidated balance sheet at March 31, 2026.

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A common stock	Common Stock Class B common stock	Treasury Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Class A common stock	Class B common stock	Total
Balance at Dec. 31, 2024	$ 71	$ 86		$ 278,389	$ (53,315)	$ (45,879)			$ 179,352
Balance (in shares) at Dec. 31, 2024	70,670	86,481
Exercise of stock options, net				1,165					1,165
Exercise of stock options, net (in shares)	374						374
Shares issued upon vesting of Restricted Stock Units, net	$ 1			(25,035)					(25,034)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	863
Stock-based compensation expense				18,780					18,780
Tax impact on capped call transactions				1					1
Foreign currency translation adjustments and revaluations, net of tax						15,105			15,105
Unrealized loss from available-for-sale investments, net of tax						(9)			(9)
Net income (loss)					11,130				11,130
Balance at Mar. 31, 2025	$ 72	$ 86		273,300	(42,185)	(30,783)			200,490
Balance (in shares) at Mar. 31, 2025	71,907	86,481
Balance at Dec. 31, 2025	$ 77	$ 82	$ (10,094)	316,327	(46,104)	(1,368)			$ 258,920
Balance (in shares) at Dec. 31, 2025	77,580	82,156					77,580	82,156
Beginning Balance Treasury Stock (in shares) at Dec. 31, 2025			504						504
Exercise of stock options, net				97					$ 97
Exercise of stock options, net (in shares)	37						37
Shares issued upon vesting of Restricted Stock Units, net	$ 1			(7,144)					(7,143)
Shares issued upon vesting of Restricted Stock Units, net (in shares)	941
Stock-based compensation expense				17,578					17,578
Shares issued for acquisition contingent stock earn-out	$ 1			6,061					$ 6,062
Shares issued for acquisition contingent stock earn-out (in shares)	324								324
Repurchase of shares			$ (20,041)	(10)					$ (20,051)
Repurchases of shares (in shares)			1,371
Tax impact on capped call transactions				1					1
Foreign currency translation adjustments and revaluations, net of tax						(6,450)			(6,450)
Net income (loss)					(2,510)				(2,510)
Balance at Mar. 31, 2026	$ 79	$ 82	$ (30,135)	$ 332,910	$ (48,614)	$ (7,818)			$ 246,504
Balance (in shares) at Mar. 31, 2026	78,882	82,156					78,882	82,156
Ending balance Treasury Stock (in shares) at Mar. 31, 2026			1,875						1,875

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets, end of period:
Cash and cash equivalents	$ 252,455	$ 270,395
Restricted cash-funds held for customers	17,698	33,287
Total cash, cash equivalents and restricted cash, end of period	$ 270,153	$ 303,682

SEGMENT DISCLOSURES

3 Months Ended

Mar. 31, 2026

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES

13. SEGMENT DISCLOSURES

The Company operates its business as one operating segment. Operating segments are defined as components of an enterprise in which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, reviews financial information regularly at the consolidated level. Net income (loss) and adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), a non-GAAP measure, are both used as metrics to evaluate performance of the business in deciding whether to reinvest profits into software development, acquisitions or into other areas of the Company. The Company believes that Adjusted EBITDA is a useful supplemental measure to evaluate overall operating performance as it measures business performance by focusing on cash related results and it is an important metric to lenders under the Company’s Credit Agreement. The most directly comparable GAAP measure to Adjusted EBITDA is net income (loss).

The CODM monitors consolidated forecasted versus actual net income (loss) and Adjusted EBITDA results for the purpose of determining the general health of the Company and assessing the performance of the Company as compared to management’s expectations.

The following significant expense categories and measures of segment income (loss) are regularly reported to the CODM for the Company’s single segment:


	For the three months ended March 31,
	2026		2025

	(unaudited)
Total Revenues	$	196,646	$	177,062
Less:
Cost of revenues – software subscriptions		51,176		44,245
Cost of revenues – services		20,601		19,823
Research & development		24,550		20,886
Selling & marketing		52,635		48,155
General & administrative		54,339		45,028
Depreciation & amortization		6,442		5,880
Change in fair value of acquisition contingent earn-outs		(5,738)		(14,700)
Other segment items ⁽¹⁾		3,247		3,259
Interest income, net		(957)		(1,539)
Income tax expense (benefit)		(7,139)		(5,105)
Net income (loss) (GAAP)	$	(2,510)	$	11,130
Adjustments:
Interest income, net		(957)		(1,539)
Income tax benefit		(7,139)		(5,105)
Depreciation and amortization – property and equipment		6,442		5,880
Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues		20,086		15,855
Amortization of acquired intangible assets – selling and marketing expense		525		531
Amortization of cloud computing implementation costs – general and administrative expense		1,037		1,006
Stock-based compensation expense		18,508		21,044
Severance expense ⁽²⁾		7,408		457
Change in fair value of acquisition contingent earn-outs		(5,738)		(14,700)
Acquisition-related retained employee compensation ⁽³⁾		417		—
Transaction costs ⁽⁴⁾		5,984		2,660
Adjusted EBITDA (Non-GAAP)	$	44,063	$	37,219
⁽¹⁾ Other segment items include professional fees, contracted labor, transaction costs, acquisition related earn-out adjustments and foreign currency exchange gains (losses).
⁽²⁾The three months ended March 31, 2026 includes $6,170 in severance costs related to the Value Creation Plan. For further information, refer to Note 15, “Restructuring” to the condensed consolidated financial statements.
⁽³⁾The three months ended March 31, 2026 includes compensation expense recognized related to the Additional Cash Consideration obligation associated with the acquisition of Brinta. For further information, refer to Note 3, “Acquisitions” to the condensed consolidated financial statements.
⁽⁴⁾ The three months ended March 31, 2026 and 2025 include legal expenses associated with pending litigation related to claims the Company has made against a competitor. For further information, refer to Note 12, “Commitments and Contingencies” to the condensed consolidated financial statements. The three months ended March 31, 2026 also includes $2,550 in costs incurred to support the execution of our Value Creation Plan. For further information refer to Note 15, “ Restructuring” to the condensed consolidated financial statements.

Additionally, the Company considers stock-based compensation expense a significant expense category. For further information, refer to Note 11, “Stock-Based Award Plans.”

As the Company operates solely within one segment, total assets, property and equipment, net, and capitalized software, net are reported at the consolidated level on the condensed consolidated balance sheets. The Company’s assets include both current and long-lived assets, and corporate assets. As of March 31, 2026 and December 31, 2025, $1,411 and $1,347, respectively, of the Company’s property and equipment assets were held outside of the U.S.

Depreciation and amortization, property and equipment additions, and capital software additions are reported at the consolidated level on the condensed consolidated statements of cash flows.

The Company disaggregates revenue from contracts with customers based on geographical regions, timing of revenue recognition, and the major product and service types. For the three months ended March 31, 2026 and 2025, approximately 11% and 8%, respectively, of the Company’s revenues were generated from customers located outside the U.S. None of the Company’s customers represented more than 10% of total revenues for the three months ended March 31, 2026 or 2025. For further information including disaggregation of revenues, refer to Note 2, “Revenue Recognition.”

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

STOCKHOLDERS' EQUITY - Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Oct. 30, 2025
Share Repurchase Program [Line Items]
Amount repurchased	$ 20,051
The Repurchase Program
Share Repurchase Program [Line Items]
Authorized amount		$ 150,000
Total number of shares repurchased	1,371
Average price paid per share	$ 14.59
Amount repurchased	$ 20,000

DEBT - Credit Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Credit Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Apr. 26, 2024
Debt
Outstanding borrowings	$ 338,041	$ 337,477
Outstanding borrowings	345,000	345,000
Convertible Senior Notes 0.750 Percent, Due 2029
Debt
Principal amount			$ 345,000
Debt instrument interest rate percentage			0.75%
Changes in conversion price	0
Line of Credit
Debt
Line of credit, capacity	300,000
Outstanding borrowings	$ 0	$ 0

- Definition

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Cash earn-outs and Stock earn-outs are recorded at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Future acquisition commitment, current	$ 32,800	$ 25,900
Purchase commitment and contingent consideration liabilities, net of current portion	41,300	79,600
Ecosio
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Future acquisition commitment, current	32,800	25,900
Purchase commitment and contingent consideration liabilities, net of current portion	41,300	79,600
Cash Earn-outs \| Ecosio
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Future acquisition commitment, current	28,900	19,400
Purchase commitment and contingent consideration liabilities, net of current portion	37,800	67,200
Stock Earn-outs \| Ecosio
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Future acquisition commitment, current	3,900	6,500
Purchase commitment and contingent consideration liabilities, net of current portion	$ 3,500	$ 12,400

STOCK-BASED AWARD PLANS - Performance Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Compensation plans:
Compensation expense	$ 18,508	$ 21,044
PSUs
Compensation plans:
Service requirement (in years)	3 years
Maximum percentage of base number of awards granted	100.00%
Compensation expense	$ 2,127	$ 830
Unrecognized compensation cost	$ 3,276
Unrecognized compensation expense period	1 year 8 months 12 days
Units
Beginning balance (in units)	141
Granted (in units)	4
Forfeited (in units)	(1)
Ending balance (in units)	144
Weighted Average Per Share
Beginning balance (in dollars per share)	$ 50.86
Granted (in dollars per share)	14.4
Forfeited (in dollars per share)	53.34
Ending balance (in dollars per share)	$ 49.83

STOCK-BASED AWARD PLANS - 2020 Plan (Details) shares in Thousands	Mar. 31, 2026 shares
Employee Stock Option
Compensation plans:
Shares authorized	15,159

- Definition

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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+ Details

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
PROPERTY AND EQUIPMENT
Finance lease amortization	$ 18	$ 19
Property and equipment, net of accumulated depreciation	220,407		$ 209,727
Excluding internal-use software and finance leases
PROPERTY AND EQUIPMENT
Depreciation expense	1,171	1,056
Assets under finance leases
PROPERTY AND EQUIPMENT
Property and equipment, net of accumulated depreciation	265		265
Accumulated amortization	190		$ 171
Cloud-based customer solutions
PROPERTY AND EQUIPMENT
Cost, Depreciation	14,203	10,063
Internal systems and tools
PROPERTY AND EQUIPMENT
Depreciation	$ 5,253	$ 4,805

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Vertex, Inc. (“Vertex”) and its consolidated subsidiaries (collectively, the “Company”) operate as solutions providers of state, local, and value added tax calculation, compliance, and analytics, offering software products that are sold through software license and software as a service (“cloud”) subscriptions. The Company also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. The Company sells to customers located throughout the United States (“U.S.”) and internationally.

Basis of Consolidation

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and include the accounts of the Company. All intercompany transactions have been eliminated in consolidation.

On March 2, 2026, the Company completed its acquisition of Brinta (defined in Note 3). The acquisition was accounted for as a business combination. Upon its acquisition, Brinta became a wholly owned subsidiary of the Company, and its operations have been included in the Company’s condensed consolidated financial statements commencing on the Acquisition Date (as defined below).

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and include the accounts of the Company. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) filed with the SEC on February 24, 2026. The condensed consolidated balance sheet as of December 31, 2025 has been derived from audited financial statements included in the 2025 Annual Report. The accompanying interim condensed consolidated balance sheet as of March 31, 2026, the interim condensed consolidated statements of comprehensive income and changes in stockholders’ equity for the three months ended March 31, 2026 and 2025, and the interim condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the annual audited consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items necessary for the fair presentation of the condensed consolidated financial statements. The operating results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full year ending December 31, 2026.

Use of Estimates

The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues, and expenses during the reporting period. Significant estimates used in preparing these condensed consolidated financial statements include: (i) the estimated allowance for subscription cancellations; (ii) expected credit losses associated with the allowance for doubtful accounts; (iii) allowance for credit losses on available-for-sale debt securities; (iv) the reserve for self-insurance; (v) assumptions related to achievement of technological feasibility for software developed for sale; (vi) product life cycles; (vii) estimated

useful lives and potential impairment of long-lived assets, intangible assets, and capitalized cloud computing arrangement software implementation costs; (viii) potential impairment of goodwill; (ix) determination of the fair value of tangible and intangible assets acquired, liabilities assumed, and consideration transferred in acquisitions; (x) amortization period of deferred commissions; (xi) Black-Scholes-Merton option pricing model (“Black-Scholes model”) input assumptions used to determine the fair value of certain stock-based compensation awards and Employee Stock Purchase Plan (“ESPP”) purchase rights; (xii) measurement of future purchase commitment, fair value of contingent consideration liabilities related to cash and stock earn-out payments, contingent consideration and deferred purchase consideration liabilities associated with acquisitions; (xiii) measurements of long-term investment and warrant rights; and (xiv) the potential outcome of future tax consequences of events that have been recognized in the condensed consolidated financial statements or tax returns. Actual results may differ from these estimates.

Supplemental Balance Sheet Disclosures

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


	As of March 31,		As of December 31,
	2026		2025
	(unaudited)
Prepaid expenses and other current assets:
Prepaid expenses	$	25,715	$	13,068
Unamortized cloud computing implementation costs		6,416		4,666
Prepaid insurance		1,240		1,229
Prepaid licenses and support		25,987		20,003
Prepaid expenses and other current assets	$	59,358	$	38,966

Other assets:
Unamortized cloud computing implementation costs	$	5,964	$	8,518
Other assets		4,042		3,727
Total other assets	$	10,006	$	12,245

Accrued expenses:
Accrued general expenses	$	16,436	$	18,918
Accrued contract labor and professional fees		14,124		17,624
Accrued income and other taxes		6,047		7,100
Accrued expenses	$	36,607	$	43,642

Cloud computing software implementation costs incurred in hosting arrangements are capitalized and included as a component of prepaid expenses and other current assets, or other assets, once available for their intended use. These costs are amortized using the straight-line method over their respective contract service periods, including periods covered by an option to extend, ranging from two to five years. Amortization expense for capitalized cloud computing implementation costs for the three months ended March 31, 2026 and 2025 were $1,037 and $1,006, respectively, and are included in general and administrative expense in the condensed consolidated statements of comprehensive income.

Recently Issued Accounting Pronouncements

Interim Reporting (Topic 270): Narrow-Scope Improvements

In December 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The standard provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The standard does not change the fundamental nature of interim reporting. The standard is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact of the standard on its interim reporting processes, including updates to disclosure controls, and interim footnote structure. However, the Company does not expect the adoption of the standard to have a material impact on its consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 replaces the existing stage based capitalization model with a principles-based approach. Under the new guidance, software development costs are capitalized only when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. The standard also consolidates guidance for website development costs from Subtopic 350-50 into Subtopic 350-40 and introduces enhanced disclosure requirements related to capitalized software costs. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those fiscal years. The standard can be adopted retrospectively, prospectively or on a modified prospective basis, and early adoption is permitted as of the beginning of an annual reporting period, provided that the financial statements for that period have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the standard on its consolidated financial statements and related disclosures and will determine the appropriate transition method prior to adoption.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Entities will be required to provide disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for both interim and annual reporting periods. The standard does not change the expense captions that an entity presents on the face of the income statement. The standard will be effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities are required to adopt the standard prospectively; however, entities are permitted to apply the amendments retrospectively to any or all prior periods presented in the financial statements. The Company is continuing to assess the potential impacts of the standard but does not expect this standard to have a material effect on its financial statements, other than the required changes to the disclosures.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (2,510)	$ 11,130
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	27,053	22,266
Amortization of cloud computing implementation costs	1,037	1,006
Provision for subscription cancellations and non-renewals	936	192
Amortization of deferred financing costs	680	680
Change in fair value of contingent consideration liabilities	(5,738)	(14,700)
Stock-based compensation expense	18,508	21,044
Deferred income taxes	1,810	(929)
Non-cash operating lease costs	1,773	779
Other	1	(7)
Changes in operating assets and liabilities, net of the effects of business acquisition(s):
Accounts receivable	23,396	11,772
Prepaid expenses and other current assets	(21,449)	(13,169)
Deferred commissions	1,028	(56)
Accounts payable	(1,968)	(11,279)
Accrued expenses	(7,341)	2,956
Accrued and deferred compensation	(10,562)	(26,785)
Deferred revenue	11,247	11,156
Operating lease liabilities	(2,083)	(1,068)
Other	2,157	(183)
Net cash provided by operating activities	37,975	14,805
Cash flows from investing activities:
Acquisition of businesses and assets, net of cash acquired	(21,968)
Property and equipment additions	(24,660)	(21,394)
Capitalized software additions	(5,656)	(5,661)
Purchase of investment securities, available-for-sale		(2,398)
Proceeds from sales and maturities of investment securities, available-for-sale		11,607
Net cash used in investing activities	(52,284)	(17,846)
Cash flows from financing activities:
Net increase (decrease) in customer funds obligations	(6,621)	3,227
Repurchases of shares	(20,041)
Payments for taxes related to net share settlement of stock-based awards	(7,143)	(25,034)
Proceeds from exercise of stock options	97	1,166
Payments for acquisition contingent cash earn-out	(19,600)
Payments of finance lease liabilities	(20)	(12)
Net cash used in financing activities	(53,328)	(20,653)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(505)	1,310
Net decrease in cash, cash equivalents and restricted cash	(68,142)	(22,384)
Cash, cash equivalents and restricted cash, beginning of period	338,295	326,066
Cash, cash equivalents and restricted cash, end of period	$ 270,153	$ 303,682

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

The major components of property and equipment are as follows:


		As of March 31,		As of December 31,
		2026		2025
		(unaudited)
Leasehold improvements		$	20,412	$	20,395
Equipment			17,285		16,426
Computer software purchased			1,376		1,383
Internal-use software developed:
Cloud-based customer solutions⁽¹⁾			349,991		328,648
Internal systems and tools			97,471		92,074
Furniture and fixtures			7,201		7,187
In-process internal-use software			23,916		21,416
Property and equipment			517,652		487,529
Less accumulated depreciation and amortization			(297,245)		(277,802)
Property and equipment, net		$	220,407	$	209,727
⁽¹⁾ Includes $7,848 of developed technology related to the Brinta acquisition. For further information, refer to Note 3, "Acquisitions".

Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $1,171 and $1,056 for the three months ended March 31, 2026 and 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income.

Finance lease amortization was $18 and $19 for the three months ended March 31, 2026 and 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income.

Assets under finance leases of $265 and $265, net of accumulated amortization of $190 and $171, respectively, at March 31, 2026 and December 31, 2025, respectively, are included in property and equipment, net in the condensed consolidated balance sheets.

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


		As of March 31,		As of December 31,
		2026		2025
		(unaudited)
Internal-use software developed		$	447,462	$	420,722
Less accumulated depreciation			(262,623)		(244,374)
Internal-use software developed, net of accumulated depreciation			184,839		176,348
In-process internal-use software			23,916		21,416
Internal-use software developed, net		$	208,755	$	197,764

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 three months ended March 31,
	2026		2025

	(unaudited)
Cloud-based customer solutions	$	17,614	$	15,084
Internal systems and tools		6,238		4,762
Total	$	23,852	$	19,846

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 March 31, 2026 and 2025 was $14,203 and $10,063, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive income.

Depreciation expense for internal-use software developed for internal systems and tools for the three months ended March 31, 2026 and 2025 was $5,253 and $4,805, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income.

STOCK-BASED AWARD PLANS - Options under 2020 Plan Price Range (Details) - Employee Stock Option shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Options outstanding, vested and exercisable:
Options outstanding	1,663
Options vested and exercisable	1,663
$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	302
Options outstanding, life	0 years
Options vested and exercisable	302
Options vested and exercisable, life	0 years
$3.17
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.17
Options outstanding	58
Options outstanding, life	1 year 8 months 12 days
Options vested and exercisable	58
Options vested and exercisable, life	1 year 8 months 12 days
$3.73
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 3.73
Options outstanding	460
Options outstanding, life	3 years 3 months 18 days
Options vested and exercisable	460
Options vested and exercisable, life	3 years 3 months 18 days
$4.70
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 4.7
Options outstanding	466
Options outstanding, life	3 years 10 months 24 days
Options vested and exercisable	466
Options vested and exercisable, life	3 years 10 months 24 days
$18.47
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.47
Options outstanding	190
Options outstanding, life	5 years 8 months 12 days
Options vested and exercisable	190
Options vested and exercisable, life	5 years 8 months 12 days
$18.96
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 18.96
Options outstanding	60
Options outstanding, life	1 month 6 days
Options vested and exercisable	60
Options vested and exercisable, life	1 month 6 days
$19.00
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 19
Options outstanding	43
Options outstanding, life	5 years 6 months
Options vested and exercisable	43
Options vested and exercisable, life	5 years 6 months
$32.16
Options outstanding, vested and exercisable:
Exercise prices \| $ / shares	$ 32.16
Options outstanding	84
Options outstanding, life	4 years 8 months 12 days
Options vested and exercisable	84
Options vested and exercisable, life	4 years 8 months 12 days

ACQUISITIONS - Fair value of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 02, 2026	Dec. 31, 2025
ACQUISITIONS
Goodwill	$ 402,429		$ 392,493
Finta Inc And Its Subsidiaries
ACQUISITIONS
Cash		$ 40
Accounts receivable		685
Prepaid expenses and other current assets		5
Property and equipment		7,932
Goodwill	$ 14,912	14,912
Accounts payable		(46)
Other current liabilities		(33)
Deferred income tax		(1,487)
Total		22,008
Finta Inc And Its Subsidiaries \| Developed technology
ACQUISITIONS
Property and equipment		$ 7,848

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Earn out consideration (Details) - Ecosio $ / shares in Units, $ in Thousands	1 Months Ended
	Aug. 31, 2024 USD ($) item	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 06, 2024 $ / shares
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Number of potential earnout payments \| item	3
Revenue performance target, term	3 years
Opening share price \| $ / shares				$ 37.02
Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout	$ 94,355	$ 94,355
Contingent consideration	71,000	66,700	$ 86,600
Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout	35,000	35,000
Contingent consideration	$ 34,000	7,400	18,900
Year 1 - December 1, 2024 - December 1, 2025 \| Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		19,600
Contingent consideration			19,400
Year 1 - December 1, 2024 - December 1, 2025 \| Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		12,000
Contingent consideration			6,500
Year 2 - December 1, 2025 - December 1, 2026 \| Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		30,625
Contingent consideration		28,900	28,600
Year 2 - December 1, 2025 - December 1, 2026 \| Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		12,000
Contingent consideration		3,900	6,500
Year 3 - December 1, 2026 - December 1, 2027 \| Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		44,130
Contingent consideration		37,800	38,600
Year 3 - December 1, 2026 - December 1, 2027 \| Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum payout		11,000
Contingent consideration		$ 3,500	$ 5,900
If actual software revenues exceed 100% of the target
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Maximum additional earnout payment, percentage	122.50%
If actual software revenues are below 85% of the target
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Earnout payment	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets are as follows for the periods presented:


	As of March 31,		As of December 31,
	2026		2025
		(unaudited)
Goodwill ⁽¹⁾	$	402,429	$	392,493
Other intangible assets, net		2,926		3,513
Total	$	405,355	$	396,006
⁽¹⁾ Includes $14,912 related to the Brinta acquisition. For further information, refer to Note 3 "Acquisitions".

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 March 31,		As of December 31,
	2026		2025
		(unaudited)
Weighted average amortization period (years)		1.4		1.7

Gross value	$	16,999	$	17,026
Accumulated amortization		(14,073)		(13,513)
Carrying value	$	2,926	$	3,513

The following table presents amortization of other intangible assets:


For the three months ended March 31,	Selling and Marketing Expense		Total Expense
2026	$	525	$	525
2025		531		531

- Definition

The entire disclosure for goodwill.

+ References + Details

CAPITALIZED SOFTWARE (Tables)

3 Months Ended

Mar. 31, 2026

CAPITALIZED SOFTWARE

Schedule of major components of capitalized software


	As of March 31,		As of December 31,
	2026		2025
	(unaudited)
Capitalized software	$	166,728	$	161,402
Less accumulated amortization		(132,762)		(126,890)
Capitalized software, net of accumulated depreciation		33,966		34,512
In-process capitalized software		1,287		968
Capitalized software, net	$	35,253	$	35,480

REVENUE RECOGNITION - Contract cost balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUE RECOGNITION
Impairment loss	$ 0	$ 0
Deferred commissions:
Beginning balance	31,907	27,480
Additions	6,118	5,057
Amortization	(7,146)	(5,002)
Ending balance	$ 30,879	$ 27,535
Minimum
REVENUE RECOGNITION
Contract costs, amortization period	1 year
Maximum
REVENUE RECOGNITION
Contract costs, amortization period	3 years

- Definition

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

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
INCOME TAXES
Income tax benefit	$ 7,139	$ 5,105
Effective tax rate (as a percent)	74.00%	(84.70%)
U.S. federal income tax at statutory rate (in percent)	21.00%	21.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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Reference 4: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY AND EQUIPMENT - Amounts included in property and equipment additions related to capitalized internal-use software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cloud-based customer solutions
PROPERTY AND EQUIPMENT
Total	$ 17,614	$ 15,084
Internal systems and tools
PROPERTY AND EQUIPMENT
Total	6,238	4,762
Internal-use software
PROPERTY AND EQUIPMENT
Total	$ 23,852	$ 19,846

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2026

ACQUISITIONS

Schedule of fair value of assets acquired and liabilities assumed


	March 2, 2026
	(unaudited)
Cash	$	40
Accounts receivable		685
Prepaid expenses and other current assets		5
Property and equipment⁽¹⁾		7,932
Goodwill ⁽²⁾		14,912
Accounts payable		(46)
Other current liabilities		(33)
Deferred income tax		(1,487)
Total	$	22,008
⁽¹⁾ Includes $7,848 of acquired developed technology.
⁽²⁾ Goodwill associated with the acquisition is not deductible for tax purposes.

Schedule of acquired intangible assets


		March 2, 2026
Brinta Identifiable Intangibles	Balance Sheet Location		Fair Value	Valuation Methodology	Estimated Useful Life
Developed technology	Property and equipment, net	$	7,848	Multi-period excess earnings method - income approach	7 years

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
COMMITMENTS AND CONTINGENCIES
Legal expenses	$ 2,727	$ 2,425

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

10. EARNINGS PER SHARE

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


	For the three months ended March 31,
	2026				2025
		Class A		Class B		Class A		Class B

	(unaudited)
Basic net income (loss) per share:
Numerator
Allocation of net income (loss) ⁽¹⁾	$	(1,224)	$	(1,286)	$	5,029	$	6,101
Denominator
Total shares used in per share computation		78,241		82,156		71,288		86,481
Basic net income (loss) per share:	$	(0.02)	$	(0.02)	$	0.07	$	0.07

Diluted net income (loss) per share:
Numerator
Allocation of net income (loss) ⁽¹⁾	$	(1,224)	$	(1,286)	$	5,215	$	5,915
Total net income (loss) used in per diluted computation	$	(1,224)	$	(1,286)	$	5,215	$	5,915
Denominator
Number shares used in basic per share computation		78,241		82,156		71,288		86,481
Dilutive effect of common stock equivalents		—		—		4,955		—
Total shares used in per share computation		78,241		82,156		76,243		86,481
Dilutive net income (loss) per share:	$	(0.02)	$	(0.02)	$	0.07	$	0.07
⁽¹⁾ Allocation of net income (loss) is based on the percentage of shares outstanding.

The following weighted-average outstanding shares of Class A common stock equivalents by award type were excluded from the computation of diluted net loss per share attributable to Class A common stock stockholders, as the impact of including them would have been anti-dilutive.


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock Options⁽¹⁾		1,404		—
Out-of-the Money Stock Options		276		—
RSAs		204		—
RSUs		6,415		—
ESPP		81		—
Convertible Senior Notes		9,498		9,498
⁽¹⁾ Total excludes out-of-the money stock options.

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

14. INCOME TAXES

The Company reported income tax benefit of $7,139 and $5,105 for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate was 74.0% for the three months ended March 31, 2026, compared to (84.7)% for the three months ended March 31, 2025.

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

The income tax benefit for the three months ended March 31, 2026 was primarily attributable to fluctuations in valuation allowances on net deferred tax assets established for U.S. and certain foreign jurisdictions as well as the impact from the estimated annual effective tax rate applied to pre-tax loss for the three months ended March 31, 2026. This income tax benefit was partially offset by tax expense from stock-based awards exercised or vested, net of limitations on deductions of certain employees’ compensation. The income tax benefit for the three months ended March 31, 2025 was primarily attributable to tax benefits from stock-based awards exercised or vested, net of limitations on deductions of certain employees’ compensation, as well as tax credits. This income tax benefit was partially offset by fluctuations in valuation allowances on net deferred tax assets established for U.S. and certain foreign jurisdictions as well as income tax expense from profitable jurisdictions and on income allocated to state jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

STOCK-BASED AWARD PLANS - Restricted Stock Awards (Details) - RSAs - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended
	Mar. 02, 2026	Mar. 01, 2026	Mar. 31, 2026
Units
Beginning balance (in units)			37
Granted (in units)			497
Ending balance (in units)			534
Weighted Average Per Share
Beginning balance (in dollars per share)			$ 37.55
Granted (in dollars per share)			14.4
Ending balance (in dollars per share)			$ 16.02
Unrecognized compensation cost			$ 7,279
Unrecognized compensation expense period			3 years 10 months 24 days
Minimum
Weighted Average Per Share
Service requirement (in years)			1 year
Maximum
Weighted Average Per Share
Service requirement (in years)			4 years
Brinta acquisition
Weighted Average Per Share
Granted for acquisition	497
Aggregate fair value	$ 8,000		$ 7,151
Vesting period	4 years
Percentage of award vesting annually	25.00%	25.00%

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 196,646	$ 177,062
Cost of revenues:
Total cost of revenues	71,777	64,068
Gross profit	124,869	112,994
Operating expenses:
Research and development	24,550	20,886
Selling and marketing	52,635	48,155
General and administrative	54,339	45,028
Depreciation and amortization	6,442	5,880
Change in fair value of acquisition contingent earn-outs	(5,738)	(14,700)
Other operating expense, net	3,247	3,259
Total operating expenses	135,475	108,508
Income (loss) from operations	(10,606)	4,486
Interest income, net	(957)	(1,539)
Income (loss) before income taxes	(9,649)	6,025
Income tax benefit	(7,139)	(5,105)
Net income (loss)	(2,510)	11,130
Other comprehensive (income) loss:
Foreign currency translation adjustments, net of tax	6,450	(15,105)
Unrealized loss on investments, net of tax		9
Total other comprehensive income (loss), net of tax	6,450	(15,096)
Total comprehensive income (loss)	(8,960)	26,226
Software subscriptions
Revenues:
Total revenues	167,146	150,761
Cost of revenues:
Total cost of revenues	51,176	44,245
Services
Revenues:
Total revenues	29,500	26,301
Cost of revenues:
Total cost of revenues	$ 20,601	$ 19,823
Class A common stock
Other comprehensive (income) loss:
Net income (loss) per share, basic (in dollars per share)	$ (0.02)	$ 0.07
Net income (loss) per share, diluted (in dollars per share)	(0.02)	0.07
Class B common stock
Other comprehensive (income) loss:
Net income (loss) per share, basic (in dollars per share)	(0.02)	0.07
Net income (loss) per share, diluted (in dollars per share)	$ (0.02)	$ 0.07

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

Schedule of disaggregation of revenue


	Three months ended March 31,
		2026	2025

	(unaudited)
Software subscriptions:
Software licenses	$	70,376	$	70,611
Cloud subscriptions		96,770		80,150
Software subscriptions		167,146		150,761
Services		29,500		26,301
Total revenues	$	196,646	$	177,062

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


	For the three months ended March 31, 2026		For the year ended December 31, 2025
	(unaudited)
Balance, beginning of period	$	183,446	$	164,432
Balance, end of period		158,998		183,446
Increase (decrease)	$	(24,448)	$	19,014

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



	For the three months ended March 31,
	2026						2025
	Balance				Net Change		Balance				Net Change

	(unaudited)
Allowance balance, January 1,	$	(11,466)					$	(16,838)
Allowance balance, March 31,		(13,225)						(17,566)
Change in allowance				$	1,759					$	728
Deferred allowance balance, January 1,		4,120						12,028
Deferred allowance balance, March 31,		4,943						12,547
Change in deferred allowance					(823)						(519)
Net amount charged to revenues				$	936					$	209

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


	For the three months ended March 31,
	2026		2025

	(unaudited)
Changes to deferred revenue:
Beginning balance	$	388,048	$	344,166
Additional amounts deferred		206,995		187,793
Revenues recognized		(196,646)		(177,062)
Ending balance	$	398,397	$	354,897

Schedule of information about the changes to contract cost balances


	For the three months ended March 31,
	2026		2025

	(unaudited)
Deferred commissions:
Beginning balance	$	31,907	$	27,480
Additions		6,118		5,057
Amortization		(7,146)		(5,002)
Ending balance	$	30,879	$	27,535

STOCK-BASED AWARD PLANS - Stock based compensation, comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allocation of costs
Compensation expense	$ 18,508	$ 21,044
Software subscriptions
Allocation of costs
Compensation expense	1,745	2,227
Services
Allocation of costs
Compensation expense	1,671	1,696
Research and development
Allocation of costs
Compensation expense	3,866	4,352
Selling and marketing
Allocation of costs
Compensation expense	5,343	5,806
General and administrative
Allocation of costs
Compensation expense	$ 5,883	$ 6,963

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

4. 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 March 31, 2026 (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	$	198,605	$	198,605	$	—	$	—
ecosio Cash Earn-outs		66,700		—		—		66,700
ecosio Stock Earn-outs		7,400		—		—		7,400
Long-Term Investment		15,000		—		—		15,000

	Fair Value Measurements Using
As of December 31, 2025	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	$	266,892	$	266,892	$	—	$	—
ecosio Cash Earn-outs		86,600		—		—		86,600
ecosio Stock Earn-outs		18,900		—		—		18,900
Long-Term Investment		15,000		—		—		15,000

Money Market Funds

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.

ecosio Earn-outs

In connection with the August 2024 acquisition of ecosio GmbH (“ecosio”), the sellers are entitled to three annual earn-outs in the form of cash, with an aggregate of up to $94,355 (the “Cash Earn-outs”), and stock, with an aggregate value of up to $35,000 (the “Stock Earn-outs,” and together with the Cash Earn-outs, the “Earn-outs”), assuming maximum payouts. The Earn-outs are based on ecosio’s achievement of certain monthly software revenue targets over a three-year period, measured over an aggregate of 12 months and paid within 90 days after the relevant measurement period. At the acquisition date, the fair value of the Cash Earn-outs and Stock Earn-outs were $71,000 and $34,000, respectively. The fair value of the Cash Earn-out and the Stock Earn-out were measured on the acquisition date using a Monte Carlo simulation in a risk-neutral framework, calibrated to management’s revenue forecasts. Additional information on the Cash Earn-outs and the Stock Earn-outs is presented in the following table:


	Maximum		Fair Value		Fair Value
Cash Earn-outs/ Period (unaudited)	Payout		March 31, 2026		December 31, 2025
Year 1 - December 1, 2024 - November 30, 2025	$	19,600	$	—	$	19,400
Year 2 - December 1, 2025 - November 30, 2026		30,625		28,900		28,600
Year 3 - December 1, 2026 - November 30, 2027		44,130		37,800		38,600
Total Cash Earn-outs	$	94,355	$	66,700	$	86,600
	Maximum		Fair Value		Fair Value
Stock Earn-outs/ Period (unaudited)	Payout ⁽¹⁾		March 31, 2026		December 31, 2025
Year 1 - December 1, 2024 - November 30, 2025	$	12,000	$	—	$	6,500
Year 2 - December 1, 2025 - November 30, 2026		12,000		3,900		6,500
Year 3 - December 1, 2026 - November 30, 2027		11,000		3,500		5,900
Total Stock Earn-outs	$	35,000	$	7,400	$	18,900
⁽¹⁾ Maximum payout based on Vertex's August 6, 2024 opening share price of $37.02, as referenced in the purchase agreement.

Actual payouts are further adjusted depending on ecosio’s software revenue attainment for each of the measurement periods. In the event that actual software revenues exceed 100% of the target, additional payments may be made up to a maximum of 122.5% of the annual target. If actual software revenues are below 85% of the target, no payouts are made for that measurement period. The Stock Earn-outs are paid in shares of the Company’s Class A common stock.

The Cash Earn-outs and Stock Earn-outs are recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2026				As of December 31, 2025
	(unaudited)
	Current ⁽¹⁾		Non-Current ⁽²⁾		Current ⁽¹⁾		Non-Current⁽²⁾
Cash Earn-outs	$	28,900	$	37,800	$	19,400	$	67,200
Stock Earn-outs		3,900		3,500		6,500		12,400
Total	$	32,800	$	41,300	$	25,900	$	79,600

⁽¹⁾Included in purchase commitment and contingent consideration liabilities, current.
⁽²⁾ Included in purchase commitment and contingent consideration liabilities, net of current portion.

These Earn-outs represent recurring fair value measurements with significant unobservable inputs, which management considers to be Level 3 measurements under the fair value hierarchy. The final payments may be adjusted depending on the actual amount, above or below the target. The Earn-outs will be revalued and adjusted quarterly until the end of the Earn-out period, and any fair value adjustments will be recorded in the other operating expense (income), net line of the condensed consolidated statement of income (loss).

During the three months ended March 31, 2026, the Company paid Cash Earn-out of $19,600 for the annual payout period ended November 30, 2025. During the three months ended March 31, 2026, the Company issued 324 shares of its Class A common stock valued at $6,062, for the Stock Earn-out period ended November 30, 2025.

During the three months ended March 31, 2026, the Company recorded fair value adjustments of $(300) and $(5,438) to the Cash Earn-outs and Stock Earn-outs, respectively. During the three months ended March 31, 2025, the Company recorded fair value adjustments of $1,700 and $(16,400) to the Cash Earn-outs and Stock Earn-outs, respectively.

The fair values of the Cash Earn-outs and the Stock Earn-outs and unobservable inputs used for the Monte Carlo Simulation valuation are shown in the table below.


		March 31, 2026 (unaudited)
Liabilities		Fair Value			Valuation Technique	Unobservable Inputs
ecosio Contingent Consideration - Cash Earn-outs		$	66,700		Monte Carlo Simulation	Revenue volatility	24.0	%
						Revenue discount rate	6.9	%
						Term (in years)	1.4

ecosio Contingent Consideration - Stock Earn-outs		$	7,400		Monte Carlo Simulation	Revenue volatility	24.0	%
						Revenue discount rate	6.9	%
						Term (in years)	1.4

		December 31, 2025
Liabilities		Fair Value			Valuation Technique	Unobservable Inputs
ecosio Contingent Consideration - Cash Earn-outs		$	86,600		Monte Carlo Simulation	Revenue volatility	21.0	%
						Revenue discount rate	6.8	%
						Term (in years)	2.2

ecosio Contingent Consideration - Stock Earn-outs		$	18,900		Monte Carlo Simulation	Revenue volatility	21.0	%
						Revenue discount rate	6.8	%
						Term (in years)	2.2

Changes in the fair value of the Company’s Level 3 liabilities during the three months ended March 31, 2026 were as follows:


	ecosio					Kintsugi
	Contingent Consideration					Long-Term
	Cash Earn-outs		Stock Earn-outs			Investment

	(unaudited)					(unaudited)
Balance, January 1, 2026	$	86,600	$	18,900	$	15,000
Fair value adjustments		(300)		(5,438)		—
Payments - Cash		(19,600)		—		—
Payments - Stock		—		(6,062)		—
Balance, March 31, 2026	$	66,700	$	7,400	$	15,000

Long-Term Investment

In April 2025, the Company entered into a Preferred Stock Purchase Agreement (the “Purchase Agreement”) with Kintsugi AI, Inc. (“Kintsugi”), a San Francisco-based, AI startup focused on automating sales tax compliance for small and mid-size businesses (the “Kintsugi Investment”).

Pursuant to the Purchase Agreement, the Company purchased 1,568 preferred shares (the “Preferred Stock”) for aggregate consideration of approximately $15,000 (the “Purchase Price”), representing approximately 10% of the fully diluted shares outstanding of Kintsugi on an “as converted” basis, and received a warrant to purchase 320 shares of Kintsugi’s Class A common stock at a price of $0.01 per share (the “Warrant”). The fair value of the Warrant was determined to be nil and therefore the Company allocated the full Purchase Price to the value of the Preferred Stock.

The Company classified the Preferred Stock as an equity security under ASC 321, Investments – Equity Securities. As Kintsugi is a privately held company without a readily determinable fair value, the Preferred Stock qualifies for the measurement alternative under ASC 321 and is measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer. These adjustments require quantitative assessments of the fair value, which may require the use of unobservable inputs, which management considers to be Level 3 measurements under the fair value hierarchy. The Company performs a qualitative assessment each reporting period to identify indicators of impairment. No observable price change or impairment adjustments have been recorded for either the three months ended March 31, 2026 or 2025. The $15,000 carrying value of the Kintsugi Investment is presented in the long-term investment line in the condensed consolidated balance sheets.

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 the Company’s 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 Brinta acquisition on March 2, 2026, and the ecosio acquisition on August 30, 2024, 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.

Derivative Instruments

The Company may periodically enter into derivative contracts to reduce its 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 the Company’s strategies, which may change from time to time.

Convertible Senior Notes

As of March 31, 2026 and December 31, 2025, the fair value of the Notes (as defined in Note 8) was $299,595 and $327,043, 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 8, “Debt”.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DEBT - Interest expense related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt
Amortization expense of deferred financing costs	$ 680	$ 680
Convertible Senior Notes 0.750 Percent, Due 2029
Debt
Contractual interest expense	647	647
Amortization expense of deferred financing costs	564	564
Total interest expense, convertible senior Notes	$ 1,211	$ 1,211

- Definition

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

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

DEBT

Schedule of debt


	As of March 31,									As of December 31,
	2026									2025
		(unaudited)
	Principal Amount			Discounts and Deferred Financing Costs			Net Carrying Amount			Principal Amount			Discounts and Deferred Financing Costs			Net Carrying Amount
Convertible senior notes, non-current	$	345,000		$	(6,959)		$	338,041		$	345,000		$	(7,523)		$	337,477
Total debt	$	345,000		$	(6,959)		$	338,041		$	345,000		$	(7,523)		$	337,477

Schedule of interest expense


	For the three months ended March 31,
		2026		2025

		(unaudited)
Contractual interest expense	$	647	$	647
Amortization of issuance costs		564		564
Total interest expense, convertible senior notes	$	1,211	$	1,211

SEGMENT DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT DISCLOSURES

Schedule of significant expense categories and measures of segment income


	For the three months ended March 31,
	2026		2025

	(unaudited)
Total Revenues	$	196,646	$	177,062
Less:
Cost of revenues – software subscriptions		51,176		44,245
Cost of revenues – services		20,601		19,823
Research & development		24,550		20,886
Selling & marketing		52,635		48,155
General & administrative		54,339		45,028
Depreciation & amortization		6,442		5,880
Change in fair value of acquisition contingent earn-outs		(5,738)		(14,700)
Other segment items ⁽¹⁾		3,247		3,259
Interest income, net		(957)		(1,539)
Income tax expense (benefit)		(7,139)		(5,105)
Net income (loss) (GAAP)	$	(2,510)	$	11,130
Adjustments:
Interest income, net		(957)		(1,539)
Income tax benefit		(7,139)		(5,105)
Depreciation and amortization – property and equipment		6,442		5,880
Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues		20,086		15,855
Amortization of acquired intangible assets – selling and marketing expense		525		531
Amortization of cloud computing implementation costs – general and administrative expense		1,037		1,006
Stock-based compensation expense		18,508		21,044
Severance expense ⁽²⁾		7,408		457
Change in fair value of acquisition contingent earn-outs		(5,738)		(14,700)
Acquisition-related retained employee compensation ⁽³⁾		417		—
Transaction costs ⁽⁴⁾		5,984		2,660
Adjusted EBITDA (Non-GAAP)	$	44,063	$	37,219
⁽¹⁾ Other segment items include professional fees, contracted labor, transaction costs, acquisition related earn-out adjustments and foreign currency exchange gains (losses).
⁽²⁾The three months ended March 31, 2026 includes $6,170 in severance costs related to the Value Creation Plan. For further information, refer to Note 15, “Restructuring” to the condensed consolidated financial statements.
⁽³⁾The three months ended March 31, 2026 includes compensation expense recognized related to the Additional Cash Consideration obligation associated with the acquisition of Brinta. For further information, refer to Note 3, “Acquisitions” to the condensed consolidated financial statements.
⁽⁴⁾ The three months ended March 31, 2026 and 2025 include legal expenses associated with pending litigation related to claims the Company has made against a competitor. For further information, refer to Note 12, “Commitments and Contingencies” to the condensed consolidated financial statements. The three months ended March 31, 2026 also includes $2,550 in costs incurred to support the execution of our Value Creation Plan. For further information refer to Note 15, “ Restructuring” to the condensed consolidated financial statements.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in fair value of contingent consideration (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Long-term Investment
Changes in fair value of level 3 assets
Beginning balance of Kintsugi Investment	$ 15,000
Ending balance of Kintsugi Investment	15,000
Cash Earn-outs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	86,600
Fair value adjustments	$ (300)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Payments	$ (19,600)
Ending balance	66,700
Stock Earn-outs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18,900
Fair value adjustments	(5,438)
Payments	(6,062)
Ending balance	$ 7,400

CAPITALIZED SOFTWARE

3 Months Ended

Mar. 31, 2026

CAPITALIZED SOFTWARE

CAPITALIZED SOFTWARE

6. 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 March 31,		As of December 31,
	2026		2025
	(unaudited)
Capitalized software	$	166,728	$	161,402
Less accumulated amortization		(132,762)		(126,890)
Capitalized software, net of accumulated depreciation		33,966		34,512
In-process capitalized software		1,287		968
Capitalized software, net	$	35,253	$	35,480

Software development costs capitalized for the three months ended March 31, 2026 and 2025 were $5,656 and $5,661, respectively.

Capitalized software amortization expense, including amortization of acquired technology, was $5,883 and $5,792 for the three months ended March 31, 2026 and 2025, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive income.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 04, 2026
Document Information:
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Document Information:
Entity Common Stock, Shares Outstanding		79,661,290
Class B
Document Information:
Entity Common Stock, Shares Outstanding		82,155,641

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Basis of Consolidation

Basis of Consolidation

Unaudited Interim Financial Information

Unaudited Interim Financial Information

Use of Estimates

Use of Estimates

Supplemental Balance Sheet Disclosures

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


	As of March 31,		As of December 31,
	2026		2025
	(unaudited)
Prepaid expenses and other current assets:
Prepaid expenses	$	25,715	$	13,068
Unamortized cloud computing implementation costs		6,416		4,666
Prepaid insurance		1,240		1,229
Prepaid licenses and support		25,987		20,003
Prepaid expenses and other current assets	$	59,358	$	38,966

Other assets:
Unamortized cloud computing implementation costs	$	5,964	$	8,518
Other assets		4,042		3,727
Total other assets	$	10,006	$	12,245

Accrued expenses:
Accrued general expenses	$	16,436	$	18,918
Accrued contract labor and professional fees		14,124		17,624
Accrued income and other taxes		6,047		7,100
Accrued expenses	$	36,607	$	43,642

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Interim Reporting (Topic 270): Narrow-Scope Improvements

Targeted Improvements to the Accounting for Internal-Use Software

Disaggregation of Income Statement Expenses

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for accounts receivable	$ 13,225	$ 11,466
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
Treasury stock, at cost (in shares)	1,875	504
Class A common stock
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)	78,882	77,580
Common stock, shares outstanding (in shares)	78,882	77,580
Class B common stock
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)	82,156	82,156
Common stock, shares outstanding (in shares)	82,156	82,156

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class A common stock
Numerator:
Allocation of net income (loss), basic	$ (1,224)	$ 5,029
Total net income (loss) used in per diluted computation	$ (1,224)	$ 5,215
Denominator:
Total shares used in per share computation, basic (in shares)	78,241	71,288
Dilutive effect of common stock equivalents		4,955
Total shares used in per share computation, diluted (in shares)	78,241	76,243
Basic net income (loss) per share: (in dollars per share)	$ (0.02)	$ 0.07
Dilutive net income (loss) per share: (in dollars per share)	$ (0.02)	$ 0.07
Class B common stock
Numerator:
Allocation of net income (loss), basic	$ (1,286)	$ 6,101
Total net income (loss) used in per diluted computation	$ (1,286)	$ 5,915
Denominator:
Total shares used in per share computation, basic (in shares)	82,156	86,481
Total shares used in per share computation, diluted (in shares)	82,156	86,481
Basic net income (loss) per share: (in dollars per share)	$ (0.02)	$ 0.07
Dilutive net income (loss) per share: (in dollars per share)	$ (0.02)	$ 0.07

STOCK-BASED AWARD PLANS - Employee Stock Purchase Plan (Details) - ESPP shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) period shares	Mar. 31, 2025 period
Compensation plans:
ESPP offering period	6 months
Reserved for issuance \| shares	6,132
Amounts withheld from participants	$ 1,953
Unrecognized compensation cost	$ 235
Number of offering periods \| period	2	2
Discount	15.00%	15.00%
Class A common stock
Compensation plans:
Purchase price as a percent of fair value	85.00%

REVENUE RECOGNITION - Accounts receivable, net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
REVENUE RECOGNITION
Allowance for accounts receivable	$ 13,225	$ 11,466	$ 17,566	$ 16,838
Balance, beginning of period	183,446	164,432
Balance, end of period	158,998	183,446
Increase (decrease)	$ (24,448)	$ 19,014

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

REVENUE RECOGNITION

2. REVENUE RECOGNITION

Disaggregation of revenue

The table reflects revenue by major source for the following periods:


	Three months ended March 31,
		2026	2025

	(unaudited)
Software subscriptions:
Software licenses	$	70,376	$	70,611
Cloud subscriptions		96,770		80,150
Software subscriptions		167,146		150,761
Services		29,500		26,301
Total revenues	$	196,646	$	177,062

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 $13,225 and $11,466 at March 31, 2026 and December 31, 2025, 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 three months ended March 31, 2026		For the year ended December 31, 2025
	(unaudited)
Balance, beginning of period	$	183,446	$	164,432
Balance, end of period		158,998		183,446
Increase (decrease)	$	(24,448)	$	19,014

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 included net of a related deferred allowance for subscription cancellations (the “deferred allowance”) of $4,943 and $4,120 at March 31, 2026 and December 31, 2025, 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 March 31,
	2026						2025
	Balance				Net Change		Balance				Net Change

	(unaudited)
Allowance balance, January 1,	$	(11,466)					$	(16,838)
Allowance balance, March 31,		(13,225)						(17,566)
Change in allowance				$	1,759					$	728
Deferred allowance balance, January 1,		4,120						12,028
Deferred allowance balance, March 31,		4,943						12,547
Change in deferred allowance					(823)						(519)
Net amount charged to revenues				$	936					$	209

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 March 31,
	2026		2025

	(unaudited)
Changes to deferred revenue:
Beginning balance	$	388,048	$	344,166
Additional amounts deferred		206,995		187,793
Revenues recognized		(196,646)		(177,062)
Ending balance	$	398,397	$	354,897

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 included 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 one to three years. Amortization of these costs are included in selling and marketing expense in the condensed consolidated statements of comprehensive income. 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 March 31,
	2026		2025

	(unaudited)
Deferred commissions:
Beginning balance	$	31,907	$	27,480
Additions		6,118		5,057
Amortization		(7,146)		(5,002)
Ending balance	$	30,879	$	27,535

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

Schedule of earnings per share basic and diluted


	For the three months ended March 31,
	2026				2025
		Class A		Class B		Class A		Class B

	(unaudited)
Basic net income (loss) per share:
Numerator
Allocation of net income (loss) ⁽¹⁾	$	(1,224)	$	(1,286)	$	5,029	$	6,101
Denominator
Total shares used in per share computation		78,241		82,156		71,288		86,481
Basic net income (loss) per share:	$	(0.02)	$	(0.02)	$	0.07	$	0.07

Diluted net income (loss) per share:
Numerator
Allocation of net income (loss) ⁽¹⁾	$	(1,224)	$	(1,286)	$	5,215	$	5,915
Total net income (loss) used in per diluted computation	$	(1,224)	$	(1,286)	$	5,215	$	5,915
Denominator
Number shares used in basic per share computation		78,241		82,156		71,288		86,481
Dilutive effect of common stock equivalents		—		—		4,955		—
Total shares used in per share computation		78,241		82,156		76,243		86,481
Dilutive net income (loss) per share:	$	(0.02)	$	(0.02)	$	0.07	$	0.07
⁽¹⁾ Allocation of net income (loss) is based on the percentage of shares outstanding.

Schedule of weighted-average outstanding shares of common stock equivalents


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock Options⁽¹⁾		1,404		—
Out-of-the Money Stock Options		276		—
RSAs		204		—
RSUs		6,415		—
ESPP		81		—
Convertible Senior Notes		9,498		9,498
⁽¹⁾ Total excludes out-of-the money stock options.

ACQUISITIONS - Intangible assets acquired (Details) - Finta Inc And Its Subsidiaries - Developed technology - Property and Equipment, net $ in Thousands	Mar. 02, 2026 USD ($)
ACQUISITIONS
Fair Value	$ 7,848
Estimated Useful Life	7 years

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of supplemental balance sheet disclosures


	As of March 31,		As of December 31,
	2026		2025
	(unaudited)
Prepaid expenses and other current assets:
Prepaid expenses	$	25,715	$	13,068
Unamortized cloud computing implementation costs		6,416		4,666
Prepaid insurance		1,240		1,229
Prepaid licenses and support		25,987		20,003
Prepaid expenses and other current assets	$	59,358	$	38,966

Other assets:
Unamortized cloud computing implementation costs	$	5,964	$	8,518
Other assets		4,042		3,727
Total other assets	$	10,006	$	12,245

Accrued expenses:
Accrued general expenses	$	16,436	$	18,918
Accrued contract labor and professional fees		14,124		17,624
Accrued income and other taxes		6,047		7,100
Accrued expenses	$	36,607	$	43,642

STOCKHOLDERS' EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Stock
Shares issued for acquisition contingent stock earn-out (in shares)	324
Shares issued for acquisition contingent stock earn-out	$ 6,062
Class A common stock
Common Stock
Exercise of stock options, net (in shares)	37	374
Shares exchanged		13
Class A common stock \| RSUs
Common Stock
Shares issued upon vesting of Restricted Stock Units, net (in shares)	941	863
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	549	545

- Definition

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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurements Using
As of March 31, 2026 (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	$	198,605	$	198,605	$	—	$	—
ecosio Cash Earn-outs		66,700		—		—		66,700
ecosio Stock Earn-outs		7,400		—		—		7,400
Long-Term Investment		15,000		—		—		15,000

	Fair Value Measurements Using
As of December 31, 2025	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	$	266,892	$	266,892	$	—	$	—
ecosio Cash Earn-outs		86,600		—		—		86,600
ecosio Stock Earn-outs		18,900		—		—		18,900
Long-Term Investment		15,000		—		—		15,000

Schedule of additional information on Cash and Stock Earn-outs


	Maximum		Fair Value		Fair Value
Cash Earn-outs/ Period (unaudited)	Payout		March 31, 2026		December 31, 2025
Year 1 - December 1, 2024 - November 30, 2025	$	19,600	$	—	$	19,400
Year 2 - December 1, 2025 - November 30, 2026		30,625		28,900		28,600
Year 3 - December 1, 2026 - November 30, 2027		44,130		37,800		38,600
Total Cash Earn-outs	$	94,355	$	66,700	$	86,600
	Maximum		Fair Value		Fair Value
Stock Earn-outs/ Period (unaudited)	Payout ⁽¹⁾		March 31, 2026		December 31, 2025
Year 1 - December 1, 2024 - November 30, 2025	$	12,000	$	—	$	6,500
Year 2 - December 1, 2025 - November 30, 2026		12,000		3,900		6,500
Year 3 - December 1, 2026 - November 30, 2027		11,000		3,500		5,900
Total Stock Earn-outs	$	35,000	$	7,400	$	18,900
⁽¹⁾ Maximum payout based on Vertex's August 6, 2024 opening share price of $37.02, as referenced in the purchase agreement.


	As of March 31, 2026				As of December 31, 2025
	(unaudited)
	Current ⁽¹⁾		Non-Current ⁽²⁾		Current ⁽¹⁾		Non-Current⁽²⁾
Cash Earn-outs	$	28,900	$	37,800	$	19,400	$	67,200
Stock Earn-outs		3,900		3,500		6,500		12,400
Total	$	32,800	$	41,300	$	25,900	$	79,600

⁽¹⁾Included in purchase commitment and contingent consideration liabilities, current.
⁽²⁾ Included in purchase commitment and contingent consideration liabilities, net of current portion.

Changes in fair value of contingent consideration


	ecosio					Kintsugi
	Contingent Consideration					Long-Term
	Cash Earn-outs		Stock Earn-outs			Investment

	(unaudited)					(unaudited)
Balance, January 1, 2026	$	86,600	$	18,900	$	15,000
Fair value adjustments		(300)		(5,438)		—
Payments - Cash		(19,600)		—		—
Payments - Stock		—		(6,062)		—
Balance, March 31, 2026	$	66,700	$	7,400	$	15,000

Ecosio

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of fair value of contingent consideration and unobservable inputs used for the Monte Carlo Simulation valuation


		March 31, 2026 (unaudited)
Liabilities		Fair Value			Valuation Technique	Unobservable Inputs
ecosio Contingent Consideration - Cash Earn-outs		$	66,700		Monte Carlo Simulation	Revenue volatility	24.0	%
						Revenue discount rate	6.9	%
						Term (in years)	1.4

ecosio Contingent Consideration - Stock Earn-outs		$	7,400		Monte Carlo Simulation	Revenue volatility	24.0	%
						Revenue discount rate	6.9	%
						Term (in years)	1.4

		December 31, 2025
Liabilities		Fair Value			Valuation Technique	Unobservable Inputs
ecosio Contingent Consideration - Cash Earn-outs		$	86,600		Monte Carlo Simulation	Revenue volatility	21.0	%
						Revenue discount rate	6.8	%
						Term (in years)	2.2

ecosio Contingent Consideration - Stock Earn-outs		$	18,900		Monte Carlo Simulation	Revenue volatility	21.0	%
						Revenue discount rate	6.8	%
						Term (in years)	2.2

STOCK-BASED AWARD PLANS (Tables)

3 Months Ended

Mar. 31, 2026

Compensation plans:

Schedule of ESPP valuation assumptions


	Offering Period Ending
	5/31/2026			5/31/2025
Fair market value of common stock	$	19.22		$	54.64
Volatility		34.5	%		26.4	%
Expected term (years)		0.5			0.5
Expected dividend yield		-	%		-	%
Risk-free interest rate		3.8	%		4.4	%

Schedule of stock-based compensation expense related to incentive awards


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock-based compensation expense:
Stock options	$	—		$	311
RSUs		15,545			19,353
RSAs		489			298
PSUs		2,127			830
ESPP		347			252
Total stock-based compensation expense	$	18,508		$	21,044

Schedule of stock-based compensation expense in condensed consolidated statements of comprehensive income


	For the three months ended March 31,
	2026			2025

	(unaudited)
Stock-based compensation expense:
Cost of revenues, software subscriptions	$	1,745		$	2,227
Cost of revenues, services		1,671			1,696
Research and development		3,866			4,352
Selling and marketing		5,343			5,806
General and administrative		5,883			6,963
Total stock-based compensation expense	$	18,508		$	21,044

Employee Stock Option

Compensation plans:

Schedule of Option activity


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

	(unaudited)
Outstanding at January 1, 2026	1,700	$	7.32	4.3	$	22,526
Exercised	(37)		2.66
2020 Plan options outstanding at March 31, 2026	1,663	$	7.42	3.8	$	11,110
2020 Plan options exercisable at March 31, 2026	1,663	$	7.42	3.8	$	11,110

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		302		*		302		*
$3.17		58		1.7		58		1.7
$3.73		460		3.3		460		3.3
$4.70		466		3.9		466		3.9
$18.47		190		5.7		190		5.7
$18.96		60		0.1		60		0.1
$19.00		43		5.5		43		5.5
$32.16		84		4.7		84		4.7
		1,663				1,663
*These options have indefinite contractual lives.

Restricted Stock Units

Compensation plans:

Schedule of restricted activity


		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	5,412	$	25.05
Granted	3,728		12.83
Vested	(1,490)		23.04
Forfeited	(118)		22.15
Outstanding at March 31, 2026	7,532	$	19.51

Restricted Stock Awards

Compensation plans:

Schedule of restricted activity



		Weighted
		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	37	$	37.55
Granted	497		14.40
Outstanding at March 31, 2026	534	$	16.02

Performance Stock Units

Compensation plans:

Schedule of restricted activity


		Average
		Grant Date Fair
	Units	Value Per Share

	(unaudited)
Outstanding at January 1, 2026	141	$	50.86
Granted	4		14.40
Forfeited	(1)		53.34
Outstanding at March 31, 2026	144	$	49.83

DEBT

3 Months Ended

Mar. 31, 2026

DEBT

DEBT

8.DEBT

Credit Agreement

The Company has a credit agreement (“Credit Agreement”) with a banking syndicate, which currently provides a $300,000 revolving facility (the “Line of Credit”). The Company had no outstanding borrowings under the Credit Agreement at March 31, 2026 or December 31, 2025.

Indenture and Notes

On April 26, 2024, the Company issued $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 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. The Notes will mature on May 1, 2029, unless earlier repurchased, redeemed or converted in accordance with their terms.

There have been no changes to the initial conversion price of the Notes since issuance. The Notes are convertible into the Company’s Class A common stock at the option of the holders. As of March 31, 2026, none of the Notes were converted.

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 Call Transactions”) 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 with the Base Capped Call Transactions, the “Capped Call Transactions”).

The Company’s indebtedness at March 31, 2026 and December 31, 2025 was as follows:


	As of March 31,									As of December 31,
	2026									2025
		(unaudited)
	Principal Amount			Discounts and Deferred Financing Costs			Net Carrying Amount			Principal Amount			Discounts and Deferred Financing Costs			Net Carrying Amount
Convertible senior notes, non-current	$	345,000		$	(6,959)		$	338,041		$	345,000		$	(7,523)		$	337,477
Total debt	$	345,000		$	(6,959)		$	338,041		$	345,000		$	(7,523)		$	337,477

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


	For the three months ended March 31,
		2026		2025

		(unaudited)
Contractual interest expense	$	647	$	647
Amortization of issuance costs		564		564
Total interest expense, convertible senior notes	$	1,211	$	1,211

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES

In January 2022, the Company filed a complaint against a competitor alleging claims of unfair competition, intentional interference with contractual relations, and trade secret misappropriation. The outcome of the case is subject to a number of uncertainties; therefore, the Company has not recognized any potential impact to the condensed consolidated financial statements related to the outcome of the case.

During the three months ended March 31, 2026 and 2025, the Company recognized $2,727 and $2,425, respectively, for legal expenses associated with the case within the other operating expense, net line of the condensed consolidated statements of comprehensive income (loss).

The Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. The Company is not aware of any such legal proceedings or claims that management believes will have a material adverse effect on its business, financial condition, or operating results.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair value of Cash and Stock Earn-outs (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Y shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) Y	Aug. 31, 2024 USD ($)
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Amount paid annual payout	$ 19,600
Shares issued for acquisition contingent stock earn-out (in shares) \| shares	324
Shares issued for acquisition contingent stock earn-out	$ 6,062
Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Change in fair value of contingent consideration liabilities	(300)	$ 1,700
Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Change in fair value of contingent consideration liabilities	(5,438)	$ (16,400)
Ecosio \| Cash Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Amount paid annual payout	19,600
Contingent consideration	66,700		$ 86,600	$ 71,000
Ecosio \| Cash Earn-outs \| Revenue volatility
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration	$ 66,700		$ 86,600
Contingent consideration measurement input	24		21
Ecosio \| Cash Earn-outs \| Revenue discount rate
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration measurement input	6.9		6.8
Ecosio \| Cash Earn-outs \| Term (in years)
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration measurement input \| Y	1.4		2.2
Ecosio \| Stock Earn-outs
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Shares issued for acquisition contingent stock earn-out (in shares) \| shares	324
Shares issued for acquisition contingent stock earn-out	$ 6,062
Contingent consideration	7,400		$ 18,900	$ 34,000
Ecosio \| Stock Earn-outs \| Revenue volatility
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration	$ 7,400		$ 18,900
Contingent consideration measurement input	24		21
Ecosio \| Stock Earn-outs \| Revenue discount rate
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration measurement input	6.9		6.8
Ecosio \| Stock Earn-outs \| Term (in years)
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Contingent consideration measurement input \| Y	1.4		2.2

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
PROPERTY AND EQUIPMENT
Property and equipment	$ 517,652	$ 487,529
Less accumulated depreciation and amortization	(297,245)	(277,802)
Property and equipment, net	220,407	209,727
Leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment	20,412	20,395
Equipment
PROPERTY AND EQUIPMENT
Property and equipment	17,285	16,426
Computer software purchased
PROPERTY AND EQUIPMENT
Property and equipment	1,376	1,383
Cloud-based customer solutions
PROPERTY AND EQUIPMENT
Property and equipment	349,991	328,648
Cloud-based customer solutions \| Finta Inc And Its Subsidiaries
PROPERTY AND EQUIPMENT
Property and equipment	7,848
Internal systems and tools
PROPERTY AND EQUIPMENT
Property and equipment	97,471	92,074
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property and equipment	7,201	7,187
In-process internal-use software
PROPERTY AND EQUIPMENT
Property and equipment	$ 23,916	$ 21,416

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

9.STOCKHOLDERS’ EQUITY

Common Stock

During the three months ended March 31, 2026, the Company issued (i) 37 shares of Class A common stock related to the exercise of options, and (ii) 941 shares of Class A common stock in connection with the vesting of Restricted Stock Units (“RSUs”), net of 549 shares returned to the Company in lieu of payment of taxes due on the vesting of these RSUs. During the three months ended March 31, 2026, the Company issued 324 shares of its Class A common stock for the Stock Earn-out period ended November 30, 2025.

During the three months ended March 31, 2025, the Company issued 374 shares of Class A common stock related to the exercise of options, net of 13 shares 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 863 shares of Class A common stock in connection with the vesting of RSUs, net of 545 shares returned to the Company in lieu of payment of taxes due on the vesting of these RSUs.

Treasury Stock

The Repurchase Program

On October 30, 2025, the board of directors (the “Board”) authorized a stock repurchase program for up to $150,000 of the Company’s outstanding shares of Class A common stock (the “Repurchase Program”). Under the Repurchase Program, share repurchases may be made from time to time in one or more open market or privately negotiated transactions, and/or through other legally permissible means in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Any repurchased shares will be available for use in connection with the Company’s stock plans and for other corporate purposes. The Repurchase Program has no termination date and may be modified, suspended or discontinued at any time.

The table below sets forth information regarding repurchase of shares under the Repurchase Program (in thousands, except per share data):


	For the three months ended March 31,
	2026			2025

	(unaudited)
Total number of shares repurchased		1,371			—
Average price paid per share ⁽¹⁾	$	14.59		$	—
Amount repurchased ⁽¹⁾	$	20,000		$	—
⁽¹⁾ Amount excludes excise tax and commissions.

- Definition

The entire disclosure for equity.

+ References

+ Details

CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended
CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Capitalized software, movement
Capitalized software, net	$ 35,253		$ 35,480
Capitalized software development costs	5,656	$ 5,661
Capitalized software amortization expense	5,883	$ 5,792
Software
Capitalized software, movement
Capitalized software	166,728		161,402
Less accumulated amortization	(132,762)		(126,890)
Capitalized software, net of accumulated depreciation	33,966		34,512
In-process capitalized software
Capitalized software, movement
Capitalized software	$ 1,287		$ 968

SEGMENT DISCLOSURES - Segment income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 196,646	$ 177,062
Cost of revenues	71,777	64,068
Research & development	24,550	20,886
Selling & marketing	52,635	48,155
General & administrative	54,339	45,028
Depreciation & amortization	(6,442)	(5,880)
Other segment items	3,247	3,259
Interest income, net	957	1,539
Income tax expense (benefit)	7,139	5,105
Net income (loss)	(2,510)	11,130
Adjustments:
Interest income, net	957	1,539
Income tax benefit	7,139	5,105
Depreciation and amortization - property and equipment	(6,442)	(5,880)
Amortization of cloud computing implementation costs - general and administrative expense	(1,037)	(1,006)
Stock-based compensation expense	(18,508)	(21,044)
Software subscriptions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	167,146	150,761
Cost of revenues	51,176	44,245
Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	29,500	26,301
Cost of revenues	20,601	19,823
Single reportable segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	196,646	177,062
Research & development	24,550	20,886
Selling & marketing	52,635	48,155
General & administrative	54,339	45,028
Depreciation & amortization	6,442	5,880
Change in fair value of acquisition contingent earn-outs	(5,738)	(14,700)
Other segment items	3,247	3,259
Interest income, net	(957)	(1,539)
Income tax expense (benefit)	(7,139)	(5,105)
Net income (loss)	(2,510)	11,130
Adjustments:
Interest income, net	(957)	(1,539)
Income tax benefit	(7,139)	(5,105)
Depreciation and amortization - property and equipment	6,442	5,880
Depreciation and amortization of capitalized software and acquired intangible assets - cost of subscription revenues	20,086	15,855
Amortization of acquired intangible assets - selling and marketing expense	525	531
Amortization of cloud computing implementation costs - general and administrative expense	1,037	1,006
Stock-based compensation expense	18,508	21,044
Severance expense	7,408	457
Change in fair value of acquisition contingent earn-outs	(5,738)	(14,700)
Acquisition-related retained employee compensation	417
Transaction costs	5,984	2,660
Adjusted EBITDA (Non-GAAP)	44,063	37,219
Single reportable segment \| Software subscriptions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of revenues	51,176	44,245
Single reportable segment \| Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of revenues	$ 20,601	$ 19,823

DEBT - Indebtedness (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt
Principal Amount	$ 345,000	$ 345,000
Discounts and Deferred Financing Costs	(6,959)	(7,523)
Net Carrying Amount	338,041	337,477
Convertible senior notes, non-current
Debt
Principal Amount	345,000	345,000
Discounts and Deferred Financing Costs	(6,959)	(7,523)
Net Carrying Amount	$ 338,041	$ 337,477

- Definition

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

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

STOCK-BASED AWARD PLANS - Restricted Stock Units (Details) - RSUs $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Units
Beginning balance (in units) \| shares	5,412
Granted (in units) \| shares	3,728
Vested (in units) \| shares	(1,490)
Forfeited (in units) \| shares	(118)
Ending balance (in units) \| shares	7,532
Weighted Average Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 25.05
Granted (in dollars per share) \| $ / shares	12.83
Vested (in dollars per share) \| $ / shares	23.04
Forfeited (in dollars per share) \| $ / shares	22.15
Ending balance (in dollars per share) \| $ / shares	$ 19.51
Unrecognized compensation cost \| $	$ 116,101
Unrecognized compensation expense period	3 years
Minimum
Weighted Average Per Share
Service requirement (in years)	1 year
Maximum
Weighted Average Per Share
Service requirement (in years)	4 years

REVENUE RECOGNITION - Changes to deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUE RECOGNITION
Beginning balance	$ 388,048	$ 344,166
Additional amounts deferred	206,995	187,793
Revenues recognized	(196,646)	(177,062)
Ending balance	$ 398,397	$ 354,897

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of goodwill and other intangible assets


	As of March 31,		As of December 31,
	2026		2025
		(unaudited)
Goodwill ⁽¹⁾	$	402,429	$	392,493
Other intangible assets, net		2,926		3,513
Total	$	405,355	$	396,006
⁽¹⁾ Includes $14,912 related to the Brinta acquisition. For further information, refer to Note 3 "Acquisitions".

Schedule of acquired intangible assets


	As of March 31,		As of December 31,
	2026		2025
		(unaudited)
Weighted average amortization period (years)		1.4		1.7

Gross value	$	16,999	$	17,026
Accumulated amortization		(14,073)		(13,513)
Carrying value	$	2,926	$	3,513

Schedule of amortization of other intangible assets


For the three months ended March 31,	Selling and Marketing Expense		Total Expense
2026	$	525	$	525
2025		531		531

STOCK-BASED AWARD PLANS - ESPP - Option-pricing model key input assumptions (Details) - $ / shares	May 31, 2026	May 31, 2025
Fair Value Assumptions and Methodology
Fair market value of common stock	$ 19.22	$ 54.64
Volatility	34.50%	26.40%
Expected term (in years)	6 months	6 months
Risk-free interest rate	3.80%	4.40%

EARNINGS PER SHARE - Weighted-average outstanding shares of common stock equivalents (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	1,404
Out-of-the Money Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	276
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	204
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	6,415
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	81
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares	9,498	9,498

PROPERTY AND EQUIPMENT - Major components of internal-use software (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
PROPERTY AND EQUIPMENT
Property and equipment	$ 220,407	$ 209,727
Internal-use software
PROPERTY AND EQUIPMENT
Property and equipment, gross	447,462	420,722
Less accumulated depreciation	(262,623)	(244,374)
Internal-use software developed, net of accumulated depreciation	184,839	176,348
Property and equipment	208,755	197,764
In-process internal-use software
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 23,916	$ 21,416