TYLER TECHNOLOGIES INC, 10-Q filed on 10/29/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 27, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-10485  
Entity Registrant Name TYLER TECHNOLOGIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 75-2303920  
Entity Address, Address Line One 5101 TENNYSON PARKWAY  
Entity Address, City or Town PLANO  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75024  
City Area Code 972  
Local Phone Number 713-3700  
Title of 12(b) Security COMMON STOCK, $0.01 PAR VALUE  
Trading Symbol TYL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   43,027,728
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000860731  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 595,879 $ 543,337 $ 1,757,161 $ 1,596,672
Cost of revenues:        
Total cost of revenues 314,427 305,877 935,444 897,730
Gross profit 281,452 237,460 821,717 698,942
Sales and marketing expense 37,560 38,203 110,345 116,195
General and administrative expense 79,971 72,460 236,024 220,590
Research and development expense 51,788 30,120 150,474 88,504
Amortization of other intangibles 14,201 13,850 42,173 45,813
Operating income 97,932 82,827 282,701 227,840
Interest expense (1,235) (1,235) (3,743) (4,672)
Other income, net 10,855 4,504 26,397 8,232
Income before income taxes 107,552 86,096 305,355 231,400
Income tax provision 23,159 10,199 55,283 33,595
Net income $ 84,393 $ 75,897 $ 250,072 $ 197,805
Earnings per common share:        
Basic (in usd per share) $ 1.96 $ 1.78 $ 5.80 $ 4.64
Diluted (in usd per share) $ 1.93 $ 1.74 $ 5.70 $ 4.56
Subscriptions        
Revenues:        
Total revenues $ 401,094 $ 347,170 $ 1,181,158 $ 994,095
Maintenance        
Revenues:        
Total revenues 111,312 115,587 336,236 348,114
Professional services        
Revenues:        
Total revenues 64,728 64,462 187,390 201,196
Software licenses and royalties        
Revenues:        
Total revenues 5,100 6,188 15,757 20,251
Cost of revenues:        
Total cost of revenues 1,669 1,870 5,418 4,995
Hardware and other        
Revenues:        
Total revenues 13,645 9,930 36,620 33,016
Cost of revenues:        
Total cost of revenues 8,117 6,052 25,240 21,439
Subscriptions, maintenance, and professional services        
Cost of revenues:        
Total cost of revenues 289,070 283,750 859,718 829,765
Amortization of software development        
Cost of revenues:        
Total cost of revenues 6,195 4,961 17,079 13,808
Amortization of acquired software        
Cost of revenues:        
Total cost of revenues $ 9,376 $ 9,244 $ 27,989 $ 27,723
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 84,393 $ 75,897 $ 250,072 $ 197,805
Securities available-for-sale and transferred securities:        
Change in net unrealized holding gains on available-for-sale securities during the period 61 56 103 164
Reclassification adjustment for net income on sale of available-for-sale securities, included in net income 0 (1) 0 (1)
Other comprehensive income, net of tax 61 55 103 163
Comprehensive income $ 84,454 $ 75,952 $ 250,175 $ 197,968
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 834,101 $ 744,721
Accounts receivable (less allowance for losses and sales adjustments of $23,003 at 2025 and $17,325 at 2024) 661,986 587,634
Short-term investments 116,720 23,257
Prepaid expenses 80,117 65,135
Income tax receivable 36,761 11,975
Other current assets 8,160 8,057
Total current assets 1,737,845 1,440,779
Accounts receivable, long-term 6,855 7,153
Operating lease right-of-use assets 36,564 31,433
Property and equipment, net 160,626 163,775
Other assets:    
Software development costs, net 71,777 76,117
Goodwill 2,554,457 2,531,653
Other intangibles, net 779,170 831,966
Non-current investments 22,439 10,758
Other non-current assets 87,636 86,381
Total assets 5,457,369 5,180,015
Current liabilities:    
Accounts payable 147,858 156,817
Accrued liabilities 173,095 197,709
Operating lease liabilities 9,661 9,643
Deferred revenue 761,050 701,438
Current portion of convertible senior notes due 2026, net 599,231 0
Total current liabilities 1,690,895 1,065,607
Convertible senior notes due 2026, net 0 597,934
Deferred revenue, long-term 22,217 22,376
Deferred income taxes 75,829 47,503
Operating lease liabilities, long-term 34,556 30,791
Other long-term liabilities 31,105 27,382
Total liabilities 1,854,602 1,791,593
Commitments and contingencies 0 0
Shareholders' equity:    
Preferred stock, $10.00 par value; 1,000,000 shares authorized; none issued 0 0
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,147,969 shares issued and outstanding as of September 30, 2025 and December 31, 2024 481 481
Additional paid-in capital 1,645,848 1,539,301
Accumulated other comprehensive loss, net of tax (54) (157)
Retained earnings 2,116,871 1,866,799
Treasury stock, at cost; 5,131,407 and 5,184,092 shares in 2025 and 2024, respectively (160,379) (18,002)
Total shareholders' equity 3,602,767 3,388,422
Total liabilities and shareholders' equity $ 5,457,369 $ 5,180,015
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 23,003 $ 17,325
Preferred stock, par value (in usd per share) $ 10.00 $ 10.00
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 48,147,969 48,147,969
Common stock, shares outstanding (in shares) 48,147,969 48,147,969
Treasury stock (in shares) 5,131,407 5,184,092
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 250,072 $ 197,805
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 103,931 108,766
Gains from sale of investments 0 (2)
Share-based compensation expense 112,631 88,460
Amortization of operating lease right-of-use assets 7,160 7,262
Deferred income tax benefit 26,382 (41,504)
Other 82 228
Changes in operating assets and liabilities, exclusive of effects of acquired companies:    
Accounts receivable (72,561) (7,901)
Income tax payable (24,786) 20,019
Prepaid expenses and other current assets (16,894) (28,157)
Accounts payable (8,959) (922)
Operating lease liabilities (8,507) (9,392)
Accrued liabilities (21,636) 6,510
Deferred revenue 57,320 49,383
Other long-term liabilities 5,425 9,304
Net cash provided by operating activities 409,660 399,859
Cash flows from investing activities:    
Additions to property and equipment (11,698) (16,734)
Purchase of marketable security investments (179,966) 0
Proceeds and maturities from marketable security investments 76,307 7,700
Investment in software development (14,138) (24,412)
Cost of acquisitions, net of cash acquired (35,137) (1,395)
Other 525 168
Net cash used by investing activities (164,107) (34,673)
Cash flows from financing activities:    
Payment on term loans 0 (50,000)
Payment of debt issuance costs 0 (2,637)
Purchase of treasury shares (174,650) 0
Proceeds from exercise of stock options, net of withheld shares for taxes upon equity award settlement 12,306 47,433
Contributions from employee stock purchase plan 13,883 12,821
Other (7,712) 0
Net cash (used) provided by financing activities (156,173) 7,617
Net increase in cash and cash equivalents 89,380 372,803
Cash and cash equivalents at beginning of period 744,721 165,493
Cash and cash equivalents at end of period 834,101 538,296
Supplemental cash flow information:    
Cash paid for interest 2,164 2,860
Cash paid for income taxes, net 47,339 45,660
Non-cash investing and financing activities:    
Non-cash additions to property and equipment $ 552 $ 111
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Balance (in shares) at Dec. 31, 2023   48,148,000        
Balance at Dec. 31, 2023 $ 2,937,995 $ 481 $ 1,354,787 $ (326) $ 1,603,773 $ (20,720)
Balance (in shares) at Dec. 31, 2023           (5,858,000)
Increase (Decrease) in Stockholders' Equity            
Net income 197,805       197,805  
Other comprehensive income, net of tax 163     163    
Exercise of stock options and vesting of restricted stock units 71,196   34,324     $ 36,872
Exercise of stock options and vesting of restricted stock units (in shares)           542,000
Employee taxes paid for withheld shares upon equity award settlement (in shares)           (52,000)
Employee taxes paid for withheld shares upon equity award settlement (23,763)         $ (23,763)
Share-based compensation 88,460   88,460      
Issuance of shares pursuant to employee stock purchase plan 12,821   12,685     $ 136
Issuance of shares pursuant to employee stock purchase plan (in shares)           34,000
Reimbursement of shares from escrow (9,565)   1,679     $ (11,244)
Reimbursement of shares from escrow (in shares)           28,000
Balance (in shares) at Sep. 30, 2024   48,148,000        
Balance at Sep. 30, 2024 3,275,112 $ 481 1,491,935 (163) 1,801,578 $ (18,719)
Balance (in shares) at Sep. 30, 2024           (5,362,000)
Balance (in shares) at Jun. 30, 2024   48,148,000        
Balance at Jun. 30, 2024 3,132,108 $ 481 1,425,536 (218) 1,725,681 $ (19,372)
Balance (in shares) at Jun. 30, 2024           (5,524,000)
Increase (Decrease) in Stockholders' Equity            
Net income 75,897       75,897  
Other comprehensive income, net of tax 55     55    
Exercise of stock options and vesting of restricted stock units 31,855   30,894     $ 961
Exercise of stock options and vesting of restricted stock units (in shares)           153,000
Employee taxes paid for withheld shares upon equity award settlement (in shares)           (1,000)
Employee taxes paid for withheld shares upon equity award settlement (307)         $ (307)
Share-based compensation 31,187   31,187      
Issuance of shares pursuant to employee stock purchase plan 4,347   4,306     $ 41
Issuance of shares pursuant to employee stock purchase plan (in shares)           10,000
Reimbursement of shares from escrow (30)   12     $ (42)
Balance (in shares) at Sep. 30, 2024   48,148,000        
Balance at Sep. 30, 2024 $ 3,275,112 $ 481 1,491,935 (163) 1,801,578 $ (18,719)
Balance (in shares) at Sep. 30, 2024           (5,362,000)
Balance (in shares) at Dec. 31, 2024 48,147,969 48,148,000        
Balance at Dec. 31, 2024 $ 3,388,422 $ 481 1,539,301 (157) 1,866,799 $ (18,002)
Balance (in shares) at Dec. 31, 2024 (5,184,092)         (5,184,000)
Increase (Decrease) in Stockholders' Equity            
Net income $ 250,072       250,072  
Other comprehensive income, net of tax 103     103    
Exercise of stock options and vesting of restricted stock units 45,246   (19,854)     $ 65,100
Exercise of stock options and vesting of restricted stock units (in shares)           385,000
Employee taxes paid for withheld shares upon equity award settlement (in shares)           (57,000)
Employee taxes paid for withheld shares upon equity award settlement (32,940)         $ (32,940)
Share-based compensation 112,631   112,631      
Issuance of shares pursuant to employee stock purchase plan 13,883   13,770     $ 113
Issuance of shares pursuant to employee stock purchase plan (in shares)           28,000
Treasury stock repurchases (in shares)           (303,000)
Treasury stock repurchases $ (174,650)         $ (174,650)
Balance (in shares) at Sep. 30, 2025 48,147,969 48,148,000        
Balance at Sep. 30, 2025 $ 3,602,767 $ 481 1,645,848 (54) 2,116,871 $ (160,379)
Balance (in shares) at Sep. 30, 2025 (5,131,407)         (5,131,000)
Balance (in shares) at Jun. 30, 2025   48,148,000        
Balance at Jun. 30, 2025 $ 3,634,667 $ 481 1,620,258 (115) 2,032,478 $ (18,435)
Balance (in shares) at Jun. 30, 2025           (4,896,000)
Increase (Decrease) in Stockholders' Equity            
Net income 84,393       84,393  
Other comprehensive income, net of tax 61     61    
Exercise of stock options and vesting of restricted stock units 15,475   (15,603)     $ 31,078
Exercise of stock options and vesting of restricted stock units (in shares)           57,000
Employee taxes paid for withheld shares upon equity award settlement (in shares)           (1,000)
Employee taxes paid for withheld shares upon equity award settlement (14)         $ (14)
Share-based compensation 36,669   36,669      
Issuance of shares pursuant to employee stock purchase plan 4,561   4,524     $ 37
Issuance of shares pursuant to employee stock purchase plan (in shares)           9,000
Treasury stock repurchases (in shares)           (300,000)
Treasury stock repurchases $ (173,045)         $ (173,045)
Balance (in shares) at Sep. 30, 2025 48,147,969 48,148,000        
Balance at Sep. 30, 2025 $ 3,602,767 $ 481 $ 1,645,848 $ (54) $ 2,116,871 $ (160,379)
Balance (in shares) at Sep. 30, 2025 (5,131,407)         (5,131,000)
v3.25.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
We prepared the accompanying condensed consolidated financial statements following the requirements of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”), for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted for interim periods. Balance sheet amounts are as of September 30, 2025, and December 31, 2024, and operating result amounts are for the three and nine months ended September 30, 2025, and 2024, and include all normal and recurring adjustments that we considered necessary for the fair summarized presentation of our financial position and operating results. As these are condensed financial statements, one should also read the financial statements and notes included in our latest Form 10-K for the year ended December 31, 2024. Revenues, expenses, assets, and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. Certain amounts for previous years have been reclassified to conform to the current year presentation.
Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all components of net income (loss) and other comprehensive income (loss). During the three and nine months ended September 30, 2025, we had approximately $61,000 and $103,000, of other comprehensive income, net of taxes, respectively, from our available-for-sale investment holdings. During the three and nine months ended September 30, 2024, we had approximately $55,000 and $163,000, of other comprehensive income, net of taxes, respectively, from our available-for-sale investment holdings, respectively.
v3.25.3
Accounting Standards and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Accounting Standards and Significant Accounting Policies Accounting Standards and Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025, that have had a material impact on our condensed consolidated financial statements and related notes. See Recently Pronounced Accounting Standard below.
REVENUE RECOGNITION
Nature of Products and Services
We account for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We earn the majority of our revenues from subscription-based services and post-contract client support (“PCS” or “maintenance”). Other sources of revenue are professional services, software licenses and royalties, and hardware and other. Revenue is recognized upon transfer of control of promised products or services to clients in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determine revenue recognition through the following steps:
•Identification of the contract, or contracts, with a client
•Identification of the performance obligations in the contract
•Determination of the transaction price
•Allocation of the transaction price to the performance obligations in the contract
•Recognition of revenue when, or as, we satisfy a performance obligation
Our software arrangements with clients contain multiple performance obligations that range from software license deliveries; installation, training, consulting, software modification and customization to meet specific client needs; hosting; and PCS. For these contracts, we account for individual performance obligations separately when they are distinct. We evaluate whether separate performance obligations can be distinct or should be accounted for as one performance obligation. Arrangements that include professional services, such as training or installation, are evaluated to determine whether those services are highly interdependent or interrelated to the product’s functionality. The transaction price is allocated to the distinct performance obligations on a relative standalone selling price (“SSP”) basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, client demographics, and the number and types of users within our contracts.
For arrangements that involve significant production, modification, or customization of the software, or where professional services otherwise cannot be considered distinct, we recognize revenue as control is transferred to the client over time using progress-to-completion methods. Depending on the contract, we measure progress-to-completion primarily using labor hours incurred. Amounts recognized in revenue are calculated using the progress-to-completion measurement after giving effect to any changes in our cost estimates. Changes to total estimated contract costs, if any, are recorded in the period they are determined. Estimated losses on uncompleted contracts are recorded in the period in which we first determine that a loss is apparent.
Subscription-Based Services
Subscription-based services consist primarily of revenues derived from software as a service (“SaaS”) arrangements and transaction-based fees. For SaaS arrangements, we evaluate whether the client has the contractual right to take possession of our software at any time during the hosting period without significant penalty and whether the client can feasibly maintain the software on the client’s hardware or enter into another arrangement with a third-party to host the software. We recognize SaaS services ratably over the term of the arrangement, which range from one to 10 years, but most arrangements are typically for periods of one to three years. For professional services associated with certain SaaS arrangements, we have concluded that the services are not distinct, and we recognize the revenue ratably over the remaining contractual period once we have provided the client access to the software.
Transaction-based fees primarily relate to digital government services and online payment services, which are sometimes offered with the assistance of third-party vendors. When we are the principal in a transaction, we record the revenue and related costs on a gross basis. Otherwise, we net the cost of revenue associated with the service against the gross revenue (amount billed to the client) and record the net amount as revenue.
For transaction-based revenues from digital government services and online payments, we have the right to charge the client an amount that directly corresponds with the value to the client of our performance to date. Therefore, we recognize revenues for these services over time based on the amount billable to the client. In some cases, we are paid on a fixed-fee basis and recognize the revenue ratably over the contractual period. Typically, the structure of our arrangements does not give rise to variable consideration. However, in those instances where variable consideration exists, we include in our estimates additional revenues for variable consideration when we believe we have an enforceable right, the amount can be estimated reliably, and its realization is probable.
Costs of performing services under subscription-based arrangements are expensed as incurred, except for certain direct and incremental contract origination costs associated with SaaS arrangements. Such direct and incremental costs are capitalized and amortized ratably over the period of benefit.
Post-Contract Client Support (Maintenance)
Our clients generally enter into PCS agreements when they purchase our software licenses. PCS includes telephone support, bug fixes, and rights to upgrades on a when-and-if available basis. PCS is considered distinct when purchased with our software licenses. Our PCS agreements are typically renewable annually. PCS is recognized over time on a straight-line basis over the period the PCS is provided. All significant costs and expenses associated with PCS are expensed as incurred.
Professional Services
When professional services are distinct, the fee allocable to the service element is recognized over the time we perform the services and is billed on a time and material or milestone basis. Contract fees are typically billed on a milestone basis as defined within contract terms. We record amounts that have been invoiced in accounts receivable and in deferred revenue or revenues, depending on whether the revenue recognition criteria have been met.
Revenue is recognized net of allowances for sales adjustments and any taxes collected from clients, which are subsequently remitted to governmental authorities.
Refer to Note 4, “Disaggregation of Revenue” for further information, including the economic factors that affect the nature, amount, timing, and uncertainty of revenues and cash flows of our various revenue categories.
Contract Balances
Accounts receivable and allowance for losses and sales adjustments
Timing of revenue recognition may differ from the timing of invoicing to clients. We record an unbilled receivable when revenue is recognized prior to invoicing, or deferred revenue when invoicing occurs prior to revenue recognition. For multi-year agreements, we generally invoice clients annually at the beginning of each annual coverage period.
Accounts receivable is as follows:
 September 30, 2025December 31, 2024
Accounts receivable - current
$661,986 $587,634 
Accounts receivable - long term
6,855 7,153 
Total accounts receivable
$668,841 $594,787 
Total accounts receivable, including total current and long-term accounts receivable, net of allowance for losses and sales adjustments, was $668.8 million and $594.8 million, as of September 30, 2025, and December 31, 2024, respectively. We have recorded unbilled receivables of $110.4 million and $115.6 million as of September 30, 2025, and December 31, 2024, respectively. Unbilled receivables expected to be collected within one year have been included with the current portion of accounts receivable in the accompanying condensed consolidated balance sheets. Unbilled receivables and retention receivables expected to be collected past one year have been included with the long-term portion of accounts receivable in the accompanying condensed consolidated balance sheets. Unbilled receivables also include retention receivables of $11.7 million and $11.4 million as of September 30, 2025, and December 31, 2024, respectively, which become payable upon the completion of the contract or completion of our fieldwork and formal hearings.
We maintain allowances for losses and sales adjustments, which losses are recorded against revenue at the time the loss is incurred. Because most of our clients are domestic governmental entities, we rarely incur a credit loss resulting from the inability of a client to make required payments. Consequently, we have not recorded a reserve for credit losses. Events or changes in circumstances that indicate the carrying amount for the allowances for losses and sales adjustments may require revision include, but are not limited to, managing our client’s expectations regarding the scope of the services to be delivered and defects or errors in new versions or enhancements of our software products. Our allowances for losses and sales adjustments are $23.0 million and $17.3 million as of September 30, 2025, and December 31, 2024, respectively.
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
We perform an impairment assessment annually on October 1, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of each reporting unit’s goodwill. If the conclusion of an impairment assessment is that it is more likely than not that the fair value of the reporting unit is more than its carrying value, goodwill is not considered impaired, and we are not required to perform the quantitative goodwill impairment test. If the conclusion of an impairment assessment is that it is more likely than not that the fair value is less than its carrying value, we perform the quantitative goodwill impairment test, which compares the fair value of the reporting unit to its carrying value. Impairments, if any, are based on the excess of the carrying amount over the fair value.
Other Intangible Assets
We make judgments about the recoverability of purchased intangible assets other than goodwill whenever events or changes in circumstances indicate that an impairment may exist. Client base and acquired software each comprise approximately half of our purchased intangible assets other than goodwill. We review our client turnover each year for indications of impairment. If indications of impairment are determined to exist, we measure the recoverability of assets by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the assets exceeds their estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of the assets.
For the three and nine months ended September 30, 2025, no triggering event or changes to circumstances indicated that a potential impairment had occurred for goodwill or other intangible assets.
RECENTLY PRONOUNCED ACCOUNTING STANDARDS
In September 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes the prescriptive software development “project stages” and requires capitalization of software costs once (1) management authorizes and commits funding and (2) completion and use are probable. Entities must evaluate significant development uncertainty related to technological innovations or performance requirements. The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs and clarify that intangible asset disclosures under Subtopic 350-30 are not required. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial statements.
In July 2025, the FASB issued ASU 2025-05 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient available to all entities to simplify the estimation of the expected credit losses for current accounts receivables and current contract assets arising from revenue contracts under ASC 606. It is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. Because most of our clients are domestic governmental entities, we rarely incur a credit loss resulting from the inability of a client to make required payment; as such, we do not expect this new standard to have a material impact on the Company’s financial statements.
In November 2024, the FASB issued ASU 2024-04 - Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This guidance clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. It is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. As of January 1, 2025, we have early-adopted this standard, and the new standard did not have a material impact on the Company’s financial statements.
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. This guidance requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. It is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. This guidance is not expected to have a material impact on the Company’s financial statements.
In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic ASC 740) Income Taxes. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. This guidance is not expected to have a material impact on the Company’s financial statements.
v3.25.3
Segment and Related Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
Reportable operating segments are determined based on the Company’s management approach. The management approach, as defined by FASB ASC 280 “Segment Reporting,” is based on the way that the Chief Operating Decision Maker (“CODM”) organizes the segments within an enterprise for making decisions about resources to be allocated and assessing their performance. Our CODM, for purposes of FASB ASC 280, is our chief executive officer.
We report our results in two reportable segments. Our reportable segments are organized on the basis of a combination of the products and services they deliver to clients and the function that the public sector client performs. Operating segments that have met the aggregation criteria have been combined into our two reportable segments. The Enterprise Software (“ES”) reportable segment provides public sector entities with software systems and services to meet their information technology and automation needs for mission-critical “back-office” functions such as: public administration solutions, courts and public safety solutions, education solutions, and property and recording solutions. The Platform Technologies (“PT”) reportable segment provides public sector entities with platform and transformative solutions including digital solutions, payment processing, streamlined data processing, and improved operations and workflows.
The CODM uses segment operating income or loss to assess performance and to allocate resources (including employees, property, and financial or capital resources) for each segment, predominantly in the annual budget and forecasting process. During the fiscal periods presented, we had no significant transactions between reportable segments. Corporate unallocated amounts are comprised of non-cash amortization of intangible assets associated with acquisitions, depreciation associated with unallocated property and equipment assets, compensation costs for the executive management team and certain shared services staff, and share-based compensation expense for the entire company. Corporate unallocated amounts also include incidental revenues and expenses related to a company-wide user conference and rental income.
For the three months ended September 30, 2025Enterprise
Software		Platform TechnologiesTotals
Revenues   
Subscriptions:
SaaS$178,383 $21,403 
Transaction-based fees78,331 122,977 
Maintenance105,450 5,862 
Professional services55,769 8,959 
Software licenses and royalties5,137 (37)
Hardware and other13,036 128 
Total segment revenues436,106 159,292 595,398 
Less:
Cost of revenues183,674 108,655 
Sales and marketing expense25,244 5,004 
General and administrative expense11,330 14,764 
Research and development expense41,243 4,424 
Segment operating income
$174,615 $26,445 $201,060 
For the three months ended September 30, 2024Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 
Transaction-based fees61,561 118,985 
Maintenance109,346 6,241 
Professional services53,947 10,515 
Software licenses and royalties5,424 764 
Hardware and other9,025 905 
Total segment revenues383,748 159,589 543,337 
Less:
Cost of revenues179,123 105,577 
Sales and marketing expense27,863 4,817 
General and administrative expense11,582 13,945 
Research and development expense25,306 2,384 
Segment operating income
$139,874 $32,866 $172,740 
For the nine months ended September 30, 2025Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 
Transaction-based fees227,956 383,765 
Maintenance319,208 17,028 
Professional services167,224 20,166 
Software licenses and royalties15,977 (220)
Hardware and other27,586 297 
Total segment revenues1,263,134 485,290 1,748,424 
Less:
Cost of revenues531,423 332,628 
Sales and marketing expense75,482 14,769 
General and administrative expense33,789 41,539 
Research and development expense118,318 12,957 
Segment operating income$504,122 $83,397 $587,519 

For the nine months ended September 30, 2024Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 
Transaction-based fees169,146 353,563 
Maintenance329,724 18,390 
Professional services167,571 33,625 
Software licenses and royalties19,314 937 
Hardware and other25,198 905 
Total segment revenues1,119,585 470,174 1,589,759 
Less:
Cost of revenues523,401 307,325 
Sales and marketing expense81,090 16,082 
General and administrative expense36,046 41,922 
Research and development expense74,889 8,815 
Segment operating income$404,159 $96,030 $500,189 
Three Months Ended September 30,Nine Months Ended September 30,
Reconciliation of reportable segment operating income to the Company's consolidated totals:2025202420252024
Total segment operating income$201,060 $172,740 $587,519 $500,189 
Corporate unallocated:
Total revenues481 — 8,737 6,913 
Cost of revenues(22,098)(21,177)(71,393)(67,004)
Sales and marketing expense(7,312)(5,523)(20,094)(19,023)
General and administrative expense(53,877)(46,933)(160,696)(142,622)
Research and development expense(6,121)(2,430)(19,199)(4,800)
Amortization of other intangibles(14,201)(13,850)(42,173)(45,813)
Interest expense(1,235)(1,235)(3,743)(4,672)
Other income, net10,855 4,504 26,397 8,232 
Income before income taxes$107,552 $86,096 $305,355 $231,400 
The following table presents reconciliations of segment revenues from external customers and other segment information to the Company’s consolidated totals:
Three Months Ended September 30,Nine Months Ended September 30,
Revenues:2025202420252024
ES$436,106 $383,748 $1,263,134 $1,119,585 
PT159,292 159,589 485,290 470,174 
Corporate unallocated481 — 8,737 6,913 
Total consolidated$595,879 $543,337 $1,757,161 $1,596,672 
Depreciation and amortization expense:
ES$7,608 $8,437 $21,615 $27,431 
PT22,350 22,034 66,849 67,318 
Corporate unallocated5,030 4,059 15,467 14,017 
Total consolidated$34,988 $34,530 $103,931 $108,766 
Software development expenditures:
ES$146 $2,101 $2,387 $5,832 
PT3,457 4,661 11,534 13,240 
Corporate 135 1,157 217 5,340 
Total consolidated$3,738 $7,919 $14,138 $24,412 
Capital expenditures:
ES$1,456 $1,855 $3,738 $13,857 
PT746 639 4,539 2,151 
Corporate 1,674 390 3,421 726 
Total consolidated$3,876 $2,884 $11,698 $16,734 
Segment assets:September 30, 2025December 31, 2024
ES$558,159 $572,224 
PT424,712 416,635 
Corporate
4,474,498 4,191,156 
Total consolidated$5,457,369 $5,180,015 
Segment assets primarily consist of net accounts receivable, prepaid expenses and other current assets, and net property and equipment and software development costs. Corporate assets primarily consist of cash and investments; prepaid insurance; goodwill and intangibles associated with acquisitions; deferred income taxes; software development costs, net; and net property and equipment mainly related to unallocated information and technology assets. Certain presentation items from previous years have been adjusted to conform with current year presentation.
v3.25.3
Disaggregation of Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue Disaggregation of Revenue
The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenues and cash flows.
Recurring Revenues
The majority of our revenues are comprised of revenues from subscriptions and maintenance, which we consider to be recurring revenues. Subscription revenues primarily consist of revenues derived from our SaaS arrangements and transaction-based fees. These revenues are considered recurring because revenues from these sources are expected to re-occur in similar annual amounts for the term of our relationship with the client. Transaction-based fees are generally the result of multi-year contracts with our clients that result in fees generated by payment transactions and digital government services and are collected on a recurring basis during the contract term. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of one to three years. Nearly all of our on-premises software clients contract with us for maintenance and support. Maintenance and support are generally provided under auto-renewing annual contracts or multi-year contracts. We consider all other revenue categories to be non-recurring revenues.
Recurring revenues and non-recurring revenues recognized during the period are as follows:
For the three months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$178,383 $21,403 $— $199,786 
Transaction-based fees78,331 122,977 — 201,308 
Maintenance105,450 5,862 — 111,312 
Total recurring revenues362,164 150,242 — 512,406 
Professional services55,769 8,959 — 64,728 
Software licenses and royalties5,137 (37)— 5,100 
Hardware and other13,036 128 481 13,645 
Total non-recurring revenues73,942 9,050 481 83,473 
Total$436,106 $159,292 $481 $595,879 
For the three months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 $— $166,624 
Transaction-based fees61,561 118,985 — 180,546 
Maintenance109,346 6,241 — 115,587 
Total recurring revenues315,352 147,405 — 462,757 
Professional services53,947 10,515 — 64,462 
Software licenses and royalties5,424 764 — 6,188 
Hardware and other9,025 905 — 9,930 
Total non-recurring revenues68,396 12,184 — 80,580 
Total$383,748 $159,589 $— $543,337 
For the nine months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 $— $569,437 
Transaction-based fees227,956 383,765 — 611,721 
Maintenance319,208 17,028 — 336,236 
Total recurring revenues1,052,347 465,047 — 1,517,394 
Professional services167,224 20,166 — 187,390 
Software licenses and royalties15,977 (220)— 15,757 
Hardware and other27,586 297 8,737 36,620 
Total non-recurring revenues210,787 20,243 8,737 239,767 
Total$1,263,134 $485,290 $8,737 $1,757,161 
For the nine months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 $— $471,386 
Transaction-based fees169,146 353,563 — 522,709 
Maintenance329,724 18,390 — 348,114 
Total recurring revenues907,502 434,707 — 1,342,209 
Professional services167,571 33,625 — 201,196 
Software licenses and royalties19,314 937 — 20,251 
Hardware and other25,198 905 6,913 33,016 
Total non-recurring revenues212,083 35,467 6,913 254,463 
Total$1,119,585 $470,174 $6,913 $1,596,672 
Deferred Revenue and Performance Obligations
Total deferred revenue, including long-term, by segment is as follows:
September 30, 2025December 31, 2024
Enterprise Software$738,964 $683,909 
Platform Technologies42,128 36,117 
Corporate
2,175 3,788 
Totals$783,267 $723,814 
Changes in total deferred revenue, including long-term, were as follows:
Nine Months Ended September 30, 2025
Balance as of December 31, 2024$723,814 
Deferral of revenue1,195,890 
Recognition of deferred revenue(1,136,437)
Balance as of September 30, 2025$783,267 
Remaining Performance Obligations
We expect to recognize as revenue approximately 97% of our deferred revenue balance as of September 30, 2025, in the next 12 months, and the remainder thereafter. We believe the portion of the transaction price allocated to the remaining performance obligations which is not included in our deferred revenue balance is not a meaningful indicator of future revenue due to contracts with transaction-based fees that vary with transaction activity, the variability in subscription term lengths, and termination provisions included in some contracts that limit inclusion and cause variability from period to period.
Deferred Commissions
Deferred commissions are as follows:
 September 30, 2025December 31, 2024
Prepaid commissions
$19,952 $18,037 
Long-term deferred commissions
48,785 38,762 
Total deferred commissions
$68,737 $56,799 
Amortization expense related to deferred commissions is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Amortization expense
$5,510 $4,840 $15,553 $14,490 
Deferred commissions have been included with prepaid expenses for the current portion and non-current other assets for the long-term portion in the accompanying condensed consolidated balance sheets. Amortization expense related to deferred commissions is included in sales and marketing expense in the accompanying condensed consolidated statements of income.
v3.25.3
Deferred Revenue and Performance Obligations
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue and Performance Obligations Disaggregation of Revenue
The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenues and cash flows.
Recurring Revenues
The majority of our revenues are comprised of revenues from subscriptions and maintenance, which we consider to be recurring revenues. Subscription revenues primarily consist of revenues derived from our SaaS arrangements and transaction-based fees. These revenues are considered recurring because revenues from these sources are expected to re-occur in similar annual amounts for the term of our relationship with the client. Transaction-based fees are generally the result of multi-year contracts with our clients that result in fees generated by payment transactions and digital government services and are collected on a recurring basis during the contract term. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of one to three years. Nearly all of our on-premises software clients contract with us for maintenance and support. Maintenance and support are generally provided under auto-renewing annual contracts or multi-year contracts. We consider all other revenue categories to be non-recurring revenues.
Recurring revenues and non-recurring revenues recognized during the period are as follows:
For the three months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$178,383 $21,403 $— $199,786 
Transaction-based fees78,331 122,977 — 201,308 
Maintenance105,450 5,862 — 111,312 
Total recurring revenues362,164 150,242 — 512,406 
Professional services55,769 8,959 — 64,728 
Software licenses and royalties5,137 (37)— 5,100 
Hardware and other13,036 128 481 13,645 
Total non-recurring revenues73,942 9,050 481 83,473 
Total$436,106 $159,292 $481 $595,879 
For the three months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 $— $166,624 
Transaction-based fees61,561 118,985 — 180,546 
Maintenance109,346 6,241 — 115,587 
Total recurring revenues315,352 147,405 — 462,757 
Professional services53,947 10,515 — 64,462 
Software licenses and royalties5,424 764 — 6,188 
Hardware and other9,025 905 — 9,930 
Total non-recurring revenues68,396 12,184 — 80,580 
Total$383,748 $159,589 $— $543,337 
For the nine months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 $— $569,437 
Transaction-based fees227,956 383,765 — 611,721 
Maintenance319,208 17,028 — 336,236 
Total recurring revenues1,052,347 465,047 — 1,517,394 
Professional services167,224 20,166 — 187,390 
Software licenses and royalties15,977 (220)— 15,757 
Hardware and other27,586 297 8,737 36,620 
Total non-recurring revenues210,787 20,243 8,737 239,767 
Total$1,263,134 $485,290 $8,737 $1,757,161 
For the nine months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 $— $471,386 
Transaction-based fees169,146 353,563 — 522,709 
Maintenance329,724 18,390 — 348,114 
Total recurring revenues907,502 434,707 — 1,342,209 
Professional services167,571 33,625 — 201,196 
Software licenses and royalties19,314 937 — 20,251 
Hardware and other25,198 905 6,913 33,016 
Total non-recurring revenues212,083 35,467 6,913 254,463 
Total$1,119,585 $470,174 $6,913 $1,596,672 
Deferred Revenue and Performance Obligations
Total deferred revenue, including long-term, by segment is as follows:
September 30, 2025December 31, 2024
Enterprise Software$738,964 $683,909 
Platform Technologies42,128 36,117 
Corporate
2,175 3,788 
Totals$783,267 $723,814 
Changes in total deferred revenue, including long-term, were as follows:
Nine Months Ended September 30, 2025
Balance as of December 31, 2024$723,814 
Deferral of revenue1,195,890 
Recognition of deferred revenue(1,136,437)
Balance as of September 30, 2025$783,267 
Remaining Performance Obligations
We expect to recognize as revenue approximately 97% of our deferred revenue balance as of September 30, 2025, in the next 12 months, and the remainder thereafter. We believe the portion of the transaction price allocated to the remaining performance obligations which is not included in our deferred revenue balance is not a meaningful indicator of future revenue due to contracts with transaction-based fees that vary with transaction activity, the variability in subscription term lengths, and termination provisions included in some contracts that limit inclusion and cause variability from period to period.
Deferred Commissions
Deferred commissions are as follows:
 September 30, 2025December 31, 2024
Prepaid commissions
$19,952 $18,037 
Long-term deferred commissions
48,785 38,762 
Total deferred commissions
$68,737 $56,799 
Amortization expense related to deferred commissions is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Amortization expense
$5,510 $4,840 $15,553 $14,490 
Deferred commissions have been included with prepaid expenses for the current portion and non-current other assets for the long-term portion in the accompanying condensed consolidated balance sheets. Amortization expense related to deferred commissions is included in sales and marketing expense in the accompanying condensed consolidated statements of income.
v3.25.3
Deferred Commissions
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Commissions Disaggregation of Revenue
The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenues and cash flows.
Recurring Revenues
The majority of our revenues are comprised of revenues from subscriptions and maintenance, which we consider to be recurring revenues. Subscription revenues primarily consist of revenues derived from our SaaS arrangements and transaction-based fees. These revenues are considered recurring because revenues from these sources are expected to re-occur in similar annual amounts for the term of our relationship with the client. Transaction-based fees are generally the result of multi-year contracts with our clients that result in fees generated by payment transactions and digital government services and are collected on a recurring basis during the contract term. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of one to three years. Nearly all of our on-premises software clients contract with us for maintenance and support. Maintenance and support are generally provided under auto-renewing annual contracts or multi-year contracts. We consider all other revenue categories to be non-recurring revenues.
Recurring revenues and non-recurring revenues recognized during the period are as follows:
For the three months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$178,383 $21,403 $— $199,786 
Transaction-based fees78,331 122,977 — 201,308 
Maintenance105,450 5,862 — 111,312 
Total recurring revenues362,164 150,242 — 512,406 
Professional services55,769 8,959 — 64,728 
Software licenses and royalties5,137 (37)— 5,100 
Hardware and other13,036 128 481 13,645 
Total non-recurring revenues73,942 9,050 481 83,473 
Total$436,106 $159,292 $481 $595,879 
For the three months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 $— $166,624 
Transaction-based fees61,561 118,985 — 180,546 
Maintenance109,346 6,241 — 115,587 
Total recurring revenues315,352 147,405 — 462,757 
Professional services53,947 10,515 — 64,462 
Software licenses and royalties5,424 764 — 6,188 
Hardware and other9,025 905 — 9,930 
Total non-recurring revenues68,396 12,184 — 80,580 
Total$383,748 $159,589 $— $543,337 
For the nine months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 $— $569,437 
Transaction-based fees227,956 383,765 — 611,721 
Maintenance319,208 17,028 — 336,236 
Total recurring revenues1,052,347 465,047 — 1,517,394 
Professional services167,224 20,166 — 187,390 
Software licenses and royalties15,977 (220)— 15,757 
Hardware and other27,586 297 8,737 36,620 
Total non-recurring revenues210,787 20,243 8,737 239,767 
Total$1,263,134 $485,290 $8,737 $1,757,161 
For the nine months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 $— $471,386 
Transaction-based fees169,146 353,563 — 522,709 
Maintenance329,724 18,390 — 348,114 
Total recurring revenues907,502 434,707 — 1,342,209 
Professional services167,571 33,625 — 201,196 
Software licenses and royalties19,314 937 — 20,251 
Hardware and other25,198 905 6,913 33,016 
Total non-recurring revenues212,083 35,467 6,913 254,463 
Total$1,119,585 $470,174 $6,913 $1,596,672 
Deferred Revenue and Performance Obligations
Total deferred revenue, including long-term, by segment is as follows:
September 30, 2025December 31, 2024
Enterprise Software$738,964 $683,909 
Platform Technologies42,128 36,117 
Corporate
2,175 3,788 
Totals$783,267 $723,814 
Changes in total deferred revenue, including long-term, were as follows:
Nine Months Ended September 30, 2025
Balance as of December 31, 2024$723,814 
Deferral of revenue1,195,890 
Recognition of deferred revenue(1,136,437)
Balance as of September 30, 2025$783,267 
Remaining Performance Obligations
We expect to recognize as revenue approximately 97% of our deferred revenue balance as of September 30, 2025, in the next 12 months, and the remainder thereafter. We believe the portion of the transaction price allocated to the remaining performance obligations which is not included in our deferred revenue balance is not a meaningful indicator of future revenue due to contracts with transaction-based fees that vary with transaction activity, the variability in subscription term lengths, and termination provisions included in some contracts that limit inclusion and cause variability from period to period.
Deferred Commissions
Deferred commissions are as follows:
 September 30, 2025December 31, 2024
Prepaid commissions
$19,952 $18,037 
Long-term deferred commissions
48,785 38,762 
Total deferred commissions
$68,737 $56,799 
Amortization expense related to deferred commissions is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Amortization expense
$5,510 $4,840 $15,553 $14,490 
Deferred commissions have been included with prepaid expenses for the current portion and non-current other assets for the long-term portion in the accompanying condensed consolidated balance sheets. Amortization expense related to deferred commissions is included in sales and marketing expense in the accompanying condensed consolidated statements of income.
v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On July 28, 2025, we acquired Emergency Networking, Inc (“EN”). EN is a SaaS company specializing in cloud-native software for fire departments and emergency medical services (EMS) agencies. The total cash purchase price, net of cash acquired of $497,000, was approximately $19.4 million, subject to certain post-closing adjustments, including holdbacks of $2.5 million.
We have performed a preliminary valuation analysis of the fair market value of EN’s assets and liabilities. In connection with this transaction, we acquired total tangible assets of $1.6 million and assumed liabilities of approximately $1.3 million. We recorded goodwill of approximately $12.4 million, which is not deductible for tax purposes, and other identifiable intangible assets of approximately $9.1 million. We recorded net deferred tax liabilities of $1.9 million related to the tax effect of our estimated fair value allocations. The operating results of EN are included with the operating results of the Enterprise Software segment since the date of the acquisition. The impact of this acquisition on our operating results, assets, and liabilities is not material.
On January 31, 2025, we acquired MyGov, LLC (“MyGov”), a provider of SaaS platform solutions for community development. The total cash purchase price, net of cash acquired of $215,000, was approximately $18.2 million.
We have performed a preliminary valuation analysis of the fair market value of MyGov’s assets and liabilities. In connection with this transaction, we acquired total tangible assets of $0.7 million and assumed liabilities of approximately $1.1 million. We recorded goodwill of approximately $10.4 million, which is expected to be deductible for tax purposes, and other identifiable intangible assets of approximately $8.5 million. The operating results of MyGov are included with the operating results of the Enterprise Software segment since the inception date of the acquisition. The impact of this acquisition on our operating results, assets, and liabilities is not material.
As of September 30, 2025, the purchase price allocations for MyGov and EN are not final; therefore, certain preliminary valuation estimates of fair value assumed at the acquisition date for intangible assets and receivables are subject to change as valuations are finalized. Our balance sheet as of September 30, 2025, reflects the allocation of the purchase price to the net assets acquired based on their estimated fair value at the date of the acquisition. The fair value of the assets and liabilities acquired are based on valuations using Level 3 unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
During the nine months ended September 30, 2025, we paid $7.7 million in cash for long-term indemnity holdbacks related to prior acquisitions.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total outstanding borrowings:
RateMaturity DateSeptember 30, 2025December 31, 2024
2024 Credit Agreement
Revolving credit facility
S + 1.125%
September 2029$— $— 
Convertible Senior Notes due 20260.25%March 2026600,000 600,000 
Total borrowings600,000 600,000 
Less: unamortized debt discount and debt issuance costs(769)(2,066)
Total borrowings, net599,231 597,934 
Current portion of convertible senior notes due 2026, net 599,231 — 
Long Term - convertible senior notes due 2026, net — 597,934 
Total Debt $599,231 $597,934 
2024 Credit Agreement
On September 25, 2024, the Company entered into a $700.0 million credit agreement with the various lender parties thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender, and Issuing Lender (the “2024 Credit Agreement”). The 2024 Credit Agreement provides for an unsecured revolving credit facility in an aggregate principal amount of up to $700.0 million, including sub-facilities for standby letters of credit and swingline loans. The 2024 Credit Agreement matures on September 25, 2029, and loans may be prepaid at any time, without premium or penalty, subject to certain minimum amounts and payment of any Secured Overnight Financing Rate (“SOFR”) breakage costs. The 2024 Credit Agreement replaced Tyler’s previous $500.0 million unsecured credit facility under the credit agreement dated April 21, 2021, among the Company and various lenders party thereto, which was scheduled to mature in April 2026.
The 2024 Credit Agreement contains certain customary representations and warranties, affirmative and negative covenants, and defined events of defaults. The 2024 Credit Agreement requires us to maintain certain financial ratios and other financial conditions and limits us from making certain investments, advances, cash dividends or loans, and limits incurrence of additional indebtedness and liens. As of September 30, 2025, we were in compliance with those covenants.
Loans under the revolving credit facility will bear interest, at the Company’s option, at a per annum rate of either (1) the Administrative Agent’s prime commercial lending rate (subject to certain higher rate determinations) plus a margin of 0.125% to 0.75% or (2) the one-, three-, or six-month SOFR rate plus a margin of 1.125% to 1.75%. The margin in each case is based upon Tyler’s total net leverage ratio, as determined pursuant to the 2024 Credit Agreement. In addition to paying interest on the outstanding principal of loans under the revolving credit facility, the Company is required to pay a commitment fee initially in the amount of 0.125% per annum, which will subsequently range from 0.125% to 0.25% based upon the Company’s total net leverage ratio. Borrowings under the 2024 Credit Agreement may be used for general corporate purposes, including working capital requirements, acquisitions and capital expenditures.
Convertible Senior Notes due 2026
On March 9, 2021, we issued 0.25% Convertible Senior Notes due in 2026 in the aggregate principal amount of $600.0 million (“the Convertible Senior Notes” or “the Notes”). The Convertible Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of March 9, 2021, with U.S. Bank National Association as trustee (the “Indenture”). The net proceeds from the issuance of the Convertible Senior Notes were $591.4 million, net of initial purchasers’ discounts of $6.0 million and debt issuance costs of $2.6 million.
The Convertible Senior Notes are senior, unsecured obligations and are (i) equal in right of payment to our future senior, unsecured indebtedness; (ii) senior in right of payment to our future indebtedness that is expressly subordinated to the Notes; (iii) effectively subordinated to our future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all future indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries.
The Convertible Senior Notes accrue interest at a rate of 0.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The Convertible Senior Notes mature on March 15, 2026, unless earlier repurchased, redeemed, or converted.
Before September 15, 2025, holders of the Convertible Senior Notes had the right to convert their Convertible Senior Notes only upon the occurrence of certain events. Under the terms of the Indenture, the Convertible Senior Notes are convertible into common stock of Tyler Technologies, Inc. (referred to herein as “our common stock”) at the following times or circumstances:
•during any calendar quarter commencing after the calendar quarter ended June 30, 2021, if the last reported sale price per share of our common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
•during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “Measurement Period”) if the trading price per $1,000 principal amount of Convertible Senior Notes, as determined following a request by their holder in accordance with the procedures in the Indenture, for each trading day of the Measurement Period, was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day;
•upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a “Fundamental Change” (as defined in the Indenture);
•upon the occurrence of specified corporate events.
On September 15, 2025, we entered the Free Convertibility Period (as defined in the Indenture), during which the holders of the Convertible Senior Notes may convert their Convertible Senior Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will settle any conversions of the Convertible Senior Notes in a combination of cash and shares of our common stock at maturity. However, upon conversion of any Convertible Senior Notes, the conversion value, which will be determined over an “Observation Period” (as defined in the Indenture) consisting of 30 trading days, will be paid in cash up to at least the principal amount of the Notes being converted. As of September 30, 2025, no conversions have occurred.
The initial conversion rate is 2.0266 shares of common stock per $1,000 principal amount of Convertible Senior Notes, which represents an initial conversion price of approximately $493.44 per share of common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
The Convertible Senior Notes are redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2024, and on or before the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price of the Notes on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (ii) the trading day immediately before the date we send such notice. Subject to certain exceptions, if a change of control or other fundamental change (both as defined in the Indenture governing the Convertible Senior Notes), the holders of the Convertible Senior Notes may require us to repurchase all or part of the principal amount of the Convertible Senior Notes at a repurchase price equal to 100% of the principal amount of the Convertible Senior Notes, plus any accrued and unpaid interest up to, but excluding, the redemption date. In addition, calling any Note for redemption constitutes a Make-Whole Fundamental Change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.
Effective Interest Rate
The weighted average interest rate for the borrowings under the Convertible Senior Notes was 0.25% as of September 30, 2025. For the nine months ended September 30, 2025, the effective interest rate was 0.54% for the Convertible Senior Notes. The following sets forth the interest expense recognized related to the borrowings and commitment fees for unused portions under the 2024 Credit Agreement, the 2021 Credit Agreement and Convertible Senior Notes and is included in interest expense in the accompanying condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Contractual interest expense - Revolving Credit Facility$(229)$(212)$(724)$(671)
Contractual interest expense - Term Loans— — — (761)
Contractual interest expense - Convertible Senior Notes(375)(375)(1,125)(1,125)
Amortization of debt discount and debt issuance costs (631)(648)(1,894)(2,115)
Total $(1,235)$(1,235)$(3,743)$(4,672)
As of September 30, 2025, we had one outstanding letter of credit totaling $500,000. The letter of credit, which guarantees our performance under a client contract, automatically renews annually unless canceled in writing, and expires in the third quarter of 2026.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
The following table presents our financial instruments:
September 30, 2025December 31, 2024
Cash and cash equivalents$834,101 $744,721 
Available-for-sale investments139,159 34,015 
Equity investment
10,000 10,000 
Total$983,260 $788,736 
Cash and cash equivalents consist primarily of money market funds with original maturity dates of three months or less, for which we determine fair value through quoted market prices.
Our investment portfolio is classified as available-for-sale in order to have the flexibility to buy and sell investments and maximize cash liquidity. Our available-for-sale investments primarily consist of investment grade corporate bonds, U.S. Treasuries, and asset-backed securities with maturity dates through 2027. These investments are presented at fair value and are included in short-term investments and non-current investments in the accompanying condensed consolidated balance sheets. Unrealized gains or losses associated with the investments are included in accumulated other comprehensive income (loss), net of tax in the accompanying condensed consolidated balance sheets and other comprehensive income (loss), net of tax in the statements of comprehensive income. For our available-for-sale investments, we do not have the intent to sell, nor is it more likely than not that we would be required to sell before recovery of their cost basis.
As of September 30, 2025 and December 31, 2024, we have an accrued interest receivable balance of approximately $794,000 and $227,000, respectively, which is included in accounts receivable, net. We do not measure an allowance for credit losses for accrued interest receivables. We record any losses within the maturity period or at the time of sale of the investment, and any write-offs to accrued interest receivables are recorded as reductions to interest income in the period of the loss. During the three and nine months ended September 30, 2025, we have recorded no losses for accrued interest receivables. Interest income and amortization of discounts and premiums are included in other income, net in the accompanying condensed consolidated statements of income.
The following table presents the components of our available-for-sale investments:
September 30, 2025December 31, 2024
Amortized cost$139,233 $34,225 
Unrealized gains72 3 
Unrealized losses(146)(213)
Estimated fair value$139,159 $34,015 
As of September 30, 2025, we have $116.7 million of available-for-sale debt securities with contractual maturities of one year or less and $22.5 million with contractual maturities greater than one year. As of September 30, 2025, 27 available-for-sale securities with a fair value of $23.1 million have been in a loss position for one year or less and three securities with a fair value of $5.1 million have been in a loss position for greater than one year.
The following table presents the activity on our available-for-sale investments:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Proceeds from sales and maturities$42,023 $1,349 $76,307 $7,700 
Realized gains on sales, net of tax— 1 — 1 
Our equity investment consists of an 18% interest in BFTR, LLC, a wholly owned subsidiary of Bison Capital Partners V L.P. BFTR, LLC is a privately held Australian company specializing in digitizing the spoken word in court and legal proceedings. The investment in common stock is carried at cost less any impairment write-downs because we do not have the ability to exercise significant influence over the investee and the securities do not have readily determinable fair values.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows:
•Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities.
•Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data.
•Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment.
The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.
The following table presents fair values of our financial and debt instruments categorized by their fair value hierarchy as of September 30, 2025:
Level 1Level 2Level 3Total
Cash and cash equivalents$834,101 $— $— $834,101 
Available-for-sale investments— 139,159 — 139,159 
Equity investment
— — 10,000 10,000 
Convertible Senior Notes due 2026— 663,690 — 663,690 
The following table presents fair values of our financial and debt instruments categorized by their fair value hierarchy as of December 31, 2024:
Level 1Level 2Level 3Total
Cash and cash equivalents$744,721 $— $— $744,721 
Available-for-sale investments— 34,015 — 34,015 
Equity investment
— — 10,000 10,000 
Convertible Senior Notes due 2026— 731,310 — 731,310 
Assets that are measured at fair value on a recurring basis
Accounts receivables, accounts payables, short-term obligations and certain other assets carrying value approximate fair value because of the short maturity of these instruments.
As of September 30, 2025, we have $139.2 million in investment grade corporate bonds, U.S. Treasuries, and asset-backed securities with maturity dates through 2027. The fair values of these securities are considered Level 2 as they are based on inputs from quoted prices in markets that are not active or other observable market data.
Assets that are measured at fair value on a nonrecurring basis
As of September 30, 2025, we have an 18% interest in BFTR, LLC. As we do not have the ability to exercise significant influence over the investee and the securities do not have readily determinable fair values, our investment is carried at cost less any impairment write-downs. Periodically, our investment is assessed for impairment. We do not reassess the fair value of the investments if there are no identified events or changes in circumstances that indicate fair value of the investment or indicate impairment. No events or changes in circumstances have occurred during the period that require reassessment. There has been no impairment of this investment for the periods presented. This investment is included in other non-current assets in the accompanying condensed consolidated balance sheets.
As described in Note 2, “Summary of Significant Accounting Policies,” we assess goodwill for impairment annually on October 1. In addition, we review goodwill, property and equipment, and other intangibles for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. During the fourth quarter of 2024, we completed our annual assessment of goodwill which did not result in an impairment charge. Further, for the nine months ended September 30, 2025, we identified no indicators of impairment to goodwill, property and equipment, and other intangibles; therefore, no impairment was recorded.
Financial instruments measured at fair value only for disclosure purposes
The fair value of our Convertible Senior Notes is determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. See Note 8, “Debt,” for further discussion.
The carrying amount of the Convertible Senior Notes is the par value less the debt discount and debt issuance costs that are amortized to interest expense using the effective interest method over the term of the Convertible Senior Notes. Interest expense is included in the accompanying condensed consolidated statements of income.
The following table presents the fair value and carrying value, net, of our Convertible Senior Notes:
 Fair Value atCarrying Value at
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Convertible Senior Notes due 2026$663,690 $731,310 $599,231 $597,934 
v3.25.3
Income Tax Provision
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Provision Income Tax Provision
We had an effective income tax rate of 21.5% and 18.1% for the three and nine months ended September 30, 2025, respectively, compared to 11.8% and 14.5% for the three and nine months ended September 30, 2024, respectively. The increase in the effective tax rate for the three and nine months ended September 30, 2025, as compared to the prior period, is due to a decrease in excess tax benefits related to stock incentive awards and research tax credit benefits, partially offset by a decrease in liabilities for uncertain tax positions.
The effective income tax rates for the periods presented are different from the statutory United States federal income tax rate of 21% primarily due to the excess tax benefits related to stock incentive awards and the tax benefits of research tax credits, offset by state income taxes, liabilities for uncertain tax positions, and non-deductible business expenses.
We made income tax payments, net of refunds, of $47.3 million and $45.7 million in the nine months ended September 30, 2025, and September 30, 2024, respectively.
On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law, which includes a broad range of tax reform provisions that may affect our Company. The OBBBA allows an elective deduction for domestic Research and Development (“R&D”), a reinstatement of elective 100% first-year bonus depreciation, and a more favorable tax rate on Foreign-derived Deduction Eligible Income and income from non-U.S. subsidiaries (“Net CFC Tested Income”), among other provisions. We do not anticipate a material impact on our effective tax rate in 2025 and future periods. We do, however, anticipate a significant reduction in current tax payments in the next 12 months, as well as a decrease in deferred tax assets and the income tax payable related to the provisions for full expensing of domestic R&D and bonus depreciation. The year-to-date impacts of the OBBBA are included in our operating results for the nine months ended September 30, 2025.
v3.25.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The following table summarizes share-based compensation expense related to share-based awards, which is recorded in the condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenues
$9,307 $7,972 $26,912 $22,982 
Operating expenses
27,362 23,215 85,719 65,478 
Total share-based compensation expense$36,669 $31,187 $112,631 $88,460 
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table details the reconciliation of basic earnings per share to diluted earnings per share:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator for basic and diluted earnings per share:  
Net income$84,393 $75,897 $250,072 $197,805 
Denominator:  
Weighted-average basic common shares outstanding43,135 42,714 43,085 42,592 
Assumed conversion of dilutive securities:  
Stock awards552 830 624 782 
Convertible Senior Notes147 150 170 50 
Denominator for diluted earnings per share
   - Adjusted weighted-average shares		43,834 43,694 43,879 43,424 
Earnings per common share:
Basic$1.96 $1.78 $5.80 $4.64 
Diluted$1.93 $1.74 $5.70 $4.56 
For the three and nine months ended September 30, 2025, and 2024, stock awards representing the right to purchase common stock of approximately 700 and 35,000 shares and 500 and 79,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an antidilutive effect. 
We have used the if-converted method for calculating any potential dilutive effect of the Convertible Senior Notes on our diluted net income per share if our average stock price for the period exceeded the conversion price of $493.44 per share of common stock. Under the if-converted method, the Notes are assumed to be converted at the beginning of the period and the resulting common shares, if dilutive, are included in the denominator of the diluted earnings per share calculation for the entire period being presented. For the three and nine months ended September 30, 2025 and 2024, our average stock price for the period exceeded the conversion price resulting in a dilutive impact of the if-converted method as reflected in the table above.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
We lease office facilities, transportation, and other equipment for use in our operations. Most of our leases are non-cancelable operating lease agreements with remaining terms of one to 10 years. Some of these leases include options to extend for up to six years. We have no finance leases as of September 30, 2025. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets.
The components of operating lease expense were as follows:
Lease CostsThree Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$3,047 $2,284 $7,893 $6,695 
Short-term lease cost448 510 1,518 1,583 
Variable lease cost276 219 683 593 
Net lease cost$3,771 $3,013 $10,094 $8,871 
Supplemental information related to leases is as follows:
Other InformationNine Months Ended September 30,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$9,341 $9,456 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$11,920 $2,865 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.4
Weighted average discount rate3.54 %1.71 %
Rental income from third parties
We own office buildings in Falmouth, Yarmouth and Orono, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; Moraine, Ohio; and Kingston Springs, Tennessee. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2025 and 2035, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset.
Rental income from third-party tenants for the three and nine months ended September 30, 2025, totaled $454,000 and $2.1 million, respectively, and for the three and nine months ended September 30, 2024, totaled $809,000 and $2.4 million, respectively. Rental income is included in hardware and other revenue on the condensed consolidated statements of income. As of September 30, 2025, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31,Amount
2025 (Remaining)$668 
20262,538 
20272,276 
20282,029 
20291,355 
Thereafter5,581 
Total $14,447 
Leases Leases
We lease office facilities, transportation, and other equipment for use in our operations. Most of our leases are non-cancelable operating lease agreements with remaining terms of one to 10 years. Some of these leases include options to extend for up to six years. We have no finance leases as of September 30, 2025. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets.
The components of operating lease expense were as follows:
Lease CostsThree Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$3,047 $2,284 $7,893 $6,695 
Short-term lease cost448 510 1,518 1,583 
Variable lease cost276 219 683 593 
Net lease cost$3,771 $3,013 $10,094 $8,871 
Supplemental information related to leases is as follows:
Other InformationNine Months Ended September 30,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$9,341 $9,456 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$11,920 $2,865 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.4
Weighted average discount rate3.54 %1.71 %
Rental income from third parties
We own office buildings in Falmouth, Yarmouth and Orono, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; Moraine, Ohio; and Kingston Springs, Tennessee. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2025 and 2035, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset.
Rental income from third-party tenants for the three and nine months ended September 30, 2025, totaled $454,000 and $2.1 million, respectively, and for the three and nine months ended September 30, 2024, totaled $809,000 and $2.4 million, respectively. Rental income is included in hardware and other revenue on the condensed consolidated statements of income. As of September 30, 2025, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31,Amount
2025 (Remaining)$668 
20262,538 
20272,276 
20282,029 
20291,355 
Thereafter5,581 
Total $14,447 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
During the first quarter of 2022, we received a notice of termination for convenience under a contractual arrangement with a state government client. Upon receipt of the termination notice, we ceased performing services under the contractual arrangement and sought payment of contractually owed fees of approximately $15 million in connection with the termination for convenience.
The client was unresponsive to our outreach for several months, and on August 23, 2022, we filed a lawsuit to enforce our rights and remedies under the applicable contractual arrangement. The client subsequently asked us to negotiate directly with the client to attempt to resolve the dispute. The negotiations were not successful, and on March 20, 2024, we reinitiated our lawsuit. Although we believe our products and services were delivered in accordance with the terms of our contract and that we are entitled to payment in connection with the termination for convenience, at this time the matter remains unresolved. We can provide no assurances that we will not incur additional costs as we pursue our rights and remedies under the contract.
Purchase Commitments
We have contractual obligations for third-party technology used in our solutions and for other services that we purchase as part of our normal operations. In certain cases, these arrangements require a minimum annual purchase commitment by us. As of September 30, 2025, the remaining aggregate minimum purchase commitment under these arrangements was approximately $589.3 million through 2031.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
There have been no material events or transactions that occurred subsequent to September 30, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2025, H. Lynn Moore, Jr. executed a Rule 10b5-1 trading plan under which trading could not begin until June 10, 2025, and that terminates no later than February 9, 2026. Additional information is available in the Form 8-K filed on March 11, 2025. No other director or officer has a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading arrangement in place as of October 29, 2025.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Lynn H. Moore [Member]  
Trading Arrangements, by Individual  
Name H. Lynn Moore, Jr.
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2025
Expiration Date February 9, 2026
Arrangement Duration 244 days
v3.25.3
Accounting Standards and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
REVENUE RECOGNITION
REVENUE RECOGNITION
Nature of Products and Services
We account for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We earn the majority of our revenues from subscription-based services and post-contract client support (“PCS” or “maintenance”). Other sources of revenue are professional services, software licenses and royalties, and hardware and other. Revenue is recognized upon transfer of control of promised products or services to clients in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determine revenue recognition through the following steps:
•Identification of the contract, or contracts, with a client
•Identification of the performance obligations in the contract
•Determination of the transaction price
•Allocation of the transaction price to the performance obligations in the contract
•Recognition of revenue when, or as, we satisfy a performance obligation
Our software arrangements with clients contain multiple performance obligations that range from software license deliveries; installation, training, consulting, software modification and customization to meet specific client needs; hosting; and PCS. For these contracts, we account for individual performance obligations separately when they are distinct. We evaluate whether separate performance obligations can be distinct or should be accounted for as one performance obligation. Arrangements that include professional services, such as training or installation, are evaluated to determine whether those services are highly interdependent or interrelated to the product’s functionality. The transaction price is allocated to the distinct performance obligations on a relative standalone selling price (“SSP”) basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, client demographics, and the number and types of users within our contracts.
For arrangements that involve significant production, modification, or customization of the software, or where professional services otherwise cannot be considered distinct, we recognize revenue as control is transferred to the client over time using progress-to-completion methods. Depending on the contract, we measure progress-to-completion primarily using labor hours incurred. Amounts recognized in revenue are calculated using the progress-to-completion measurement after giving effect to any changes in our cost estimates. Changes to total estimated contract costs, if any, are recorded in the period they are determined. Estimated losses on uncompleted contracts are recorded in the period in which we first determine that a loss is apparent.
Subscription-Based Services
Subscription-based services consist primarily of revenues derived from software as a service (“SaaS”) arrangements and transaction-based fees. For SaaS arrangements, we evaluate whether the client has the contractual right to take possession of our software at any time during the hosting period without significant penalty and whether the client can feasibly maintain the software on the client’s hardware or enter into another arrangement with a third-party to host the software. We recognize SaaS services ratably over the term of the arrangement, which range from one to 10 years, but most arrangements are typically for periods of one to three years. For professional services associated with certain SaaS arrangements, we have concluded that the services are not distinct, and we recognize the revenue ratably over the remaining contractual period once we have provided the client access to the software.
Transaction-based fees primarily relate to digital government services and online payment services, which are sometimes offered with the assistance of third-party vendors. When we are the principal in a transaction, we record the revenue and related costs on a gross basis. Otherwise, we net the cost of revenue associated with the service against the gross revenue (amount billed to the client) and record the net amount as revenue.
For transaction-based revenues from digital government services and online payments, we have the right to charge the client an amount that directly corresponds with the value to the client of our performance to date. Therefore, we recognize revenues for these services over time based on the amount billable to the client. In some cases, we are paid on a fixed-fee basis and recognize the revenue ratably over the contractual period. Typically, the structure of our arrangements does not give rise to variable consideration. However, in those instances where variable consideration exists, we include in our estimates additional revenues for variable consideration when we believe we have an enforceable right, the amount can be estimated reliably, and its realization is probable.
Costs of performing services under subscription-based arrangements are expensed as incurred, except for certain direct and incremental contract origination costs associated with SaaS arrangements. Such direct and incremental costs are capitalized and amortized ratably over the period of benefit.
Post-Contract Client Support (Maintenance)
Our clients generally enter into PCS agreements when they purchase our software licenses. PCS includes telephone support, bug fixes, and rights to upgrades on a when-and-if available basis. PCS is considered distinct when purchased with our software licenses. Our PCS agreements are typically renewable annually. PCS is recognized over time on a straight-line basis over the period the PCS is provided. All significant costs and expenses associated with PCS are expensed as incurred.
Professional Services
When professional services are distinct, the fee allocable to the service element is recognized over the time we perform the services and is billed on a time and material or milestone basis. Contract fees are typically billed on a milestone basis as defined within contract terms. We record amounts that have been invoiced in accounts receivable and in deferred revenue or revenues, depending on whether the revenue recognition criteria have been met.
Revenue is recognized net of allowances for sales adjustments and any taxes collected from clients, which are subsequently remitted to governmental authorities.
Refer to Note 4, “Disaggregation of Revenue” for further information, including the economic factors that affect the nature, amount, timing, and uncertainty of revenues and cash flows of our various revenue categories.
Contract Balances
Accounts receivable and allowance for losses and sales adjustments
Timing of revenue recognition may differ from the timing of invoicing to clients. We record an unbilled receivable when revenue is recognized prior to invoicing, or deferred revenue when invoicing occurs prior to revenue recognition. For multi-year agreements, we generally invoice clients annually at the beginning of each annual coverage period.
Accounts receivable is as follows:
 September 30, 2025December 31, 2024
Accounts receivable - current
$661,986 $587,634 
Accounts receivable - long term
6,855 7,153 
Total accounts receivable
$668,841 $594,787 
Total accounts receivable, including total current and long-term accounts receivable, net of allowance for losses and sales adjustments, was $668.8 million and $594.8 million, as of September 30, 2025, and December 31, 2024, respectively. We have recorded unbilled receivables of $110.4 million and $115.6 million as of September 30, 2025, and December 31, 2024, respectively. Unbilled receivables expected to be collected within one year have been included with the current portion of accounts receivable in the accompanying condensed consolidated balance sheets. Unbilled receivables and retention receivables expected to be collected past one year have been included with the long-term portion of accounts receivable in the accompanying condensed consolidated balance sheets. Unbilled receivables also include retention receivables of $11.7 million and $11.4 million as of September 30, 2025, and December 31, 2024, respectively, which become payable upon the completion of the contract or completion of our fieldwork and formal hearings.
We maintain allowances for losses and sales adjustments, which losses are recorded against revenue at the time the loss is incurred. Because most of our clients are domestic governmental entities, we rarely incur a credit loss resulting from the inability of a client to make required payments. Consequently, we have not recorded a reserve for credit losses. Events or changes in circumstances that indicate the carrying amount for the allowances for losses and sales adjustments may require revision include, but are not limited to, managing our client’s expectations regarding the scope of the services to be delivered and defects or errors in new versions or enhancements of our software products. Our allowances for losses and sales adjustments are $23.0 million and $17.3 million as of September 30, 2025, and December 31, 2024, respectively.
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
We perform an impairment assessment annually on October 1, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of each reporting unit’s goodwill. If the conclusion of an impairment assessment is that it is more likely than not that the fair value of the reporting unit is more than its carrying value, goodwill is not considered impaired, and we are not required to perform the quantitative goodwill impairment test. If the conclusion of an impairment assessment is that it is more likely than not that the fair value is less than its carrying value, we perform the quantitative goodwill impairment test, which compares the fair value of the reporting unit to its carrying value. Impairments, if any, are based on the excess of the carrying amount over the fair value.
Other Intangible Assets
We make judgments about the recoverability of purchased intangible assets other than goodwill whenever events or changes in circumstances indicate that an impairment may exist. Client base and acquired software each comprise approximately half of our purchased intangible assets other than goodwill. We review our client turnover each year for indications of impairment. If indications of impairment are determined to exist, we measure the recoverability of assets by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the assets exceeds their estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of the assets.
RECENTLY PRONOUNCED ACCOUNTING STANDARDS
RECENTLY PRONOUNCED ACCOUNTING STANDARDS
In September 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes the prescriptive software development “project stages” and requires capitalization of software costs once (1) management authorizes and commits funding and (2) completion and use are probable. Entities must evaluate significant development uncertainty related to technological innovations or performance requirements. The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs and clarify that intangible asset disclosures under Subtopic 350-30 are not required. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial statements.
In July 2025, the FASB issued ASU 2025-05 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient available to all entities to simplify the estimation of the expected credit losses for current accounts receivables and current contract assets arising from revenue contracts under ASC 606. It is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. Because most of our clients are domestic governmental entities, we rarely incur a credit loss resulting from the inability of a client to make required payment; as such, we do not expect this new standard to have a material impact on the Company’s financial statements.
In November 2024, the FASB issued ASU 2024-04 - Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This guidance clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. It is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. As of January 1, 2025, we have early-adopted this standard, and the new standard did not have a material impact on the Company’s financial statements.
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. This guidance requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. It is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. This guidance is not expected to have a material impact on the Company’s financial statements.
In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic ASC 740) Income Taxes. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. This guidance is not expected to have a material impact on the Company’s financial statements.
v3.25.3
Accounting Standards and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable is as follows:
 September 30, 2025December 31, 2024
Accounts receivable - current
$661,986 $587,634 
Accounts receivable - long term
6,855 7,153 
Total accounts receivable
$668,841 $594,787 
v3.25.3
Segment and Related Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Revenues and Operations
For the three months ended September 30, 2025Enterprise
Software		Platform TechnologiesTotals
Revenues   
Subscriptions:
SaaS$178,383 $21,403 
Transaction-based fees78,331 122,977 
Maintenance105,450 5,862 
Professional services55,769 8,959 
Software licenses and royalties5,137 (37)
Hardware and other13,036 128 
Total segment revenues436,106 159,292 595,398 
Less:
Cost of revenues183,674 108,655 
Sales and marketing expense25,244 5,004 
General and administrative expense11,330 14,764 
Research and development expense41,243 4,424 
Segment operating income
$174,615 $26,445 $201,060 
For the three months ended September 30, 2024Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 
Transaction-based fees61,561 118,985 
Maintenance109,346 6,241 
Professional services53,947 10,515 
Software licenses and royalties5,424 764 
Hardware and other9,025 905 
Total segment revenues383,748 159,589 543,337 
Less:
Cost of revenues179,123 105,577 
Sales and marketing expense27,863 4,817 
General and administrative expense11,582 13,945 
Research and development expense25,306 2,384 
Segment operating income
$139,874 $32,866 $172,740 
For the nine months ended September 30, 2025Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 
Transaction-based fees227,956 383,765 
Maintenance319,208 17,028 
Professional services167,224 20,166 
Software licenses and royalties15,977 (220)
Hardware and other27,586 297 
Total segment revenues1,263,134 485,290 1,748,424 
Less:
Cost of revenues531,423 332,628 
Sales and marketing expense75,482 14,769 
General and administrative expense33,789 41,539 
Research and development expense118,318 12,957 
Segment operating income$504,122 $83,397 $587,519 

For the nine months ended September 30, 2024Enterprise
Software		Platform TechnologiesTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 
Transaction-based fees169,146 353,563 
Maintenance329,724 18,390 
Professional services167,571 33,625 
Software licenses and royalties19,314 937 
Hardware and other25,198 905 
Total segment revenues1,119,585 470,174 1,589,759 
Less:
Cost of revenues523,401 307,325 
Sales and marketing expense81,090 16,082 
General and administrative expense36,046 41,922 
Research and development expense74,889 8,815 
Segment operating income$404,159 $96,030 $500,189 
Schedule of Reconciliation of Operating Income from Segments to Consolidated
Three Months Ended September 30,Nine Months Ended September 30,
Reconciliation of reportable segment operating income to the Company's consolidated totals:2025202420252024
Total segment operating income$201,060 $172,740 $587,519 $500,189 
Corporate unallocated:
Total revenues481 — 8,737 6,913 
Cost of revenues(22,098)(21,177)(71,393)(67,004)
Sales and marketing expense(7,312)(5,523)(20,094)(19,023)
General and administrative expense(53,877)(46,933)(160,696)(142,622)
Research and development expense(6,121)(2,430)(19,199)(4,800)
Amortization of other intangibles(14,201)(13,850)(42,173)(45,813)
Interest expense(1,235)(1,235)(3,743)(4,672)
Other income, net10,855 4,504 26,397 8,232 
Income before income taxes$107,552 $86,096 $305,355 $231,400 
The following table presents reconciliations of segment revenues from external customers and other segment information to the Company’s consolidated totals:
Three Months Ended September 30,Nine Months Ended September 30,
Revenues:2025202420252024
ES$436,106 $383,748 $1,263,134 $1,119,585 
PT159,292 159,589 485,290 470,174 
Corporate unallocated481 — 8,737 6,913 
Total consolidated$595,879 $543,337 $1,757,161 $1,596,672 
Depreciation and amortization expense:
ES$7,608 $8,437 $21,615 $27,431 
PT22,350 22,034 66,849 67,318 
Corporate unallocated5,030 4,059 15,467 14,017 
Total consolidated$34,988 $34,530 $103,931 $108,766 
Software development expenditures:
ES$146 $2,101 $2,387 $5,832 
PT3,457 4,661 11,534 13,240 
Corporate 135 1,157 217 5,340 
Total consolidated$3,738 $7,919 $14,138 $24,412 
Capital expenditures:
ES$1,456 $1,855 $3,738 $13,857 
PT746 639 4,539 2,151 
Corporate 1,674 390 3,421 726 
Total consolidated$3,876 $2,884 $11,698 $16,734 
Segment assets:September 30, 2025December 31, 2024
ES$558,159 $572,224 
PT424,712 416,635 
Corporate
4,474,498 4,191,156 
Total consolidated$5,457,369 $5,180,015 
v3.25.3
Disaggregation of Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Recurring revenues and non-recurring revenues recognized during the period are as follows:
For the three months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$178,383 $21,403 $— $199,786 
Transaction-based fees78,331 122,977 — 201,308 
Maintenance105,450 5,862 — 111,312 
Total recurring revenues362,164 150,242 — 512,406 
Professional services55,769 8,959 — 64,728 
Software licenses and royalties5,137 (37)— 5,100 
Hardware and other13,036 128 481 13,645 
Total non-recurring revenues73,942 9,050 481 83,473 
Total$436,106 $159,292 $481 $595,879 
For the three months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$144,445 $22,179 $— $166,624 
Transaction-based fees61,561 118,985 — 180,546 
Maintenance109,346 6,241 — 115,587 
Total recurring revenues315,352 147,405 — 462,757 
Professional services53,947 10,515 — 64,462 
Software licenses and royalties5,424 764 — 6,188 
Hardware and other9,025 905 — 9,930 
Total non-recurring revenues68,396 12,184 — 80,580 
Total$383,748 $159,589 $— $543,337 
For the nine months ended September 30, 2025Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$505,183 $64,254 $— $569,437 
Transaction-based fees227,956 383,765 — 611,721 
Maintenance319,208 17,028 — 336,236 
Total recurring revenues1,052,347 465,047 — 1,517,394 
Professional services167,224 20,166 — 187,390 
Software licenses and royalties15,977 (220)— 15,757 
Hardware and other27,586 297 8,737 36,620 
Total non-recurring revenues210,787 20,243 8,737 239,767 
Total$1,263,134 $485,290 $8,737 $1,757,161 
For the nine months ended September 30, 2024Enterprise SoftwarePlatform TechnologiesCorporate UnallocatedTotals
Revenues
Subscriptions:
SaaS$408,632 $62,754 $— $471,386 
Transaction-based fees169,146 353,563 — 522,709 
Maintenance329,724 18,390 — 348,114 
Total recurring revenues907,502 434,707 — 1,342,209 
Professional services167,571 33,625 — 201,196 
Software licenses and royalties19,314 937 — 20,251 
Hardware and other25,198 905 6,913 33,016 
Total non-recurring revenues212,083 35,467 6,913 254,463 
Total$1,119,585 $470,174 $6,913 $1,596,672 
v3.25.3
Deferred Revenue and Performance Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred Revenue
Total deferred revenue, including long-term, by segment is as follows:
September 30, 2025December 31, 2024
Enterprise Software$738,964 $683,909 
Platform Technologies42,128 36,117 
Corporate
2,175 3,788 
Totals$783,267 $723,814 
Changes in total deferred revenue, including long-term, were as follows:
Nine Months Ended September 30, 2025
Balance as of December 31, 2024$723,814 
Deferral of revenue1,195,890 
Recognition of deferred revenue(1,136,437)
Balance as of September 30, 2025$783,267 
v3.25.3
Deferred Commissions (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Commissions
Deferred commissions are as follows:
 September 30, 2025December 31, 2024
Prepaid commissions
$19,952 $18,037 
Long-term deferred commissions
48,785 38,762 
Total deferred commissions
$68,737 $56,799 
Schedule of Deferred Commission and Amortization
Amortization expense related to deferred commissions is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Amortization expense
$5,510 $4,840 $15,553 $14,490 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our total outstanding borrowings:
RateMaturity DateSeptember 30, 2025December 31, 2024
2024 Credit Agreement
Revolving credit facility
S + 1.125%
September 2029$— $— 
Convertible Senior Notes due 20260.25%March 2026600,000 600,000 
Total borrowings600,000 600,000 
Less: unamortized debt discount and debt issuance costs(769)(2,066)
Total borrowings, net599,231 597,934 
Current portion of convertible senior notes due 2026, net 599,231 — 
Long Term - convertible senior notes due 2026, net — 597,934 
Total Debt $599,231 $597,934 
The following sets forth the interest expense recognized related to the borrowings and commitment fees for unused portions under the 2024 Credit Agreement, the 2021 Credit Agreement and Convertible Senior Notes and is included in interest expense in the accompanying condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Contractual interest expense - Revolving Credit Facility$(229)$(212)$(724)$(671)
Contractual interest expense - Term Loans— — — (761)
Contractual interest expense - Convertible Senior Notes(375)(375)(1,125)(1,125)
Amortization of debt discount and debt issuance costs (631)(648)(1,894)(2,115)
Total $(1,235)$(1,235)$(3,743)$(4,672)
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, All Other Investments [Abstract]  
Schedule of Investments
The following table presents our financial instruments:
September 30, 2025December 31, 2024
Cash and cash equivalents$834,101 $744,721 
Available-for-sale investments139,159 34,015 
Equity investment
10,000 10,000 
Total$983,260 $788,736 
Schedule of Available-for-sale Activity
The following table presents the components of our available-for-sale investments:
September 30, 2025December 31, 2024
Amortized cost$139,233 $34,225 
Unrealized gains72 3 
Unrealized losses(146)(213)
Estimated fair value$139,159 $34,015 
The following table presents the activity on our available-for-sale investments:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Proceeds from sales and maturities$42,023 $1,349 $76,307 $7,700 
Realized gains on sales, net of tax— 1 — 1 
v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents fair values of our financial and debt instruments categorized by their fair value hierarchy as of September 30, 2025:
Level 1Level 2Level 3Total
Cash and cash equivalents$834,101 $— $— $834,101 
Available-for-sale investments— 139,159 — 139,159 
Equity investment
— — 10,000 10,000 
Convertible Senior Notes due 2026— 663,690 — 663,690 
The following table presents fair values of our financial and debt instruments categorized by their fair value hierarchy as of December 31, 2024:
Level 1Level 2Level 3Total
Cash and cash equivalents$744,721 $— $— $744,721 
Available-for-sale investments— 34,015 — 34,015 
Equity investment
— — 10,000 10,000 
Convertible Senior Notes due 2026— 731,310 — 731,310 
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents the fair value and carrying value, net, of our Convertible Senior Notes:
 Fair Value atCarrying Value at
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Convertible Senior Notes due 2026$663,690 $731,310 $599,231 $597,934 
v3.25.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense Related to Share-Based Awards
The following table summarizes share-based compensation expense related to share-based awards, which is recorded in the condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenues
$9,307 $7,972 $26,912 $22,982 
Operating expenses
27,362 23,215 85,719 65,478 
Total share-based compensation expense$36,669 $31,187 $112,631 $88,460 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share
The following table details the reconciliation of basic earnings per share to diluted earnings per share:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator for basic and diluted earnings per share:  
Net income$84,393 $75,897 $250,072 $197,805 
Denominator:  
Weighted-average basic common shares outstanding43,135 42,714 43,085 42,592 
Assumed conversion of dilutive securities:  
Stock awards552 830 624 782 
Convertible Senior Notes147 150 170 50 
Denominator for diluted earnings per share
   - Adjusted weighted-average shares		43,834 43,694 43,879 43,424 
Earnings per common share:
Basic$1.96 $1.78 $5.80 $4.64 
Diluted$1.93 $1.74 $5.70 $4.56 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Cost
The components of operating lease expense were as follows:
Lease CostsThree Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$3,047 $2,284 $7,893 $6,695 
Short-term lease cost448 510 1,518 1,583 
Variable lease cost276 219 683 593 
Net lease cost$3,771 $3,013 $10,094 $8,871 
Supplemental information related to leases is as follows:
Other InformationNine Months Ended September 30,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$9,341 $9,456 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$11,920 $2,865 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.4
Weighted average discount rate3.54 %1.71 %
Schedule of Supplemental Information Related to Leases
Supplemental information related to leases is as follows:
Other InformationNine Months Ended September 30,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$9,341 $9,456 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$11,920 $2,865 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.4
Weighted average discount rate3.54 %1.71 %
Schedule of Future Minimum Operating Rental Income As of September 30, 2025, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31,Amount
2025 (Remaining)$668 
20262,538 
20272,276 
20282,029 
20291,355 
Thereafter5,581 
Total $14,447 
v3.25.3
Basis of Presentation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Other comprehensive income, net of tax $ 61 $ 55 $ 103 $ 163
v3.25.3
Accounting Standards and Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle    
Total accounts receivable $ 668,841 $ 594,787
Accounts receivable, allowance for losses 23,003 17,325
Unbilled Revenues    
New Accounting Pronouncements or Change in Accounting Principle    
Total accounts receivable 110,400 115,600
Unbilled Revenues | Retention Receivable    
New Accounting Pronouncements or Change in Accounting Principle    
Total accounts receivable $ 11,700 $ 11,400
Minimum    
New Accounting Pronouncements or Change in Accounting Principle    
Revenue recognition period (in years) 1 year  
Minimum | Tyipical    
New Accounting Pronouncements or Change in Accounting Principle    
Revenue recognition period (in years) 1 year  
Maximum    
New Accounting Pronouncements or Change in Accounting Principle    
Revenue recognition period (in years) 10 years  
Maximum | Tyipical    
New Accounting Pronouncements or Change in Accounting Principle    
Revenue recognition period (in years) 3 years  
v3.25.3
Accounting Standards and Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accounts receivable - current $ 661,986 $ 587,634
Accounts receivable - long term 6,855 7,153
Total accounts receivable $ 668,841 $ 594,787
v3.25.3
Segment and Related Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.3
Segment and Related Information - Schedule of Segment Revenues and Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information        
Total segment revenues $ 595,398 $ 543,337 $ 1,748,424 $ 1,589,759
Less:        
Cost of revenues 314,427 305,877 935,444 897,730
Sales and marketing expense 37,560 38,203 110,345 116,195
General and administrative expense 79,971 72,460 236,024 220,590
Research and development expense 51,788 30,120 150,474 88,504
Segment operating income 201,060 172,740 587,519 500,189
Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 436,106 383,748 1,263,134 1,119,585
Less:        
Cost of revenues 183,674 179,123 531,423 523,401
Sales and marketing expense 25,244 27,863 75,482 81,090
General and administrative expense 11,330 11,582 33,789 36,046
Research and development expense 41,243 25,306 118,318 74,889
Segment operating income 174,615 139,874 504,122 404,159
Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues 159,292 159,589 485,290 470,174
Less:        
Cost of revenues 108,655 105,577 332,628 307,325
Sales and marketing expense 5,004 4,817 14,769 16,082
General and administrative expense 14,764 13,945 41,539 41,922
Research and development expense 4,424 2,384 12,957 8,815
Segment operating income 26,445 32,866 83,397 96,030
SaaS | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 178,383 144,445 505,183 408,632
SaaS | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues 21,403 22,179 64,254 62,754
Transaction-based fees | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 78,331 61,561 227,956 169,146
Transaction-based fees | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues 122,977 118,985 383,765 353,563
Maintenance | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 105,450 109,346 319,208 329,724
Maintenance | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues 5,862 6,241 17,028 18,390
Professional services | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 55,769 53,947 167,224 167,571
Professional services | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues 8,959 10,515 20,166 33,625
Software licenses and royalties | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 5,137 5,424 15,977 19,314
Software licenses and royalties | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues (37) 764 (220) 937
Hardware and other        
Less:        
Cost of revenues 8,117 6,052 25,240 21,439
Hardware and other | Operating Segments | Enterprise Software        
Segment Reporting Information        
Total segment revenues 13,036 9,025 27,586 25,198
Hardware and other | Operating Segments | Platform Technologies        
Segment Reporting Information        
Total segment revenues $ 128 $ 905 $ 297 $ 905
v3.25.3
Segment and Related Information - Schedule of Reconciliation of Operating Income from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information        
Total segment operating income $ 97,932 $ 82,827 $ 282,701 $ 227,840
Total revenues 595,879 543,337 1,757,161 1,596,672
Cost of revenues (314,427) (305,877) (935,444) (897,730)
Sales and marketing expense (37,560) (38,203) (110,345) (116,195)
General and administrative expense (79,971) (72,460) (236,024) (220,590)
Research and development expense (51,788) (30,120) (150,474) (88,504)
Amortization of other intangibles (14,201) (13,850) (42,173) (45,813)
Interest expense (1,235) (1,235) (3,743) (4,672)
Other income, net 10,855 4,504 26,397 8,232
Income before income taxes 107,552 86,096 305,355 231,400
Operating Segments        
Segment Reporting Information        
Total segment operating income 201,060 172,740 587,519 500,189
Corporate unallocated:        
Segment Reporting Information        
Total revenues 481 0 8,737 6,913
Cost of revenues (22,098) (21,177) (71,393) (67,004)
Sales and marketing expense (7,312) (5,523) (20,094) (19,023)
General and administrative expense (53,877) (46,933) (160,696) (142,622)
Research and development expense (6,121) (2,430) (19,199) (4,800)
Amortization of other intangibles $ (14,201) $ (13,850) $ (42,173) $ (45,813)
v3.25.3
Segment and Related Information - Schedule of Reconciliations of Segment Revenues and Other Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information          
Revenues: $ 595,879 $ 543,337 $ 1,757,161 $ 1,596,672  
Depreciation and amortization expense: 34,988 34,530 103,931 108,766  
Software development expenditures: 3,738 7,919 14,138 24,412  
Capital expenditures: 3,876 2,884 11,698 16,734  
Segment assets: 5,457,369   5,457,369   $ 5,180,015
Operating Segments | Enterprise Software          
Segment Reporting Information          
Revenues: 436,106 383,748 1,263,134 1,119,585  
Depreciation and amortization expense: 7,608 8,437 21,615 27,431  
Software development expenditures: 146 2,101 2,387 5,832  
Capital expenditures: 1,456 1,855 3,738 13,857  
Segment assets: 558,159   558,159   572,224
Operating Segments | Platform Technologies          
Segment Reporting Information          
Revenues: 159,292 159,589 485,290 470,174  
Depreciation and amortization expense: 22,350 22,034 66,849 67,318  
Software development expenditures: 3,457 4,661 11,534 13,240  
Capital expenditures: 746 639 4,539 2,151  
Segment assets: 424,712   424,712   416,635
Corporate unallocated:          
Segment Reporting Information          
Revenues: 481 0 8,737 6,913  
Depreciation and amortization expense: 5,030 4,059 15,467 14,017  
Software development expenditures: 135 1,157 217 5,340  
Capital expenditures: 1,674 $ 390 3,421 $ 726  
Segment assets: $ 4,474,498   $ 4,474,498   $ 4,191,156
v3.25.3
Disaggregation of Revenue - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Minimum  
Disaggregation of Revenue  
Contract term (in years) 1 year
Typical contract term (in years) 1 year
Maximum  
Disaggregation of Revenue  
Contract term (in years) 10 years
Typical contract term (in years) 3 years
v3.25.3
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue        
Total revenues $ 595,879 $ 543,337 $ 1,757,161 $ 1,596,672
Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 481 0 8,737 6,913
Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 436,106 383,748 1,263,134 1,119,585
Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 159,292 159,589 485,290 470,174
Total recurring revenues        
Disaggregation of Revenue        
Total revenues 512,406 462,757 1,517,394 1,342,209
Total recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
Total recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 362,164 315,352 1,052,347 907,502
Total recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 150,242 147,405 465,047 434,707
Total non-recurring revenues        
Disaggregation of Revenue        
Total revenues 83,473 80,580 239,767 254,463
Total non-recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 481 0 8,737 6,913
Total non-recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 73,942 68,396 210,787 212,083
Total non-recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 9,050 12,184 20,243 35,467
SaaS | Total recurring revenues        
Disaggregation of Revenue        
Total revenues 199,786 166,624 569,437 471,386
SaaS | Total recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
SaaS | Total recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 178,383 144,445 505,183 408,632
SaaS | Total recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 21,403 22,179 64,254 62,754
Transaction-based fees | Total recurring revenues        
Disaggregation of Revenue        
Total revenues 201,308 180,546 611,721 522,709
Transaction-based fees | Total recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
Transaction-based fees | Total recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 78,331 61,561 227,956 169,146
Transaction-based fees | Total recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 122,977 118,985 383,765 353,563
Maintenance        
Disaggregation of Revenue        
Total revenues 111,312 115,587 336,236 348,114
Maintenance | Total recurring revenues        
Disaggregation of Revenue        
Total revenues 111,312 115,587 336,236 348,114
Maintenance | Total recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
Maintenance | Total recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 105,450 109,346 319,208 329,724
Maintenance | Total recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 5,862 6,241 17,028 18,390
Professional services        
Disaggregation of Revenue        
Total revenues 64,728 64,462 187,390 201,196
Professional services | Total non-recurring revenues        
Disaggregation of Revenue        
Total revenues 64,728 64,462 187,390 201,196
Professional services | Total non-recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
Professional services | Total non-recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 55,769 53,947 167,224 167,571
Professional services | Total non-recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues 8,959 10,515 20,166 33,625
Software licenses and royalties | Total non-recurring revenues        
Disaggregation of Revenue        
Total revenues 5,100 6,188 15,757 20,251
Software licenses and royalties | Total non-recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 0 0 0 0
Software licenses and royalties | Total non-recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 5,137 5,424 15,977 19,314
Software licenses and royalties | Total non-recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues (37) 764 (220) 937
Hardware and other | Total non-recurring revenues        
Disaggregation of Revenue        
Total revenues 13,645 9,930 36,620 33,016
Hardware and other | Total non-recurring revenues | Corporate Unallocated        
Disaggregation of Revenue        
Total revenues 481 0 8,737 6,913
Hardware and other | Total non-recurring revenues | Enterprise Software | Operating Segments        
Disaggregation of Revenue        
Total revenues 13,036 9,025 27,586 25,198
Hardware and other | Total non-recurring revenues | Platform Technologies | Operating Segments        
Disaggregation of Revenue        
Total revenues $ 128 $ 905 $ 297 $ 905
v3.25.3
Deferred Revenue and Performance Obligations - Schedule of Changes in Deferred Revenue (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Disaggregation of Revenue  
Totals $ 783,267
Contract With Customer Liability  
Beginning balance 723,814
Deferral of revenue 1,195,890
Recognition of deferred revenue (1,136,437)
Ending balance 783,267
Corporate  
Disaggregation of Revenue  
Totals 2,175
Contract With Customer Liability  
Beginning balance 3,788
Ending balance 2,175
Enterprise Software | Operating Segments  
Disaggregation of Revenue  
Totals 738,964
Contract With Customer Liability  
Beginning balance 683,909
Ending balance 738,964
Platform Technologies | Operating Segments  
Disaggregation of Revenue  
Totals 42,128
Contract With Customer Liability  
Beginning balance 36,117
Ending balance $ 42,128
v3.25.3
Deferred Revenue and Performance Obligations - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Revenue, remaining performance obligation (percent) 97.00%
Expected timing of satisfaction period (in years) 12 months
v3.25.3
Deferred Commissions - Schedule of Deferred Commissions (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Prepaid commissions $ 19,952 $ 18,037
Long-term deferred commissions 48,785 38,762
Total deferred commissions $ 68,737 $ 56,799
v3.25.3
Deferred Commissions - Schedule of Amortization Expense Related to Deferred Commissions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]        
Amortization expense $ 5,510 $ 4,840 $ 15,553 $ 14,490
v3.25.3
Acquisitions (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jul. 28, 2025
Jan. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Business Combination        
Goodwill     $ 2,554,457 $ 2,531,653
Emergency Networking, Inc        
Business Combination        
Cash acquired from acquisition $ 497      
Business acquisition consideration 19,400      
Working capital holdback 2,500      
Total tangible assets   $ 1,600    
Business combination, recognized liability assumed, liability (1,300)      
Goodwill 12,400      
Intangible assets 9,100      
Business combination, recognized liability assumed, deferred tax liability $ (1,900)      
My Gov, LLC        
Business Combination        
Cash acquired from acquisition   215    
Business acquisition consideration   18,200    
Total tangible assets   700    
Business combination, recognized liability assumed, liability   (1,100)    
Goodwill   10,400    
Intangible assets   $ 8,500    
Previous Acquisitions        
Business Combination        
Payments to acquire businesses, gross     $ 7,700  
v3.25.3
Debt - Schedule of Outstanding Borrowings (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Mar. 09, 2021
Line of Credit Facility      
Total borrowings $ 600,000 $ 600,000  
Less: unamortized debt discount and debt issuance costs (769) (2,066)  
Total borrowings, net 599,231 597,934  
Current portion of convertible senior notes due 2026, net 599,231 0  
Long Term - convertible senior notes due 2026, net $ 0 597,934  
Debt Instrument, Variable Interest Rate, Type Flag SOFR Rate    
2024 Credit Agreement | Revolving Credit Facility      
Line of Credit Facility      
Line of credit facility interest rate (percent) 1.125%    
Total borrowings $ 0 0  
Convertible Senior Notes due 2026 | Senior Notes      
Line of Credit Facility      
Debt instrument, interest rate, stated percentage (percent) 0.25%   0.25%
Total borrowings $ 600,000 600,000  
Current portion of convertible senior notes due 2026, net 599,231 0  
Long Term - convertible senior notes due 2026, net 0 597,934  
Total Debt $ 599,231 $ 597,934  
v3.25.3
Debt - Additional Information (Details)
 9 Months Ended
Sep. 25, 2024
USD ($)
Apr. 21, 2021
Mar. 09, 2021
USD ($)
trading_day
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Sep. 24, 2024
USD ($)
Mar. 14, 2024
Line of Credit Facility            
Letter of credit outstanding       $ 500,000    
2024 Credit Agreement | Revolving Credit Facility            
Line of Credit Facility            
Revolving credit facility, maximum borrowing capacity $ 700,000,000          
Line of credit facility interest rate (percent)       1.125%    
Commitment fee (percent) 0.125%          
2024 Credit Agreement | Revolving Credit Facility | Minimum            
Line of Credit Facility            
Commitment fee (percent) 0.125%          
2024 Credit Agreement | Revolving Credit Facility | Minimum | Prime Rate | Option One            
Line of Credit Facility            
Line of credit facility interest rate (percent)   0.125%        
2024 Credit Agreement | Revolving Credit Facility | Minimum | SOFR Rate | Option Two            
Line of Credit Facility            
Line of credit facility interest rate (percent)   1.125%        
2024 Credit Agreement | Revolving Credit Facility | Maximum            
Line of Credit Facility            
Commitment fee (percent) 0.25%          
2024 Credit Agreement | Revolving Credit Facility | Maximum | Prime Rate | Option One            
Line of Credit Facility            
Line of credit facility interest rate (percent)   0.75%        
2024 Credit Agreement | Revolving Credit Facility | Maximum | SOFR Rate | Option Two            
Line of Credit Facility            
Line of credit facility interest rate (percent)   1.75%        
2021 Credit Agreement | Revolving Credit Facility            
Line of Credit Facility            
Revolving credit facility, maximum borrowing capacity         $ 500,000,000  
Convertible Senior Notes due 2026 | Senior Notes            
Line of Credit Facility            
Initial conversion rate (in shares)     0.20266%      
Convertible Senior Notes due 2026 | Senior Notes            
Line of Credit Facility            
Debt instrument, interest rate, stated percentage (percent)     0.25% 0.25%    
Debt instrument face amount     $ 600,000,000.0      
Net proceeds from issuance     591,400,000      
Initial purchasers' discounts     6,000,000      
Debt issuance costs     $ 2,600,000      
Common stock exceeds conversion price percentage (percent)     130.00%      
Debt instrument, convertible, threshold trading (in days) | trading_day     20      
Observation period (in days) | trading_day     30      
Measurement period (in days) | trading_day     5      
Debt instrument convertible (percent)     98.00%      
Initial conversion price (in usd per share) | $ / shares     $ 493.44 $ 493.44    
Scheduled trading days prior to maturity (in days)     30 days      
Consecutive trading days (in days) | trading_day     30      
Percentage of principal repayable (percent)           100.00%
Effective interest rate (percent)       0.54%    
Convertible Senior Notes due 2026 | Revolving Credit Facility            
Line of Credit Facility            
Weighted average interest rate (percent)       0.25%    
v3.25.3
Debt - Schedule of Interest Expense Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument        
Amortization of debt discount and debt issuance costs $ (631) $ (648) $ (1,894) $ (2,115)
Total (1,235) (1,235) (3,743) (4,672)
Contractual interest expense - Term Loans        
Debt Instrument        
Contractual interest expense 0 0 0 (761)
Senior Notes | Contractual interest expense - Convertible Senior Notes        
Debt Instrument        
Contractual interest expense (375) (375) (1,125) (1,125)
Revolving Credit Facility | Contractual interest expense - Revolving Credit Facility        
Debt Instrument        
Contractual interest expense $ (229) $ (212) $ (724) $ (671)
v3.25.3
Financial Instruments - Schedule of Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Cash and cash equivalents $ 834,101 $ 744,721
Available-for-sale investments 139,159 34,015
Equity investment 10,000 10,000
Total $ 983,260 $ 788,736
v3.25.3
Financial Instruments - Additional Information (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
security
Sep. 30, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
Financial Instruments      
Interest receivable $ 794,000 $ 794,000 $ 227,000
Allowance for credit loss 0 0  
Available for sales debt securities, current 116,700,000 116,700,000  
Available for sales debt securities, non-current $ 22,500,000 $ 22,500,000  
Available-for-sale debt securities, loss position, current, number of positions | security 27 27  
Available-for-sale debt securities, loss position, non-current $ 23,100,000 $ 23,100,000  
Four Debt Securities Available For Sale      
Financial Instruments      
Available-for-sale debt securities, loss position, non-current $ 5,100,000 $ 5,100,000  
Available-for-sale debt securities, loss position, non-current, number of positions | security 3 3  
BFTR, LLC      
Financial Instruments      
Investment percentage (percent) 18.00% 18.00%  
v3.25.3
Financial Instruments - Schedule of Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Amortized cost $ 139,233 $ 34,225
Unrealized gains 72 3
Unrealized losses (146) (213)
Estimated fair value $ 139,159 $ 34,015
v3.25.3
Financial Instruments - Schedule of Net Realized Gains (Losses) on Sales of Our Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments, All Other Investments [Abstract]        
Proceeds from sales and maturities $ 42,023 $ 1,349 $ 76,307 $ 7,700
Realized gains on sales, net of tax $ 0 $ 1 $ 0 $ 1
v3.25.3
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques    
Cash and cash equivalents $ 834,101 $ 744,721
Available-for-sale investments 139,159 34,015
Equity investment 10,000 10,000
Convertible Senior Notes due 2026    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments 663,690 731,310
Level 1    
Fair Value Measurement Inputs and Valuation Techniques    
Cash and cash equivalents 834,101 744,721
Available-for-sale investments 0 0
Equity investment 0 0
Level 1 | Convertible Senior Notes due 2026    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments 0 0
Level 2    
Fair Value Measurement Inputs and Valuation Techniques    
Cash and cash equivalents 0 0
Available-for-sale investments 139,159 34,015
Equity investment 0 0
Level 2 | Convertible Senior Notes due 2026    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments 663,690 731,310
Level 3    
Fair Value Measurement Inputs and Valuation Techniques    
Cash and cash equivalents 0 0
Available-for-sale investments 0 0
Equity investment 10,000 10,000
Level 3 | Convertible Senior Notes due 2026    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments $ 0 $ 0
v3.25.3
Fair Value - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques    
Available-for-sale investments $ 139,159 $ 34,015
BFTR, LLC    
Fair Value Measurement Inputs and Valuation Techniques    
Investment percentage (percent) 18.00%  
v3.25.3
Fair Value - Schedule of Fair Value, by Balance Sheet Grouping (Details) - Convertible Senior Notes due 2026 - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments $ 663,690 $ 731,310
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments 663,690 731,310
Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques    
Debt instruments $ 599,231 $ 597,934
v3.25.3
Income Tax Provision (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rates (percent) 21.50% 11.80% 18.10% 14.50%
Income tax payments, net of refunds     $ 47.3 $ 45.7
v3.25.3
Share-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount        
Total share-based compensation expense $ 36,669 $ 31,187 $ 112,631 $ 88,460
Cost of revenues        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount        
Total share-based compensation expense 9,307 7,972 26,912 22,982
Operating expenses        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount        
Total share-based compensation expense $ 27,362 $ 23,215 $ 85,719 $ 65,478
v3.25.3
Earnings Per Share - Schedule of Computation of Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator for basic and diluted earnings per share:        
Net income, basic $ 84,393 $ 75,897 $ 250,072 $ 197,805
Net income, diluted $ 84,393 $ 75,897 $ 250,072 $ 197,805
Denominator:        
Weighted-average basic common shares outstanding (in shares) 43,135 42,714 43,085 42,592
Assumed conversion of dilutive securities:        
Stock awards (in shares) 552 830 624 782
Convertible Senior Notes (in shares) 147 150 170 50
Denominator for diluted earnings per share - Adjusted weighted-average shares (in shares) 43,834 43,694 43,879 43,424
Earnings per common share:        
Basic (in usd per share) $ 1.96 $ 1.78 $ 5.80 $ 4.64
Diluted (in usd per share) $ 1.93 $ 1.74 $ 5.70 $ 4.56
v3.25.3
Earnings Per Share - Additional Information (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mar. 09, 2021
Convertible Senior Notes due 2026 | Senior notes          
Antidilutive Securities Excluded from Computation of Earnings Per Share          
Debt instrument, conversion price (in usd per share) $ 493.44   $ 493.44   $ 493.44
Stock Awards          
Antidilutive Securities Excluded from Computation of Earnings Per Share          
Antidilutive securities excluded from computation of earnings per shares (in shares) 700 500 35,000 79,000  
v3.25.3
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lessee, Lease, Description        
Rental income $ 454 $ 809 $ 2,100 $ 2,400
Minimum        
Lessee, Lease, Description        
Operating lease term (in years) 1 year   1 year  
Maximum        
Lessee, Lease, Description        
Operating lease term (in years) 10 years   10 years  
Operating lease renewal term (up to) (in years) 6 years   6 years  
Lessor, operating lease renewal term (up to) (in years) 10 years   10 years  
v3.25.3
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease cost $ 3,047 $ 2,284 $ 7,893 $ 6,695
Short-term lease cost 448 510 1,518 1,583
Variable lease cost 276 219 683 593
Net lease cost $ 3,771 $ 3,013 $ 10,094 $ 8,871
v3.25.3
Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid amounts included in the measurement of lease liabilities:    
Operating cash outflows from operating leases $ 9,341 $ 9,456
Right-of-use assets obtained in exchange for lease obligations (non-cash):    
Operating leases $ 11,920 $ 2,865
Lease term and discount rate:    
Weighted average remaining lease term (years) 5 years 9 months 18 days 6 years 4 months 24 days
Weighted average discount rate (percent) 3.54% 1.71%
v3.25.3
Leases - Schedule of Future Minimum Operating Rental Income (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Future Operating Rental Income  
2025 $ 668
2026 2,538
2027 2,276
2028 2,029
2029 1,355
Thereafter 5,581
Total $ 14,447
v3.25.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Sep. 30, 2025
Contingencies    
Remaining aggregate minimum purchase commitment   $ 589.3
Contract Termination    
Contingencies    
Damages sought $ 15.0