Vertex (VERX) 10-K 10 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Document Information:
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Document Annual Report	true
Document Transition Report	false
Entity File Number	333-239644
Entity Registrant Name	Vertex, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2081753
Entity Address, Address Line One	2301 Renaissance Blvd
Entity Address, City or Town	King of Prussia
Entity Address State Or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	800
Local Phone Number	355-3500
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol	VERX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 329,737,964
Entity Central Index Key	0001806837
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Crowe LLP
Auditor Location	New York, New York
Auditor Firm ID	173
Class A
Document Information:
Entity Common Stock, Shares Outstanding		50,724,550
Class B
Document Information:
Entity Common Stock, Shares Outstanding		100,307,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 91,803	$ 73,333
Funds held for customers	14,945	24,873
Accounts receivable, net of allowance of $9,554 and $9,151, respectively	102,885	76,929
Prepaid expenses and other current assets	20,383	20,536
Investment securities available-for-sale, current, at fair value (amortized cost of $11,220 at December 31, 2022)	11,173
Total current assets	241,189	195,671
Property and equipment, net of accumulated depreciation	115,768	98,390
Capitalized software, net of accumulated amortization	39,012	33,442
Goodwill and other intangible assets	257,023	272,702
Deferred commissions	15,463	12,555
Deferred income tax asset	30,938	35,298
Operating lease right-of-use assets	17,187	20,249
Other assets	2,612	1,900
Total assets	719,192	670,207
Current liabilities:
Current portion of long-term debt	2,188
Accounts payable	14,329	13,000
Accrued expenses	38,234	22,966
Tax sharing agreement distributions payable		536
Customer funds obligations	12,121	23,461
Accrued salaries and benefits	10,790	16,671
Accrued variable compensation	23,729	26,462
Deferred compensation, current	2,809	4,202
Deferred revenue, current	268,847	237,344
Current portion of operating lease liabilities	4,086	3,933
Current portion of finance lease liabilities	103	284
Deferred purchase consideration, current	19,824	19,805
Purchase commitment and contingent consideration liabilities, current	6,149	468
Total current liabilities	403,209	369,132
Deferred compensation, net of current portion		1,963
Deferred revenue, net of current portion	10,289	11,666
Debt, net of current portion	46,709
Operating lease liabilities, net of current portion	20,421	24,320
Finance lease liabilities, net of current portion	10	68
Deferred purchase consideration, net of current portion		19,419
Purchase commitment and contingent consideration liabilities, net of current portion	8,412	10,829
Deferred other liabilities	417	2,726
Total liabilities	489,467	440,123
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding
Additional paid in capital	244,820	222,621
Retained earnings	12,507	24,811
Accumulated other comprehensive loss	(27,752)	(17,497)
Total stockholders' equity	229,725	230,084
Total liabilities and stockholders' equity	719,192	670,207
Class A
Stockholders' equity:
Common stock	50	42
Class B
Stockholders' equity:
Common stock	$ 100	$ 107

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for accounts receivable	$ 9,554	$ 9,151
Amortized cost	$ 11,220
Preferred stock par value (per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	30,000	30,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock par value (per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	50,014	42,286
Common stock, shares outstanding (in shares)	50,014	42,286
Class B
Common stock par value (per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	100,307	106,807
Common stock, shares outstanding (in shares)	100,307	106,807

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 491,624	$ 425,548	$ 374,665
Cost of revenues:
Cost of revenues	193,132	161,892	165,387
Gross profit	298,492	263,656	209,278
Operating expenses:
Research and development	41,877	44,018	54,340
Selling and marketing	125,335	99,005	99,418
General and administrative	121,651	107,009	149,057
Depreciation and amortization	12,440	11,678	11,018
Other operating expense, net	5,271	4,888	203
Total operating expenses	306,574	266,598	314,036
Loss from operations	(8,082)	(2,942)	(104,758)
Interest expense, net	2,048	984	3,111
Loss before income taxes	(10,130)	(3,926)	(107,869)
Income tax expense (benefit)	2,174	(2,447)	(32,788)
Net loss	(12,304)	(1,479)	(75,081)
Other comprehensive loss:
Foreign currency translation adjustments and revaluations, net of tax	10,219	14,370	2,636
Unrealized loss on investments, net of tax	36
Total other comprehensive loss, net of tax	10,255	14,370	2,636
Total comprehensive loss	(22,559)	(15,849)	(77,717)
Software subscriptions
Revenues:
Revenues	415,473	358,415	316,763
Cost of revenues:
Cost of revenues	142,071	116,194	105,676
Services
Revenues:
Revenues	76,151	67,133	57,902
Cost of revenues:
Cost of revenues	51,061	45,698	59,711
Class A
Other comprehensive loss:
Net loss attributable to stockholders, basic	$ (3,771)	$ (357)	$ (6,335)
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Weighted average common stock, basic (in shares)	45,864	35,647	11,096
Net loss attributable to stockholders, diluted	$ (3,771)	$ (357)	$ (6,335)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Weighted average common stock, diluted (in shares)	45,864	35,647	11,096
Class B
Other comprehensive loss:
Net loss attributable to stockholders, basic	$ (8,533)	$ (1,122)	$ (68,746)
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Weighted average common stock, basic (in shares)	103,781	112,133	120,415
Net loss attributable to stockholders, diluted	$ (8,533)	$ (1,122)	$ (68,746)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Weighted average common stock, diluted (in shares)	103,781	112,133	120,415

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Common Stock Former Class A	Common Stock Former Class B	Common Stock Class A	Common Stock Class B	Additional paid in capital.	Retained Earnings ASC 842	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury stock	Former Class A	Class A	Class B	Options for redeemable shares	ASC 842	Total
Balance at Dec. 31, 2019		$ 54					$ (90,701)	$ (491)	$ (38,638)						$ (129,776)
Balance at Dec. 31, 2019													$ 17,344
Balance (in shares) at Dec. 31, 2019	147	120,270							41,910
Distributions declared							(132,901)								(132,901)
Exercise of stock options prior to the Offering							53								53
Exercise of stock options prior to the Offering (in shares)		173
Remeasurement of options for redeemable shares					$ (21,954)		(29,879)						51,833		(51,833)
Reclassification of accumulated S Corporation earnings					(354,291)		354,291
Reclassification of options for redeemable shares					69,177										69,177
Reclassification of options for temporary shares value													$ (69,177)
Recapitalization prior to Offering		$ (54)		$ 120	(38,704)				$ 38,638
Recapitalization prior to Offering (in shares)	(147)	(120,443)	173	120,417					(41,910)
Reclassification of SAR liability to equity in connection with the Offering					143,519										143,519
Auto-exercised options in connection with Offering			$ 1		(13,809)										(13,808)
Auto-exercised options in connection with Offering (in shares)			564
Shares issued in connection with Offering, net of Offering costs			$ 24		416,778										416,802
Shares issued in connection with Offering, net of Offering costs (shares)			23,812
Exercise of stock options in connection with the Offering					(7,023)										(7,023)
Exercise of stock options in connection with the Offering (in shares)			510
Vested restricted stock issued in connection with Offering					361										361
Vested restricted stock issued in connection with Offering (in shares)			19
Distributions paid or payable in connection with Tax Sharing Agreement					(2,733)										(2,733)
Exercise of stock options, net			$ 1		1,687										1,688
Exercise of stock options, net (in shares)			890
Stock-based compensation expense					12,576										12,576
Shares issued in connection with ESPP					957										957
Shares issued in connection with ESPP (shares)			59
Class B shares exchanged for Class A shares (in shares)			300	(300)
Foreign currency translation adjustments and revaluations, net of tax								(2,636)							(2,636)
Net (loss) income							(75,081)								(75,081)
Balance at Dec. 31, 2020			$ 26	$ 120	206,541		25,782	(3,127)							229,342
Balance (in shares) at Dec. 31, 2020			26,327	120,117						147
Distributions paid or payable in connection with Tax Sharing Agreement					(536)										(536)
Exercise of stock options, net			$ 3		(10,611)										(10,608)
Exercise of stock options, net (in shares)			2,157
Shares issued upon vesting of Restricted Stock Units, net					(78)										(78)
Shares issued upon vesting of Restricted Stock Units, net (in shares)			12
Shares issued upon vesting of Restricted Stock Awards, net					(213)										(213)
Shares issued upon vesting of Restricted Stock Awards, net (in shares)			352
Stock-based compensation expense					25,458										25,458
Shares issued in connection with ESPP					2,060										2,060
Shares issued in connection with ESPP (shares)			128
Class B shares exchanged for Class A shares			$ 13	$ (13)
Class B shares exchanged for Class A shares (in shares)			13,310	(13,310)
Foreign currency translation adjustments and revaluations, net of tax								(14,370)							(14,370)
Net (loss) income							(1,479)								(1,479)
Balance at Dec. 31, 2021			$ 42	$ 107	222,621	$ 508	24,811	(17,497)						$ 508	230,084
Balance (in shares) at Dec. 31, 2021			42,286	106,807							42,286	106,807
Exercise of stock options, net			$ 1		1,164										1,165
Exercise of stock options, net (in shares)			800
Shares issued upon vesting of Restricted Stock Units, net					(283)										(283)
Shares issued upon vesting of Restricted Stock Units, net (in shares)			48
Shares issued upon vesting of Restricted Stock Awards, net					(164)										(164)
Shares issued upon vesting of Restricted Stock Awards, net (in shares)			173
Stock-based compensation expense					19,531										19,531
Shares issued in connection with ESPP					1,951										1,951
Shares issued in connection with ESPP (shares)			207
Class B shares exchanged for Class A shares			$ 7	$ (7)
Class B shares exchanged for Class A shares (in shares)			6,500	(6,500)
Foreign currency translation adjustments and revaluations, net of tax								(10,219)							(10,219)
Unrealized gain (loss) from available-for-sale investments, net of tax								(36)							(36)
Net (loss) income							(12,304)								(12,304)
Balance at Dec. 31, 2022			$ 50	$ 100	$ 244,820		$ 12,507	$ (27,752)							$ 229,725
Balance (in shares) at Dec. 31, 2022			50,014	100,307							50,014	100,307

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (12,304)	$ (1,479)	$ (75,081)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	61,153	44,782	32,215
Provision for subscription cancellations and non-renewals, net of deferred allowance	(196)	466	259
Amortization of deferred financing costs	245	211	373
Write-off of deferred financing costs	370		1,387
Stock-based compensation expense	19,729	26,160	147,904
Deferred income tax benefit	(1,345)	(3,116)	(33,499)
Redemption of Converted SARs			(22,889)
Non-cash operating lease costs	3,357	3,825
Other	4,052	510	107
Changes in operating assets and liabilities:
Accounts receivable	(25,665)	2,962	(6,762)
Prepaid expenses and other current assets	(214)	(5,192)	(1,541)
Deferred commissions	(2,908)	(812)	(547)
Accounts payable	1,369	3,847	(1,842)
Accrued expenses	15,064	3,210	4,568
Accrued and deferred compensation	(12,005)	(3,735)	(632)
Deferred revenue	30,768	24,691	17,557
Operating lease liabilities	(4,041)	(4,697)
Other	(583)	336	(2,034)
Net cash provided by operating activities	76,846	91,969	59,543
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(474)	(251,412)	(11,570)
Property and equipment additions	(58,530)	(33,386)	(20,955)
Capitalized software additions	(14,888)	(11,660)	(11,850)
Purchase of investment securities, available-for-sale	(16,518)
Proceeds from maturities of investment securities, available-for-sale	5,364
Net cash used in investing activities	(85,046)	(296,458)	(44,375)
Cash flows from financing activities:
Net increase (decrease) in customer funds obligations	(11,340)	14,226	1,681
Proceeds from line of credit			12,500
Principal payments on line of credit			(12,500)
Proceeds from term loan	50,000		175,000
Principal payments on long-term debt	(938)		(226,251)
Payments for deferred financing costs	(983)		(2,436)
Proceeds from issuance of shares in connection with Offering			423,024
Payments for Offering costs			(6,222)
Payments for taxes on exercised stock options			(14,813)
Proceeds from purchases of stock under ESPP	1,951	2,060	957
Payments for taxes related to net share settlement of stock-based awards	(1,104)	(12,758)
Proceeds from exercise of stock options	1,821	1,859	8,808
Distributions to stockholders			(146,116)
Distributions under Tax Sharing Agreement	(536)	(2,700)
Payments for purchase commitment liabilities	(423)	(10,822)
Payments of finance lease liabilities	(1,354)	(964)
Payments for deferred purchase commitments	(20,000)
Net cash provided by (used in) financing activities	17,094	(9,099)	213,632
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(352)	(479)	(22)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,542	(214,067)	228,778
Cash, cash equivalents and restricted cash, beginning of period	98,206	312,273	83,495
Cash, cash equivalents and restricted cash, end of period	$ 106,748	$ 98,206	$ 312,273

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	$ 91,803	$ 73,333	$ 303,051
Restricted cash-funds held for customers	14,945	24,873	9,222
Total cash, cash equivalents and restricted cash, end of period	$ 106,748	$ 98,206	$ 312,273

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. Nature of Business Vertex, Inc. (“Vertex”) and its consolidated subsidiaries and variable interest entities (“VIE”) (collectively, the “Company”) operate as solutions providers of state, local and value added tax calculation, compliance and analytics, offering software products which are sold through software license and software as a service (“cloud”) subscriptions. The Company also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. The Company sells to customers located throughout the United States of America (“U.S.”) and internationally. Basis of Consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of the Company. All intercompany transactions have been eliminated in consolidation. The Company has a 65% controlling equity interest in Systax Sistemas Fiscais LTDA (“Systax”), a provider of Brazilian transaction tax content and software. Systax was determined to be a VIE and the accounts are included in the consolidated financial statements. Vertex does not have full decision-making authority over Systax; however, Vertex is the entity that most significantly participates in the variability of the fair value of Systax’s net assets and is considered the entity most closely associated to Systax. As such, Vertex is deemed the primary beneficiary of Systax and consolidates Systax into its consolidated financial statements. Registration of Company Stock and Initial Public Offering On July 28, 2020, the Company filed its amended and restated certificate of incorporation with the Delaware Secretary of State to: (i) effect a three-for-one forward stock split (the “Stock Split”); (ii) establish a new capital structure for the Company (the “New Capital Structure”); and (iii) effect a share exchange (the “Share Exchange”) (collectively, the “Recapitalization”). The Stock Split resulted in each one share owned by a stockholder being exchanged for three The Company’s Registration Statement on Form S-1 with the Securities and Exchange Commission (“SEC”) was declared effective on July 28, 2020, resulting in the Class A shares being registered and available for trading on the NASDAQ Global Market exchange (the “Offering”). On July 31, 2020, the Company received $423,024 in proceeds from the sale of 23,812 shares of Class A at a public offering price of $19.00 per share, net of underwriting fees, and used a portion of the proceeds to pay off $175,000 in outstanding debt. The net proceeds remaining after payment of Offering costs are being used for working capital and other corporate purposes. Segments The Company operates its business as one operating segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company’s CODM allocates resources and assesses performance based upon discrete financial information at the consolidated level. For the years ended December 31, 2022, 2021 and 2020 approximately 8%, 7% and 5%, respectively, of the Company’s revenues were generated outside of the U.S. As of December 31, 2022 and 2021, $827 and $699, respectively, of the Company’s property and equipment assets were held outside of the U.S. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, which includes highly liquid investment securities, available-for-sale securities, funds held for customers and accounts receivable. The Company maintains the majority of its cash and cash equivalent balances and funds held for customers in four banks. These amounts exceed federally insured (“FDIC”) limits. The Company periodically evaluates the creditworthiness of the banks. The Company has not experienced any losses in these accounts and believes they are not exposed to significant credit risk on such accounts. The Company does not require collateral from its customers. Allowances are maintained for credit losses. Credit risk related to accounts receivable is limited due to the industry and geographic diversity within the Company's customer base. No single customer accounted for more than 10% of revenues for the years ended December 31, 2022, 2021 and 2020. Fair Value Measurement 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 a measurement date. A three-level fair value hierarchy (the “Fair Value Hierarchy”) prioritizes the inputs used to measure fair value. The Fair Value Hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. Classification in the Fair Value Hierarchy is based on the lowest of the following levels that is significant to the measurement: Level 1 Level 2 Level 3 The Company’s assessment of the significance of an input to a fair value measurement requires judgment, which may affect the determination of fair value and the measurement’s classification within the Fair Value Hierarchy. Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses during the reporting period. Significant estimates used in preparing these consolidated financial statements include: (i) the estimated allowance for subscription cancellations, (ii) expected credit losses associated with the allowance for doubtful accounts; (iii) allowance for credit losses on available-for-sale debt securities; (iv) the reserve for self-insurance, (v) assumptions related to achievement of technological feasibility for software developed for sale, (vi) product life cycles, (vii) estimated useful lives and potential impairment of long-lived assets and intangible assets, (viii) potential impairment of goodwill, (ix) determination of the fair value of tangible and intangible assets acquired, liabilities assumed and consideration transferred in acquisitions, (x) amortization period of material rights and deferred commissions (xi) Black-Scholes-Merton option pricing model (“Black-Scholes model”) input assumptions used to determine the fair value of certain stock-based compensation awards, and Employer Stock Purchase Plan (“ESPP”) purchase rights (xii) measurement of future purchase commitment, contingent consideration liabilities and deferred purchase consideration liabilities associated with acquisitions, and (xiii) the potential outcome of future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Actual results may differ from these estimates. ​ Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity date of three months or less to be cash equivalents. Funds held as investments in money market funds are included within cash and cash equivalents. In accordance with Accounting Standards Update (“ASU”) No. 2016-18, Restricted Cash Funds Held for Customers Funds held for customers in the consolidated balance sheets represents customer funds advanced for transaction tax returns outsourcing. Funds held for customers are restricted for the sole purpose of remitting such funds to satisfy obligations on behalf of such customers and are deposited at FDIC-insured institutions. Customer obligations are included in current liabilities in the consolidated balance sheets, as the obligations are expected to be settled within one year. Property and Equipment Property and equipment are stated at cost or fair value when acquired and presented net of accumulated depreciation. Normal maintenance and repairs are charged to expense, while major renewals and betterments are capitalized. Assets under finance leases are recorded at the present value of future lease payments. Assets under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the assets and are depreciated over the shorter of the asset’s useful life or lease term. ​ ​ Depreciation and amortization are computed straight-line over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Leasehold improvements 1 - 12 years Internal-use software developed 3 - 5 years Computer software purchased 3 - 7 years Equipment 3 - 10 years Furniture and fixtures 7 - 10 years ​ Software Development Costs Internal-Use Software The Company follows Accounting Standards Codification (“ASC”) 350-40, Goodwill and Other, Internal-Use Software, are primarily comprised of direct labor, related expenses and initial software licenses. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative and training costs. Internal-use software includes software utilized for cloud-based solutions as well as software for internal systems and tools. Costs are capitalized once the project is defined, funding is committed and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. Internal-use software is included in internal-use software developed in property and equipment in the consolidated balance sheets once available for its intended use. Depreciation expense for internal-use software utilized for cloud-based customer solutions and for software for internal systems and tools is included in cost of revenues, software subscriptions and depreciation and amortization, respectively, in the consolidated statements of comprehensive loss. Software Developed for Sale The costs incurred for the development of computer software to be sold, leased, or otherwise marketed are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased or Marketed Amortization of capitalized software development costs begins when the product is available for general release. Amortization is provided on a product-by-product basis using the straight-line method over periods between three to five years. Unamortized capitalized software development costs determined to be in excess of the net realizable value of the product are expensed immediately. Capitalized software costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies at each balance sheet date. In the event of impairment, unamortized capitalized software costs are compared to the net realizable value of the related product and the carrying value of the related assets are written down to the net realizable value to the extent the unamortized capitalized costs exceed such value. The net realizable value is the estimated future gross revenues from the related product reduced by the estimated future costs of completing and disposing of such product, including the costs of providing related maintenance and customer support. Assessment of Long-Lived Assets The Company reviews the carrying value of long-lived assets, including internal-use software, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Whenever such events or circumstances are present, an impairment loss equal to the excess of the asset carrying value over its fair value, if any, is recorded. Business Combinations Upon acquisition of a company, the Company determines if the transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, the assets acquired, liabilities assumed, consideration transferred and amounts attributed to noncontrolling interests, are recorded at fair value. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired, liabilities assumed, consideration transferred, and amounts attributed to noncontrolling interests at the acquisition date. One of the most significant estimates relates to the determination of the fair value of these amounts. The determination of the fair values is based on estimates and judgments made by management. The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments to these values as of the acquisition date are reflected at the time identified, up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets acquired, liabilities assumed, consideration transferred and noncontrolling interests is received, and is not to exceed one year from the acquisition date (the “Measurement Period”). Thus, the Company may record adjustments to the fair value of these tangible and intangible assets acquired, liabilities assumed, consideration transferred and noncontrolling interests, with the corresponding offset to goodwill during this Measurement Period. Additionally, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill, provided the Company is within the Measurement Period, with any adjustments to amortization of new or previously recorded identifiable intangibles being recorded to the consolidated statements of comprehensive loss in the period in which they arise. In addition, if outside of the Measurement Period, any subsequent adjustments to the acquisition date fair values are reflected in the consolidated statements of comprehensive loss in the period in which they arise. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. The Company evaluates goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has determined that its business comprises one reporting unit. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case a quantitative impairment test is not required. As provided for by ASU 2017-04, Simplifying the Test for Goodwill Impairment Deferred Financing Costs The Company capitalizes costs related to obtaining, renewing or extending loan agreements and amortizes these costs on a straight-line basis, which approximates the effective interest method, over the life of the loan. Deferred financing costs related to undrawn debt are reflected in other assets in the consolidated balance sheets in accordance with ASC 835-30, Interest—Imputation of Interest Stock-Based Compensation On the effective date of the Offering, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”) and the ESPP, which provide for the award of stock appreciation rights (“SARs”), stock options (“options”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and participation in the ESPP (collectively, the “awards”). The awards are subject to, and the Company applies, the guidance set forth in ASC 718, Compensation—Stock Compensation The provisions of ASC 718 require a company to measure the fair value of stock-based compensation as of the grant date of the award. Stock-based compensation expense reflects the cost of employee services received in exchange for the awards. SARs are accounted for as liabilities under ASC 718 and, as such, the Company recognizes stock-based compensation expense by remeasuring the value of the SARs at the end of each reporting period and accruing the portion of the requisite service rendered at that date. Prior to the date management determined the Company was considered to have become a public entity, the Company measured SARs at their intrinsic value. After such date, management remeasured outstanding SARs using the fair value-based method under ASC 718. Stock-based compensation expense for stock options issued under the 2020 Plan after the Offering is measured based on the grant date fair value of the award and is estimated using the Black-Scholes model. Compensation cost is recognized on a straight-line basis over the requisite service or performance period associated with the award. Stock-based compensation expense for RSAs and RSUs is based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost is recognized on a straight-line basis over the requisite service or performance period associated with the award. Stock-based compensation expense for awards subject to performance-based measurement criteria is recognized when achievement of performance targets is deemed probable. The ESPP permits participants to purchase Class A common stock through payroll deductions, up to a specified percentage of their eligible compensation, or for the initial offering period ended November 30, 2020, a lump sum contribution. The plan is a compensatory plan as it allows participants to purchase stock at a 15% discount from the lower of the fair value of the Class A common on the first or last day of the ESPP offering period (the “ESPP Discount”). The ESPP is accounted for as an equity classified award. Stock-based compensation expense for the ESPP is measured based on the fair value of the ESPP award at the start of the offering period. The fair value is comprised of the value of the ESPP Discount and the value associated with the variability in the Class A common stock price during the offering period (the “Call/Put”), which is estimated using the Black-Scholes model. Compensation cost is recognized on a straight-line basis over the respective offering period. The Company has elected to recognize award forfeitures as they occur. Leases Effective January 1, 2021, the Company adopted ASU No. 2016-02, Leases For leases with terms greater than 12 months, the Company records an operating lease right-of-use asset or finance lease asset and related lease liability at the present value of lease payments over the lease term. The implicit rate for individual leases is generally not readily determinable; therefore, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. Leases with an option to extend the related lease term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. The Company recognizes expense for operating leases on a straight-line basis over the lease term plus any variable lease costs. The Company does not recognize a right-of-use asset or lease liability for leases with an initial term equal to or less than 12 months (“short-term leases”) on its consolidated balance sheets. The Company recognizes expense on short-term leases in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. For periods prior to the adoption of ASC 842, the Company recorded rent expense for operating leases on a straight-line basis over the term of the related lease. The difference between the straight-line rent expense and the payments made in accordance with the operating lease agreements were recognized as a deferred rent liability within other liabilities on the consolidated balance sheets. Self-insurance The Company is self-insured for the majority of its health insurance costs, including medical claims subject to certain stop-loss provisions. Management periodically reviews the adequacy of the Company’s stop-loss insurance coverage. The Company records an estimate of claims incurred but not reported, based on management’s judgment and historical experience. Self-insurance accruals are $2,219 and $1,922 at December 31, 2022 and 2021, respectively, and are reflected in accrued salaries and benefits in the consolidated balance sheets. Material differences may result in the amount and timing of insurance expense if actual experience differs significantly from management’s estimates. Revenue Recognition Revenue from contracts with customers The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers Nature of goods and services Licenses for on-premise software subscriptions, which are generally one year, provide the customer with a right to use the software as it exists when made available to the customer. Customers purchase a subscription to these licenses, which includes the related software and tax content updates and product support. The updates and support, which are part of the subscription agreement, are essential to the continued utility of the software; therefore, the Company has determined the software and the related updates and support to be a single performance obligation. Accordingly, when on-premise software is licensed, the revenue associated with this combined performance obligation is recognized ratably over the license term as these subscriptions are provided for the duration of the license term. Revenue recognition begins on the later of the beginning of the subscription period or the date the software is made available to the customer to download. Prior to January 1, 2022, certain on-premise software subscription prices in the initial subscription year were higher than standard renewal prices. The excess initial year price over the renewal price is a material right that provides customers with the right to this reduced renewal price. The Company recognizes revenue associated with this material right over the estimated period of benefit to the customer, which is generally three years. Effective January 1, 2022, the Company changed the pricing structure for on-premise software so the initial year price and renewal prices were consistent, thus removing the material right for transactions after this date. The material right for applicable transactions prior to this pricing change will continue to be recognized over the remaining estimated period of benefit to the customer. Cloud-based subscriptions allow customers to use Company-hosted software over the contract period without taking possession of the software. The cloud-based offerings also include related updates and support. Revenue recognition begins on the later of the beginning of the subscription period or the date the customer is provided access to the cloud-based solutions. Cloud-based contracts consistently provide a benefit to the customer during the subscription period; thus, the associated revenue is recognized ratably over the related subscription period. Revenue from deliverable-based services is recognized as services are delivered. Revenue from fixed fee services is recognized as services are performed using the percentage of completion input method. The Company has elected the “right to invoice” practical expedient for revenue related to services that are billed on an hourly basis, which enables revenue to be recognized as the services are performed. The Company has determined that the methods applied to measuring its progress toward complete satisfaction of performance obligations recognized over time are a faithful depiction of the transfer of control of software subscriptions and services to customers. Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Identification of the amortization periods of material rights and contract costs requires significant judgment by management. Payment terms Payment terms and conditions vary by contract, although the Company’s terms generally include a requirement of payment within 30-60 days. In instances where the timing of revenue recognition differs from the timing of payment, the Company has determined that its contracts do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing products and services, not to receive financing from customers or to provide customers with financing. Cost of Revenues Cost of revenues, software subscriptions include the direct cost to develop, host and distribute software products, the direct cost to provide customer support, and amortization of costs capitalized for software developed for sale, for internal-use software utilized for cloud-based subscriptions and for certain acquired intangible assets. Cost of revenues, services include the direct costs of implementation, training, transaction tax returns outsourcing and other tax-related services. Reimbursable Costs Reimbursable costs passed through and invoiced to customers of the Company are recorded as services revenues with the associated expenses recorded as cost of revenues, services in the consolidated statements of comprehensive loss. These amounts were $133, $14, and $199 for the years ended December 31, 2022, 2021 and 2020, respectively. Research and Development Research and development costs consist primarily of personnel and related expenses for research and development activities including salaries, benefits and other compensation. Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development, Advertising Advertising expense is recorded as incurred and is reflected in selling and marketing expense in the consolidated statements of comprehensive loss. Total advertising expense was $26,529, $20,386, and $11,069 for the years ended December 31, 2022, 2021, and 2020, respectively. Foreign Currency The Company transacts business in various foreign currencies. Management has concluded that the local country’s currency is the functional currency of its foreign operations. Consequently, operating activities outside the U.S. are translated into U.S. dollars using average exchange rates, while assets and liabilities of operations outside the U.S. are translated into U.S. dollars using exchange rates at the balance sheet date. The effects of foreign currency translation adjustments are included in total stockholders' equity as a component of accumulated other comprehensive loss in the consolidated balance sheets. Related periodic movements in exchange rates are included in other comprehensive income (loss) in the consolidated statements of comprehensive loss. Other operating expense, net in the consolidated statements of comprehensive loss includes net foreign exchange transaction gains (losses) of ($38), $183, and ($155) for the years ended December 31, 2022, 2021 and 2020, respectively. Investments The Company’s investment securities portfolio consists of the following: money market mutual funds invested in high quality, short-term money market instruments which are issued and payable in U.S. dollars (“Money Market Funds”), bank and corporate issued commercial paper (“Commercial Paper”), corporate bonds (“Corporate Bonds”), and U.S. treasury securities (“Treasury Securities”). The Money Market Funds and a portion of the Commercial Paper are considered cash and cash equivalents due to their short maturity dates. These securities are carried at fair value, with the realized holding gains and (losses), net of tax, reported in the interest expense, net line of the consolidated statements of comprehensive loss. Realized holding gains and (losses), net of tax, were not material. The Money Market Funds qualify as equity securities per ASC 321, Investments - Equity Securities Investments - Debt Securities ​ Income Taxes The Company accounts for income taxes using the asset and liability method, which recognizes deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the Company’s consolidated financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The effects of future changes in tax laws or rates are not anticipated. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes The impact as a result of the application of ASC 740 is reflected in the consolidated financial statements. The Company assesses its income tax positions and records tax benefits or expense based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. Variations in the actual outcome of these future tax consequences could materially impact the consolidated financial statements. Effective July 27, 2020, Vertex is taxed as a C-Corporation for U.S federal and state income tax purposes upon revocation of the Company’s S-Corporation election (the “S Election”) in connection with the Offering. Before July 27, 2020, Vertex was taxed as an S-Corporation for U.S. federal and most state income tax purposes resulting in net income or loss before this date being allocated to and included on the income tax returns of the S-Corporation stockholders. Historically the Company distributed amounts to the stockholders to satisfy their tax liabilities resulting from allocated net income or loss. In certain states, Vertex was taxed at the corporate level. Accordingly, the income tax provision or benefit was based on taxable income allocated to these states. In foreign jurisdictions, Vertex subsidiaries are generally taxed at the corporate level, and the income tax provision or benefit is based on income or loss sourced to these foreign jurisdictions at the tax rates applicable in those jurisdictions. In connection with the S Election revocation, the Company entered into an agreement with the S-Corporation stockholders pursuant to which the Company indemnified them for unpaid income tax liabilities and may be required to make future payments in material amounts to them attributable to incremental income taxes resulting from an adjustment to S-Corporation related taxable income that arises after the effective date of the S Election revocation (the “Tax Sharing Agreement”). In addition, the Tax Sharing Agreement indemnifies the S-Corporation stockholders for any interest, penalties, losses, costs or expenses arising out of any claim under the agreement. Correspondingly, the S-Corporation stockholders indemnified the Company with respect to unpaid tax liabilities (including interest and penalties) to the extent that such unpaid tax liabilities are attributable to a decrease in S-Corporation stockholders’ taxable income for any period and a corresponding increase in our taxable income for any period. The Company recorded a deferred tax asset during the year ended December 31, 2020 as a result of the conversion from an S-Corporation to a C-Corporation. The deferred tax asset is primarily due to future stock-based compensation deductions for tax purposes resulting from SARs that were previously issued by the Company, converted to options and immediately exercised upon the effective date of the Offering. The exercise of these options resulted in a net operating loss for the C-Corporation short tax year beginning July 27, 2020 and ending December 31, 2020. Total Comprehensive Income (Loss) Total comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as elements of stockholders' equity but

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	2. Disaggregation of revenue The table reflects revenue by major source for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ 2022 2021 2020 Software subscriptions: ​ ​ ​ ​ ​ Software licenses $ 246,577 ​ $ 231,371 ​ $ 229,744 Cloud subscriptions ​ 168,896 ​ ​ 127,044 ​ ​ 87,019 Software subscriptions ​ 415,473 ​ ​ 358,415 ​ ​ 316,763 Services 76,151 ​ 67,133 ​ 57,902 Total revenues $ 491,624 ​ $ 425,548 ​ $ 374,665 ​ Contract balances Timing of revenue recognition may differ from the timing of invoicing customers. A receivable is recorded in the consolidated balance sheets when customers are billed related to revenue to be collected and recognized for subscription agreements as there is an unconditional right to invoice and receive payment in the future related to these subscriptions. A receivable and related revenue may also be recorded in advance of billings to the extent services have been performed and the Company has a right under the contract to bill and collect for such performance. Subscription-based customers are generally invoiced annually at the beginning of each annual subscription period. The Company’s payment terms typically range from 30-60 days. The beginning and ending balances of accounts receivable, net of allowance, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance, beginning of period ​ $ 76,929 ​ $ 77,159 Balance, end of period ​ 102,885 ​ 76,929 Increase (decrease), net ​ $ 25,956 ​ $ (230) ​ A contract liability is recorded as deferred revenue on the consolidated balance sheets when customers are billed in advance of performance obligations being satisfied, and revenue is recognized after invoicing ratably over the subscription period or over the amortization period of material rights. Deferred revenue is reflected net of a related deferred allowance for subscription cancellations (the “deferred allowance”) of $7,133 and $6,537 at December 31, 2022 and 2021, respectively. The deferred allowance represents the portion of the allowance for subscription cancellations associated with deferred revenue. The beginning and ending balances of and changes to the allowance and the deferred allowance are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Balance ​ Net Change Balance ​ Net Change Balance ​ Net Change Allowance balance, January 1, ​ $ (9,151) ​ ​ $ (8,592) ​ ​ $ (7,515) ​ Allowance balance, December 31, ​ (9,554) ​ ​ (9,151) ​ ​ (8,592) ​ Change in allowance ​ ​ ​ $ 403 ​ ​ ​ $ 559 ​ ​ ​ $ 1,077 Deferred allowance balance, January 1, ​ 6,537 ​ ​ 6,432 ​ ​ 5,614 ​ Deferred allowance balance, December 31, ​ 7,133 ​ ​ 6,537 ​ ​ 6,432 ​ Change in deferred allowance ​ ​ ​ (596) ​ ​ ​ (105) ​ ​ ​ (818) Net amount charged to revenues ​ ​ ​ $ (193) ​ ​ ​ $ 454 ​ ​ ​ $ 259 ​ The amount of revenue recognized during the years ended December 31, 2022, 2021 and 2020 that was included in the opening deferred revenue balance of the same fiscal year was $237,344, $207,560, and $191,745, respectively. The portion of deferred revenue expected to be recognized in revenue beyond one year is included in deferred revenue, net of current portion in the consolidated balance sheets. The tables provide information about the balances of and changes to deferred revenue for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 ​ 2021 Balances: ​ ​ ​ Deferred revenue, current $ 268,847 ​ $ 237,344 Deferred revenue, non-current 10,289 ​ 11,666 Total deferred revenue $ 279,136 ​ $ 249,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 ​ 2021 ​ 2020 Changes to deferred revenue: ​ ​ ​ Beginning balance $ 249,010 ​ $ 222,262 ​ $ 205,791 Additional amounts deferred 521,750 ​ 452,296 ​ 391,136 Revenues recognized (491,624) ​ (425,548) ​ (374,665) Ending balance $ 279,136 ​ $ 249,010 ​ $ 222,262 ​ Deferred revenue at December 31, 2022 will be recognized as follows for all future years: ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2023 ​ $ 268,847 2024 ​ 9,928 2025 ​ 361 Total ​ $ 279,136 ​ Contract costs Deferred sales commissions earned by the Company’s sales force and certain sales incentive programs and vendor referral agreements are considered incremental and recoverable costs of obtaining a contract with a customer. An asset is recognized for these incremental contract costs and reflected as deferred commissions in the consolidated balance sheets. These contract costs are amortized on a straight-line basis over a period consistent with the transfer of the associated product and services to the customer, which is generally three years. Amortization of these costs are included in selling and marketing expense in the consolidated statements of comprehensive loss. The Company periodically reviews these contract assets to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these assets. There were no impairment losses recorded for the periods presented. The changes to contract cost balances as of and for the following periods are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Deferred commissions: ​ ​ ​ Beginning balance ​ $ 12,555 ​ $ 11,743 ​ $ 11,196 Additions ​ 13,913 ​ 10,018 ​ 8,291 Amortization ​ (11,005) ​ (9,206) ​ (7,744) Ending balance ​ $ 15,463 ​ $ 12,555 ​ $ 11,743 ​

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2022
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	3. LCR-Dixon On September 22, 2021, the Company executed a stock purchase agreement to acquire 100% of the stock of LCR-Dixon Corporation (“LCR-Dixon”), a provider of SAP technologies and tax intelligence solutions. LCR-Dixon’s solutions were specifically developed to improve functionality and performance for SAP indirect tax processes and are integrated with the Company’s tax determination software. The LCR-Dixon acquisition was accounted for as a business combination. The transaction costs associated with the acquisition were not significant. The purchase price was $99,062 as of the acquisition date consisting of (i) $59,720 of cash paid at closing, partially offset by $1,899 of LCR-Dixon cash received in the acquisition, resulting in net cash consideration at closing of $57,821, (ii) $474 cash paid related to the final determination of LCR-Dixon’s cash and net working capital as of the acquisition date (the “Post-closing Adjustment”) paid in January 2022, (iii) non-interest bearing deferred payments aggregating $40,000 to be paid in four equal installments of $10,000 every six-months beginning March 2022 and ending September 2023, net of a discount of $976 (the “deferred purchase consideration”), and (iv) other adjustments associated with income tax amounts that exceed the estimated amount calculated at closing of $156. Cash paid was funded from available cash on hand. The discount recorded as a reduction of the deferred purchase consideration will be recorded as interest expense over the payment period using the effective interest method. The deferred purchase consideration, net of discount, at December 31, 2022 is $19,824, and is included in current liabilities in the consolidated balance sheet. The deferred purchase consideration, net of discount, at December 31, 2021 of $19,805 and $19,419, is included in current liabilities and long-term liabilities, respectively, in the consolidated balance sheets. The following table summarizes the purchase price for LCR-Dixon: ​ ​ ​ ​ ​ ​ ​ As of Acquisition Date Cash consideration ​ $ 60,038 Fair value of deferred purchase consideration ​ ​ 39,024 Total ​ $ 99,062 ​ The purchase price was allocated to the net assets acquired based on management’s determination of their estimated fair values using available information as of the acquisition date. The excess of purchase consideration over the net assets acquired is recorded as goodwill, which primarily reflects the existence of intangible assets not recognized under U.S. GAAP such as the value of expected future synergies, the value of the assembled workforce and other market factors. Goodwill associated with the LCR-Dixon acquisition is not deductible for tax purposes. The fair values of these amounts on the acquisition date, which are reflected in the table below, were finalized during the second quarter of 2022 and include Measurement Period adjustments resulting in an increase to capitalized software of $7,700, an increase to other intangibles of $6,500 and various other adjustments resulting in a net reduction to goodwill of $11,178. Any subsequent adjustments to these values will be recorded in the consolidated statements of comprehensive loss in the period in which the adjustment is identified. ​ The Company and LCR-Dixon had a pre-existing relationship in the form of a royalty agreement at the acquisition date. The Company owed LCR-Dixon royalties in connection with licenses sold by the Company to end users when collected by the Company from end users (the “Royalty Agreement”). The Royalty Agreement terminated upon consummation of the acquisition and the Company wrote-off $252 of royalties payable to LCR-Dixon with an offset to goodwill. ​ The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed as recorded in the Company’s consolidated balance sheet as of the acquisition date: ​ ​ ​ ​ ​ ​ ​ As of Acquisition Date Cash and cash equivalents ​ $ 1,899 Accounts receivable ​ ​ 1,586 Prepaid expenses and other current assets ​ ​ 150 Property and equipment ​ ​ 4 Capitalized software ​ ​ 7,700 Goodwill ​ ​ 86,639 Other intangibles ​ ​ 6,500 Accounts payable ​ ​ (19) Accrued expenses ​ ​ (202) Accrued compensation ​ ​ (1,746) Deferred income tax liability ​ ​ (3,630) Deferred revenue ​ ​ (71) Total ​ $ 98,810 ​ The fair value, valuation methodologies, estimated useful lives, and significant assumptions of the identifiable intangibles acquired in the LCR-Dixon acquisition are summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 22, 2021 LCR-Dixon Identifiable Intangibles ​ Balance Sheet Location ​ ​ Fair Value ​ Valuation Methodology ​ Estimated Useful Life ​ Discount Rate ​ Trade name ​ Goodwill and other intangible assets (Note 9) ​ $ 200 ​ Relief from royalty method - income approach ​ 6 months ​ 20.0 % Customer relationships ​ Goodwill and other intangible assets (Note 9) ​ $ 6,300 ​ Excess earnings method - income approach ​ 3 years ​ 20.0 % Developed technology ​ Property and equipment, net (Note 6) ​ $ 7,700 ​ Relief from royalty method - income approach ​ 3 years ​ 20.0 % ​ ​ Taxamo ​ On May 12, 2021, the Company acquired 95% of the outstanding equity of EVAT Solutions Limited (“EVAT”) and its wholly owned subsidiaries (collectively “Taxamo”), a cloud-based provider of tax and payment automation for global eCommerce and marketplaces. This acquisition supports the Company’s growth strategies across eCommerce platforms and marketplaces in Europe and North America. Included in the acquisition agreement is an option to purchase from and an option for the remaining shareholder to sell the remaining 5% of the outstanding equity of EVAT (the “Option”) at a fixed amount between August and December 2021 for an estimated fair value of $10,034. ​ The purchase price for the Taxamo acquisition was $200,689, consisting of (i) $190,153 of cash paid at closing, partially offset by $2,662 of acquired cash, including $221 of restricted cash, received in the acquisition resulting in net cash consideration at closing of $187,491, (ii) an acquisition holdback with an estimated fair value upon acquisition of $502, and (iii) the Option. The Company recorded the estimated fair value of the Option payment amount in purchase commitment and contingent consideration liabilities, current, on the consolidated balance sheet as of the acquisition date. Cash consideration was funded from available cash on hand. ​ The following table summarizes the purchase price for Taxamo: ​ ​ ​ ​ ​ ​ ​ May 12, 2021 Cash paid at closing ​ $ 190,153 Fair value of acquisition holdback ​ 502 Fair value of the Option ​ ​ 10,034 Total ​ $ 200,689 ​ On August 19, 2021, the Company acquired the remaining 5% equity interest of EVAT for $10,034 through exercise of the Option, giving the Company 100% of the outstanding equity interest of EVAT. The acquisition holdback was fixed in Euros and approximated $468, which amount was included in purchase commitment and contingent consideration liabilities, current in the consolidated balance sheet as of December 31, 2021, and was paid during 2022. ​ The Taxamo acquisition was accounted for as a business combination. The purchase price was allocated to the net assets acquired based on management’s determination of their estimated fair values using available information as of the acquisition date. The excess of purchase consideration over the net assets acquired was recorded as goodwill, which reflects the value of intangible assets not recognized under U.S. GAAP such as the value of expected future synergies, the value of the assembled workforce and other market factors. The Company expects that goodwill associated with the Taxamo acquisition will not be deductible for tax purposes. Taxamo’s business and product offerings are being integrated into the Company’s one operating segment. ​ The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed as recorded in the Company’s consolidated balance sheet as of the acquisition date: ​ ​ ​ ​ ​ ​ ​ May 12, 2021 Cash and cash equivalents ​ $ 2,441 Funds held for customers ​ ​ 221 Accounts receivable ​ ​ 2,657 Prepaid expenses and other current assets ​ ​ 908 Property and equipment ​ 40,792 Goodwill ​ ​ 164,199 Other intangibles ​ ​ 1,581 Accounts payable ​ ​ (304) Accrued expenses ​ ​ (1,395) Accrued compensation ​ ​ (3,939) Deferred revenue ​ ​ (2,196) Deferred other income ​ ​ — Deferred other liabilities ​ ​ (4,276) Total ​ $ 200,689 ​ The fair value, valuation methodologies, estimated useful lives, and significant assumptions of the identifiable intangibles acquired in the Taxamo acquisition are summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 12, 2021 Taxamo Identifiable Intangibles ​ Balance Sheet Location ​ ​ Fair Value ​ Valuation Methodology ​ Estimated Useful Life ​ Discount Rate ​ Developed technology ​ Property and equipment, net (Note 6) ​ $ 40,746 ​ Multi-period excess earnings method - income approach ​ 3 years ​ 16.5 % Trade name ​ Goodwill and other intangible assets (Note 9) ​ $ 608 ​ Relief from royalty method - income approach ​ 2 years ​ 16.5 % Customer relationships ​ Goodwill and other intangible assets (Note 9) ​ $ 973 ​ Distributor method - income approach ​ 2 years ​ 16.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company has included the financial results of Taxamo in the consolidated statement of comprehensive income (loss) from the date of acquisition. The transaction costs associated with the acquisition were $4,269 and are recorded in other operating expense, net, for the year ended December 31, 2021. ​ The Company assumed certain liabilities in the acquisition of Taxamo, including deferred revenue with a fair value of $2,196, using a cost-plus profit approach. The Company is amortizing the acquired deferred revenue at its fair value over the period for which it is incurring costs to support the assumed customer obligations. ​ Tellutax ​ On January 25, 2021, the Company executed an Asset Purchase Agreement with Tellutax LLC, a Portland, Oregon based edge computing technology startup (“Tellutax”), to acquire substantially all of Tellutax’s assets (the “Tellutax acquisition”). Cash consideration paid for the acquisition was $6,100, funded through cash on hand, and serves to strengthen the Company’s technology roadmap and hybrid cloud strategy enabling it to better serve customers in an increasingly hyper-connected environment. The Tellutax acquisition entitles the sellers to contingent consideration if sales targets are met during a period of time following the acquisition. ​ The Tellutax acquisition was accounted for as a business combination. The total purchase price was allocated to the net assets acquired based on management’s determination of their estimated fair values using available information as of the acquisition date. The excess of purchase consideration over the net assets acquired is recorded as goodwill, which primarily reflects the value of expected future synergies, the existence of intangible assets not recognized under U.S. GAAP such as the value of the assembled workforce and other market factors. The Company expects that goodwill associated with the Tellutax acquisition will be deductible for tax purposes. The fair values of these amounts on the acquisition date, which are reflected in the table below, have been finalized. Any subsequent adjustments to these values will be recorded in the consolidated statements of comprehensive income (loss) in the period in which the adjustment is identified. ​ The purchase price for the Tellutax acquisition included cash paid at closing plus an estimated fair value of contingent consideration of $2,200 (the “Tellutax Contingent Consideration”) as of January 25, 2021. The following table presents the final purchase price allocation recorded in the consolidated balance sheet as of the acquisition date: ​ ​ ​ ​ ​ ​ ​ January 25, 2021 Capitalized software - developed technology ​ $ 3,600 Goodwill ​ 4,700 Total ​ $ 8,300 ​ The Company has included the financial results of Tellutax in the consolidated statement of comprehensive income (loss) from the date of acquisition. ​ The fair value of developed technology was valued using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. The significant assumptions used in the developed technology valuation included an estimated linear obsolescence factor of 20% per year and a discount rate of 28.5%. ​ The fair value of Tellutax Contingent Consideration is estimated using a Monte Carlo Simulation to compute the expected cash flows from earnout payments specified in the purchase agreement. The Tellutax Contingent Consideration is based on three potential earn-out payments determined by periodic revenue achievements over a thirty-month period. Earnout payments have no maximum limit, but if certain targets are not met, there will be no earn-out payment for the applicable measurement period. The estimated fair value of the Tellutax Contingent Consideration recorded as of the acquisition date was $2,200. See Note 5 for information on recurring fair value adjustments after the acquisition date. ​ Systax ​ On January 7, 2020, the Company acquired a 60% controlling interest in Systax, a provider of Brazilian transaction tax content and software. Cash consideration for the purchase was $12,374, which was funded through borrowings under a revolving line of credit. This acquisition provided the Company with full access to a sizeable database of Brazilian tax content that is critical to supporting its global multi-national customers’ business expansion into Brazil. ​ On the acquisition date, the Company had a contractual purchase commitment to acquire the remaining 40% equity interest from the original Systax Quotaholders incrementally between 2021 through 2024. This contractual purchase commitment was deemed to be a forward contract, for which the Company was required to estimate and record a future purchase commitment liability (the “Purchase Commitment Liability”). The Purchase Commitment Liability was recorded at the acquisition date fair value of $12,592. Subsequent adjustments will be recorded based on settlement value. This amount will fluctuate as a result of changes in foreign currency exchange rates and is reflected in Purchase Commitment Liability in the consolidated balance sheet at December 31, 2022 and 2021. Adjustments to the settlement value that arise as a result of remeasurement at future balance sheet dates will be recorded as interest expense related to financing costs in the consolidated statements of comprehensive income (loss) in the period the change is identified. During 2022, the Company recorded an increase in interest expense of $990 associated with recording an increase in the settlement value. ​ The acquisition was accounted for as a business combination and the total purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the excess being recorded as goodwill. The fair values of assets acquired and liabilities assumed as of the acquisition date are reflected in the tables below. Any adjustments to these values will be recorded in the consolidated statements of comprehensive income (loss) in the period the change is identified. ​ The following table reflects the purchase price for Systax: ​ ​ ​ ​ ​ ​ ​ January 7, 2020 Cash paid to Systax Quotaholders at closing ​ $ 11,626 Cash held in escrow for benefit of Systax Quotaholders ​ 748 Initial cash consideration ​ ​ 12,374 Purchase Commitment Liability ​ 12,592 Total ​ $ 24,966 ​ The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed as recorded in the Company’s consolidated balance sheet as of the acquisition date: ​ ​ ​ ​ ​ ​ ​ January 7, 2020 Cash ​ $ 56 Accounts receivable ​ ​ 495 Property and equipment ​ 112 Other current assets ​ 14 Goodwill ​ 21,089 Other intangible assets ​ ​ 3,650 Accounts payable ​ (358) Accrued expenses ​ ​ (92) Total ​ $ 24,966 ​ The excess of the purchase consideration over the net assets acquired is recorded as goodwill and primarily reflects the value of expected future synergies, the existence of intangible assets not recognized under U.S. GAAP such as the value of the assembled workforce and other market factors. Goodwill is deductible for tax purposes. ​ The Company has included the financial results of Systax in the consolidated statement of comprehensive income (loss) from the date of acquisition in accordance with ASC 810 due to the Company having a controlling financial interest in Systax. ​ The Company acquired an additional 5% equity interest of Systax in April 2021 for $788, increasing the Company’s equity interest in Systax to 65%. The Purchase Commitment Liability included in purchase commitment and contingent consideration liabilities, current portion in the consolidated balance sheet on December 31, 2022, was $4,749. The Purchase Commitment Liability included in purchase commitment and contingent consideration liabilities, net of current portion in the consolidated balance sheets on December 31, 2022 and 2021, was $5,012 and $8,329, respectively. ​ Unaudited Pro Forma Financial Information Unaudited proforma financial information has not been presented, as the information from the acquired companies would not have had a material impact individually or in the aggregate for the current and prior year periods.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
INVESTMENTS	​ 4. INVESTMENTS No net gains or losses were recognized on sales of equity securities during the year, and no unrealized gains or losses were recognized on equity securities held as of December 31, 2022 or as of December 31, 2021. As of December 31, 2022, the Company’s debt securities portfolio had unaccreted discounts of $139 and no remaining unamortized premiums. The table below presents the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value aggregated by major security type as of December 31, 2022. Accrued interest receivable of $24 as of December 31, 2022, is not included in the table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Investment securities available-for-sale: ​ Amortized Cost Gross Unrealized Gain Gross Unrealized Loss ​ Allowance For Credit Losses Fair Value ​ Commercial Paper ​ $ 9,662 ​ $ — ​ $ (2) ​ $ — ​ $ 9,660 ​ U.S. Treasury Securities ​ ​ 5,249 ​ ​ — ​ ​ (46) ​ ​ — ​ ​ 5,203 ​ Total investment securities available-for-sale ​ $ 14,911 ​ $ — ​ $ (48) ​ $ — ​ $ 14,863 ​ ​ Investment Securities in a Gross Unrealized Loss Position The table below provides the gross unrealized losses and fair value of securities available-for-sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2022. The amounts include securities available-for-sale without an allowance for credit losses. As of December 31, 2022, the Company’s available-for-sale investment securities consisted of 52 securities, 39 of which are in an immaterial unrealized loss position of $31. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Less than 12 Months ​ 12 Months or Longer ​ Total Investment securities available-for-sale without an allowance for credit losses: ​ Fair Value Gross Unrealized Loss Fair Value ​ Gross Unrealized Loss Fair Value ​ Gross Unrealized Loss Commercial Paper ​ $ 6,464 ​ $ (4) ​ $ — ​ $ — ​ $ 6,464 ​ $ (4) U.S. Treasury Securities ​ ​ 3,746 ​ ​ (27) ​ ​ 1,457 ​ ​ (19) ​ ​ 5,203 ​ ​ (46) Total investment securities available-for-sale ​ $ 10,210 ​ $ (31) ​ $ 1,457 ​ $ (19) ​ $ 11,667 ​ $ (50) ​ Maturities of Investment Securities The table below summarizes, as of December 31, 2022, the fair value of investment securities by major security type and contractual maturity as well as the total fair value, and amortized cost of investment securities by contractual maturity. Because borrowers may have the right to call or prepay certain obligations, the expected maturities of securities are likely to differ from the scheduled contractual maturities presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years ​ Due > 10 Years Total ​ Fair value of investment securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 9,660 ​ $ — ​ $ — ​ $ — ​ $ 9,660 ​ U.S. Treasury Securities ​ ​ 3,746 ​ ​ 1,457 ​ ​ — ​ ​ — ​ ​ 5,203 ​ Total investment securities available-for-sale ​ $ 13,406 ​ $ 1,457 ​ $ — ​ $ — ​ $ 14,863 ​ Amortized cost of investment securities available-for-sale ​ $ 13,434 ​ $ 1,477 ​ $ — ​ $ — ​ $ 14,911 ​ ​ Net Securities Gains or Losses and Securities Pledged ​ During the year ended December 31, 2022, the Company had no sales of debt securities categorized as available-for-sale, resulting in no realized gains or losses, and no securities were pledged.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	5 . Financial instruments and fair value measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s Fair Value Hierarchy for its financial assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ As of December 31, 2022 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) ​ Money market funds ​ $ 67,430 ​ $ 67,430 ​ $ — ​ $ — ​ Commercial Paper ​ ​ 9,660 ​ ​ — ​ ​ 9,660 ​ ​ — ​ U.S. Treasury Securities ​ ​ 5,203 ​ ​ — ​ ​ 5,203 ​ ​ — ​ Tellutax Contingent Consideration ​ ​ 4,800 ​ ​ — ​ ​ — ​ ​ 4,800 ​ Foreign currency forward contracts ​ ​ 569 ​ ​ — ​ ​ 569 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ As of December 31, 2021 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) ​ Money market funds ​ $ 10,703 ​ $ 10,703 ​ $ — ​ $ — ​ Tellutax Contingent Consideration ​ ​ 2,500 ​ ​ — ​ ​ — ​ ​ 2,500 ​ Foreign currency forward contracts ​ ​ (62) ​ ​ — ​ ​ (62) ​ ​ — ​ ​ The Company has investments in Money Market Funds, which are included in cash and cash equivalents on the consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the Fair Value Hierarchy since Money Market Fund fair values are known and observable through daily published floating net asset values. Securities classified as available-for-sale are reported at fair value using Level 2 inputs. For the Commercial Paper, Corporate Bonds and U.S. Treasury Securities, the Company believes that Level 2 designation is appropriate under ASC 820-10, as these securities are fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. ​ Tellutax Contingent Consideration The Tellutax acquisition entitled the sellers to contingent consideration if sales targets are met during a period of time following the acquisition. The estimated fair value of the Tellutax Contingent Consideration as of the acquisition date of January 25, 2021 was $2,200. The Tellutax Contingent Consideration is based on three potential earn-out payments determined by periodic revenue achievements over a thirty-month period. Such estimate represents a recurring fair value measurement with significant unobservable inputs, which management considers to be Level 3 measurements under the Fair Value Hierarchy. The significant assumptions used in these calculations included forecasted results and the estimated likelihood for each performance scenario. The fair value of Tellutax Contingent Consideration is estimated using a Monte Carlo Simulation to compute the expected cash flows from earn-out payments specified in the purchase agreement. The Tellutax Contingent Consideration is based on three potential earn-out payments determined by periodic revenue achievements over a thirty-month period. Earn-out payments have no maximum limit, but if certain targets are not met, there will be no earn-out payment for the applicable measurement period. An adjustment to the Tellutax Contingent Consideration fair value of $2,300 and $300 was recorded in other operating expense, net for the years ended December 31, 2022 and 2021, respectively. At December 31, 2022, the Tellutax Contingent Consideration of $1,400 and $3,400 is included in purchase commitment and contingent consideration liabilities, current, and purchase commitment and contingent consideration liabilities, net of current portion, respectively, in the consolidated balance sheets. At December 31, 2021, the Tellutax Contingent Consideration of $2,500 is included in purchase commitment and contingent consideration liabilities, net of current portion in the consolidated balance sheets. Tellutax Contingent Consideration fair value and unobservable inputs used for the Monte Carlo Simulation valuation were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration ​ $ 4,800 ​ Monte Carlo Simulation ​ Revenue volatility ​ 75.0 % ​ ​ ​ ​ ​ ​ ​ Revenue discount rate ​ 22.4 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration ​ $ 2,500 ​ Monte Carlo Simulation ​ Revenue volatility ​ 95.0 % ​ ​ ​ ​ ​ ​ ​ Revenue discount rate ​ 20.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.6 ​ ​ Beginning and ending balances in fair value of Tellutax Contingent Consideration were as follows: ​ ​ ​ ​ ​ ​ ​ Tellutax ​ ​ Contingent ​ ​ Consideration ​ ​ ​ Balance, January 1, 2021 ​ $ — Acquisition of Tellutax ​ ​ 2,200 Fair value adjustments ​ ​ 300 Balance, December 31, 2021 ​ $ 2,500 Fair value adjustments ​ 2,300 Balance, December 31, 2022 ​ $ 4,800 ​ Assets and Liabilities for Which Fair Value is Only Disclosed The carrying amounts of cash and cash equivalents and the carrying amount of funds held for customers were the same as their respective fair values and are considered Level 1 measurements. The carrying amount of our bank debt approximates fair value as the variable rates on the debt approximate those commercially available in the market, and is considered a Level 3 measurement. Non-recurring Fair Value Measurements The LCR-Dixon acquisition on September 22, 2021, the Taxamo acquisition on May 12, 2021, the Tellutax acquisition on January 25, 2021, and the Systax acquisition on January 10, 2020, were accounted for as business combinations and the total purchase price for each acquisition was allocated to the net assets acquired and liabilities assumed based on their estimated fair values. The LCR-Dixon deferred purchase consideration of $19,824 (See Note 3) and the Purchase Commitment Liability of $9,761 (See Note 3) are recorded in the consolidated balance sheet at December 31, 2022. The carrying amounts of both approximated their respective fair values at December 31, 2022 and are considered Level 3 non-recurring fair value measurements. ​ The Company’s obligation with respect to future purchase commitments to the original Systax Quotaholders was determined to be a forward contract necessitating initial recognition based on fair value. We estimated the initial fair value of our Purchase Commitment Liability using a Monte Carlo Simulation, which we consider to be a Level 3 measurement. The significant assumptions used in the Monte Carlo Simulation include, among other variables, forecasted cash flow projections consistent with those used to support the overall purchase price, selection of comparable companies, asset volatility and discount rate determinations and the total number of simulations to compute. Subsequent remeasurements of the Purchase Commitment Liability, as and if required, are not expected to be based on fair value. Derivative Instruments We may periodically enter into derivative contracts to reduce our exposure to foreign currency exchange rates. Historically we have not designated derivative contracts as hedges. The derivative contracts are typically designed to manage specific risks according to our strategies, which may change from time to time. In May 2020, we entered into a series of foreign currency forward contracts to reduce our exposure to adverse fluctuations in the Brazilian Real associated with a portion of our Purchase Commitment Liability. Such forward contracts, have not been designated as a hedge, do not qualify for hedge accounting and are not material to our consolidated financial statements. We remeasure these forward contacts at fair value on a recurring basis and include them in other assets in our consolidated balance sheets with changes in their estimated fair value recognized as interest expense in our consolidated statements of comprehensive loss. Our fair value determinations are based on foreign currency exchange rates in active markets, which we consider to be Level 2 measurements within the Fair Value Hierarchy.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	6 . The major components of property and equipment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ 2022 ​ 2021 ​ Leasehold improvements ​ $ 20,929 ​ $ 20,956 ​ Equipment ​ 39,238 ​ 41,937 ​ Computer software purchased ​ 11,892 ​ 11,792 ​ Internal-use software developed: ​ ​ ​ ​ ​ Cloud-based customer solutions ​ 142,980 ​ 114,872 ​ Internal systems and tools ​ 42,035 ​ 32,408 ​ Furniture and fixtures ​ 7,665 ​ 7,675 ​ In-process internal-use software ​ 32,878 ​ 16,965 ​ Property and equipment ​ 297,617 ​ 246,605 ​ Less accumulated depreciation and amortization ​ (181,849) ​ (148,215) ​ Property and equipment, net ​ $ 115,768 ​ $ 98,390 ​ ​ Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $6,445, $7,425 and $7,833 for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation for property and equipment, excluding internal-use software developed for cloud-based customer solutions, is reflected in depreciation and amortization in the consolidated statements of comprehensive loss. Finance lease amortization was $1,082 and $931 for the years ended December 31, 2022 and 2021, respectively. Depreciation expense for assets held under capital leases was $743 for the year ended December 31, 2020. Finance lease amortization and depreciation expense for assets held under capital leases are included in depreciation and amortization in the consolidated statements of comprehensive loss. Assets under finance leases of $1,461 and $1,533, net of accumulated amortization of $861 and $931, at December 31, 2022 and 2021, respectively, are included in property and equipment in the consolidated balance sheets. The major components of internal-use software developed are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ Internal-use software developed $ 185,015 ​ $ 147,280 ​ Less accumulated depreciation (119,603) ​ (87,281) ​ Internal-use software developed, net of accumulated depreciation 65,412 ​ 59,999 ​ In-process internal-use software 32,878 ​ 16,965 ​ Internal-use software developed, net $ 98,290 ​ $ 76,964 ​ ​ Amounts included in property and equipment additions related to capitalized internal-use software on the consolidated statements of cash flows are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Cloud-based customer solutions $ 28,918 $ 19,837 $ 14,710 Internal systems and tools ​ 26,354 ​ 11,491 ​ 3,176 Total ​ $ 55,272 ​ $ 31,328 ​ $ 17,886 ​ In-process internal-use software developed is not depreciated until it is available for its intended use. Depreciation expense for internal-use software developed for cloud-based customer solutions for the years ended December 31, 2022, 2021 and 2020, was $27,682, $19,076 and $8,818, respectively, and is included in cost of revenues, software subscriptions in the consolidated statements of comprehensive loss. Developed technology with an acquisition date fair value of $40,746 was recorded in connection with the Taxamo acquisition and is reflected in property and equipment, net, in the consolidated balance sheets at December 31, 2022 and 2021. Depreciation expense for the years ended December 31, 2022 and 2021 associated with this developed technology was $11,770 and $8,123, respectively, and is reflected in cost of revenues - software subscriptions in the consolidated statement of comprehensive loss. Depreciation expense for internal-use software developed for internal systems and tools for the years ended December 31, 2022, 2021 and 2020 was $4,913, $3,322 and $2,442, respectively, and is included in depreciation and amortization in the consolidated statements of comprehensive loss. Amortization expense of internal-use software developed, excluding in-process internal-use software not yet available for its intended use, at December 31, 2022 is as follows for all future years: ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Internal Systems and Tools Cloud-Based Customer Solutions 2023 ​ $ 6,040 ​ ​ 29,200 2024 ​ 5,197 ​ ​ 16,930 2025 ​ 3,003 ​ ​ 4,920 2026 ​ 122 ​ ​ — 2027 ​ — ​ ​ — Total ​ $ 14,362 ​ $ 51,050 ​

CAPITALIZED SOFTWARE

CAPITALIZED SOFTWARE	12 Months Ended
	Dec. 31, 2022
CAPITALIZED SOFTWARE
CAPITALIZED SOFTWARE	7. Capitalized software includes acquired software and direct labor and related expenses for software developed for sale for new products and enhancements to existing products. The major components of capitalized software are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Capitalized software $ 96,577 ​ $ 72,512 ​ Less accumulated amortization (62,197) ​ (45,179) ​ Capitalized software, net of accumulated depreciation 34,380 ​ 27,333 ​ In-process capitalized software 4,632 ​ 6,109 ​ Capitalized software, net $ 39,012 ​ $ 33,442 ​ ​ Software development costs capitalized for the years ended December 31, 2022, 2021 and 2020, excluding acquisitions were $14,888, $11,660 and $11,850, respectively. Capitalized software includes developed technology with an acquisition date fair value of $7,700, in connection with finalizing our purchase price acquisition allocation of the LCR-Dixon acquisition and was recorded during the year ended December 31, 2022. Capitalized software amortization expense, including amortization of acquired technology for the years ended December 31, 2022, 2021 and 2020 was $17,018, $12,962 and $11,936, respectively, and is included in cost of revenues, software subscriptions in the consolidated statements of comprehensive loss. Amortization expense associated with the acquired LCR-Dixon developed technology from the acquisition date through December 31, 2022 was $3,208 and is included in the capitalized software amortization expense for the year ended December 31, 2022. Included in this amount is $642 that would have been recorded during the year ended December 31, 2021 had the fair value of acquired LCR-Dixon developed technology been available on the acquisition date. In-process capitalized software at December 31, 2022 was not available for general release to customers as of the balance sheet date and therefore not included in the table below. Amortization expense of capitalized software available for general release to customers as of December 31, 2022 is as follows for all future years: ​ ​ ​ ​ ​ Year Ending December 31, ​ 2023 ​ $ 16,281 2024 ​ 12,927 2025 ​ 4,506 2026 ​ 637 2027 ​ 29 Total ​ $ 34,380 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	8. The Company leases office space, IT equipment and office equipment. The Company’s leases have remaining terms of up to 7 years. The following table sets forth the Company’s lease assets and liabilities and their balance sheet location as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Balance Sheet Location ​ 2022 2021 Lease assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ Operating lease right-of-use assets ​ $ 17,187 ​ $ 20,249 Finance lease assets ​ Property and equipment, net (Note 6) ​ ​ 600 ​ ​ 602 Total lease assets ​ ​ ​ $ 17,787 ​ $ 20,851 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Current portion of operating lease liabilities ​ $ 4,086 ​ $ 3,933 Finance lease liabilities ​ Current portion of finance lease liabilities ​ ​ 103 ​ ​ 284 Total current lease liabilities ​ ​ ​ $ 4,189 ​ ​ 4,217 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities, net of current portion ​ $ 20,421 ​ $ 24,320 Finance lease liabilities ​ Finance lease liabilities, net of current portion ​ ​ 10 ​ ​ 68 Total non-current lease liabilities ​ ​ ​ ​ 20,431 ​ ​ 24,388 Total lease liabilities ​ ​ ​ $ 24,620 ​ $ 28,605 ​ ​ ​ ​ ​ ​ ​ The major components of lease cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 ​ 2021 ​ ​ ​ ​ Operating lease cost $ 3,714 ​ $ 4,774 ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ Amortization of lease assets ​ 1,275 ​ ​ 931 Interest on lease liabilities ​ 18 ​ ​ 16 Total lease cost $ 5,007 ​ $ 5,721 ​ ​ The weighted-average term and discount rate for leases are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases 5.7 ​ 6.6 ​ Finance leases 0.5 ​ 1.2 ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases 2.3 % 2.3 % Finance leases 2.3 % 2.3 % ​ ​ Lease liability maturities for the next five years and thereafter are as follows as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases ​ 2023 ​ $ 4,721 ​ $ 104 ​ 2024 ​ ​ 4,464 ​ ​ 10 ​ 2025 ​ ​ 4,382 ​ ​ — ​ 2026 ​ ​ 4,477 ​ ​ — ​ 2027 ​ ​ 4,572 ​ ​ — ​ Thereafter ​ ​ 3,482 ​ ​ — ​ Total lease payments ​ ​ 26,098 ​ ​ 114 ​ Less: Imputed interest ​ ​ (1,591) ​ ​ (1) ​ Present value of lease liabilities ​ $ 24,507 ​ $ 113 ​ ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	9. Goodwill and other intangible assets are as follows for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Goodwill ​ $ 251,842 ​ $ 270,041 Other intangible assets, net ​ ​ 5,181 ​ 2,661 Total ​ $ 257,023 ​ $ 272,702 ​ The changes in the carrying amount of goodwill are as follows for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Balance, January 1 ​ $ 270,041 ​ $ 16,329 Acquisitions ​ ​ — ​ 265,867 Measurement period adjustments ​ ​ (10,329) ​ ​ — Foreign currency translation adjustments ​ ​ (7,870) ​ ​ (12,155) Balance, December 31, gross ​ ​ 251,842 ​ ​ 270,041 Accumulated impairment losses ​ ​ — ​ ​ — Balance, December 31, net ​ $ 251,842 ​ $ 270,041 ​ The Company recognized various amortizable other intangible assets in connection with acquisitions, including customer relationships, technology and tradenames. The following tables provide additional information for our other intangible assets, which are individually not material to the consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Weighted average amortization period (years) ​ ​ ​ ​ ​ 3.5 ​ ​ 4.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ As of December 31, 2021 ​ ​ ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ Customer relationships ​ $ 8,225 ​ $ 3,855 ​ $ 1,922 ​ $ 623 ​ Trademarks and tradenames ​ ​ 1,240 ​ ​ 887 ​ ​ 1,047 ​ ​ 337 ​ Developed technology ​ ​ 1,202 ​ ​ 744 ​ ​ 1,141 ​ ​ 489 ​ Total ​ $ 10,667 ​ $ 5,486 ​ $ 4,110 ​ $ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ Cost of Revenues, Software Subscriptions ​ Selling and Marketing Expense ​ ​ Total Expense ​ 2022 ​ ​ ​ $ 234 $ 3,779 ​ $ 4,013 ​ 2021 ​ ​ ​ ​ ​ 253 ​ ​ 813 ​ ​ 1,066 ​ 2020 ​ ​ ​ ​ ​ 267 ​ ​ 176 ​ ​ 443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents estimated future amortization of intangible assets: ​ ​ ​ ​ ​ Year Ending December 31, ​ 2023 ​ $ 2,852 2024 ​ 2,066 2025 ​ 263 Total ​ $ 5,181 ​ ​ The Company recorded other intangible assets of $6,500 during the year ended December 31, 2022 in connection with finalization of the LCR-Dixon acquisition opening balance sheet. The Company recorded amortization expense of $2,825 for the year ended December 31, 2022, which is included in cost of revenues, software subscriptions and selling and marketing expense. Included in this amount is $625 that would have been recorded during the year ended December 31, 2021 had the fair value of the acquired LCR-Dixon other intangible assets been available on the acquisition date.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
DEBT
DEBT	10. Credit Agreement On March 8, 2022, the Company entered into the Second Amendment to Credit Agreement (the “Second Amendment”), with a banking syndicate, which amended the previous credit agreement entered into in March 2020 (the “Previous Credit Agreement”), providing for, among other modifications, (i) a new term loan in the aggregate amount of $50,000 (the “Term Loan”); (ii) an extension of the maturity date of the revolving facility (“the Line of Credit”) from March 2025 to March 2027; (iii) an increase in the Line of Credit commitment from $100,000 to $200,000 (iv) the Company’s option to select an applicable interest rate at either the bank base rate plus an applicable margin (the “New Base Rate Option”) or Secured Overnight Financing Rate (“SOFR”) plus an applicable margin (the “SOFR Option”); (v) modifications to the financial covenant performance levels which determine applicable margins; and (vi) modifications to certain covenants and events of default. Net proceeds from the Term Loan shall be used to fund ongoing working capital, capital expenditures, permitted distributions, permitted acquisitions and general corporate purposes of the Company and its subsidiaries. The Company paid $983 in financing costs in connection with the Second Amendment, which will be amortized over the term of the loan. The Company wrote off $370 in deferred financing fees pertaining to the Previous Credit Agreement associated with a bank exiting the Second Amendment. The remaining balance of deferred financing costs pertaining to the remaining bank associated with the Previous Credit Agreement of $277 will be amortized over the term of the Second Amendment. The portion of the deferred financing costs associated with the Line of Credit and the Term Loan are reflected in other assets and as a reduction of the Term Loan, respectively, in the consolidated balance sheet at December 31, 2022. The Second Amendment is collateralized by nearly all of the assets of the Company and contains financial and operating covenants. The Company was in compliance with these covenants at December 31, 2022. The Second Amendment limits the declaration or payment of certain dividends, not to exceed an aggregate of $2,000. Term Loan The Term Loan requires quarterly principal payments over five years, with a balloon payment due on March 8, 2027. The interest rate on the Term Loan was 5.42% at December 31, 2022 as the Company selected the SOFR Option. Term Loan outstanding amounts are reported in the current portion of long-term debt and long-term debt, net of current portion, in the consolidated balance sheets. Outstanding borrowings under the Term Loan were $49,063 at December 31, 2022. Line of Credit The Line of Credit expires in March 2027. The Company is required to pay a quarterly fee on the difference between the $200,000 allowed maximum borrowings and the unpaid principal balance outstanding under the line at the applicable rate. At December 31, 2022, the New Base Rate Option and SOFR Option applicable to the Line of Credit borrowings were 7.50% and 5.40%, respectively. There were no outstanding borrowings under the Line of Credit at December 31, 2022. Debt maturities under the Second Amendment for the next five years and thereafter are as follows as of December 31, 2022: ​ ​ ​ ​ 2023 ​ $ 2,188 2024 ​ ​ 2,500 2025 ​ ​ 2,500 2026 ​ ​ 3,437 2027 and thereafter ​ ​ 38,438 Total Debt ​ $ 49,063 ​ Previous Credit Agreement On March 31, 2020, the Company entered into the Previous Credit Agreement with a bank consisting of a $175,000 term loan (the “Previous Term Loan”) and a $100,000 committed line of credit (the “Previous Line of Credit”). Net proceeds from the Previous Term Loan, after payment of financing fees of $2,904 and repayment of aggregate amounts outstanding under a previous credit agreement of $61,656, were used to fund a portion of the $123,185 distribution made to the stockholders on May 29, 2020 (see Note 11). A portion of the Offering proceeds was used to repay the $175,000 Previous Term Loan in full on July 31, 2020. The Company received a refund of $468 of financing fees as a result of repayment of the Previous Term Loan within 90 days of execution of the Previous Credit Agreement, which was recorded as a reduction of deferred financing costs associated with the Previous Term Loan. The Company wrote off the remaining balance of deferred financing costs associated with the Previous Term Loan of $1,174, which was recorded as interest expense in the consolidated statement of comprehensive loss for the year ended December 31, 2020. The Previous Line of Credit and had no outstanding borrowings at either December 31, 2021 or 2020. The Company had the option to select an applicable interest rate at either the bank base rate plus an applicable margin (the “Base Rate Option”) or the LIBOR plus an applicable margin (the “LIBOR Option”). The applicable margins were determined by certain financial covenant performance as defined in the Previous Credit Agreement. At December 31, 2021, the Base Rate Option and LIBOR Option applicable to Previous Line of Credit borrowings were 3.25% and 2.00%, respectively. The Previous Credit Agreement was collateralized by nearly all of the assets of the Company and contains financial and operating covenants. The Company was in compliance with all financial covenants at December 31, 2021.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. Termination of S-Corporation status In connection with termination of the Company’s S-Corporation election effective July 27, 2020, the Company had an accumulated deficit of $354,291 pertaining to the S-Corporation shareholders which was reclassified to additional paid in capital upon such termination. Recapitalization In connection with the Recapitalization, the Company: (i) effected the three-for-one Stock Split, which is reflected retrospectively in the consolidated financial statements; (ii) established the New Capital Structure; and (iii) effected the Share Exchange. In connection with the Recapitalization, repurchased shares (“Treasury Stock”) of 41,910 were retired and amounts associated with the Treasury Stock were reclassified to additional paid in capital. Prior to the Share Exchange, the Company had 147 shares of former Class A common stock and 120,443 shares of former Class B common stock outstanding. Members of a family (the “Family”) owned 99.9% of all outstanding shares of both former classes of common stock, which was comprised of 100% of the former Class A common stock and 120,270 shares of the former Class B common stock. The remaining 173 shares of former Class B common stock were owned by non-Family members. There were no dividend or liquidation preference differences between the former Class A and former Class B shares. In connection with establishing the New Capital Structure, the shareholders authorized 450,000 shares of common stock, par value $0.001 per share, and 30,000 shares of preferred stock, par value $0.001 per share. Common stock is divided into two classes, Class A with one vote per share, and Class B with ten votes per share. The rights of the holders of Class A and Class B are identical, except with respect to voting and conversion rights. Upon the transfer of Class B shares, such shares will automatically convert to an equivalent number of Class A shares with the respective voting rights attributable to such new shares. Authorized Class A and Class B shares are 300,000 and 150,000 shares, respectively. There are no dividend or liquidation preference differences between Class A and Class B. In connection with the Share Exchange, the Family members exchanged each share of former Class A and former Class B for the equivalent number of Class B shares established as part of the New Capital Structure. In addition, the non-Family members exchanged their former Class B shares for an equivalent number of Class A shares established as part of the New Capital Structure. No funds were exchanged in connection with the Share Exchange and the aggregate number of shares outstanding both immediately prior to and after the Share Exchange remained the same at 120,590. In addition, common stock equivalents, all of which were held by non-Family members and which were previously exercisable into former Class B shares, became exercisable into Class A shares established as part of the New Capital Structure. Common Stock During 2022, the Company issued 800 shares of Class A related to the exercise of options, net of 91 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. The Company issued 48 shares of Class A in 2022 in connection with the vesting of RSUs, net of 20 shares returned to the Company in lieu of payment of taxes due on the vesting of these awards. The Company issued 173 shares of Class A in 2022 in connection with the vesting of RSAs, net of 15 shares returned to the Company in lieu of payment of taxes due on the vesting of these awards. The Company also issued 207 shares in connection with the ESPP Plan in 2022. During 2022, stockholders exchanged 6,500 shares of Class B for an equivalent number of shares of Class A. During 2021, the Company issued 2,157 shares of Class A related to the exercise of options, net of 706 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. The Company issued 12 shares of Class A in 2021 in connection with the vesting of RSUs net of 3 shares returned to the Company in lieu of payment of taxes due on the vesting of these awards. The Company issued 352 shares of Class A in 2021 in connection with the vesting of RSAs, net of 11 shares returned to the Company in lieu of payment of taxes due on the vesting of these awards. The Company also issued 128 shares in connection with the ESPP Plan in 2021. During 2021, a stockholder exchanged 13,310 shares of Class B for an equivalent number of shares of Class A. In April 2020, the Company issues 173 shares of former Class B common stock in connection with the exercise of options for cash of $53. These shares were exchanged for Class A common stock in connection with the Offering. On July 28, 2020, the Company sold 23,812 shares of Class A in connection with the Offering for $423,024, net of underwriting fees. Offering costs paid from these proceeds aggregated $6,222 and are reflected as a reduction of additional paid in capital in stockholders’ equity. In connection with the Offering, the Company also issued an aggregate 564 shares of Class A related to the conversion of SARs into options and the immediate exercise of these options into shares, net of 860 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. In addition, in 2020 the Company issued 510 shares of Class A in connection with the exercise of stock options by option holders, net of 381 shares returned to the Company in lieu of payment of the exercise price and taxes due on these exercises. The Company also issued 890 Class A shares in connection with the exercise of outstanding options and 19 Class A shares in connection with RSAs granted at the Offering, which vested immediately. The Company also issued 59 shares in connection with the ESPP Plan in 2020. A stockholder exchanged 300 shares of Class B common stock for an equivalent number of shares of Class A common stock during the year ended December 31, 2020. Distributions The board of directors (the “Board”) declared aggregate distributions of $132,901 ($1.10 per share) through July 25, 2020, pro rata to stockholders of the former Class A and Class B common stock. Tax Sharing Agreement Payments In connection with revocation of the Company’s S-Corporation election effective July 27, 2020, the Company entered into a Tax Sharing Agreement with the former S-Corporation shareholders. See Note 1. All obligations of the Company under the Tax Sharing Agreement are satisfied by adjustments of additional paid in capital. Through the year ended December 31, 2021, the Company distributed $2,733 to the former S-Corporation shareholders under the Tax Sharing Agreement. On March 15, 2022, the Company distributed $536 to the former S-Corporation shareholders under the Tax Sharing Agreement to settle the Company’s obligation for income taxes related to the allocation of taxable income to the S-Corporation short tax period ended July 26, 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	12 . The tables below illustrate the calculation of basic and diluted net loss per common share for the Class A common and Class B common for the periods reflected below. The weighted average shares outstanding have been retrospectively restated to reflect the Share Exchange for all periods prior to the Offering, resulting in the Class A shares representing non-Family-owned shares and Class B representing Family-owned shares for all periods presented prior to the Offering. See Note 11 for further information on the Share Exchange. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Class A common stock: ​ 2022 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, basic: ​ ​ ​ ​ ​ ​ Net loss attributable to all stockholders ​ $ (12,304) ​ $ (1,479) ​ ​ $ (75,081) ​ Class A common stock as a percentage of total shares outstanding, basic ​ 30.65 % 24.12 % ​ 8.44 % Net loss attributable to Class A stockholders, basic ​ $ (3,771) ​ $ (357) ​ ​ $ (6,335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, diluted: ​ ​ ​ ​ ​ ​ ​ Net loss attributable to all stockholders ​ $ (12,304) ​ $ (1,479) ​ ​ $ (75,081) ​ Class A common stock as a percentage of total shares outstanding, diluted ​ 30.65 % 24.12 % ​ 8.44 % Net loss attributable to Class A stockholders, diluted ​ $ (3,771) ​ $ (357) ​ ​ $ (6,335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator, basic and diluted: ​ ​ ​ ​ Weighted average Class A common stock, basic ​ 45,864 ​ 35,647 ​ ​ 11,096 ​ Dilutive effect of common stock equivalents (1) (2) (3) ​ — ​ — ​ ​ — ​ Weighted average Class A common stock, diluted ​ 45,864 ​ 35,647 ​ ​ 11,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per Class A share, basic ​ $ (0.08) ​ $ (0.01) ​ ​ $ (0.57) ​ Net loss per Class A share, diluted ​ $ (0.08) ​ $ (0.01) ​ ​ $ (0.57) ​ 1) . ​ 2) ​ 3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Class B common stock: 2022 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, basic: ​ ​ ​ Net loss attributable to all stockholders $ (12,304) ​ $ (1,479) ​ $ (75,081) ​ Class B common stock as a percentage of total shares outstanding, basic 69.35 % 75.88 % 91.56 % Net loss attributable to Class B stockholders, basic $ (8,533) ​ $ (1,122) ​ $ (68,746) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, diluted: ​ ​ ​ Net loss attributable to all stockholders $ (12,304) ​ $ (1,479) ​ $ (75,081) ​ Class B common stock as a percentage of total shares outstanding, diluted 69.35 % 75.88 % 91.56 % Net loss attributable to Class B stockholders, diluted $ (8,533) ​ $ (1,122) ​ $ (68,746) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator, basic and diluted: ​ ​ ​ Weighted average Class B common stock, basic 103,781 ​ 112,133 ​ 120,415 ​ Dilutive effect of common stock equivalents — ​ — ​ — ​ Weighted average Class B common stock, diluted 103,781 ​ 112,133 ​ 120,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per Class B share, basic $ (0.08) ​ $ (0.01) ​ $ (0.57) ​ Net loss per Class B share, diluted $ (0.08) ​ $ (0.01) ​ $ (0.57) ​ ​

EMPLOYEE BENEFIT AND DEFERRED C

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2022
EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS
EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS	13 . The Company maintains a 401(k) plan that covers eligible employees. For the years ended December 31, 2021 and 2020, the Company matched up to to 3% of eligible compensation during the period in which an eligible participant contributed to the plan and the Board approved a discretionary profit-sharing contribution of 3% of eligible compensation for eligible employees. Effective January 1, 2022, discretionary profit-sharing contributions were eliminated and the Company now matches up to 6% of eligible compensation during the period in which an eligible participant contributes to the plan. Matching contributions were $10,056, $4,062 and $4,011 for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the discretionary profit-sharing contributions aggregated $3,994 and $4,035 for the years ended December 31, 2021 and 2020, respectively. Long-Term Rewards Plan The Company had a long-term reward (“LTR”) compensation plan for certain key employees related to growth in certain financial measures over a three-year measurement period (the “Reward Performance Period’), subject to the terms of the plan. After December 31, 2020, no new awards were granted under the LTR plan as future long-term awards will only be made under the 2020 Plan. Eligible LTR plan participants received an individual target award opportunity (“Award Opportunity”) for a new three-year Reward Performance Period (i.e., target award grant made in 2019 is for years 2019 through 2021). Compensation earned for growth in the financial measures over each Reward Performance Period is paid in cash in the year following the end of the respective Reward Performance Period, assuming the minimum net income target was achieved in the final year of the Reward Performance Period. Estimated compensation is recorded during each year of a Reward Performance Period (“accrued LTR Award Opportunities”). At December 31, 2022, the Company has one open Reward Performance Period eligible for payment in 2023. Compensation expense associated with LTR plan was $892, $3,059, and $3,027 for the years ended December 31, 2022, 2021 and 2020, respectively. Amounts paid in 2022 and 2021 for the LTR plan was $4,023 and $1,981, respectively. The amount estimated to be paid in 2023 for the LTR plan is $2,706, and is reflected in deferred compensation, current in the consolidated balance sheet as of December 31, 2022. Stock-Based Award Plans On the effective date of the Offering, the Company adopted the 2020 Plan and the ESPP. The 2020 Plan provides the ability to grant cash and equity-based incentive awards to eligible employees, directors and service providers in order to attract, retain and motivate those that make important contributions to the Company. The 2020 Plan provides for the award of stock options, RSAs, RSUs, SARs and other cash compensation. The ESPP provides eligible employees with rights during each six-month ESPP offering period to purchase shares of the Company’s Class A common at the ESPP discount through payroll deductions, or through lump sum payments during the initial offering period only (July 28 to November 30, 2020). Amounts withheld or received from participants are reflected in accrued salaries and benefits in the consolidated balance sheets until such shares are purchased. Amounts withheld from participants for the offering periods ending May 31, 2023 and 2022 aggregated $311 and $281 as of December 31, 2022 and 2021, respectively. Prior to the adoption of the 2020 Plan, the Company had a SAR plan for the purpose of providing incentives to key members of management and consultants to contribute to the growth and financial success of the Company. As a result of the Offering, SAR participants were offered the option to either redeem their SARs upon the occurrence of the Offering or amend their SARs pursuant to which, upon effectiveness of the 2020 Plan, such SARs would become options to purchase shares of Class A common stock under the 2020 Plan (the “SAR Exchange Offer”). All SAR participants eligible to receive the SAR Exchange Offer accepted and had their outstanding SARs, which aggregated 12,038, converted to options with equivalent terms under the 2020 Plan at the Offering effective date (the “Converted SARs”). This was considered a modification of these SAR awards. The SAR plan was retired (“Retired SAR Plan”) and any future SARs will be granted under the 2020 Plan. Prior to the adoption of the 2020 Plan, the Company had options outstanding to purchase 3,676 shares of former Class B common stock. U pon the effectiveness of the Offering, these options were amended and exchanged for options to purchase an equivalent number of Class A shares at the same exercise price and vesting, subject to the terms of the 2020 Plan except with regard to certain terms of the original option agreements primarily with respect to expiration in connection with a Triggering Event (the “Amended Options”). 2020 Plan Upon commencement of the 2020 Plan, an aggregate of 16,500 shares of our Class A common stock were available for issuance. The number of shares available for issuance will be increased annually on January 1 of each calendar year beginning in 2021 and ending in and including 2030, equal to the lesser of (i) 4% of the shares of Class A and Class B common stock outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares as determined by the Board. No more than 3,000 shares of Class A common may be issued under the 2020 Plan upon the exercise of incentive stock options. Shares available under the 2020 Plan may consist of authorized but unissued shares, shares purchased on the open market, or treasury shares. If an award under the 2020 Plan expires, lapses or is terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, any unused shares subject to the award will again be available for new grants under the 2020 Plan. Awards granted under the 2020 Plan in substitution for any options or other stock or stock-based awards granted by an entity before the entity’s merger or consolidation with or acquisition by the Company of the entity’s property or stock will not reduce the shares available for grant under the 2020 Plan but will count against the maximum number of shares that may be issued upon the exercise of incentive stock options. As of December 31, 2022, 10,595 shares of our Class A common were available for issuance under the 2020 Plan. No incentive stock options that would be subject to the 3,000 Class A share limit were issued or outstanding under the 2020 Plan at December 31, 2022. Awards issued under the 2020 Plan vest based on service criteria established by the Board. The Company has elected to account for forfeitures as they occur rather than estimate forfeitures at date of grant. Retired SAR Plan The Retired SAR Plan enabled the Company to grant awards (“SAR Awards”) as a fixed number of shares of former Class B common stock (“SAR Units”). SAR Units outstanding aggregated 12,276 at December 31, 2019. SAR Units were issued at the equivalent of the fair value of the equivalent number of shares of the Company’s former Class B common stock on the grant date (“Base Value”), as determined by the Board with assistance from management and an independent third-party valuation provider, and compensation recorded based upon the appreciation of the SAR Units in excess of the Base Value over the requisite service period. SAR Awards were exercisable upon 50% vesting or upon the occurrence of a triggering event. SAR Awards were settled in cash only, not through the issuance of shares. The SAR Exchange Offer resulted in eligible SAR participants amending their SAR Units pursuant to which, upon effectiveness of the Company’s 2020 Plan, such SAR Units were exchanged for options under the 2020 Plan. Effective July 13, 2020, the SAR Exchange Offer period ended and all SAR participants eligible to receive the offer accepted and had their outstanding SAR Units converted to options with equivalent terms under the 2020 Plan on the effective date of the plan upon the Offering. This was considered an accounting modification of these SAR Awards. Converted SARs with either no expiration date or that expired during calendar year 2020 were converted to options and automatically exercised into shares (the “Auto Exercise New Options”) on the effective date of the Offering. Shares issued in connection with the Auto Exercise New Options were net of the number of shares of common stock necessary to satisfy the aggregate exercise price and the tax withholding obligation of such options of $13,835. The Auto Exercise New Option participants also had the ability to require the Company to repurchase all or a portion of these on the Offering effective date for cash based on the Offering price of $19.00 per share, which aggregated $9,054. The aggregate of these amounts of $22,889 is reflected as a reduction of cash provided by operating activities as these payment requirements arose when the original SARs were liability-classified prior to their conversion and exercise. Management continued to record changes in the intrinsic value of the SAR Units in 2020 up to the date on which management determined the Company was considered to have become a public entity. Management measured the change in accounting policy of $2,422 in accordance with ASC 718 during the year ended December 31, 2021, which included $1,299 of vested Converted SARs that were recognized as compensation expense during this period, with the remaining $1,122 of unvested Converted SARs being recognized as compensation expense over the remaining service period of one one The assumptions used in the Black-Scholes model to determine the fair value of the Converted SARs on the modification date are as follows: ​ ​ ​ ​ ​ ​ Fair market value of common stock ​ $ 19.00 ​ Volatility 36.7 % Expected term (years) 6.5 ​ Expected dividend yield — % Risk-free interest rate 0.4 % ​ As of the modification date, the Company lacked sufficient historical data on the volatility of its stock price. Selected volatility is representative of expected future volatility and was based on the historical and implied volatility of comparable publicly traded companies over a similar expected term. The expected term represents the term of the Converted SARs, which ranges from within one year to ten years. The Company does not expect to pay dividends after the Offering. The risk-free interest rate was based on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected term of the SAR grants. Prior to the Offering, the fair value of the common stock underlying the SAR Awards was determined by the Board with assistance from management and an independent third-party valuation firm. The determination of value used the market and income approaches, with an adjustment for marketability discount pertinent to private company entities in arriving at the per share fair value (the “valuation methodology”). Under the market approach, the guideline public company method is used, which estimates the fair value of the Company based on market prices of stock of guideline public companies. The income approach involves projecting the future benefits of owning an asset and estimating the present value of those future benefits by discounting them based upon the time value of money and the investment risks associated with ownership. At the end of 2019, due to the consideration by the Board of pursuing the Offering, the valuation methodology began to consider the impact of such an event on the value of the Company’s common stock underlying the awards. As the Company approached the Offering effective date, this resulted in increases in the value of the SAR Awards which resulted in corresponding increases to compensation expense for the year ended December 31, 2020 which exceeded historical results. The below table represents SAR activity for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Range of ​ Vested Nonvested Total Grant Values Outstanding at December 31, 2019 6,207 6,069 12,276 ​ $ 0.92–$3.73 Granted 21 681 702 ​ $ 4.70 Exercised (877) — (877) ​ $ 1.31–$2.50 Forfeited — (63) (63) ​ $ 2.50 Vested 1,410 (1,410) — ​ Converted (6,761) (5,277) (12,038) ​ $ 0.92–$4.70 Outstanding at December 31, 2020 — — — ​ ​ ​ ​ Prior to the Offering, the weighted average grant date intrinsic value of the SARs on grant date was zero as the Company’s Board granted all awards at a price per share not less than the per share fair value of the Company’s former Class B common stock underlying such awards on the date of grant. At the Offering effective date, the liability for total recognized compensation for vested SAR Awards of $143,519 was reclassified to additional paid in capital as these awards were reclassified to equity-based awards on this date subject to the terms of the 2020 Plan. Unrecognized compensation for unvested SAR awards of $44,342 will be recognized as compensation expense under the 2020 Plan over the respective service periods of one Amended Options On July 20, 2020, the Amended Options resulted from the Board amending the outstanding options to provide for their exchange for options to purchase an equivalent number of Class A shares available under the 2020 Plan at the same exercise price, vesting and term The amendment of the options was deemed an accounting modification. No incremental compensation was recorded in connection with this modification as it was determined that the value of the Amended Options was the same both before and after the modification. In the event of the sale of at least 50% of the Company’s stock or all the assets of the Company (“Triggering Event”) in a single or multiple transactions, the option holders have the right to exercise their options and sell their related shares in connection with the transactions. Unexercised options expire after a Triggering Event. In the event of a sale of at least 25% of the Company’s assets to an unrelated third-party in a single or multiple transactions (“Partial Triggering Event”), the option holders have the right to exercise a portion of their options pro rata based on the sales price and sell their related shares in connection with the transaction. Unexercised options remaining after a Partial Triggering Event remain outstanding. In addition, in the event stockholders owning at least 51% of the outstanding stock of the Company (the “selling stockholders”) sell a portion of their stock to an unrelated third-party, the option holders have the right to exercise and sell an amount of options in the same proportion as the selling stockholders (a “tag-along right”). The option holders may also be required to exercise all their outstanding options and sell all related shares in the event the selling stockholders sell at least 51% of their ownership to an unrelated third-party (a “drag-along right”). Prior to the amendment, the options permitted holders to put their exercised shares back to the Company, thus the options were classified as temporary equity and included in “Options for Redeemable Shares” on the consolidated balance sheets. The Company recorded increases in the value of Options for Redeemable Shares of $51,833 and $2,763 during the years ended December 31, 2020 and 2019, respectively. The option holders’ ability to put the exercised Amended Option shares to the Company in order to attain liquidity was exchanged for the right by the holders to exercise these options and sell the related shares on the NASDAQ Global Market exchange. As a result of this put right no longer being applicable, the options were no longer considered temporary equity and were reclassified to stockholders’ equity in the amount of $69,177 during the year ended December 31, 2020. The following table summarizes activity for the Amended Options for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Amended Option Activity ​ Units ​ ​ Price ​ Life (Years) ​ Value Outstanding at December 31, 2019 ​ 3,849 ​ $ 0.19 ​ * ​ $ 17,344 Exercised through June 30 ​ (173) ​ $ 0.30 ​ ​ ​ $ 759 Amendment and exchange of options ​ (3,676) ​ $ 0.19 ​ * ​ $ 69,177 Outstanding at December 31, 2020 ​ — ​ ​ ​ ​ ​ ​ ​ ​ *Options have indefinite contractual lives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options under 2020 Plan The following table summarizes activity for options outstanding under the 2020 Plan for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic 2020 Plan Option Activity ​ Units ​ ​ Price ​ Life (Years) ​ Value Outstanding at January 1, 2020 ​ — ​ ​ — ​ ​ ​ ​ ​ Issued in connection with Converted SARs ​ 12,038 ​ $ 2.76 ​ ​ ​ ​ ​ Issued in connection with Amended Options ​ 3,676 ​ $ 0.19 ​ * ​ ​ ​ Total options granted ​ 15,714 ​ $ 2.16 ​ ​ ​ ​ ​ Forfeited ​ (156) ​ $ 3.29 ​ ​ ​ ​ ​ Exercised ​ (3,682) ​ $ 1.21 ​ ​ ​ ​ ​ Outstanding at December 31, 2020 ​ 11,876 ​ $ 2.44 ​ 5.3 ​ $ 384,883 Granted ​ 779 ​ $ 23.06 ​ ​ ​ ​ ​ Forfeited ​ (292) ​ $ 4.06 ​ ​ ​ ​ ​ Exercised ​ (2,863) ​ $ 2.04 ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 9,500 ​ $ 4.20 ​ 5.2 ​ $ 110,843 Forfeited ​ (100) ​ $ 5.31 ​ ​ ​ ​ ​ Expired ​ (1) ​ $ 32.16 ​ ​ ​ ​ ​ Exercised ​ (891) ​ $ 2.70 ​ ​ ​ ​ ​ 2020 Plan options outstanding at December 31, 2022 ​ 8,508 ​ $ 4.34 ​ 4.3 ​ $ 86,514 2020 Plan options exercisable at December 31, 2022 ​ 6,125 ​ $ 2.95 ​ 3.4 ​ $ 70,785 *Amended Options have indefinite contractual lives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The detail of options outstanding, vested and exercisable under the 2020 Plan as of December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Vested and Exercisable ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average Exercise Prices ​ Units ​ Life (Years) ​ Units ​ Life (Years) $0.15 to $0.71 1,698 ​ — ​ 1,698 ​ — $2.15 326 ​ 2.1 ​ 326 ​ 2.1 $2.50 2,156 ​ 3.5 ​ 2,156 ​ 3.5 $2.67 409 ​ 4.2 ​ 409 ​ 4.2 $3.17 988 ​ 5.3 ​ 237 ​ 5.4 $3.73 ​ 1,514 ​ 6.8 ​ 737 ​ 6.8 $4.70 ​ 658 ​ 7.1 ​ 316 ​ 7.1 $18.47 ​ 213 ​ 8.9 ​ 53 ​ 8.9 $18.96 ​ 235 ​ 8.6 ​ 105 ​ 8.6 $19.00 66 ​ 8.7 ​ 17 ​ 8.7 $32.16 245 ​ 8.2 ​ 71 ​ 7.4 ​ 8,508 ​ ​ 6,125 ​ ​ ​ ​ The Board intends all options granted to be exercisable at a price per share not less than the per share fair market value of the Company’s Class A common stock underlying the options on the date of grant. Compensation expense for new option awards issued subsequent to the Offering to participants under the 2020 Plan are measured based on the grant date fair value of the awards and recognized in the consolidated statements of comprehensive loss over the period during which the participant is required to perform the requisite services. The vesting period is generally one The Company issued 779 options under the 2020 Plan during various quarters in 2021. No options were issued during 2022. The assumptions used in the Black-Scholes models to determine the value of the options issued during these periods are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option Valuation Period ​ ​ ​ Q4 2021 Q3 2021 ​ Q3 2021 Q2 2021 Q1 2021 Fair market value of common stock ​ $ 18.47 ​ $ 18.96 ​ ​ $ 19.00 ​ $ 17.66 ​ $ 32.16 ​ Volatility 37.4 % 37.1 % ​ 37.1 % 36.8 % 36.8 % Expected term (years) 5.0 ​ ​ 5.0 ​ ​ 5.0 ​ ​ 6.0 ​ ​ 6.0 ​ Expected dividend yield — % ​ — % ​ — % ​ — % ​ — % Risk-free interest rate 1.3 % ​ 0.8 % ​ 0.9 % ​ 0.4 % ​ 0.4 % ​ The fair market value of common stock reflects the market closing price on the NASDAQ Global Market exchange on the respective option grant date. As of the valuation dates, the Company lacked sufficient historical data on the volatility of its stock price. Selected volatility is representative of expected future volatility and was based on the historical and implied volatility of comparable publicly traded companies over a similar expected term. The expected term represents the term the options are expected to be exercised over, which differs from the term of the option grants which is ten years. The Company does not expect to pay dividends. The risk-free interest rate was based on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected term of the option grants. At December 31, 2022, $10,352 of unrecognized compensation expense associated with the options and Converted SARs is expected to be recognized over a weighted average period of approximately 2.0 years. Restricted Stock Units The following table summarizes RSU activity for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Units ​ Value Per Share ​ Outstanding at January 1, 2020 — ​ ​ ​ ​ Granted 101 ​ $ 23.80 ​ Outstanding at December 31, 2020 ​ 101 ​ ​ 23.80 ​ Granted ​ 478 ​ ​ 27.07 ​ Vested (15) ​ ​ 29.67 ​ Forfeited (34) ​ ​ 25.18 ​ Outstanding at December 31, 2021 ​ 530 ​ $ 26.49 ​ Granted ​ 2,240 ​ ​ 13.55 ​ Vested ​ (68) ​ ​ 21.96 ​ Forfeited ​ (140) ​ ​ 15.59 ​ Outstanding at December 31, 2022 ​ 2,562 ​ $ 15.90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation cost for RSUs is measured based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost will be recognized on a straight-line basis in the consolidated statements of comprehensive loss over the period during which the participant is required to perform services in exchange for the award, which is generally one In connection with the Taxamo acquisition, certain continuing employees of Taxamo received RSUs with service and performance conditions. At December 31, 2022, there are 895 shares of our Class A common stock (“PSUs”) with an aggregate grant date fair value of $15,803 that will be accounted for as post-acquisition compensation expense over the vesting period if targets are achieved. The performance-based condition will be satisfied upon meeting certain performance targets for the year ended 2023. As of December 31, 2022, it is not probable that these targets will be met, thus no compensation expense has been recorded to date related to these PSUs. Restricted Stock Awards The following table summarizes RSA activity for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Units ​ Value Per Share ​ Outstanding at January 1, 2020 — ​ ​ ​ ​ Granted 694 ​ $ 19.00 ​ Vested (21) ​ 19.00 ​ Forfeited (3) ​ 19.00 ​ Outstanding at December 31, 2020 ​ 670 ​ ​ 19.00 ​ Granted ​ 59 ​ ​ 17.66 ​ Vested ​ (363) ​ ​ 19.00 ​ Forfeited ​ (40) ​ ​ 19.00 ​ Outstanding at December 31, 2021 ​ 326 ​ $ 18.76 ​ Granted ​ 106 ​ ​ 9.92 ​ Vested ​ (188) ​ ​ 18.58 ​ Forfeited ​ (9) ​ ​ 19.00 ​ Outstanding at December 31, 2022 ​ 235 ​ $ 14.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation cost for RSAs is measured based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost will be recognized on a straight-line basis in the consolidated statements of comprehensive loss over the period during which the participants are required to perform services in exchange for the award, which is generally one Employee Stock Purchase Plan The ESPP permits participants to purchase Class A common stock primarily through payroll deductions of up to a specified percentage of their eligible compensation. The maximum number of shares that may be purchased by a participant during any offering period is determined by the plan administrator in advance of each offering period. A total of 1,000 shares of Class A common were initially reserved for issuance under the ESPP. The number of shares available for issuance under the ESPP increases annually on January 1 of each calendar year beginning in 2021 and ending in and including 2030, by an amount equal to the lesser of (i) 1% of the shares of Class A and Class B common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board, provided that no more than 16,000 shares of Class A common stock may be issued. The ESPP is administered by a committee of the Board. As of December 31, 2022, there were 3,562 shares available for issuance under the ESPP. On the first trading day of each offering period, each participant will automatically be granted an option to purchase shares of Class A common. The option will expire at the end of the applicable offering period and will be exercised at that time to the extent of the payroll deductions accumulated or contributions made during such offering period. The purchase price of the shares, in the absence of a contrary designation, is 85% of the lower of the fair value of the Class A common on the first or last day of the ESPP offering period. Participants may voluntarily end their participation in the plan at any time during a specified period prior to the end of the applicable offering period and will be paid their accrued payroll deductions and related contributions, if applicable, that have not yet been used to purchase shares of Class A common. If a participant withdraws from the plan during an offering period, the participant cannot rejoin until the next offering period. Participation ends automatically upon a participant's termination of employment. As of December 31, 2022 and 2021 there was approximately $324 and $233, respectively, of unrecognized ESPP stock-based compensation cost that is expected to be recognized on a straight-line basis over the remaining term of the offering periods ending on May 31 2023 and 2022, respectively. The fair value of ESPP purchase rights for the offering periods is comprised of the value of the 15% ESPP discount and the value associated with the call or put over the respective ESPP offering period. The value of the call or put was estimated using the Black-Scholes model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offering Period Ending ​ 5/31/2023 ​ 11/30/2022 ​ 5/31/2022 ​ 11/30/2021 ​ 5/31/2021 ​ Fair market value of common stock $ 17.21 ​ $ 11.16 ​ $ 17.38 ​ $ 19.89 ​ $ 25.83 ​ Volatility 46.4 % 35.4 % 37.3 % 35.1 % ​ 35.1 % Expected term (years) 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ ​ 0.5 ​ Expected dividend yield - % - % - % - % ​ - % Risk-free interest rate 4.7 % 1.6 % 0.1 % 0.1 % ​ 0.1 % ​ Volatility is representative of expected stock price volatility over the offering period. Effective with the offering period beginning December 1, 2022, the Company’s volatility was applied and will be applied to future offering periods. Prior to this offering period, volatility was based on the historical and implied volatility of comparable publicly traded companies over a similar expected term for the respective offering periods. The expected term represents the term of the ESPP offering period, which is generally six months except for the initial offering period which was from July 28 to November 30, 2020. The Company does not expect to pay dividends after the Offering. The risk-free interest rate was based on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected term of the award at the date nearest the offering term. ​ Stock-Based Compensation The Company recognized total stock-based compensation cost related to incentive awards, net of forfeitures, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ Stock options $ 7,081 ​ $ 17,533 ​ $ 143,123 RSUs 9,286 ​ 2,964 ​ 171 RSAs 2,768 ​ 5,126 ​ 4,284 ESPP ​ 594 ​ ​ 537 ​ ​ 326 Total stock-based compensation expense $ 19,729 ​ $ 26,160 ​ $ 147,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company recognized stock-based compensation cost in the consolidated statements of comprehensive loss as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues, software subscriptions $ 2,090 ​ $ 2,336 $ 14,663 Cost of revenues, services 1,433 ​ 2,648 21,472 Research and development 1,798 ​ 2,620 14,694 Selling and marketing 6,284 ​ 6,371 29,551 General and administrative 8,124 ​ 12,185 ​ ​ 67,524 Total stock-based compensation expense $ 19,729 ​ $ 26,160 ​ $ 147,904 ​ The total recognized tax benefit related to the stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 was $3,324, $14,683 and $19,853, respectively. The tax benefit from stock options exercised during the years ended December 31, 2022, 2021, and 2020 was $2,710, $14,159, and $18,220, respectively.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
RELATED PARTIES
RELATED PARTIES	14. In connection with the termination of the Company’s S-corporation status and establishment of the New Capital Structure, the Company entered into the Third Amended and Restated Stockholders' Agreement (the "Stockholders' Agreement") with the Class B common shareholders. The Stockholders’ Agreement entitles these individuals to require the Company to register shares held by them for sale (the “Selling Shareholder Registrations”). The Stockholders’ Agreement requires the Company to pay the expenses relating to Selling Shareholder Registrations and to indemnify the parties participating in these offerings against liabilities that may arise from the offering process. For the year ended December 31, 2022, the Company incurred $688 in offering costs related to the sale of shares associated with the Selling Shareholder Registration.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. In January 2022, the Company filed a complaint against a competitor alleging claims of unfair competition, intentional interference with contractual relations, and trade secret misappropriation. The outcome of the case is subject to a number of uncertainties, therefore the Company has not recognized any potential impact to the consolidated financial statements. The Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. The Company is not aware of any such legal proceedings or claims that management believes will have a material adverse effect on its business, financial condition, or operating results. ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	16. Before revocation of the S Election on July 27, 2020, the Company had historically been taxed as an S-Corporation for U.S. federal and most state income tax purposes. This resulted in income not being subject to U.S. federal income taxes or state income taxes in those states where the S-Corporation status was recognized. Therefore, before July 27, 2020, no provision or liability for federal or state income tax had been provided in the consolidated financial statements except for those states where the S-Corporation status was not recognized or that imposed a tax on S-Corporations. The provision for income tax in the historical periods prior to the Offering consisted of these state taxes and taxes from certain foreign jurisdictions where the Company was subject to tax. The revocation of the S Election was treated as a change in tax status resulting in the recording of the deferred tax effects of such change to income from continuing operations on the date of such revocation. The termination of the S Election had a material impact on the Company’s 2020 results of operations and financial condition. As such, the Company’s income tax provision for periods subsequent to the C-Corporation conversion will not be comparable to periods prior to such conversion. For U.S. corporate income tax purposes, the Company apportioned its 2020 results between the S-Corporation and C-Corporation periods. This allocation effectively resulted in a blended income tax rate for the 2020 year, as only the C-Corporation net losses were subject to both U.S. federal and state corporate income tax, while the S-Corporation earnings were only subject to tax in those states that tax S-Corporations or do not recognize S-Corporation status. The components of net income (loss) before income taxes, by geography, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 2021 2020 U.S. ​ $ 5,827 ​ $ 5,608 ​ $ (107,959) Foreign ​ (15,957) ​ (9,534) ​ 90 Net loss before income taxes ​ $ (10,130) ​ $ (3,926) ​ $ (107,869) ​ Income tax expense (benefit) consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 2021 2020 Current income taxes: ​ ​ ​ Federal ​ $ 1,696 ​ $ — ​ $ — State and local ​ ​ 1,068 ​ ​ 155 ​ ​ 617 Foreign ​ 577 ​ 468 ​ 94 Total current ​ 3,341 ​ 623 ​ 711 Deferred income taxes: ​ ​ ​ Federal ​ ​ 904 ​ ​ (1,849) ​ ​ (27,076) State and local ​ 72 ​ (7) ​ (6,491) Foreign ​ (2,143) ​ (1,214) ​ 68 Total deferred ​ (1,167) ​ (3,070) ​ (33,499) Income tax expense (benefit) ​ $ 2,174 ​ $ (2,447) ​ $ (32,788) ​ During the year ended December 31, 2022, the Company recognized a $12 income tax benefit in accumulated other comprehensive loss relating to unrealized gains (losses) from foreign currency translation adjustments, revaluations, and available-for-sale securities. During the year ended December 31, 2021, the Company recognized a $89 income tax expense in accumulated other comprehensive loss relating to unrealized gains from foreign currency translation adjustments and revaluations. The reconciliation of the effective tax rate to tax at the statutory rates for the years ended December 31 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Total ​ Tax Rate ​ Total ​ Tax Rate Total ​ Tax Rate Pretax net loss ​ $ (10,130) ​ $ (3,926) ​ $ (107,869) ​ Taxes: ​ ​ ​ ​ ​ U.S. federal income tax at statutory rate ​ $ (2,128) 21.0 % $ (825) 21.0 % $ (22,652) 21.0 % State income taxes ​ ​ 441 (4.4) % ​ 678 (17.3) % ​ (1,811) 1.7 % Tax effect of S-Corporation status ​ ​ — ​ — % ​ — ​ — % ​ 21,325 ​ (19.8) % Impact of change in tax status ​ ​ — ​ — % ​ — ​ — % ​ (25,396) ​ 23.5 % Stock-based compensation expense ​ ​ 1,787 ​ (17.6) % ​ (4,550) ​ 115.9 % ​ (5,809) ​ 5.4 % Impact of foreign operations ​ 1,352 ​ (13.3) % 954 ​ (24.3) % (56) ​ 0.1 % Transaction costs ​ ​ 176 ​ (1.7) % ​ 1,082 ​ (27.6) % ​ — ​ — % U.S. taxation of foreign earnings ​ ​ (179) ​ 1.8 % ​ 144 ​ (3.7) % ​ 81 ​ (0.1) % Nondeductible compensation ​ ​ 485 ​ (4.8) % ​ 682 ​ (17.4) % ​ 883 ​ (0.8) % Tax credits ​ ​ (341) ​ 3.4 % ​ (488) ​ 12.4 % ​ (44) ​ 0.0 % Change in valuation allowance ​ ​ 427 ​ (4.2) % ​ 373 ​ (9.5) % ​ 109 ​ (0.1) % Other permanent items, net ​ ​ 154 (1.7) % ​ (497) 12.8 % ​ 582 (0.5) % Taxes and effective tax rate ​ $ 2,174 (21.5) % $ (2,447) 62.3 % $ (32,788) 30.4 % ​ The effective tax rate in 2022 decreased to (21.5)% from 62.3% in 2021. The income tax expense in 2022 was primarily driven by a net shortfall in tax benefits on exercises and vestings of stock awards and limitations on deductions of certain employees’ compensation under Internal Revenue Code Section 162(m) (“IRC 162(m)”), partially offset by the favorable impact of tax credits and foreign tax benefits from the deduction for foreign-derived intangible income. The effective tax rate in 2021 increased to 62.3% from 30.4% in 2020. The income tax benefit in 2021 was primarily driven by exercises and vestings of stock awards partially offset by the unfavorable impact of limitations on deductions of certain employees’ compensation under IRC 162(m), and acquisition costs. The impact of foreign operations in 2022 and 2021 primarily reflects losses in Ireland taxed at 12.5%, as well as income or losses taxed at rates in other foreign jurisdictions, as opposed to the statutory U.S. federal income tax rate. The impact of foreign operations were not significant in 2020. Significant components of the Company’s net deferred tax assets (liabilities) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Deferred tax assets: 2022 2021 Deferred revenue ​ $ 2,981 ​ $ 3,788 State operating loss carry forwards ​ 2,831 ​ 3,894 Federal and foreign loss carry forwards ​ 11,318 ​ 21,617 Accrued expenses ​ 2,450 ​ 2,023 Accrued variable compensation ​ — ​ 3,110 Deferred and stock-based compensation ​ 23,634 ​ 24,971 Operating lease liabilities ​ ​ 6,272 ​ ​ 7,204 Tax credits ​ ​ — ​ ​ 532 Other ​ — ​ 53 Deferred tax assets ​ 49,486 ​ 67,192 Valuation allowance ​ (2,285) ​ (1,839) Total deferred tax assets ​ 47,201 ​ 65,353 Deferred tax liabilities: ​ ​ Depreciation and amortization ​ (9,337) ​ (26,269) Prepaid expenses ​ ​ (1,256) ​ ​ (1,329) Right of use asset ​ (4,325) ​ (5,120) Accrued variable compensation ​ ​ (1,646) ​ ​ — Other ​ ​ (115) ​ ​ — Total deferred tax liabilities ​ (16,679) ​ (32,718) Net deferred tax asset ​ $ 30,522 ​ $ 32,635 ​ ​ ​ ​ ​ ​ ​ Classification in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ Deferred income tax asset ​ $ 30,938 ​ $ 35,298 Deferred other liabilities ​ ​ (416) ​ ​ (2,663) Net deferred tax asset ​ $ 30,522 ​ $ 32,635 ​ At December 31, 2022, the Company has available U.S. federal operating loss carry forwards of $38,723 and U.S. state operating loss carry forwards of $45,742. The federal operating loss will carryforward indefinitely, and the state operating losses will expire at varying dates beginning in 2023 through 2042 or will carryforward indefinitely. Management expects to fully use these U.S. federal and state operating loss carry forwards. At December 31, 2022, the Company has available foreign operating losses of approximately $4,110 and trading losses of $14,726, which generally carry forward indefinitely. A valuation allowance for a portion of the foreign operating and non-operating losses is recorded at December 31, 2022 and 2021. At December 31, 2022 and 2021, the Company has a valuation allowance of ($2,285) and ($1,839), respectively, primarily against certain net deferred tax assets, including losses, in foreign jurisdictions. The net increase in the total valuation allowance of ($446) during December 31, 2022 primarily related to recording additional valuation allowance on net deferred tax assets in foreign jurisdictions that, in the judgment of management, are not more likely than not to be realized, partially offset by the release of a valuation allowance on the net deferred tax asset in a foreign jurisdiction which management believes is more likely than not to be realized, as well as changes in foreign exchange rates. The does not assert any earnings to be permanently reinvested with respect to the undistributed earnings of its foreign subsidiaries. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which the Company operates. Under applicable U.S. federal statutes, tax years ended December 31, 2019 through December 31, 2022 remain subject to examination. Under applicable statutes, state and foreign corporate tax returns filed for the Company and its respective foreign subsidiaries for years ended December 31, 2017 through December 31, 2022 remain subject to examination by the respective authorities.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business	Nature of Business Vertex, Inc. (“Vertex”) and its consolidated subsidiaries and variable interest entities (“VIE”) (collectively, the “Company”) operate as solutions providers of state, local and value added tax calculation, compliance and analytics, offering software products which are sold through software license and software as a service (“cloud”) subscriptions. The Company also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. The Company sells to customers located throughout the United States of America (“U.S.”) and internationally.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of the Company. All intercompany transactions have been eliminated in consolidation. The Company has a 65% controlling equity interest in Systax Sistemas Fiscais LTDA (“Systax”), a provider of Brazilian transaction tax content and software. Systax was determined to be a VIE and the accounts are included in the consolidated financial statements. Vertex does not have full decision-making authority over Systax; however, Vertex is the entity that most significantly participates in the variability of the fair value of Systax’s net assets and is considered the entity most closely associated to Systax. As such, Vertex is deemed the primary beneficiary of Systax and consolidates Systax into its consolidated financial statements.
Registration of Company Stock and Initial Public Offering	Registration of Company Stock and Initial Public Offering On July 28, 2020, the Company filed its amended and restated certificate of incorporation with the Delaware Secretary of State to: (i) effect a three-for-one forward stock split (the “Stock Split”); (ii) establish a new capital structure for the Company (the “New Capital Structure”); and (iii) effect a share exchange (the “Share Exchange”) (collectively, the “Recapitalization”). The Stock Split resulted in each one share owned by a stockholder being exchanged for three The Company’s Registration Statement on Form S-1 with the Securities and Exchange Commission (“SEC”) was declared effective on July 28, 2020, resulting in the Class A shares being registered and available for trading on the NASDAQ Global Market exchange (the “Offering”). On July 31, 2020, the Company received $423,024 in proceeds from the sale of 23,812 shares of Class A at a public offering price of $19.00 per share, net of underwriting fees, and used a portion of the proceeds to pay off $175,000 in outstanding debt. The net proceeds remaining after payment of Offering costs are being used for working capital and other corporate purposes.
Segments	Segments The Company operates its business as one operating segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company’s CODM allocates resources and assesses performance based upon discrete financial information at the consolidated level. For the years ended December 31, 2022, 2021 and 2020 approximately 8%, 7% and 5%, respectively, of the Company’s revenues were generated outside of the U.S. As of December 31, 2022 and 2021, $827 and $699, respectively, of the Company’s property and equipment assets were held outside of the U.S.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, which includes highly liquid investment securities, available-for-sale securities, funds held for customers and accounts receivable. The Company maintains the majority of its cash and cash equivalent balances and funds held for customers in four banks. These amounts exceed federally insured (“FDIC”) limits. The Company periodically evaluates the creditworthiness of the banks. The Company has not experienced any losses in these accounts and believes they are not exposed to significant credit risk on such accounts. The Company does not require collateral from its customers. Allowances are maintained for credit losses. Credit risk related to accounts receivable is limited due to the industry and geographic diversity within the Company's customer base. No single customer accounted for more than 10% of revenues for the years ended December 31, 2022, 2021 and 2020.
Fair Value Measurement	Fair Value Measurement 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 a measurement date. A three-level fair value hierarchy (the “Fair Value Hierarchy”) prioritizes the inputs used to measure fair value. The Fair Value Hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. Classification in the Fair Value Hierarchy is based on the lowest of the following levels that is significant to the measurement: Level 1 Level 2 Level 3 The Company’s assessment of the significance of an input to a fair value measurement requires judgment, which may affect the determination of fair value and the measurement’s classification within the Fair Value Hierarchy.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses during the reporting period. Significant estimates used in preparing these consolidated financial statements include: (i) the estimated allowance for subscription cancellations, (ii) expected credit losses associated with the allowance for doubtful accounts; (iii) allowance for credit losses on available-for-sale debt securities; (iv) the reserve for self-insurance, (v) assumptions related to achievement of technological feasibility for software developed for sale, (vi) product life cycles, (vii) estimated useful lives and potential impairment of long-lived assets and intangible assets, (viii) potential impairment of goodwill, (ix) determination of the fair value of tangible and intangible assets acquired, liabilities assumed and consideration transferred in acquisitions, (x) amortization period of material rights and deferred commissions (xi) Black-Scholes-Merton option pricing model (“Black-Scholes model”) input assumptions used to determine the fair value of certain stock-based compensation awards, and Employer Stock Purchase Plan (“ESPP”) purchase rights (xii) measurement of future purchase commitment, contingent consideration liabilities and deferred purchase consideration liabilities associated with acquisitions, and (xiii) the potential outcome of future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Actual results may differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity date of three months or less to be cash equivalents. Funds held as investments in money market funds are included within cash and cash equivalents. In accordance with Accounting Standards Update (“ASU”) No. 2016-18, Restricted Cash
Funds Held for Customers	Funds Held for Customers Funds held for customers in the consolidated balance sheets represents customer funds advanced for transaction tax returns outsourcing. Funds held for customers are restricted for the sole purpose of remitting such funds to satisfy obligations on behalf of such customers and are deposited at FDIC-insured institutions. Customer obligations are included in current liabilities in the consolidated balance sheets, as the obligations are expected to be settled within one year.
Property and Equipment	Property and Equipment Property and equipment are stated at cost or fair value when acquired and presented net of accumulated depreciation. Normal maintenance and repairs are charged to expense, while major renewals and betterments are capitalized. Assets under finance leases are recorded at the present value of future lease payments. Assets under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the assets and are depreciated over the shorter of the asset’s useful life or lease term. ​ ​ Depreciation and amortization are computed straight-line over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Leasehold improvements 1 - 12 years Internal-use software developed 3 - 5 years Computer software purchased 3 - 7 years Equipment 3 - 10 years Furniture and fixtures 7 - 10 years ​
Internal-Use Software	Internal-Use Software The Company follows Accounting Standards Codification (“ASC”) 350-40, Goodwill and Other, Internal-Use Software, are primarily comprised of direct labor, related expenses and initial software licenses. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative and training costs. Internal-use software includes software utilized for cloud-based solutions as well as software for internal systems and tools. Costs are capitalized once the project is defined, funding is committed and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. Internal-use software is included in internal-use software developed in property and equipment in the consolidated balance sheets once available for its intended use. Depreciation expense for internal-use software utilized for cloud-based customer solutions and for software for internal systems and tools is included in cost of revenues, software subscriptions and depreciation and amortization, respectively, in the consolidated statements of comprehensive loss.
Software Developed for Sale	Software Developed for Sale The costs incurred for the development of computer software to be sold, leased, or otherwise marketed are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased or Marketed Amortization of capitalized software development costs begins when the product is available for general release. Amortization is provided on a product-by-product basis using the straight-line method over periods between three to five years. Unamortized capitalized software development costs determined to be in excess of the net realizable value of the product are expensed immediately. Capitalized software costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies at each balance sheet date. In the event of impairment, unamortized capitalized software costs are compared to the net realizable value of the related product and the carrying value of the related assets are written down to the net realizable value to the extent the unamortized capitalized costs exceed such value. The net realizable value is the estimated future gross revenues from the related product reduced by the estimated future costs of completing and disposing of such product, including the costs of providing related maintenance and customer support.
Assessment of Long-Lived Assets	Assessment of Long-Lived Assets The Company reviews the carrying value of long-lived assets, including internal-use software, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Whenever such events or circumstances are present, an impairment loss equal to the excess of the asset carrying value over its fair value, if any, is recorded.
Business Combinations	Business Combinations Upon acquisition of a company, the Company determines if the transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, the assets acquired, liabilities assumed, consideration transferred and amounts attributed to noncontrolling interests, are recorded at fair value. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired, liabilities assumed, consideration transferred, and amounts attributed to noncontrolling interests at the acquisition date. One of the most significant estimates relates to the determination of the fair value of these amounts. The determination of the fair values is based on estimates and judgments made by management. The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments to these values as of the acquisition date are reflected at the time identified, up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets acquired, liabilities assumed, consideration transferred and noncontrolling interests is received, and is not to exceed one year from the acquisition date (the “Measurement Period”). Thus, the Company may record adjustments to the fair value of these tangible and intangible assets acquired, liabilities assumed, consideration transferred and noncontrolling interests, with the corresponding offset to goodwill during this Measurement Period. Additionally, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill, provided the Company is within the Measurement Period, with any adjustments to amortization of new or previously recorded identifiable intangibles being recorded to the consolidated statements of comprehensive loss in the period in which they arise. In addition, if outside of the Measurement Period, any subsequent adjustments to the acquisition date fair values are reflected in the consolidated statements of comprehensive loss in the period in which they arise.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. The Company evaluates goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has determined that its business comprises one reporting unit. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case a quantitative impairment test is not required. As provided for by ASU 2017-04, Simplifying the Test for Goodwill Impairment
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes costs related to obtaining, renewing or extending loan agreements and amortizes these costs on a straight-line basis, which approximates the effective interest method, over the life of the loan. Deferred financing costs related to undrawn debt are reflected in other assets in the consolidated balance sheets in accordance with ASC 835-30, Interest—Imputation of Interest
Stock-Based Compensation	Stock-Based Compensation On the effective date of the Offering, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”) and the ESPP, which provide for the award of stock appreciation rights (“SARs”), stock options (“options”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and participation in the ESPP (collectively, the “awards”). The awards are subject to, and the Company applies, the guidance set forth in ASC 718, Compensation—Stock Compensation The provisions of ASC 718 require a company to measure the fair value of stock-based compensation as of the grant date of the award. Stock-based compensation expense reflects the cost of employee services received in exchange for the awards. SARs are accounted for as liabilities under ASC 718 and, as such, the Company recognizes stock-based compensation expense by remeasuring the value of the SARs at the end of each reporting period and accruing the portion of the requisite service rendered at that date. Prior to the date management determined the Company was considered to have become a public entity, the Company measured SARs at their intrinsic value. After such date, management remeasured outstanding SARs using the fair value-based method under ASC 718. Stock-based compensation expense for stock options issued under the 2020 Plan after the Offering is measured based on the grant date fair value of the award and is estimated using the Black-Scholes model. Compensation cost is recognized on a straight-line basis over the requisite service or performance period associated with the award. Stock-based compensation expense for RSAs and RSUs is based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost is recognized on a straight-line basis over the requisite service or performance period associated with the award. Stock-based compensation expense for awards subject to performance-based measurement criteria is recognized when achievement of performance targets is deemed probable. The ESPP permits participants to purchase Class A common stock through payroll deductions, up to a specified percentage of their eligible compensation, or for the initial offering period ended November 30, 2020, a lump sum contribution. The plan is a compensatory plan as it allows participants to purchase stock at a 15% discount from the lower of the fair value of the Class A common on the first or last day of the ESPP offering period (the “ESPP Discount”). The ESPP is accounted for as an equity classified award. Stock-based compensation expense for the ESPP is measured based on the fair value of the ESPP award at the start of the offering period. The fair value is comprised of the value of the ESPP Discount and the value associated with the variability in the Class A common stock price during the offering period (the “Call/Put”), which is estimated using the Black-Scholes model. Compensation cost is recognized on a straight-line basis over the respective offering period. The Company has elected to recognize award forfeitures as they occur.
Leases	Leases Effective January 1, 2021, the Company adopted ASU No. 2016-02, Leases For leases with terms greater than 12 months, the Company records an operating lease right-of-use asset or finance lease asset and related lease liability at the present value of lease payments over the lease term. The implicit rate for individual leases is generally not readily determinable; therefore, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. Leases with an option to extend the related lease term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. The Company recognizes expense for operating leases on a straight-line basis over the lease term plus any variable lease costs. The Company does not recognize a right-of-use asset or lease liability for leases with an initial term equal to or less than 12 months (“short-term leases”) on its consolidated balance sheets. The Company recognizes expense on short-term leases in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. For periods prior to the adoption of ASC 842, the Company recorded rent expense for operating leases on a straight-line basis over the term of the related lease. The difference between the straight-line rent expense and the payments made in accordance with the operating lease agreements were recognized as a deferred rent liability within other liabilities on the consolidated balance sheets.
Self-insurance	Self-insurance The Company is self-insured for the majority of its health insurance costs, including medical claims subject to certain stop-loss provisions. Management periodically reviews the adequacy of the Company’s stop-loss insurance coverage. The Company records an estimate of claims incurred but not reported, based on management’s judgment and historical experience. Self-insurance accruals are $2,219 and $1,922 at December 31, 2022 and 2021, respectively, and are reflected in accrued salaries and benefits in the consolidated balance sheets. Material differences may result in the amount and timing of insurance expense if actual experience differs significantly from management’s estimates.
Revenue Recognition	Revenue Recognition Revenue from contracts with customers The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers Nature of goods and services Licenses for on-premise software subscriptions, which are generally one year, provide the customer with a right to use the software as it exists when made available to the customer. Customers purchase a subscription to these licenses, which includes the related software and tax content updates and product support. The updates and support, which are part of the subscription agreement, are essential to the continued utility of the software; therefore, the Company has determined the software and the related updates and support to be a single performance obligation. Accordingly, when on-premise software is licensed, the revenue associated with this combined performance obligation is recognized ratably over the license term as these subscriptions are provided for the duration of the license term. Revenue recognition begins on the later of the beginning of the subscription period or the date the software is made available to the customer to download. Prior to January 1, 2022, certain on-premise software subscription prices in the initial subscription year were higher than standard renewal prices. The excess initial year price over the renewal price is a material right that provides customers with the right to this reduced renewal price. The Company recognizes revenue associated with this material right over the estimated period of benefit to the customer, which is generally three years. Effective January 1, 2022, the Company changed the pricing structure for on-premise software so the initial year price and renewal prices were consistent, thus removing the material right for transactions after this date. The material right for applicable transactions prior to this pricing change will continue to be recognized over the remaining estimated period of benefit to the customer. Cloud-based subscriptions allow customers to use Company-hosted software over the contract period without taking possession of the software. The cloud-based offerings also include related updates and support. Revenue recognition begins on the later of the beginning of the subscription period or the date the customer is provided access to the cloud-based solutions. Cloud-based contracts consistently provide a benefit to the customer during the subscription period; thus, the associated revenue is recognized ratably over the related subscription period. Revenue from deliverable-based services is recognized as services are delivered. Revenue from fixed fee services is recognized as services are performed using the percentage of completion input method. The Company has elected the “right to invoice” practical expedient for revenue related to services that are billed on an hourly basis, which enables revenue to be recognized as the services are performed. The Company has determined that the methods applied to measuring its progress toward complete satisfaction of performance obligations recognized over time are a faithful depiction of the transfer of control of software subscriptions and services to customers. Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Identification of the amortization periods of material rights and contract costs requires significant judgment by management. Payment terms Payment terms and conditions vary by contract, although the Company’s terms generally include a requirement of payment within 30-60 days. In instances where the timing of revenue recognition differs from the timing of payment, the Company has determined that its contracts do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing products and services, not to receive financing from customers or to provide customers with financing. Cost of Revenues Cost of revenues, software subscriptions include the direct cost to develop, host and distribute software products, the direct cost to provide customer support, and amortization of costs capitalized for software developed for sale, for internal-use software utilized for cloud-based subscriptions and for certain acquired intangible assets. Cost of revenues, services include the direct costs of implementation, training, transaction tax returns outsourcing and other tax-related services. Reimbursable Costs Reimbursable costs passed through and invoiced to customers of the Company are recorded as services revenues with the associated expenses recorded as cost of revenues, services in the consolidated statements of comprehensive loss. These amounts were $133, $14, and $199 for the years ended December 31, 2022, 2021 and 2020, respectively.
Research and Development	Research and Development Research and development costs consist primarily of personnel and related expenses for research and development activities including salaries, benefits and other compensation. Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development,
Advertising	Advertising Advertising expense is recorded as incurred and is reflected in selling and marketing expense in the consolidated statements of comprehensive loss. Total advertising expense was $26,529, $20,386, and $11,069 for the years ended December 31, 2022, 2021, and 2020, respectively.
Foreign Currency	Foreign Currency The Company transacts business in various foreign currencies. Management has concluded that the local country’s currency is the functional currency of its foreign operations. Consequently, operating activities outside the U.S. are translated into U.S. dollars using average exchange rates, while assets and liabilities of operations outside the U.S. are translated into U.S. dollars using exchange rates at the balance sheet date. The effects of foreign currency translation adjustments are included in total stockholders' equity as a component of accumulated other comprehensive loss in the consolidated balance sheets. Related periodic movements in exchange rates are included in other comprehensive income (loss) in the consolidated statements of comprehensive loss. Other operating expense, net in the consolidated statements of comprehensive loss includes net foreign exchange transaction gains (losses) of ($38), $183, and ($155) for the years ended December 31, 2022, 2021 and 2020, respectively.
Investments	Investments The Company’s investment securities portfolio consists of the following: money market mutual funds invested in high quality, short-term money market instruments which are issued and payable in U.S. dollars (“Money Market Funds”), bank and corporate issued commercial paper (“Commercial Paper”), corporate bonds (“Corporate Bonds”), and U.S. treasury securities (“Treasury Securities”). The Money Market Funds and a portion of the Commercial Paper are considered cash and cash equivalents due to their short maturity dates. These securities are carried at fair value, with the realized holding gains and (losses), net of tax, reported in the interest expense, net line of the consolidated statements of comprehensive loss. Realized holding gains and (losses), net of tax, were not material. The Money Market Funds qualify as equity securities per ASC 321, Investments - Equity Securities Investments - Debt Securities
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which recognizes deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the Company’s consolidated financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The effects of future changes in tax laws or rates are not anticipated. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes The impact as a result of the application of ASC 740 is reflected in the consolidated financial statements. The Company assesses its income tax positions and records tax benefits or expense based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. Variations in the actual outcome of these future tax consequences could materially impact the consolidated financial statements. Effective July 27, 2020, Vertex is taxed as a C-Corporation for U.S federal and state income tax purposes upon revocation of the Company’s S-Corporation election (the “S Election”) in connection with the Offering. Before July 27, 2020, Vertex was taxed as an S-Corporation for U.S. federal and most state income tax purposes resulting in net income or loss before this date being allocated to and included on the income tax returns of the S-Corporation stockholders. Historically the Company distributed amounts to the stockholders to satisfy their tax liabilities resulting from allocated net income or loss. In certain states, Vertex was taxed at the corporate level. Accordingly, the income tax provision or benefit was based on taxable income allocated to these states. In foreign jurisdictions, Vertex subsidiaries are generally taxed at the corporate level, and the income tax provision or benefit is based on income or loss sourced to these foreign jurisdictions at the tax rates applicable in those jurisdictions. In connection with the S Election revocation, the Company entered into an agreement with the S-Corporation stockholders pursuant to which the Company indemnified them for unpaid income tax liabilities and may be required to make future payments in material amounts to them attributable to incremental income taxes resulting from an adjustment to S-Corporation related taxable income that arises after the effective date of the S Election revocation (the “Tax Sharing Agreement”). In addition, the Tax Sharing Agreement indemnifies the S-Corporation stockholders for any interest, penalties, losses, costs or expenses arising out of any claim under the agreement. Correspondingly, the S-Corporation stockholders indemnified the Company with respect to unpaid tax liabilities (including interest and penalties) to the extent that such unpaid tax liabilities are attributable to a decrease in S-Corporation stockholders’ taxable income for any period and a corresponding increase in our taxable income for any period. The Company recorded a deferred tax asset during the year ended December 31, 2020 as a result of the conversion from an S-Corporation to a C-Corporation. The deferred tax asset is primarily due to future stock-based compensation deductions for tax purposes resulting from SARs that were previously issued by the Company, converted to options and immediately exercised upon the effective date of the Offering. The exercise of these options resulted in a net operating loss for the C-Corporation short tax year beginning July 27, 2020 and ending December 31, 2020.
Total Comprehensive Income (Loss)	Total Comprehensive Income (Loss) Total comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as elements of stockholders' equity but are excluded from net income (loss). Other comprehensive income (loss) is comprised of foreign currency translation adjustments and revaluations, and unrealized gains (losses) on available-for-sale debt securities.
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) The Company has two classes of common stock outstanding and thus calculates EPS following the two-class method. This method allocates earnings for the respective periods between the two classes of common stock in proportion to the weighted average shares outstanding for each class of common stock as a percentage of total weighted average shares of both classes of common stock outstanding. Neither the Class A nor Class B common stock has any liquidity or dividend preferences and are both considered to be participating securities. Basic and diluted net income (loss) per share attributable to common stockholders is calculated using the treasury stock method. The basic net income (loss) per share attributable to Class A common stockholders includes RSAs, RSUs and ESPP shares once vesting or purchase contingencies are resolved, and the related shares are deemed to be outstanding. The diluted net income (loss) per share attributable to Class A common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, all options to purchase shares of Class A common stock, nonvested RSAs and RSUs are considered common stock equivalents. Additionally, the portion of ESPP shares for which the Company has received payments but for which the related shares are not yet issuable are also considered potential common stock equivalents. In periods of net loss available to common stockholders, diluted calculations are equal to basic calculations because the inclusion of potential common stock equivalents would be anti-dilutive. In accordance with ASC 260, Earnings Per Share
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Supplemental balance sheet disclosures are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 Prepaid expenses and other current assets: ​ ​ Prepaid expenses ​ $ 5,875 ​ $ 8,903 Prepaid insurance ​ ​ 2,291 ​ ​ 3,348 Prepaid licenses and support ​ ​ 12,217 ​ ​ 8,285 Prepaid expenses and other current assets ​ $ 20,383 ​ $ 20,536 ​ ​ ​ ​ ​ ​ ​ Accrued expenses: ​ ​ ​ ​ ​ ​ Accrued general expenses ​ $ 18,485 ​ $ 10,771 Accrued contract labor and professional fees ​ ​ 17,421 ​ ​ 9,688 Accrued income and other taxes ​ ​ 2,328 ​ ​ 2,507 Accrued expenses ​ $ 38,234 ​ $ 22,966 ​
Supplemental Cash Flow Disclosures	Supplemental Cash Flow Disclosures Supplemental cash flow disclosures are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ 2022 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for: ​ ​ ​ ​ Interest ​ $ 2,221 ​ $ 223 ​ $ 2,461 Income taxes, net of refunds ​ ​ 3,059 ​ ​ 1,287 ​ ​ 588 Cash paid included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ 4,240 ​ ​ 4,692 ​ ​ — Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Change in settlement value of deferred purchase commitment liability ​ ​ 990 ​ ​ — ​ ​ — Change in fair value of contingent consideration liability ​ ​ 2,300 ​ ​ 300 ​ ​ — Estimated distributions payable under Tax Sharing Agreement ​ ​ — ​ ​ 536 ​ ​ 2,700 Purchase commitment and contingent consideration liabilities ​ ​ — ​ ​ 12,736 ​ ​ 12,592 Deferred purchase consideration ​ ​ — ​ ​ 39,024 ​ ​ — Remeasurement of options for redeemable shares ​ ​ — ​ ​ — ​ ​ 51,833 Conversion of SARs in connection with the Offering ​ ​ — ​ ​ — ​ ​ 129,710 Exchange of Amended Options in connection with the Offering ​ ​ — ​ ​ — ​ ​ 69,177 Leased assets obtained in exchange for new finance lease liabilities ​ ​ 1,069 ​ ​ 173 ​ ​ — Equipment acquired through capital leases ​ ​ — ​ ​ — ​ ​ 646 ​
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements As an "emerging growth company," the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to delay adoption of certain new or revised accounting standards. As a result, the Company’s consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Deferred Revenue In October 2021, the Financial Accounting Standard Board issued ASU No. 2021-08, Business Combinations
Risks and Uncertainties	Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of coronavirus disease 2019 (“COVID-19”) to be a pandemic. The COVID-19 pandemic had, and continues to have, a significant impact around the world, prompting governments and businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets. ​ The Company did not experience any significant reductions in sales, revenues or collections through December 31, 2022 as a result of COVID-19. The Company believes it has ample liquidity and capital resources to continue to meet its operating needs and to service debt and other financial obligations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of property plant and equipment useful life	​ ​ ​ ​ Leasehold improvements 1 - 12 years Internal-use software developed 3 - 5 years Computer software purchased 3 - 7 years Equipment 3 - 10 years Furniture and fixtures 7 - 10 years ​
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 Prepaid expenses and other current assets: ​ ​ Prepaid expenses ​ $ 5,875 ​ $ 8,903 Prepaid insurance ​ ​ 2,291 ​ ​ 3,348 Prepaid licenses and support ​ ​ 12,217 ​ ​ 8,285 Prepaid expenses and other current assets ​ $ 20,383 ​ $ 20,536 ​ ​ ​ ​ ​ ​ ​ Accrued expenses: ​ ​ ​ ​ ​ ​ Accrued general expenses ​ $ 18,485 ​ $ 10,771 Accrued contract labor and professional fees ​ ​ 17,421 ​ ​ 9,688 Accrued income and other taxes ​ ​ 2,328 ​ ​ 2,507 Accrued expenses ​ $ 38,234 ​ $ 22,966 ​
Schedule of supplemental cash flow disclosures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ 2022 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for: ​ ​ ​ ​ Interest ​ $ 2,221 ​ $ 223 ​ $ 2,461 Income taxes, net of refunds ​ ​ 3,059 ​ ​ 1,287 ​ ​ 588 Cash paid included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ 4,240 ​ ​ 4,692 ​ ​ — Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Change in settlement value of deferred purchase commitment liability ​ ​ 990 ​ ​ — ​ ​ — Change in fair value of contingent consideration liability ​ ​ 2,300 ​ ​ 300 ​ ​ — Estimated distributions payable under Tax Sharing Agreement ​ ​ — ​ ​ 536 ​ ​ 2,700 Purchase commitment and contingent consideration liabilities ​ ​ — ​ ​ 12,736 ​ ​ 12,592 Deferred purchase consideration ​ ​ — ​ ​ 39,024 ​ ​ — Remeasurement of options for redeemable shares ​ ​ — ​ ​ — ​ ​ 51,833 Conversion of SARs in connection with the Offering ​ ​ — ​ ​ — ​ ​ 129,710 Exchange of Amended Options in connection with the Offering ​ ​ — ​ ​ — ​ ​ 69,177 Leased assets obtained in exchange for new finance lease liabilities ​ ​ 1,069 ​ ​ 173 ​ ​ — Equipment acquired through capital leases ​ ​ — ​ ​ — ​ ​ 646 ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2022
REVENUE RECOGNITION
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ 2022 2021 2020 Software subscriptions: ​ ​ ​ ​ ​ Software licenses $ 246,577 ​ $ 231,371 ​ $ 229,744 Cloud subscriptions ​ 168,896 ​ ​ 127,044 ​ ​ 87,019 Software subscriptions ​ 415,473 ​ ​ 358,415 ​ ​ 316,763 Services 76,151 ​ 67,133 ​ 57,902 Total revenues $ 491,624 ​ $ 425,548 ​ $ 374,665 ​
Schedule of beginning and ending balances of accounts receivable, net of allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance, beginning of period ​ $ 76,929 ​ $ 77,159 Balance, end of period ​ 102,885 ​ 76,929 Increase (decrease), net ​ $ 25,956 ​ $ (230) ​
Schedule of beginning and ending balances of and changes to the allowance and the deferred allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Balance ​ Net Change Balance ​ Net Change Balance ​ Net Change Allowance balance, January 1, ​ $ (9,151) ​ ​ $ (8,592) ​ ​ $ (7,515) ​ Allowance balance, December 31, ​ (9,554) ​ ​ (9,151) ​ ​ (8,592) ​ Change in allowance ​ ​ ​ $ 403 ​ ​ ​ $ 559 ​ ​ ​ $ 1,077 Deferred allowance balance, January 1, ​ 6,537 ​ ​ 6,432 ​ ​ 5,614 ​ Deferred allowance balance, December 31, ​ 7,133 ​ ​ 6,537 ​ ​ 6,432 ​ Change in deferred allowance ​ ​ ​ (596) ​ ​ ​ (105) ​ ​ ​ (818) Net amount charged to revenues ​ ​ ​ $ (193) ​ ​ ​ $ 454 ​ ​ ​ $ 259 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 ​ 2021 Balances: ​ ​ ​ Deferred revenue, current $ 268,847 ​ $ 237,344 Deferred revenue, non-current 10,289 ​ 11,666 Total deferred revenue $ 279,136 ​ $ 249,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 ​ 2021 ​ 2020 Changes to deferred revenue: ​ ​ ​ Beginning balance $ 249,010 ​ $ 222,262 ​ $ 205,791 Additional amounts deferred 521,750 ​ 452,296 ​ 391,136 Revenues recognized (491,624) ​ (425,548) ​ (374,665) Ending balance $ 279,136 ​ $ 249,010 ​ $ 222,262 ​
Schedule of information about the balances of and changes to deferred revenue	​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2023 ​ $ 268,847 2024 ​ 9,928 2025 ​ 361 Total ​ $ 279,136 ​
Schedule of information about the changes to contract cost balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Deferred commissions: ​ ​ ​ Beginning balance ​ $ 12,555 ​ $ 11,743 ​ $ 11,196 Additions ​ 13,913 ​ 10,018 ​ 8,291 Amortization ​ (11,005) ​ (9,206) ​ (7,744) Ending balance ​ $ 15,463 ​ $ 12,555 ​ $ 11,743

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
LCR-Dixon
Business combinations
Schedule of purchase price	​ ​ ​ ​ ​ ​ ​ As of Acquisition Date Cash consideration ​ $ 60,038 Fair value of deferred purchase consideration ​ ​ 39,024 Total ​ $ 99,062 ​
Schedule of purchase price to assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ As of Acquisition Date Cash and cash equivalents ​ $ 1,899 Accounts receivable ​ ​ 1,586 Prepaid expenses and other current assets ​ ​ 150 Property and equipment ​ ​ 4 Capitalized software ​ ​ 7,700 Goodwill ​ ​ 86,639 Other intangibles ​ ​ 6,500 Accounts payable ​ ​ (19) Accrued expenses ​ ​ (202) Accrued compensation ​ ​ (1,746) Deferred income tax liability ​ ​ (3,630) Deferred revenue ​ ​ (71) Total ​ $ 98,810 ​
Schedule of acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 22, 2021 LCR-Dixon Identifiable Intangibles ​ Balance Sheet Location ​ ​ Fair Value ​ Valuation Methodology ​ Estimated Useful Life ​ Discount Rate ​ Trade name ​ Goodwill and other intangible assets (Note 9) ​ $ 200 ​ Relief from royalty method - income approach ​ 6 months ​ 20.0 % Customer relationships ​ Goodwill and other intangible assets (Note 9) ​ $ 6,300 ​ Excess earnings method - income approach ​ 3 years ​ 20.0 % Developed technology ​ Property and equipment, net (Note 6) ​ $ 7,700 ​ Relief from royalty method - income approach ​ 3 years ​ 20.0 % ​
Taxamo
Business combinations
Schedule of purchase price	​ ​ ​ ​ ​ ​ ​ May 12, 2021 Cash paid at closing ​ $ 190,153 Fair value of acquisition holdback ​ 502 Fair value of the Option ​ ​ 10,034 Total ​ $ 200,689 ​
Schedule of purchase price to assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ May 12, 2021 Cash and cash equivalents ​ $ 2,441 Funds held for customers ​ ​ 221 Accounts receivable ​ ​ 2,657 Prepaid expenses and other current assets ​ ​ 908 Property and equipment ​ 40,792 Goodwill ​ ​ 164,199 Other intangibles ​ ​ 1,581 Accounts payable ​ ​ (304) Accrued expenses ​ ​ (1,395) Accrued compensation ​ ​ (3,939) Deferred revenue ​ ​ (2,196) Deferred other income ​ ​ — Deferred other liabilities ​ ​ (4,276) Total ​ $ 200,689 ​
Schedule of acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 12, 2021 Taxamo Identifiable Intangibles ​ Balance Sheet Location ​ ​ Fair Value ​ Valuation Methodology ​ Estimated Useful Life ​ Discount Rate ​ Developed technology ​ Property and equipment, net (Note 6) ​ $ 40,746 ​ Multi-period excess earnings method - income approach ​ 3 years ​ 16.5 % Trade name ​ Goodwill and other intangible assets (Note 9) ​ $ 608 ​ Relief from royalty method - income approach ​ 2 years ​ 16.5 % Customer relationships ​ Goodwill and other intangible assets (Note 9) ​ $ 973 ​ Distributor method - income approach ​ 2 years ​ 16.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Tellutax
Business combinations
Schedule of purchase price	​ ​ ​ ​ ​ ​ ​ January 25, 2021 Capitalized software - developed technology ​ $ 3,600 Goodwill ​ 4,700 Total ​ $ 8,300 ​
Systax
Business combinations
Schedule of purchase price	​ ​ ​ ​ ​ ​ ​ January 7, 2020 Cash paid to Systax Quotaholders at closing ​ $ 11,626 Cash held in escrow for benefit of Systax Quotaholders ​ 748 Initial cash consideration ​ ​ 12,374 Purchase Commitment Liability ​ 12,592 Total ​ $ 24,966 ​
Schedule of purchase price to assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ January 7, 2020 Cash ​ $ 56 Accounts receivable ​ ​ 495 Property and equipment ​ 112 Other current assets ​ 14 Goodwill ​ 21,089 Other intangible assets ​ ​ 3,650 Accounts payable ​ (358) Accrued expenses ​ ​ (92) Total ​ $ 24,966 ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
Schedule of amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value aggregated by major security	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Investment securities available-for-sale: ​ Amortized Cost Gross Unrealized Gain Gross Unrealized Loss ​ Allowance For Credit Losses Fair Value ​ Commercial Paper ​ $ 9,662 ​ $ — ​ $ (2) ​ $ — ​ $ 9,660 ​ U.S. Treasury Securities ​ ​ 5,249 ​ ​ — ​ ​ (46) ​ ​ — ​ ​ 5,203 ​ Total investment securities available-for-sale ​ $ 14,911 ​ $ — ​ $ (48) ​ $ — ​ $ 14,863 ​ ​
Schedule of length of time of gross unrealized losses and fair value of our securities available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Less than 12 Months ​ 12 Months or Longer ​ Total Investment securities available-for-sale without an allowance for credit losses: ​ Fair Value Gross Unrealized Loss Fair Value ​ Gross Unrealized Loss Fair Value ​ Gross Unrealized Loss Commercial Paper ​ $ 6,464 ​ $ (4) ​ $ — ​ $ — ​ $ 6,464 ​ $ (4) U.S. Treasury Securities ​ ​ 3,746 ​ ​ (27) ​ ​ 1,457 ​ ​ (19) ​ ​ 5,203 ​ ​ (46) Total investment securities available-for-sale ​ $ 10,210 ​ $ (31) ​ $ 1,457 ​ $ (19) ​ $ 11,667 ​ $ (50) ​
Schedule of fair value of our investment securities by major security type and contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years ​ Due > 10 Years Total ​ Fair value of investment securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 9,660 ​ $ — ​ $ — ​ $ — ​ $ 9,660 ​ U.S. Treasury Securities ​ ​ 3,746 ​ ​ 1,457 ​ ​ — ​ ​ — ​ ​ 5,203 ​ Total investment securities available-for-sale ​ $ 13,406 ​ $ 1,457 ​ $ — ​ $ — ​ $ 14,863 ​ Amortized cost of investment securities available-for-sale ​ $ 13,434 ​ $ 1,477 ​ $ — ​ $ — ​ $ 14,911 ​ ​

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ As of December 31, 2022 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) ​ Money market funds ​ $ 67,430 ​ $ 67,430 ​ $ — ​ $ — ​ Commercial Paper ​ ​ 9,660 ​ ​ — ​ ​ 9,660 ​ ​ — ​ U.S. Treasury Securities ​ ​ 5,203 ​ ​ — ​ ​ 5,203 ​ ​ — ​ Tellutax Contingent Consideration ​ ​ 4,800 ​ ​ — ​ ​ — ​ ​ 4,800 ​ Foreign currency forward contracts ​ ​ 569 ​ ​ — ​ ​ 569 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ As of December 31, 2021 Fair Value Prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) ​ Money market funds ​ $ 10,703 ​ $ 10,703 ​ $ — ​ $ — ​ Tellutax Contingent Consideration ​ ​ 2,500 ​ ​ — ​ ​ — ​ ​ 2,500 ​ Foreign currency forward contracts ​ ​ (62) ​ ​ — ​ ​ (62) ​ ​ — ​ ​
Summary of estimated fair value of Tellutax contingent consideration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration ​ $ 4,800 ​ Monte Carlo Simulation ​ Revenue volatility ​ 75.0 % ​ ​ ​ ​ ​ ​ ​ Revenue discount rate ​ 22.4 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Liability Fair Value Valuation Technique Unobservable Inputs Tellutax Contingent Consideration ​ $ 2,500 ​ Monte Carlo Simulation ​ Revenue volatility ​ 95.0 % ​ ​ ​ ​ ​ ​ ​ Revenue discount rate ​ 20.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.6 ​ ​
Changes in fair value of Tellutax contingent consideration	​ ​ ​ ​ ​ ​ ​ Tellutax ​ ​ Contingent ​ ​ Consideration ​ ​ ​ Balance, January 1, 2021 ​ $ — Acquisition of Tellutax ​ ​ 2,200 Fair value adjustments ​ ​ 300 Balance, December 31, 2021 ​ $ 2,500 Fair value adjustments ​ 2,300 Balance, December 31, 2022 ​ $ 4,800 ​

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
PROPERTY AND EQUIPMENT
Schedule of major components of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ 2022 ​ 2021 ​ Leasehold improvements ​ $ 20,929 ​ $ 20,956 ​ Equipment ​ 39,238 ​ 41,937 ​ Computer software purchased ​ 11,892 ​ 11,792 ​ Internal-use software developed: ​ ​ ​ ​ ​ Cloud-based customer solutions ​ 142,980 ​ 114,872 ​ Internal systems and tools ​ 42,035 ​ 32,408 ​ Furniture and fixtures ​ 7,665 ​ 7,675 ​ In-process internal-use software ​ 32,878 ​ 16,965 ​ Property and equipment ​ 297,617 ​ 246,605 ​ Less accumulated depreciation and amortization ​ (181,849) ​ (148,215) ​ Property and equipment, net ​ $ 115,768 ​ $ 98,390 ​ ​
Schedule of major components of internal-use software	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ Internal-use software developed $ 185,015 ​ $ 147,280 ​ Less accumulated depreciation (119,603) ​ (87,281) ​ Internal-use software developed, net of accumulated depreciation 65,412 ​ 59,999 ​ In-process internal-use software 32,878 ​ 16,965 ​ Internal-use software developed, net $ 98,290 ​ $ 76,964 ​ ​
Schedule of amounts capitalized for internal-use software and included in property and equipment additions on the consolidated statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Cloud-based customer solutions $ 28,918 $ 19,837 $ 14,710 Internal systems and tools ​ 26,354 ​ 11,491 ​ 3,176 Total ​ $ 55,272 ​ $ 31,328 ​ $ 17,886 ​
Schedule of amortization expense internally developed software	​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Internal Systems and Tools Cloud-Based Customer Solutions 2023 ​ $ 6,040 ​ ​ 29,200 2024 ​ 5,197 ​ ​ 16,930 2025 ​ 3,003 ​ ​ 4,920 2026 ​ 122 ​ ​ — 2027 ​ — ​ ​ — Total ​ $ 14,362 ​ $ 51,050

CAPITALIZED SOFTWARE (Tables)

CAPITALIZED SOFTWARE (Tables)	12 Months Ended
	Dec. 31, 2022
CAPITALIZED SOFTWARE
Schedule of major components of capitalized software	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Capitalized software $ 96,577 ​ $ 72,512 ​ Less accumulated amortization (62,197) ​ (45,179) ​ Capitalized software, net of accumulated depreciation 34,380 ​ 27,333 ​ In-process capitalized software 4,632 ​ 6,109 ​ Capitalized software, net $ 39,012 ​ $ 33,442 ​ ​
Schedule of in process capitalized software not available for general release	​ ​ ​ ​ ​ Year Ending December 31, ​ 2023 ​ $ 16,281 2024 ​ 12,927 2025 ​ 4,506 2026 ​ 637 2027 ​ 29 Total ​ $ 34,380

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Schedule of company's lease assets and lease liabilities and their balance sheet location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Balance Sheet Location ​ 2022 2021 Lease assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ Operating lease right-of-use assets ​ $ 17,187 ​ $ 20,249 Finance lease assets ​ Property and equipment, net (Note 6) ​ ​ 600 ​ ​ 602 Total lease assets ​ ​ ​ $ 17,787 ​ $ 20,851 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Current portion of operating lease liabilities ​ $ 4,086 ​ $ 3,933 Finance lease liabilities ​ Current portion of finance lease liabilities ​ ​ 103 ​ ​ 284 Total current lease liabilities ​ ​ ​ $ 4,189 ​ ​ 4,217 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities, net of current portion ​ $ 20,421 ​ $ 24,320 Finance lease liabilities ​ Finance lease liabilities, net of current portion ​ ​ 10 ​ ​ 68 Total non-current lease liabilities ​ ​ ​ ​ 20,431 ​ ​ 24,388 Total lease liabilities ​ ​ ​ $ 24,620 ​ $ 28,605 ​
Schedule of company's lease costs, weighted-average term and rate	​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 ​ 2021 ​ ​ ​ ​ Operating lease cost $ 3,714 ​ $ 4,774 ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ Amortization of lease assets ​ 1,275 ​ ​ 931 Interest on lease liabilities ​ 18 ​ ​ 16 Total lease cost $ 5,007 ​ $ 5,721 ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases 5.7 ​ 6.6 ​ Finance leases 0.5 ​ 1.2 ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases 2.3 % 2.3 % Finance leases 2.3 % 2.3 % ​
Schedule of maturity of operating lease liabilities	​ Lease liability maturities for the next five years and thereafter are as follows as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases ​ 2023 ​ $ 4,721 ​ $ 104 ​ 2024 ​ ​ 4,464 ​ ​ 10 ​ 2025 ​ ​ 4,382 ​ ​ — ​ 2026 ​ ​ 4,477 ​ ​ — ​ 2027 ​ ​ 4,572 ​ ​ — ​ Thereafter ​ ​ 3,482 ​ ​ — ​ Total lease payments ​ ​ 26,098 ​ ​ 114 ​ Less: Imputed interest ​ ​ (1,591) ​ ​ (1) ​ Present value of lease liabilities ​ $ 24,507 ​ $ 113 ​
Schedule of maturity of finance lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases ​ 2023 ​ $ 4,721 ​ $ 104 ​ 2024 ​ ​ 4,464 ​ ​ 10 ​ 2025 ​ ​ 4,382 ​ ​ — ​ 2026 ​ ​ 4,477 ​ ​ — ​ 2027 ​ ​ 4,572 ​ ​ — ​ Thereafter ​ ​ 3,482 ​ ​ — ​ Total lease payments ​ ​ 26,098 ​ ​ 114 ​ Less: Imputed interest ​ ​ (1,591) ​ ​ (1) ​ Present value of lease liabilities ​ $ 24,507 ​ $ 113 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Goodwill ​ $ 251,842 ​ $ 270,041 Other intangible assets, net ​ ​ 5,181 ​ 2,661 Total ​ $ 257,023 ​ $ 272,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Balance, January 1 ​ $ 270,041 ​ $ 16,329 Acquisitions ​ ​ — ​ 265,867 Measurement period adjustments ​ ​ (10,329) ​ ​ — Foreign currency translation adjustments ​ ​ (7,870) ​ ​ (12,155) Balance, December 31, gross ​ ​ 251,842 ​ ​ 270,041 Accumulated impairment losses ​ ​ — ​ ​ — Balance, December 31, net ​ $ 251,842 ​ $ 270,041 ​
Schedule of acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Weighted average amortization period (years) ​ ​ ​ ​ ​ 3.5 ​ ​ 4.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ As of December 31, 2021 ​ ​ ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ Customer relationships ​ $ 8,225 ​ $ 3,855 ​ $ 1,922 ​ $ 623 ​ Trademarks and tradenames ​ ​ 1,240 ​ ​ 887 ​ ​ 1,047 ​ ​ 337 ​ Developed technology ​ ​ 1,202 ​ ​ 744 ​ ​ 1,141 ​ ​ 489 ​ Total ​ $ 10,667 ​ $ 5,486 ​ $ 4,110 ​ $ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ Cost of Revenues, Software Subscriptions ​ Selling and Marketing Expense ​ ​ Total Expense ​ 2022 ​ ​ ​ $ 234 $ 3,779 ​ $ 4,013 ​ 2021 ​ ​ ​ ​ ​ 253 ​ ​ 813 ​ ​ 1,066 ​ 2020 ​ ​ ​ ​ ​ 267 ​ ​ 176 ​ ​ 443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future amortization expense	​ ​ ​ ​ ​ Year Ending December 31, ​ 2023 ​ $ 2,852 2024 ​ 2,066 2025 ​ 263 Total ​ $ 5,181 ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
DEBT
Schedule of debt maturities	Debt maturities under the Second Amendment for the next five years and thereafter are as follows as of December 31, 2022: ​ ​ ​ ​ 2023 ​ $ 2,188 2024 ​ ​ 2,500 2025 ​ ​ 2,500 2026 ​ ​ 3,437 2027 and thereafter ​ ​ 38,438 Total Debt ​ $ 49,063 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of earnings per share basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Class A common stock: ​ 2022 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, basic: ​ ​ ​ ​ ​ ​ Net loss attributable to all stockholders ​ $ (12,304) ​ $ (1,479) ​ ​ $ (75,081) ​ Class A common stock as a percentage of total shares outstanding, basic ​ 30.65 % 24.12 % ​ 8.44 % Net loss attributable to Class A stockholders, basic ​ $ (3,771) ​ $ (357) ​ ​ $ (6,335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, diluted: ​ ​ ​ ​ ​ ​ ​ Net loss attributable to all stockholders ​ $ (12,304) ​ $ (1,479) ​ ​ $ (75,081) ​ Class A common stock as a percentage of total shares outstanding, diluted ​ 30.65 % 24.12 % ​ 8.44 % Net loss attributable to Class A stockholders, diluted ​ $ (3,771) ​ $ (357) ​ ​ $ (6,335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator, basic and diluted: ​ ​ ​ ​ Weighted average Class A common stock, basic ​ 45,864 ​ 35,647 ​ ​ 11,096 ​ Dilutive effect of common stock equivalents (1) (2) (3) ​ — ​ — ​ ​ — ​ Weighted average Class A common stock, diluted ​ 45,864 ​ 35,647 ​ ​ 11,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per Class A share, basic ​ $ (0.08) ​ $ (0.01) ​ ​ $ (0.57) ​ Net loss per Class A share, diluted ​ $ (0.08) ​ $ (0.01) ​ ​ $ (0.57) ​ 1) . ​ 2) ​ 3)
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of earnings per share basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Class B common stock: 2022 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, basic: ​ ​ ​ Net loss attributable to all stockholders $ (12,304) ​ $ (1,479) ​ $ (75,081) ​ Class B common stock as a percentage of total shares outstanding, basic 69.35 % 75.88 % 91.56 % Net loss attributable to Class B stockholders, basic $ (8,533) ​ $ (1,122) ​ $ (68,746) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator, diluted: ​ ​ ​ Net loss attributable to all stockholders $ (12,304) ​ $ (1,479) ​ $ (75,081) ​ Class B common stock as a percentage of total shares outstanding, diluted 69.35 % 75.88 % 91.56 % Net loss attributable to Class B stockholders, diluted $ (8,533) ​ $ (1,122) ​ $ (68,746) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator, basic and diluted: ​ ​ ​ Weighted average Class B common stock, basic 103,781 ​ 112,133 ​ 120,415 ​ Dilutive effect of common stock equivalents — ​ — ​ — ​ Weighted average Class B common stock, diluted 103,781 ​ 112,133 ​ 120,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per Class B share, basic $ (0.08) ​ $ (0.01) ​ $ (0.57) ​ Net loss per Class B share, diluted $ (0.08) ​ $ (0.01) ​ $ (0.57) ​

EMPLOYEE BENEFIT AND DEFERRED_2

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Compensation plans:
Schedule of stock appreciation rights activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Range of ​ Vested Nonvested Total Grant Values Outstanding at December 31, 2019 6,207 6,069 12,276 ​ $ 0.92–$3.73 Granted 21 681 702 ​ $ 4.70 Exercised (877) — (877) ​ $ 1.31–$2.50 Forfeited — (63) (63) ​ $ 2.50 Vested 1,410 (1,410) — ​ Converted (6,761) (5,277) (12,038) ​ $ 0.92–$4.70 Outstanding at December 31, 2020 — — — ​ ​ ​ ​
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ Fair market value of common stock ​ $ 19.00 ​ Volatility 36.7 % Expected term (years) 6.5 ​ Expected dividend yield — % Risk-free interest rate 0.4 % ​
Schedule of ESPP valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offering Period Ending ​ 5/31/2023 ​ 11/30/2022 ​ 5/31/2022 ​ 11/30/2021 ​ 5/31/2021 ​ Fair market value of common stock $ 17.21 ​ $ 11.16 ​ $ 17.38 ​ $ 19.89 ​ $ 25.83 ​ Volatility 46.4 % 35.4 % 37.3 % 35.1 % ​ 35.1 % Expected term (years) 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ ​ 0.5 ​ Expected dividend yield - % - % - % - % ​ - % Risk-free interest rate 4.7 % 1.6 % 0.1 % 0.1 % ​ 0.1 % ​
Schedule of stock-based compensation cost related to incentive awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ Stock options $ 7,081 ​ $ 17,533 ​ $ 143,123 RSUs 9,286 ​ 2,964 ​ 171 RSAs 2,768 ​ 5,126 ​ 4,284 ESPP ​ 594 ​ ​ 537 ​ ​ 326 Total stock-based compensation expense $ 19,729 ​ $ 26,160 ​ $ 147,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock based compensation cost in consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues, software subscriptions $ 2,090 ​ $ 2,336 $ 14,663 Cost of revenues, services 1,433 ​ 2,648 21,472 Research and development 1,798 ​ 2,620 14,694 Selling and marketing 6,284 ​ 6,371 29,551 General and administrative 8,124 ​ 12,185 ​ ​ 67,524 Total stock-based compensation expense $ 19,729 ​ $ 26,160 ​ $ 147,904 ​
Amended Options
Compensation plans:
Schedule of Option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Amended Option Activity ​ Units ​ ​ Price ​ Life (Years) ​ Value Outstanding at December 31, 2019 ​ 3,849 ​ $ 0.19 ​ * ​ $ 17,344 Exercised through June 30 ​ (173) ​ $ 0.30 ​ ​ ​ $ 759 Amendment and exchange of options ​ (3,676) ​ $ 0.19 ​ * ​ $ 69,177 Outstanding at December 31, 2020 ​ — ​ ​ ​ ​ ​ ​ ​ ​ *Options have indefinite contractual lives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Stock options
Compensation plans:
Schedule of Option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic 2020 Plan Option Activity ​ Units ​ ​ Price ​ Life (Years) ​ Value Outstanding at January 1, 2020 ​ — ​ ​ — ​ ​ ​ ​ ​ Issued in connection with Converted SARs ​ 12,038 ​ $ 2.76 ​ ​ ​ ​ ​ Issued in connection with Amended Options ​ 3,676 ​ $ 0.19 ​ * ​ ​ ​ Total options granted ​ 15,714 ​ $ 2.16 ​ ​ ​ ​ ​ Forfeited ​ (156) ​ $ 3.29 ​ ​ ​ ​ ​ Exercised ​ (3,682) ​ $ 1.21 ​ ​ ​ ​ ​ Outstanding at December 31, 2020 ​ 11,876 ​ $ 2.44 ​ 5.3 ​ $ 384,883 Granted ​ 779 ​ $ 23.06 ​ ​ ​ ​ ​ Forfeited ​ (292) ​ $ 4.06 ​ ​ ​ ​ ​ Exercised ​ (2,863) ​ $ 2.04 ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 9,500 ​ $ 4.20 ​ 5.2 ​ $ 110,843 Forfeited ​ (100) ​ $ 5.31 ​ ​ ​ ​ ​ Expired ​ (1) ​ $ 32.16 ​ ​ ​ ​ ​ Exercised ​ (891) ​ $ 2.70 ​ ​ ​ ​ ​ 2020 Plan options outstanding at December 31, 2022 ​ 8,508 ​ $ 4.34 ​ 4.3 ​ $ 86,514 2020 Plan options exercisable at December 31, 2022 ​ 6,125 ​ $ 2.95 ​ 3.4 ​ $ 70,785 *Amended Options have indefinite contractual lives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of outstanding, vested and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Vested and Exercisable ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average Exercise Prices ​ Units ​ Life (Years) ​ Units ​ Life (Years) $0.15 to $0.71 1,698 ​ — ​ 1,698 ​ — $2.15 326 ​ 2.1 ​ 326 ​ 2.1 $2.50 2,156 ​ 3.5 ​ 2,156 ​ 3.5 $2.67 409 ​ 4.2 ​ 409 ​ 4.2 $3.17 988 ​ 5.3 ​ 237 ​ 5.4 $3.73 ​ 1,514 ​ 6.8 ​ 737 ​ 6.8 $4.70 ​ 658 ​ 7.1 ​ 316 ​ 7.1 $18.47 ​ 213 ​ 8.9 ​ 53 ​ 8.9 $18.96 ​ 235 ​ 8.6 ​ 105 ​ 8.6 $19.00 66 ​ 8.7 ​ 17 ​ 8.7 $32.16 245 ​ 8.2 ​ 71 ​ 7.4 ​ 8,508 ​ ​ 6,125 ​ ​ ​
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option Valuation Period ​ ​ ​ Q4 2021 Q3 2021 ​ Q3 2021 Q2 2021 Q1 2021 Fair market value of common stock ​ $ 18.47 ​ $ 18.96 ​ ​ $ 19.00 ​ $ 17.66 ​ $ 32.16 ​ Volatility 37.4 % 37.1 % ​ 37.1 % 36.8 % 36.8 % Expected term (years) 5.0 ​ ​ 5.0 ​ ​ 5.0 ​ ​ 6.0 ​ ​ 6.0 ​ Expected dividend yield — % ​ — % ​ — % ​ — % ​ — % Risk-free interest rate 1.3 % ​ 0.8 % ​ 0.9 % ​ 0.4 % ​ 0.4 % ​
Restricted Stock Units
Compensation plans:
Schedule of restricted activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Units ​ Value Per Share ​ Outstanding at January 1, 2020 — ​ ​ ​ ​ Granted 101 ​ $ 23.80 ​ Outstanding at December 31, 2020 ​ 101 ​ ​ 23.80 ​ Granted ​ 478 ​ ​ 27.07 ​ Vested (15) ​ ​ 29.67 ​ Forfeited (34) ​ ​ 25.18 ​ Outstanding at December 31, 2021 ​ 530 ​ $ 26.49 ​ Granted ​ 2,240 ​ ​ 13.55 ​ Vested ​ (68) ​ ​ 21.96 ​ Forfeited ​ (140) ​ ​ 15.59 ​ Outstanding at December 31, 2022 ​ 2,562 ​ $ 15.90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Restricted Stock Awards
Compensation plans:
Schedule of restricted activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Units ​ Value Per Share ​ Outstanding at January 1, 2020 — ​ ​ ​ ​ Granted 694 ​ $ 19.00 ​ Vested (21) ​ 19.00 ​ Forfeited (3) ​ 19.00 ​ Outstanding at December 31, 2020 ​ 670 ​ ​ 19.00 ​ Granted ​ 59 ​ ​ 17.66 ​ Vested ​ (363) ​ ​ 19.00 ​ Forfeited ​ (40) ​ ​ 19.00 ​ Outstanding at December 31, 2021 ​ 326 ​ $ 18.76 ​ Granted ​ 106 ​ ​ 9.92 ​ Vested ​ (188) ​ ​ 18.58 ​ Forfeited ​ (9) ​ ​ 19.00 ​ Outstanding at December 31, 2022 ​ 235 ​ $ 14.91 ​ ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of components of net income (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 2021 2020 U.S. ​ $ 5,827 ​ $ 5,608 ​ $ (107,959) Foreign ​ (15,957) ​ (9,534) ​ 90 Net loss before income taxes ​ $ (10,130) ​ $ (3,926) ​ $ (107,869) ​
Schedule of Income tax benefit (expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 2021 2020 Current income taxes: ​ ​ ​ Federal ​ $ 1,696 ​ $ — ​ $ — State and local ​ ​ 1,068 ​ ​ 155 ​ ​ 617 Foreign ​ 577 ​ 468 ​ 94 Total current ​ 3,341 ​ 623 ​ 711 Deferred income taxes: ​ ​ ​ Federal ​ ​ 904 ​ ​ (1,849) ​ ​ (27,076) State and local ​ 72 ​ (7) ​ (6,491) Foreign ​ (2,143) ​ (1,214) ​ 68 Total deferred ​ (1,167) ​ (3,070) ​ (33,499) Income tax expense (benefit) ​ $ 2,174 ​ $ (2,447) ​ $ (32,788) ​
Schedule of reconciliation of the effective tax rate to tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Total ​ Tax Rate ​ Total ​ Tax Rate Total ​ Tax Rate Pretax net loss ​ $ (10,130) ​ $ (3,926) ​ $ (107,869) ​ Taxes: ​ ​ ​ ​ ​ U.S. federal income tax at statutory rate ​ $ (2,128) 21.0 % $ (825) 21.0 % $ (22,652) 21.0 % State income taxes ​ ​ 441 (4.4) % ​ 678 (17.3) % ​ (1,811) 1.7 % Tax effect of S-Corporation status ​ ​ — ​ — % ​ — ​ — % ​ 21,325 ​ (19.8) % Impact of change in tax status ​ ​ — ​ — % ​ — ​ — % ​ (25,396) ​ 23.5 % Stock-based compensation expense ​ ​ 1,787 ​ (17.6) % ​ (4,550) ​ 115.9 % ​ (5,809) ​ 5.4 % Impact of foreign operations ​ 1,352 ​ (13.3) % 954 ​ (24.3) % (56) ​ 0.1 % Transaction costs ​ ​ 176 ​ (1.7) % ​ 1,082 ​ (27.6) % ​ — ​ — % U.S. taxation of foreign earnings ​ ​ (179) ​ 1.8 % ​ 144 ​ (3.7) % ​ 81 ​ (0.1) % Nondeductible compensation ​ ​ 485 ​ (4.8) % ​ 682 ​ (17.4) % ​ 883 ​ (0.8) % Tax credits ​ ​ (341) ​ 3.4 % ​ (488) ​ 12.4 % ​ (44) ​ 0.0 % Change in valuation allowance ​ ​ 427 ​ (4.2) % ​ 373 ​ (9.5) % ​ 109 ​ (0.1) % Other permanent items, net ​ ​ 154 (1.7) % ​ (497) 12.8 % ​ 582 (0.5) % Taxes and effective tax rate ​ $ 2,174 (21.5) % $ (2,447) 62.3 % $ (32,788) 30.4 % ​
Schedule of significant components of the Company's net deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Deferred tax assets: 2022 2021 Deferred revenue ​ $ 2,981 ​ $ 3,788 State operating loss carry forwards ​ 2,831 ​ 3,894 Federal and foreign loss carry forwards ​ 11,318 ​ 21,617 Accrued expenses ​ 2,450 ​ 2,023 Accrued variable compensation ​ — ​ 3,110 Deferred and stock-based compensation ​ 23,634 ​ 24,971 Operating lease liabilities ​ ​ 6,272 ​ ​ 7,204 Tax credits ​ ​ — ​ ​ 532 Other ​ — ​ 53 Deferred tax assets ​ 49,486 ​ 67,192 Valuation allowance ​ (2,285) ​ (1,839) Total deferred tax assets ​ 47,201 ​ 65,353 Deferred tax liabilities: ​ ​ Depreciation and amortization ​ (9,337) ​ (26,269) Prepaid expenses ​ ​ (1,256) ​ ​ (1,329) Right of use asset ​ (4,325) ​ (5,120) Accrued variable compensation ​ ​ (1,646) ​ ​ — Other ​ ​ (115) ​ ​ — Total deferred tax liabilities ​ (16,679) ​ (32,718) Net deferred tax asset ​ $ 30,522 ​ $ 32,635 ​ ​ ​ ​ ​ ​ ​ Classification in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ Deferred income tax asset ​ $ 30,938 ​ $ 35,298 Deferred other liabilities ​ ​ (416) ​ ​ (2,663) Net deferred tax asset ​ $ 30,522 ​ $ 32,635 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment item	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Accounting policies:
Self-insurance accruals | $	$ 2,219	$ 1,922
Reporting units | item	1
Operating segments | segment	1
Effective Income Tax Rate Reconciliation, Percent	(21.50%)	62.30%	30.40%
Systax
Accounting policies:
Ownership (as a percent)	65%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Segment information:
Number of banks | item	4
Property and equipment	$ 115,768	$ 98,390
Geographic Concentration Risk | Outside United States
Segment information:
Property and equipment	$ 827	$ 699
Revenue | Geographic Concentration Risk | Outside United States
Segment information:
Risk percentage	8%	7%	5%
Revenue | No customer concentration >10% | Outside United States
Segment information:
Risk percentage	0%	0%	0%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Registration (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				12 Months Ended
	Jul. 31, 2020	Jul. 28, 2020	Apr. 03, 2020	Dec. 31, 2022	Dec. 31, 2020
Initial Public Offering
Forward Stock Split		three-for-one
Stock split		0.33
Proceeds from issuance of shares in connection with Offering					$ 423,024
Principal payments on long-term debt				$ 938	$ 226,251
Term Loan
Initial Public Offering
Principal payments on long-term debt	$ 175,000		$ 61,656
Initial Public Offering | Class A
Initial Public Offering
Proceeds from issuance of shares in connection with Offering	$ 423,024
Stock issued during the period		23,812
Price (per share)		$ 19

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful life (Details)	12 Months Ended
	Dec. 31, 2022
Leasehold improvements | Minimum
Property and equipment
Estimated useful lives (in years)	1 year
Leasehold improvements | Maximum
Property and equipment
Estimated useful lives (in years)	12 years
Internal-Use Software | Minimum
Property and equipment
Estimated useful lives (in years)	3 years
Internal-Use Software | Maximum
Property and equipment
Estimated useful lives (in years)	5 years
Computer software purchased | Minimum
Property and equipment
Estimated useful lives (in years)	3 years
Computer software purchased | Maximum
Property and equipment
Estimated useful lives (in years)	7 years
Equipment | Minimum
Property and equipment
Estimated useful lives (in years)	3 years
Equipment | Maximum
Property and equipment
Estimated useful lives (in years)	10 years
Furniture and fixtures | Minimum
Property and equipment
Estimated useful lives (in years)	7 years
Furniture and fixtures | Maximum
Property and equipment
Estimated useful lives (in years)	10 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022
ESPP
Compensation plans:
Discount	15%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Payment terms (in days)	30-60 days
Reimbursable costs	$ 133	$ 14	$ 199
Advertising expense	$ 26,529	$ 20,386	$ 11,069

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other operating expense (income), net
Foreign currency
Net foreign transaction gains (losses)	$ (38)	$ 183	$ (155)

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
INVESTMENTS
Equity securities net gains or losses	$ 0
Unrealized gains or losses	$ 0

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets:
Prepaid expenses	$ 5,875	$ 8,903
Prepaid Insurance	2,291	3,348
Prepaid licenses and support	12,217	8,285
Prepaid expenses and other current assets	20,383	20,536
Accrued expenses:
Accrued general expenses	18,485	10,771
Accrued contract labor and professional fees	17,421	9,688
Accrued income and other taxes	2,328	2,507
Accrued expenses	$ 38,234	$ 22,966

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash paid for Interest	$ 2,221	$ 223	$ 2,461
Cash paid for income taxes, net of refunds	3,059	1,287	588
Cash paid included in the measurement of lease liabilities:
Operating cash flows from operating leases	4,240	4,692
Non-cash investing and financing activities:
Change in settlement value of deferred purchase commitment liability	990
Change in fair value of contingent consideration liability	2,300	300
Estimated distributions payable under Tax Sharing Agreement		536	2,700
Purchase commitment and contingent consideration liabilities		12,736	12,592
Deferred purchase consideration		39,024
Remeasurement of options for redeemable shares			51,833
Conversion of SAR's in connection with the Offering			129,710
Exchange of Amended Options in connection with the Offering			69,177
Leased assets obtained in exchange for new finance lease liabilities	$ 1,069	$ 173
Equipment acquired through capital leases			$ 646

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of revenue:
Revenues	$ 491,624	$ 425,548	$ 374,665
Software subscriptions
Disaggregation of revenue:
Revenues	415,473	358,415	316,763
Software licenses
Disaggregation of revenue:
Revenues	246,577	231,371	229,744
Cloud subscriptions
Disaggregation of revenue:
Revenues	168,896	127,044	87,019
Services
Disaggregation of revenue:
Revenues	$ 76,151	$ 67,133	$ 57,902

REVENUE RECOGNITION - Accounts

REVENUE RECOGNITION - Accounts receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE RECOGNITION
Allowance for accounts receivable	$ 9,554	$ 9,151	$ 8,592	$ 7,515
Allowance for credit loss
Balance, beginning of period	76,929	77,159
Balance, end of period	102,885	76,929
Increase (decrease), net	$ 25,956	$ (230)

REVENUE RECOGNITION - Allowance

REVENUE RECOGNITION - Allowance and deferred allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit loss
Beginning balance	$ (9,151)	$ (8,592)	$ (7,515)
Ending balance	(9,554)	(9,151)	(8,592)
Change in allowance	403	559	1,077
Deferred beginning balance	6,537	6,432	5,614
Deferred ending balance	7,133	6,537	6,432
Change in deferred allowance	(596)	(105)	(818)
Net amount charged to revenues	(193)	454	259
Revenue recognized for satisfaction	$ 237,344	$ 207,560	$ 191,745

REVENUE RECOGNITION - Deferred

REVENUE RECOGNITION - Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE RECOGNITION
Deferred revenue, current	$ 268,847	$ 237,344
Deferred revenue, non-current	10,289	11,666
Total deferred revenue	$ 279,136	$ 249,010	$ 222,262	$ 205,791

REVENUE RECOGNITION - Changes t

REVENUE RECOGNITION - Changes to deferred revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE RECOGNITION
Beginning balance	$ 249,010	$ 222,262	$ 205,791
Additional amounts deferred	521,750	452,296	391,136
Revenues recognized	(491,624)	(425,548)	(374,665)
Ending balance	$ 279,136	$ 249,010	$ 222,262

REVENUE RECOGNITION - Deferre_2

REVENUE RECOGNITION - Deferred revenue, recognized (Details) $ in Thousands	Dec. 31, 2022 USD ($)
REVENUE RECOGNITION
2023	$ 268,847
2024	9,928
2025	361
Total	$ 279,136

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract cost balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred commissions:
Beginning balance	$ 12,555	$ 11,743	$ 11,196
Additions	13,913	10,018	8,291
Amortization	(11,005)	(9,206)	(7,744)
Ending balance	$ 15,463	12,555	11,743
Contract costs, amortization period	3 years
Impairment loss	$ 0	$ 0	$ 0

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details)					1 Months Ended	12 Months Ended
	Sep. 22, 2021 USD ($) installment	May 12, 2021 USD ($)	Jan. 25, 2021 USD ($) item	Jan. 07, 2020 USD ($)	Jan. 31, 2021 USD ($) payment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 19, 2021 USD ($)
Business combinations
Increase in settlement value						$ 990,000
Deferred purchase consideration, current						19,824,000	$ 19,805,000
Deferred purchase consideration, net of current portion							19,419,000
Payments for purchase commitment liability						423,000	10,822,000
Cash consideration, net						474,000	251,412,000	$ 11,570,000
Purchase commitment and contingent consideration liabilities, current						6,149,000	468,000
LCR-Dixon
Business combinations
Purchase price	$ 99,062,000
Cash consideration	60,038,000
Cash received in the acquisition	1,899,000
Cash paid for Post-closing adjustment	474,000
Aggregate deferred payments	$ 40,000,000
No of Installment of deferred payment | installment	4
Amount per installment of deferred payment	$ 10,000,000
Amount of discount of deferred payments	976,000
Other adjustments	156,000
Fair value of deferred payment, net of discount	$ 39,024,000					19,824,000
Deferred purchase consideration, current							19,805,000
Deferred purchase consideration, net of current portion							19,419,000
Interest acquired (as a percent)	100%
Cash consideration, net	$ 57,821,000
Measurement Period Adjustments, Capitalized Software	7,700,000
Measurement Period Adjustments, Other Intangibles	6,500,000
Measurement Period Adjustments, Goodwill	11,178,000
Royalties payable written off	252,000
Deferred revenue	71,000
Taxamo
Business combinations
Purchase price		$ 200,689,000
Cash consideration		190,153,000
Cash received in the acquisition		2,662,000
Restricted cash acquired from acquisition		221,000
Fair value of acquisition holdbacks		502,000
Fair value of purchase commitment liability		10,034,000							$ 10,034,000
Holdback		$ 502,000					468,000
Percentage of remaining outstanding share of the acquiree									5%
Interest acquired (as a percent)		95%							100%
Additional equity interests acquired		5%
Payments for purchase commitment liability		$ 10,034,000
Cash consideration, net		187,491,000
Deferred revenue		$ 2,196,000
Taxamo | Other operating expense (income), net
Business combinations
Transaction costs							4,269,000
Systax
Business combinations
Cash held in escrow for benefit of Systax Quotaholders				$ 748,000
Purchase price				24,966,000
Cash consideration				12,374,000
Fair value of purchase commitment liability							$ 788,000
Purchase commitment liability				12,592,000
Increase in settlement value						990,000
Holdback				$ 14,000
Interest acquired (as a percent)				60%			65%
Additional equity interests acquired							5%
Payments for purchase commitment liability						5,012,000	$ 8,329,000
Purchase commitment and contingent consideration liabilities, current						4,749,000
Systax | Quotaholders
Business combinations
Cash consideration				$ 11,626,000
Percentage of remaining outstanding share of the acquiree				40%
Tellutax
Business combinations
Cash consideration			$ 6,100,000
Contingent consideration			$ 2,200,000
Number of potential earnout payments			3		3
Revenue achievement period			30 months		30 months
Maximum limit on earnout payments			$ 0		$ 0
Earn out payment for applicable measurement period			0		$ 0
Tellutax Contingent Consideration			$ 2,200,000			4,800,000	$ 2,500,000
Purchase commitment and contingent consideration liabilities, current						$ 1,400,000
Tellutax | Revenue discount rate
Business combinations
Value of input used to measure capitalized software			28.5
Tellutax | Estimated linear obsolescence factor
Business combinations
Value of input used to measure capitalized software			20
Systax - VIE
Business combinations
Cash consideration	$ 59,720,000

BUSINESS COMBINATIONS - Net ass

BUSINESS COMBINATIONS - Net assets and liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Sep. 22, 2021 USD ($)	May 12, 2021 USD ($)	Jan. 25, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 07, 2020 USD ($)
Business combinations
Operating segments | segment	1
Goodwill	$ 251,842	$ 270,041				$ 16,329
LCR-Dixon
Business combinations
Cash and cash equivalents			$ 1,899
Accounts receivable			1,586
Prepaid expenses and other current assets			150
Property and equipment			4
Capitalized software - developed technology			7,700
Goodwill			86,639
Other intangibles			6,500
Accounts payable			(19)
Accrued expenses			(202)
Accrued compensation			(1,746)
Deferred income tax liability			(3,630)
Deferred revenue			(71)
Total			$ 98,810
Taxamo
Business combinations
Operating segments | segment	1
Cash and cash equivalents				$ 2,441
Funds held for customers				221
Accounts receivable				2,657
Prepaid expenses and other current assets				908
Property and equipment				40,792
Holdback		$ 468		502
Goodwill				164,199
Other intangibles				1,581
Accounts payable				(304)
Accrued expenses				(1,395)
Accrued compensation				(3,939)
Deferred revenue				(2,196)
Deferred other liabilities				(4,276)
Total				$ 200,689
Tellutax
Business combinations
Capitalized software - developed technology					$ 3,600
Goodwill					4,700
Other intangibles					$ 8,300
Systax
Business combinations
Cash and cash equivalents							$ 56
Accounts receivable							495
Property and equipment							112
Holdback							14
Goodwill							21,089
Other intangibles							3,650
Accounts payable							(358)
Accrued expenses							(92)
Total							$ 24,966

BUSINESS COMBINATIONS - Assumpt

BUSINESS COMBINATIONS - Assumptions of intangible assets acquired in the acquisition (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 22, 2021	May 12, 2021	Dec. 31, 2022	Dec. 31, 2021
Developed technology
Business combinations
Fair Value			$ 40,746	$ 40,746
LCR-Dixon | Trade Name | Goodwill and other intangible assets
Business combinations
Fair Value	$ 200
Estimated Useful Life	6 months
Discount Rate	20%
LCR-Dixon | Customer relationships | Goodwill and other intangible assets
Business combinations
Fair Value	$ 6,300
Estimated Useful Life	3 years
Discount Rate	20%
LCR-Dixon | Developed technology | Property and Equipment, net
Business combinations
Fair Value	$ 7,700
Estimated Useful Life	3 years
Discount Rate	20%
Taxamo | Trade Name | Goodwill and other intangible assets
Business combinations
Fair Value		$ 608
Estimated Useful Life		2 years
Discount Rate		16.50%
Taxamo | Customer relationships | Goodwill and other intangible assets
Business combinations
Fair Value		$ 973
Estimated Useful Life		2 years
Discount Rate		16.50%
Taxamo | Developed technology | Property and Equipment, net
Business combinations
Fair Value		$ 40,746
Estimated Useful Life		3 years
Discount Rate		16.50%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
INVESTMENTS
Equity securities net gains or losses	$ 0
Unamortized premium	0
Unaccreted discount	139
Accrued interest receivable	24
Unrealized gains or losses	0
Immaterial unrealized loss position	$ 31

INVESTMENTS - Amortized cost, g

INVESTMENTS - Amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Investment securities available for sale:
Amortized Cost	$ 14,911
Gross Unrealized Loss	(48)
Allowance For Credit Losses	0
Fair Value	14,863
Commercial paper
Investment securities available for sale:
Amortized Cost	9,662
Gross Unrealized Loss	(2)
Fair Value	9,660
U.S. Treasury securities
Investment securities available for sale:
Amortized Cost	5,249
Gross Unrealized Loss	(46)
Fair Value	$ 5,203

INVESTMENTS - Gross Unrealized

INVESTMENTS - Gross Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2022 USD ($) security
Debt securities, unrealized loss position, accumulated loss
Fair value, less than 12 months maturity	$ 10,210
Fair value, 12 months or longer maturity	1,457
Fair value, total	11,667
Debt securities, unrealized loss position, accumulated loss less than 12 months	(31)
Debt securities, unrealized loss position, accumulated loss 12 months or more	(19)
Debt securities, unrealized loss position, accumulated loss	$ (50)
Number of securities | security	52
Number of securities immaterial | security	39
Allowance For Credit Losses	$ 0
Commercial paper
Debt securities, unrealized loss position, accumulated loss
Fair value, less than 12 months maturity	6,464
Fair value, total	6,464
Debt securities, unrealized loss position, accumulated loss less than 12 months	(4)
Debt securities, unrealized loss position, accumulated loss	(4)
U.S. Treasury securities
Debt securities, unrealized loss position, accumulated loss
Fair value, less than 12 months maturity	3,746
Fair value, 12 months or longer maturity	1,457
Fair value, total	5,203
Debt securities, unrealized loss position, accumulated loss less than 12 months	(27)
Debt securities, unrealized loss position, accumulated loss 12 months or more	(19)
Debt securities, unrealized loss position, accumulated loss	$ (46)

INVESTMENTS - Maturities (Detai

INVESTMENTS - Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair value of investment securities available for sale:
Due in 1 Year or Less	$ 13,406
Due > 1 Year through 5 Years	1,457
Total	14,863
Fair value of amortized cost of investment securities available for sale
Due in 1 Year or Less	13,434
Due > 1 Year through 5 Years	1,477
Total	14,911
Commercial paper
Fair value of investment securities available for sale:
Due in 1 Year or Less	9,660
Total	9,660
Fair value of amortized cost of investment securities available for sale
Total	9,662
U.S. Treasury securities
Fair value of investment securities available for sale:
Due in 1 Year or Less	3,746
Due > 1 Year through 5 Years	1,457
Total	5,203
Fair value of amortized cost of investment securities available for sale
Total	$ 5,249

INVESTMENTS - Securities pledge

INVESTMENTS - Securities pledged (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 14,863
Debt securities categorized as available for sale	0
Realized gain	0
Assets pledged
Debt Securities, Available-for-Sale [Line Items]
Realized loss	$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details)		1 Months Ended
	Jan. 25, 2021 USD ($) item	Jan. 31, 2021 USD ($) payment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Forward foreign current contract, asset			$ 569,000
Forward foreign currency contract, liability				$ (62,000)
Significant other observable inputs (Level 2) | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Forward foreign current contract, asset			569,000
Forward foreign currency contract, liability				(62,000)
Money market mutual funds | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			67,430,000	10,703,000
Money market mutual funds | Prices in active markets for identical assets (Level 1) | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			67,430,000	10,703,000
Commercial paper | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			9,660,000
Commercial paper | Significant other observable inputs (Level 2) | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			9,660,000
U.S. Treasury securities | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			5,203,000
U.S. Treasury securities | Significant other observable inputs (Level 2) | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets, Fair Value Disclosure			5,203,000
Tellutax
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration	$ 2,200,000		4,800,000	2,500,000
Number of potential earnout payments	3	3
Revenue achievement period	30 months	30 months
Maximum limit on earnout payments	$ 0	$ 0
Earn out payment for applicable measurement period	$ 0	$ 0
Tellutax | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration			4,800,000	2,500,000
Tellutax | Significant unobservable inputs (Level 3) | Fair Value, Recurring
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Tellutax Contingent Consideration			$ 4,800,000	$ 2,500,000

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Estimated fair values of Tellutax contingent consideration (Details) $ in Thousands		12 Months Ended
	Jan. 25, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustments to contingent consideration		$ 2,300	$ 300
Purchase commitment and contingent consideration liabilities, current		6,149	468
Purchase commitment and contingent consideration liabilities, net of current portion		8,412	10,829
Tellutax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Tellutax Contingent Consideration	$ 2,200	4,800	2,500
Fair value adjustments to contingent consideration		2,300	$ 300
Purchase commitment and contingent consideration liabilities, current		1,400
Purchase commitment and contingent consideration liabilities, net of current portion		$ 3,400
Cash consideration	$ 6,100
Tellutax | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input		75	95
Tellutax | Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input		22.4	20
Tellutax | Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input		2.4	3.6

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in fair value of Tellutax contingent consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,500
Acquisition of Tellutax		$ 2,200
Fair value adjustments	2,300	300
Ending balance	$ 4,800	$ 2,500

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Non-recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 22, 2021	Jan. 07, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred purchase consideration		$ 39,024
Payments For Purchase Commitment Liability	$ 423	10,822
LCR-Dixon
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest acquired (as a percent)			100%
Deferred purchase consideration		$ 19,824
Systax
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest acquired (as a percent)		65%		60%
Purchase commitment liability		$ 9,761
Purchase commitment liability				$ 12,592
Additional equity interests acquired		5%
Fair value of purchase commitment liability		$ 788
Payments For Purchase Commitment Liability	$ 5,012	$ 8,329
Systax | Quotaholders
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of remaining outstanding share of the acquiree				40%

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment	$ 297,617	$ 246,605
Less accumulated depreciation and amortization	(181,849)	(148,215)
Property and equipment, net	115,768	98,390
Leasehold improvements
Property and equipment
Property and equipment	20,929	20,956
Equipment
Property and equipment
Property and equipment	39,238	41,937
Computer software purchased
Property and equipment
Property and equipment	11,892	11,792
Internal-Use Software
Property and equipment
Property and equipment	185,015	147,280
Less accumulated depreciation and amortization	(119,603)	(87,281)
Property and equipment, net	98,290	76,964
Cloud-based customer solutions
Property and equipment
Property and equipment	142,980	114,872
Internal systems and tools
Property and equipment
Property and equipment	42,035	32,408
Furniture and fixtures
Property and equipment
Property and equipment	7,665	7,675
In-process internal-use software
Property and equipment
Property and equipment	$ 32,878	$ 16,965

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Finance lease amortization	$ 1,082	$ 931
Property and equipment, gross	297,617	246,605
Property and equipment	115,768	98,390
Accumulated amortization	181,849	148,215
Developed technology
Property and equipment
Depreciation expense	11,770	8,123
Fair Value	40,746	40,746
Excluding internal-use software and finance leases
Property and equipment
Depreciation expense	6,445	7,425	$ 7,833
Assets under finance leases
Property and equipment
Property and equipment	1,461	1,533
Accumulated amortization	861	931
Assets under capital leases
Property and equipment
Depreciation expense		743
Internal-Use Software
Property and equipment
Property and equipment, gross	185,015	147,280
Property and equipment	98,290	76,964
Accumulated amortization	119,603	87,281
Depreciation expense	27,682	19,076	8,818
Internal systems and tools
Property and equipment
Property and equipment, gross	42,035	32,408
Depreciation expense	$ 4,913	$ 3,322	$ 2,442

PROPERTY AND EQUIPMENT - Major

PROPERTY AND EQUIPMENT - Major components of internal-use software (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment, gross	$ 297,617	$ 246,605
Less accumulated depreciation and amortization	(181,849)	(148,215)
Property and equipment	115,768	98,390
Internal-Use Software
Property and equipment
Property and equipment, gross	185,015	147,280
Less accumulated depreciation and amortization	(119,603)	(87,281)
Property and equipment, net excluding in-process internal-use software	65,412	59,999
Property and equipment	98,290	76,964
In-process internal-use software
Property and equipment
Property and equipment, gross	$ 32,878	$ 16,965

PROPERTY AND EQUIPMENT - Amount

PROPERTY AND EQUIPMENT - Amounts capitalized for internal-use software and included in property and equipment additions on the consolidated statements of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Capitalized internal-use software	$ 58,530	$ 33,386	$ 20,955
Cloud-based customer solutions
Property and equipment
Capitalized internal-use software	28,918	19,837	14,710
Internal systems and tools
Property and equipment
Capitalized internal-use software	26,354	11,491	3,176
Internal-Use Software
Property and equipment
Capitalized internal-use software	$ 55,272	$ 31,328	$ 17,886

PROPERTY AND EQUIPMENT - Amorti

PROPERTY AND EQUIPMENT - Amortization expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Internal systems and tools
Software
2023	$ 6,040
2024	5,197
2025	3,003
2026	122
Total	14,362
Cloud-based customer solutions
Software
2023	29,200
2024	16,930
2025	4,920
Total	$ 51,050

CAPITALIZED SOFTWARE (Details)

CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized software, movement
Capitalized software, net	$ 39,012	$ 33,442
Capitalized software amortization expense	17,018	12,962	$ 11,936
LCR-Dixon
Capitalized software, movement
Capitalized development costs	7,700
Software
Capitalized software, movement
Capitalized software, gross	96,577	72,512
Less accumulated amortization	(62,197)	(45,179)
Capitalized software, net	34,380	27,333
Capitalized development costs	14,888	11,660	$ 11,850
Software | LCR-Dixon
Capitalized software, movement
Capitalized software amortization expense	3,208
Amortization expenses on acquisition date		642
In-process internal-use software
Capitalized software, movement
Capitalized software, gross	$ 4,632	$ 6,109

CAPITALIZED SOFTWARE - Amortiza

CAPITALIZED SOFTWARE - Amortization expense (Details) - Software $ in Thousands	Dec. 31, 2022 USD ($)
Future amortization expense:
2023	$ 16,281
2024	12,927
2025	4,506
2026	637
2027	29
Total	$ 34,380

LEASES (Details)

LEASES (Details)	12 Months Ended
	Dec. 31, 2022
Maximum
Remaining lease term (in years)	7 years

LEASES - Lease Assets and Liabi

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease assets:
Operating lease right-of-use assets	$ 17,187	$ 20,249
Finance lease assets	$ 600	$ 602
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets	$ 17,787	$ 20,851
Current:
Operating lease liabilities	4,086	3,933
Finance lease liabilities	103	284
Total current lease liabilities	4,189	4,217
Non-current:
Operating lease liabilities, non-current	20,421	24,320
Finance lease liabilities, non-current	10	68
Total non-current lease liabilities	20,431	24,388
Total lease liabilities	$ 24,620	$ 28,605

LEASES - Lease Costs, Weighted

LEASES - Lease Costs, Weighted Average Term and Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease Cost, Weighted average term and discount rate:
Operating lease cost	$ 3,714	$ 4,774
Amortization of lease assets	1,275	931
Interest on lease liabilities	18	16
Total lease cost	$ 5,007	$ 5,721
Operating leases, weighted-average remaining lease term (in years)	5 years 8 months 12 days	6 years 7 months 6 days
Finance leases, weighted-average remaining lease term (in years)	6 months	1 year 2 months 12 days
Operating leases, weighted-average discount rate	2.30%	2.30%
Finance leases, weighted-average discount rate	2.30%	2.30%

LEASES - Future Maturity of Lea

LEASES - Future Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 4,721
2024	4,464
2025	4,382
2026	4,477
2027	4,572
Thereafter	3,482
Total lease payments	26,098
Less: Imputed Interest	(1,591)
Present value of lease liabilities	24,507
Finance Leases
2023	104
2024	10
Total lease payments	114
Less: Imputed Interest	(1)
Present value of lease liabilities	$ 113

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill.	$ 251,842	$ 270,041	$ 16,329
Goodwill and other intangible assets	257,023	272,702
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 5,181	$ 2,661

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Balance, January 1	$ 270,041	$ 16,329
Acquisitions		265,867
Measurement period adjustments	(10,329)
Foreign currency translation adjustments	(7,870)	(12,155)
Balance, December 31, gross	251,842	270,041
Balance, December 31, net	$ 251,842	$ 270,041

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,667	$ 4,110
Accumulated amortization	5,486	1,449
Amortization	4,013	1,066	$ 443
Cost of Revenues | Software subscriptions
Finite-Lived Intangible Assets [Line Items]
Amortization	234	253	267
Selling and Marketing Expense
Finite-Lived Intangible Assets [Line Items]
Amortization	3,779	813	$ 176
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,225	1,922
Accumulated amortization	3,855	623
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,240	1,047
Accumulated amortization	887	337
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,202	1,141
Accumulated amortization	$ 744	$ 489
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (years)	3 years 6 months	4 years 2 months 12 days
Total	$ 5,181	$ 2,661
Other intangible assets | LCR-Dixon
Finite-Lived Intangible Assets [Line Items]
Amortization	$ 2,825

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future amortization (Details) - Other intangible assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future amortization expense:
2023	$ 2,852
2024	2,066
2025	263
Total	$ 5,181	$ 2,661

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4,013	$ 1,066	$ 443
Other intangible assets | LCR-Dixon
Finite-Lived Intangible Assets [Line Items]
Fair Value of other intangible assets	6,500
Amortization expense	$ 2,825
Assets fair value disclosure		$ 625

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) - USD ($) $ in Thousands					12 Months Ended
	Mar. 08, 2022	Jul. 31, 2020	May 29, 2020	Apr. 03, 2020	Dec. 31, 2022	Dec. 31, 2020	Mar. 07, 2022	Dec. 31, 2021
Debt
Refund on payments for deferred financing costs						$ 468
Write off deferred financing costs	$ 370
Principal payments on long-term debt					$ 938	226,251
Distribution paid			$ 123,185			146,116
Second Amendment
Debt
Write off deferred financing costs	277
Deferred financing costs	983
Debt instrument covenant, aggregate dividends limitation					2,000
Term Loan
Debt
Line of credit, outstanding borrowings					$ 49,063
Term of debt					5 years
Debt instrument interest rate percentage					5.42%
Base rate
Debt
Interest rate					7.50%			3.25%
LIBOR
Debt
Interest rate					5.40%			2%
Long-Term Debt [Member]
Debt
Face amount				$ 175,000
Payments for deferred financing costs				2,904
Write off deferred financing costs						1,174
Principal payments on long-term debt		$ 175,000		61,656
Line of Credit
Debt
Line of credit, capacity				$ 100,000			$ 100,000
Line of credit, outstanding borrowings					$ 0	$ 0		$ 0
Line of Credit | Second Amendment
Debt
Line of credit, capacity	200,000				$ 200,000
New Term Loan.
Debt
Face amount	$ 50,000

DEBT - Maturities (Details)

DEBT - Maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Maturities
2023	$ 2,188
2024	2,500
2025	2,500
2026	3,437
2027 and thereafter	38,438
Total Debt	$ 49,063

STOCKHOLDERS EQUITY (Details)

STOCKHOLDERS EQUITY (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				1 Months Ended	12 Months Ended
	Jul. 31, 2020	Jul. 28, 2020	Jul. 20, 2020	Apr. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 15, 2022	Jul. 27, 2020	Jun. 30, 2020
Common Stock
Additional paid in capital					$ 244,820	$ 222,621
Forward Stock Split		three-for-one
Stock split		0.33
Liquidation preferences		$ 0								$ 0
Proceeds from exercise of stock options					$ 1,821	$ 1,859	$ 8,808
Proceeds from issuance of shares in connection with Offering							423,024
Common stock, shares authorized (in shares)		450,000
Preferred stock, shares authorized (in shares)		30,000			30,000	30,000
Preferred stock par value (per share)		$ 0.001			$ 0.001	$ 0.001
Common stock par value (per share)		$ 0.001
Distributions			$ 132,901				$ 132,901
Distributions per share			$ 1.10
Exchange of shares							300
Repurchased Treasury Stock
Common Stock
Treasury stock acquired							41,910
Family
Common Stock
Ownership (as a percent)										99.90%
ESPP
Common Stock
Auto exercised options in connection with offering shares issued					207	128
Former Class A
Common Stock
Common stock, shares outstanding (in shares)							147
Former Class A | Family
Common Stock
Ownership (as a percent)										100%
Former Class B
Common Stock
Proceeds from exercise of stock options				$ 53
Common stock, shares outstanding (in shares)										120,443
Stock issued during the period				173
Former Class B | Family
Common Stock
Common stock, shares outstanding (in shares)										120,270
Former Class B | Selling stockholders
Common Stock
Common stock, shares outstanding (in shares)										173
Class A
Common Stock
Common stock, shares outstanding (in shares)					50,014	42,286
Common Stock, Voting Rights		one
Shares exchanged in lieu		381					860
Shares returned in lieu of payment of taxes						3
Common stock, shares authorized (in shares)		300,000			300,000	300,000
Common stock par value (per share)					$ 0.001	$ 0.001
Class A | Exercise of outstanding options
Common Stock
Exercise of stock options, net (in shares)							890
New Issues Vested Restricted Stock, Shares							19
Class A | In connection with the offering
Common Stock
Auto exercised options in connection with offering shares issued							564
Class A | Initial Public Offering
Common Stock
Offering costs		$ 6,222
Proceeds from issuance of shares in connection with Offering	$ 423,024
Stock issued during the period		23,812
Class A | Selling stockholders
Common Stock
Auto exercised options in connection with offering shares issued					800	2,157
Shares exchanged in lieu					91	706
Stock issued during the period							510
Class A | Restricted Stock Units
Common Stock
Shares exchanged in lieu					20
Shares issued upon vesting of Restricted Stock Units, net (in shares)					48	12
Class A | Restricted Stock Awards
Common Stock
Shares exchanged in lieu					15
Shares issued upon vesting of Restricted Stock Units, net (in shares)					173	352
Shares returned in lieu of payment of taxes						11
Class A | ESPP
Common Stock
Stock issued during the period							59
Class B
Common Stock
Common stock, shares outstanding (in shares)					100,307	106,807
Common Stock, Voting Rights		ten
Common stock, shares authorized (in shares)		150,000			150,000	150,000
Common stock par value (per share)					$ 0.001	$ 0.001
Exchange of shares					6,500	13,310
Common Stock
Common Stock
Common stock, shares outstanding (in shares)		120,590
Share exchange, amount		$ 0
S Corporation
Common Stock
Additional paid in capital									$ 354,291
Amount of estimated dividends liability						$ 2,733		$ 536

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss attributable to all stockholders	$ (12,304)	$ (1,479)	$ (75,081)
Class A
Numerator:
Common stock as a percentage of total shares outstanding, basic	30.65%	24.12%	8.44%
Net loss attributable to stockholders, basic	$ (3,771)	$ (357)	$ (6,335)
Common stock as a percentage of total shares outstanding, diluted	30.65%	24.12%	8.44%
Net loss attributable to stockholders, diluted	$ (3,771)	$ (357)	$ (6,335)
Denominator:
Weighted average common stock, basic (in shares)	45,864	35,647	11,096
Weighted average common stock, diluted (in shares)	45,864	35,647	11,096
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Class A | Amended Options
Denominator:
Anti-dilutive shares	8,982	10,422	7,398
Class A | Out-of-the-money options
Denominator:
Anti-dilutive shares	760	294
Class A | Restricted Stock Awards
Denominator:
Anti-dilutive shares	285	490	289
Class A | Restricted Stock Units
Denominator:
Anti-dilutive shares	2,254	387	27
Class A | ESPP
Denominator:
Anti-dilutive shares	52	29
Class B
Numerator:
Common stock as a percentage of total shares outstanding, basic	69.35%	75.88%	91.56%
Net loss attributable to stockholders, basic	$ (8,533)	$ (1,122)	$ (68,746)
Common stock as a percentage of total shares outstanding, diluted	69.35%	75.88%	91.56%
Net loss attributable to stockholders, diluted	$ (8,533)	$ (1,122)	$ (68,746)
Denominator:
Weighted average common stock, basic (in shares)	103,781	112,133	120,415
Weighted average common stock, diluted (in shares)	103,781	112,133	120,415
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.57)

EMPLOYEE BENEFIT AND DEFERRED_3

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
	Jul. 28, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation plans:
Accrued salaries and benefits		$ 10,790	$ 16,671
ESPP
Compensation plans:
ESPP offering period		6 months
Accrued salaries and benefits		$ 311	$ 281
SAR
Compensation plans:
Shares converted	12,038
Outstanding vested and expected to vest (in shares)				12,276	12,276
Amended Options
Compensation plans:
Shares converted	3,676

EMPLOYEE BENEFIT AND DEFERRED_4

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - 401K Plan (Details) - USD ($) $ in Thousands		12 Months Ended			24 Months Ended
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Compensation plans:
Contribution (as a percent)					3%
401(k) matching contributions		$ 10,056	$ 4,062	$ 4,011
Discretionary profit-sharing
Compensation plans:
Contribution (as a percent)	6%				3%
401(k) discretionary contributions			$ 3,994	$ 4,035

EMPLOYEE BENEFIT AND DEFERRED_5

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Long-Term Rewards Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Compensation plans:
Performance period (in years)	three-year
Deferred compensation, current	$ 2,809	$ 4,202
Deferred compensation, net of current portion		1,963
Long-Term Rewards Plan
Compensation plans:
Compensation expense	892	3,059	$ 3,027
Deferred compensation, current	$ 4,023	$ 1,981
Long-Term Rewards Plan | Forecast
Compensation plans:
Deferred compensation, net of current portion				$ 2,706

EMPLOYEE BENEFIT AND DEFERRED_6

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Options under 2020 Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Jul. 28, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Per Share
Compensation expense		$ 19,729	$ 26,160	$ 147,904
Stock options
Units
Beginning, balance		9,500	11,876
Granted		779	779	15,714
Forfeited		(100)	(292)	(156)
Expired		(1)
Exercised		(891)	(2,863)	(3,682)
Ending balance		8,508	9,500	11,876
Exercisable		6,125
Weighted Average Per Share
Beginning balance		$ 4.20	$ 2.44
Granted			23.06	$ 2.16
Forfeited		5.31	4.06	3.29
Expired		32.16
Exercised		2.70	2.04	1.21
Ending Balance		4.34	$ 4.20	$ 2.44
Exercisable		$ 2.95
Remaining contractual life, outstanding		4 years 3 months 18 days	5 years 2 months 12 days	5 years 3 months 18 days
Remaining contractual life, exercisable		3 years 4 months 24 days
Intrinsic value, outstanding		$ 86,514	$ 110,843	$ 384,883
Intrinsic value, exercisable		$ 70,785
Vesting period		10 years
Compensation expense		$ 7,081	17,533	$ 143,123
Unrecognized compensation expense			$ 10,352
Unrecognized compensation expense period			2 years
Stock options | Minimum
Weighted Average Per Share
Vesting period		1 year
Stock options | Maximum
Weighted Average Per Share
Vesting period		4 years
Unrecognized compensation expense period	5 years
Converted Options
Units
Granted				12,038
Weighted Average Per Share
Granted				$ 2.76
Amended Options.
Units
Granted				3,676
Weighted Average Per Share
Granted				$ 0.19

EMPLOYEE BENEFIT AND DEFERRED_7

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Options under 2020 Plan Price Range (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Options outstanding, vested and exercisable:
Options outstanding	8,508
Options vested and exercisable	6,125
$0.15 to $0.71
Options outstanding, vested and exercisable:
Exercise prices, lower range | $ / shares	$ 0.15
Exercise prices, upper range | $ / shares	$ 0.71
Options outstanding	1,698
$2.15
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 2.15
Options outstanding	326
Options outstanding, life	2 years 1 month 6 days
Options vested and exercisable	326
Options vested and exercisable, life	2 years 1 month 6 days
$2.50
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 2.50
Options outstanding	2,156
Options outstanding, life	3 years 6 months
Options vested and exercisable	2,156
Options vested and exercisable, life	3 years 6 months
$2.67
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 2.67
Options outstanding	409
Options outstanding, life	4 years 2 months 12 days
Options vested and exercisable	409
Options vested and exercisable, life	4 years 2 months 12 days
$3.17
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 3.17
Options outstanding	988
Options outstanding, life	5 years 3 months 18 days
Options vested and exercisable	237
Options vested and exercisable, life	5 years 4 months 24 days
$3.73
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 3.73
Options outstanding	1,514
Options outstanding, life	6 years 9 months 18 days
Options vested and exercisable	737
Options vested and exercisable, life	6 years 9 months 18 days
$4.70
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 4.70
Options outstanding	658
Options outstanding, life	7 years 1 month 6 days
Options vested and exercisable	316
Options vested and exercisable, life	7 years 1 month 6 days
$18.47
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 18.47
Options outstanding	213
Options outstanding, life	8 years 10 months 24 days
Options vested and exercisable	53
Options vested and exercisable, life	8 years 10 months 24 days
$18.96
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 18.96
Options outstanding	235
Options outstanding, life	8 years 7 months 6 days
Options vested and exercisable	105
Options vested and exercisable, life	8 years 7 months 6 days
$19.00
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 19
Options outstanding	66
Options outstanding, life	8 years 8 months 12 days
Options vested and exercisable	17
Options vested and exercisable, life	8 years 8 months 12 days
$32.16
Options outstanding, vested and exercisable:
Exercise prices | $ / shares	$ 32.16
Options outstanding	245
Options outstanding, life	8 years 2 months 12 days
Options vested and exercisable	71
Options vested and exercisable, life	7 years 4 months 24 days

EMPLOYEE BENEFIT AND DEFERRED_8

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - 2020 Plan (Details) - Stock options shares in Thousands	12 Months Ended
	Dec. 31, 2022 shares
Compensation plans:
Shares authorized	16,500
Available for issuance	10,595
Maximum issuance (as a percentage of outstanding)	4%
Maximum issuance (in shares)	3,000

EMPLOYEE BENEFIT AND DEFERRED_9

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Options under 2020 Plan Options issued (Details) - $ / shares		3 Months Ended				9 Months Ended
	Jul. 28, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022
EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS
Fair market value of common stock	$ 19
Fair market value of common stock		$ 18.47	$ 19	$ 17.66	$ 32.16	$ 18.96
Volatility	36.70%	37.40%	37.10%	36.80%	36.80%	37.10%
Expected term (in years)	6 years 6 months	5 years	5 years	6 years	6 years	5 years
Risk-free interest rate	0.40%	1.30%	0.90%	0.40%	0.40%	0.80%

EMPLOYEE BENEFIT AND DEFERRE_10

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Retired SAR Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended				9 Months Ended	12 Months Ended
	Jul. 28, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation plans:
Redemption of Converted SARs									$ (22,889)
Deferred compensation, current		$ 4,202					$ 2,809	$ 4,202
Deferred compensation, net of current portion		$ 1,963						1,963
Stock-based compensation expense							19,531	25,458	12,576
Stock-based compensation expense							19,729	26,160	$ 147,904
Fair Value Assumptions and Methodology
Share Price	$ 19
Volatility	36.70%	37.40%	37.10%	36.80%	36.80%	37.10%
Expected term (in years)	6 years 6 months	5 years	5 years	6 years	6 years	5 years
Risk-free interest rate	0.40%	1.30%	0.90%	0.40%	0.40%	0.80%
SAR
Compensation plans:
Outstanding (in shares)										6,207
Percentage of vesting to exercise									50%
Outstanding vested and expected to vest (in shares)									12,276	12,276
Exercised options exchanged in lieu of income taxes	$ 13,835
Aggregate intrinsic value	9,054
Unrecognized compensation expense		$ 44,342					44,342	44,342
Deferred compensation, current	1,299	1,299						1,299
Deferred compensation, net of current portion		1,122						1,122
Stock-based compensation expense	57,079						$ 143,519
Fair value, vested and expected to vest	$ 197,708
Fair value of options								153,366
Incremental compensation expense								$ 0
Fair Value Assumptions and Methodology
Share Price	$ 19
SAR | Minimum
Compensation plans:
Service requirement (in years)							1 year	1 year
Unrecognized compensation expense period	1 year
SAR | Maximum
Compensation plans:
Service requirement (in years)							10 years	5 years
Unrecognized compensation expense period	5 years
SAR | Accounting Standards Update 2018-07
Compensation plans:
Unrecognized compensation expense		$ 2,422						$ 2,422

EMPLOYEE BENEFIT AND DEFERRE_11

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	May 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation plans:
Compensation expense		$ 19,729	$ 26,160	$ 147,904
Taxamo
Compensation plans:
Purchase price	$ 200,689
Restricted Stock Units
Compensation plans:
Compensation expense		9,286	$ 2,964	$ 171
Unrecognized compensation cost		$ 29,614
Unrecognized compensation expense period		2 years 10 months 24 days
Units
Beginning balance (in units)		530	101
Granted (in units)		2,240	478	101
Vested (in units)		(68)	(15)
Forfeited (in units)		(140)	(34)
Ending balance (in units)		2,562	530	101
Weighted Average Per Share
Beginning balance (in dollars per share)		$ 26.49	$ 23.80
Granted (in dollars per share)		13.55	27.07	$ 23.80
Vested (in dollars per share)		21.96	29.67
Forfeited (in dollars per share)		15.59	25.18
Ending balance (in dollars per share)		$ 15.90	$ 26.49	$ 23.80
Restricted Stock Units | Minimum
Compensation plans:
Service requirement (in years)		1 year
Restricted Stock Units | Maximum
Compensation plans:
Service requirement (in years)		4 years
PSU
Compensation plans:
Compensation expense		$ 0
Grant date fair value		$ 15,803
PSU | Taxamo
Units
Granted (in units)		895

EMPLOYEE BENEFIT AND DEFERRE_12

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Per Share
Compensation expense	$ 19,729	$ 26,160	$ 147,904
Restricted Stock Awards
Units
Beginning balance (in units)	326	670
Granted (in units)	106	59	694
Vested (in units)	(188)	(363)	(21)
Forfeited (in units)	(9)	(40)	(3)
Ending balance (in units)	235	326	670
Weighted Average Per Share
Beginning balance (in dollars per share)	$ 18.76	$ 19
Granted (in dollars per share)	9.92	17.66	$ 19
Vested (in dollars per share)	18.58	19	19
Forfeited (in dollars per share)	19	19	19
Ending balance (in dollars per share)	$ 14.91	$ 18.76	$ 19
Compensation expense	$ 2,768	$ 5,126	$ 4,284
Unrecognized compensation cost	$ 2,116
Unrecognized compensation expense period	1 year
Restricted Stock Awards | Maximum
Compensation plans:
Service requirement (in years)	4 years

EMPLOYEE BENEFIT AND DEFERRE_13

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - SAR Plan, activity (Details) - $ / shares shares in Thousands		12 Months Ended
	Jul. 01, 2020	Dec. 31, 2020
Grant values
Granted		$ 4.70
Forfeited		2.50
Grant values, Nonvested
Forfeited		$ 2.50
Weighted average grant date intrinsic value	$ 0
SAR
Vested and Expected to Vest
Balance, Bgn		12,276
Granted		702
Exercised		(877)
Forfeited		(63)
Converted		(12,038)
Balance, End		12,276
Vested
Beginning, balance		6,207
Exercised		(877)
Vested		1,410
Nonvested Units
Balance, Bgn		6,069
Forfeited		(63)
Vested		(1,410)
SAR | Minimum
Grant values
Balance, Bgn		$ 0.92
Vested
Exercised		1.31
Converted		0.92
Grant values, Vested
Exercised		1.31
SAR | Maximum
Grant values
Balance, Bgn		3.73
Vested
Exercised		2.50
Converted		4.70
Grant values, Vested
Exercised		$ 2.50
Vested units
Vested and Expected to Vest
Granted		21
Converted		(6,761)
Non vested units
Vested and Expected to Vest
Granted		681
Converted		(5,277)

EMPLOYEE BENEFIT AND DEFERRE_14

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Amended Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation plans:
Remeasurement of options for redeemable shares			$ 51,833
Amended Options
Compensation plans:
Triggering event (as percentage of stock)	50%
Partial triggering event	25%
Tag along right	51%
Drag along right	51%
Remeasurement of options for redeemable shares		$ 51,833		$ 2,763
Temporary equity and were reclassified to stockholders' equity		$ 69,177
Units
Beginning, balance			3,849
Exercised			(173)
Exchange			(3,676)
Ending balance				3,849
Weighted Average Per Share
Beginning balance			$ 0.19
Exercised			0.30
Exchange			$ 0.19
Ending Balance				$ 0.19
Aggregate intrinsic value
Beginning of period			$ 17,344
Exercised			759
Amendment and exchange of options			$ 69,177
End of period				$ 17,344

EMPLOYEE BENEFIT AND DEFERRE_15

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Employee Stock Purchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation plans:
Compensation expense	$ 19,729	$ 26,160	$ 147,904
ESPP
Compensation plans:
Purchase price as a percent of fair value	85%
Reserved for issuance			1,000
Maximum issuance (as a percentage of outstanding)		1%
Maximum issuance (in shares)		16,000
Shares available for issuance	3,562
Compensation expense	$ 594	$ 537	$ 326
Unrecognized compensation cost	$ 324	$ 233
ESPP offering period	6 months
Discount	15%

EMPLOYEE BENEFIT AND DEFERRE_16

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - ESPP - Option-pricing model key input assumptions (Details) - $ / shares							3 Months Ended				9 Months Ended
	May 31, 2023	Nov. 30, 2022	May 31, 2022	Nov. 30, 2021	May 31, 2021	Jul. 28, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022
Fair Value Assumptions and Methodology
Fair market value of common stock							$ 18.47	$ 19	$ 17.66	$ 32.16	$ 18.96
Volatility						36.70%	37.40%	37.10%	36.80%	36.80%	37.10%
Expected term (in years)						6 years 6 months	5 years	5 years	6 years	6 years	5 years
Risk-free interest rate						0.40%	1.30%	0.90%	0.40%	0.40%	0.80%
Initial Public Offering | ESPP
Fair Value Assumptions and Methodology
Fair market value of common stock	$ 17.21	$ 11.16	$ 17.38	$ 19.89	$ 25.83
Volatility	46.40%	35.40%	37.30%	35.10%	35.10%
Expected term (in years)	6 months	6 months	6 months	6 months	6 months
Risk-free interest rate	4.70%	1.60%	0.10%	0.10%	0.10%

EMPLOYEE BENEFIT AND DEFERRE_17

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Stock based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allocation of costs
Compensation expense	$ 19,729	$ 26,160	$ 147,904
Stock options
Allocation of costs
Compensation expense	7,081	17,533	143,123
Restricted Stock Units
Allocation of costs
Compensation expense	9,286	2,964	171
Restricted Stock Awards
Allocation of costs
Compensation expense	2,768	5,126	4,284
ESPP
Allocation of costs
Compensation expense	$ 594	$ 537	$ 326

EMPLOYEE BENEFIT AND DEFERRE_18

EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS - Stock based compensation, comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allocation of costs
Compensation expense	$ 19,729	$ 26,160	$ 147,904
Recognized tax benefit related to the stock-based compensation expense	3,324	14,683	19,853
Tax benefit from stock options	2,710	14,159	18,220
Research and development
Allocation of costs
Compensation expense	1,798	2,620	14,694
Selling and marketing
Allocation of costs
Compensation expense	6,284	6,371	29,551
General and administrative
Allocation of costs
Compensation expense	8,124	12,185	67,524
Software subscriptions
Allocation of costs
Compensation expense	2,090	2,336	14,663
Services
Allocation of costs
Compensation expense	$ 1,433	$ 2,648	$ 21,472

RELATED PARTIES (Details)

RELATED PARTIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
RELATED PARTIES
Offering costs related to sale of shares	$ 688

INCOME TAXES - Geography (Detai

INCOME TAXES - Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
U.S.	$ 5,827	$ 5,608	$ (107,959)
Foreign	(15,957)	(9,534)	90
Loss before income taxes	$ (10,130)	$ (3,926)	$ (107,869)

INCOME TAXES - Benefit (Expense

INCOME TAXES - Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income taxes:
Federal	$ 1,696
State and local	1,068	$ 155	$ 617
Foreign	577	468	94
Total current	3,341	623	711
Deferred income taxes:
Federal	904	(1,849)	(27,076)
State and local	72	(7)	(6,491)
Foreign	(2,143)	(1,214)	68
Total deferred	1,345	3,116	33,499
Total deferred	(1,167)	(3,070)
Income tax expense (benefit)	$ (2,174)	$ 2,447	$ 32,788

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes:
Loss before income taxes	$ (10,130)	$ (3,926)	$ (107,869)
Income tax benefit from translation adjustments and revaluations	12	89
Taxes:
U.S. federal income tax at statutory rate	(2,128)	(825)	(22,652)
State income taxes	441	678	(1,811)
Tax effect of S-Corporation status			21,325
Impact of change in tax status			(25,396)
Stock based compensation expense	1,787	(4,550)	(5,809)
Impact of foreign operations	1,352	954	(56)
Transaction costs	176	1,082
US taxation of foreign earnings	(179)	144	81
Nondeductible compensation	485	682	883
Tax credits	(341)	(488)	(44)
Change in valuation allowance	427	373	109
Other permanent items, net	154	(497)	582
Income tax benefit (expense)	$ 2,174	$ (2,447)	$ (32,788)
Tax Rate (Percentage)
U.S. federal income tax at statutory rate	21%	21%	21%
State income taxes	(4.40%)	(17.30%)	1.70%
Tax effect of S-Corporation status			(19.80%)
Impact of change in tax status			23.50%
Stock based compensation	(17.60%)	115.90%	5.40%
Impact of foreign operations	(13.30%)	(24.30%)	0.10%
Transaction costs	(1.70%)	(27.60%)
US taxation of foreign earnings	1.80%	(3.70%)	(0.10%)
Nondeductible compensation	(4.80%)	(17.40%)	(0.80%)
Tax credits	3.40%	12.40%	0%
Change in valuation allowance	(4.20%)	(9.50%)	(0.10%)
Other permanent items, net	(1.70%)	12.80%	(0.50%)
Taxes and effective tax rate	(21.50%)	62.30%	30.40%
Foreign taxing jurisdiction
Tax Rate (Percentage)
Impact of foreign operations	12.50%	12.50%

INCOME TAXES - Net deferred tax

INCOME TAXES - Net deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Deferred revenue	$ 2,981	$ 3,788
State operating loss carry forwards	2,831	3,894
Federal and foreign loss carry forwards	11,318	21,617
Accrued expenses	2,450	2,023
Accrued variable compensation		3,110
Deferred and stock-based compensation	23,634	24,971
Operating lease liabilities	6,272	7,204
Tax credits		532
Other		53
Deferred tax assets	49,486	67,192
Valuation allowance	(2,285)	(1,839)
Total deferred tax assets	47,201	65,353
Deferred tax liabilities:
Depreciation and amortization	(9,337)	(26,269)
Prepaid expenses	(1,256)	(1,329)
Right of use asset	(4,325)	(5,120)
Accrued variable compensation	(1,646)
Other	(115)
Deferred tax liabilities	(16,679)	(32,718)
Classification in the consolidated balance sheets
Deferred income tax asset	30,938	35,298
Net deferred tax asset	30,522	32,635
Deferred income tax asset
Classification in the consolidated balance sheets
Deferred income tax asset	30,938	35,298
Deferred other liabilities
Classification in the consolidated balance sheets
Deferred other liabilities	$ (416)	$ (2,663)

INCOME TAXES - Carryforwards (D

INCOME TAXES - Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards
Incremental valuation allowances	$ 2,285	$ 1,839
Foreign
Operating loss carryforwards
Operating Loss Carryforwards	4,110	$ 14,726
U.S. Federal
Operating loss carryforwards
Operating Loss Carryforwards	38,723
State and local
Operating loss carryforwards
Operating Loss Carryforwards	45,742
Incremental valuation allowances
Operating loss carryforwards
Incremental valuation allowances	$ 446