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Vertex Pharmaceuticals Incorporated
(NASDAQ:VRTX) 

VRTX stock logo

Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regul...

Founded: 1989
Full Time Employees: 3,000
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
  • CF Franchise Continues to Anchor Revenue: Vertex’s cystic fibrosis portfolio remains the company’s primary revenue and cash flow driver, supported by durable demand, broad reimbursement, and ongoing lifecycle management.
  • Pipeline and Label Expansion Are Key to Diversifying Growth: Near- and mid-term growth expectations are tied to expanding beyond cystic fibrosis through new indications, additional launches, and progression of late-stage programs to reduce reliance on a single therapeutic area.
  • R&D Investment Remains Elevated: Vertex continues to invest heavily in research and development to advance its pipeline, which can pressure near-term operating margins but is intended to support longer-term growth and diversification.
  • Strong Balance Sheet and Cash Generation Support Strategic Flexibility: The company’s cash generation and liquidity position provide flexibility for business development, partnerships, and acquisitions, while also supporting continued internal investment.
Bull Thesis:
  • Dominant Cystic Fibrosis (CF) Franchise with Next-Gen Potential: Vertex holds a near-monopoly in the treatment of Cystic Fibrosis, with highly effective therapies like Trikafta/Kaftrio generating substantial and recurring revenue. The company continues to develop next-generation CF modulators, aiming to treat an even broader patient population and extend its market leadership, ensuring a robust and stable cash flow for years to come.
  • Successful Diversification into Gene Editing with Casgevy: The approval and launch of Casgevy (exa-cel) for sickle cell disease and beta-thalassemia marks a significant milestone, validating Vertex's gene-editing platform and providing a major new revenue stream outside of CF. This diversification into high-need genetic disorders demonstrates the company's ability to innovate and commercialize groundbreaking therapies, opening up vast new market opportunities.
  • Promising Non-CF Pipeline Beyond Gene Editing: Beyond CF and gene editing, Vertex boasts a robust pipeline with several high-potential assets, including VX-548 for acute pain (a non-opioid alternative) and VX-880 for type 1 diabetes (a stem-cell derived islet cell therapy). Success in these programs could unlock multi-billion dollar markets, significantly expanding Vertex's therapeutic footprint and reducing its reliance on the CF franchise.
  • Strong Financial Position and Cash Flow Generation: Vertex maintains an exceptionally strong balance sheet, characterized by substantial cash reserves and consistent generation of significant free cash flow from its CF franchise. This financial strength provides ample resources for continued R&D investment, strategic acquisitions, and potential shareholder returns, underpinning long-term growth and stability.
Bear Thesis:
  • Maturing CF Market and Slower Growth Trajectory: While dominant, the CF market is maturing. A significant portion of eligible patients are already on Vertex's therapies, leading to a natural slowdown in the growth rate of its core franchise. Future CF growth will primarily come from new diagnoses, younger patient populations, and next-gen therapies, but the overall market expansion will be less dramatic than in previous years.
  • High Price Sensitivity and Payer Pressure: Vertex's therapies, particularly its CF drugs and Casgevy, carry very high price tags. This exposes the company to increasing scrutiny and pressure from payers, governments, and healthcare systems globally. Persistent pricing pressure or more challenging reimbursement negotiations could impact future revenue growth and profitability, especially as more patients are treated.
  • Pipeline Execution Risk Beyond CF and Casgevy: Despite a promising pipeline, drug development is inherently risky. The success of key non-CF programs like VX-548 (acute pain) and VX-880 (type 1 diabetes) is crucial for Vertex's long-term growth story. Any significant clinical trial failures or unexpected delays in these high-profile programs could negatively impact investor sentiment and future revenue projections.
  • Emerging Competition in Gene Editing and Other New Markets: While Casgevy is a first-to-market gene therapy, other companies are actively developing competing gene therapies or gene-editing approaches for sickle cell disease and beta-thalassemia. Similarly, the type 1 diabetes and pain markets are highly competitive. Vertex's early lead in these new areas may face erosion from new entrants, potentially limiting its long-term market share and pricing power.
Main Competitors:
  • Bluebird Bio ($BLUE) (Zynteglo, Lyfgenia), Directly competes with Vertex's Casgevy in the gene therapy market for sickle cell disease and beta-thalassemia. Bluebird has its own approved gene therapies, Lyfgenia for SCD and Zynteglo for beta-thalassemia, offering alternative curative options to patients.
  • CRISPR Therapeutics AG ($CRSP) (ViaCyte (T1D program), broader gene editing platforms), While a partner with Vertex on Casgevy, CRISPR Therapeutics is also a leading gene editing company. Their acquisition of ViaCyte positions them as a direct competitor to Vertex's stem-cell derived therapies for Type 1 Diabetes. They also represent potential future competition in other gene-editing applications that Vertex may pursue.
  • Editas Medicine, Inc. ($EDIT) (EDIT-301 (Sickle Cell Disease)), Competes in the gene editing space, specifically with its investigational therapy EDIT-301 for sickle cell disease and beta-thalassemia. EDIT-301 is in clinical trials and aims to provide a curative option, directly competing with Vertex's Casgevy in the long term.
  • Eli Lilly and Company ($LLY) (Diabetes treatments, pain management pipeline), A large pharmaceutical company with extensive R&D in diabetes, including Type 1 Diabetes, where Vertex is developing stem-cell therapies. Lilly also has a significant presence and pipeline in pain management, an area Vertex is entering with its non-opioid pain candidate VX-548, facing competition from established players.
Moat:
Vertex Pharmaceuticals holds a near-monopoly in the cystic fibrosis (CF) modulator market, which provides a strong financial moat and consistent revenue. However, as it diversifies into new therapeutic areas like sickle cell disease, beta-thalassemia, Type 1 Diabetes, and pain, it faces increasing competition from established biotech firms, gene editing pioneers, and large pharmaceutical companies. Its competitive edge in these new areas relies on the novelty and efficacy of its pipeline assets, such as the first-to-market gene-edited therapy Casgevy and its innovative stem-cell derived T1D program, requiring continued innovation and successful clinical development to maintain its leadership.
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 
                           
      revenues:
    		                       
      software subscriptions
    		166,225,000 164,824,000 157,844,000 150,761,000 152,597,000 146,254,000 136,443,000 131,830,000 130,695,000 121,285,000 117,836,000 111,014,000 110,886,000 106,368,000 101,088,000 97,131,000 93,255,000 92,276,000 89,604,000 83,280,000 83,919,000 79,778,000 77,306,000 
      services
    		28,486,000 27,288,000 26,715,000 26,301,000 25,859,000 24,181,000 24,661,000 24,951,000 24,219,000 23,742,000 21,859,000 21,737,000 20,240,000 19,870,000 18,188,000 17,853,000 18,401,000 18,442,000 15,334,000 14,956,000 15,625,000 14,827,000 13,965,000 
      total revenues
    		194,711,000 192,112,000 184,559,000 177,062,000 178,456,000 170,435,000 161,104,000 156,781,000 154,914,000 145,027,000 139,695,000 132,751,000 131,126,000 126,238,000 119,276,000 114,984,000 111,656,000 110,718,000 104,938,000 98,236,000 99,544,000 94,605,000 91,271,000 
      yoy
    		9.11% 12.72% 14.56% 12.94% 15.20% 17.52% 15.33% 18.10% 18.14% 14.88% 17.12% 15.45% 17.44% 14.02% 13.66% 17.05% 12.17% 17.03% 14.97%     
      qoq
    		1.35% 4.09% 4.23% -0.78% 4.71% 5.79% 2.76% 1.21% 6.82% 3.82% 5.23% 1.24% 3.87% 5.84% 3.73% 2.98% 0.85% 5.51% 6.82% -1.31% 5.22% 3.65%  
      cost of revenues:
    		                       
      total cost of revenues
    		68,620,000 70,796,000 63,359,000 64,068,000 61,335,000 59,911,000 58,416,000 60,989,000 61,311,000 56,871,000 53,879,000 51,747,000 49,479,000 50,658,000 48,129,000 44,866,000 43,642,000 43,938,000 37,379,000 36,933,000 36,212,000 47,968,000 41,745,000 
      gross profit
    		126,091,000 121,316,000 121,200,000 112,994,000 117,121,000 110,524,000 102,688,000 95,792,000 93,603,000 88,156,000 85,816,000 81,004,000 81,647,000 75,580,000 71,147,000 70,118,000 68,014,000 66,780,000 67,559,000 61,303,000 63,332,000 46,637,000 49,526,000 
      yoy
    		7.66% 9.76% 18.03% 17.96% 25.13% 25.37% 19.66% 18.26% 14.64% 16.64% 20.62% 15.53% 20.04% 13.18% 5.31% 14.38% 7.39% 43.19% 36.41%     
      qoq
    		3.94% 0.10% 7.26% -3.52% 5.97% 7.63% 7.20% 2.34% 6.18% 2.73% 5.94% -0.79% 8.03% 6.23% 1.47% 3.09% 1.85% -1.15% 10.21% -3.20% 35.80% -5.83%  
      gross margin %
    		64.76% 63.15% 65.67% 63.82% 65.63% 64.85% 63.74% 61.10% 60.42% 60.79% 61.43% 61.02% 62.27% 59.87% 59.65% 60.98% 60.91% 60.32% 64.38% 62.40% 63.62% 49.30% 54.26% 
      operating expenses:
    		                       
      research and development
    		22,318,000 19,929,000 20,582,000 20,886,000 19,586,000 15,621,000 14,614,000 16,845,000 12,898,000 16,772,000 12,680,000 15,862,000 11,583,000 10,351,000 10,310,000 9,633,000 10,754,000 9,879,000 11,926,000 11,459,000 11,143,000 16,501,000 13,617,000 
      selling and marketing
    		52,494,000 47,385,000 48,454,000 48,155,000 47,431,000 42,111,000 40,541,000 40,491,000 37,041,000 33,919,000 33,541,000 35,736,000 35,652,000 30,252,000 31,979,000 27,452,000 28,332,000 25,658,000 24,865,000 20,150,000 21,118,000 29,423,000 24,544,000 
      general and administrative
    		45,656,000 44,609,000 43,392,000 45,028,000 39,920,000 41,499,000 35,874,000 35,542,000 36,865,000 35,385,000 39,376,000 34,310,000 31,131,000 31,679,000 30,084,000 28,757,000 26,055,000 31,237,000 24,865,000 24,852,000 25,620,000 48,043,000 37,758,000 
      depreciation and amortization
    		6,373,000 6,372,000 6,187,000 5,880,000 5,521,000 5,214,000 5,212,000 5,006,000 3,801,000 3,782,000 3,878,000 3,741,000 3,320,000 2,936,000 3,224,000 2,960,000 2,891,000 3,082,000 2,878,000 2,827,000 2,909,000 2,735,000 2,505,000 
      change in fair value of acquisition contingent earn-outs
    		-600,000 -4,000,000 2,300,000 -14,700,000                    
      other operating expense
    		2,461,000 2,701,000 4,149,000 3,259,000 267,000 1,183,000 -1,098,000 -527,000   413,000 284,000 3,344,000 1,233,000 -154,000 848,000 -4,000 538,000 4,483,000 -129,000 49,000 -60,000 103,000 
      total operating expenses
    		128,702,000 116,996,000 125,064,000 108,508,000 130,225,000 105,628,000 95,143,000 97,357,000 96,094,000 90,174,000 89,888,000 89,933,000 85,030,000 76,451,000 75,443,000 69,650,000 68,028,000 70,394,000 69,017,000 59,159,000 60,839,000 96,642,000 78,527,000 
      income from operations
    		-2,611,000 4,320,000 -3,864,000 4,486,000 -13,104,000 4,896,000 7,545,000 -1,565,000 -2,491,000 -2,018,000 -4,072,000 -8,929,000 -3,383,000 -871,000 -4,296,000 468,000 -14,000 -3,614,000 -1,458,000 2,144,000 2,493,000 -50,005,000 -29,001,000 
      yoy
    		-80.07% -11.76% -151.21% -386.65% 426.05% -342.62% -285.29% -82.47% -26.37% 131.69% -5.21% -2007.91% 24064.29% -75.90% 194.65% -78.17% -100.56% -92.77% -94.97%     
      qoq
    		-160.44% -211.80% -186.13% -134.23% -367.65% -35.11% -582.11% -37.17% 23.44% -50.44% -54.40% 163.94% 288.40% -79.73% -1017.95% -3442.86% -99.61% 147.87% -168.00% -14.00% -104.99% 72.43%  
      operating margin %
    		-1.34% 2.25% -2.09% 2.53% -7.34% 2.87% 4.68% -1.00% -1.61% -1.39% -2.91% -6.73% -2.58% -0.69% -3.60% 0.41% -0.01% -3.26% -1.39% 2.18% 2.50% -52.86% -31.77% 
      interest income
    		-1,003,000 -1,245,000                   -133,750 -79,000 -101,000 
      income before income taxes
    		-1,375,000 5,565,000 -2,636,000 6,025,000 -11,438,000 7,834,000 7,364,000 -1,851,000 -6,513,000 -2,615,000 -3,967,000 -8,579,000 -4,352,000 -1,232,000 -5,020,000 474,000 -327,000 -4,135,000 -1,073,000 1,609,000 2,806,000 -51,801,000 -30,060,000 
      income tax expense
    		5,628,000 1,520,000 -1,675,000  56,360,000 613,000 2,200,000 -4,535,000 -21,847,000 784,000 2,929,000 9,553,000 957,000 -91,000 500,000 808,000    -679,000 2,576,000 -30,773,000 -985,000 
      net income
    		-7,003,000 4,045,000 -961,000 11,130,000 -67,798,000 7,221,000 5,164,000 2,684,000 15,334,000 -3,399,000 -6,896,000 -18,132,000 -5,309,000 -1,141,000 -5,520,000 -334,000 -627,000 -3,948,000 808,000 2,288,000 230,000 -21,028,000 -29,075,000 
      yoy
    		-89.67% -43.98% -118.61% 314.68% -542.14% -312.44% -174.88% -114.80% -388.83% 197.90% 24.93% 5328.74% 746.73% -71.10% -783.17% -114.60% -372.61% -81.23% -102.78%     
      qoq
    		-273.13% -520.92% -108.63% -116.42% -1038.90% 39.83% 92.40% -82.50% -551.13% -50.71% -61.97% 241.53% 365.29% -79.33% 1552.69% -46.73% -84.12% -588.61% -64.69% 894.78% -101.09% -27.68%  
      net income margin %
    		-3.60% 2.11% -0.52% 6.29% -37.99% 4.24% 3.21% 1.71% 9.90% -2.34% -4.94% -13.66% -4.05% -0.90% -4.63% -0.29% -0.56% -3.57% 0.77% 2.33% 0.23% -22.23% -31.86% 
      other comprehensive loss:
    		                       
      foreign currency translation adjustments, net of tax
    		605,000 -286,000 -29,734,000 -15,105,000 25,759,000 -8,955,000 3,335,000 4,011,000                
      unrealized loss on investments, net of tax
    		   9,000   -19,000 17,000 -12,000 -10,000 3,000  10,000 28,000          
      total other comprehensive income, net of tax
    		605,000 -286,000                      
      total comprehensive income
    		-7,608,000 4,331,000 28,773,000 26,226,000 4,176,000 16,200,000 1,848,000         -2,383,000    1,311,000 1,106,000 -21,266,000 -29,351,000 
      net income per share
    		-0.04 0.03 -0.01 0.07 -0.44 0.05 0.03                 
      interest expense
    		  -1,228,000 -1,539,000 -1,666,000 -2,938,000 181,000 286,000 4,022,000 597,000 -105,000 -350,000 969,000 361,000 724,000 -6,000 313,000 521,000 -385,000 535,000 -848,000 1,875,000 1,160,000 
      total other comprehensive loss, net of tax
    		  -29,734,000 -15,096,000 25,772,000 -8,979,000 3,316,000 4,028,000 -7,570,000 5,301,000 -606,000 -3,135,000 -14,267,000 10,698,000          
      income tax benefit
    		   -5,105,000             300,000 -187,000 -1,881,000     
      unrealized (gain) on investments, net of tax
    		    -6,500 -24,000                  
      total comprehensive loss
    		       -1,344,000 22,904,000 -8,700,000 -6,290,000 -14,997,000 8,958,000 -11,839,000 -17,295,000  -2,723,000 -9,652,000 -2,551,000     
      net income attributable to class a stockholders, basic
    		       1,071,000       -1,598,000 -95,000     -4,233,000 -2,751,000  
      net income per class a share, basic
    		       20       -40    10 20 -200 -150  
      weighted-average class a common stock, basic
    		       61,560,000 54,753,000 54,931,000 53,762,000 50,456,000 45,864,000 48,488,000 43,286,000 42,349,000 35,647,000 40,141,000 34,726,000 26,458,000 11,096,000 18,124,000  
      net income attributable to class a stockholders, diluted
    		       1,135,000       -1,598,000 -95,000   229,000 550,000 -4,233,000 -2,751,000  
      net income per class a share, diluted
    		       20       -40    10 10 -200 -150  
      weighted-average class a common stock, diluted
    		       67,921,000 54,753,000 54,931,000 53,762,000 50,456,000 45,864,000 48,488,000 43,286,000 42,349,000 35,647,000 40,141,000 44,711,000 38,003,000 11,096,000   
      net income attributable to class b stockholders, basic
    		       1,613,000       -3,922,000 -239,000     4,463,000 -18,277,000  
      net income per class b share, basic
    		       20       -40    10 20 40 -150 -240 
      weighted-average class b common stock, basic
    		       92,661,000 97,106,000 97,145,000 97,718,000 100,221,000 103,781,000 101,307,000 106,203,000 106,807,000 112,133,000 108,017,000 112,804,000 120,117,000 120,415,000   
      net income attributable to class b stockholders, diluted
    		       1,549,000       -3,922,000 -239,000   579,000 1,738,000 4,463,000 -18,277,000  
      net income per class b share, diluted
    		       20       -40    10 10 40 -150 -240 
      weighted-average class b common stock, diluted
    		       92,661,000 97,106,000 97,145,000 97,718,000 100,221,000 103,781,000 101,307,000 106,203,000 106,807,000 112,133,000 108,017,000 112,804,000 120,117,000 120,415,000   
      other operating expense
    		        253,250 316,000              
      foreign currency translation adjustments and revaluations, net of tax
    		        -7,558,000 5,311,000 -609,000 -3,122,000 -14,277,000 10,670,000          
      net loss attributable to class a stockholders, basic
    		        5,239,000 -1,228,000 -2,447,000 -6,072,000 -1,679,000 -369,000          
      net loss per class a share, basic
    		        100 -20 -50 -120 -30 -10   -2.5 -30      
      net loss attributable to class a stockholders, diluted
    		        5,239,000 -1,228,000 -2,447,000 -6,072,000 -1,679,000 -369,000   -48,750 -1,070,000      
      net loss per class a share, diluted
    		        100 -20 -50 -120 -30 -10   -2.5 -30      
      net loss attributable to class b stockholders, basic
    		        10,095,000 -2,171,000 -4,449,000 -12,060,000 -3,630,000 -772,000          
      net loss per class b share, basic
    		        100 -20 -50 -120 -30 -10   -2.5 -30      
      net loss attributable to class b stockholders, diluted
    		        10,095,000 -2,171,000 -4,449,000 -12,060,000 -3,630,000 -772,000   -164,250 -2,878,000      
      net loss per class b share, diluted
    		        100 -20 -50 -120 -30 -10   -2.5 -30      
      unrealized gain on investments, net of tax
    		           -13,000            
      other comprehensive loss, net of tax
    		              11,775,000         
      ​
    		                       
      other comprehensive loss from foreign currency translation adjustments and revaluations, net of tax
    		               2,049,000 4,330,000 5,704,000 3,359,000 977,000 -876,000 238,000 276,000 
      net loss attributable to class a stockholders
    		                -48,750 -1,070,000      
      net loss attributable to class b stockholders
    		                -164,250 -2,878,000      
      net income attributable to class a stockholders
    		                  190,000 413,000   -35,000 
      net income attributable to class b stockholders
    		                  618,000 1,875,000   -29,040,000 
      other expense:
    		                       
      total other expense
    		                    856,000 1,796,000 1,059,000 
      weighted-average common class a stock, diluted
    		                     18,124,000  
      weighted-average common class b stock, basic
    		                     120,417,000 120,402,000 
      weighted-average common class b stock, diluted
    		                     120,417,000 120,402,000 
      pro forma provision for income tax benefit
    		                    494,000 -13,106,000 -7,605,000 
      pro forma net loss
    		                    2,312,000 -38,695,000 -22,455,000 
      pro forma net loss attributable to class a stockholders
    		                    -2,776,000 -5,062,000 -28,000 
      weighted-average class a common stock, basic and diluted
    		                    11,096,000 18,124,000 147,000 
      pro forma net loss per class a share, basic and diluted
    		                    40 -280 -190 
      pro forma net loss attributable to class b stockholders
    		                    5,088,000 -33,633,000 -22,427,000 
      weighted-average class b common stock, basic and diluted
    		                    120,415,000 120,417,000 120,402,000 
      pro forma net loss per class b share, basic and diluted
    		                    40 -280 -190 
      net income per class a share, basic and diluted
    		                      -240 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 
                            
        assets
      		                      
        current assets:
      		                      
        cash and cash equivalents
      		313,506,000 284,386,000 270,395,000 296,051,000 278,979,000 325,535,000 56,134,000 68,175,000 49,499,000 41,865,000 68,643,000 91,803,000 72,370,000 85,554,000 97,340,000 73,333,000 47,481,000 101,593,000 277,681,000 303,051,000 270,271,000 47,295,000 
        funds held for customers
      		25,287,000 26,376,000 33,287,000 30,015,000 26,407,000 35,408,000 36,546,000 20,976,000 31,623,000 30,156,000 25,972,000 14,945,000 23,840,000 19,935,000 25,899,000 24,873,000 27,860,000 31,060,000 8,745,000 9,222,000 8,745,000 9,988,000 
        accounts receivable
      		131,502,000 143,660,000 152,338,000 164,432,000 129,908,000 120,082,000 133,149,000 141,752,000 129,018,000 129,093,000 102,760,000 102,885,000 94,529,000 88,961,000 75,807,000 76,929,000 73,234,000 73,130,000 63,798,000 77,159,000 66,789,000 63,739,000 
        prepaid expenses and other current assets
      		48,532,000 48,309,000 48,942,000 36,678,000 33,863,000 25,134,000 31,906,000 26,173,000 19,637,000 22,026,000 22,536,000 20,383,000 22,494,000 22,956,000 21,513,000 20,536,000 18,167,000 17,593,000 26,696,000 13,259,000 16,001,000 13,119,000 
        investment securities available-for-sale, at fair value
      		   9,157,000 7,462,000 8,650,000 9,101,000 9,545,000 8,326,000 11,201,000             
        total current assets
      		518,827,000 502,731,000 504,962,000 536,333,000 476,619,000 514,809,000 266,836,000 266,621,000 238,103,000 234,341,000 231,435,000 241,189,000 219,360,000 224,349,000 220,559,000 195,671,000 166,742,000 223,376,000 376,920,000 402,691,000 361,808,000 134,371,000 
        property and equipment
      		202,655,000 195,034,000 185,557,000 177,559,000 178,578,000 108,407,000 100,594,000 100,734,000 100,270,000 98,912,000 117,444,000 115,768,000 109,123,000 106,526,000 102,228,000 98,390,000 97,869,000 61,611,000 57,408,000 56,557,000 55,935,000 55,657,000 
        capitalized software, net of accumulated amortization
      		35,917,000 35,659,000 36,219,000 36,350,000 36,864,000 37,840,000 38,532,000 38,771,000 39,356,000 39,461,000 38,790,000 39,012,000 38,561,000 38,362,000 33,053,000 33,442,000 34,018,000 34,364,000 34,642,000 31,989,000 32,619,000 33,761,000 
        goodwill and other intangible assets
      		396,997,000 397,312,000 374,312,000 363,021,000 388,716,000 252,183,000 255,681,000 260,238,000 253,976,000 259,587,000 259,303,000 257,023,000 245,284,000 255,556,000 272,633,000 272,702,000 277,924,000 220,818,000 21,553,000 18,711,000   
        deferred commissions
      		28,812,000 27,737,000 27,535,000 27,480,000 22,540,000 21,862,000 21,301,000 21,237,000 17,094,000 16,726,000 15,921,000 15,463,000 13,757,000 12,168,000 11,679,000 12,555,000 12,583,000 11,545,000 11,693,000 11,743,000 10,372,000 10,390,000 
        deferred income tax asset
      		22,000 20,000 19,000 19,000 61,193,000 61,897,000 44,311,000 41,708,000 40,557,000 42,855,000 43,542,000 30,938,000 30,716,000 31,190,000 34,554,000 35,298,000 32,816,000 32,573,000 30,373,000 29,974,000 32,440,000  
        operating lease right-of-use assets
      		10,496,000 11,344,000 11,189,000 11,956,000 12,567,000 13,060,000 13,773,000 14,605,000 15,333,000 16,564,000 16,462,000 17,187,000 18,089,000 19,007,000 19,644,000 20,249,000 21,137,000 22,156,000 22,981,000    
        long-term investment
      		15,000,000 15,000,000                     
        other assets
      		13,132,000 13,352,000 14,351,000 14,073,000 13,763,000 13,772,000 14,774,000 16,013,000 15,379,000 16,624,000 2,621,000 2,612,000 2,422,000 2,592,000 3,158,000 1,900,000 2,755,000 3,086,000 2,767,000 3,263,000   
        total assets
      		1,221,858,000 1,198,189,000 1,154,144,000 1,166,791,000 1,190,840,000 1,023,830,000 755,802,000 759,927,000 720,068,000 725,070,000 725,518,000 719,192,000 677,312,000 689,750,000 697,508,000 670,207,000 645,844,000 609,529,000 558,337,000 554,928,000 514,934,000 258,490,000 
        liabilities and stockholders' equity
      		                      
        current liabilities:
      		                      
        accounts payable
      		35,374,000 30,440,000 24,979,000 36,215,000 29,229,000 24,220,000 22,431,000 23,596,000 24,379,000 22,009,000 17,420,000 14,329,000 13,052,000 17,710,000 14,578,000 13,000,000 10,701,000 11,694,000 11,115,000 8,876,000 11,828,000 13,769,000 
        accrued expenses
      		39,788,000 42,155,000 38,114,000 35,169,000 44,643,000 41,767,000 36,754,000 44,735,000 49,614,000 55,991,000 55,896,000 38,234,000 28,908,000 23,931,000 27,286,000 22,966,000 23,467,000 19,974,000 15,936,000 19,176,000 15,014,000 11,961,000 
        customer funds obligations
      		22,904,000 23,913,000 30,632,000 27,406,000 23,762,000 32,710,000 33,670,000 17,731,000 29,117,000 26,594,000 23,110,000 12,121,000 20,858,000 18,890,000 24,507,000 23,461,000 27,979,000 31,462,000 8,798,000 9,235,000 8,711,000 10,175,000 
        accrued salaries and benefits
      		23,729,000 14,873,000 21,768,000 14,581,000 20,025,000 13,251,000 18,659,000 12,277,000 17,355,000 12,332,000 15,142,000 10,790,000 14,937,000 16,223,000 13,992,000 16,671,000 26,472,000 22,994,000 18,065,000 17,326,000 20,276,000 19,825,000 
        accrued variable compensation
      		29,101,000 19,000,000 14,144,000 45,507,000 35,391,000 25,727,000 14,562,000 34,105,000 23,232,000 15,027,000 8,045,000 23,729,000 19,585,000 13,480,000 9,917,000 26,462,000   5,854,000 22,372,000 16,154,000 11,025,000 
        deferred revenue, current
      		333,636,000 341,754,000 349,757,000 339,326,000 300,620,000 297,305,000 296,845,000 290,143,000 264,785,000 274,094,000 276,004,000 268,847,000 242,637,000 243,815,000 235,236,000        
        current portion of operating lease liabilities
      		4,236,000 4,228,000 4,043,000 3,995,000 3,863,000 3,799,000 3,633,000 3,717,000 4,198,000 4,454,000 3,141,000 4,086,000 4,278,000 4,306,000 4,145,000 3,933,000 2,480,000 3,641,000 4,665,000    
        current portion of finance lease liabilities
      		71,000 61,000 77,000 77,000 88,000 90,000 60,000 74,000 84,000 59,000 75,000 103,000 967,000 2,368,000 286,000 284,000 276,000 271,000 267,000    
        purchase commitment and contingent consideration liabilities, current
      		27,100,000 29,900,000 29,600,000 35,100,000 300,000 200,000 13,390,000 11,901,000 7,842,000 7,866,000 8,340,000 6,149,000 5,082,000 4,791,000 1,258,000 468,000 478,000 10,458,000 767,000    
        total current liabilities
      		515,939,000 506,324,000 513,114,000 537,376,000 457,921,000 439,069,000 442,504,000 440,779,000 433,106,000 430,900,000 421,949,000 403,209,000 373,970,000 368,876,000 356,562,000 369,132,000 345,695,000 326,729,000 275,195,000 291,968,000 263,515,000 278,519,000 
        deferred revenue, net of current portion
      		5,407,000 5,496,000 5,140,000 4,840,000 3,792,000 2,436,000 4,146,000 2,577,000 2,030,000 2,959,000 7,112,000 10,289,000 11,098,000 11,259,000 10,479,000 11,666,000 11,544,000 12,025,000 13,162,000 14,702,000 12,095,000 11,396,000 
        debt, net of current portion
      		336,913,000 336,349,000 335,784,000 335,220,000 334,656,000 334,092,000 43,458,000 44,059,000 44,863,000 45,478,000 46,093,000 46,709,000 47,324,000 47,939,000 48,554,000        
        operating lease liabilities, net of current portion
      		10,093,000 11,253,000 11,461,000 12,585,000 13,568,000 14,397,000 15,523,000 16,567,000 17,445,000 18,330,000 20,057,000 20,421,000 21,431,000 22,371,000 23,360,000 24,320,000 26,707,000 26,726,000 26,671,000    
        finance lease liabilities, net of current portion
      		61,000   10,000 20,000 36,000 41,000 51,000 65,000   10,000 24,000 39,000 68,000 68,000 334,000 334,000 334,000    
        purchase commitment and contingent consideration liabilities, net of current portion
      		79,000,000 80,200,000 78,200,000 87,400,000 105,000,000   2,600,000 2,200,000 1,500,000 6,813,000 8,412,000 8,009,000 7,488,000 12,152,000 10,829,000 11,049,000 11,610,000 10,287,000    
        deferred income tax liabilities
      		7,950,000 9,369,000 9,369,000 9,918,000 16,187,000                  
        deferred other liabilities
      		2,023,000 1,156,000 586,000 90,000 670,000 670,000  313,000 187,000 188,000 19,000 417,000 1,416,000 1,428,000 1,927,000 2,726,000 4,199,000 17,000 64,000 8,632,000 8,793,000 8,865,000 
        total liabilities
      		957,386,000 950,147,000 953,654,000 987,439,000 931,814,000 790,700,000 505,672,000 506,946,000 499,896,000 499,355,000 502,043,000 489,467,000 463,272,000 469,115,000 464,677,000 440,123,000 421,633,000 381,685,000 331,761,000 329,442,000 296,373,000 559,477,000 
        commitments and contingencies
      		                      
        stockholders' equity:
      		                      
        preferred shares, 0.001 par value...
      		                      
        class a voting common stock, 0.001 par value...
      		77,000 77,000 72,000 71,000 66,000 65,000 62,000 61,000 56,000 54,000 53,000 50,000 49,000 48,000 42,000 42,000       
        class b voting common stock, 0.001 par value...
      		82,000 82,000 86,000 86,000 90,000 90,000 93,000 93,000 97,000 98,000 98,000 100,000 101,000 101,000 107,000 107,000    120,000 120,000  
        additional paid in capital
      		304,177,000 292,078,000 273,300,000 278,389,000 264,494,000 254,799,000 273,647,000 275,155,000 265,251,000 262,095,000 253,566,000 244,820,000 238,093,000 232,850,000 227,751,000 222,621,000 215,647,000 209,629,000 205,811,000 206,541,000 200,722,000  
        accumulated deficit
      		-39,101,000 -43,146,000 -42,185,000 -53,315,000                  -305,861,000 
        accumulated other comprehensive loss
      		-763,000 -1,049,000 -30,783,000 -45,879,000 -20,107,000 -29,086,000 -25,770,000 -21,742,000 -29,312,000 -24,011,000 -24,617,000 -27,752,000 -42,019,000 -31,321,000 -19,546,000 -17,497,000 -13,167,000 -7,463,000 -4,104,000 -3,127,000 -4,003,000 -3,765,000 
        total stockholders' equity
      		264,472,000 248,042,000 200,490,000 179,352,000 259,026,000 233,130,000 250,130,000 252,981,000 220,172,000 225,715,000 223,475,000 229,725,000 214,040,000 220,635,000 232,831,000 230,084,000 224,211,000 227,844,000 226,576,000 225,486,000 218,561,000  
        total liabilities and stockholders' equity
      		1,221,858,000 1,198,189,000 1,154,144,000 1,166,791,000 1,190,840,000 1,023,830,000 755,802,000 759,927,000 720,068,000 725,070,000 725,518,000 719,192,000 677,312,000 689,750,000 697,508,000 670,207,000 645,844,000 609,529,000     
        current portion of long-term debt
      		      2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,188,000 1,875,000 1,563,000 1,250,000     882,000 1,179,000 649,000 
        retained earnings
      		    14,483,000 7,262,000 2,098,000     12,507,000 17,816,000 18,957,000 24,477,000 24,811,000 21,582,000 25,530,000 24,722,000 21,926,000 21,696,000  
        deferred compensation, current
      		          2,352,000 2,809,000 2,067,000 1,844,000 4,202,000 4,202,000   2,057,000 2,057,000 3,220,000 22,349,000 
        deferred purchase consideration, current
      		        10,000,000 9,974,000 9,924,000 19,824,000 19,724,000 19,955,000 19,905,000 19,805,000 19,705,000      
        (accumulated deficit) retained earnings
      		       -586,000 -15,920,000 -12,521,000 -5,625,000            
        ​
      		        2,023,000 2,023,000 2,023,000  2,022,000 2,022,000 2,022,000  2,021,000 2,021,000 2,021,000  2,020,000  
        revenues:
      		                      
        software subscriptions
      		        121,285,000 117,836,000   106,368,000 101,088,000 97,131,000  92,276,000 89,604,000   79,778,000 77,306,000 
        services
      		        23,742,000 21,859,000   19,870,000 18,188,000 17,853,000  18,442,000 15,334,000   14,827,000 13,965,000 
        total revenues
      		        145,027,000 139,695,000   126,238,000 119,276,000 114,984,000  110,718,000 104,938,000   94,605,000 91,271,000 
        cost of revenues:
      		                      
        total cost of revenues
      		        56,871,000 53,879,000   50,658,000 48,129,000 44,866,000  43,938,000 37,379,000   47,968,000 41,745,000 
        gross profit
      		        88,156,000 85,816,000   75,580,000 71,147,000 70,118,000  66,780,000 67,559,000   46,637,000 49,526,000 
        operating expenses:
      		                      
        research and development
      		        16,772,000 12,680,000   10,351,000 10,310,000 9,633,000  9,879,000 11,926,000   16,501,000 13,617,000 
        selling and marketing
      		        33,919,000 33,541,000   30,252,000 31,979,000 27,452,000  25,658,000 24,865,000   29,423,000 24,544,000 
        general and administrative
      		        35,385,000 39,376,000   31,679,000 30,084,000 28,757,000  31,237,000 24,865,000   48,043,000 37,758,000 
        depreciation and amortization
      		        3,782,000 3,878,000   2,936,000 3,224,000 2,960,000  3,082,000 2,878,000   2,735,000 2,505,000 
        other operating expense
      		        316,000              
        total operating expenses
      		        90,174,000 89,888,000   76,451,000 75,443,000 69,650,000  70,394,000 69,017,000   96,642,000 78,527,000 
        income from operations
      		        -2,018,000 -4,072,000   -871,000 -4,296,000 468,000  -3,614,000 -1,458,000   -50,005,000 -29,001,000 
        interest expense
      		        597,000    361,000    521,000    1,875,000 1,160,000 
        income before income taxes
      		        -2,615,000 -3,967,000   -1,232,000 -5,020,000 474,000  -4,135,000 -1,073,000   -51,801,000 -30,060,000 
        income tax benefit
      		        784,000    -91,000 500,000 808,000  -187,000 -1,881,000     
        net income
      		        -3,399,000 -6,896,000   -1,141,000 -5,520,000 -334,000  -3,948,000 808,000   -21,028,000 -29,075,000 
        other comprehensive (income) loss:
      		                      
        foreign currency translation adjustments and revaluations, net of tax
      		        5,311,000 -609,000   10,670,000          
        unrealized (gain) loss on investments, net of tax
      		        -10,000 3,000             
        total other comprehensive (income) loss, net of tax
      		        5,301,000 -606,000             
        total comprehensive loss
      		        -8,700,000 -6,290,000   -11,839,000 -17,295,000   -9,652,000 -2,551,000     
        net income attributable to class a stockholders, basic
      		        -1,228,000 -2,447,000   -369,000 -1,598,000 -95,000      -2,751,000  
        net income per class a share, basic
      		        -20 -50   -10 -40   -30 10   -150  
        weighted-average class a common stock, basic
      		        54,931,000 53,762,000   48,488,000 43,286,000 42,349,000  40,141,000 34,726,000   18,124,000  
        net income attributable to class a stockholders, diluted
      		        -1,228,000 -2,447,000   -369,000 -1,598,000 -95,000  -1,070,000 229,000   -2,751,000  
        net income per class a share, diluted
      		        -20 -50   -10 -40   -30 10   -150  
        weighted-average class a common stock, diluted
      		        54,931,000 53,762,000   48,488,000 43,286,000 42,349,000  40,141,000 44,711,000     
        net income attributable to class b stockholders, basic
      		        -2,171,000 -4,449,000   -772,000 -3,922,000 -239,000      -18,277,000  
        net income per class b share, basic
      		        -20 -50   -10 -40   -30 10   -150 -240 
        weighted-average class b common stock, basic
      		        97,145,000 97,718,000   101,307,000 106,203,000 106,807,000  108,017,000 112,804,000     
        net income attributable to class b stockholders, diluted
      		        -2,171,000 -4,449,000   -772,000 -3,922,000 -239,000  -2,878,000 579,000   -18,277,000  
        net income per class b share, diluted
      		        -20 -50   -10 -40   -30 10   -150 -240 
        weighted-average class b common stock, diluted
      		        97,145,000 97,718,000   101,307,000 106,203,000 106,807,000  108,017,000 112,804,000     
        other operating income
      		         413,000    -154,000 848,000  538,000    -60,000  
        interest income
      		         -105,000    724,000 -6,000   -385,000   -79,000 -101,000 
        income tax expense
      		         2,929,000             
        investment securities available-for-sale, current, at fair value
      		          11,524,000 11,173,000           
        other operating expense
      		            1,233,000     4,483,000    103,000 
        unrealized gain on investments, net of tax
      		                      
        tax sharing agreement distributions payable
      		               536,000       
        deferred compensation, net of current portion
      		             129,000 2,056,000 1,963,000 2,786,000 4,244,000 6,048,000 5,010,000 2,156,000 77,505,000 
        deferred purchase consideration, net of current portion
      		             9,586,000 9,519,000 19,419,000 19,319,000      
        investment securities available-for-sale, current
      		            6,127,000          
        other comprehensive loss:
      		                      
        unrealized loss on investments, net of tax
      		            28,000          
        total other comprehensive loss, net of tax
      		            10,698,000          
        investment securities available for sale, current
      		             6,943,000         
        other comprehensive loss, net of tax
      		             11,775,000         
        other comprehensive income from foreign currency translation adjustments and revaluations, net of tax
      		              2,049,000  5,704,000 3,359,000   238,000 276,000 
        total comprehensive income
      		              -2,383,000      -21,266,000 -29,351,000 
        deferred revenue
      		               237,344,000 211,036,000 210,587,000 204,971,000 207,560,000 185,445,000 187,041,000 
        current portion of capital lease obligations
      		                      
        deferred rent and other
      		                   939,000 908,000 917,000 
        capital lease obligations, net of current portion
      		                      
        distributions payable
      		                  2,700,000 2,700,000   
        accrued and deferred compensation, current
      		                23,101,000 15,648,000     
        class a common stock, 0.001 par value...
      		                41,000 40,000 27,000    
        class b common stock, 0.001 par value...
      		                108,000 108,000 120,000    
        net income attributable to class a stockholders
      		                -1,070,000 190,000    -35,000 
        net income attributable to class b stockholders
      		                -2,878,000 618,000    -29,040,000 
        liabilities and equity
      		                      
        total liabilities and equity
      		                  558,337,000 554,928,000 514,934,000 258,490,000 
        income tax (benefit) expense
      		                    -30,773,000 -985,000 
        purchase commitment liability, current
      		                   845,000   
        long-term debt
      		                   225,000 329,000 173,361,000 
        purchase commitment liability, net of current portion
      		                   8,905,000   
        options for redeemable shares
      		                     47,223,000 
        stockholders' equity
      		                      
        class b non-voting common stock, 0.001 par value...
      		                     54,000 
        treasury stock
      		                     -38,638,000 
        advances to stockholders
      		                    2,000 230,000 
        goodwill
      		                    18,667,000 19,355,000 
        deposits and other assets
      		                    3,093,000 4,956,000 
        future acquisition commitment, current
      		                    780,000 808,000 
        future acquisition commitment, net of current portion
      		                    9,485,000 9,831,000 
        other income:
      		                      
        total other income
      		                    1,796,000 1,059,000 
        weighted-average common class a stock, diluted
      		                    18,124,000  
        weighted-average common class b stock, basic
      		                    120,417,000 120,402,000 
        weighted-average common class b stock, diluted
      		                    120,417,000 120,402,000 
        pro forma benefit from income tax benefit
      		                    -13,106,000 -7,605,000 
        pro forma net income
      		                    -38,695,000 -22,455,000 
        pro forma net income attributable to class a stockholders
      		                    -5,062,000 -28,000 
        weighted-average class a common stock, basic and diluted
      		                    18,124,000 147,000 
        pro forma net income per class a share, basic and diluted
      		                    -280 -190 
        pro forma net income attributable to class b stockholders
      		                    -33,633,000 -22,427,000 
        weighted-average class b common stock, basic and diluted
      		                    120,417,000 120,402,000 
        pro forma net income per class b share, basic and diluted
      		                    -280 -190 
        stockholders’ deficit
      		                      
        total stockholders’ deficit
      		                     -348,210,000 
        net income per class a share, basic and diluted
      		                     -240 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 
                             
          cash flows from operating activities:
        		                     
          net income
        		4,045,000 -961,000 11,130,000  7,221,000 5,164,000 2,684,000       -5,520,000 -334,000   808,000 2,288,000 230,000 -21,028,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                     
          depreciation and amortization
        		25,103,000 23,428,000 22,266,000 21,285,000 20,118,000 20,382,000 20,948,000 19,294,000 18,407,000 17,248,000 16,942,000 15,825,000 14,793,000 17,629,000 12,906,000 12,880,000 14,205,000 8,881,000 8,816,000 8,629,000 8,170,000 
          amortization of cloud computing implementation costs
        		871,000 1,018,000 1,006,000 1,013,000 1,005,000 995,000 994,000 1,020,000 919,000             
          provision for subscription cancellations and non-renewals
        		-362,000 -328,000 192,000 669,000 -921,000 -631,000 1,082,000 676,000 33,000            -102,000 
          amortization of deferred financing costs
        		680,000 681,000 680,000 688,000 685,000 514,000 146,000 77,000 63,000 63,000 63,000 64,000 63,000 65,000 53,000 52,000 53,000 53,000 53,000 17,000 -72,000 
          change in fair value of contingent consideration liabilities
        		-4,000,000 2,500,000 -14,700,000 17,200,000 100,000 -1,575,000 -800,000               
          change in settlement value of deferred purchase commitment liability
        		   0 0                 
          write-off of deferred financing costs
        		   0 0       0 0 -2,000 372,000     36,000  
          stock-based compensation expense
        		13,215,000 11,990,000 21,044,000 10,966,000 10,135,000 10,000,000 16,324,000 7,691,000 7,772,000 7,022,000 11,434,000 5,346,000 5,256,000 4,194,000 4,933,000 5,910,000 7,422,000 6,285,000 6,543,000 7,014,000 64,294,000 
          deferred income taxes
        		-1,388,000 -712,000 -929,000                   
          non-cash operating lease costs
        		845,000 816,000 779,000 819,000 502,000 708,000 828,000 732,000 1,230,000 -101,000 726,000 909,000 914,000 912,000 622,000 958,000 1,000,000 869,000 998,000   
          other
        		11,000 -64,000 -7,000 -52,000 14,000 -59,000 -106,000 5,480,000 -78,000 -63,000 -4,000 3,343,000 157,000 140,000 412,000 230,000 214,000 80,000 -14,000 21,000 72,000 
          changes in operating assets and liabilities:
        		                     
          accounts receivable
        		13,499,000 10,548,000 11,772,000 -37,669,000 -4,137,000 15,252,000 4,478,000 -14,462,000 -248,000 -29,717,000 -795,000 -8,087,000 -6,678,000 -13,588,000 2,688,000 -9,158,000 1,127,000 -2,817,000 13,810,000 -10,905,000 -2,950,000 
          prepaid expenses and other current assets
        		-1,083,000 -237,000 -13,169,000 -3,962,000 -11,214,000 8,304,000 -7,335,000 -6,874,000 165,000 2,464,000 -2,109,000 2,251,000 659,000 -2,033,000 -1,091,000 -1,523,000 -273,000 10,041,000 -13,437,000 3,072,000 -2,896,000 
          deferred commissions
        		-1,074,000 -202,000 -56,000 -4,940,000 -677,000 -561,000 -64,000 -4,142,000 -369,000 -804,000 -459,000 -1,706,000 -1,589,000 -488,000 875,000 28,000 -1,038,000 148,000 50,000 -1,371,000 17,000 
          accounts payable
        		4,923,000 5,393,000 -11,279,000 7,080,000 3,870,000 1,818,000 -1,153,000 -808,000 2,394,000 4,590,000 3,065,000 1,263,000 -4,626,000 3,177,000 1,555,000 2,318,000 -986,000 257,000 2,258,000 -3,035,000 -1,718,000 
          accrued expenses
        		-2,084,000 3,490,000 2,956,000 -11,472,000 2,170,000 5,465,000 -8,486,000 -4,028,000 -7,542,000 -171,000 17,578,000 8,951,000 5,428,000 -3,121,000 3,806,000 5,655,000 3,262,000 -2,659,000 -3,048,000 3,186,000 2,863,000 
          accrued and deferred compensation
        		18,856,000 -2,981,000 -26,785,000 6,200,000 11,692,000 5,855,000 -14,515,000 5,029,000 13,192,000 1,747,000 -12,452,000 440,000 5,105,000 1,704,000 -19,254,000 -3,056,000 7,622,000 6,665,000 -14,966,000 4,767,000 5,405,000 
          deferred revenue
        		-9,158,000 -8,782,000 11,156,000 41,685,000 1,360,000 -3,126,000 11,177,000 27,149,000 -10,156,000 -3,173,000 4,352,000 25,518,000 -1,038,000 10,006,000 -3,718,000 26,662,000 -751,000 3,826,000 -5,046,000 25,808,000 -898,000 
          operating lease liabilities
        		-1,134,000 -989,000 -1,068,000 -1,143,000 -775,000 -956,000 -1,125,000 -1,361,000 -1,141,000 -413,000 -1,309,000 -1,204,000 -969,000 -1,105,000 -763,000 -1,012,000 -1,153,000 -1,013,000 -1,519,000   
          payments for purchase commitment and contingent consideration liabilities in excess of initial fair value
        		0   0 0                 
          net cash from operating activities
        		62,467,000 46,003,000 14,805,000 41,133,000 41,396,000 57,726,000 24,566,000 47,636,000 27,594,000 -7,653,000 6,755,000 43,820,000 18,450,000 11,981,000 2,595,000 39,301,000 26,203,000 29,430,000 -2,965,000 39,499,000 -712,000 
          capital expenditures
        		-5,879,000 -4,904,000 -5,661,000 -4,987,000 -5,260,000 -5,482,000 -5,615,000 -4,889,000 -5,041,000 -5,035,000 -4,007,000 -4,600,000 -4,362,000 -3,014,000 -2,912,000 -3,758,000 -2,777,000 -2,904,000 -2,221,000 -2,604,000 -1,982,000 
          free cash flows
        		56,588,000 41,099,000 9,144,000 36,146,000 36,136,000 52,244,000 18,951,000 42,747,000 22,553,000 -12,688,000 2,748,000 39,220,000 14,088,000 8,967,000 -317,000 35,543,000 23,426,000 26,526,000 -5,186,000 36,895,000 -2,694,000 
          cash flows from investing activities:
        		                     
          acquisition of businesses and assets, net of cash acquired
        		   0                  
          long-term investment
        		0                     
          property and equipment additions
        		-26,436,000 -21,512,000 -21,394,000 -18,249,000 -17,771,000 -15,300,000 -14,449,000 -13,904,000 -13,498,000 -8,546,000 -13,313,000 -15,557,000 -15,146,000 -13,954,000 -13,873,000 -9,487,000 -8,011,000 -9,693,000 -6,195,000 -5,973,000 -4,417,000 
          capitalized software additions
        		-5,879,000 -4,904,000 -5,661,000 -4,987,000 -5,260,000 -5,482,000 -5,615,000 -4,889,000 -5,041,000 -5,035,000 -4,007,000 -4,600,000 -4,362,000 -3,014,000 -2,912,000 -3,758,000 -2,777,000 -2,904,000 -2,221,000 -2,604,000 -1,982,000 
          purchase of investment securities, available-for-sale
        		0 0 -2,398,000 -3,747,000 -4,470,000 -3,505,000 -4,271,000 -3,464,000 -4,437,000 -4,936,000 -3,491,000 -10,391,000          
          proceeds from sales and maturities of investment securities, available-for-sale
        		0 0 11,607,000 2,100,000 5,750,000 4,060,000 4,800,000 2,350,000              
          net cash from investing activities
        		-32,315,000 -41,416,000 -17,846,000 -24,883,000 -85,431,000 -28,302,000 -19,535,000 -19,907,000 -15,536,000 -13,167,000 -17,561,000 -25,184,000 -18,692,000 -23,911,000 -17,259,000 -13,245,000 -68,609,000 -200,088,000 -14,516,000 -7,829,000 -6,399,000 
          cash flows from financing activities:
        		                     
          net increase in customer funds obligations
        		-1,009,000 -6,720,000 3,227,000 3,643,000 -8,947,000 -960,000 15,939,000 -11,386,000 2,523,000 3,484,000 10,989,000 -8,737,000 1,968,000 -5,617,000 1,046,000 -4,518,000 -3,483,000 22,665,000 -438,000 523,000 -1,464,000 
          proceeds from convertible senior notes
        		   0 0                 
          principal payments on long-term debt
        		   0 0 -46,250,000 -625,000 -625,000 -625,000 -625,000 -313,000 -313,000 -312,000       -222,000 -175,020,000 
          payments on third-party debt
        		   0                  
          payment for purchase of capped calls
        		   0 0                 
          payments for deferred financing costs
        		   -1,167,000 0 -11,285,000 -89,000     0 0 10,000 -993,000     0 468,000 
          proceeds from purchases of stock under espp
        		0   1,555,000 0   1,308,000 0   984,000 0   1,050,000 0     
          payments for taxes related to net share settlement of stock-based awards
        		-1,073,000 -1,071,000 -25,034,000 -1,526,000 -1,666,000 -462,000 -17,862,000 -491,000 -5,224,000 -305,000 -3,681,000 -92,000 -523,000 -152,000 -337,000 -46,000 -1,997,000 -3,537,000 -7,178,000   
          proceeds from exercise of stock options
        		19,000 6,521,000 1,166,000 3,770,000 1,415,000 1,764,000 1,510,000 1,742,000 854,000 753,000 1,490,000 533,000 570,000 118,000 600,000 647,000 821,000 244,000 147,000 2,785,000 5,971,000 
          payments for purchase commitment and contingent consideration liabilities
        		   0 0   0 0             
          payments of finance lease liabilities
        		-22,000 -16,000 -12,000 -23,000 -19,000 -25,000 -26,000 -26,000 -50,000 -11,000 -16,000 -1,258,000 -47,000         
          net cash from financing activities
        		-2,085,000 496,000 -20,653,000 6,252,000 -13,121,000 239,279,000 -1,153,000 -20,479,000 -2,522,000 -1,950,000 -1,531,000 -8,883,000 -8,512,000 -5,291,000 39,780,000 -3,146,000 -14,693,000 16,880,000 -8,140,000 1,197,000 229,052,000 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-36,000 1,997,000 1,310,000 -1,822,000 1,599,000 -440,000 -349,000 779,000 -435,000 176,000 204,000 785,000 -525,000 -529,000 -83,000 -45,000 -213,000 5,000 -226,000 390,000 -208,000 
          net increase in cash, cash equivalents and restricted cash
        		28,031,000 7,080,000 -22,384,000 20,680,000 -55,557,000 268,263,000 3,529,000   -22,594,000 -12,133,000   -17,750,000 25,033,000 22,865,000   -25,847,000 33,257,000  
          cash, cash equivalents and restricted cash, beginning of period
        		0 0 326,066,000 0 0 0 89,151,000 0 0 0 106,748,000 0 0 0 98,206,000 0 0 0 312,273,000 0 0 
          cash, cash equivalents and restricted cash, end of period
        		28,031,000 7,080,000 303,682,000 20,680,000 -55,557,000 268,263,000 92,680,000 8,029,000 9,101,000 -22,594,000 94,615,000 10,538,000 -9,279,000 -17,750,000 123,239,000 22,865,000 -57,312,000 -153,773,000 286,426,000 33,257,000 221,733,000 
          reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets, end of period:
        		                     
          cash and cash equivalents
        		29,120,000 13,991,000 270,395,000 17,072,000 -46,556,000 269,401,000 56,134,000 18,676,000 7,634,000 -26,778,000 68,643,000 19,433,000 -13,184,000 -11,786,000 97,340,000 25,852,000 -54,112,000 -176,088,000 277,681,000 32,780,000 222,976,000 
          restricted cash—funds held for customers
        		-1,089,000 -6,911,000 33,287,000 3,608,000 -9,001,000 -1,138,000 36,546,000 -10,647,000 1,467,000 4,184,000 25,972,000 -8,895,000 3,905,000 -5,964,000 25,899,000 -2,987,000 -3,200,000 22,315,000 8,745,000 477,000 -1,243,000 
          total cash, cash equivalents and restricted cash, end of period
        		28,031,000 7,080,000 303,682,000 20,680,000 -55,557,000 268,263,000 92,680,000 8,029,000 9,101,000 -22,594,000 94,615,000 10,538,000 -9,279,000 -17,750,000 123,239,000 22,865,000 -57,312,000 -153,773,000 286,426,000 33,257,000 221,733,000 
          net loss
        		       15,334,000 -3,399,000 -6,896,000 -18,132,000 -5,309,000          
          adjustments to reconcile net loss to net cash from operating activities:
        		                     
          proceeds from term loan
        		           0 0 0 50,000,000       
          distributions under tax sharing agreement
        		           0 0 0 -536,000 0 0     
          payments for deferred purchase commitments
        		       -10,000,000 0 0 -10,000,000 0 -10,000,000 0 -10,000,000       
          reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets, end of period:
        		                     
          deferred income tax benefit
        		    1,087,000 -7,114,000 -2,588,000     -1,325,000 68,000    -263,000     
          acquisition of assets, net of cash acquired
        		                     
          acquisition of business, net of cash acquired
        		           0 0 0 -474,000   -187,491,000 -6,100,000 748,000 0 
          change in fair value of contingent consideration liability
        		        900,000 249,000 200,000  1,300,000 0 700,000       
          deferred income tax
        		        2,297,000             
          net decrease in cash, cash equivalents and restricted cash
        		                     
          proceeds from maturities of investment securities, available-for-sale
        		         5,350,000 3,250,000           
          provision for subscription cancellations and non-renewals, net of deferred allowance
        		          697,000 -225,000 640,000 -332,000 -279,000 43,000 -571,000 615,000 379,000   
          deferred income tax expense
        		          -12,984,000           
          redemption of converted sars
        		                   0  
          proceeds from line of credit
        		                   0 0 
          principal payments on line of credit
        		                   0 0 
          proceeds from issuance of shares in connection with offering
        		                   0  
          payments for offering costs
        		                   0  
          payments for taxes on exercised stock options
        		                     
          distributions to stockholders
        		                   -32,000 -5,706,000 
          payments for purchase commitment liabilities
        		           0 -168,000   0      
          purchase of investment securities, available for sale
        		                     
          deferred income tax provision
        		              62,000    -615,000   
          proceeds from long-term debt
        		                   0 0 
          purchase of treasury stock
        		                     
          acquisition of businesses, net of cash acquired
        		                     
          payments for taxes on exercised options
        		                     
          payments on finance lease liabilities
        		                0     
          advances to stockholders
        		                    228,000 
          payments for purchase commitment liability
        		                     
          payments on financing lease liabilities
        		                  -671,000   
          restricted cash—funds held for stockholder distributions
        		                     
          impairment of asset