Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37924 | |
Entity Registrant Name | BlackLine, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-3354276 | |
Entity Address, Address Line One | 21300 Victory Boulevard | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, City or Town | Woodland Hills | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91367 | |
City Area Code | 818 | |
Local Phone Number | 223-9008 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | BL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 61,269,812 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001666134 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 236,248 | $ 200,968 |
Marketable securities (amortized cost of $926,620 and $875,456 at September 30, 2023 and December 31, 2022, respectively) | 925,721 | 874,083 |
Accounts receivable, net of allowances of $4,434 and $2,282 at September 30, 2023 and December 31, 2022, respectively | 130,477 | 150,858 |
Prepaid expenses and other current assets | 26,694 | 23,658 |
Total current assets | 1,319,140 | 1,249,567 |
Capitalized software development costs, net | 36,899 | 32,070 |
Property and equipment, net | 15,289 | 19,811 |
Intangible assets, net | 84,305 | 90,864 |
Goodwill | 448,987 | 443,861 |
Operating lease right-of-use assets | 19,937 | 14,708 |
Other assets | 91,578 | 92,775 |
Total assets | 2,016,135 | 1,943,656 |
Current liabilities: | ||
Accounts payable | 4,802 | 14,964 |
Accrued expenses and other current liabilities | 61,352 | 58,600 |
Deferred revenue, current | 277,804 | 279,325 |
Finance lease liabilities, current | 930 | 989 |
Operating lease liabilities, current | 4,065 | 5,943 |
Convertible Debt, Current | 248,904 | 0 |
Contingent consideration, current | 8,000 | 8,000 |
Total current liabilities | 605,857 | 367,821 |
Finance lease liabilities, noncurrent | 109 | 785 |
Operating lease liabilities, noncurrent | 16,399 | 9,292 |
Convertible senior notes, net, noncurrent | 1,139,539 | 1,384,306 |
Contingent consideration, noncurrent | 0 | 33,549 |
Deferred tax liabilities, net | 6,022 | 5,568 |
Deferred revenue, noncurrent | 697 | 343 |
Other long-term liabilities | 3,975 | 6,229 |
Total liabilities | 1,772,598 | 1,807,893 |
Commitments and contingencies (Note 13) | ||
Redeemable non-controlling interest (Note 3) | 27,806 | 23,895 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 61,268,312 and 60,016,824 issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 613 | 600 |
Additional paid-in capital | 455,038 | 385,709 |
Accumulated other comprehensive loss | (1,159) | (1,472) |
Accumulated deficit | (238,761) | (272,969) |
Total stockholders' equity | 215,731 | 111,868 |
Total liabilities, redeemable non-controlling interest, and stockholders' equity | $ 2,016,135 | $ 1,943,656 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 926,620 | $ 875,456 |
Allowances for credit losses | $ 4,434 | $ 2,282 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares, issued (in shares) | 61,268,312 | 60,016,824 |
Common stock, shares, outstanding (in shares) | 61,268,312 | 60,016,824 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Total revenues | $ 150,708 | $ 134,268 | $ 434,266 | $ 382,981 |
Cost of revenues | ||||
Total cost of revenues | 36,794 | 32,426 | 109,181 | 96,022 |
Gross profit | 113,914 | 101,842 | 325,085 | 286,959 |
Operating expenses | ||||
Sales and marketing | 61,576 | 64,540 | 186,256 | 190,567 |
Research and development | 26,722 | 27,721 | 80,629 | 80,871 |
General and administrative | 18,026 | 31,000 | 46,854 | 74,997 |
Restructuring costs | 8,664 | 0 | 9,813 | 0 |
Total operating expenses | 114,988 | 123,261 | 323,552 | 346,435 |
Income (loss) from operations | (1,074) | (21,419) | 1,533 | (59,476) |
Other income (expense) | ||||
Interest income | 14,030 | 4,387 | 37,237 | 6,620 |
Interest expense | (1,489) | (1,482) | (4,414) | (4,386) |
Other income, net | 12,541 | 2,905 | 32,823 | 2,234 |
Income (loss) before income taxes | 11,467 | (18,514) | 34,356 | (57,242) |
Provision for (benefit from) income taxes | (2,005) | 474 | (451) | (12,852) |
Net income (loss) | 13,472 | (18,988) | 34,807 | (44,390) |
Net income (loss) attributable to redeemable non-controlling interest | 194 | (344) | 599 | (468) |
Adjustment attributable to redeemable non-controlling interest | 1,355 | 1,375 | 3,444 | (3,227) |
Net income (loss) attributable to BlackLine, Inc. | $ 11,923 | $ (20,019) | $ 30,764 | $ (40,695) |
Basic net income (loss) per share attributable to BlackLine, Inc. (in usd per share) | $ 0.20 | $ (0.34) | $ 0.51 | $ (0.68) |
Shares used to calculate basic net income (loss) per share (in shares) | 61,101 | 59,695 | 60,666 | 59,422 |
Diluted net income (loss) per share attributable to BlackLine, Inc. (in usd per share) | $ 0.19 | $ (0.34) | $ 0.49 | $ (0.68) |
Shares used to calculate diluted net income (loss) per share (in shares) | 72,102 | 59,695 | 71,902 | 59,422 |
Subscription and support | ||||
Revenues | ||||
Total revenues | $ 142,054 | $ 126,081 | $ 408,361 | $ 360,289 |
Cost of revenues | ||||
Total cost of revenues | 30,793 | 25,544 | 89,935 | 75,495 |
Professional services | ||||
Revenues | ||||
Total revenues | 8,654 | 8,187 | 25,905 | 22,692 |
Cost of revenues | ||||
Total cost of revenues | $ 6,001 | $ 6,882 | $ 19,246 | $ 20,527 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 13,472 | $ (18,988) | $ 34,807 | $ (44,390) |
Other comprehensive income (loss): | ||||
Net change in unrealized gains (losses) on marketable securities, net of tax of $0 for the quarters and nine months ended September 30, 2023 and 2022 | 408 | (2,052) | 474 | (2,942) |
Foreign currency translation | (69) | (147) | (293) | (845) |
Other comprehensive income (loss) | 339 | (2,199) | 181 | (3,787) |
Comprehensive income (loss) | 13,811 | (21,187) | 34,988 | (48,177) |
Less comprehensive income (loss) attributable to redeemable non-controlling interest: | ||||
Net income (loss) attributable to redeemable non-controlling interest | 194 | (344) | 599 | (468) |
Foreign currency translation attributable to redeemable non-controlling interest | (31) | (71) | (132) | (409) |
Comprehensive income (loss) attributable to redeemable non-controlling interest | 163 | (415) | 467 | (877) |
Comprehensive income (loss) attributable to BlackLine, Inc. | $ 13,648 | $ (20,772) | $ 34,521 | $ (47,300) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (PARENTHETICAL) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net change in unrealized gains (losses) on marketable securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning Balance (in shares) at Dec. 31, 2021 | 58,984 | 58,984 | |||||||||||
Beginning Balance at Dec. 31, 2021 | $ 325,036 | $ (262,130) | $ 62,906 | $ 590 | $ 590 | $ 625,883 | $ (324,418) | $ 301,465 | $ 298 | $ 298 | $ (301,735) | $ 62,288 | $ (239,447) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock option exercises (in shares) | 202 | ||||||||||||
Stock option exercises | 3,664 | $ 2 | 3,662 | ||||||||||
Vesting of restricted stock units (in shares) | 492 | ||||||||||||
Vesting of restricted stock units | 5 | $ 5 | 0 | ||||||||||
Issuance of common stock through employee stock purchase plan (in shares) | 98 | ||||||||||||
Issuance of common stock through employee stock purchase plan | 4,466 | $ 1 | 4,465 | ||||||||||
Acquisition of common stock for tax withholding obligations | (7,866) | (7,866) | |||||||||||
Stock-based compensation | 58,829 | 58,829 | |||||||||||
Other comprehensive loss | (3,378) | (3,378) | |||||||||||
Net income (loss) attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | (40,695) | 3,227 | (43,922) | ||||||||||
Ending Balance (in shares) at Sep. 30, 2022 | 59,776 | ||||||||||||
Ending Balance at Sep. 30, 2022 | 77,931 | $ 598 | 363,782 | (3,080) | (283,369) | ||||||||
Beginning Balance (in shares) at Jun. 30, 2022 | 59,573 | ||||||||||||
Beginning Balance at Jun. 30, 2022 | 79,183 | $ 596 | 344,264 | (952) | (264,725) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock option exercises (in shares) | 85 | ||||||||||||
Stock option exercises | 1,248 | $ 1 | 1,247 | ||||||||||
Vesting of restricted stock units (in shares) | 118 | ||||||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||||||
Acquisition of common stock for tax withholding obligations | (1,864) | (1,864) | |||||||||||
Stock-based compensation | 21,510 | 21,510 | |||||||||||
Other comprehensive loss | (2,128) | (2,128) | |||||||||||
Net income (loss) attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | (20,019) | (1,375) | (18,644) | ||||||||||
Ending Balance (in shares) at Sep. 30, 2022 | 59,776 | ||||||||||||
Ending Balance at Sep. 30, 2022 | 77,931 | $ 598 | 363,782 | (3,080) | (283,369) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2022 | 60,017 | ||||||||||||
Beginning Balance at Dec. 31, 2022 | 111,868 | $ 600 | 385,709 | (1,472) | (272,969) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock option exercises (in shares) | 528 | ||||||||||||
Stock option exercises | 18,981 | $ 6 | 18,975 | ||||||||||
Vesting of restricted stock units (in shares) | 607 | ||||||||||||
Vesting of restricted stock units | 6 | $ 6 | |||||||||||
Issuance of common stock through employee stock purchase plan (in shares) | 116 | ||||||||||||
Issuance of common stock through employee stock purchase plan | 5,291 | $ 1 | 5,290 | ||||||||||
Acquisition of common stock for tax withholding obligations | (14,144) | (14,144) | |||||||||||
Stock-based compensation | 62,652 | 62,652 | 0 | ||||||||||
Other comprehensive loss | 313 | 313 | |||||||||||
Net income (loss) attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 30,764 | (3,444) | 34,208 | ||||||||||
Ending Balance (in shares) at Sep. 30, 2023 | 61,268 | ||||||||||||
Ending Balance at Sep. 30, 2023 | 215,731 | $ 613 | 455,038 | (1,159) | (238,761) | ||||||||
Beginning Balance (in shares) at Jun. 30, 2023 | 60,947 | ||||||||||||
Beginning Balance at Jun. 30, 2023 | 176,362 | $ 610 | 429,320 | (1,529) | (252,039) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock option exercises (in shares) | 169 | ||||||||||||
Stock option exercises | 7,066 | $ 2 | 7,064 | ||||||||||
Vesting of restricted stock units (in shares) | 152 | ||||||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||||||
Acquisition of common stock for tax withholding obligations | (722) | (722) | |||||||||||
Stock-based compensation | 20,731 | 20,731 | |||||||||||
Other comprehensive loss | 370 | 370 | |||||||||||
Net income (loss) attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 11,923 | (1,355) | 13,278 | ||||||||||
Ending Balance (in shares) at Sep. 30, 2023 | 61,268 | ||||||||||||
Ending Balance at Sep. 30, 2023 | $ 215,731 | $ 613 | $ 455,038 | $ (1,159) | $ (238,761) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income (loss) attributable to BlackLine, Inc. | $ 30,764 | $ (40,695) |
Net income (loss) and adjustment attributable to redeemable non-controlling interest (Note 3) | 4,043 | (3,695) |
Net income (loss) | 34,807 | (44,390) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 37,274 | 30,986 |
Change in fair value of contingent consideration | (33,549) | (14,113) |
Amortization of debt issuance costs | 4,137 | 4,119 |
Stock-based compensation | 60,465 | 57,410 |
Noncash lease expense | 4,725 | 4,186 |
Accretion of purchase discounts on marketable securities, net | (24,999) | (3,326) |
Net foreign currency (gains) losses | 882 | (1,463) |
Deferred income taxes | (1,806) | (14,695) |
Provision for (benefit from) credit losses | (17) | 85 |
Changes in operating assets and liabilities, net of impact of acquisition: | ||
Accounts receivable | 20,445 | 18,321 |
Prepaid expenses and other current assets | (2,150) | 2,239 |
Other assets | 1,352 | (6,355) |
Accounts payable | (9,445) | (4,571) |
Accrued expenses and other current liabilities | 1,187 | (612) |
Deferred revenue | (1,265) | 2,548 |
Operating lease liabilities | (5,235) | (5,329) |
Lease incentive receipts | 240 | 653 |
Other long-term liabilities | (2,604) | 4,566 |
Net cash provided by operating activities | 84,444 | 30,259 |
Cash flows from investing activities | ||
Purchases of marketable securities | (982,465) | (1,171,808) |
Proceeds from maturities of marketable securities | 956,300 | 975,750 |
Capitalized software development costs | (16,837) | (14,952) |
Purchases of property and equipment | (3,927) | (9,742) |
Acquisition, net of cash acquired | (11,367) | (157,738) |
Net cash used in investing activities | (58,296) | (378,490) |
Cash flows from financing activities | ||
Principal payments under finance lease obligations | (735) | (380) |
Proceeds from exercises of stock options | 18,987 | 3,669 |
Proceeds from employee stock purchase plan | 5,291 | 4,466 |
Acquisition of common stock for tax withholding obligations | (14,144) | (7,866) |
Financed purchases of property and equipment | 0 | (84) |
Net cash provided by (used in) financing activities | 9,399 | (195) |
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | (271) | (833) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 35,276 | (349,259) |
Cash, cash equivalents, and restricted cash, beginning of period | 201,207 | 539,991 |
Cash, cash equivalents, and restricted cash, end of period | 236,483 | 190,732 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Cash and cash equivalents at end of period | 236,248 | 190,514 |
Restricted cash included within other assets at end of period | 235 | 218 |
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows | 236,483 | 190,732 |
Non-cash financing and investing activities | ||
Adjustment for adoption of ASU 2020-06 | 0 | 262,130 |
Estimated fair value of contingent consideration | 0 | 55,947 |
Stock-based compensation capitalized for software development | 2,628 | 1,675 |
Capitalized software development costs included in accounts payable and accrued expenses and other current liabilities at end of period | 1,086 | 1,150 |
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities at end of period | 4 | 263 |
Leasehold improvements paid directly by landlord | $ 271 | $ 0 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company BlackLine, Inc. and its subsidiaries (the “Company” or “BlackLine”) provide financial accounting close solutions delivered primarily as Software as a Service (“SaaS”). The Company’s solutions enable its customers to address various aspects of their financial close process including account reconciliations, variance analysis of account balances, journal entry capabilities, and certain types of data matching capabilities. The Company is a holding company and conducts its operations through its wholly-owned subsidiary, BlackLine Systems, Inc. (“BlackLine Systems”). BlackLine Systems funded its business with investments from its founder and cash flows from operations until September 3, 2013, when the Company acquired BlackLine Systems, and Silver Lake Sumeru and Iconiq acquired a controlling interest in the Company, which is referred to as the “2013 Acquisition." On September 12, 2023, the Company acquired Data Interconnect ("DI"), hereinafter referred to as the "DI Acquisition". DI is a cloud-based Invoice-to-Cash automation vendor within the electronic invoice presentment and payment ("EIPP") market. The primary purpose of the DI Acquisition was to enhance the Company's existing accounts receivable automation solution by adding the EIPP capabilities. This acquisition was not a significant acquisition under Regulation S-X. On January 26, 2022, the Company acquired FourQ Systems, Inc. (“FourQ”), hereinafter referred to as the “FourQ Acquisition.” The primary purpose of the FourQ Acquisition was to enhance our existing intercompany accounting automation capabilities by driving end-to-end automation of traditionally manual intercompany accounting processes. The purchase accounting allocation was finalized during the quarter ended March 31, 2023. Refer to the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2023 for additional information. The Company is headquartered in Woodland Hills, California. On June 15, 2023, the Company entered into a five-year lease extension for the office in Woodland Hills. This extension increased both the right-of-use asset and lease liability by approximately $7.3 million. The Company has other local offices in Pleasanton, California; New York, New York; and Westport, Connecticut. We also have international office locations in Australia, Canada, France, Germany, India, Japan, the Netherlands, Poland, Romania, Singapore, and the United Kingdom. |
Basis of Presentation, Signific
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements | Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2023. The unaudited condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The unaudited condensed consolidated balance sheet at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by GAAP. The operating results for the quarter and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to determining the stand-alone selling price for separate deliverables in the Company’s subscription revenue arrangements, allowance for doubtful accounts, cancellations and credits, fair value of assets and liabilities assumed in a business combination, recoverability of goodwill and long-lived assets, useful lives associated with long-lived assets and right-of-use assets, income taxes, contingencies, fair value of contingent consideration, fair value of the Notes (as defined in "Note 8 - Convertible Senior Notes"), redemption value of redeemable non-controlling interest, and the valuation and assumptions underlying stock-based compensation. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company at September 30, 2023 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s valuation of contingent consideration, the allowance for credit losses, and the carrying value of goodwill and other long-lived assets. While there was not a material impact to the Company’s condensed consolidated financial statements for the quarter and nine months ended September 30, 2023, the Company’s future assessment of these accounting matters and other factors could result in material impacts to the Company’s consolidated financial statements in future reporting periods. Significant accounting policies The Company’s significant accounting policies are detailed in “Note 2 - Significant Accounting Policies" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the Company’s significant accounting policies. Recently-adopted accounting pronouncements There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Recently-issued accounting pronouncements The Company has evaluated all recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements. |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling Interest In September 2018, the Company entered into an agreement with Japanese Cloud Computing and M30 LLC (the “Investors”) to engage in the investment, organization, management, and operation of a Japanese subsidiary (“BlackLine K.K.”) of the Company that is focused on the sale of the Company's products in Japan. In October 2018, the Company initially contributed approximately $4.5 million in cash in exchange for 51% of the outstanding common stock of BlackLine K.K. In November 2021, the Company made a further investment in BlackLine K.K. of $2.3 million that, including additional investments in BlackLine K.K. of $2.2 million by existing third-party investors in November 2021, maintained the Company's majority ownership of 51%. As the Company continues to control a majority stake in BlackLine K.K., the entity has been consolidated. All of the common stock held by the Investors is callable by the Company or puttable by the Investors upon certain contingent events. Should the call or put option be exercised, the redemption value will be determined based upon a prescribed formula derived from the discrete revenues of BlackLine K.K. and the Company and may be settled, at the Company’s discretion, with Company stock or cash. As a result of the put right available to the Investors in the future, the redeemable non-controlling interest in BlackLine K.K. is classified outside of permanent equity in the Company’s consolidated balance sheets, and the balance is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest's share of earnings, or its estimated redemption value. The resulting changes in the estimated redemption amount are recorded within retained earnings or, in the absence of retained earnings, additional paid-in-capital. The following table summarizes the activity in the redeemable non-controlling interest for the periods (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 26,288 $ 23,635 $ 23,895 $ 28,699 Net income (loss) attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) 194 (344) 599 (468) Foreign currency translation (31) (71) (132) (409) Adjustment to redeemable non-controlling interest 1,355 1,375 3,444 (3,227) Balance at end of period $ 27,806 $ 24,595 $ 27,806 $ 24,595 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Acquisition of Data Interconnect On September 12, 2023 the Company completed the DI Acquisition for cash consideration of $11.4 million, which was paid at the closing of the acquisition. The DI Acquisition enhances the Company's existing accounts receivable automation solution capabilities through EIPP. Transaction-related costs, which include, but are not limited to, accounting, legal, and advisory fees related to the transaction, incurred by the Company totaling approximately $1.1 million were expensed as incurred during the quarter ended September 30, 2023. The Company accounted for the transaction as a business combination using the acquisition method of accounting. The total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The purchase price allocation is preliminary. The purchase consideration and major classes of assets and liabilities to which the Company allocated the total fair value of purchase consideration of $11.4 million were as follows (in thousands): Total cash purchase consideration $ 11,394 Cash and cash equivalents $ 27 Accounts receivable, net 916 Prepaid expenses and other current assets 893 Property and equipment, net 132 Intangible assets, net 8,800 Goodwill 5,126 Operating lease right-of-use assets 402 Other assets 58 Accounts payable (665) Accrued expenses and other current liabilities (1,636) Deferred revenue, current (98) Operating lease liabilities (402) Deferred tax liabilities, net (2,159) Total consideration $ 11,394 The Company believes the amount of goodwill resulting from the acquisition is primarily attributable to increased offerings to customers and enhanced opportunities for growth and innovation. The goodwill resulting from the acquisition is not tax deductible. To determine the estimated fair value of intangible assets acquired, the Company engaged a third-party valuation specialist to assist management. All estimates, key assumptions, and forecasts were either provided by, or reviewed by, the Company. While the Company chose to utilize a third-party valuation specialist for assistance, the fair value analysis and related valuations reflect the conclusions of the Company and not those of any third party. The fair value measurements of the intangible assets were based primarily on significant unobservable inputs and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement . The acquired intangible asset categories, fair value, and amortization periods, were as follows: Amortization Period Fair Value (in years) (in thousands) Developed technology 5 $ 8,110 Customer relationships 3 690 $ 8,800 The weighted average lives of intangible assets at the acquisition date was 4.8 years. The estimated fair value of developed technology and customer relationships acquired of $8.1 million and $0.7 million, respectively, was determined through the use of a third-party valuation firm using the cost approach methodology. The cost approach considers the cost to replace (or reproduce) the assets and the effects on the assets' values of functional and/or economic obsolescence that has occurred with respect to the asset. The direct transaction costs of the acquisition were accounted for separately from the business combination and expensed as incurred. The revenue and earnings of the acquired business were included in the Company’s results since the acquisition date and have not been presented separately using pro forma revenues and results of operations as its impact is not material to the Company’s condensed consolidated financial statements for the periods presented. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The carrying value of intangible assets was as follows (in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (63,481) 73,887 Customer relationships 26,779 (17,591) 9,188 Defensive patent 2,333 (1,103) 1,230 $ 182,457 $ (98,152) $ 84,305 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (14,913) $ 1,064 Developed technology 129,258 (54,462) 74,796 Customer relationships 26,089 (12,552) 13,537 Defensive patent 2,333 (866) 1,467 $ 173,657 $ (82,793) $ 90,864 The following table represents the changes in goodwill (in thousands): Balance at December 31, 2022 $ 443,861 Additions from acquisitions 5,126 Balance at September 30, 2023 $ 448,987 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Investments in Marketable Securities Investments in marketable securities presented within current assets on the condensed consolidated balance sheets consisted of the following (in thousands): September 30, 2023 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 478,149 $ 10 $ (562) $ 477,597 Commercial paper 276,038 1 — 276,039 U.S. government agencies 172,433 5 (353) 172,085 $ 926,620 $ 16 $ (915) $ 925,721 December 31, 2022 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 418,941 $ 9 $ (1,047) $ 417,903 Corporate bonds 64,597 3 (296) 64,304 Commercial paper 278,406 — — 278,406 U.S. government agencies 113,512 40 (82) 113,470 $ 875,456 $ 52 $ (1,425) $ 874,083 The Company’s marketable securities as of September 30, 2023 have a contractual maturity of less than 2 years. All of our available-for-sale securities are available for use in our current operations and are categorized as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The fair values of available-for-sale securities, by remaining contractual maturity, were as follows (in thousands): September 30, 2023 Amortized Cost Fair Value Maturing within 1 year $ 915,828 $ 915,016 Maturing between 1 and 2 years 10,792 10,705 $ 926,620 $ 925,721 Refer to "Note 7 - Fair Value Measurements" for additional information. Net gains and losses related to maturities of marketable securities that were reclassified from accumulated other comprehensive loss to earnings and included in interest income in the accompanying condensed consolidated statements of operations, were $9.2 million and $25.0 million for the quarter and nine months ended September 30, 2023 and $2.8 million and $3.3 million for the quarter and nine months ended September 30, 2022. Net gains and losses are determined using the specific identification method. During the quarters and nine months ended September 30, 2023 and 2022, there were no realized gains or losses related to sales of marketable securities recognized in the Company's accompanying condensed consolidated statements of operations. Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $555.4 million and $521.8 million, and unrealized losses of $0.9 million and $1.4 million, at September 30, 2023 and December 31, 2022, respectively. There were no marketable securities in a continuous loss position for greater than 12 months at September 30, 2023 and December 31, 2022, respectively. The Company's marketable securities are considered to be of high credit quality and accordingly, there was no allowance for credit losses related to marketable securities as of September 30, 2023 or December 31, 2022. Other Assets Deferred customer contract acquisition costs are included in other assets in the accompanying condensed consolidated balance sheets and totaled $87.6 million and $89.1 million at September 30, 2023 and December 31, 2022, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities were comprised of the following (in thousands): September 30, December 31, Accrued salaries and employee benefits $ 31,888 $ 39,043 Accrued income and other taxes payable 7,446 9,415 Accrued restructuring costs 6,333 1,737 Other accrued expenses and current liabilities 15,685 8,405 $ 61,352 $ 58,600 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level, within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 160,511 $ — $ — $ 160,511 Commercial paper — 20,788 — 20,788 Marketable securities U.S. treasury securities 477,597 — — 477,597 Commercial paper — 276,039 — 276,039 U.S. government agencies — 172,085 — 172,085 Total assets $ 638,108 $ 468,912 $ — $ 1,107,020 Liabilities Contingent consideration $ 8,000 $ — $ — $ 8,000 Total liabilities $ 8,000 $ — $ — $ 8,000 December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 101,919 $ — $ — $ 101,919 Commercial paper — 59,405 — 59,405 Marketable securities U.S. treasury securities 417,903 — — 417,903 Corporate bonds — 64,301 — 64,301 Commercial paper — 278,406 — 278,406 U.S. government agencies — 113,471 — 113,471 Total assets $ 519,822 $ 515,583 $ — $ 1,035,405 Liabilities Contingent consideration $ 8,000 $ — $ 33,549 $ 41,549 Total liabilities $ 8,000 $ — $ 33,549 $ 41,549 The following table summarizes the changes in the contingent consideration liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning fair value $ 19,120 $ 60,821 $ 41,549 $ 20,732 Additions in the period — — — 55,947 Change in fair value (11,120) 1,745 (33,549) (14,113) Ending fair value $ 8,000 $ 62,566 $ 8,000 $ 62,566 The Company classified the marketable debt securities as available-for-sale debt securities at the time of purchase and reevaluated such classification as of each balance sheet date. The valuation techniques used to measure the fair values of our instruments that were classified as Level 1 were derived from quoted market prices for identical instruments in active markets. The valuation techniques used to measure the fair values of Level 2 instruments were derived from broker reports that utilized quoted market prices for similar instruments. As a condition of the FourQ Acquisition that occurred on January 26, 2022, the Company agreed to pay additional cash consideration if FourQ realized certain firm-specific targets, including the amount and timing of new and incremental combined bookings from FourQ and BlackLine, and revenues from a specified FourQ customer over a three-year period subsequent to the acquisition date. The maximum cash consideration to be distributed is $73.2 million. Changes in the significant inputs used in the fair value measurement, specifically a change in new and incremental actual and forecasted combined bookings from FourQ and the Company, can significantly impact the fair value of the contingent consideration liability. During the quarter ended September 30, 2023, the Company reduced the FourQ contingent consideration by $11.1 million to zero. In conjunction with the 2013 Acquisition, option holders of BlackLine Systems, Inc. were allowed to cancel their stock option rights and receive a cash payment equal to the amount of calculated gain (less applicable expense and other items) had they exercised their stock options and then sold their common shares as part of the 2013 Acquisition. As a condition of the 2013 Acquisition, the Company is obligated to pay additional cash consideration to certain equity holders since the Company realized taxable income for the year ended December 31, 2022. The maximum contingent cash consideration payable of $8.0 million is due on or before November 15, 2023. Accordingly, at September 30, 2023, the additional cash consideration was classified as a Level 1 liability. Changes in the fair value of contingent consideration are recorded as general and administrative expenses in the unaudited condensed consolidated statements of operations. |
Convertible Senior Notes
Convertible Senior Notes | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes 2024 Notes The 0.125% Convertible Senior Notes due 2024 (the "2024 Notes") consisted of the following (in thousands): September 30, December 31, Liability: Principal $ 250,000 $ 250,000 Unamortized debt issuance costs (1,096) (2,069) Net carrying amount (1) $ 248,904 $ 247,931 (1) Net carrying amount as of September 30, 2023 presented within total current liabilities on the condensed consolidated balance sheet. The Company carries the 2024 Notes at face value less unamortized debt issuance costs on the accompanying condensed consolidated balance sheets and presents the fair value for disclosure purposes only. The estimated fair value was determined based on the actual bids and offers of the 2024 Notes in an over-the-counter market on the last trading day of the period. The estimated fair value of the 2024 Notes, based on a market approach at September 30, 2023, was approximately $244.0 million, which represents a Level 2 valuation. During the quarter ended September 30, 2023, the Company recognized $0.3 million of interest expense related to the amortization of debt issuance costs and $0.1 million of coupon interest expense. During the quarter ended September 30, 2022, the Company recognized $0.3 million of interest expense related to the amortization of debt issuance costs and $0.1 million of coupon interest expense. During the nine months ended September 30, 2023, the Company recognized $1.0 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense. During the nine months ended September 30, 2022, the Company recognized $1.0 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense. At September 30, 2023, the remaining life of the 2024 Notes was approximately 10 months. The 2024 Notes were not convertible at September 30, 2023. It is the Company’s current intent to settle conversions of the 2024 Notes through “combination settlement”, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. In connection with the offering of the 2024 Notes, the Company entered into privately negotiated capped call transactions (the "2024 Capped Calls"). There have been no changes to the condition of the 2024 Capped Calls since December 31, 2022, and the 2024 Capped Calls are still outstanding as of September 30, 2023. 2026 Notes The 0.00% Convertible Senior Notes due 2026 (the "2026 Notes") consisted of the following (in thousands): September 30, December 31, Liability: Principal $ 1,150,000 $ 1,150,000 Unamortized debt issuance costs (10,461) (13,625) Net carrying amount $ 1,139,539 $ 1,136,375 The Company carries the 2026 Notes at face value less unamortized debt issuance costs on the accompanying condensed consolidated balance sheets and presents the fair value for disclosure purposes only. The estimated fair value was determined based on the actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period. The estimated fair value of the 2026 Notes, based on a market approach at September 30, 2023, was approximately $991.9 million, which represents a Level 2 valuation. During the quarter and nine months ended September 30, 2023, the Company recognized $1.1 million and $3.2 million of interest expense related to the amortization of debt issuance costs, respectively. During the quarter and nine months ended September 30, 2022, the Company recognized $1.1 million and $3.2 million of interest expense related to the amortization of debt issuance costs, respectively. At September 30, 2023, the remaining life of the 2026 Notes was approximately 30 months. The 2026 Notes were not convertible at September 30, 2023. It is the Company’s current intent to settle conversions of the 2026 Notes through “combination settlement”, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. In connection with the offering of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the "2026 Capped Calls" and together with the 2024 Capped Calls, the "Capped Calls"). There have been no changes to the condition of the 2026 Notes since December 31, 2022, and the 2026 Capped Calls are still outstanding as of September 30, 2023. |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs Fiscal 2023 Restructuring Program On August 23, 2023, the Company announced its intention to reduce its global workforce by approximately 9%, or approximately 166 total positions. The actions were designed to support the Company’s growth, scale and profitability objectives. In connection with the restructuring plan, the Company currently estimates that it will incur expenses of up to $9.0 million, primarily for severance and other termination benefits. The Company expects to recognize these anticipated expenses during the third and fourth quarters of fiscal year 2023 and to have substantially completed the planned actions during the fourth quarter of fiscal year 2023, subject to local law and consultation requirements, which may extend the process in certain countries. During the quarter and nine months ended September 30, 2023, the Company recorded $8.7 million for one-time termination benefits related to the fiscal 2023 restructuring program, which occurred in the United States and various international locations. The charges were recorded pursuant to ASC 420, Exit or Disposal Cost Obligations . Fiscal 2022 Restructuring Program On December 7, 2022, the Company announced its intention to reduce its global workforce by approximately 5%, or approximately 95 total positions. The actions were primarily in response to cost reduction initiatives as the Company continues to focus on key growth priorities. The actions were substantially completed in the fourth quarter of fiscal year 2022 and were subject to local law and consultation requirements, which extends the process in certain countries. During the quarter and nine months ended September 30, 2023, the Company recorded zero and $1.1 million, respectively, for one-time termination benefits related to the fiscal 2022 restructuring program, which occurred in the United States and various international locations. The charges were recorded pursuant to ASC 420. The liability for the fiscal 2023 and 2022 restructuring programs was included in accrued expenses and other current liabilities in the condensed consolidated balance sheet, and the following tables summarize the related activity for the respective plans for the quarter and nine months ended September 30, 2023 (in thousands): Quarter Ended September 30, 2023 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of June, 30, 2023 $ — $ 150 $ 150 Restructuring charges 8,664 — 8,664 Cash payments and adjustments (2,386) (95) (2,481) Accrual balance as of September 30, 2023 $ 6,278 $ 55 $ 6,333 Nine Months Ended September 30, 2023 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of December, 31, 2022 $ — $ 1,737 $ 1,737 Restructuring charges 8,664 1,149 9,813 Cash payments and adjustments (2,386) (2,831) (5,217) Accrual balance as of September 30, 2023 $ 6,278 $ 55 $ 6,333 All plan adjustments were changes in estimates whereby increases and decreases in charges were generally recorded to operating expenses in the period of adjustments. |
Equity Awards
Equity Awards | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock-based compensation expense Stock-based compensation expense was as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 2,695 $ 2,346 $ 7,817 $ 6,309 Sales and marketing 6,123 7,257 18,788 20,619 Research and development 3,750 3,847 11,282 10,554 General and administrative 7,511 7,449 22,578 19,928 $ 20,079 $ 20,899 $ 60,465 $ 57,410 For the quarters ended September 30, 2023 and 2022, stock-based compensation capitalized as an asset was $0.8 million and $0.7 million, respectively. For the nine months ended September 30, 2023 and 2022, stock-based compensation capitalized as an asset was $2.6 million and $1.7 million, respectively. Stock options - service-only vesting conditions The following table summarizes activity for awards that contain service-only vesting conditions (in thousands): Outstanding at December 31, 2022 2,431 Granted — Exercised (532) Forfeited/canceled (129) Outstanding at September 30, 2023 1,770 Restricted stock units - service-only vesting conditions The following table summarizes activity for restricted stock units that contain service-only vesting conditions (in thousands): Nonvested at December 31, 2022 2,202 Granted 1,386 Vested (771) Forfeited/canceled (328) Nonvested at September 30, 2023 2,489 Restricted stock units - performance and service conditions The following table summarizes activity for restricted stock units with performance and service vesting conditions with grant dates established (in thousands): Nonvested at December 31, 2022 69 Granted 163 Performance adjustment (28) Vested (41) Forfeited/canceled (48) Nonvested at September 30, 2023 115 The following table summarizes activity for restricted stock units with performance and service vesting conditions with no grant dates established (in thousands): Nonvested at December 31, 2022 138 Granted 158 Forfeited/canceled (59) Nonvested at September 30, 2023 237 Restricted stock units - performance, market, and service conditions The following table summarizes activity for restricted stock units with performance, market, and service-based conditions (in thousands): Nonvested at December 31, 2022 189 Granted — Vested — Forfeited/canceled (189) Nonvested at September 30, 2023 — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income (loss), adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance for income taxes. For the quarters ended September 30, 2023 and 2022, the Company recorded $2.0 million income tax benefit and $0.5 million income tax expense, respectively. The income tax benefit for the quarter ended September 30, 2023 compared to the income tax expense for the quarter ended September 30, 2022, resulted primarily from the current quarter’s partial release of $1.7 million of existing valuation allowance as net deferred tax liabilities acquired from DI are a source of taxable income to support recognition of existing BlackLine UK deferred tax assets, along with changes in the mix of profitable jurisdictions. For the nine months ended September 30, 2023 and 2022, the Company recorded $0.5 million and $12.9 million in income tax benefit, respectively. The $12.4 million difference resulted primarily from the release of $14.2 million of existing valuation allowance recognized during the nine months ended September 30, 2022 in connection with the FourQ acquisition, along with changes in the mix of profitable jurisdictions, partially offset by the current quarter's release of $1.7 million of existing valuation allowance in connection with the DI Acquisition. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic net income (loss) per share Numerator: Net income (loss) attributable to BlackLine, Inc. $ 11,923 $ (20,019) $ 30,764 $ (40,695) Denominator: Weighted average shares 61,101 59,695 60,666 59,422 Basic net income (loss) per share attributable to BlackLine, Inc. $ 0.20 $ (0.34) $ 0.51 $ (0.68) Diluted net income (loss) per share Numerator: Net income (loss) attributable to BlackLine, Inc. $ 11,923 $ (20,019) $ 30,764 $ (40,695) Interest expense 1,475 — 4,372 — Net income (loss) attributable to BlackLine, Inc. for diluted calculation $ 13,398 $ (20,019) $ 35,136 $ (40,695) Denominator: Weighted average shares 61,101 59,695 60,666 59,422 Dilutive effect of securities 677 — 912 — Dilutive effect of convertible senior notes 10,324 — 10,324 — Shares used to calculate diluted net income (loss) per share 72,102 59,695 71,902 59,422 Diluted net income (loss) per share attributable to BlackLine, Inc. $ 0.19 $ (0.34) $ 0.49 $ (0.68) The weighted average impact of potentially dilutive securities that were excluded from the diluted per share calculations because they were anti-dilutive were as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options - service-only vesting conditions 620 2,510 1,225 2,610 Restricted stock units - service-only vesting conditions 1,915 2,255 2,193 1,962 Restricted stock units - performance and service conditions — 70 21 46 Restricted stock units - performance, market, and service conditions — — 97 — Total shares excluded from net loss per share 2,535 4,835 3,536 4,618 Additionally, approximately 3.4 million and 6.9 million weighted average shares underlying the conversion option in the 2024 Notes and the 2026 Notes, respectively, are excluded from the calculation of diluted net loss per share attributable to common stockholders for the quarter and nine months ended September 30, 2022 as the effect would be anti-dilutive. The shares are subject to adjustment, up to approximately 4.7 million shares and 9.9 million shares for the 2024 Notes and the 2026 Notes, respectively, if certain corporate events occur prior to the maturity dates or if the Company issues a notice of redemption. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation —From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any legal proceedings, nor is it aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition should such litigation be resolved unfavorably. Indemnification —In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of its breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has it been sued in connection with these indemnification arrangements. At September 30, 2023 and December 31, 2022, the Company has not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements was not probable or reasonably estimable. |
Unearned Revenue and Performanc
Unearned Revenue and Performance Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Unearned Revenue And Performance Obligations [Abstract] | |
Unearned Revenue and Performance Obligations | Unearned Revenue and Performance Obligations Revenue totaling $248.3 million and $217.0 million was recognized during the nine months ended September 30, 2023 and 2022, respectively, that was previously included in the deferred revenue balance at December 31, 2022 and 2021, respectively. Contracted but unrecognized revenue was $767.6 million at September 30, 2023, of which the Company expects to recognize approximately 58% over the next 12 months and the remainder thereafter. |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The Company disaggregates its revenue from contracts with customers by geographic location, as it believes it best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors. The following table sets forth the Company’s revenues by geographic region (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 108,757 $ 96,769 $ 312,821 $ 273,934 International 41,951 37,499 121,445 109,047 $ 150,708 $ 134,268 $ 434,266 $ 382,981 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to BlackLine, Inc. | $ 11,923 | $ (20,019) | $ 30,764 | $ (40,695) |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 14, 2023 | |
Trading Arrangements, by Individual | |||
Material Terms of Trading Arrangement | On September 14, 2023, Mark Woodhams, our Chief Revenue Officer, adopted a "Rule 10b5-1 trading arrangement", as defined in Regulation S-K Item 408. The trading arrangement provides for the sale, from time to time, of an aggregate of up to 25,554 shares of our common stock, and is intended to satisfy the affirmative defense in Rule 10b5-1(c). The number of shares sold under the trading arrangement will be reduced by the number of shares sold to cover applicable withholding taxes. The duration of the trading arrangement is until August 20, 2024 or earlier if all transactions under the trading arrangement have been completed | ||
Rule 10b5-1 Arrangement Adopted | false | ||
Non-Rule 10b5-1 Arrangement Adopted | false | ||
Non-Rule 10b5-1 Arrangement Terminated | false | ||
Mark Woodhams [Member] | |||
Trading Arrangements, by Individual | |||
Name | Mark Woodhams | ||
Title | Chief Revenue Officer | ||
Rule 10b5-1 Arrangement Terminated | true | ||
Termination Date | September 14, 2023 | ||
Aggregate Available | 25,554 | ||
Mark Partin [Member] | |||
Trading Arrangements, by Individual | |||
Arrangement Duration | 341 days |
Basis of Presentation, Signif_2
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to determining the stand-alone selling price for separate deliverables in the Company’s subscription revenue arrangements, allowance for doubtful accounts, cancellations and credits, fair value of assets and liabilities assumed in a business combination, recoverability of goodwill and long-lived assets, useful lives associated with long-lived assets and right-of-use assets, income taxes, contingencies, fair value of contingent consideration, fair value of the Notes (as defined in "Note 8 - Convertible Senior Notes"), redemption value of redeemable non-controlling interest, and the valuation and assumptions underlying stock-based compensation. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company at September 30, 2023 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s valuation of contingent consideration, the allowance for credit losses, and the carrying value of goodwill and other long-lived assets. While there was not a material impact to the Company’s condensed consolidated financial statements for the quarter and nine months ended September 30, 2023, the Company’s future assessment of these accounting matters and other factors could result in material impacts to the Company’s consolidated financial statements in future reporting periods. |
Recently-adopted accounting pronouncements and recently-issued accounting pronouncements | Recently-adopted accounting pronouncements There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Recently-issued accounting pronouncements The Company has evaluated all recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements. |
Redeemable Non-Controlling In_2
Redeemable Non-Controlling Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Redeemable Non-Controlling Interest | The following table summarizes the activity in the redeemable non-controlling interest for the periods (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 26,288 $ 23,635 $ 23,895 $ 28,699 Net income (loss) attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) 194 (344) 599 (468) Foreign currency translation (31) (71) (132) (409) Adjustment to redeemable non-controlling interest 1,355 1,375 3,444 (3,227) Balance at end of period $ 27,806 $ 24,595 $ 27,806 $ 24,595 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase consideration and major classes of assets and liabilities to which the Company allocated the total fair value of purchase consideration of $11.4 million were as follows (in thousands): Total cash purchase consideration $ 11,394 Cash and cash equivalents $ 27 Accounts receivable, net 916 Prepaid expenses and other current assets 893 Property and equipment, net 132 Intangible assets, net 8,800 Goodwill 5,126 Operating lease right-of-use assets 402 Other assets 58 Accounts payable (665) Accrued expenses and other current liabilities (1,636) Deferred revenue, current (98) Operating lease liabilities (402) Deferred tax liabilities, net (2,159) Total consideration $ 11,394 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The acquired intangible asset categories, fair value, and amortization periods, were as follows: Amortization Period Fair Value (in years) (in thousands) Developed technology 5 $ 8,110 Customer relationships 3 690 $ 8,800 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Intangible Assets | The carrying value of intangible assets was as follows (in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (63,481) 73,887 Customer relationships 26,779 (17,591) 9,188 Defensive patent 2,333 (1,103) 1,230 $ 182,457 $ (98,152) $ 84,305 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (14,913) $ 1,064 Developed technology 129,258 (54,462) 74,796 Customer relationships 26,089 (12,552) 13,537 Defensive patent 2,333 (866) 1,467 $ 173,657 $ (82,793) $ 90,864 |
Schedule of Changes in Goodwill | The following table represents the changes in goodwill (in thousands): Balance at December 31, 2022 $ 443,861 Additions from acquisitions 5,126 Balance at September 30, 2023 $ 448,987 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Investments in Marketable Securities | Investments in marketable securities presented within current assets on the condensed consolidated balance sheets consisted of the following (in thousands): September 30, 2023 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 478,149 $ 10 $ (562) $ 477,597 Commercial paper 276,038 1 — 276,039 U.S. government agencies 172,433 5 (353) 172,085 $ 926,620 $ 16 $ (915) $ 925,721 December 31, 2022 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 418,941 $ 9 $ (1,047) $ 417,903 Corporate bonds 64,597 3 (296) 64,304 Commercial paper 278,406 — — 278,406 U.S. government agencies 113,512 40 (82) 113,470 $ 875,456 $ 52 $ (1,425) $ 874,083 |
Fair Values of Available-for-Sale Securities, by Remaining Contractual Maturity | The fair values of available-for-sale securities, by remaining contractual maturity, were as follows (in thousands): September 30, 2023 Amortized Cost Fair Value Maturing within 1 year $ 915,828 $ 915,016 Maturing between 1 and 2 years 10,792 10,705 $ 926,620 $ 925,721 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities were comprised of the following (in thousands): September 30, December 31, Accrued salaries and employee benefits $ 31,888 $ 39,043 Accrued income and other taxes payable 7,446 9,415 Accrued restructuring costs 6,333 1,737 Other accrued expenses and current liabilities 15,685 8,405 $ 61,352 $ 58,600 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level, within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 160,511 $ — $ — $ 160,511 Commercial paper — 20,788 — 20,788 Marketable securities U.S. treasury securities 477,597 — — 477,597 Commercial paper — 276,039 — 276,039 U.S. government agencies — 172,085 — 172,085 Total assets $ 638,108 $ 468,912 $ — $ 1,107,020 Liabilities Contingent consideration $ 8,000 $ — $ — $ 8,000 Total liabilities $ 8,000 $ — $ — $ 8,000 December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 101,919 $ — $ — $ 101,919 Commercial paper — 59,405 — 59,405 Marketable securities U.S. treasury securities 417,903 — — 417,903 Corporate bonds — 64,301 — 64,301 Commercial paper — 278,406 — 278,406 U.S. government agencies — 113,471 — 113,471 Total assets $ 519,822 $ 515,583 $ — $ 1,035,405 Liabilities Contingent consideration $ 8,000 $ — $ 33,549 $ 41,549 Total liabilities $ 8,000 $ — $ 33,549 $ 41,549 |
Summary of Changes in Common Stock Warrant Liability and Contingent Consideration Liability | The following table summarizes the changes in the contingent consideration liability (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning fair value $ 19,120 $ 60,821 $ 41,549 $ 20,732 Additions in the period — — — 55,947 Change in fair value (11,120) 1,745 (33,549) (14,113) Ending fair value $ 8,000 $ 62,566 $ 8,000 $ 62,566 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Notes | The 0.125% Convertible Senior Notes due 2024 (the "2024 Notes") consisted of the following (in thousands): September 30, December 31, Liability: Principal $ 250,000 $ 250,000 Unamortized debt issuance costs (1,096) (2,069) Net carrying amount (1) $ 248,904 $ 247,931 The 0.00% Convertible Senior Notes due 2026 (the "2026 Notes") consisted of the following (in thousands): September 30, December 31, Liability: Principal $ 1,150,000 $ 1,150,000 Unamortized debt issuance costs (10,461) (13,625) Net carrying amount $ 1,139,539 $ 1,136,375 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | The liability for the fiscal 2023 and 2022 restructuring programs was included in accrued expenses and other current liabilities in the condensed consolidated balance sheet, and the following tables summarize the related activity for the respective plans for the quarter and nine months ended September 30, 2023 (in thousands): Quarter Ended September 30, 2023 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of June, 30, 2023 $ — $ 150 $ 150 Restructuring charges 8,664 — 8,664 Cash payments and adjustments (2,386) (95) (2,481) Accrual balance as of September 30, 2023 $ 6,278 $ 55 $ 6,333 Nine Months Ended September 30, 2023 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of December, 31, 2022 $ — $ 1,737 $ 1,737 Restructuring charges 8,664 1,149 9,813 Cash payments and adjustments (2,386) (2,831) (5,217) Accrual balance as of September 30, 2023 $ 6,278 $ 55 $ 6,333 |
Equity Awards (Tables)
Equity Awards (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 2,695 $ 2,346 $ 7,817 $ 6,309 Sales and marketing 6,123 7,257 18,788 20,619 Research and development 3,750 3,847 11,282 10,554 General and administrative 7,511 7,449 22,578 19,928 $ 20,079 $ 20,899 $ 60,465 $ 57,410 |
Summary of Stock Options Activity | The following table summarizes activity for awards that contain service-only vesting conditions (in thousands): Outstanding at December 31, 2022 2,431 Granted — Exercised (532) Forfeited/canceled (129) Outstanding at September 30, 2023 1,770 |
Summary of Restricted Stock Units Activity | The following table summarizes activity for restricted stock units that contain service-only vesting conditions (in thousands): Nonvested at December 31, 2022 2,202 Granted 1,386 Vested (771) Forfeited/canceled (328) Nonvested at September 30, 2023 2,489 The following table summarizes activity for restricted stock units with performance and service vesting conditions with grant dates established (in thousands): Nonvested at December 31, 2022 69 Granted 163 Performance adjustment (28) Vested (41) Forfeited/canceled (48) Nonvested at September 30, 2023 115 The following table summarizes activity for restricted stock units with performance and service vesting conditions with no grant dates established (in thousands): Nonvested at December 31, 2022 138 Granted 158 Forfeited/canceled (59) Nonvested at September 30, 2023 237 The following table summarizes activity for restricted stock units with performance, market, and service-based conditions (in thousands): Nonvested at December 31, 2022 189 Granted — Vested — Forfeited/canceled (189) Nonvested at September 30, 2023 — |
Net Income (Loss) per Share - (
Net Income (Loss) per Share - (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Loss per Share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic net income (loss) per share Numerator: Net income (loss) attributable to BlackLine, Inc. $ 11,923 $ (20,019) $ 30,764 $ (40,695) Denominator: Weighted average shares 61,101 59,695 60,666 59,422 Basic net income (loss) per share attributable to BlackLine, Inc. $ 0.20 $ (0.34) $ 0.51 $ (0.68) Diluted net income (loss) per share Numerator: Net income (loss) attributable to BlackLine, Inc. $ 11,923 $ (20,019) $ 30,764 $ (40,695) Interest expense 1,475 — 4,372 — Net income (loss) attributable to BlackLine, Inc. for diluted calculation $ 13,398 $ (20,019) $ 35,136 $ (40,695) Denominator: Weighted average shares 61,101 59,695 60,666 59,422 Dilutive effect of securities 677 — 912 — Dilutive effect of convertible senior notes 10,324 — 10,324 — Shares used to calculate diluted net income (loss) per share 72,102 59,695 71,902 59,422 Diluted net income (loss) per share attributable to BlackLine, Inc. $ 0.19 $ (0.34) $ 0.49 $ (0.68) |
Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss per Share Attributable to Common Stockholders | The weighted average impact of potentially dilutive securities that were excluded from the diluted per share calculations because they were anti-dilutive were as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options - service-only vesting conditions 620 2,510 1,225 2,610 Restricted stock units - service-only vesting conditions 1,915 2,255 2,193 1,962 Restricted stock units - performance and service conditions — 70 21 46 Restricted stock units - performance, market, and service conditions — — 97 — Total shares excluded from net loss per share 2,535 4,835 3,536 4,618 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenues by Geographic Region | The following table sets forth the Company’s revenues by geographic region (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 108,757 $ 96,769 $ 312,821 $ 273,934 International 41,951 37,499 121,445 109,047 $ 150,708 $ 134,268 $ 434,266 $ 382,981 |
The Company (Details)
The Company (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 15, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 19,937 | $ 14,708 | |
Woodland Hills Office Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease extension term | 5 years | ||
Operating lease right-of-use assets | $ 7,300 | ||
Operating lease, liability | $ 7,300 |
Redeemable Non-Controlling In_3
Redeemable Non-Controlling Interest - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2021 | Oct. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Investment from redeemable non-controlling interest | $ 2.2 | |
BlackLine K.K. | BlackLine K.K. | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Business combination, contribution | $ 4.5 | |
Business combination, outstanding common stock percentage | 51% | 51% |
Business combination, further investment by parent | $ 2.3 |
Redeemable Non-Controlling In_4
Redeemable Non-Controlling Interest - Summary of Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Redeemable Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 26,288 | $ 23,635 | $ 23,895 | $ 28,699 |
Net income (loss) attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) | 194 | (344) | 599 | (468) |
Foreign currency translation | (31) | (71) | (132) | (409) |
Adjustment to redeemable non-controlling interest | 1,355 | 1,375 | 3,444 | (3,227) |
Balance at end of period | $ 27,806 | $ 24,595 | $ 27,806 | $ 24,595 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - Data Interconnect - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 12, 2023 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | ||
Business combination, payable at closing | $ 11,394 | |
Transaction related costs | $ 1,100 | |
Weighted average useful lives | 4 years 9 months 18 days | |
Fair Value | $ 8,800 | |
Developed technology | ||
Business Acquisition [Line Items] | ||
Fair Value | 8,110 | |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Fair Value | $ 690 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 12, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 448,987 | $ 443,861 | |
Data Interconnect | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 11,394 | ||
Cash and cash equivalents | 27 | ||
Accounts receivable, net | 916 | ||
Prepaid expenses and other current assets | 893 | ||
Property and equipment, net | 132 | ||
Intangible assets, net | 8,800 | ||
Goodwill | 5,126 | ||
Operating lease right-of-use assets | 402 | ||
Other assets | 58 | ||
Accounts payable | (665) | ||
Accrued expenses and other current liabilities | (1,636) | ||
Deferred revenue, current | (98) | ||
Operating lease liabilities | (402) | ||
Deferred tax liabilities, net | (2,159) | ||
Total consideration | $ 11,394 |
Business Combinations - Acquire
Business Combinations - Acquired Intangible Assets (Details) - Data Interconnect $ in Thousands | Sep. 12, 2023 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 8,800 |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 5 years |
Fair Value | $ 8,110 |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 3 years |
Fair Value | $ 690 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 182,457 | $ 173,657 |
Accumulated Amortization | (98,152) | (82,793) |
Net Carrying Amount | 84,305 | 90,864 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15,977 | 15,977 |
Accumulated Amortization | (15,977) | (14,913) |
Net Carrying Amount | 0 | 1,064 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 137,368 | 129,258 |
Accumulated Amortization | (63,481) | (54,462) |
Net Carrying Amount | 73,887 | 74,796 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,779 | 26,089 |
Accumulated Amortization | (17,591) | (12,552) |
Net Carrying Amount | 9,188 | 13,537 |
Defensive patent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,333 | 2,333 |
Accumulated Amortization | (1,103) | (866) |
Net Carrying Amount | $ 1,230 | $ 1,467 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Changes in Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance beginning | $ 443,861 |
Additions from acquisitions | 5,126 |
Balance ending | $ 448,987 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 926,620 | $ 875,456 |
Gross Unrealized Gains | 16 | 52 |
Gross Unrealized Losses | (915) | (1,425) |
Fair Value | 925,721 | 874,083 |
U.S. treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 478,149 | 418,941 |
Gross Unrealized Gains | 10 | 9 |
Gross Unrealized Losses | (562) | (1,047) |
Fair Value | 477,597 | 417,903 |
Corporate bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 64,597 | |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (296) | |
Fair Value | 64,304 | |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 276,038 | 278,406 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 276,039 | 278,406 |
U.S. government agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 172,433 | 113,512 |
Gross Unrealized Gains | 5 | 40 |
Gross Unrealized Losses | (353) | (82) |
Fair Value | $ 172,085 | $ 113,470 |
Balance Sheet Components - Fair
Balance Sheet Components - Fair Values of Available-for-Sale Securities, by Remaining Contractual Maturity (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Maturing within 1 year | $ 915,828 |
Maturing between 1 and 2 years | 10,792 |
Amortized cost | 926,620 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | |
Maturing within 1 year | 915,016 |
Maturing between 1 and 2 years | 10,705 |
Fair Value | $ 925,721 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) marketableSecurity | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) marketableSecurity | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) marketableSecurity | |
Balance Sheet Related Disclosures [Abstract] | |||||
Net gains and losses on maturities of marketable securities reclassified from accumulated other comprehensive loss to earnings | $ 9,200,000 | $ 2,800,000 | $ 25,000,000 | $ 3,300,000 | |
Net gains (losses) related to securities | 0 | $ 0 | 0 | $ 0 | |
Securities in continuous loss position, less than 12 months, estimated fair value | 555,400,000 | 555,400,000 | $ 521,800,000 | ||
Securities in continuous loss position, less than 12 Months, unrealized losses | $ 900,000 | $ 900,000 | $ 1,400,000 | ||
Number of securities in continuous unrealized loss position, greater than 12 months | marketableSecurity | 0 | 0 | 0 | ||
Credit losses on marketable securities | $ 0 | $ 0 | $ 0 | ||
Deferred customer contract acquisition costs | $ 87,600,000 | $ 87,600,000 | $ 89,100,000 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued salaries and employee benefits | $ 31,888 | $ 39,043 |
Accrued income and other taxes payable | 7,446 | 9,415 |
Accrued restructuring costs | 6,333 | 1,737 |
Other accrued expenses and current liabilities | 15,685 | 8,405 |
Accrued expenses and other current liabilities | $ 61,352 | $ 58,600 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 1,107,020 | $ 1,035,405 |
Liabilities | ||
Contingent consideration | 8,000 | 41,549 |
Total liabilities | 8,000 | 41,549 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 160,511 | 101,919 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20,788 | 59,405 |
Marketable securities | 276,039 | 278,406 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 477,597 | 417,903 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 64,301 | |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 172,085 | 113,471 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 638,108 | 519,822 |
Liabilities | ||
Contingent consideration | 8,000 | 8,000 |
Total liabilities | 8,000 | 8,000 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 160,511 | 101,919 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 477,597 | 417,903 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Level 1 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 468,912 | 515,583 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20,788 | 59,405 |
Marketable securities | 276,039 | 278,406 |
Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 64,301 | |
Level 2 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 172,085 | 113,471 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 33,549 |
Total liabilities | 0 | 33,549 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Level 3 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Additions in the period | $ 0 | $ 0 | $ 0 | $ 55,947 |
Contingent Consideration | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning fair value | 19,120 | 60,821 | 41,549 | 20,732 |
Change in fair value | (11,120) | 1,745 | (33,549) | (14,113) |
Ending fair value | $ 8,000 | $ 62,566 | $ 8,000 | $ 62,566 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 26, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of contingent consideration | $ (33,549,000) | $ (14,113,000) | ||
Contingent consideration, current | 8,000,000 | $ 8,000,000 | ||
FourQ Systems, Inc. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Maximum contingent consideration to be distributed | $ 73,200,000 | |||
Change in fair value of contingent consideration | 11,100,000 | |||
Contingent consideration | 0 | |||
FourQ Systems, Inc. | Measurement Input, Expected Term | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration, liability, measurement input | 3 | |||
BlackLine Systems, Inc. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration, current | $ 8,000,000 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Interest expense related to amortization of debt issuance costs | $ 4,137 | $ 4,119 | ||
Convertible Senior Notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Convertible senior notes interest rate | 0.125% | 0.125% | ||
Interest expense related to amortization of debt issuance costs | $ 300 | $ 300 | $ 1,000 | 1,000 |
Coupon interest expense | $ 100 | 100 | $ 200 | 200 |
Remaining life of notes | 10 months | 10 months | ||
Convertible Senior Notes due 2024 | Level 2 | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of convertible senior notes | $ 244,000 | $ 244,000 | ||
Convertible Senior Notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Convertible senior notes interest rate | 0% | 0% | ||
Interest expense related to amortization of debt issuance costs | $ 1,100 | $ 1,100 | $ 3,200 | $ 3,200 |
Remaining life of notes | 30 months | 30 months | ||
Convertible Senior Notes due 2026 | Level 2 | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of convertible senior notes | $ 991,900 | $ 991,900 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Convertible Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Principal | $ 250,000 | $ 250,000 |
Unamortized debt issuance costs | (1,096) | (2,069) |
Net carrying amount | 248,904 | 247,931 |
Convertible Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Principal | 1,150,000 | 1,150,000 |
Unamortized debt issuance costs | (10,461) | (13,625) |
Net carrying amount | $ 1,139,539 | $ 1,136,375 |
Restructuring Costs - Narrative
Restructuring Costs - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Aug. 23, 2023 USD ($) position | Sep. 30, 2023 USD ($) | Dec. 31, 2022 position | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 8,664,000 | $ 0 | $ 9,813,000 | $ 0 | ||
2023 Restructuring Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reduction to workforce, percent | 9% | |||||
Reduction to workforce, number of positions | position | 166 | |||||
Restructuring and related cost, expected | $ 9,000,000 | |||||
Restructuring charges | 8,664,000 | 8,664,000 | ||||
2022 Restructuring Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reduction to workforce, percent | 5% | |||||
Reduction to workforce, number of positions | position | 95 | |||||
Restructuring charges | 0 | 1,149,000 | ||||
One-time Termination Benefits | 2023 Restructuring Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 8,700,000 | |||||
One-time Termination Benefits | 2022 Restructuring Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 0 | $ 1,100,000 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 150 | $ 1,737 | ||
Restructuring charges | 8,664 | $ 0 | 9,813 | $ 0 |
Cash payments and adjustments | (2,481) | (5,217) | ||
Balance at end of period | 6,333 | 6,333 | ||
2023 Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | ||
Restructuring charges | 8,664 | 8,664 | ||
Cash payments and adjustments | (2,386) | (2,386) | ||
Balance at end of period | 6,278 | 6,278 | ||
2022 Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 150 | 1,737 | ||
Restructuring charges | 0 | 1,149 | ||
Cash payments and adjustments | (95) | (2,831) | ||
Balance at end of period | $ 55 | $ 55 |
Equity Awards - Summary of Stoc
Equity Awards - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 20,079 | $ 20,899 | $ 60,465 | $ 57,410 |
Cost of revenues | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,695 | 2,346 | 7,817 | 6,309 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 6,123 | 7,257 | 18,788 | 20,619 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3,750 | 3,847 | 11,282 | 10,554 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 7,511 | $ 7,449 | $ 22,578 | $ 19,928 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation capitalized as an asset | $ 0.8 | $ 0.7 | $ 2.6 | $ 1.7 |
Equity Awards - Summary of St_2
Equity Awards - Summary of Stock Options Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, Beginning balance (in shares) | 2,431 |
Granted (in shares) | 0 |
Exercised (in shares) | (532) |
Forfeitures/canceled (in shares) | (129) |
Outstanding, Ending balance (in shares) | 1,770 |
Equity Awards - Summary of Rest
Equity Awards - Summary of Restricted Stock Units Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 shares | |
Restricted stock units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, Beginning Balance (in shares) | 2,202 |
Granted (in shares) | 1,386 |
Vested (in shares) | (771) |
Forfeited/canceled (in shares) | (328) |
Nonvested, Ending balance (in shares) | 2,489 |
Restricted stock units - performance and service conditions | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, Beginning Balance (in shares) | 69 |
Granted (in shares) | 163 |
Performance adjustment (in shares) | (28) |
Vested (in shares) | (41) |
Forfeited/canceled (in shares) | (48) |
Nonvested, Ending balance (in shares) | 115 |
Restricted stock units - performance and service conditions, no grant date | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, Beginning Balance (in shares) | 138 |
Granted (in shares) | 158 |
Forfeited/canceled (in shares) | (59) |
Nonvested, Ending balance (in shares) | 237 |
Restricted stock units, performance, market and service based | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, Beginning Balance (in shares) | 189 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited/canceled (in shares) | (189) |
Nonvested, Ending balance (in shares) | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ 2,005 | $ (474) | $ 451 | $ 12,852 |
Change in income tax expense (benefit) | 12,400 | |||
Decrease in valuation allowance | $ 1,700 | $ 1,700 | $ 14,200 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Schedule of Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income (loss) attributable to BlackLine, Inc. | $ 11,923 | $ (20,019) | $ 30,764 | $ (40,695) |
Denominator: | ||||
Weighted average shares (in shares) | 61,101 | 59,695 | 60,666 | 59,422 |
Basic net income (loss) per share attributable to BlackLine, Inc. (in usd per share) | $ 0.20 | $ (0.34) | $ 0.51 | $ (0.68) |
Numerator: | ||||
Net income (loss) attributable to BlackLine, Inc. | $ 11,923 | $ (20,019) | $ 30,764 | $ (40,695) |
Interest expense | 1,475 | 0 | 4,372 | 0 |
Net income (loss) per share attributable to BlackLine, Inc. (in usd per share) | $ 13,398 | $ (20,019) | $ 35,136 | $ (40,695) |
Denominator: | ||||
Weighted average shares (in shares) | 61,101 | 59,695 | 60,666 | 59,422 |
Dilutive effect of securities (in shares) | 677 | 0 | 912 | 0 |
Dilutive effect of convertible senior notes (in shares) | 10,324 | 0 | 10,324 | 0 |
Shares used to calculate diluted net income (loss) per share (in shares) | 72,102 | 59,695 | 71,902 | 59,422 |
Diluted net income (loss) per share attributable to BlackLine, Inc. (in usd per share) | $ 0.19 | $ (0.34) | $ 0.49 | $ (0.68) |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 2,535 | 4,835 | 3,536 | 4,618 |
Stock options - service-only vesting conditions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 620 | 2,510 | 1,225 | 2,610 |
Restricted stock units - service-only vesting conditions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 1,915 | 2,255 | 2,193 | 1,962 |
Restricted stock units - performance and service conditions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 0 | 70 | 21 | 46 |
Restricted stock units - performance, market, and service conditions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 0 | 0 | 97 | 0 |
Net Income (Loss) per Share - A
Net Income (Loss) per Share - Additional Information (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 2,535 | 4,835 | 3,536 | 4,618 |
Convertible Senior Notes due 2024 | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 3,400 | 3,400 | ||
Convertible Senior Notes due 2026 | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 6,900 | 6,900 | ||
Convertible Notes | Convertible Senior Notes due 2024 | Certain Corporate Events Occur Prior to Maturity Date or Company Issues Notice of Redemption | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 4,700 | |||
Convertible Notes | Convertible Senior Notes due 2026 | Certain Corporate Events Occur Prior to Maturity Date or Company Issues Notice of Redemption | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 9,900 |
Unearned Revenue and Performa_2
Unearned Revenue and Performance Obligations - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Unearned Revenue And Performance Obligations [Abstract] | ||
Deferred revenue recognized | $ 248.3 | $ 217 |
Contracted not recognized revenue | $ 767.6 |
Unearned Revenue and Performa_3
Unearned Revenue and Performance Obligations - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contracted not recognized revenue, expects to recognize revenue over next 12 months | 58% |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 150,708 | $ 134,268 | $ 434,266 | $ 382,981 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 108,757 | 96,769 | 312,821 | 273,934 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 41,951 | $ 37,499 | $ 121,445 | $ 109,047 |
Uncategorized Items - bl-202309
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |