Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 $0.01 per share | |
Trading Symbol | BL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 62,175,084 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001666134 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 616,629 | $ 271,117 |
Marketable securities (amortized cost of $428,617 and $932,850 at June 30, 2024 and December 31, 2023, respectively) | 428,461 | 933,355 |
Accounts receivable, net of allowances of $3,459 and $5,064 at June 30, 2024 and December 31, 2023, respectively | 137,439 | 171,608 |
Prepaid expenses and other current assets | 27,677 | 31,244 |
Total current assets | 1,210,206 | 1,407,324 |
Capitalized software development costs, net | 40,873 | 37,828 |
Property and equipment, net | 11,791 | 14,867 |
Intangible assets, net | 68,665 | 79,056 |
Goodwill | 448,965 | 448,965 |
Operating lease right-of-use assets | 18,245 | 19,173 |
Other assets | 91,937 | 93,552 |
Total assets | 1,890,682 | 2,100,765 |
Current liabilities: | ||
Accounts payable | 2,083 | 8,623 |
Accrued expenses and other current liabilities | 51,924 | 59,690 |
Deferred revenue, current | 311,256 | 320,133 |
Finance lease liabilities, current | 469 | 778 |
Operating lease liabilities, current | 4,035 | 4,108 |
Convertible senior notes, net, current | 249,888 | 249,233 |
Total current liabilities | 619,655 | 642,565 |
Finance lease liabilities, noncurrent | 0 | 4 |
Operating lease liabilities, noncurrent | 14,426 | 15,738 |
Convertible senior notes, net, noncurrent | 890,979 | 1,140,608 |
Deferred tax liabilities, net | 5,017 | 6,394 |
Deferred revenue, noncurrent | 1,979 | 904 |
Other long-term liabilities | 795 | 3,608 |
Total liabilities | 1,532,851 | 1,809,821 |
Commitments and contingencies (Note 12) | ||
Redeemable non-controlling interest (Note 3) | 32,068 | 30,063 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 62,171,009 and 61,515,105 issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 622 | 615 |
Additional paid-in capital | 451,737 | 474,863 |
Accumulated other comprehensive income (loss) | (561) | 205 |
Accumulated deficit | (126,035) | (214,802) |
Total stockholders' equity | 325,763 | 260,881 |
Total liabilities, redeemable non-controlling interest, and stockholders' equity | $ 1,890,682 | $ 2,100,765 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 428,617 | $ 932,850 |
Allowances for credit losses | $ 3,459 | $ 5,064 |
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) | 62,171,009 | 61,515,105 |
Common stock, shares, outstanding (in shares) | 62,171,009 | 61,515,105 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Total revenues | $ 160,506 | $ 144,574 | $ 317,967 | $ 283,558 |
Cost of revenues | ||||
Total cost of revenues | 40,348 | 37,116 | 79,445 | 72,387 |
Gross profit | 120,158 | 107,458 | 238,522 | 211,171 |
Operating expenses | ||||
Sales and marketing | 60,248 | 62,749 | 121,359 | 124,680 |
Research and development | 25,721 | 26,802 | 50,736 | 53,907 |
General and administrative | 31,053 | (148) | 61,099 | 28,828 |
Restructuring costs | 928 | 135 | 1,372 | 1,149 |
Total operating expenses | 117,950 | 89,538 | 234,566 | 208,564 |
Income from operations | 2,208 | 17,920 | 3,956 | 2,607 |
Other income (expense) | ||||
Interest income | 14,065 | 12,542 | 29,425 | 23,207 |
Interest expense | (2,089) | (1,470) | (3,558) | (2,925) |
Gain on extinguishment of convertible senior notes | 65,112 | 0 | 65,112 | 0 |
Other income, net | 77,088 | 11,072 | 90,979 | 20,282 |
Income before income taxes | 79,296 | 28,992 | 94,935 | 22,889 |
Provision for income taxes | 4,337 | 926 | 5,206 | 1,554 |
Net income | 74,959 | 28,066 | 89,729 | 21,335 |
Net income attributable to redeemable non-controlling interest | 524 | 320 | 962 | 405 |
Adjustment attributable to redeemable non-controlling interest | (2,255) | (3,103) | 1,248 | 2,089 |
Net income attributable to BlackLine, Inc. | $ 76,690 | $ 30,849 | $ 87,519 | $ 18,841 |
Basic net income per share attributable to BlackLine, Inc. (in usd per share) | $ 1.24 | $ 0.51 | $ 1.42 | $ 0.31 |
Shares used to calculate basic net income per share (in shares) | 61,979 | 60,700 | 61,811 | 60,445 |
Diluted net income per share attributable to BlackLine, Inc. (in usd per share) | $ 0.22 | $ 0.45 | $ 0.39 | $ 0.30 |
Shares used to calculate diluted net income per share (in shares) | 72,522 | 71,801 | 72,708 | 71,801 |
Subscription and support | ||||
Revenues | ||||
Total revenues | $ 151,787 | $ 135,881 | $ 301,288 | $ 266,307 |
Cost of revenues | ||||
Total cost of revenues | 33,756 | 30,630 | 65,808 | 59,142 |
Professional services | ||||
Revenues | ||||
Total revenues | 8,719 | 8,693 | 16,679 | 17,251 |
Cost of revenues | ||||
Total cost of revenues | $ 6,592 | $ 6,486 | $ 13,637 | $ 13,245 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 74,959 | $ 28,066 | $ 89,729 | $ 21,335 |
Other comprehensive loss: | ||||
Net change in unrealized gains (losses) on marketable securities, net of tax benefit of $— and $123, for the quarter and six months ended June 30, 2024, respectively, and $— for the quarter and six months ended June 30, 2023. | 44 | (1,200) | (538) | 66 |
Foreign currency translation | (217) | (179) | (433) | (224) |
Other comprehensive loss | (173) | (1,379) | (971) | (158) |
Comprehensive income | 74,786 | 26,687 | 88,758 | 21,177 |
Less comprehensive income attributable to redeemable non-controlling interest: | ||||
Net income attributable to redeemable non-controlling interest | 524 | 320 | 962 | 405 |
Foreign currency translation attributable to redeemable non-controlling interest | (101) | (81) | (205) | (101) |
Comprehensive income attributable to redeemable non-controlling interest | 423 | 239 | 757 | 304 |
Comprehensive income attributable to BlackLine, Inc. | $ 74,363 | $ 26,448 | $ 88,001 | $ 20,873 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net change in unrealized gains (losses) on marketable securities, tax | $ 0 | $ 0 | $ 123 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
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) | 359 | ||||
Stock option exercises | 11,915 | $ 4 | 11,911 | ||
Vesting of restricted stock units (in shares) | 455 | ||||
Vesting of restricted stock units | 5 | $ 5 | |||
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 | (13,422) | (13,422) | |||
Stock-based compensation | 41,921 | 41,921 | |||
Other comprehensive loss | (57) | (57) | |||
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 18,841 | (2,089) | 20,930 | ||
Ending balance (in shares) at Jun. 30, 2023 | 60,947 | ||||
Ending balance at Jun. 30, 2023 | 176,362 | $ 610 | 429,320 | (1,529) | (252,039) |
Beginning balance (in shares) at Mar. 31, 2023 | 60,478 | ||||
Beginning balance at Mar. 31, 2023 | 116,992 | $ 605 | 396,403 | (231) | (279,785) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock option exercises (in shares) | 150 | ||||
Stock option exercises | 4,693 | $ 2 | 4,691 | ||
Vesting of restricted stock units (in shares) | 203 | ||||
Vesting of restricted stock units | 2 | $ 2 | |||
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 | (1,019) | (1,019) | |||
Stock-based compensation | 20,852 | 20,852 | |||
Other comprehensive loss | (1,298) | (1,298) | |||
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 30,849 | 3,103 | 27,746 | ||
Ending balance (in shares) at Jun. 30, 2023 | 60,947 | ||||
Ending balance at Jun. 30, 2023 | 176,362 | $ 610 | 429,320 | (1,529) | (252,039) |
Beginning balance (in shares) at Dec. 31, 2023 | 61,515 | ||||
Beginning balance at Dec. 31, 2023 | 260,881 | $ 615 | 474,863 | 205 | (214,802) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock option exercises (in shares) | 122 | ||||
Stock option exercises | 2,633 | $ 1 | 2,632 | ||
Vesting of restricted stock units (in shares) | 439 | ||||
Vesting of restricted stock units | 5 | $ 5 | |||
Issuance of common stock through employee stock purchase plan (in shares) | 95 | ||||
Issuance of common stock through employee stock purchase plan | 4,249 | $ 1 | 4,248 | ||
Acquisition of common stock for tax withholding obligations | (12,384) | (12,384) | |||
Stock-based compensation | 43,364 | 43,364 | |||
Purchase of capped calls | (59,738) | (59,738) | |||
Other comprehensive loss | (766) | (766) | |||
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 87,519 | (1,248) | 88,767 | ||
Ending balance (in shares) at Jun. 30, 2024 | 62,171 | ||||
Ending balance at Jun. 30, 2024 | 325,763 | $ 622 | 451,737 | (561) | (126,035) |
Beginning balance (in shares) at Mar. 31, 2024 | 61,803 | ||||
Beginning balance at Mar. 31, 2024 | 279,834 | $ 618 | 480,175 | (489) | (200,470) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock option exercises (in shares) | 94 | ||||
Stock option exercises | 2,322 | $ 1 | 2,321 | ||
Vesting of restricted stock units (in shares) | 179 | ||||
Vesting of restricted stock units | 2 | $ 2 | |||
Issuance of common stock through employee stock purchase plan (in shares) | 95 | ||||
Issuance of common stock through employee stock purchase plan | 4,249 | $ 1 | 4,248 | ||
Acquisition of common stock for tax withholding obligations | (1,403) | (1,403) | |||
Stock-based compensation | 23,879 | 23,879 | |||
Purchase of capped calls | (59,738) | (59,738) | |||
Other comprehensive loss | (72) | (72) | |||
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest | 76,690 | 2,255 | 74,435 | ||
Ending balance (in shares) at Jun. 30, 2024 | 62,171 | ||||
Ending balance at Jun. 30, 2024 | $ 325,763 | $ 622 | $ 451,737 | $ (561) | $ (126,035) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income attributable to BlackLine, Inc. | $ 87,519 | $ 18,841 |
Net income and adjustment attributable to redeemable non-controlling interest (Note 3) | 2,210 | 2,494 |
Net income | 89,729 | 21,335 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 25,300 | 24,350 |
Change in fair value of contingent consideration | 0 | (22,429) |
Amortization of debt issuance costs | 2,679 | 2,741 |
Stock-based compensation | 41,288 | 40,386 |
Gain on extinguishment of convertible senior notes | (65,112) | 0 |
Noncash lease expense | 3,110 | 3,192 |
Accretion of purchase discounts on marketable securities, net | (15,261) | (15,768) |
Net foreign currency (gains) losses | (157) | 902 |
Deferred income taxes | (1,255) | (52) |
Provision for (benefit from) credit losses | 7 | (19) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 33,995 | 20,701 |
Prepaid expenses and other current assets | 3,524 | (3,956) |
Other assets | 1,609 | 395 |
Accounts payable | (6,543) | (6,082) |
Accrued expenses and other current liabilities | (10,896) | (13,227) |
Deferred revenue | (7,802) | 1,025 |
Operating lease liabilities | (3,241) | (3,512) |
Lease incentive receipts | 0 | 240 |
Other long-term liabilities | 149 | (2,804) |
Net cash provided by operating activities | 91,123 | 47,418 |
Cash flows from investing activities | ||
Purchases of marketable securities | (396,104) | (725,120) |
Proceeds from maturities of marketable securities | 591,500 | 693,300 |
Proceeds from sales of marketable securities | 324,098 | 0 |
Capitalized software development costs | (12,087) | (12,318) |
Purchases of property and equipment | (976) | (2,829) |
Net cash provided by (used in) investing activities | 506,431 | (46,967) |
Cash flows from financing activities | ||
Proceeds from issuance of convertible senior notes, net of issuance costs | 662,641 | 0 |
Partial repurchase of convertible senior notes | (848,519) | 0 |
Purchase of capped calls related to convertible senior notes | (59,738) | 0 |
Principal payments under finance lease obligations | (516) | (485) |
Proceeds from exercises of stock options | 2,638 | 11,920 |
Proceeds from employee stock purchase plan | 4,249 | 5,291 |
Acquisition of common stock for tax withholding obligations | (12,384) | (13,422) |
Net cash provided by (used in) financing activities | (251,629) | 3,304 |
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | (421) | (207) |
Net increase in cash, cash equivalents, and restricted cash | 345,504 | 3,548 |
Cash, cash equivalents, and restricted cash, beginning of period | 271,363 | 201,207 |
Cash, cash equivalents, and restricted cash, end of period | 616,867 | 204,755 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Cash and cash equivalents at end of period | 616,629 | 204,514 |
Restricted cash included within other assets at end of period | 238 | 241 |
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows | 616,867 | 204,755 |
Non-cash financing and investing activities | ||
Stock-based compensation capitalized for software development | 2,079 | 1,818 |
Capitalized software development costs included in accounts payable and accrued expenses and other current liabilities at end of period | 1,166 | 927 |
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities at end of period | 140 | 108 |
Leasehold improvements paid directly by landlord | 0 | 271 |
Debt issuance costs included in accounts payable and accrued expenses at end of period | $ 663 | $ 0 |
The Company
The Company | 6 Months Ended |
Jun. 30, 2024 | |
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 critical processes, including financial close, intercompany, invoice-to-cash, and consolidation. 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.” The Company is headquartered in Woodland Hills, California. The Company has other local offices in Pleasanton, California; New York, New York; and Westport, Connecticut, as well as 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024. 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, 2023 was derived from audited financial statements, but does not include all disclosures required by GAAP. The operating results for the quarter and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. 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 0.125% Convertible Senior Notes due in 2024, 0.00% Convertible Senior Notes due in 2026, and 1.00% Convertible Senior Notes due in 2029, 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 June 30, 2024 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 six months ended June 30, 2024, 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, 2023. 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, 2023. Recently-issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This standard expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. For public business entities, it is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) , Improvements to Income Tax Disclosures , which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, it is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2024 | |
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 BlackLine K.K. that is focused on the sale of the Company's products in Japan. The Company initially contributed approximately $4.5 million in cash in exchange for 51% of the outstanding common stock of BlackLine K.K. and subsequently invested a further $2.3 million, maintaining 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. Activity in the redeemable non-controlling interest was as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 33,900 $ 29,152 $ 30,063 $ 23,895 Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) 524 320 962 405 Foreign currency translation (101) (81) (205) (101) Adjustment to redeemable non-controlling interest (2,255) (3,103) 1,248 2,089 Balance at end of period $ 32,068 $ 26,288 $ 32,068 $ 26,288 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (73,667) 63,701 Customer relationships 26,779 (22,808) 3,971 Defensive patent 2,333 (1,340) 993 $ 182,457 $ (113,792) $ 68,665 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (66,900) 70,468 Customer relationships 26,779 (19,342) 7,437 Defensive patent 2,333 (1,182) 1,151 $ 182,457 $ (103,401) $ 79,056 The following table represents the changes in goodwill (in thousands): Balance at December 31, 2023 $ 448,965 Additions from acquisitions — Balance at June 30, 2024 $ 448,965 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 275,644 $ — $ (109) $ 275,535 Commercial paper 110,178 — (2) 110,176 U.S. government agencies 42,795 — (45) 42,750 $ 428,617 $ — $ (156) $ 428,461 December 31, 2023 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 523,344 $ 737 $ (107) $ 523,974 Commercial paper 241,428 1 — 241,429 U.S. government agencies 168,078 2 (128) 167,952 $ 932,850 $ 740 $ (235) $ 933,355 The Company’s marketable securities as of June 30, 2024 have a contractual maturity of less than two 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): June 30, 2024 Amortized Cost Fair Value Maturing within 1 year $ 416,618 $ 416,475 Maturing between 1 and 2 years 11,999 11,986 $ 428,617 $ 428,461 Refer to “Note 6 - Fair Value Measurements” for additional information. The Company recognized accretion on its marketable securities in interest income, and also recognized net gains and losses related to maturities of marketable securities that were reclassified from accumulated other comprehensive loss in interest income, which totaled $6.7 million and $15.3 million for the quarter and six months ended June 30, 2024, and $8.3 million and $15.8 million for the quarter and six months ended June 30, 2023, respectively. Net gains and losses are determined using the specific identification method. During the quarters and six months ended June 30, 2024 and 2023, there were nominal realized gains and 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 $308.7 million and $286.6 million, and unrealized losses of $0.2 million and $0.2 million, at June 30, 2024 and December 31, 2023, respectively. There were no marketable securities in a continuous loss position for greater than 12 months at June 30, 2024 and December 31, 2023, 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 June 30, 2024 or December 31, 2023. Other Assets Deferred customer contract acquisition costs are included in other assets in the accompanying condensed consolidated balance sheets and totaled $87.1 million and $89.9 million at June 30, 2024 and December 31, 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities were comprised of the following (in thousands): June 30, December 31, Accrued salaries and employee benefits $ 27,468 $ 33,344 Accrued income and other taxes payable 9,942 9,408 Accrued restructuring costs 796 1,569 Other accrued expenses and current liabilities 13,718 15,369 $ 51,924 $ 59,690 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents U.S. treasury securities $ 105,687 $ — $ — $ 105,687 Money market funds 437,369 — — 437,369 Commercial paper — — — — Marketable securities U.S. treasury securities 275,535 — — 275,535 Commercial paper — 110,176 — 110,176 U.S. government agencies — 42,750 — 42,750 Total assets $ 818,591 $ 152,926 $ — $ 971,517 Liabilities Contingent consideration $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 148,298 $ — $ — $ 148,298 Commercial paper — 38,926 — 38,926 U.S. government agencies — 19,987 — 19,987 Marketable securities U.S. treasury securities 523,974 — — 523,974 Commercial paper — 241,429 — 241,429 U.S. government agencies — 167,952 — 167,952 Total assets $ 672,272 $ 468,294 $ — $ 1,140,566 Liabilities Contingent consideration $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — The following table summarizes the changes in the contingent consideration liability (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning fair value $ — $ 44,655 $ — $ 41,549 Additions in the period — — — — Change in fair value — (25,535) — (22,429) Ending fair value $ — $ 19,120 $ — $ 19,120 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 acquisition of FourQ Systems, Inc. (“FourQ”) 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. At June 30, 2024, the related liability for the FourQ Acquisition was zero. Increases and decreases in the fair value of contingent consideration are recorded as expense or reversals of expense, respectively, within general and administrative expenses in the unaudited condensed consolidated statements of operations. |
Convertible Senior Notes
Convertible Senior Notes | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes 2024 Notes As of June 30, 2024, the Company had $250.0 million aggregate principal amount of our 0.125% Convertible Senior Notes due in 2024 (the “2024 Notes”) outstanding. On August 1, 2024, the scheduled maturity date of the 2024 Notes, the Company repaid the total outstanding $250.0 million aggregate principal amount of the 2024 Notes with cash on hand. Refer to Note 15 - “Subsequent Events,” for further discussion on the repayment. As of June 30, 2024, the 2024 Notes consisted of the following (in thousands): June 30, December 31, Liability: Principal $ 250,000 $ 250,000 Unamortized debt issuance costs (112) (767) Net carrying amount (1) $ 249,888 $ 249,233 (1) Net carrying amount as of June 30, 2024 presented within total current liabilities on the condensed consolidated balance sheet. The effective interest rate of the 2024 Notes, excluding the conversion option, was 0.65%. The Company carried 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 June 30, 2024, was approximately $226.9 million, which represents a Level 2 valuation. During the quarter ended June 30, 2024, 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 June 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 six months ended June 30, 2024, the Company recognized $0.7 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense. During the six months ended June 30, 2023, the Company recognized $0.6 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense. The 2024 Notes were convertible at June 30, 2024 and remained convertible until the close of business on the second scheduled trading day immediately preceding the maturity date. 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, 2023, and the 2024 Capped Calls were still outstanding as of June 30, 2024. 2026 Notes In connection with the issuance of the 2029 convertible senior notes in May 2024 (see “2029 Notes” below), the Company used approximately $662.6 million of the net proceeds from the offering of the 2029 Notes, as well as liquid investments on hand of $185.9 million to repurchase $919.8 million aggregate principal amount of the outstanding 2026 Notes (the “2026 Notes”). The difference between the consideration paid and the carrying value of the repurchased 2026 Notes, inclusive of any unamortized debt issuance costs, was recognized as a gain on extinguishment of $65.1 million in other income in the unaudited condensed consolidated statement of operations for the quarter and six months ended June 30, 2024. As of June 30, 2024, the Company had $230.2 million aggregate principal amount of our 0.00% 2026 Notes outstanding. The 2026 Notes consisted of the following (in thousands): June 30, December 31, Liability: Principal $ 230,196 $ 1,150,000 Unamortized debt issuance costs (1,457) (9,392) Net carrying amount $ 228,739 $ 1,140,608 The effective interest rate of the 2026 Notes, excluding the conversion option, was 0.37%. 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 June 30, 2024, was approximately $210.8 million, which represents a Level 2 valuation. During the quarter and six months ended June 30, 2024 the Company recognized interest expense related to the amortization of debt issuance costs of $0.7 million and $1.8 million, respectively. During the quarter and six months ended June 30, 2023, the Company recognized interest expense related to the amortization of debt issuance costs of $1.1 million and $2.1 million, respectively. The 2026 Notes were not convertible at June 30, 2024. 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, cash, or a combination for any further value. In connection with the offering of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “2026 Capped Calls”). Apart from the partial extinguishment, there have been no changes to the condition of the 2026 Notes since December 31, 2023, and the 2026 Capped Calls were unchanged and still outstanding as of June 30, 2024. 2029 Notes On May 24, 2024 and June 5, 2024, the Company issued $600.0 million aggregate principal amount, and additional aggregate principal amount in connection with the initial purchasers’ option of $75.0 million, respectively, of 1.00% Convertible Senior Notes due 2029 (the “2029 Notes” and, together with the 2024 Notes and the 2026 Notes, the “Notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). The 2029 Notes were sold to the initial purchasers pursuant to an exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act. The 2029 Notes were issued pursuant to an indenture (the “2029 Indenture”), by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Interest on the 2029 Notes is payable semi-annually in cash at a rate of 1.00% per annum on June 1 and December 1 of each year, beginning on December 1, 2024. The 2029 Notes will mature on June 1, 2029, unless redeemed, repurchased, or converted prior to such date in accordance with their terms. The initial conversion rate of the 2029 Notes is 14.6047 shares of common stock per $1,000 principal amount of the 2029 Notes, equivalent to an initial conversion price of approximately $68.47 per share of common stock. The conversion rate is subject to adjustment for certain events. Upon conversion, the Company will pay, or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. It is the Company’s current intent to settle conversions of the 2029 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, cash, or a combination for any further value. Prior to the close of business on the business day immediately preceding March 1, 2029, the 2029 Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024, and only during such calendar quarter, if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) in a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the 2029 Notes on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the 2029 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events set forth in the 2029 Indenture. If the Company undergoes a fundamental change, as described in the 2029 Indenture, prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The 2029 Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of current or future subsidiaries of the Company. The 2029 Indenture contains customary events of default with respect to the 2029 Notes and provides that upon certain events of default occurring and continuing, the Trustee may, and the Trustee at the request of holders of at least 25% in principal amount of the 2029 Notes shall, declare all principal and accrued and unpaid interest, if any, of the 2029 Notes to be due and payable. In case of certain events of bankruptcy, insolvency or reorganization, involving the Company, all of the principal of, and accrued and unpaid interest on the 2029 Notes will automatically become due and payable. The 2029 Notes consisted of the following (in thousands): June 30, December 31, Liability: Principal $ 675,000 $ — Unamortized debt issuance costs (12,760) — Net carrying amount $ 662,240 $ — The effective interest rate of the 2029 Notes, excluding the conversion option, was 1.40%. The Company carries the 2029 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 2029 Notes in an over-the-counter market on the last trading day of the period. The estimated fair value of the 2029 Notes, based on a market approach at June 30, 2024, was approximately $653.2 million, which represents a Level 2 valuation. During the quarter and six months ended June 30, 2024 the Company recognized $0.3 million and $0.7 million of coupon interest expense related to the amortization of debt issuance costs. The 2029 Notes were not convertible at June 30, 2024. In connection with the offering of the 2029 Notes, the Company entered into capped call transactions (the “2029 Capped Calls” and together with the 2024 and 2026 Capped Calls, the “Capped Calls”) with certain counterparties at a cost of approximately $59.7 million, which was recorded as a reduction of the Company’s additional paid-in capital in the accompanying unaudited condensed consolidated financial statements. Under the 2029 Capped Calls, the Company purchased capped call options that initially cover in the aggregate the total number of shares of the Company’s common stock that initially underlie the 2029 Notes, with an exercise price equal to the initial conversion price of the 2029 Notes, and a cap price of $92.17 per share of common stock, subject to certain adjustments under the terms of the 2029 Capped Calls. By entering into the 2029 Capped Calls, the Company expects to reduce the potential dilution to its common stock upon any conversion of the 2029 Notes (or, in the event a conversion of the 2029 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2029 Notes, the market value per share of its common stock exceeds the conversion price of the 2029 Notes, with such reduction subject to the cap price. The cost of the 2029 Capped Calls is not expected to be tax deductible as the Company did not elect to integrate the 2029 Capped Calls into the 2029 Notes for tax purposes. |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs 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 six months ended June 30, 2024 (in thousands): Quarter Ended June 30, 2024 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of March 31, 2024 $ 624 $ 3 $ 627 Restructuring charges 928 — 928 Cash payments and adjustments (756) (3) (759) Accrual balance as of June 30, 2024 $ 796 $ — $ 796 Six Months Ended June 30, 2024 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of December, 31, 2023 $ 1,562 $ 7 $ 1,569 Restructuring charges 1,372 — 1,372 Cash payments and adjustments (2,138) (7) (2,145) Accrual balance as of June 30, 2024 $ 796 $ — $ 796 All plan adjustments were changes in estimates whereby increases and decreases in charges were generally recorded to operating expenses in the periods of adjustments. As of June 30, 2024, the Company incurred cumulative costs of $11.2 million and $5.0 million related to the fiscal 2023 restructuring program and fiscal 2022 restructuring program, respectively. The Company does not anticipate incurring material additional expenses. |
Equity Awards
Equity Awards | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock-based compensation expense Stock-based compensation expense was as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenues $ 2,973 $ 2,770 $ 4,935 $ 5,122 Sales and marketing 6,629 6,182 12,423 12,665 Research and development 3,499 3,708 6,350 7,532 General and administrative 9,625 7,288 17,580 15,067 $ 22,726 $ 19,948 $ 41,288 $ 40,386 For the quarters ended June 30, 2024 and 2023, stock-based compensation capitalized as an asset was $1.2 million and $1.0 million, respectively. For the six months ended June 30, 2024 and 2023, stock-based compensation capitalized as an asset was $2.1 million and $1.8 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, 2023 1,693 Granted — Exercised (131) Forfeited/canceled (60) Outstanding at June 30, 2024 1,502 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, 2023 2,208 Granted 1,603 Vested (597) Forfeited/canceled (207) Nonvested at June 30, 2024 3,007 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, 2023 113 Granted 206 Performance adjustment (62) Vested (51) Forfeited/canceled (8) Nonvested at June 30, 2024 198 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, 2023 235 Granted 147 Accounting grant dates established (133) Vested — Forfeited/canceled (5) Nonvested at June 30, 2024 244 Restricted stock units - market and service conditions The following table summarizes activity for restricted stock units with market and service-based conditions (in thousands): Nonvested at December 31, 2023 — Granted 202 Vested — Forfeited/canceled — Nonvested at June 30, 2024 202 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and 2023, the Company recorded $4.3 million and $0.9 million in income tax expense, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded $5.2 million and $1.6 million in income tax expense, respectively. The increase in income tax expense for both the quarter and six months ended June 30, 2024 compared to the quarter and six months ended June 30, 2023, resulted primarily from $3.0 million tax expense associated with the gain on the partial extinguishment of the 2026 Notes, along with changes in the mix of profitable foreign jurisdictions. For purposes of calculating its income tax attributed to continuing operations, the Company continued to maintain a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets will not be realized. However, given the Company's recent earnings, the Company believes that there is a reasonable possibility that, in the near term, sufficient positive evidence may become available that supports the release of a portion of the Company's valuation allowance, which would result in the recognition of certain U.S. deferred tax assets and a decrease to income tax expense for the period in which the release is recorded. The exact timing and amount of the valuation allowance release would be subject to change based on the level of profitability that the Company can achieve. |
Net Income per Share
Net Income per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Net Income per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic net income per share Numerator: Net income attributable to BlackLine, Inc. $ 76,690 $ 30,849 $ 87,519 $ 18,841 Denominator: Weighted average shares 61,979 60,700 61,811 60,445 Basic net income per share attributable to BlackLine, Inc. $ 1.24 $ 0.51 $ 1.42 $ 0.31 Diluted net income per share Numerator: Net income attributable to BlackLine, Inc. $ 76,690 $ 30,849 $ 87,519 $ 18,841 Interest expense, net of taxes 1,707 1,458 3,101 2,897 Gain on extinguishment of convertible senior notes, net of taxes (62,147) — (62,147) — Net income attributable to BlackLine, Inc. for diluted calculation $ 16,250 $ 32,307 $ 28,473 $ 21,738 Denominator: Weighted average shares 61,979 60,700 61,811 60,445 Dilutive effect of securities 635 777 781 1,032 Dilutive effect of convertible senior notes 9,908 10,324 10,116 10,324 Shares used to calculate diluted net income per share 72,522 71,801 72,708 71,801 Diluted net income per share attributable to BlackLine, Inc. $ 0.22 $ 0.45 $ 0.39 $ 0.30 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options - service-only vesting conditions 511 695 350 1,532 Restricted stock units - service-only vesting conditions 2,478 2,330 1,926 2,335 Restricted stock units - performance and service conditions 64 — 36 32 Restricted stock units - market and service conditions 181 — 103 — Restricted stock units - performance, market, and service conditions — 139 — 147 Total shares excluded from net income per share 3,234 3,164 2,415 4,046 For the quarter and six months ended June 30, 2024, the Capped Calls impact the number of shares that may be issued, up to approximately 4.7 million shares, 2.0 million shares, and 12.8 million for the 2024 Notes, 2026 Notes, and 2029 Notes, respectively, if certain corporate events occur prior to the maturity dates or if the Company issues a notice of redemption. For the quarter and six months ended June 30, 2023, the Capped Calls impact the number of shares that may be issued, up to approximately 4.7 million shares and 9.9 million shares for the 2024 Notes and 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Unearned Revenue And Performance Obligations [Abstract] | |
Unearned Revenue and Performance Obligations | Unearned Revenue and Performance Obligations Revenue totaling $217.5 million and $195.2 million was recognized during the six months ended June 30, 2024 and 2023, respectively, that was previously included in the deferred revenue balance at December 31, 2023 and 2022, respectively. Contracted but unrecognized revenue was $847.8 million at June 30, 2024, of which the Company expects to recognize approximately 57% over the next 12 months and the remainder thereafter. |
Geographic Information
Geographic Information | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 112,836 $ 104,052 $ 224,243 $ 204,064 International 47,670 40,522 93,724 79,494 $ 160,506 $ 144,574 $ 317,967 $ 283,558 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn August 1, 2024, the Company repaid the total outstanding $250.0 million aggregate principal amount and related $0.2 million of accrued interest pursuant to the terms of the 2024 Notes with existing cash on hand. Upon repayment, the 2024 Capped Calls expired. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to BlackLine, Inc. | $ 76,690 | $ 30,849 | $ 87,519 | $ 18,841 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation, Signif_2
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 0.125% Convertible Senior Notes due in 2024, 0.00% Convertible Senior Notes due in 2026, and 1.00% Convertible Senior Notes due in 2029, 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 June 30, 2024 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 six months ended June 30, 2024, 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, 2023. Recently-issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This standard expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. For public business entities, it is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) , Improvements to Income Tax Disclosures , which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, it is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. |
Redeemable Non-Controlling In_2
Redeemable Non-Controlling Interest (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Redeemable Non-Controlling Interest | Activity in the redeemable non-controlling interest was as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 33,900 $ 29,152 $ 30,063 $ 23,895 Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) 524 320 962 405 Foreign currency translation (101) (81) (205) (101) Adjustment to redeemable non-controlling interest (2,255) (3,103) 1,248 2,089 Balance at end of period $ 32,068 $ 26,288 $ 32,068 $ 26,288 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Intangible Assets | The carrying value of intangible assets was as follows (in thousands): June 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (73,667) 63,701 Customer relationships 26,779 (22,808) 3,971 Defensive patent 2,333 (1,340) 993 $ 182,457 $ (113,792) $ 68,665 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 15,977 $ (15,977) $ — Developed technology 137,368 (66,900) 70,468 Customer relationships 26,779 (19,342) 7,437 Defensive patent 2,333 (1,182) 1,151 $ 182,457 $ (103,401) $ 79,056 |
Schedule of Changes in Goodwill | The following table represents the changes in goodwill (in thousands): Balance at December 31, 2023 $ 448,965 Additions from acquisitions — Balance at June 30, 2024 $ 448,965 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 275,644 $ — $ (109) $ 275,535 Commercial paper 110,178 — (2) 110,176 U.S. government agencies 42,795 — (45) 42,750 $ 428,617 $ — $ (156) $ 428,461 December 31, 2023 Amortized Gross Gross Fair Value Marketable securities U.S. treasury securities $ 523,344 $ 737 $ (107) $ 523,974 Commercial paper 241,428 1 — 241,429 U.S. government agencies 168,078 2 (128) 167,952 $ 932,850 $ 740 $ (235) $ 933,355 |
Schedule of 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): June 30, 2024 Amortized Cost Fair Value Maturing within 1 year $ 416,618 $ 416,475 Maturing between 1 and 2 years 11,999 11,986 $ 428,617 $ 428,461 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities were comprised of the following (in thousands): June 30, December 31, Accrued salaries and employee benefits $ 27,468 $ 33,344 Accrued income and other taxes payable 9,942 9,408 Accrued restructuring costs 796 1,569 Other accrued expenses and current liabilities 13,718 15,369 $ 51,924 $ 59,690 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule 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): June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents U.S. treasury securities $ 105,687 $ — $ — $ 105,687 Money market funds 437,369 — — 437,369 Commercial paper — — — — Marketable securities U.S. treasury securities 275,535 — — 275,535 Commercial paper — 110,176 — 110,176 U.S. government agencies — 42,750 — 42,750 Total assets $ 818,591 $ 152,926 $ — $ 971,517 Liabilities Contingent consideration $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 148,298 $ — $ — $ 148,298 Commercial paper — 38,926 — 38,926 U.S. government agencies — 19,987 — 19,987 Marketable securities U.S. treasury securities 523,974 — — 523,974 Commercial paper — 241,429 — 241,429 U.S. government agencies — 167,952 — 167,952 Total assets $ 672,272 $ 468,294 $ — $ 1,140,566 Liabilities Contingent consideration $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — |
Schedule 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning fair value $ — $ 44,655 $ — $ 41,549 Additions in the period — — — — Change in fair value — (25,535) — (22,429) Ending fair value $ — $ 19,120 $ — $ 19,120 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Notes | As of June 30, 2024, the 2024 Notes consisted of the following (in thousands): June 30, December 31, Liability: Principal $ 250,000 $ 250,000 Unamortized debt issuance costs (112) (767) Net carrying amount (1) $ 249,888 $ 249,233 (1) Net carrying amount as of June 30, 2024 presented within total current liabilities on the condensed consolidated balance sheet. June 30, December 31, Liability: Principal $ 230,196 $ 1,150,000 Unamortized debt issuance costs (1,457) (9,392) Net carrying amount $ 228,739 $ 1,140,608 The 2029 Notes consisted of the following (in thousands): June 30, December 31, Liability: Principal $ 675,000 $ — Unamortized debt issuance costs (12,760) — Net carrying amount $ 662,240 $ — |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of 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 six months ended June 30, 2024 (in thousands): Quarter Ended June 30, 2024 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of March 31, 2024 $ 624 $ 3 $ 627 Restructuring charges 928 — 928 Cash payments and adjustments (756) (3) (759) Accrual balance as of June 30, 2024 $ 796 $ — $ 796 Six Months Ended June 30, 2024 Restructuring Program Fiscal 2023 Fiscal 2022 Total Accrual balance as of December, 31, 2023 $ 1,562 $ 7 $ 1,569 Restructuring charges 1,372 — 1,372 Cash payments and adjustments (2,138) (7) (2,145) Accrual balance as of June 30, 2024 $ 796 $ — $ 796 |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenues $ 2,973 $ 2,770 $ 4,935 $ 5,122 Sales and marketing 6,629 6,182 12,423 12,665 Research and development 3,499 3,708 6,350 7,532 General and administrative 9,625 7,288 17,580 15,067 $ 22,726 $ 19,948 $ 41,288 $ 40,386 |
Schedule of Stock Options Activity | The following table summarizes activity for awards that contain service-only vesting conditions (in thousands): Outstanding at December 31, 2023 1,693 Granted — Exercised (131) Forfeited/canceled (60) Outstanding at June 30, 2024 1,502 |
Schedule 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, 2023 2,208 Granted 1,603 Vested (597) Forfeited/canceled (207) Nonvested at June 30, 2024 3,007 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, 2023 113 Granted 206 Performance adjustment (62) Vested (51) Forfeited/canceled (8) Nonvested at June 30, 2024 198 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, 2023 235 Granted 147 Accounting grant dates established (133) Vested — Forfeited/canceled (5) Nonvested at June 30, 2024 244 The following table summarizes activity for restricted stock units with market and service-based conditions (in thousands): Nonvested at December 31, 2023 — Granted 202 Vested — Forfeited/canceled — Nonvested at June 30, 2024 202 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Income (Loss) per Share | The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic net income per share Numerator: Net income attributable to BlackLine, Inc. $ 76,690 $ 30,849 $ 87,519 $ 18,841 Denominator: Weighted average shares 61,979 60,700 61,811 60,445 Basic net income per share attributable to BlackLine, Inc. $ 1.24 $ 0.51 $ 1.42 $ 0.31 Diluted net income per share Numerator: Net income attributable to BlackLine, Inc. $ 76,690 $ 30,849 $ 87,519 $ 18,841 Interest expense, net of taxes 1,707 1,458 3,101 2,897 Gain on extinguishment of convertible senior notes, net of taxes (62,147) — (62,147) — Net income attributable to BlackLine, Inc. for diluted calculation $ 16,250 $ 32,307 $ 28,473 $ 21,738 Denominator: Weighted average shares 61,979 60,700 61,811 60,445 Dilutive effect of securities 635 777 781 1,032 Dilutive effect of convertible senior notes 9,908 10,324 10,116 10,324 Shares used to calculate diluted net income per share 72,522 71,801 72,708 71,801 Diluted net income per share attributable to BlackLine, Inc. $ 0.22 $ 0.45 $ 0.39 $ 0.30 |
Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted per Share | 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options - service-only vesting conditions 511 695 350 1,532 Restricted stock units - service-only vesting conditions 2,478 2,330 1,926 2,335 Restricted stock units - performance and service conditions 64 — 36 32 Restricted stock units - market and service conditions 181 — 103 — Restricted stock units - performance, market, and service conditions — 139 — 147 Total shares excluded from net income per share 3,234 3,164 2,415 4,046 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 112,836 $ 104,052 $ 224,243 $ 204,064 International 47,670 40,522 93,724 79,494 $ 160,506 $ 144,574 $ 317,967 $ 283,558 |
Basis of Presentation, Signif_3
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Details) | Jun. 30, 2024 |
Convertible Senior Notes due 2024 | |
Debt Instrument [Line Items] | |
Convertible senior notes stated rate (as a percent) | 0.125% |
Convertible Senior Notes due 2026 | |
Debt Instrument [Line Items] | |
Convertible senior notes stated rate (as a percent) | 0% |
Convertible Senior Notes Due 2029 | |
Debt Instrument [Line Items] | |
Convertible senior notes stated rate (as a percent) | 1% |
Redeemable Non-Controlling In_3
Redeemable Non-Controlling Interest - Additional Information (Details) - BlackLine K.K. - BlackLine K.K. - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2021 | Oct. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Business combination, contribution | $ 4.5 | |
Business combination, outstanding common stock (as a percent) | 51% | 51% |
Business combination, further investment by parent | $ 2.3 |
Redeemable Non-Controlling In_4
Redeemable Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Redeemable Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 33,900 | $ 29,152 | $ 30,063 | $ 23,895 |
Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) | 524 | 320 | 962 | 405 |
Foreign currency translation | (101) | (81) | (205) | (101) |
Adjustment to redeemable non-controlling interest | (2,255) | (3,103) | 1,248 | 2,089 |
Balance at end of period | $ 32,068 | $ 26,288 | $ 32,068 | $ 26,288 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 182,457 | $ 182,457 |
Accumulated Amortization | (113,792) | (103,401) |
Net Carrying Amount | 68,665 | 79,056 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15,977 | 15,977 |
Accumulated Amortization | (15,977) | (15,977) |
Net Carrying Amount | 0 | 0 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 137,368 | 137,368 |
Accumulated Amortization | (73,667) | (66,900) |
Net Carrying Amount | 63,701 | 70,468 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,779 | 26,779 |
Accumulated Amortization | (22,808) | (19,342) |
Net Carrying Amount | 3,971 | 7,437 |
Defensive patent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,333 | 2,333 |
Accumulated Amortization | (1,340) | (1,182) |
Net Carrying Amount | $ 993 | $ 1,151 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance beginning | $ 448,965 |
Additions from acquisitions | 0 |
Balance ending | $ 448,965 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 428,617 | $ 932,850 |
Gross Unrealized Gains | 0 | 740 |
Gross Unrealized Losses | (156) | (235) |
Fair Value | 428,461 | 933,355 |
U.S. treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 275,644 | 523,344 |
Gross Unrealized Gains | 0 | 737 |
Gross Unrealized Losses | (109) | (107) |
Fair Value | 275,535 | 523,974 |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 110,178 | 241,428 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (2) | 0 |
Fair Value | 110,176 | 241,429 |
U.S. government agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 42,795 | 168,078 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (45) | (128) |
Fair Value | $ 42,750 | $ 167,952 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Fair Values of Available-for-Sale Securities, by Remaining Contractual Maturity (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Amortized Cost | |
Maturing within 1 year | $ 416,618 |
Maturing between 1 and 2 years | 11,999 |
Amortized cost | 428,617 |
Fair Value | |
Maturing within 1 year | 416,475 |
Maturing between 1 and 2 years | 11,986 |
Fair Value | $ 428,461 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) marketableSecurity | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) marketableSecurity | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) marketableSecurity | |
Balance Sheet Related Disclosures [Abstract] | |||||
Net gains (losses) on maturities of marketable securities | $ 6,700,000 | $ 8,300,000 | $ 15,300,000 | $ 15,800,000 | |
Securities in continuous loss position, less than 12 months, estimated fair value | 308,700,000 | 308,700,000 | $ 286,600,000 | ||
Securities in continuous loss position, less than 12 months, unrealized losses | $ 200,000 | $ 200,000 | $ 200,000 | ||
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 | $ 87,100,000 | $ 87,100,000 | $ 89,900,000 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued salaries and employee benefits | $ 27,468 | $ 33,344 |
Accrued income and other taxes payable | 9,942 | 9,408 |
Accrued restructuring costs | 796 | 1,569 |
Other accrued expenses and current liabilities | 13,718 | 15,369 |
Accrued expenses and other current liabilities | $ 51,924 | $ 59,690 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 971,517 | $ 1,140,566 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 105,687 | |
Marketable securities | 275,535 | 523,974 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 437,369 | 148,298 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 38,926 |
Marketable securities | 110,176 | 241,429 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 19,987 | |
Marketable securities | 42,750 | 167,952 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 818,591 | 672,272 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 105,687 | |
Marketable securities | 275,535 | 523,974 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 437,369 | 148,298 |
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. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 152,926 | 468,294 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 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 | 0 | 38,926 |
Marketable securities | 110,176 | 241,429 |
Level 2 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 19,987 | |
Marketable securities | 42,750 | 167,952 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
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. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Changes in Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning fair value | $ 0 | $ 44,655 | $ 0 | $ 41,549 |
Additions in the period | 0 | 0 | 0 | 0 |
Change in fair value | 0 | (25,535) | 0 | (22,429) |
Ending fair value | $ 0 | $ 19,120 | $ 0 | $ 19,120 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - FourQ Systems, Inc. | Jun. 30, 2024 USD ($) | Jan. 26, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maximum contingent consideration to be distributed | $ 73,200,000 | |
Contingent consideration | $ 0 | |
Measurement Input, Expected Term | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input (in years) | 3 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
May 24, 2024 USD ($) day $ / shares | May 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Aug. 01, 2024 USD ($) | Jun. 05, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | $ 2,679 | $ 2,741 | |||||||
Liquid investments on hand used to repurchase senior notes | 324,098 | 0 | |||||||
Gain on extinguishment of convertible senior notes | $ 65,112 | $ 0 | $ 65,112 | 0 | |||||
Convertible Senior Notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible senior notes stated rate (as a percent) | 0.125% | 0.125% | |||||||
Convertible Senior Notes due 2024 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 250,000 | $ 250,000 | $ 250,000 | ||||||
Convertible senior notes stated rate (as a percent) | 0.125% | 0.125% | |||||||
Effective interest rate (as a percent) | 0.65% | 0.65% | |||||||
Amortization of debt issuance costs | $ 300 | 300 | $ 700 | 600 | |||||
Coupon interest expense | 100 | 100 | 200 | 200 | |||||
Convertible Senior Notes due 2024 | Senior Notes | Level 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Estimated fair value of convertible senior notes | $ 226,900 | $ 226,900 | |||||||
Convertible Senior Notes due 2024 | Senior Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate repurchase principal amount | $ 250,000 | ||||||||
Convertible Senior Notes Due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible senior notes stated rate (as a percent) | 1% | 1% | |||||||
Coupon interest expense | $ 300 | $ 700 | |||||||
Purchase of capped calls | $ 59,700 | ||||||||
Cap price per share (in usd per share) | $ / shares | $ 92.17 | ||||||||
Convertible Senior Notes Due 2029 | Level 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Estimated fair value of convertible senior notes | 653,200 | 653,200 | |||||||
Convertible Senior Notes Due 2029 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | 675,000 | 675,000 | 0 | ||||||
Convertible senior notes stated rate (as a percent) | 1% | ||||||||
Effective interest rate (as a percent) | 1.40% | ||||||||
Proceeds from senior notes offering | $ 662,600 | ||||||||
Aggregate principal | $ 600,000 | ||||||||
Option to purchase principal amount | $ 75,000 | ||||||||
Conversion rate | 0.0146047 | ||||||||
Conversion price (in usd per share) | $ / shares | $ 68.47 | ||||||||
Debt repurchase amount percentage prior to maturity | 100% | ||||||||
Percentage of principal amount of notes declared as accrued based on certain customary events of default | 25% | ||||||||
Convertible Senior Notes Due 2029 | Senior Notes | Condition One | |||||||||
Debt Instrument [Line Items] | |||||||||
Trading days | day | 20 | ||||||||
Consecutive trading days | day | 30 | ||||||||
Conversion price, threshold percentage | 130% | ||||||||
Convertible Senior Notes Due 2029 | Senior Notes | Condition Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Consecutive trading days | day | 5 | ||||||||
Conversion price, threshold percentage | 98% | ||||||||
Business day | day | 5 | ||||||||
Convertible Senior Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 230,200 | $ 230,200 | |||||||
Convertible senior notes stated rate (as a percent) | 0% | 0% | |||||||
Effective interest rate (as a percent) | 0.37% | 0.37% | |||||||
Convertible Senior Notes due 2026 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 230,196 | $ 230,196 | $ 1,150,000 | ||||||
Aggregate repurchase principal amount | 919,800 | ||||||||
Amortization of debt issuance costs | 700 | $ 1,100 | 1,800 | $ 2,100 | |||||
Liquid investments on hand used to repurchase senior notes | $ 185,900 | ||||||||
Gain on extinguishment of convertible senior notes | 65,100 | 65,100 | |||||||
Convertible Senior Notes due 2026 | Senior Notes | Level 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Estimated fair value of convertible senior notes | $ 210,800 | $ 210,800 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Convertible Senior Notes due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal | $ 250,000 | $ 250,000 |
Unamortized debt issuance costs | (112) | (767) |
Net carrying amount | 249,888 | 249,233 |
Convertible Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Principal | 230,200 | |
Convertible Senior Notes due 2026 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal | 230,196 | 1,150,000 |
Unamortized debt issuance costs | (1,457) | (9,392) |
Net carrying amount | 228,739 | 1,140,608 |
Convertible Senior Notes Due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal | 675,000 | 0 |
Unamortized debt issuance costs | (12,760) | 0 |
Net carrying amount | $ 662,240 | $ 0 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 627 | $ 1,569 | ||
Restructuring charges | 928 | $ 135 | 1,372 | $ 1,149 |
Cash payments and adjustments | (759) | (2,145) | ||
Balance at end of period | 796 | 796 | ||
2023 Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 624 | 1,562 | ||
Restructuring charges | 928 | 1,372 | ||
Cash payments and adjustments | (756) | (2,138) | ||
Balance at end of period | 796 | 796 | ||
2022 Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 3 | 7 | ||
Restructuring charges | 0 | 0 | ||
Cash payments and adjustments | (3) | (7) | ||
Balance at end of period | $ 0 | $ 0 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
2023 Restructuring Program | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative restructuring cost incurred | $ 11.2 |
2022 Restructuring Program | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative restructuring cost incurred | $ 5 |
Equity Awards - Schedule of Sto
Equity Awards - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 22,726 | $ 19,948 | $ 41,288 | $ 40,386 |
Cost of revenues | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,973 | 2,770 | 4,935 | 5,122 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 6,629 | 6,182 | 12,423 | 12,665 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3,499 | 3,708 | 6,350 | 7,532 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 9,625 | $ 7,288 | $ 17,580 | $ 15,067 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation capitalized | $ 1.2 | $ 1 | $ 2.1 | $ 1.8 |
Equity Awards - Schedule of S_2
Equity Awards - Schedule of Stock Options Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning balance (in shares) | 1,693 |
Granted (in shares) | 0 |
Exercised (in shares) | (131) |
Forfeitures/canceled (in shares) | (60) |
Outstanding, ending balance (in shares) | 1,502 |
Equity Awards - Schedule of Res
Equity Awards - Schedule of Restricted Stock Units Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 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) | 2,208 |
Granted (in shares) | 1,603 |
Vested (in shares) | (597) |
Forfeited/canceled (in shares) | (207) |
Nonvested, ending balance (in shares) | 3,007 |
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) | 113 |
Granted (in shares) | 206 |
Performance adjustment (in shares) | (62) |
Vested (in shares) | (51) |
Forfeited/canceled (in shares) | (8) |
Nonvested, ending balance (in shares) | 198 |
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) | 235 |
Granted (in shares) | 147 |
Performance adjustment (in shares) | (133) |
Vested (in shares) | 0 |
Forfeited/canceled (in shares) | (5) |
Nonvested, ending balance (in shares) | 244 |
Restricted stock units - market 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) | 0 |
Granted (in shares) | 202 |
Vested (in shares) | 0 |
Forfeited/canceled (in shares) | 0 |
Nonvested, ending balance (in shares) | 202 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 4,337 | $ 926 | $ 5,206 | $ 1,554 |
Change in income tax expense | $ 3,000 | $ 3,000 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Basic and Diluted Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net income attributable to BlackLine, Inc. | $ 76,690 | $ 30,849 | $ 87,519 | $ 18,841 |
Denominator: | ||||
Weighted average shares (in shares) | 61,979 | 60,700 | 61,811 | 60,445 |
Basic net income per share attributable to BlackLine, Inc. (in usd per share) | $ 1.24 | $ 0.51 | $ 1.42 | $ 0.31 |
Numerator: | ||||
Net income attributable to BlackLine, Inc. | $ 76,690 | $ 30,849 | $ 87,519 | $ 18,841 |
Interest expense, net of taxes | 1,707 | 1,458 | 3,101 | 2,897 |
Gain on extinguishment of convertible senior notes, net of taxes | (62,147) | 0 | (62,147) | 0 |
Net income attributable to BlackLine, Inc. for diluted calculation (in usd per share) | $ 16,250 | $ 32,307 | $ 28,473 | $ 21,738 |
Denominator: | ||||
Weighted average shares (in shares) | 61,979 | 60,700 | 61,811 | 60,445 |
Dilutive effect of securities (in shares) | 635 | 777 | 781 | 1,032 |
Dilutive effect of convertible senior notes (in shares) | 9,908 | 10,324 | 10,116 | 10,324 |
Shares used to calculate diluted net income per share (in shares) | 72,522 | 71,801 | 72,708 | 71,801 |
Diluted net income per share attributable to BlackLine, Inc. (in usd per share) | $ 0.22 | $ 0.45 | $ 0.39 | $ 0.30 |
Net Income per Share - Schedu_2
Net Income per Share - Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 3,234 | 3,164 | 2,415 | 4,046 |
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) | 511 | 695 | 350 | 1,532 |
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) | 2,478 | 2,330 | 1,926 | 2,335 |
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) | 64 | 0 | 36 | 32 |
Restricted stock units - 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) | 181 | 0 | 103 | 0 |
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 | 139 | 0 | 147 |
Net Income per Share - Addition
Net Income per Share - Additional Information (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive shares excluded from net loss per share (in shares) | 3,234 | 3,164 | 2,415 | 4,046 |
Convertible Senior Notes due 2024 | Convertible Notes | 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 | 4,700 | 4,700 | 4,700 |
Convertible Senior Notes due 2026 | Convertible Notes | 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) | 2,000 | 9,900 | 2,000 | 9,900 |
Convertible Senior Notes Due 2029 | Convertible Notes | 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) | 12,800 | 12,800 |
Unearned Revenue and Performa_2
Unearned Revenue and Performance Obligations - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Unearned Revenue And Performance Obligations [Abstract] | ||
Deferred revenue recognized | $ 217.5 | $ 195.2 |
Contracted not recognized revenue | $ 847.8 |
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]: 2024-07-01 | Jun. 30, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contracted not recognized revenue, expects to recognize revenue over next 12 months | 57% |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Geographic Information - Schedu
Geographic Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 160,506 | $ 144,574 | $ 317,967 | $ 283,558 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 112,836 | 104,052 | 224,243 | 204,064 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 47,670 | $ 40,522 | $ 93,724 | $ 79,494 |
Subsequent Events (Details)
Subsequent Events (Details) - Convertible Senior Notes due 2024 - Senior Notes - Subsequent Event $ in Millions | Aug. 01, 2024 USD ($) |
Subsequent Event [Line Items] | |
Aggregate repurchase principal amount | $ 250 |
Repayment of accrued interest | $ 0.2 |