Cars.com (CARS) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Trading Symbol	CARS
Document Fiscal Period Focus	Q1
Entity Registrant Name	Cars.com Inc.
Entity Central Index Key	0001683606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37869
Entity Tax Identification Number	81-3693660
Entity Address, Address Line One	300 S. Riverside Plaza
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	601-5000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		67,144,823

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 187,344	$ 13,549
Accounts receivable, net	95,069	101,762
Prepaid expenses	8,092	6,526
Other current assets	782	603
Total current assets	291,287	122,440
Property and equipment, net	43,782	43,696
Goodwill	0	505,885
Intangible assets, net	904,221	1,329,499
Investments and other assets	16,634	26,471
Total assets	1,255,924	2,027,991
Current liabilities:
Accounts payable	17,626	12,431
Accrued compensation	9,056	16,738
Current portion of long-term debt	31,425	31,391
Other accrued liabilities	40,203	38,246
Total current liabilities	98,310	98,806
Noncurrent liabilities:
Long-term debt	763,361	611,277
Deferred tax liability	0	132,996
Other noncurrent liabilities	46,363	43,844
Total noncurrent liabilities	809,724	788,117
Total liabilities	908,034	886,923
Commitments and contingencies
Stockholders' equity:
Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Common Stock at par, $0.01 par value; 300,000 shares authorized; 66,961 and 66,764 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	670	668
Additional paid-in capital	1,516,174	1,515,109
Accumulated deficit	(1,154,501)	(367,067)
Accumulated other comprehensive loss	(14,453)	(7,642)
Total stockholders' equity	347,890	1,141,068
Total liabilities and stockholders' equity	$ 1,255,924	$ 2,027,991

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	66,961,000	66,764,000
Common stock, shares outstanding	66,961,000	66,764,000

Consolidated Statements of Loss

Consolidated Statements of Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Total revenue	$ 148,094	$ 154,198
Operating expenses:
Cost of revenue and operations	26,030	25,579
Product and technology	14,873	17,863
Marketing and sales	54,922	60,343
General and administrative	14,117	23,888
Affiliate revenue share	6,369	2,454
Depreciation and amortization	30,961	28,125
Goodwill and intangible asset impairment	905,885	0
Total operating expenses	1,053,157	158,252
Operating loss	(905,063)	(4,054)
Nonoperating expense:
Interest expense, net	(7,526)	(7,566)
Other (expense) income, net	(9,501)	119
Total nonoperating expense, net	(17,027)	(7,447)
Loss before income taxes	(922,090)	(11,501)
Income tax benefit	(134,656)	(2,470)
Net loss	$ (787,434)	$ (9,031)
Weighted-average common shares outstanding:
Basic	66,938	67,584
Diluted	66,938	67,584
Loss per share:
Basic	$ (11.76)	$ (0.13)
Diluted	$ (11.76)	$ (0.13)
Retail
Revenue:
Total revenue	$ 148,094	$ 139,338
Wholesale
Revenue:
Total revenue	$ 0	$ 14,860

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (787,434)	$ (9,031)
Other comprehensive loss, net of tax:
Interest rate swap	(6,811)	(7,279)
Total other comprehensive loss	(6,811)	(7,279)
Comprehensive loss	$ (794,245)	$ (16,310)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2018	$ 1,626,923	$ 0	$ 683	$ 1,508,001	$ 118,239	$ 0
Balance, Shares at Dec. 31, 2018		0	68,262
Net loss	(9,031)	$ 0	$ 0	0	(9,031)	0
Other comprehensive loss, net of tax	(7,279)	0	0	0	0	(7,279)
Repurchases of common stock	(20,000)	0	$ (9)	0	(19,991)	0
Repurchases of common stock, Shares			(881)
Shares issued in connection with stock-based compensation plans, net	(743)	0	$ 1	(744)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			62
Stock-based compensation	2,981	0	$ 0	2,981	0	0
Other	(181)	0	$ 0	(181)	0	0
Other, Shares			12
Balance at Mar. 31, 2019	1,592,670	$ 0	$ 675	1,510,057	89,217	(7,279)
Balance, Shares at Mar. 31, 2019		0	67,455
Balance at Dec. 31, 2019	$ 1,141,068	$ 0	$ 668	1,515,109	(367,067)	(7,642)
Balance, Shares at Dec. 31, 2019	66,764	0	66,764
Net loss	$ (787,434)	$ 0	$ 0	0	(787,434)	0
Other comprehensive loss, net of tax	(6,811)	0	0	0	0	(6,811)
Shares issued in connection with stock-based compensation plans, net	(904)	0	$ 2	(906)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			197
Stock-based compensation	1,971	0	$ 0	1,971	0	0
Balance at Mar. 31, 2020	$ 347,890	$ 0	$ 670	$ 1,516,174	$ (1,154,501)	$ (14,453)
Balance, Shares at Mar. 31, 2020	66,961		66,961

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (787,434)	$ (9,031)
Adjustments to reconcile Net loss to Net cash provided by operating activities:
Depreciation	5,683	4,033
Amortization of intangible assets	25,278	24,092
Amortization of unfavorable contracts liability	0	(6,300)
Goodwill and intangible asset impairment	905,885	0
Impairment of non-marketable security	9,447	0
Stock-based compensation	1,971	2,981
Deferred income taxes	(133,064)	(2,570)
Provision for doubtful accounts	1,606	1,055
Amortization of debt issuance costs	556	311
Other, net	75	(9)
Changes in operating assets and liabilities:
Accounts receivable	5,087	12,274
Prepaid expenses	(1,566)	1,847
Other current assets	(218)	886
Other assets	458	(17,208)
Accounts payable	5,133	574
Accrued compensation	(7,682)	(4,075)
Other accrued liabilities	(1,661)	14,087
Other noncurrent liabilities	(662)	15,442
Net cash provided by operating activities	28,892	38,389
Cash flows from investing activities:
Purchase of property and equipment	(5,755)	(3,363)
Other, net	0	(600)
Net cash used in investing activities	(5,755)	(3,963)
Cash flows from financing activities:
Proceeds from revolving loan borrowings	165,000	0
Payments of long-term debt	(13,438)	(10,625)
Stock-based compensation plans, net	(904)	(743)
Repurchases of common stock	0	(20,000)
Other	0	(181)
Net cash provided by (used in) financing activities	150,658	(31,549)
Net increase in cash and cash equivalents	173,795	2,877
Cash and cash equivalents at beginning of period	13,549	25,463
Cash and cash equivalents at end of period	187,344	28,340
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	124	38
Cash paid for interest	$ 6,956	$ 7,413

Description of Business, Compan

Description of Business, Company History and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Description of Business, Company History and Summary of Significant Accounting Policies	NOTE 1. Description of Business, Company History and Summary of Significant Accounting Policies Description of Business. Cars.com Inc., (the “Company” or CARS) is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers and original equipment manufacturers (“OEM”s). The Company’s marketplace empowers shoppers with the resources and information to make confident car buying decisions while our digital solutions and technology platform help sellers improve operational efficiency, profitability and sales. The Company’s portfolio of brands includes Cars.com, Dealer Inspire and DealerRater, in addition to Auto.com, PickupTrucks.com and NewCars.com. Company History. In May 2017, the Company separated from its former parent company, TEGNA Inc. (“TEGNA”) by means of a spin-off of a newly formed company, Cars.com Inc., which now owns TEGNA’s former digital automotive marketplace business (the “Separation”). On May 31, 2017, the Company made a $650.0 million cash transfer to TEGNA and TEGNA completed the Separation through a pro rata distribution to its stockholders of all outstanding shares of the Company’s common stock. The Company’s common stock began trading “regular way” on the New York Stock Exchange on June 1, 2017. In February 2018, the Company acquired all of the outstanding stock of Dealer Inspire Inc., an innovative technology leader providing progressive dealer websites, digital retailing and messaging platform products, and substantially all of the net assets of Launch Digital Marketing LLC, a provider of digital marketing services, including paid, organic, social and creative services (collectively, the “DI Acquisition”). The post-DI Acquisition business related to Dealer Inspire, Inc. and Launch Digital Marketing LLC is referred to collectively as “Dealer Inspire”. Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K dated February 26, 2020 (the “December 31, 2019 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2019 Financial Statements. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020. Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	NOTE 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company is required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform. In March 2020, the FASB concluded its reference rate reform project and issued ASU 2020-04. The Board undertook the reference rate reform project to address constituents’ concerns about the anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue	NOTE 3. Revenue Revenue Summary . In the table below (in thousands), revenue is disaggregated by sales channel and major products and services. The Company only has one reportable segment; therefore, further disaggregation is not applicable at this time. Three Months Ended March 31, Sales channel 2020 2019 Direct $ 125,361 $ 115,094 National advertising 19,393 20,295 Other 3,340 3,949 Retail 148,094 139,338 Wholesale — 14,860 Total revenue $ 148,094 $ 154,198 Major products and services Subscription advertising and digital solutions $ 117,263 $ 121,314 Display advertising 23,359 22,289 Pay per lead 5,743 7,934 Other 1,729 2,661 Total revenue $ 148,094 $ 154,198

Goodwill and Indefinite-lived I

Goodwill and Indefinite-lived Intangible Asset	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Indefinite-lived Intangible Asset	NOTE 4. Goodwill and Indefinite-lived Intangible Asset The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2019 Additions Impairment March 31, 2020 Goodwill $ 505,885 $ — $ (505,885 ) $ — Indefinite-lived intangible asset 790,020 — (400,000 ) 390,020 Triggering Event. In the three months ended March 31, 2020, the Company determined there was a triggering event, caused by the economic impacts of the novel coronavirus disease 2019 (“COVID-19”) pandemic and related restrictions. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and it continues to spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The rapid spread of COVID-19 has resulted in governmental authorities around the country implementing numerous measures to contain the virus, such as quarantines, shelter-in-place orders and business shutdowns. This has had, and is expected to continue to have, a negative impact on regional and national economies and the automotive industry for an uncertain duration. The COVID-19 pandemic and related restrictions have caused a widespread increase in unemployment and are expected to result in reduced consumer spending and an economic slowdown or recession. Automobile dealers operate in a highly competitive market and are vulnerable to both decreased demand for new and used vehicles and periods of an economic slowdown or recession. Furthermore, dealerships have temporarily or permanently closed and more may close in the near future in light of the COVID-19 pandemic and related restrictions. As a result of negative changes in the financial condition of dealers, in the second half of March 2020, the Company’s customers began to adjust, reduce or suspend their operating activities. This has resulted and may continue to result in decreased subscription revenue and reduced demand for the Company’s services. In an effort to assist its dealer customers impacted by the COVID-19 pandemic and related restrictions, the Company has announced, among other measures, financial relief in the form of certain invoice credits of 50% for April 2020 and 30% for May and June 2020. With respect to managing its expenses, the Company has multiple initiatives underway to adjust its expenses with changes in revenue. The effects of the COVID-19 pandemic and the related restrictions, particularly reduced consumer spending and in light of the discounts that the Company has provided its dealer customers for the second quarter of 2020, will negatively impact the Company’s results of operations, cash flows and financial position. In addition, the extent of the impact will vary depending on the duration and severity of the economic and operational impacts of the COVID-19 pandemic and related restrictions. Thus, the amount and timing of future cash flows, used in the valuation models to estimate the current fair value of the Company’s assets, has been significantly and negativity impacted by the COVID-19 pandemic and related restrictions. Impairment Assessment. The Company performed interim quantitative impairment tests as of March 31, 2020. The results of the goodwill and indefinite-lived intangible asset impairment tests indicated that the carrying values exceeded the estimated fair values and thus, the Company recorded an impairment of $505.9 million and $400.0 million related to its goodwill and indefinite-lived intangible asset, respectively. Goodwill. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s goodwill is tested for impairment at a level referred to as the reporting unit. The level at which the Company tests goodwill for impairment requires us to determine whether the operations below the business segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company has determined that CARS operates as a single reporting unit. The process of estimating the fair value of goodwill is subjective and requires us to make estimates that may significantly impact the outcome of the analysis. A qualitative assessment is performed at least annually and considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company specifications. If after performing this assessment, the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company performs the quantitative test. Under the quantitative test, a goodwill impairment is identified by comparing the fair value of the reporting unit to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not to exceed the carrying amount of goodwill. The Company estimated the fair value of the reporting unit with an income approach using the discounted cash flow (“DCF”) analysis and the Company also considered a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, the discount rate and relevant comparable public company earnings multiples. The cash flows employed in the DCF analysis are based on the Company’s best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rate utilized in the DCF analysis is based on the reporting unit’s weighted-average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the Company’s reporting unit. Impairment assessment inherently involves management judgments regarding a number of assumptions described above. The reporting unit fair value also depends on the future strength of the U.S. economy. New and developing competition as well as technological change could also adversely affect future fair value estimates. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of the Company’s recorded goodwill, differences in assumptions could have a material effect on the estimated fair values. Indefinite-lived Intangible Asset. The Company’s indefinite-lived intangible asset relates to the Cars.com trade name and resulted from TEGNA’s 2014 acquisition of Cars.com. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, such as in the quarter ended March 31, 2020, for impairment and written down to fair value as required. The estimates of fair value are determined using the “relief from royalty” methodology, which is a variation of the income approach. The discount rate assumption is based on an assessment of the risk inherent in the projected future cash flows generated by the trade name intangible asset.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	NOTE 5. Debt As of March 31, 2020, the Company was in compliance with the covenants under its Credit Agreement. Term Loan. As of March 31, 2020, the outstanding principal amount under the Term Loan was $379.7 million and the interest rate in effect was 4.3%, including the impact of the interest rate swap discussed below. During the three months ended March 31, 2020, the Company made $8.4 million in mandatory quarterly Term Loan payments. Revolving Loan. As of March 31, 2020, the outstanding borrowings under the Revolving Loan were $420.0 million and the interest rate in effect was 2.7%. During the three months ended March 31, 2020, the Company borrowed $165.0 million. Additionally, the Company made $5.0 million in voluntary Revolving Loan payments. The Company drew down $165.0 million on the Company’s Revolving Loan for additional liquidity and flexibility, ending the quarter with $187.3 million in available cash. As of March 31, 2020, $30.0 million was available to borrow under the Revolving Loan. The Company’s borrowings are limited by its total net leverage ratio, which is calculated in accordance with the Credit Agreement and was 4.1 to 1.0 as of March 31, 2020. Fair Value. The Company's debt is classified as Level 2 in the fair value hierarchy and the fair value is measured based on comparable trading prices, ratings, sectors, coupons and maturities of similar instruments. As of March 31, 2020, the fair value of the outstanding indebtedness was approximately $658.7 million, compared to the carrying value of $799.7 million. As of December 31, 2019, the fair value approximated the carrying value. Credit Agreement. In October 2019, the Company entered into an amendment to its Credit Agreement to increase the total net leverage covenant during the remaining term of the Credit Agreement while preserving the favorable pricing structure from the original agreement. The amendment increased the Company’s maximum total net leverage ratio from 3.75x to 4.50x with incremental step downs through the maturities of the Term Loan and the Revolving Loan on May 31, 2022.

Interest Rate Swap

Interest Rate Swap	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap	NOTE 6. Interest Rate Swap The interest rate on borrowings under the Company’s Term Loan is floating and, therefore, subject to fluctuations. In order to manage the risk associated with changes in interest rates on its borrowing under the Term Loan, the Company entered into an interest rate swap (the “Swap”) effective December 31, 2018. Under the terms of the Swap, the Company is locked into a fixed rate of interest of 2.96% plus an applicable margin, as defined in the Company’s Credit Agreement, on a notional amount of $300 million. The Swap is designated as a cash flow hedge of interest rate risk. As of March 31, 2020, the fair value of the Swap was an unrealized loss of $17.0 million, of which $7.8 million and $9.2 million is recorded in Other accrued liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets. During the three months ended March 31, 2020 and March 31, 2019, $1.0 million and $0.3 million was reclassified from Accumulated other comprehensive loss into Interest expense, net, respectively.

Unfavorable Contracts Liability

Unfavorable Contracts Liability	3 Months Ended
	Mar. 31, 2020
Unfavorable Contracts Liability [Abstract]
Unfavorable Contracts Liability	NOTE 7. Unfavorable Contracts Liability In connection with the October 2014 acquisition of Cars.com by TEGNA, the Company entered into affiliate agreements with the former owners of Cars.com (Belo Corporation (“Belo”), The McClatchy Company (“McClatchy”), tronc, inc. (“tronc”), and the Washington Post). Under the affiliate agreements, affiliates had the exclusive right to sell and price Cars.com’s products in their local territories, paying Cars.com a wholesale rate for the Cars.com product. The Company charged the affiliates 60% of the corresponding Cars.com retail rate for products sold to affiliate dealers and recognized revenue generated from these agreements as Wholesale revenue in the Consolidated Statements of Loss. The Unfavorable contracts liability was established as a result of these unfavorable affiliate agreements that the Company entered into as part of TEGNA’s acquisition of the Company in 2014. The Unfavorable contracts liability was amortized on a straight-line basis over the five-year Prior to the affiliate conversions discussed below, the Company recognized $25.2 million of Wholesale revenue with a corresponding reduction of the Unfavorable contracts liability on an annual basis. After the affiliate conversions, the amortization of the Unfavorable contracts liability was recorded as a reduction of Affiliate revenue share within Operating expenses in the Consolidated Statements of Loss Income. As of September 30, 2019, the Unfavorable contracts liability was fully amortized. The Company amended five of its affiliate agreements (Gannett, McClatchy, TEGNA, tronc, and the Washington Post As part of the amendments to the affiliate agreements, Gannett, McClatchy, TEGNA, tronc, and the Washington Post Therefore, during the three months ended March 31, 2020 and March 31, 2019, the Company recorded zero and $5.8 million of unfavorable contracts liability amortization as a reduction to Affiliate revenue share expense, rather than Wholesale revenue, in the Consolidated Statements of Loss, respective

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. Commitments and Contingencies The Company and its subsidiaries are parties from time to time in legal and administrative proceedings involving matters incidental to its business. These matters, whether pending, threatened or unasserted, if decided adversely to the Company or settled, may result in liabilities material to its financial position, results of operations or cash flows. The Company records a liability when it believes that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, at least quarterly, developments in its legal matters that could affect the amount of liability that has been previously accrued and makes adjustments as appropriate. Significant judgment is required to determine both the probability and the estimated amount.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	NOTE 9. Stockholders’ Equity In March 2018, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $200 million of the Company’s common stock. The Company was allowed to repurchase stock from time to time in open market transactions or through privately negotiated transactions in accordance with applicable federal securities laws. The timing and amounts of any purchases under the stock repurchase program was based on market conditions and other factors including price. The repurchase program had a two-year 0.9

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 10. Stock-Based Compensation Restricted Stock Units (“RSUs”). RSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. RSUs are subject to graded vesting, generally ranging between one and four years and the fair value of the RSUs is equal to the Company’s common stock price on the date of grant Number of RSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 943 $ 24.68 Granted 3,167 5.40 Vested and delivered (220 ) 24.80 Forfeited (87 ) 22.82 Outstanding as of March 31, 2020 (1) 3,803 8.66 (1) The outstanding balance as of March 31, 2020 includes 80 RSUs that were vested, but not yet delivered. Performance Stock Units (“PSUs”). PSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting. The fair value of the PSUs is equal to the Company’s common stock price on the date of grant. T he percentage of PSUs that shall vest will range from 0 % to 200 % of the number of PSUs granted based on the Company’s future performance related to certain revenue targets ; adjusted earnings before interest, income taxes, depreciation and amortization targets; margin targets ; and /or share price over a one to three-year performance period. These PSUs are subject to cliff vesting at the end of the respective performance period. PSU activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of PSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 953 $ 26.60 Granted (1) 715 5.40 Vested and delivered — — Forfeited or cancelled (1) (775 ) 27.13 Outstanding as of March 31, 2020 893 8.78 (1) Included in "Forfeited or cancelled" are 558 shares that were cancelled and replaced by new grants during the three months ended March 31, 2020. Stock Options. Stock options represent the right to purchase shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. Stock options are subject to three-year Number of Options Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 — $ — Granted 513 2.80 Vested and delivered — — Forfeited — — Outstanding as of March 31, 2020 513 2.80 The fair value of the stock options granted during the three months ended March 31, 2020 are estimated on the grant date using the Black-Scholes option pricing model, using the following assumptions: Risk-free interest rate 1.01 % Weighted-average volatility 53.08 % Dividend yield 0 % Expected years until exercise 6.5

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share	NOTE 11. Loss Per Share Basic loss per share is calculated by dividing Net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans, unless the inclusion of such shares would have an anti-dilutive impact. The computation of Loss per share is as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net loss $ (787,434 ) $ (9,031 ) Basic weighted-average common shares outstanding 66,938 67,584 Effect of dilutive stock-based compensation awards (1) — — Diluted weighted-average common shares outstanding 66,938 67,584 Loss per share, basic $ (11.76 ) $ (0.13 ) Loss per share, diluted (11.76 ) (0.13 ) (1) There were 4,516 and 266 potential common shares excluded from diluted weighted-average shares outstanding for the three months ended March 31, 2020 and March 31, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	NOTE 12. Leases Leases. The Company is obligated as a lessee under certain non-cancelable operating leases for office space, and is also obligated to pay insurance, maintenance and other executory costs associated with the leases. As of March 31, 2020, the Company’s operating lease assets, included in Investments and other assets, were $16.5 million and operating lease liabilities were $32.9 million, the current maturities of which is included in Other accrued liabilities and the long-term portion of which is included in Other noncurrent liabilities. The difference between the operating lease assets and the operating lease liabilities is primarily due to a lease incentive received in 2017 related to the 300 South Riverside Lease in Chicago, Illinois. Other information related to the Company’s operating leases for the three months ended March 31, 2020 is as follows (in thousands, except percentage): Income statement information: Three Months Ended March 31, 2020 2019 Operating lease cost $ 986 $ 958 Short-term lease cost 229 381 Variable lease cost 839 994 Total lease cost $ 2,054 $ 2,333 Other information: Three Months Ended March 31, 2020 2019 Cash paid for operating leases $ 1,259 $ 1,224 Weighted-average remaining lease term (in months) $ 130 $ 139 Weighted-average discount rate 7.4 % 7.4 %

Other (Expense) Income, net

Other (Expense) Income, net	3 Months Ended
	Mar. 31, 2020
Other Income And Expenses [Abstract]
Other (Expense) Income, net	NOTE 13. Other (Expense) Income, net Included in Other (expense) income, net in the three months ended March 31, 2020 was a full impairment of $9.4 million of a non-marketable investment, triggered by the COVID-19 pandemic and the related restrictions.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 14. Income Taxes Deferred Tax Asset and Valuation Allowance. As a result of the goodwill and indefinite-lived intangible asset impairments recorded during the three months ended March 31, 2020, the Company had a $96.5 million deferred tax asset position. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. Based on future taxable income projections, the Company believes it is more likely than not that the net deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance during the three months ended March 31, 2020. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Effective Tax Rate. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income tax, was 15% for the three months ended March 31, 2020. The effective tax rate differed from the statutory federal income tax rate of 21%, primarily due to the tax impact of the goodwill and intangible asset impairments and the full valuation allowance recorded during the three months ended March 31, 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 15. Subsequent Events Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). In recognition of the significant threat to the liquidity of financial markets posed by the COVID-19 pandemic and related restrictions, the U.S. government enacted into law the CARES Act, which is a sweeping stimulus bill intended to bolster the U.S. economy, among other things, and provide emergency assistance and tax credits or benefits to qualifying businesses and individuals. The Company is currently evaluating this new law and its impact on its Consolidated Financial Statements and related disclosures. Reduction in Force. On April 29, 2020, the Company announced the permanent reduction in force of approximately 170 people, the majority of whom had been placed on furlough in early April 2020. The Company estimates the pre-tax costs for this action to be in the range of approximately $4.0 to 4.75 million, substantially all of which are related to employee severance and are expected to be recorded during the three months ending June 30, 2020.

Description of Business, Comp_2

Description of Business, Company History and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K dated February 26, 2020 (the “December 31, 2019 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2019 Financial Statements. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.
Use of Estimates	Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company is required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform. In March 2020, the FASB concluded its reference rate reform project and issued ASU 2020-04. The Board undertook the reference rate reform project to address constituents’ concerns about the anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures.
Goodwill	Goodwill. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s goodwill is tested for impairment at a level referred to as the reporting unit. The level at which the Company tests goodwill for impairment requires us to determine whether the operations below the business segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company has determined that CARS operates as a single reporting unit. The process of estimating the fair value of goodwill is subjective and requires us to make estimates that may significantly impact the outcome of the analysis. A qualitative assessment is performed at least annually and considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company specifications. If after performing this assessment, the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company performs the quantitative test. Under the quantitative test, a goodwill impairment is identified by comparing the fair value of the reporting unit to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not to exceed the carrying amount of goodwill. The Company estimated the fair value of the reporting unit with an income approach using the discounted cash flow (“DCF”) analysis and the Company also considered a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, the discount rate and relevant comparable public company earnings multiples. The cash flows employed in the DCF analysis are based on the Company’s best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rate utilized in the DCF analysis is based on the reporting unit’s weighted-average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the Company’s reporting unit. Impairment assessment inherently involves management judgments regarding a number of assumptions described above. The reporting unit fair value also depends on the future strength of the U.S. economy. New and developing competition as well as technological change could also adversely affect future fair value estimates. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of the Company’s recorded goodwill, differences in assumptions could have a material effect on the estimated fair values.
Indefinite-lived Intangible Asset	Indefinite-lived Intangible Asset. The Company’s indefinite-lived intangible asset relates to the Cars.com trade name and resulted from TEGNA’s 2014 acquisition of Cars.com. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, such as in the quarter ended March 31, 2020, for impairment and written down to fair value as required. The estimates of fair value are determined using the “relief from royalty” methodology, which is a variation of the income approach. The discount rate assumption is based on an assessment of the risk inherent in the projected future cash flows generated by the trade name intangible asset.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Revenue Disaggregated by Sales Channel and Major Products and Services	Revenue Summary . In the table below (in thousands), revenue is disaggregated by sales channel and major products and services. The Company only has one reportable segment; therefore, further disaggregation is not applicable at this time. Three Months Ended March 31, Sales channel 2020 2019 Direct $ 125,361 $ 115,094 National advertising 19,393 20,295 Other 3,340 3,949 Retail 148,094 139,338 Wholesale — 14,860 Total revenue $ 148,094 $ 154,198 Major products and services Subscription advertising and digital solutions $ 117,263 $ 121,314 Display advertising 23,359 22,289 Pay per lead 5,743 7,934 Other 1,729 2,661 Total revenue $ 148,094 $ 154,198

Goodwill and Indefinite-lived_2

Goodwill and Indefinite-lived Intangible Asset (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset	The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2019 Additions Impairment March 31, 2020 Goodwill $ 505,885 $ — $ (505,885 ) $ — Indefinite-lived intangible asset 790,020 — (400,000 ) 390,020

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of RSU Activity	RSU activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of RSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 943 $ 24.68 Granted 3,167 5.40 Vested and delivered (220 ) 24.80 Forfeited (87 ) 22.82 Outstanding as of March 31, 2020 (1) 3,803 8.66 (1) The outstanding balance as of March 31, 2020 includes 80 RSUs that were vested, but not yet delivered.
Summary of PSU Activity	PSU activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of PSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 953 $ 26.60 Granted (1) 715 5.40 Vested and delivered — — Forfeited or cancelled (1) (775 ) 27.13 Outstanding as of March 31, 2020 893 8.78 (1) Included in "Forfeited or cancelled" are 558 shares that were cancelled and replaced by new grants during the three months ended March 31, 2020.
Summary of Stock Option Activity	Stock option activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of Options Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 — $ — Granted 513 2.80 Vested and delivered — — Forfeited — — Outstanding as of March 31, 2020 513 2.80
Summary of Fair Value of Stock Options Granted are Estimated Using Black Scholes Option Pricing Model	The fair value of the stock options granted during the three months ended March 31, 2020 are estimated on the grant date using the Black-Scholes option pricing model, using the following assumptions: Risk-free interest rate 1.01 % Weighted-average volatility 53.08 % Dividend yield 0 % Expected years until exercise 6.5

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Loss Per Share	The computation of Loss per share is as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net loss $ (787,434 ) $ (9,031 ) Basic weighted-average common shares outstanding 66,938 67,584 Effect of dilutive stock-based compensation awards (1) — — Diluted weighted-average common shares outstanding 66,938 67,584 Loss per share, basic $ (11.76 ) $ (0.13 ) Loss per share, diluted (11.76 ) (0.13 ) (1) There were 4,516 and 266 potential common shares excluded from diluted weighted-average shares outstanding for the three months ended March 31, 2020 and March 31, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Other Information Related to Operating Leases	Other information related to the Company’s operating leases for the three months ended March 31, 2020 is as follows (in thousands, except percentage): Income statement information: Three Months Ended March 31, 2020 2019 Operating lease cost $ 986 $ 958 Short-term lease cost 229 381 Variable lease cost 839 994 Total lease cost $ 2,054 $ 2,333 Other information: Three Months Ended March 31, 2020 2019 Cash paid for operating leases $ 1,259 $ 1,224 Weighted-average remaining lease term (in months) $ 130 $ 139 Weighted-average discount rate 7.4 % 7.4 %

Description of Business, Comp_3

Description of Business, Company History and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2017	Mar. 31, 2020
Description of business and basis of presentation [Line Items]
Percentage of ownership by the company		100.00%
Spinoff
Description of business and basis of presentation [Line Items]
Cash transfer made to parent company	$ 650
TEGNA Inc | Spinoff
Description of business and basis of presentation [Line Items]
Date of separation	May 31, 2017

Revenue - Additional Informatio

Revenue - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020Segment
Revenue From Contract With Customer [Abstract]
Number of reportable segment	1

Revenue - Summary of Revenue Di

Revenue - Summary of Revenue Disaggregated by Sales Channel and Major Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 148,094	$ 154,198
Direct
Disaggregation Of Revenue [Line Items]
Total revenue	125,361	115,094
National Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	19,393	20,295
Other
Disaggregation Of Revenue [Line Items]
Total revenue	3,340	3,949
Retail
Disaggregation Of Revenue [Line Items]
Total revenue	148,094	139,338
Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue	0	14,860
Subscription Advertising and Digital Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	117,263	121,314
Display Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	23,359	22,289
Pay Per Lead
Disaggregation Of Revenue [Line Items]
Total revenue	5,743	7,934
Other
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,729	$ 2,661

Goodwill and Indefinite-lived_3

Goodwill and Indefinite-lived Intangible Asset - Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Beginning balance	$ 505,885
Goodwill, Additions	0
Goodwill, Impairment	(505,885)
Goodwill, Ending balance	0
Indefinite-lived intangible asset, Beginning balance	790,020
Indefinite-lived intangible asset, Additions	0
Indefinite-lived intangible asset, Impairment	(400,000)
Indefinite-lived intangible asset, Ending balance	$ 390,020

Goodwill and Indefinite-lived_4

Goodwill and Indefinite-lived Intangible Asset - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill, impairment				$ 505,885
Indefinite-lived intangibles asset, impairment				$ 400,000
Scenario Forecast
Indefinite Lived Intangible Assets By Major Class [Line Items]
Discounted rates for financial relief	30.00%	30.00%
Subsequent Event
Indefinite Lived Intangible Assets By Major Class [Line Items]
Discounted rates for financial relief			50.00%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Oct. 31, 2019	Sep. 30, 2019
Line Of Credit Facility [Line Items]
Borrowings	$ 165,000	$ 0
Available cash	187,344		$ 13,549
Outstanding indebtedness, carrying value	763,361		$ 611,277
Level 2
Line Of Credit Facility [Line Items]
Outstanding indebtedness, fair value	658,700
Outstanding indebtedness, carrying value	799,700
Term Loan
Line Of Credit Facility [Line Items]
Outstanding principal amount	$ 379,700
Effective interest rate	4.30%
Repayment of loan	$ 8,400
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Outstanding principal amount	$ 420,000
Effective interest rate	2.70%
Repayment of loan	$ 5,000
Borrowings	165,000
Amount available to borrow	$ 30,000
Net leverage ratio	4.10%
Term Loan And Revolving Credit Facility
Line Of Credit Facility [Line Items]
Net leverage ratio				4.50%	3.75%
Credit agreement maturity date	May 31, 2022

Interest Rate Swap - Additional

Interest Rate Swap - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Reclassified from accumulated other comprehensive (loss) into Interest expense, net	$ (1,000,000)	$ (300,000)
Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fixed rate of interest	2.96%
Notional amount	$ 300,000,000
Unrealized loss of fair value	17,000,000
Swap | Other Accrued Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	7,800,000
Swap | Other Noncurrent Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	$ 9,200,000

Unfavorable Contracts Liabili_2

Unfavorable Contracts Liability - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Unfavorable Contracts Liability [Abstract]
Percentage of retail rate charged to affiliates	60.00%
Unfavorable contract liability amortization period	5 years
Amortization into Wholesale revenue			$ 25.2
Amortization into Affiliate revenue share	$ 0	$ 5.8

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - Common Stock - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity [Line Items]
Stock repurchase program, authorized amount	$ 200,000,000
Stock repurchase program, duration	2 years
Stock purchased and retired		0	0.9
Stock purchased and retired, amount			$ 20,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Options expiration period	10 years
Minimum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
Minimum | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	0.00%
Share units performance period	1 year
Maximum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Maximum | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	200.00%
Share units performance period	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31, 2019 | shares	943
Share Units, Granted | shares	3,167
Share Units, Vested and delivered | shares	(220)
Share Units, Forfeited or cancelled | shares	(87)
Share Units, Outstanding as of March 31, 2020 | shares	3,803
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 24.68
Weighted- Average Grant Date Fair Value, Granted | $ / shares	5.40
Weighted- Average Grant Date Fair Value, Vested and delivered | $ / shares	24.80
Weighted- Average Grant Date Fair Value, Forfeited or cancelled | $ / shares	22.82
Weighted- Average Grant Date Fair Value, Outstanding as of March 31,2020 | $ / shares	$ 8.66

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020shares
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vested but not yet delivered	80

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PSU Activity (Details) - PSUs shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31, 2019 | shares	953
Share Units, Granted | shares	715
Share Units, Vested and delivered | shares	0
Share Units, Forfeited or cancelled | shares	(775)
Share Units, Outstanding as of March 31, 2020 | shares	893
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 26.60
Weighted- Average Grant Date Fair Value, Granted | $ / shares	5.40
Weighted- Average Grant Date Fair Value, Vested and delivered | $ / shares	0
Weighted- Average Grant Date Fair Value, Forfeited or cancelled | $ / shares	27.13
Weighted- Average Grant Date Fair Value, Outstanding as of March 31,2020 | $ / shares	$ 8.78

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PSU Activity (Parenthetical) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020shares
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU cancelled and replaced by new grants	558

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock Option Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31, 2019 | shares	0
Share Units, Granted | shares	513
Share Units, Vested and delivered | shares	0
Share Units, Forfeited | shares	0
Share Units, Outstanding as of March 31, 2020 | shares	513
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 0
Weighted- Average Grant Date Fair Value, Granted | $ / shares	2.80
Weighted- Average Grant Date Fair Value, Vested and delivered | $ / shares	0
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares	0
Weighted- Average Grant Date Fair Value, Outstanding as of March 31, 2020 | $ / shares	$ 2.80

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted are Estimated Using Black Scholes Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Risk-free interest rate	1.01%
Weighted-average volatility	53.08%
Dividend yield	0.00%
Expected years until exercise	6 years 6 months

Loss Per Share - Computation of

Loss Per Share - Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (787,434)	$ (9,031)
Basic weighted-average common shares outstanding	66,938	67,584
Effect of dilutive stock-based compensation awards (1)	0	0
Diluted weighted-average common shares outstanding	66,938	67,584
Loss per share, basic	$ (11.76)	$ (0.13)
Loss per share, diluted	$ (11.76)	$ (0.13)

Loss Per Share - Computation _2

Loss Per Share - Computation of Loss Per Share (Parenthetical) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Potential common shares excluded from diluted weighted-average shares outstanding	4,516	266

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease assets	$ 16.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:InvestmentsAndOtherNoncurrentAssets
Operating lease liabilities	$ 32.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent

Leases - Other Information Rela

Leases - Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income statement information:
Operating lease cost	$ 986	$ 958
Short-term lease cost	229	381
Variable lease cost	839	994
Total lease cost	2,054	2,333
Other information:
Cash paid for operating leases	$ 1,259	$ 1,224
Weighted-average remaining lease term (in months)	130 months	139 months
Weighted-average discount rate	7.40%	7.40%

Other (Expense) Income, net (De

Other (Expense) Income, net (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Other Income And Expenses [Abstract]
Impairment of non-marketable investments	$ 9.4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 96.5
Effective income tax rate, income tax expense percentage	15.00%
Federal statutory rate	21.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event $ in Thousands	Apr. 29, 2020USD ($)Labor
Subsequent Event [Line Items]
Number of permanent reduction in force | Labor	170
Minimum
Subsequent Event [Line Items]
Estimated pre-tax costs related to reduction in force	$ 4,000
Maximum
Subsequent Event [Line Items]
Estimated pre-tax costs related to reduction in force	$ 4,750