Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 18, 2021 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALTR | |
Entity Registrant Name | ALTAIR ENGINEERING INC. | |
Entity Central Index Key | 0001701732 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38263 | |
Entity Tax Identification Number | 38-2591828 | |
Entity Address, Address Line One | 1820 East Big Beaver Road | |
Entity Address, City or Town | Troy | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48083 | |
City Area Code | 248 | |
Local Phone Number | 614-2400 | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A Common Stock $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Class A Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50,789,524 | |
Class B Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,056,813 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 455,858 | $ 241,221 |
Accounts receivable, net | 88,701 | 117,878 |
Income tax receivable | 8,929 | 6,736 |
Prepaid expenses and other current assets | 26,017 | 21,100 |
Total current assets | 579,505 | 386,935 |
Property and equipment, net | 38,711 | 36,332 |
Operating lease right of use assets | 30,916 | 33,526 |
Goodwill | 268,888 | 264,481 |
Other intangible assets, net | 61,540 | 76,114 |
Deferred tax assets | 8,221 | 7,125 |
Other long-term assets | 26,702 | 25,389 |
TOTAL ASSETS | 1,014,483 | 829,902 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 29,962 | |
Accounts payable | 4,900 | 8,594 |
Accrued compensation and benefits | 35,999 | 34,772 |
Current portion of operating lease liabilities | 10,342 | 10,331 |
Other accrued expenses and current liabilities | 24,721 | 31,404 |
Deferred revenue | 75,138 | 85,691 |
Convertible senior notes, net | 196,796 | |
Total current liabilities | 347,896 | 200,754 |
Convertible senior notes, net | 188,300 | |
Operating lease liabilities, net of current portion | 21,610 | 24,323 |
Deferred revenue, non-current | 9,290 | 9,388 |
Other long-term liabilities | 32,641 | 27,767 |
TOTAL LIABILITIES | 411,437 | 450,532 |
Commitments and contingencies | ||
MEZZANINE EQUITY | 784 | 784 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding | ||
Additional paid-in capital | 711,082 | 474,669 |
Accumulated deficit | (100,690) | (93,293) |
Accumulated other comprehensive loss | (8,138) | (2,797) |
TOTAL STOCKHOLDERS’ EQUITY | 602,262 | 378,586 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | 1,014,483 | 829,902 |
Class A Common Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 5 | 4 |
Class B Common Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 3 | $ 3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 45,000,000 | 45,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 513,797,000 | 513,797,000 |
Common stock, shares issued | 50,558,000 | 44,216,000 |
Common stock, shares outstanding | 50,558,000 | 44,216,000 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 41,203,000 | 41,203,000 |
Common stock, shares issued | 28,206,000 | 30,111,000 |
Common stock, shares outstanding | 28,206,000 | 30,111,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total revenue | $ 121,307 | $ 106,456 | $ 391,382 | $ 336,480 |
Total cost of revenue | 31,501 | 29,036 | 96,869 | 88,614 |
Gross profit | 89,806 | 77,420 | 294,513 | 247,866 |
Operating expenses: | ||||
Research and development | 35,839 | 30,678 | 112,872 | 91,115 |
Sales and marketing | 30,589 | 26,998 | 94,568 | 80,903 |
General and administrative | 22,196 | 20,905 | 67,983 | 63,499 |
Amortization of intangible assets | 4,432 | 3,858 | 13,924 | 11,390 |
Other operating income, net | (1,324) | (1,596) | (2,526) | (3,431) |
Total operating expenses | 91,732 | 80,843 | 286,821 | 243,476 |
Operating (loss) income | (1,926) | (3,423) | 7,692 | 4,390 |
Interest expense | 3,037 | 2,934 | 8,998 | 8,590 |
Other expense (income), net | 124 | (782) | 1,667 | (1,852) |
Loss before income taxes | (5,087) | (5,575) | (2,973) | (2,348) |
Income tax expense | 3,022 | 2,930 | 4,424 | 10,350 |
Net loss | $ (8,109) | $ (8,505) | $ (7,397) | $ (12,698) |
Loss per share: | ||||
Net loss per share attributable to common stockholders, basic | $ (0.11) | $ (0.12) | $ (0.10) | $ (0.17) |
Net loss per share attributable to common stockholders, diluted | $ (0.11) | $ (0.12) | $ (0.10) | $ (0.17) |
Weighted average shares outstanding: | ||||
Weighted average number of shares used in computing net loss per share, basic | 75,750 | 73,311 | 75,226 | 72,979 |
Weighted average number of shares used in computing net loss per share, diluted | 75,750 | 73,311 | 75,226 | 72,979 |
License [Member] | ||||
Total revenue | $ 67,603 | $ 55,023 | $ 230,630 | $ 183,584 |
Total cost of revenue | 4,694 | 4,477 | 13,706 | 12,851 |
Maintenance and Other Services [Member] | ||||
Total revenue | 34,686 | 32,787 | 100,758 | 94,502 |
Total cost of revenue | 11,770 | 9,626 | 35,368 | 28,583 |
Total Software [Member] | ||||
Total revenue | 102,289 | 87,810 | 331,388 | 278,086 |
Total cost of revenue | 16,464 | 14,103 | 49,074 | 41,434 |
Software Related Services [Member] | ||||
Total revenue | 7,650 | 6,170 | 23,229 | 18,548 |
Total cost of revenue | 5,707 | 4,996 | 17,560 | 15,141 |
Total Software and Related Services [Member] | ||||
Total revenue | 109,939 | 93,980 | 354,617 | 296,634 |
Total cost of revenue | 22,171 | 19,099 | 66,634 | 56,575 |
Client Engineering Services [Member] | ||||
Total revenue | 10,060 | 10,868 | 31,005 | 34,386 |
Total cost of revenue | 7,982 | 8,510 | 25,163 | 27,617 |
Other [Member] | ||||
Total revenue | 1,308 | 1,608 | 5,760 | 5,460 |
Total cost of revenue | $ 1,348 | $ 1,427 | $ 5,072 | $ 4,422 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (8,109) | $ (8,505) | $ (7,397) | $ (12,698) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation (net of tax effect of $0 for all periods) | (4,350) | 4,572 | (5,685) | (446) |
Retirement related benefit plans (net of tax effect of $0 for all periods) | 117 | (58) | 344 | 110 |
Total other comprehensive income (loss) | (4,233) | 4,514 | (5,341) | (336) |
Comprehensive loss | $ (12,342) | $ (3,991) | $ (12,738) | $ (13,034) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Foreign currency translation, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement related benefit plans, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Dec. 31, 2019 | $ 354,707 | $ (388) | $ 4 | $ 3 | $ 446,633 | $ (82,405) | $ (388) | $ (9,528) |
Beginning balance (in shares) at Dec. 31, 2019 | 41,271 | 31,131 | ||||||
Net income (loss) | 6,030 | 6,030 | ||||||
Exercise of stock options | 194 | 194 | ||||||
Exercise of stock options (in shares) | 285 | |||||||
Vesting of restricted stock (in shares) | 143 | |||||||
Conversion from Class B to Class A common stock | 80 | (80) | ||||||
Stock-based compensation | 3,043 | 3,043 | ||||||
Foreign currency translation, net of tax | (7,578) | (7,578) | ||||||
Retirement related benefit plans, net of tax | 137 | 137 | ||||||
Ending balance at Mar. 31, 2020 | 356,145 | $ 4 | $ 3 | 449,870 | (76,763) | (16,969) | ||
Ending balance (in shares) at Mar. 31, 2020 | 41,779 | 31,051 | ||||||
Beginning balance at Dec. 31, 2019 | 354,707 | $ (388) | $ 4 | $ 3 | 446,633 | (82,405) | $ (388) | (9,528) |
Beginning balance (in shares) at Dec. 31, 2019 | 41,271 | 31,131 | ||||||
Net income (loss) | (12,698) | |||||||
Foreign currency translation, net of tax | (446) | |||||||
Retirement related benefit plans, net of tax | 110 | |||||||
Ending balance at Sep. 30, 2020 | 359,455 | $ 4 | $ 3 | 464,803 | (95,491) | (9,864) | ||
Ending balance (in shares) at Sep. 30, 2020 | 42,870 | 30,591 | ||||||
Beginning balance at Mar. 31, 2020 | 356,145 | $ 4 | $ 3 | 449,870 | (76,763) | (16,969) | ||
Beginning balance (in shares) at Mar. 31, 2020 | 41,779 | 31,051 | ||||||
Net income (loss) | (10,223) | (10,223) | ||||||
Exercise of stock options | 283 | 283 | ||||||
Exercise of stock options (in shares) | 197 | |||||||
Vesting of restricted stock (in shares) | 52 | |||||||
Conversion from Class B to Class A common stock | 80 | (80) | ||||||
Stock-based compensation | 4,586 | 4,586 | ||||||
Reclassification of mezzanine equity to permanent equity | 1,568 | 1,568 | ||||||
Foreign currency translation, net of tax | 2,560 | 2,560 | ||||||
Retirement related benefit plans, net of tax | 31 | 31 | ||||||
Ending balance at Jun. 30, 2020 | 354,950 | $ 4 | $ 3 | 456,307 | (86,986) | (14,378) | ||
Ending balance (in shares) at Jun. 30, 2020 | 42,108 | 30,971 | ||||||
Net income (loss) | (8,505) | (8,505) | ||||||
Issuance of common stock for acquisitions | 1,638 | 1,638 | ||||||
Issuance of common stock for acquisitions (in shares) | 40 | |||||||
Exercise of stock options | 618 | 618 | ||||||
Exercise of stock options (in shares) | 328 | |||||||
Vesting of restricted stock (in shares) | 14 | |||||||
Conversion from Class B to Class A common stock | 380 | (380) | ||||||
Stock-based compensation | 6,240 | 6,240 | ||||||
Foreign currency translation, net of tax | 4,572 | 4,572 | ||||||
Retirement related benefit plans, net of tax | (58) | (58) | ||||||
Ending balance at Sep. 30, 2020 | 359,455 | $ 4 | $ 3 | 464,803 | (95,491) | (9,864) | ||
Ending balance (in shares) at Sep. 30, 2020 | 42,870 | 30,591 | ||||||
Beginning balance at Dec. 31, 2020 | 378,586 | $ 4 | $ 3 | 474,669 | (93,293) | (2,797) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 44,216 | 30,111 | ||||||
Net income (loss) | 14,360 | 14,360 | ||||||
Exercise of stock options | 271 | 271 | ||||||
Exercise of stock options (in shares) | 490 | |||||||
Vesting of restricted stock (in shares) | 278 | |||||||
Conversion from Class B to Class A common stock | 510 | (510) | ||||||
Stock-based compensation | 9,644 | 9,644 | ||||||
Foreign currency translation, net of tax | (3,975) | (3,975) | ||||||
Retirement related benefit plans, net of tax | 143 | 143 | ||||||
Ending balance at Mar. 31, 2021 | 399,029 | $ 4 | $ 3 | 484,584 | (78,933) | (6,629) | ||
Ending balance (in shares) at Mar. 31, 2021 | 45,494 | 29,601 | ||||||
Beginning balance at Dec. 31, 2020 | 378,586 | $ 4 | $ 3 | 474,669 | (93,293) | (2,797) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 44,216 | 30,111 | ||||||
Net income (loss) | (7,397) | |||||||
Foreign currency translation, net of tax | (5,685) | |||||||
Retirement related benefit plans, net of tax | 344 | |||||||
Ending balance at Sep. 30, 2021 | 602,262 | $ 5 | $ 3 | 711,082 | (100,690) | (8,138) | ||
Ending balance (in shares) at Sep. 30, 2021 | 50,558 | 28,206 | ||||||
Beginning balance at Mar. 31, 2021 | 399,029 | $ 4 | $ 3 | 484,584 | (78,933) | (6,629) | ||
Beginning balance (in shares) at Mar. 31, 2021 | 45,494 | 29,601 | ||||||
Net income (loss) | (13,648) | (13,648) | ||||||
Exercise of stock options | 614 | 614 | ||||||
Exercise of stock options (in shares) | 334 | |||||||
Vesting of restricted stock (in shares) | 54 | |||||||
Conversion from Class B to Class A common stock | 510 | (510) | ||||||
Stock-based compensation | 10,626 | 10,626 | ||||||
Foreign currency translation, net of tax | 2,640 | 2,640 | ||||||
Retirement related benefit plans, net of tax | 84 | 84 | ||||||
Ending balance at Jun. 30, 2021 | 399,345 | $ 4 | $ 3 | 495,824 | (92,581) | (3,905) | ||
Ending balance (in shares) at Jun. 30, 2021 | 46,392 | 29,091 | ||||||
Net income (loss) | (8,109) | (8,109) | ||||||
Issuance of common stock in private placement, net of issuance costs | 199,872 | $ 1 | 199,871 | |||||
Issuance of common stock in private placement, net of issuance costs (in shares) | 2,936 | |||||||
Issuance of common stock for acquisitions | 3,280 | 3,280 | ||||||
Issuance of common stock for acquisitions (in shares) | 53 | |||||||
Exercise of stock options | 1,174 | 1,174 | ||||||
Exercise of stock options (in shares) | 264 | |||||||
Vesting of restricted stock (in shares) | 28 | |||||||
Conversion from Class B to Class A common stock | 885 | (885) | ||||||
Stock-based compensation | 10,933 | 10,933 | ||||||
Foreign currency translation, net of tax | (4,350) | (4,350) | ||||||
Retirement related benefit plans, net of tax | 117 | 117 | ||||||
Ending balance at Sep. 30, 2021 | $ 602,262 | $ 5 | $ 3 | $ 711,082 | $ (100,690) | $ (8,138) | ||
Ending balance (in shares) at Sep. 30, 2021 | 50,558 | 28,206 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (7,397) | $ (12,698) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 19,355 | 16,916 |
Provision for credit loss | 330 | 930 |
Amortization of debt discount and issuance costs | 8,513 | 8,067 |
Stock-based compensation expense | 31,229 | 13,939 |
Deferred income taxes | (510) | (5,441) |
Other, net | 40 | 13 |
Changes in assets and liabilities: | ||
Accounts receivable | 26,770 | 16,213 |
Prepaid expenses and other current assets | (7,612) | (1,055) |
Other long-term assets | (5,018) | 867 |
Accounts payable | (2,432) | (3,321) |
Accrued compensation and benefits | 481 | 1,274 |
Other accrued expenses and current liabilities | 483 | (5,873) |
Deferred revenue | (8,638) | (2,452) |
Net cash provided by operating activities | 55,594 | 27,379 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (6,811) | (4,006) |
Payments for acquisition of businesses, net of cash acquired | (5,472) | (32,279) |
Payments for acquisition of developed technology | (344) | (433) |
Other investing activities, net | (284) | 152 |
Net cash used in investing activities | (12,911) | (36,566) |
FINANCING ACTIVITIES: | ||
Proceeds from private placement of common stock | 200,000 | |
Payments on revolving commitment | (30,000) | |
Proceeds from employee stock purchase plan contributions | 2,110 | |
Proceeds from the exercise of common stock options | 2,059 | 1,094 |
Borrowings under revolving commitment | 30,000 | |
Other financing activities | (434) | (401) |
Net cash provided by financing activities | 173,735 | 30,693 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,951) | 676 |
Net increase in cash, cash equivalents and restricted cash | 214,467 | 22,182 |
Cash, cash equivalents and restricted cash at beginning of year | 241,547 | 223,497 |
Cash, cash equivalents and restricted cash at end of period | 456,014 | 245,679 |
Supplemental disclosure of cash flow: | ||
Interest paid | 344 | 320 |
Income taxes paid | 8,077 | 12,142 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Finance leases | 117 | |
Property and equipment in accounts payable, other current liabilities and other liabilities | $ 480 | $ 208 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and description of business Altair Engineering Inc. (“Altair” or the “Company”) is incorporated in the state of Delaware. The Company is a global technology company providing software and cloud solutions in the areas of simulation, high-performance computing (“HPC”), data analytics, and artificial intelligence (“AI”). Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future. Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, the accompanying statements do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) for the year ended December 31, 2020, included in the most recent Annual Report on Form 10-K filed with the SEC. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, management evaluates its significant estimates including the stand alone selling price, or SSP, for each distinct performance obligation included in customer contracts with multiple performance obligations, valuation of acquired intangible assets in business combinations, the incremental borrowing rate used in the valuation of lease liabilities, the determination of the period of benefit for capitalized costs to obtain a contract, fair value of convertible senior notes, provision for credit loss, tax valuation allowances, liabilities for uncertain tax provisions, impairment of goodwill and intangible assets, retirement obligations, useful lives of intangible assets, revenue for fixed price contracts, and stock-based compensation. Actual results could differ from those estimates. Significant accounting policies There have been no material changes to our significant accounting policies as of and for the nine months ended September 30, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Recent Accounting Guidance
Recent Accounting Guidance | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Guidance | 2 . Accounting standards adopted Income Taxes – In December 2019, the FASB issued ASU No. 2019-12, , which simplifies the accounting for income taxes by removing certain exceptions to the general principles for income taxes. The Company adopted ASU 2019-12 effective as of January 1, 2021, and the adoption of this guidance did not have a material effect on its consolidated financial statements. Accounting standards not yet adopted Reference Rate Reform – In March 2020, the FASB issued ASU 2020-04. Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the guidance are optional and effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures and does not expect this guidance to have a material effect on its consolidated financial statements. Debt – In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU simplifies the accounting for convertible instruments by eliminating certain separation models. Under ASU 2020 - 06 , a convertible debt instrument will generally be reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. The update also requires the if-converted method to be used for convertible instruments and the effect of potential share settlement be included in the diluted earnings per share calculation when an instrument may be settled in cash or shares. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The guidance allows entities to use a modified or full retrospective transition method. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company will adopt ASU 2020-06 on January 1, 2022 , and is currently evaluating the method of adoption and the related effect of the new guidance on its consolidated financial statements and earnings per share attributable to common stockholders. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 3 . Revenue from contracts with customers Disaggregation of revenue The Company disaggregates its software revenue by type of performance obligation and timing of revenue recognition as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Term licenses $ 55,907 $ 47,386 $ 198,465 $ 160,027 Perpetual licenses 11,696 7,637 32,165 23,557 Maintenance 31,296 29,374 91,539 86,467 Professional software services 3,390 3,413 9,219 8,035 Software related services 7,650 6,170 23,229 18,548 Client engineering services 10,060 10,868 31,005 34,386 Other 1,308 1,608 5,760 5,460 Total revenue $ 121,307 $ 106,456 $ 391,382 $ 336,480 T he Company derived approximately 12% and 11% of its total revenue through indirect sales channels for the nine months ended September 30, 2021 and 2020, respectively. Costs to obtain a contract As of September 30, 2021, and December 31, 2020, respectively, capitalized costs to obtain a contract were $5.3 million and $3.7 million recorded in Prepaid and other current assets and $0.5 million and $0.6 million recorded in Other long-term assets. Sales commissions were $2.4 million and $5.9 million, respectively, for the three and nine months ended September 30, 2021, and $2.0 million and $3.6 million, respectively for the three and nine months ended September 30, 2020. Sales commissions were included in Sales and marketing expense in the Company’s consolidated statement of operations. Contract assets As of September 30, 2021, contract assets were $5.8 million included in Accounts receivable, and $2.9 million included in Prepaid expenses and other current assets. As of December 31, 2020, contract assets were $6.7 million included in Accounts receivable, $1.4 million included in Prepaid expenses and other current assets, and $1.3 million included in Other long-term assets. Deferred revenue Approximately $71.8 million of revenue recognized during the nine months ended September 30, 2021, was included in deferred revenue at the beginning of the year. Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue not yet recognized was $121.1 million and $120.3 million as of September 30, 2021 and 2020, respectively. The Company expects to recognize approximately 83% of the contracted revenue over the next 12 months |
Supplementary Information
Supplementary Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplementary Information [Abstract] | |
Supplementary Information | 4 . Supplementary Information Cash, cash equivalents and restricted cash The Company considers all highly liquid investments with original or remaining maturities of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Restricted cash is included in other long-term assets on the consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the amounts reported in the consolidated statement of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 455,858 $ 241,221 Restricted cash included in other long-term assets 156 326 Total cash, cash equivalents, and restricted cash $ 456,014 $ 241,547 Restricted cash represents amounts required for a contractual agreement with an insurer for the payment of potential health insurance claims, and term deposits for bank guarantees. Property and equipment, net Property and equipment consisted of the following (in thousands): September 30, December 31, 2021 2020 Land $ 9,896 $ 10,067 Building and improvements 15,722 15,630 Computer equipment and software 44,182 41,451 Furniture, equipment and other 13,463 10,136 Leasehold improvements 9,870 9,652 Right-of-use assets under finance leases 2,564 2,665 Total property and equipment 95,697 89,601 Less: accumulated depreciation and amortization 56,986 53,269 Property and equipment, net $ 38,711 $ 36,332 Depreciation expense, including amortization of right-of-use assets under finance leases, was $1.7 million and $5.4 million, respectively, for the three and nine months ended September 30, 2021, and $1.7 million and $5.5 million, respectively, for the three and nine months ended September 30, 2020. Other liabilities The following table provides the details of other accrued expenses and current liabilities (in thousands): September 30, December 31, 2021 2020 Income taxes payable $ 4,367 $ 7,250 Accrued VAT 3,625 6,604 Accrued professional fees 3,577 3,156 Accrued royalties 2,263 2,009 Defined contribution plan liabilities 1,565 1,660 Obligations for acquisition of businesses 1,502 1,957 Insurance reserves 1,034 843 Other current liabilities 6,788 7,925 Total $ 24,721 $ 31,404 The following table provides details of other long-term liabilities (in thousands): September 30, December 31, 2021 2020 Pension and other post retirement liabilities $ 15,226 $ 14,497 Deferred tax liabilities 8,138 8,028 Other long-term liabilities 9,277 5,242 Total $ 32,641 $ 27,767 Private placement financing In September 2021, the Company issued 2,935,564 shares of its Class A common stock in a private placement to Matrix Capital Management Company LP, for aggregate proceeds of $200.0 million. Per the terms of the agreement, the shares are subject to a one-year The Company expects to use the proceeds for general corporate purposes. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. The Company has agreed to have a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock issued in the private placement declared or deemed effective by the SEC no later than the one-year anniversary after the closing of the private placement. Restructuring expense During the first quarter of 2021, the Company initiated a restructuring plan to realign resources with the Company’s current business outlook and cost structure. The restructuring plan resulted in charges for employee termination benefits of $(0.1) million and $5.0 million for the three and nine months ended September 30, 2021, respectively. The Company expects remaining costs will be immaterial, and all amounts will be paid in 2021. The restructuring costs are attributable primarily to the Software reportable segment. Restructuring expense was recorded as follows (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Cost of revenue – maintenance and other services $ 36 $ 866 Cost of revenue – software related services (46 ) 60 Research and development (24 ) 1,721 Sales and marketing (90 ) 1,836 General and administrative — 471 Total restructuring expense $ (124 ) $ 4,954 Other expense (income), net Other expense (income), net consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign exchange loss (gain) $ 226 $ (691 ) $ 1,942 $ (723 ) Interest income and other (102 ) (91 ) (275 ) (1,129 ) Other expense (income), net $ 124 $ (782 ) $ 1,667 $ (1,852 ) |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination And Asset Acquisition [Abstract] | |
Business Combinations | 5. Business combinations S-FRAME In August 2021, the Company acquired all of the outstanding capital stock The acquisition will be accounted for as a business combination under the acquisition method of accounting. As of September 30, 2021, the book value of assets acquired and liabilities assumed were reported in the Company’s consolidated balance sheet. The remaining purchase price has been recorded in goodwill in the consolidated balance sheet pending fair value allocation. The preliminary estimated fair values of assets acquired and liabilities assumed, and identifiable intangible assets, are subject to change as additional information is received and the fair value allocation is finalized. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The primary areas that remain preliminary relate to the fair value of intangible assets acquired, certain tangible assets and liabilities acquired, income taxes and residual goodwill. Other The allocation of fair value of purchase consideration for the Company’s 2020 acquisitions were finalized as of September 30, 2021. There were no changes to the preliminary fair value of assets acquired and liabilities assumed, as previously reported. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6 . Goodwill and other intangible assets Goodwill The changes in the carrying amount of goodwill, which is attributable to the Software reportable segment, were as follows (in thousands): Balance as of January 1, 2021 $ 264,481 Acquisitions $ 8,550 Effects of foreign currency translation and other (4,143 ) Balance as of September 30, 2021 $ 268,888 Other intangible assets A summary of other intangible assets is shown below (in thousands): September 30, 2021 Weighted average amortization period Gross carrying amount Accumulated amortization Net carrying amount Definite-lived intangible assets: Developed technology 4-6 years $ 78,170 $ 46,983 $ 31,187 Customer relationships 7-10 years 39,739 20,582 19,157 Other intangibles 4-10 years 342 125 217 Total definite-lived intangible assets 118,251 67,690 50,561 Indefinite-lived intangible assets: Trade names 10,979 10,979 Total other intangible assets $ 129,230 $ 67,690 $ 61,540 December 31, 2020 Weighted average amortization period Gross carrying amount Accumulated amortization Net carrying amount Definite-lived intangible assets: Developed technology 4-6 years $ 78,841 $ 37,651 $ 41,190 Customer relationships 7-10 years 40,207 16,673 23,534 Other intangibles 4-10 years 344 84 260 Total definite-lived intangible assets 119,392 54,408 64,984 Indefinite-lived intangible assets: Trade names 11,130 11,130 Total other intangible assets $ 130,522 $ 54,408 $ 76,114 Amortization expense related to intangible assets was $4.4 million and $13.9 million for the three and nine months ended September 30, 2021, respectively, and $3.9 million and $11.4 million for the three and nine months ended September 30, 2020. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 7 . Debt The carrying value of debt was as follows (in thousands): September 30, December 31, 2021 2020 Convertible senior notes $ 230,000 $ 230,000 Revolving credit facility — 30,000 Total debt 230,000 260,000 Less: unamortized debt discount 29,616 37,190 Less: unamortized debt issuance costs 3,588 4,548 Less: current portion of convertible senior notes, net 196,796 188,300 Less: current portion of other long-term debt — 29,962 Long-term debt, net of current portion $ — $ — Convertible senior notes In June 2019, the Company issued $230.0 million aggregate principal amount of 0.25% convertible senior notes due in 2024 (the "Convertible Notes"), which includes the underwriters’ exercise in full of their option to purchase an additional $30.0 million principal amount of the Convertible Notes, in a public offering. The net proceeds from the issuance of the Convertible Notes were $221.9 million after deducting the underwriting discounts and commissions and estimated issuance costs. The Convertible Notes bear interest at a rate of 0.25% per year, payable semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2019. The Convertible Notes mature on June 1, 2024, unless, earlier repurchased or redeemed by the Company or converted pursuant to their terms. The Convertible Notes have an initial conversion rate of 21.5049 shares of the Company's Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $46.50 per share of its Class A common stock. Refer to the Company’s consolidated financial statements for the year ended December 31, 2020, for details of the issuance of the Convertible Notes. For more than twenty trading days during the thirty consecutive trading days ended September 30, 2021, the last reported sale price of the Company’s Class A common stock exceeded 130% of the conversion price of the Convertible Notes. As a result, the Convertible Notes were convertible at the option of the holders and remained classified as current liabilities on the consolidated balance sheet as of September 30, 2021. As of the date of this filing, none of the holders of the Convertible Notes have submitted requests for conversion. T he Company may settle the Convertible Notes in cash , shares of Class A Common Stock or a combination of cash and shares of the Class A Common Stock, at the Company’s election. The Company intends to settle the principal amount of the Convertible Notes in cash and the conversion spread in shares. As of September 30, 2021, the “if converted value” exceeded the principal amount of the Convertible Notes by $ 111.1 million . The net carrying value of the liability component of the Convertible Notes was as follows (in thousands): September 30, December 31, 2021 2020 Principal $ 230,000 $ 230,000 Less: unamortized debt discount 29,616 37,190 Less: unamortized debt issuance costs 3,588 4,510 Net carrying amount $ 196,796 $ 188,300 The net carrying value of the equity component of the Convertible Notes was $50.0 million as of both September 30, 2021 and December 31, 2020. The interest expense recognized related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest expense $ 143 $ 143 $ 431 $ 431 Amortization of debt issuance costs and discount 2,871 2,720 8,496 8,050 Total $ 3,014 $ 2,863 $ 8,927 $ 8,481 Credit agreement Revolving credit facility The Company has a $150.0 million credit facility with a maturity date of December 15, 2023 (“2019 Amended Credit Agreement”). The 2019 Amended Credit Agreement provides for an accordion feature that allows the Company to expand the size of the revolving line of credit by an additional $50.0 million, subject to certain conditions, by obtaining additional commitments from the existing lenders or by causing a person acceptable to the administrative agent to become a lender (in each case subject to the terms and conditions set forth in the 2019 Amended Credit Agreement). As of September 30, 2021, there were no outstanding borrowings under the 2019 Amended Credit Agreement, there was $150.0 million available for future borrowing, and the Company was in compliance with all the financial covenants. The 2019 Amended Credit Agreement is available for general corporate purposes, including working capital, capital expenditures, and permitted acquisitions. For additional information about the 2019 Amended Credit Agreement, refer to the Company’s consolidated financial statements for the year ended December 31, 2020, included in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8 . Fair value measurements The accounting guidance for fair value, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The framework for measuring fair value consists of a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows: Level 1 – Quoted prices in active markets for identical assets and liabilities at the measurement date; Level 2 – Observable Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The carrying value of cash and cash equivalents, accounts receivable, net and accounts payable approximate fair value due to their short maturities. Interest on the Company’s line of credit is at a variable rate, and as such the debt obligation outstanding approximates fair value. The carrying value of the Company’s Convertible Notes are at face value less unamortized debt discount and issuance costs. The estimated fair values of the Convertible Notes, which the Company has classified as Level 2 financial instruments, were determined based on quoted bid prices of the Convertible Notes on the last trading day of each reporting period. As of September 30, 2021, the fair value of the Convertible Notes was $356.7 million and is presented for required disclosure purposes only. For further information on the Convertible Notes, see Note 7. – Debt. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-based compensation 2017 stock-based compensation plan In 2017, the Company’s board of directors adopted the 2017 Equity Incentive Plan (“2017 Plan”), which was approved by the Company’s stockholders. The 2017 Plan provides for the grant of incentive stock options to the Company’s employees and any parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, other cash-based awards and other stock-based awards to the Company’s employees, directors and consultants and the Company’s parent, subsidiary, and affiliate corporations’ employees and consultants. The 2017 Plan has 14,622,416 authorized shares of the Company’s Class A common stock reserved for issuance. The following table summarizes the restricted stock units, or RSUs, awarded under the 2017 Plan for the period: Number of RSUs Outstanding as of January 1, 2021 1,154,936 Granted 338,270 Vested (359,773 ) Forfeited (69,801 ) Outstanding as of September 30, 2021 1,063,632 The weighted average grant date fair value of the RSUs was $62.92 and the RSUs generally vest in four equal annual installments. Total compensation cost related to nonvested awards not yet recognized as of September 30, 2021, totaled $37.2 million, and is expected to be recognized over a weighted average period of 2.4 years. The following table summarizes the stock option activity under the 2017 Plan for the period: Number of options Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in millions) Outstanding as of January 1, 2021 4,203,482 $ 45.68 9.7 Granted 221,153 $ 61.11 Exercised (20,681 ) $ 41.96 Forfeited (182,471 ) $ 47.08 Outstanding as of September 30, 2021 4,221,483 $ 46.44 8.9 Exercisable as of September 30, 2021 21,792 $ 31.85 8.2 $ 0.8 The total intrinsic value of the 2017 Plan stock options exercised during the nine months ended September 30, 2021, was $0.6 million. 2021 Employee Stock Purchase Plan The Board of Directors adopted the 2021 Employee Stock Purchase Plan (“ESPP”) on February 16, 2021, which was subsequently approved by our stockholders and became effective on June 2, 2021. The maximum number of shares available for issuance under the ESPP is 3,200,000 shares of the Company’s Class A common stock. The purchase price for each share of common stock purchased under the ESPP will be 85% of the lower of (a) the fair market value per share on the first day of the applicable offering period or (b) the fair market value per share on the applicable purchase date. Each offering period will last a number of months determined by the plan administrator, up to a maximum of 27 months. The initial offering period began on July 15, 2021, and will end on January 14, 2022, and new offering periods are expected to begin on each January 15 and July 15 thereafter, unless modified by the plan administrator. The ESPP allows participants to purchase the Company’s common stock through payroll deductions, up to a maximum of 15% of their eligible compensation or $25,000, whichever is lower, and subject to limitations under Section 423 of the Internal Revenue Code. The plan administrator has limited participant contributions to $1,000 per month to prevent prejudicial advantages to higher compensated employees. Participants may withdraw from the ESPP and receive a refund of their accumulated payroll contributions at any time prior to a purchase date. As of September 30, 2021, $2.1 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions. There were no purchases related to the ESPP for the three or nine months ended September 30, 2021. The Company recognized $0.5 million of stock-based compensation expense related to the ESPP for the three and nine months ended September 30, 2021. Stock-based compensation expense The stock-based compensation expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue – maintenance and other services $ 1,411 $ 684 $ 3,791 $ 1,602 Research and development 3,894 2,428 11,223 5,686 Sales and marketing 3,673 1,949 10,800 3,949 General and administrative 1,955 1,173 5,415 2,702 Total stock-based compensation expense $ 10,933 $ 6,234 $ 31,229 $ 13,939 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10 . Net loss per share Basic net income per share attributable to common stockholders is computed using the weighted average number of shares of common stock outstanding for the period, excluding dilutive securities, stock options, restricted stock units (“RSUs”), and ESPP shares. Diluted net income per share attributable to common stockholders is based upon the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of dilutive securities, stock options and RSUs under the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (8,109 ) $ (8,505 ) $ (7,397 ) $ (12,698 ) Denominator: Denominator for basic loss per share— weighted average shares 75,750 73,311 75,226 72,979 Effect of dilutive securities, stock options and RSUs — — — — Denominator for dilutive loss per share 75,750 73,311 75,226 72,979 Net loss per share attributable to common stockholders, basic $ (0.11 ) $ (0.12 ) $ (0.10 ) $ (0.17 ) Net loss per share attributable to common stockholders, diluted $ (0.11 ) $ (0.12 ) $ (0.10 ) $ (0.17 ) Anti-dilutive shares excluded from the computation of diluted net loss per share were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options and ESPP 3,634 3,686 3,699 5,128 Convertible shares 1,680 — 1,420 — Total shares excluded from calculation 5,314 3,686 5,119 5,128 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . Income taxes The Company’s income tax expense and effective tax rate for the three and nine months ended September 30, 2021 and 2020, were as follows (in thousands, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income tax expense $ 3,022 $ 2,930 $ 4,424 $ 10,350 Effective tax rate (59 %) (53 %) (149 %) (441 %) The tax rate is affected by the Company being a U.S. resident taxpayer, the tax rates in the U.S. and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no benefit or expense is recognized due to a valuation allowance. The Company’s effective tax rate for the nine months ended September 30, 2021 and 2020, also includes net discrete benefit of $1.2 million and net discrete expense of $5.3 million, respectively, primarily related to changes in tax laws, withholding taxes on royalties, changes in reserves, changes in accruals for unremitted earnings and other adjustments. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Consolidated Appropriations Act, 2021 ("CAA") were enacted during 2020 in response to the COVID-19 pandemic. The CARES Act and CAA, among other things, provide relief to U.S. federal corporate taxpayers through temporary adjustments to net operating loss rules, changes to limitations on interest expense deductibility, and the acceleration of available refunds for minimum tax credit carryforwards. The CARES Act and CAA did not have a material effect on the Company’s consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 1 2 . Accumulated other comprehensive loss The components of accumulated other comprehensive loss were as follows (in thousands): Foreign currency translation Retirement related benefit plans Total Balance as of January 1, 2021 $ 854 $ (3,651 ) $ (2,797 ) Other comprehensive loss before reclassification (5,685 ) 154 (5,531 ) Amounts reclassified from accumulated other comprehensive loss — 190 190 Tax effects — — — Other comprehensive (loss) income (5,685 ) 344 (5,341 ) Balance as of September 30, 2021 $ (4,831 ) $ (3,307 ) $ (8,138 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 3 . Commitments and contingencies Legal proceedings From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company has received, and may in the future continue to receive, claims from third parties asserting, among other things, infringement of their intellectual property rights. Future litigation may be necessary to defend the Company, its partners and its customers by determining the scope, enforceability and validity of third-party proprietary rights, or to establish and enforce the Company’s proprietary rights. The results of any current or future litigation cannot be predicted with certainty and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 1 4 . Segment information The Company defines its operating segments as components of its business where separate financial information is available and used by the chief operating decision maker (“CODM”) in deciding how to allocate resources to its segments and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has identified two reportable segments for financial reporting purposes: Software and Client Engineering Services. The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income (loss) adjusted for income tax expense (benefit), interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as determined by management. Adjusted EBITDA includes an allocation of corporate headquarters costs. The following tables are in thousands: Three Months Ended September 30, 2021 Software CES All other Total Revenue $ 109,939 $ 10,060 $ 1,308 $ 121,307 Adjusted EBITDA $ 14,103 $ 1,408 $ (679 ) $ 14,832 Three Months Ended September 30, 2020 Software CES All other Total Revenue $ 93,980 $ 10,868 $ 1,608 $ 106,456 Adjusted EBITDA $ 7,071 $ 1,607 $ (503 ) $ 8,175 Nine Months Ended September 30, 2021 Software CES All other Total Revenue $ 354,617 $ 31,005 $ 5,760 $ 391,382 Adjusted EBITDA $ 58,957 $ 3,630 $ (1,299 ) $ 61,288 Nine Months Ended September 30, 2020 Software CES All other Total Revenue $ 296,634 $ 34,386 $ 5,460 $ 336,480 Adjusted EBITDA $ 32,637 $ 4,086 $ (1,127 ) $ 35,596 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reconciliation of Adjusted EBITDA to U.S. GAAP (loss) income before income taxes: Adjusted EBITDA $ 14,832 $ 8,175 $ 61,288 $ 35,596 Stock-based compensation expense (10,933 ) (6,234 ) (31,229 ) (13,939 ) Interest expense (3,037 ) (2,934 ) (8,998 ) (8,590 ) Depreciation and amortization (6,175 ) (5,623 ) (19,355 ) (16,916 ) Restructuring expense 124 — (4,954 ) — Special adjustments, interest income and other (1) 102 1,041 275 1,501 Loss before income taxes $ (5,087 ) $ (5,575 ) $ (2,973 ) $ (2,348 ) (1) Included in 2020 are a) $1.0 million of proceeds from settlements related to an historical acquisition for both the three and nine months ended September 30, 2020, and b) $0.6 million of severance expense for the nine-months ended September 30, 2020 |
Organization and Description _2
Organization and Description of Business (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, the accompanying statements do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) for the year ended December 31, 2020, included in the most recent Annual Report on Form 10-K filed with the SEC. |
Use of Estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, management evaluates its significant estimates including the stand alone selling price, or SSP, for each distinct performance obligation included in customer contracts with multiple performance obligations, valuation of acquired intangible assets in business combinations, the incremental borrowing rate used in the valuation of lease liabilities, the determination of the period of benefit for capitalized costs to obtain a contract, fair value of convertible senior notes, provision for credit loss, tax valuation allowances, liabilities for uncertain tax provisions, impairment of goodwill and intangible assets, retirement obligations, useful lives of intangible assets, revenue for fixed price contracts, and stock-based compensation. Actual results could differ from those estimates. |
Significant Accounting Policies | Significant accounting policies There have been no material changes to our significant accounting policies as of and for the nine months ended September 30, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Recent Accounting Guidance | Recent accounting guidance Accounting standards adopted Income Taxes – In December 2019, the FASB issued ASU No. 2019-12, , which simplifies the accounting for income taxes by removing certain exceptions to the general principles for income taxes. The Company adopted ASU 2019-12 effective as of January 1, 2021, and the adoption of this guidance did not have a material effect on its consolidated financial statements. Accounting standards not yet adopted Reference Rate Reform – In March 2020, the FASB issued ASU 2020-04. Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the guidance are optional and effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures and does not expect this guidance to have a material effect on its consolidated financial statements. Debt – In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU simplifies the accounting for convertible instruments by eliminating certain separation models. Under ASU 2020 - 06 , a convertible debt instrument will generally be reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. The update also requires the if-converted method to be used for convertible instruments and the effect of potential share settlement be included in the diluted earnings per share calculation when an instrument may be settled in cash or shares. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The guidance allows entities to use a modified or full retrospective transition method. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company will adopt ASU 2020-06 on January 1, 2022 , and is currently evaluating the method of adoption and the related effect of the new guidance on its consolidated financial statements and earnings per share attributable to common stockholders. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The Company disaggregates its software revenue by type of performance obligation and timing of revenue recognition as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Term licenses $ 55,907 $ 47,386 $ 198,465 $ 160,027 Perpetual licenses 11,696 7,637 32,165 23,557 Maintenance 31,296 29,374 91,539 86,467 Professional software services 3,390 3,413 9,219 8,035 Software related services 7,650 6,170 23,229 18,548 Client engineering services 10,060 10,868 31,005 34,386 Other 1,308 1,608 5,760 5,460 Total revenue $ 121,307 $ 106,456 $ 391,382 $ 336,480 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplementary Information [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the amounts reported in the consolidated statement of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 455,858 $ 241,221 Restricted cash included in other long-term assets 156 326 Total cash, cash equivalents, and restricted cash $ 456,014 $ 241,547 |
Summary of Property and Equipment | Property and equipment consisted of the following (in thousands): September 30, December 31, 2021 2020 Land $ 9,896 $ 10,067 Building and improvements 15,722 15,630 Computer equipment and software 44,182 41,451 Furniture, equipment and other 13,463 10,136 Leasehold improvements 9,870 9,652 Right-of-use assets under finance leases 2,564 2,665 Total property and equipment 95,697 89,601 Less: accumulated depreciation and amortization 56,986 53,269 Property and equipment, net $ 38,711 $ 36,332 |
Summary of Other Accrued Expenses and Current Liabilities | The following table provides the details of other accrued expenses and current liabilities (in thousands): September 30, December 31, 2021 2020 Income taxes payable $ 4,367 $ 7,250 Accrued VAT 3,625 6,604 Accrued professional fees 3,577 3,156 Accrued royalties 2,263 2,009 Defined contribution plan liabilities 1,565 1,660 Obligations for acquisition of businesses 1,502 1,957 Insurance reserves 1,034 843 Other current liabilities 6,788 7,925 Total $ 24,721 $ 31,404 |
Summary of Other Long-term Liabilities | The following table provides details of other long-term liabilities (in thousands): September 30, December 31, 2021 2020 Pension and other post retirement liabilities $ 15,226 $ 14,497 Deferred tax liabilities 8,138 8,028 Other long-term liabilities 9,277 5,242 Total $ 32,641 $ 27,767 |
Summary of Restructuring Expense | Restructuring expense was recorded as follows (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Cost of revenue – maintenance and other services $ 36 $ 866 Cost of revenue – software related services (46 ) 60 Research and development (24 ) 1,721 Sales and marketing (90 ) 1,836 General and administrative — 471 Total restructuring expense $ (124 ) $ 4,954 |
Schedule of Other Expense (Income), Net | Other expense (income), net consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign exchange loss (gain) $ 226 $ (691 ) $ 1,942 $ (723 ) Interest income and other (102 ) (91 ) (275 ) (1,129 ) Other expense (income), net $ 124 $ (782 ) $ 1,667 $ (1,852 ) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill Attributable to Software Reporting Segment | The changes in the carrying amount of goodwill, which is attributable to the Software reportable segment, were as follows (in thousands): Balance as of January 1, 2021 $ 264,481 Acquisitions $ 8,550 Effects of foreign currency translation and other (4,143 ) Balance as of September 30, 2021 $ 268,888 |
Schedule of Other Intangible Assets | A summary of other intangible assets is shown below (in thousands): September 30, 2021 Weighted average amortization period Gross carrying amount Accumulated amortization Net carrying amount Definite-lived intangible assets: Developed technology 4-6 years $ 78,170 $ 46,983 $ 31,187 Customer relationships 7-10 years 39,739 20,582 19,157 Other intangibles 4-10 years 342 125 217 Total definite-lived intangible assets 118,251 67,690 50,561 Indefinite-lived intangible assets: Trade names 10,979 10,979 Total other intangible assets $ 129,230 $ 67,690 $ 61,540 December 31, 2020 Weighted average amortization period Gross carrying amount Accumulated amortization Net carrying amount Definite-lived intangible assets: Developed technology 4-6 years $ 78,841 $ 37,651 $ 41,190 Customer relationships 7-10 years 40,207 16,673 23,534 Other intangibles 4-10 years 344 84 260 Total definite-lived intangible assets 119,392 54,408 64,984 Indefinite-lived intangible assets: Trade names 11,130 11,130 Total other intangible assets $ 130,522 $ 54,408 $ 76,114 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The carrying value of debt was as follows (in thousands): September 30, December 31, 2021 2020 Convertible senior notes $ 230,000 $ 230,000 Revolving credit facility — 30,000 Total debt 230,000 260,000 Less: unamortized debt discount 29,616 37,190 Less: unamortized debt issuance costs 3,588 4,548 Less: current portion of convertible senior notes, net 196,796 188,300 Less: current portion of other long-term debt — 29,962 Long-term debt, net of current portion $ — $ — |
Schedule of Net Carrying Value of Liability Component of Convertible Notes | The net carrying value of the liability component of the Convertible Notes was as follows (in thousands): September 30, December 31, 2021 2020 Principal $ 230,000 $ 230,000 Less: unamortized debt discount 29,616 37,190 Less: unamortized debt issuance costs 3,588 4,510 Net carrying amount $ 196,796 $ 188,300 |
Schedule of Interest Expense Related to Convertible Notes | The interest expense recognized related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest expense $ 143 $ 143 $ 431 $ 431 Amortization of debt issuance costs and discount 2,871 2,720 8,496 8,050 Total $ 3,014 $ 2,863 $ 8,927 $ 8,481 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Stock-Based Compensation | The stock-based compensation expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue – maintenance and other services $ 1,411 $ 684 $ 3,791 $ 1,602 Research and development 3,894 2,428 11,223 5,686 Sales and marketing 3,673 1,949 10,800 3,949 General and administrative 1,955 1,173 5,415 2,702 Total stock-based compensation expense $ 10,933 $ 6,234 $ 31,229 $ 13,939 |
2017 Plan [Member] | |
Summary of Restricted Stock Units Awarded | The following table summarizes the restricted stock units, or RSUs, awarded under the 2017 Plan for the period: Number of RSUs Outstanding as of January 1, 2021 1,154,936 Granted 338,270 Vested (359,773 ) Forfeited (69,801 ) Outstanding as of September 30, 2021 1,063,632 |
Summary of Stock Option Activity | The following table summarizes the stock option activity under the 2017 Plan for the period: Number of options Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in millions) Outstanding as of January 1, 2021 4,203,482 $ 45.68 9.7 Granted 221,153 $ 61.11 Exercised (20,681 ) $ 41.96 Forfeited (182,471 ) $ 47.08 Outstanding as of September 30, 2021 4,221,483 $ 46.44 8.9 Exercisable as of September 30, 2021 21,792 $ 31.85 8.2 $ 0.8 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Numerators and Denominators Used in Basic and Diluted Net Loss Per Share Amounts | The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (8,109 ) $ (8,505 ) $ (7,397 ) $ (12,698 ) Denominator: Denominator for basic loss per share— weighted average shares 75,750 73,311 75,226 72,979 Effect of dilutive securities, stock options and RSUs — — — — Denominator for dilutive loss per share 75,750 73,311 75,226 72,979 Net loss per share attributable to common stockholders, basic $ (0.11 ) $ (0.12 ) $ (0.10 ) $ (0.17 ) Net loss per share attributable to common stockholders, diluted $ (0.11 ) $ (0.12 ) $ (0.10 ) $ (0.17 ) |
Schedule of Anti-dilutive Shares Excluded from Computation of Diluted Net Loss Per Share | Anti-dilutive shares excluded from the computation of diluted net loss per share were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options and ESPP 3,634 3,686 3,699 5,128 Convertible shares 1,680 — 1,420 — Total shares excluded from calculation 5,314 3,686 5,119 5,128 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense and Effective Tax Rate | The Company’s income tax expense and effective tax rate for the three and nine months ended September 30, 2021 and 2020, were as follows (in thousands, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income tax expense $ 3,022 $ 2,930 $ 4,424 $ 10,350 Effective tax rate (59 %) (53 %) (149 %) (441 %) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss were as follows (in thousands): Foreign currency translation Retirement related benefit plans Total Balance as of January 1, 2021 $ 854 $ (3,651 ) $ (2,797 ) Other comprehensive loss before reclassification (5,685 ) 154 (5,531 ) Amounts reclassified from accumulated other comprehensive loss — 190 190 Tax effects — — — Other comprehensive (loss) income (5,685 ) 344 (5,341 ) Balance as of September 30, 2021 $ (4,831 ) $ (3,307 ) $ (8,138 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables are in thousands: Three Months Ended September 30, 2021 Software CES All other Total Revenue $ 109,939 $ 10,060 $ 1,308 $ 121,307 Adjusted EBITDA $ 14,103 $ 1,408 $ (679 ) $ 14,832 Three Months Ended September 30, 2020 Software CES All other Total Revenue $ 93,980 $ 10,868 $ 1,608 $ 106,456 Adjusted EBITDA $ 7,071 $ 1,607 $ (503 ) $ 8,175 Nine Months Ended September 30, 2021 Software CES All other Total Revenue $ 354,617 $ 31,005 $ 5,760 $ 391,382 Adjusted EBITDA $ 58,957 $ 3,630 $ (1,299 ) $ 61,288 Nine Months Ended September 30, 2020 Software CES All other Total Revenue $ 296,634 $ 34,386 $ 5,460 $ 336,480 Adjusted EBITDA $ 32,637 $ 4,086 $ (1,127 ) $ 35,596 |
Reconciliation of U.S. GAAP (Loss) Income Before Income Taxes to Adjusted EBITDA | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reconciliation of Adjusted EBITDA to U.S. GAAP (loss) income before income taxes: Adjusted EBITDA $ 14,832 $ 8,175 $ 61,288 $ 35,596 Stock-based compensation expense (10,933 ) (6,234 ) (31,229 ) (13,939 ) Interest expense (3,037 ) (2,934 ) (8,998 ) (8,590 ) Depreciation and amortization (6,175 ) (5,623 ) (19,355 ) (16,916 ) Restructuring expense 124 — (4,954 ) — Special adjustments, interest income and other (1) 102 1,041 275 1,501 Loss before income taxes $ (5,087 ) $ (5,575 ) $ (2,973 ) $ (2,348 ) (1) Included in 2020 are a) $1.0 million of proceeds from settlements related to an historical acquisition for both the three and nine months ended September 30, 2020, and b) $0.6 million of severance expense for the nine-months ended September 30, 2020 |
Recent Accounting Guidance - Ad
Recent Accounting Guidance - Additional Information (Detail) - ASU 2019-12 | Sep. 30, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 |
Change In Accounting Principle Accounting Standards Update Immaterial Effect | true |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 121,307 | $ 106,456 | $ 391,382 | $ 336,480 |
Term Licenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 55,907 | 47,386 | 198,465 | 160,027 |
Perpetual Licenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,696 | 7,637 | 32,165 | 23,557 |
Maintenance [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 31,296 | 29,374 | 91,539 | 86,467 |
Professional Software Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,390 | 3,413 | 9,219 | 8,035 |
Software Related Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7,650 | 6,170 | 23,229 | 18,548 |
Client Engineering Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 10,060 | 10,868 | 31,005 | 34,386 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 1,308 | $ 1,608 | $ 5,760 | $ 5,460 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue From Contracts With Customers [Line Items] | |||||
Percentage of net revenues through indirect channels | 12.00% | 11.00% | |||
Deferred revenue, revenue recognized | $ 71.8 | ||||
Contracted revenue not yet recognized | $ 121.1 | $ 120.3 | $ 121.1 | $ 120.3 | |
Contracted revenue recognize percentage | 83.00% | 83.00% | 83.00% | 83.00% | |
Sales and Marketing Expense [Member] | |||||
Revenue From Contracts With Customers [Line Items] | |||||
Sales commissions | $ 2.4 | $ 2 | $ 5.9 | $ 3.6 | |
Prepaid and Other Current Assets [Member] | |||||
Revenue From Contracts With Customers [Line Items] | |||||
Capitalized contract cost net, current | 5.3 | 5.3 | $ 3.7 | ||
Contract assets | 2.9 | 2.9 | 1.4 | ||
Other Long-Term Assets [Member] | |||||
Revenue From Contracts With Customers [Line Items] | |||||
Capitalized contract cost net, noncurrent | 0.5 | 0.5 | 0.6 | ||
Contract assets | 1.3 | ||||
Accounts Receivable [Member] | |||||
Revenue From Contracts With Customers [Line Items] | |||||
Contract assets | $ 5.8 | $ 5.8 | $ 6.7 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Additional Information (Detail)1 | Sep. 30, 2021 | Sep. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | ||
Revenue From Contracts With Customers [Line Items] | ||
Revenue, remaining contractual obligation, expected to recognize, period | 12 months | 12 months |
Supplementary Information - Rec
Supplementary Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Supplementary Information [Abstract] | ||||
Cash and cash equivalents | $ 455,858 | $ 241,221 | ||
Restricted cash included in other long-term assets | 156 | 326 | ||
Total cash, cash equivalents, and restricted cash | $ 456,014 | $ 241,547 | $ 245,679 | $ 223,497 |
Supplementary Information - Sum
Supplementary Information - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 95,697 | $ 89,601 |
Less: accumulated depreciation and amortization | 56,986 | 53,269 |
Property and equipment, net | 38,711 | 36,332 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,896 | 10,067 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,722 | 15,630 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 44,182 | 41,451 |
Furniture Equipment and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,463 | 10,136 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,870 | 9,652 |
Right-of-Use Assets Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 2,564 | $ 2,665 |
Supplementary Information - Add
Supplementary Information - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplementary Information [Line Items] | |||||
Depreciation expense, including amortization of right-of-use assets under finance leases | $ 1,700 | $ 1,700 | $ 5,400 | $ 5,500 | |
Proceeds from private placement of common stock | 200,000 | ||||
Restructuring plan resulted in charges | $ (124) | $ 4,954 | |||
Class A Common Stock [Member] | Private Placement [Member] | Matrix Capital Management Company LP [Member] | |||||
Supplementary Information [Line Items] | |||||
Stock issued | 2,935,564 | ||||
Proceeds from private placement of common stock | $ 200,000 | ||||
Shares lockup period | 1 year |
Supplementary Information - S_2
Supplementary Information - Summary of Other Accrued Expenses and Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Income taxes payable | $ 4,367 | $ 7,250 |
Accrued VAT | 3,625 | 6,604 |
Accrued professional fees | 3,577 | 3,156 |
Accrued royalties | 2,263 | 2,009 |
Defined contribution plan liabilities | 1,565 | 1,660 |
Obligations for acquisition of businesses | 1,502 | 1,957 |
Insurance reserves | 1,034 | 843 |
Other current liabilities | 6,788 | 7,925 |
Total | $ 24,721 | $ 31,404 |
Supplementary Information - S_3
Supplementary Information - Summary of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Pension and other post retirement liabilities | $ 15,226 | $ 14,497 |
Deferred tax liabilities | 8,138 | 8,028 |
Other long-term liabilities | 9,277 | 5,242 |
Total | $ 32,641 | $ 27,767 |
Supplementary Information - S_4
Supplementary Information - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | $ (124) | $ 4,954 |
Maintenance and Other Services [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | 36 | 866 |
Cost of Revenue - Software Related Services [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | (46) | 60 |
Research and Development [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | (24) | 1,721 |
Sales and Marketing [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | $ (90) | 1,836 |
General and Administrative [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expense | $ 471 |
Supplementary Information - Sch
Supplementary Information - Schedule of Other Expense (Income), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplementary Information [Abstract] | ||||
Foreign exchange loss (gain) | $ 226 | $ (691) | $ 1,942 | $ (723) |
Interest income and other | (102) | (91) | (275) | (1,129) |
Other expense (income), net | $ 124 | $ (782) | $ 1,667 | $ (1,852) |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - S-FRAME Software Inc [Member] | 1 Months Ended | 9 Months Ended |
Aug. 31, 2021 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Business acquisition, name of acquired entity | S-FRAME Software Inc | |
Preliminary base purchase price allocation maximum evaluation period from acquisition date | 1 year |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill Attributable to Software Reportable Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 264,481 |
Acquisitions | 8,550 |
Effects of foreign currency translation and other | (4,143) |
Ending Balance | $ 268,888 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Summary Of Other Intangible Assets [Line Items] | ||
Gross carrying amount | $ 118,251 | $ 119,392 |
Accumulated amortization | 67,690 | 54,408 |
Net carrying amount | 50,561 | 64,984 |
Gross carrying amount | 129,230 | 130,522 |
Net carrying amount | 61,540 | 76,114 |
Developed Technology [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Gross carrying amount | 78,170 | 78,841 |
Accumulated amortization | 46,983 | 37,651 |
Net carrying amount | $ 31,187 | $ 41,190 |
Developed Technology [Member] | Minimum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 4 years | 4 years |
Developed Technology [Member] | Maximum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 6 years | 6 years |
Customer Relationships [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Gross carrying amount | $ 39,739 | $ 40,207 |
Accumulated amortization | 20,582 | 16,673 |
Net carrying amount | $ 19,157 | $ 23,534 |
Customer Relationships [Member] | Minimum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 7 years | 7 years |
Customer Relationships [Member] | Maximum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 10 years | 10 years |
Other Intangibles [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Gross carrying amount | $ 342 | $ 344 |
Accumulated amortization | 125 | 84 |
Net carrying amount | $ 217 | $ 260 |
Other Intangibles [Member] | Minimum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 4 years | 4 years |
Other Intangibles [Member] | Maximum [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Weighted-average useful life of acquired finite-lived intangible assets | 10 years | 10 years |
Trade Names [Member] | ||
Summary Of Other Intangible Assets [Line Items] | ||
Net carrying amount | $ 10,979 | $ 11,130 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 4,432 | $ 3,858 | $ 13,924 | $ 11,390 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Value of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 230,000 | $ 260,000 |
Less: unamortized debt discount | 29,616 | 37,190 |
Less: unamortized debt issuance costs | 3,588 | 4,548 |
Less: current portion of other long-term debt | 29,962 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 30,000 | |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 230,000 | 230,000 |
Less: current portion of convertible senior notes, net | $ 196,796 | $ 188,300 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2021USD ($)d | Dec. 31, 2020USD ($) | |
Convertible Senior Notes Due in 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, aggregate principal amount | $ 230,000,000 | ||
Debt instrument interest rate | 0.25% | ||
Additional principal amount of notes to underwriters | $ 30,000,000 | ||
Net proceeds from issuance of costs | $ 221,900,000 | ||
Debt instrument frequency of periodic payment | semi-annually | ||
Interest payment commencement date | Dec. 1, 2019 | ||
Debt instrument maturity date | Jun. 1, 2024 | ||
Debt instrument, description | The Convertible Notes bear interest at a rate of 0.25% per year, payable semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2019. | ||
Debt instrument, convertible, terms of conversion feature | The Convertible Notes have an initial conversion rate of 21.5049 shares of the Company's Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $46.50 per share of its Class A common stock. | ||
Debt instrument, convertible, "if-converted value" in excess of the principal amount | $ 111,100,000 | ||
Net carrying value of equity component of convertible notes | $ 50,000,000 | $ 50,000,000 | |
Convertible Senior Notes Due in 2024 [Member] | Class A Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt conversion, converted instrument, shares issued | shares | 21.5049 | ||
Debt instrument conversion rate principal amount of notes | $ 1,000 | ||
Debt instrument convertible initial conversion price per share of common stock | $ / shares | $ 46.50 | ||
Convertible Senior Notes Due in 2024 [Member] | Class A Common Stock [Member] | Convertible Notes, Holders Conversion Rights, Circumstances 1 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, consecutive trading days | d | 30 | ||
Convertible Senior Notes Due in 2024 [Member] | Class A Common Stock [Member] | Convertible Notes, Holders Conversion Rights, Circumstances 1 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, trading days | d | 20 | ||
Debt instrument, convertible, threshold percentage of conversion price | 130.00% | ||
Twenty Nineteen Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maturity date | Dec. 15, 2023 | ||
Credit facility | $ 150,000,000 | ||
Increase in line of credit borrowing capacity | 50,000,000 | ||
Secured Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Loan outstanding | 0 | ||
Amount available for future borrowing | $ 150,000,000 |
Debt - Schedule of Net Carrying
Debt - Schedule of Net Carrying Value of Liability Component of Convertible Notes (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal | $ 230,000 | $ 260,000 |
Less: unamortized debt discount | 29,616 | 37,190 |
Less: unamortized debt issuance costs | 3,588 | 4,548 |
Convertible Senior Notes Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 230,000 | 230,000 |
Less: unamortized debt discount | 29,616 | 37,190 |
Less: unamortized debt issuance costs | 3,588 | 4,510 |
Net carrying amount | $ 196,796 | $ 188,300 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense Recognized Related to Convertible Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs and discount | $ 8,513 | $ 8,067 | ||
Convertible Senior Notes Due in 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 143 | $ 143 | 431 | 431 |
Amortization of debt issuance costs and discount | 2,871 | 2,720 | 8,496 | 8,050 |
Total | $ 3,014 | $ 2,863 | $ 8,927 | $ 8,481 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | Sep. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of convertible notes | $ 356.7 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)Installment$ / sharesshares | |
2021 Employee Stock Purchase Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of purchase price for each share of common stock purchased of lower of fair market value per share on first day of applicable offering period | 85.00% | |
Maximum offering period | 27 months | |
Initial offering period beginning date | Jul. 15, 2021 | |
Offering period expiration date | Jan. 14, 2022 | |
Amount of eligible compensation for employee payroll deductions | $ 25,000 | |
Monthly participant contributions limited to prevent prejudicial advantages to higher compensated employees | $ 1,000 | |
Purchases related to ESPP | shares | 0 | 0 |
Stock-based compensation expense | $ 500,000 | $ 500,000 |
2021 Employee Stock Purchase Plan [Member] | The Timing of Payroll Deductions [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Amount withheld on behalf of employees for a future purchase | $ 2,100,000 | |
2021 Employee Stock Purchase Plan [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of eligible compensation for employee payroll deductions | 15.00% | 15.00% |
Class A Common Stock [Member] | 2021 Employee Stock Purchase Plan [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | shares | 3,200,000 | 3,200,000 |
2017 Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ 600,000 | |
2017 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average grant date fair value of RSUs | $ / shares | $ 62.92 | $ 62.92 |
Number of vesting equal annual installments | Installment | 4 | |
Compensation cost related to nonvested awards not yet recognized | $ 37,200,000 | $ 37,200,000 |
Weighted average period of recognition | 2 years 4 months 24 days | |
2017 Plan [Member] | Class A Common Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | shares | 14,622,416 | 14,622,416 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Restricted Stock Units Awarded (Detail) - 2017 Plan [Member] - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of RSUs, Outstanding Beginning Balance | 1,154,936 |
Number of RSUs, Granted | 338,270 |
Number of RSUs, Vested | (359,773) |
Number of RSUs, Forfeited | (69,801) |
Number of RSUs, Outstanding Ending Balance | 1,063,632 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Option Activity under 2017 Plan (Detail) - 2017 Plan [Member] $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options, Outstanding, Beginning Balance | shares | 4,203,482 | |
Number of options, Granted | shares | 221,153 | |
Number of options, Exercised | shares | (20,681) | |
Number of options, Forfeited | shares | (182,471) | |
Number of options, Outstanding, Ending Balance | shares | 4,221,483 | 4,203,482 |
Number of options, Exercisable | shares | 21,792 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares | $ 45.68 | |
Weighted average exercise price per share, Granted | $ / shares | 61.11 | |
Weighted average exercise price per share, Exercised | $ / shares | 41.96 | |
Weighted average exercise price per share, Forfeited | $ / shares | 47.08 | |
Weighted average exercise price per share, Outstanding, Ending Balance | $ / shares | 46.44 | $ 45.68 |
Weighted average exercise price per share, Exercisable | $ / shares | $ 31.85 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted average remaining contractual term (years), Outstanding | 8 years 10 months 24 days | 9 years 8 months 12 days |
Weighted average remaining contractual term (years), Exercisable | 8 years 2 months 12 days | |
Aggregate intrinsic value, Exercisable | $ | $ 0.8 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 10,933 | $ 6,234 | $ 31,229 | $ 13,939 |
Maintenance and Other Services [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,411 | 684 | 3,791 | 1,602 |
Research and development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,894 | 2,428 | 11,223 | 5,686 |
Sales and Marketing [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,673 | 1,949 | 10,800 | 3,949 |
General and administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,955 | $ 1,173 | $ 5,415 | $ 2,702 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Numerators and Denominators Used in Basic and Diluted Net Loss Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss | $ (8,109) | $ (13,648) | $ 14,360 | $ (8,505) | $ (10,223) | $ 6,030 | $ (7,397) | $ (12,698) |
Denominator: | ||||||||
Denominator for basic loss per share— weighted average shares | 75,750 | 73,311 | 75,226 | 72,979 | ||||
Denominator for dilutive loss per share | 75,750 | 73,311 | 75,226 | 72,979 | ||||
Net loss per share attributable to common stockholders, basic | $ (0.11) | $ (0.12) | $ (0.10) | $ (0.17) | ||||
Net loss per share attributable to common stockholders, diluted | $ (0.11) | $ (0.12) | $ (0.10) | $ (0.17) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Anti-dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares excluded from calculation | 5,314 | 3,686 | 5,119 | 5,128 |
Stock Options and ESPP [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares excluded from calculation | 3,634 | 3,686 | 3,699 | 5,128 |
Convertible Shares [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares excluded from calculation | 1,680 | 1,420 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense and Effective Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 3,022 | $ 2,930 | $ 4,424 | $ 10,350 |
Effective tax rate | (59.00%) | (53.00%) | (149.00%) | (441.00%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Net discrete expense (benefit) | $ (1.2) | $ 5.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 399,345 | $ 354,950 | $ 378,586 | $ 354,707 |
Other comprehensive loss before reclassification | (5,531) | |||
Amounts reclassified from accumulated other comprehensive loss | 190 | |||
Total other comprehensive income (loss) | (4,233) | 4,514 | (5,341) | (336) |
Ending balance | 602,262 | 359,455 | 602,262 | 359,455 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 854 | |||
Other comprehensive loss before reclassification | (5,685) | |||
Total other comprehensive income (loss) | (5,685) | |||
Ending balance | (4,831) | (4,831) | ||
Retirement Related Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (3,651) | |||
Other comprehensive loss before reclassification | 154 | |||
Amounts reclassified from accumulated other comprehensive loss | 190 | |||
Total other comprehensive income (loss) | 344 | |||
Ending balance | (3,307) | (3,307) | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (3,905) | (14,378) | (2,797) | (9,528) |
Ending balance | $ (8,138) | $ (9,864) | $ (8,138) | $ (9,864) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 121,307 | $ 106,456 | $ 391,382 | $ 336,480 |
Adjusted EBITDA | 14,832 | 8,175 | 61,288 | 35,596 |
Software [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 109,939 | 93,980 | 354,617 | 296,634 |
Adjusted EBITDA | 14,103 | 7,071 | 58,957 | 32,637 |
CES [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 10,060 | 10,868 | 31,005 | 34,386 |
Adjusted EBITDA | 1,408 | 1,607 | 3,630 | 4,086 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,308 | 1,608 | 5,760 | 5,460 |
Adjusted EBITDA | $ (679) | $ (503) | $ (1,299) | $ (1,127) |
Segment Information - Reconcili
Segment Information - Reconciliation of U.S. GAAP (Loss) Income Before Income Taxes to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Segment Reporting [Abstract] | |||||
Adjusted EBITDA | $ 14,832 | $ 8,175 | $ 61,288 | $ 35,596 | |
Stock-based compensation expense | (10,933) | (6,234) | (31,229) | (13,939) | |
Interest expense | (3,037) | (2,934) | (8,998) | (8,590) | |
Depreciation and amortization | (6,175) | (5,623) | (19,355) | (16,916) | |
Restructuring expense | 124 | (4,954) | |||
Special adjustments, interest income and other | [1] | 102 | 1,041 | 275 | 1,501 |
Loss before income taxes | $ (5,087) | $ (5,575) | $ (2,973) | $ (2,348) | |
[1] | Included in 2020 are a) $1.0 million of proceeds from settlements related to an historical acquisition for both the three and nine months ended September 30, 2020, and b) $0.6 million of severance expense for the nine-months ended September 30, 2020 |
Segment Information - Reconci_2
Segment Information - Reconciliation of U.S. GAAP (Loss) Income Before Income Taxes to Adjusted EBITDA (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Segment Reporting [Abstract] | ||
Proceeds from settlements related to historical acquisition | $ 1 | $ 1 |
Severance expense | $ 0.6 |