SolarWinds (SWI) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38711
Entity Registrant Name	SolarWinds Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0753267
Entity Address, Address Line One	7171 Southwest Parkway
Entity Address, Address Line Two	Building 400
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	512
Local Phone Number	682.9300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SWI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		315,731,293
Entity Central Index Key	0001739942
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 374,352	$ 370,498
Accounts receivable, net of allowances of $3,023 and $2,736 as of March 31, 2021 and December 31, 2020, respectively	116,271	114,298
Income tax receivable	2,286	2,273
Prepaid and other current assets	37,501	25,664
Total current assets	530,410	512,733
Property and equipment, net	58,507	58,649
Operating lease assets	108,030	110,961
Deferred taxes	143,080	149,455
Goodwill	4,192,328	4,249,402
Intangible assets, net	524,320	592,985
Other assets, net	37,837	36,298
Total assets	5,594,512	5,710,483
Current liabilities:
Accounts payable	19,299	17,932
Accrued liabilities and other	56,594	72,971
Current operating lease liabilities	18,476	17,811
Accrued interest payable	154	157
Income taxes payable	11,324	16,358
Current portion of deferred revenue	343,412	346,075
Current debt obligation	19,900	19,900
Total current liabilities	469,159	491,204
Long-term liabilities:
Deferred revenue, net of current portion	34,853	36,679
Non-current deferred taxes	47,706	59,149
Non-current operating lease liabilities	111,102	115,071
Other long-term liabilities	101,590	115,021
Long-term debt, net of current portion	1,879,936	1,882,672
Total liabilities	2,644,346	2,699,796
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value: 1,000,000,000 shares authorized and 315,403,617 and 313,039,222 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	315	313
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	3,124,493	3,112,106
Accumulated other comprehensive income	61,462	127,212
Accumulated deficit	(236,104)	(228,944)
Total stockholders’ equity	2,950,166	3,010,687
Total liabilities and stockholders’ equity	$ 5,594,512	$ 5,710,483

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Allowance for credit loss, accounts receivable	$ 3,023	$ 2,736
Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	315,403,617	313,039,222
Common stock, outstanding (in shares)	315,403,617	313,039,222
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 256,902	$ 246,950
Cost of revenue:
Cost of recurring revenue	26,958	22,501
Amortization of acquired technologies	43,121	44,492
Total cost of revenue	70,079	66,993
Gross profit	186,823	179,957
Operating expenses:
Sales and marketing	83,297	72,378
Research and development	37,761	31,845
General and administrative	47,710	29,755
Amortization of acquired intangibles	20,057	18,296
Total operating expenses	188,825	152,274
Operating income (loss)	(2,002)	27,683
Other income (expense):
Interest expense, net	(16,174)	(24,095)
Other income (expense), net	127	(758)
Total other income (expense)	(16,047)	(24,853)
Income (loss) before income taxes	(18,049)	2,830
Income tax expense (benefit)	(10,889)	2,415
Net income (loss)	(7,160)	415
Net income (loss) available to common stockholders	$ (7,160)	$ 412
Net income (loss) available to common stockholders per share:
Basic earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0
Diluted earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0
Weighted-average shares used to compute net income (loss) available to common stockholders per share:
Weighted-average shares used in computing basic earnings (loss) per share (in shares)	314,246	308,937
Weighted-average shares used in computing diluted earnings (loss) per share (in shares)	314,246	312,865
Recurring Revenue
Revenue:
Total revenue	$ 232,028	$ 209,984
Subscription
Revenue:
Total revenue	108,988	93,635
Cost of revenue:
Amortization of acquired technologies	5,785	8,920
Maintenance
Revenue:
Total revenue	123,040	116,349
License
Revenue:
Total revenue	24,874	36,966
Cost of revenue:
Amortization of acquired technologies	$ 37,336	$ 35,572

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (7,160)	$ 415
Other comprehensive income (loss):
Foreign currency translation adjustment	(65,750)	(30,429)
Other comprehensive income (loss)	(65,750)	(30,429)
Comprehensive income (loss)	$ (72,910)	$ (30,014)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2019		308,290,000
Balance at beginning of period at Dec. 31, 2019	$ 2,649,522	$ 308	$ 3,041,880	$ (5,247)	$ (387,419)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(30,429)			(30,429)
Net income (loss)	415				415
Comprehensive income (loss)	(30,014)
Exercise of stock options (in shares)		59,000
Exercise of stock options	51		51
Restricted stock units issued, net of shares withheld for taxes (in shares)		276,000
Restricted stock units issued, net of shares withheld for taxes	(1,548)		(1,548)
Issuance of stock (in shares)		1,105,000
Issuance of stock	629	$ 2	627
Issuance of stock under employee stock purchase plan (in shares)		161,000
Issuance of stock under employee stock purchase plan	2,357		2,357
Stock-based compensation	11,367		11,367
Balance at end of period (in shares) at Mar. 31, 2020		309,891,000
Balance at end of period at Mar. 31, 2020	$ 2,632,364	$ 310	3,054,734	(35,676)	(387,004)
Balance at beginning of period (in shares) at Dec. 31, 2020	313,039,222	313,039,000
Balance at beginning of period at Dec. 31, 2020	$ 3,010,687	$ 313	3,112,106	127,212	(228,944)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(65,750)			(65,750)
Net income (loss)	(7,160)				(7,160)
Comprehensive income (loss)	(72,910)
Exercise of stock options (in shares)		10,000
Exercise of stock options	11		11
Restricted stock units issued, net of shares withheld for taxes (in shares)		1,319,000
Restricted stock units issued, net of shares withheld for taxes	(8,397)	$ 1	(8,398)
Issuance of stock (in shares)		820,000
Issuance of stock	463	$ 1	462
Issuance of stock under employee stock purchase plan (in shares)		216,000
Issuance of stock under employee stock purchase plan	3,129		3,129
Stock-based compensation	$ 17,183		17,183
Balance at end of period (in shares) at Mar. 31, 2021	315,403,617	315,404,000
Balance at end of period at Mar. 31, 2021	$ 2,950,166	$ 315	$ 3,124,493	$ 61,462	$ (236,104)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (7,160)	$ 415
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	69,685	67,768
Provision for losses on accounts receivable	696	3,014
Stock-based compensation expense	17,063	11,268
Amortization of debt issuance costs	2,239	2,288
Deferred taxes	(8,985)	(8,744)
(Gain) loss on foreign currency exchange rates	(1,041)	983
Other non-cash expenses (benefits)	2,268	(190)
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable	(4,076)	(4,084)
Income taxes receivable	(71)	(583)
Prepaid and other assets	(13,190)	(4,092)
Accounts payable	1,520	(3,047)
Accrued liabilities and other	(15,310)	(5,800)
Accrued interest payable	(3)	(45)
Income taxes payable	(17,467)	4,566
Deferred revenue	763	14,739
Other long-term liabilities	0	(85)
Net cash provided by operating activities	26,931	78,371
Cash flows from investing activities
Purchases of property and equipment	(5,806)	(6,536)
Purchases of intangible assets	(2,170)	(1,694)
Acquisitions, net of cash acquired	447	0
Net cash used in investing activities	(7,529)	(8,230)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	3,129	2,357
Repurchase of common stock and incentive restricted stock	(8,588)	(1,571)
Exercise of stock options	11	51
Repayments of borrowings from credit agreement	(4,975)	(4,975)
Net cash used in financing activities	(10,423)	(4,138)
Effect of exchange rate changes on cash and cash equivalents	(5,125)	(2,420)
Net increase in cash and cash equivalents	3,854	63,583
Cash and cash equivalents
Beginning of period	370,498	173,372
End of period	374,352	236,955
Supplemental disclosure of cash flow information
Cash paid for interest	13,993	21,972
Cash paid for income taxes	$ 14,408	$ 6,035

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	1. Organization and Nature of OperationsSolarWinds Corporation, a Delaware corporation, and its subsidiaries (“Company”, “we,” “us” and “our”) is a leading provider of information technology, or IT, infrastructure management software. Our products give organizations worldwide, regardless of type, size or IT infrastructure complexity, the power to monitor and manage the performance of their IT environments, whether on-premise, in the cloud, or in hybrid infrastructure models. Our approach, which we refer to as the SolarWinds Model, combines powerful, scalable, affordable, easy to use products with high-velocity, low-touch sales. We’ve built our business to enable the technology professionals who use our products to manage “all things IT.” Our range of customers has expanded over time to include network and systems engineers, database administrators, storage administrators, DevOps and service desk professionals, as well as managed service providers, or MSPs. Our SolarWinds Model enables us to sell our products for use in organizations ranging in size from very small businesses to large enterprises.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies We prepared our interim condensed consolidated financial statements in conformity with United States of America generally accepted accounting principles, or GAAP, and the reporting regulations of the Securities and Exchange Commission, or the SEC. They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the accounts of SolarWinds Corporation and the accounts of its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. The interim financial information is unaudited, but reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. Potential Spin-Off of N-able Business On August 6, 2020, we announced that our board of directors has authorized management to explore a potential spin-off of our N‑able business into a newly created and separately traded public company, and on March 30, 2021, we announced the public filing with the SEC of a Form 10 registration statement with respect to the potential spin-off. If completed, the standalone entity would provide broad cloud-based software solutions for MSPs, enabling them to support digital transformation and growth within small and medium-sized enterprises, or SMEs. SolarWinds would retain its Core IT Management business focused primarily on selling software and cloud-based services to corporate IT organizations. We believe that, if completed, the potential spin-off would allow each company to more effectively pursue its distinct operating priorities, strategies and capital allocation policies, while also allowing shareholders to separately evaluate and value the companies on their distinct markets, strategies and performance. If we proceed with the spin-off, it would be intended to be structured as a tax-free, pro-rata distribution to all SolarWinds shareholders as of a record date to be determined by the board of directors of SolarWinds. If completed, upon effectiveness of the transaction, SolarWinds shareholders would own shares of both companies. Completion of any spin-off would be subject to various conditions, including final approval of our board of directors, and there can be no assurance that the potential spin-off will be completed in the manner described above, or at all. Spin-off costs incurred were $9.9 million during the three months ended March 31, 2021 which are primarily included in general and administrative expense in the condensed consolidated statements of operations. Spin-off costs include legal, accounting and advisory fees, implementation and integration costs, duplicative costs for subscriptions and information technology systems, employee and contract costs and other incremental separation costs related to the potential spin-off of the N-able business. Use of Estimates The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts and the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The actual results that we experience may differ materially from our estimates. The accounting estimates that require our most significant, difficult and subjective judgments include: • the valuation of goodwill, intangibles, long-lived assets and contingent consideration; • revenue recognition; • stock-based compensation; • income taxes; and • loss contingencies. Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements that are expected to have a material impact on our consolidated financial position, results of operations, or cash flows. Fair Value Measurements We apply the authoritative guidance on fair value measurements for financial assets and liabilities that are measured at fair value on a recurring basis and non-financial assets and liabilities, such as goodwill, intangible assets and property, plant and equipment that are measured at fair value on a non-recurring basis. The guidance establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets accessible by us. Level 2: Inputs that are observable in the marketplace other than those inputs classified as Level 1. Level 3: Inputs that are unobservable in the marketplace and significant to the valuation. See Note 4. Fair Value Measurements for a summary of our financial instruments accounted for at fair value on a recurring basis. The carrying amounts reported in our consolidated balance sheets for cash, accounts receivable, accounts payable and other accrued expenses approximate fair value due to relatively short periods to maturity. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component are summarized below: Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) (in thousands) Balance at December 31, 2020 $ 127,212 $ 127,212 Other comprehensive gain (loss) before reclassification (65,750) (65,750) Amount reclassified from accumulated other comprehensive income (loss) — — Net current period other comprehensive income (loss) (65,750) (65,750) Balance at March 31, 2021 $ 61,462 $ 61,462 Deferred Revenue Details of our total deferred revenue balance was as follow s: Total Deferred Revenue (in thousands) Balance at December 31, 2020 $ 382,754 Deferred revenue recognized (131,972) Additional amounts deferred 127,483 Balance at March 31, 2021 $ 378,265 We expect to recognize revenue related to these remaining performance obligations as of March 31, 2021 as follows: Revenue Recognition Expected by Period Total Less than 1 1-3 years More than (in thousands) Expected recognition of deferred revenue $ 378,265 $ 343,412 $ 34,495 $ 358 Deferred Commissions Details of our deferred commissions balance was as follow s: (in thousands) Balance at December 31, 2020 $ 14,801 Commissions capitalized 2,000 Amortization recognized (1,129) Balance at March 31, 2021 $ 15,672 March 31, December 31, 2021 2020 (in thousands) Classified as: Current $ 4,143 $ 3,824 Non-current 11,529 10,977 Total deferred commissions $ 15,672 $ 14,801 Disaggregation of Revenue The following table summarizes our revenue by product group: Three Months Ended March 31, 2021 2020 (in thousands) Core IT Management product revenue $ 173,856 $ 173,737 N-able product revenue 83,046 73,213 Total revenue $ 256,902 $ 246,950 Cost of Revenue Amortization of Acquired Technologies. Amortization of acquired technologies included in cost of revenue relate to our licensed products and subscription products as follows: Three Months Ended March 31, 2021 2020 (in thousands) Amortization of acquired license technologies $ 37,336 $ 35,572 Amortization of acquired subscription technologies 5,785 8,920 Total amortization of acquired technologies $ 43,121 $ 44,492

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	3. Goodwill The following table reflects the changes in goodwill for the three months ended March 31, 2021: (in thousands) Balance at December 31, 2020 $ 4,249,402 Foreign currency translation and other adjustments (57,074) Balance at March 31, 2021 $ 4,192,328

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table summarizes the fair value of our financial assets that were measured on a recurring basis as of March 31, 2021 and December 31, 2020. There have been no transfers between fair value measurement levels during the three months ended March 31, 2021. Fair Value Measurements at March 31, 2021 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 130,000 $ — $ — $ 130,000 Trading security — — 5,287 5,287 Total assets $ 130,000 $ — $ 5,287 $ 135,287 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 160,000 $ — $ — $ 160,000 Trading security — — 5,238 5,238 Total assets $ 160,000 $ — $ 5,238 $ 165,238 As of March 31, 2021 and December 31, 2020, the carrying value of our long-term debt approximates its estimated fair value as the interest rate on the debt agreements is adjusted for changes in the market rates. See Note 5. Debt

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes information relating to our debt: March 31, December 31, 2021 2020 Amount Effective Rate Amount Effective Rate (in thousands, except interest rates) Revolving credit facility $ — — % $ — — % First Lien Term Loan (as amended) due Feb 2024 1,925,325 2.86 % 1,930,300 2.90 % Total principal amount 1,925,325 1,930,300 Unamortized discount and debt issuance costs (25,489) (27,728) Total debt 1,899,836 1,902,572 Less: Current portion of long-term debt (19,900) (19,900) Total long-term debt $ 1,879,936 $ 1,882,672 Senior Secured First Lien Credit Facilities Our first lien credit agreement, as amended, or First Lien Credit Agreement, provides for senior secured first lien credit facilities, consisting of the following as of March 31, 2021: • a $1.99 billion U.S. dollar term loan, or First Lien Term Loan, with a final maturity date of February 5, 2024; and • a $117.5 million revolving credit facility (with a letter of credit sub-facility in the amount of $35.0 million), or the Revolving Credit Facility, consisting of (i) a $100.0 million multicurrency tranche and (ii) a $17.5 million tranche available only in U.S. dollars, with a final maturity date of February 5, 2022. Borrowings under our Revolving Credit Facility bear interest at a floating rate which is, at our option, either (1) a Eurodollar rate for a specified interest period plus an applicable margin of 2.50% or (2) a base rate plus an applicable margin of 1.50%, respectively. The Eurodollar rate applicable to the Revolving Credit Facility is subject to a “floor” of 0.0%. Borrowings under our First Lien Term Loan bear interest at a floating rate which is, at our option, either (1) a Eurodollar rate for a specified interest period plus an applicable margin of 2.75% or (2) a base rate plus an applicable margin of 1.75%, respectively. The Eurodollar rate applicable to the First Lien Term Loan is subject to a “floor” of 0.0%. The Eurodollar rate is equal to an adjusted London Interbank Offered Rate, or LIBOR, for a one-, two-, three- or six-month interest period with a LIBOR floor of 0%. The base rate for any day is a fluctuating rate per annum equal to the highest of (a) the rate of interest in effect for such day as publicly announced by Credit Suisse as its “prime rate” and (b) the federal funds effective rate in effect on such day plus 0.50% and (c) the one-month adjusted LIBOR plus 1.0% per annum. The First Lien Term Loan requires equal quarterly repayments equal to 0.25% of the original principal amount. In addition to paying interest on loans outstanding under the Revolving Credit Facility and the First Lien Term Loan, we are required to pay a commitment fee of 0.50% per annum of unused commitments under the Revolving Credit Facility. The commitment fee is subject to a reduction to 0.375% per annum based on our first lien net leverage ratio. The First Lien Credit Agreement contains a number of covenants that, among other things, restrict, subject to certain exceptions, our ability to: incur additional indebtedness; incur liens; engage in mergers, consolidations, liquidations or dissolutions; pay dividends and distributions on, or redeem, repurchase or retire our capital stock; and make certain investments, acquisitions, loans, or advances. In addition, the terms of the First Lien Credit Agreement include a financial covenant which requires that, at the end of each fiscal quarter, if the aggregate amount of borrowings under the Revolving Credit Facility exceeds 35% of the aggregate commitments under the Revolving Credit Facility, our first lien net leverage ratio cannot exceed 7.40 to 1.00. The First Lien Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default. As of March 31, 2021, we were in compliance with all covenants of the First Lien Credit Agreement.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	6. Earnings (Loss) Per Share A reconciliation of the number of shares in the calculation of basic and diluted earnings (loss) per share follows: Three Months Ended March 31, 2021 2020 (in thousands) Basic earnings (loss) per share Numerator: Net income (loss) $ (7,160) $ 415 Earnings allocated to unvested restricted stock — (3) Net income (loss) available to common stockholders $ (7,160) $ 412 Denominator: Weighted-average common shares outstanding used in computing basic earnings (loss) per share 314,246 308,937 Diluted earnings (loss) per share Numerator: Net income (loss) available to common stockholders $ (7,160) $ 412 Denominator: Weighted-average shares used in computing basic earnings (loss) per share 314,246 308,937 Add dilutive impact of employee equity plans — 3,928 Weighted-average shares used in computing diluted earnings (loss) per share 314,246 312,865 The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of the diluted net income (loss) per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive or for which the performance condition had not been met at the end of the period: Three Months Ended March 31, 2021 2020 (in thousands) Stock options to purchase common stock 1,107 247 Performance-based stock options to purchase common stock 130 84 Non-vested restricted stock incentive awards 662 1,669 Performance-based non-vested restricted stock incentive awards 8 845 Restricted stock units 10,927 5,650 Performance stock units 205 677 Employee stock purchase plan 213 177 Total anti-dilutive shares 13,252 9,349

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes For the three months ended March 31, 2021 and 2020, we recorded income tax benefit of $10.9 million and income tax expense of $2.4 million, respectively, resulting in an effective tax rate of 60.3% and 85.3%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2021 compared to the same period in 2020 was primarily due to a decrease in income before income taxes and the reversal of uncertain tax positions in the amount of $6.1 million and related accrued interest in the amount of $2.7 million resulting from an IRS settlement agreement entered into during the quarter. Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense. At March 31, 2021, we had accrued interest and penalties related to unrecognized tax benefits of approximately $2.6 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Cyber Incident On December 14, 2020, we announced that we had been the victim of a cyberattack on our Orion Software Platform and internal systems, or the Cyber Incident. Together with outside security professionals and other third parties, we are conducting investigations into the Cyber Incident which we are close to completing. Our investigations to date revealed that as part of this attack, malicious code, or Sunburst, was injected into builds of our Orion Software Platform that we released between March 2020 and June 2020. We released remediations for the versions of our Orion Software Platform known to be affected by Sunburst and have taken and expect to continue to take extensive efforts to support and protect our customers. Expenses Incurred For the three months ended March 31, 2021, we recorded $20.4 million of pretax gross expenses related to the Cyber Incident, partially offset by $10.2 million of expected insurance proceeds for costs we believe are reimbursable and probable of recovery under our insurance coverage, for pretax net expenses of $10.2 million. We have included $0.8 million of these gross expenses in cost of recurring revenue, $0.8 million in sales and marketing expense and $18.8 million in general and administrative expense in the condensed consolidated statements of operations for the three months ended March 31, 2021. General and administrative expense is presented net of insurance proceeds in the condensed consolidated statements of operations. Expenses include costs to investigate and remediate the Cyber Incident, and legal and other professional services related thereto, and consulting services being provided to customers at no charge, all of which were expensed as incurred. Litigation, Claims and Government Investigations As a result of the Cyber Incident, we are subject to numerous lawsuits and investigations. Multiple class action lawsuits alleging, among other things, violations of the federal securities laws are pending against us and certain of our current and former officers. The complainants seek certification of a class of all persons who purchased or otherwise acquired our securities during set periods of time and unspecified monetary damages, costs and attorneys’ fees. In addition, a shareholder derivative action, purportedly on behalf of the Company, is pending in the Western District of Texas asserting breach of duty and other claims against certain of our current and former officers and directors in connection with the cyberattack. We dispute the allegations in these complaints and intend to defend against the claims. In addition, there are underway numerous investigations and inquiries by domestic and foreign law enforcement and other governmental authorities related to the Cyber Incident, including from the Department of Justice, the Securities and Exchange Commission, and various state Attorneys General. We are cooperating and providing information in connection with these investigations and inquiries and are incurring, and in future periods expect to incur, costs and other expenses in connection with these investigations and inquiries. While we believe it is reasonably possible that we could incur losses associated with these proceedings and investigations, it is not possible to estimate the amount of any loss or range of possible loss that might result from adverse judgments, settlements, penalties or other resolutions of such proceedings and investigations based on the early stage thereof, the fact that alleged damages have not been specified, the uncertainty as to the certification of a class or classes and the size of any certified class, as applicable, and the lack of resolution on significant factual and legal issues. The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. Losses associated with any adverse judgments, settlements, penalties or other resolutions of such proceedings and investigations could be material to our business, results of operations, financial condition or cash flows in future periods. Additional lawsuits and claims related to the Cyber Incident may be asserted by or on behalf of customers, stockholders or others seeking damages or other related relief and additional inquiries from governmental agencies may be received or investigations by governmental agencies commenced. Insurance Coverage We maintain $15 million of cybersecurity insurance coverage to limit our exposure to losses such as those related to the Cyber Incident. As of March 31, 2021, we recorded a loss recovery asset of $9.2 million for insurance proceeds deemed probable of recovery which is included in prepaid and other current assets in our condensed consolidated balance sheet and received payments of $1.0 million for costs incurred. Other Matters In addition to the Cyber Incident described above, from time to time we are involved in litigation arising from the normal course of business. In management's opinion, this litigation is not expected to have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	We prepared our interim condensed consolidated financial statements in conformity with United States of America generally accepted accounting principles, or GAAP, and the reporting regulations of the Securities and Exchange Commission, or the SEC. They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the accounts of SolarWinds Corporation and the accounts of its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.The interim financial information is unaudited, but reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts and the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The actual results that we experience may differ materially from our estimates. The accounting estimates that require our most significant, difficult and subjective judgments include: • the valuation of goodwill, intangibles, long-lived assets and contingent consideration; • revenue recognition; • stock-based compensation; • income taxes; and
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements that are expected to have a material impact on our consolidated financial position, results of operations, or cash flows.
Fair Value Measurements	We apply the authoritative guidance on fair value measurements for financial assets and liabilities that are measured at fair value on a recurring basis and non-financial assets and liabilities, such as goodwill, intangible assets and property, plant and equipment that are measured at fair value on a non-recurring basis. The guidance establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets accessible by us. Level 2: Inputs that are observable in the marketplace other than those inputs classified as Level 1. Level 3: Inputs that are unobservable in the marketplace and significant to the valuation. See Note 4. Fair Value Measurements for a summary of our financial instruments accounted for at fair value on a recurring basis. The carrying amounts reported in our consolidated balance sheets for cash, accounts receivable, accounts payable and other accrued expenses approximate fair value due to relatively short periods to maturity.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Changes in accumulated other comprehensive income (loss) by component	Changes in accumulated other comprehensive income (loss) by component are summarized below: Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) (in thousands) Balance at December 31, 2020 $ 127,212 $ 127,212 Other comprehensive gain (loss) before reclassification (65,750) (65,750) Amount reclassified from accumulated other comprehensive income (loss) — — Net current period other comprehensive income (loss) (65,750) (65,750) Balance at March 31, 2021 $ 61,462 $ 61,462
Details of total deferred revenue balance	Details of our total deferred revenue balance was as follow s: Total Deferred Revenue (in thousands) Balance at December 31, 2020 $ 382,754 Deferred revenue recognized (131,972) Additional amounts deferred 127,483 Balance at March 31, 2021 $ 378,265
Remaining performance obligations for revenue recognition	We expect to recognize revenue related to these remaining performance obligations as of March 31, 2021 as follows: Revenue Recognition Expected by Period Total Less than 1 1-3 years More than (in thousands) Expected recognition of deferred revenue $ 378,265 $ 343,412 $ 34,495 $ 358
Details of contract acquisition cost	Details of our deferred commissions balance was as follow s: (in thousands) Balance at December 31, 2020 $ 14,801 Commissions capitalized 2,000 Amortization recognized (1,129) Balance at March 31, 2021 $ 15,672 March 31, December 31, 2021 2020 (in thousands) Classified as: Current $ 4,143 $ 3,824 Non-current 11,529 10,977 Total deferred commissions $ 15,672 $ 14,801
Disaggregation of revenue	The following table summarizes our revenue by product group: Three Months Ended March 31, 2021 2020 (in thousands) Core IT Management product revenue $ 173,856 $ 173,737 N-able product revenue 83,046 73,213 Total revenue $ 256,902 $ 246,950
Amortization of acquired technologies	Amortization of Acquired Technologies. Amortization of acquired technologies included in cost of revenue relate to our licensed products and subscription products as follows: Three Months Ended March 31, 2021 2020 (in thousands) Amortization of acquired license technologies $ 37,336 $ 35,572 Amortization of acquired subscription technologies 5,785 8,920 Total amortization of acquired technologies $ 43,121 $ 44,492

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table reflects the changes in goodwill for the three months ended March 31, 2021: (in thousands) Balance at December 31, 2020 $ 4,249,402 Foreign currency translation and other adjustments (57,074) Balance at March 31, 2021 $ 4,192,328

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of financial assets measured on a recurring basis	The following table summarizes the fair value of our financial assets that were measured on a recurring basis as of March 31, 2021 and December 31, 2020. There have been no transfers between fair value measurement levels during the three months ended March 31, 2021. Fair Value Measurements at March 31, 2021 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 130,000 $ — $ — $ 130,000 Trading security — — 5,287 5,287 Total assets $ 130,000 $ — $ 5,287 $ 135,287 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 160,000 $ — $ — $ 160,000 Trading security — — 5,238 5,238 Total assets $ 160,000 $ — $ 5,238 $ 165,238

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of debt	The following table summarizes information relating to our debt: March 31, December 31, 2021 2020 Amount Effective Rate Amount Effective Rate (in thousands, except interest rates) Revolving credit facility $ — — % $ — — % First Lien Term Loan (as amended) due Feb 2024 1,925,325 2.86 % 1,930,300 2.90 % Total principal amount 1,925,325 1,930,300 Unamortized discount and debt issuance costs (25,489) (27,728) Total debt 1,899,836 1,902,572 Less: Current portion of long-term debt (19,900) (19,900) Total long-term debt $ 1,879,936 $ 1,882,672

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of shares in basic and diluted earnings per share calculation	A reconciliation of the number of shares in the calculation of basic and diluted earnings (loss) per share follows: Three Months Ended March 31, 2021 2020 (in thousands) Basic earnings (loss) per share Numerator: Net income (loss) $ (7,160) $ 415 Earnings allocated to unvested restricted stock — (3) Net income (loss) available to common stockholders $ (7,160) $ 412 Denominator: Weighted-average common shares outstanding used in computing basic earnings (loss) per share 314,246 308,937 Diluted earnings (loss) per share Numerator: Net income (loss) available to common stockholders $ (7,160) $ 412 Denominator: Weighted-average shares used in computing basic earnings (loss) per share 314,246 308,937 Add dilutive impact of employee equity plans — 3,928 Weighted-average shares used in computing diluted earnings (loss) per share 314,246 312,865
Weighted average shares excluded from earnings per share computation	The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of the diluted net income (loss) per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive or for which the performance condition had not been met at the end of the period: Three Months Ended March 31, 2021 2020 (in thousands) Stock options to purchase common stock 1,107 247 Performance-based stock options to purchase common stock 130 84 Non-vested restricted stock incentive awards 662 1,669 Performance-based non-vested restricted stock incentive awards 8 845 Restricted stock units 10,927 5,650 Performance stock units 205 677 Employee stock purchase plan 213 177 Total anti-dilutive shares 13,252 9,349

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Spin-off costs	$ 9.9

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 3,010,687	$ 2,649,522
Other comprehensive gain (loss) before reclassification	(65,750)
Amount reclassified from accumulated other comprehensive income (loss)	0
Other comprehensive income (loss)	(65,750)	(30,429)
Balance at end of period	2,950,166	2,632,364
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	127,212
Other comprehensive gain (loss) before reclassification	(65,750)
Amount reclassified from accumulated other comprehensive income (loss)	0
Other comprehensive income (loss)	(65,750)
Balance at end of period	61,462
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	127,212	(5,247)
Balance at end of period	$ 61,462	$ (35,676)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Changes in Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance at December 31, 2020	$ 382,754
Deferred revenue recognized	(131,972)
Additional amounts deferred	127,483
Balance at March 31, 2021	$ 378,265

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Expected Recognition of Deferred Revenue (Details) $ in Thousands	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 378,265
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 343,412
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue Recognition Expected by Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 34,495
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue Recognition Expected by Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 358
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue Recognition Expected by Period

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Change in Contract Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Deferred Commissions, Roll Forward [Roll Forward]
Balance at December 31, 2020	$ 14,801
Commissions capitalized	2,000
Amortization recognized	(1,129)
Balance at March 31, 2021	15,672
Current		$ 4,143	$ 3,824
Non-current		11,529	10,977
Total deferred commissions	$ 15,672	$ 15,672	$ 14,801

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Product Information [Line Items]
Total revenue	$ 256,902	$ 246,950
Core IT Management product revenue
Product Information [Line Items]
Total revenue	173,856	173,737
N-able product revenue
Product Information [Line Items]
Total revenue	$ 83,046	$ 73,213

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Cost of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Product Information [Line Items]
Total amortization of acquired technologies	$ 43,121	$ 44,492
License
Product Information [Line Items]
Total amortization of acquired technologies	37,336	35,572
Subscription
Product Information [Line Items]
Total amortization of acquired technologies	$ 5,785	$ 8,920

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 4,249,402
Foreign currency translation and other adjustments	(57,074)
Balance at end of period	$ 4,192,328

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security	$ 5,287	$ 5,238
Total assets	135,287	165,238
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security	0	0
Total assets	130,000	160,000
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security	0	0
Total assets	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security	5,287	5,238
Total assets	5,287	5,238
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	130,000	160,000
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	130,000	160,000
Money market funds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Money market funds | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	$ 0	$ 0

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amount
Total principal amount	$ 1,925,325	$ 1,930,300
Unamortized discount and debt issuance costs	(25,489)	(27,728)
Total debt	1,899,836	1,902,572
Less: Current portion of long-term debt	(19,900)	(19,900)
Total long-term debt	1,879,936	1,882,672
Line of Credit | Revolving Credit Facility
Amount
Total principal amount	$ 0	$ 0
Effective Rate	0.00%	0.00%
Secured Debt | First Lien Term Loan (as amended) due Feb 2024
Amount
Total principal amount	$ 1,925,325	$ 1,930,300
Effective Rate	2.86%	2.90%

Debt - Narrative (Details)

Debt - Narrative (Details) - Credit Suisse	3 Months Ended
	Mar. 31, 2021USD ($)
Eurodollar
Debt Instrument [Line Items]
LIBOR floor	0.00%
Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Secured Debt | First Lien Term Loan
Debt Instrument [Line Items]
Face amount of debt	$ 1,990,000,000
Quarterly periodic payment, as a percentage of original principal	0.25%
Covenant, leverage ratio, maximum	7.40
Secured Debt | First Lien Term Loan | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Covenant, floor interest rate	0.00%
Secured Debt | First Lien Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 117,500,000
Commitment fee percentage	0.50%
Covenant, commitment fee percentage, net leverage ratio, reduction per annum	0.375%
Covenant, borrowing percentage of commitments, maximum	35.00%
Line of Credit | Revolving Credit Facility | Eurodollar
Debt Instrument [Line Items]
Covenant, floor interest rate	0.00%
Line of Credit | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit | Revolving Credit Facility | Multi-Currency Tranche
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Line of Credit | Revolving Credit Facility | Single Currency Tranche | US Dollars
Debt Instrument [Line Items]
Maximum borrowing capacity	17,500,000
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 35,000,000

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Shares in the Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss)	$ (7,160)	$ 415
Earnings allocated to unvested restricted stock	0	(3)
Net income (loss) available to common stockholders	$ (7,160)	$ 412
Weighted-average common shares outstanding used in computing basic earnings (loss) per share (in shares)	314,246	308,937
Net income (loss) available to common stockholders	$ (7,160)	$ 412
Denominator:
Weighted-average shares used in computing basic earnings (loss) per share (in shares)	314,246	308,937
Add dilutive impact of employee equity plans (in shares)	0	3,928
Weighted-average shares used in computing diluted earnings (loss) per share (in shares)	314,246	312,865

Earnings (Loss) Per Share - Wei

Earnings (Loss) Per Share - Weighted Average Outstanding Shares of Common Stock Equivalents Excluded (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	13,252	9,349
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	1,107	247
Performance-based stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	130	84
Non-vested restricted stock incentive awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	662	1,669
Performance-based non-vested restricted stock incentive awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	8	845
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	10,927	5,650
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	205	677
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	213	177

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (10,889)	$ 2,415
Effective income tax rate	60.30%	85.30%
Reversal of uncertain tax position	$ 6,100
Tax settlement, amount	2,700
Unrecognized tax benefits, income tax penalties and interest accrued	$ 2,600

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Loss Contingencies [Line Items]
Loss contingency, receivable, additions	$ 10,200
Loss contingency expense net of insurance proceeds	15,000
Loss contingency, receivable	9,200
Loss contingency, receivable, proceeds	1,000
Cyber Incident
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	20,400
Loss contingency expense net of insurance proceeds	10,200
Cyber Incident | Cost of Sales
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	800
Cyber Incident | Selling and Marketing Expense
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	800
Cyber Incident | General and Administrative Expense
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	$ 18,800