SolarWinds (SWI) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		159,090,194
Entity Central Index Key	0001739942
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 708,890	$ 270,708
Accounts receivable, net of allowances of $847 and $1,985 as of September 30, 2021 and December 31, 2020, respectively	81,033	85,514
Income tax receivable	3,219	1,011
Prepaid and other current assets	27,338	20,080
Current assets of discontinued operations	0	135,420
Total current assets	820,480	512,733
Property and equipment, net	35,211	39,059
Operating lease assets	83,202	97,264
Deferred taxes	139,093	147,265
Goodwill	3,326,805	3,375,319
Intangible assets, net	397,582	565,611
Other assets, net	32,438	30,011
Non-current assets of discontinued operations	0	943,221
Total assets	4,834,811	5,710,483
Current liabilities:
Accounts payable	13,611	12,390
Accrued liabilities and other	35,242	53,140
Current operating lease liabilities	15,028	14,951
Accrued interest payable	152	157
Income taxes payable	5,765	11,911
Current portion of deferred revenue	316,870	336,573
Current debt obligation	19,900	19,900
Current liabilities of discontinued operations	0	42,182
Total current liabilities	406,568	491,204
Long-term liabilities:
Deferred revenue, net of current portion	33,942	36,511
Non-current deferred taxes	20,168	54,691
Non-current operating lease liabilities	85,464	100,430
Other long-term liabilities	92,698	114,615
Long-term debt, net of current portion	1,873,472	1,882,672
Non-current liabilities of discontinued operations	0	19,673
Total liabilities	2,512,312	2,699,796
Stockholders’ equity:
Common stock, $0.001 par value: 1,000,000,000 shares authorized and 158,402,918 and 156,519,611 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	158	157
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	2,555,790	3,112,262
Accumulated other comprehensive income	23,258	127,212
Accumulated deficit	(256,707)	(228,944)
Total stockholders’ equity	2,322,499	3,010,687
Total liabilities and stockholders’ equity	$ 4,834,811	$ 5,710,483

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Allowance for credit loss, accounts receivable	$ 847	$ 1,985
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)	158,402,918	156,519,611
Common stock, outstanding (in shares)	158,402,918	156,519,611
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 181,271	$ 184,818	$ 531,915	$ 531,221
Cost of revenue:
Cost of recurring revenue	17,949	13,645	49,331	39,441
Amortization of acquired technologies	39,882	39,282	120,397	116,733
Total cost of revenue	57,831	52,927	169,728	156,174
Gross profit	123,440	131,891	362,187	375,047
Operating expenses:
Sales and marketing	58,642	52,940	174,384	159,100
Research and development	26,285	21,485	78,474	63,738
General and administrative	28,551	23,875	90,135	64,430
Amortization of acquired intangibles	13,784	12,596	41,704	37,453
Total operating expenses	127,262	110,896	384,697	324,721
Operating income (loss)	(3,822)	20,995	(22,510)	50,326
Other expense:
Interest expense, net	(15,897)	(16,792)	(48,262)	(59,202)
Other income (expense), net	1,478	(255)	1,865	(485)
Total other expense	(14,419)	(17,047)	(46,397)	(59,687)
Income (loss) before income taxes	(18,241)	3,948	(68,907)	(9,361)
Income tax expense (benefit)	(19,321)	1,505	(26,322)	1,405
Net income (loss) from continuing operations	1,080	2,443	(42,585)	(10,766)
Net income (loss) from discontinued operations, net of tax	(10,059)	10,059	14,822	36,528
Net income (loss)	(8,979)	12,502	(27,763)	25,762
Net income (loss) from continuing operations available to common stockholders	920	2,430	(42,745)	(10,697)
Net income (loss) from discontinued operations available to common stockholders	$ (10,059)	$ 10,003	$ 14,822	$ 36,294
Net income (loss) available to common stockholders per share:
Basic earnings (loss) from continuing operations per share (in dollars per share)	$ 0.01	$ 0.02	$ (0.27)	$ (0.07)
Basic earnings (loss) from discontinued operations per share (in dollars per share)	(0.06)	0.06	0.09	0.23
Net basic earnings (loss) per share (in dollars per share)	(0.06)	0.08	(0.18)	0.17
Diluted earnings (loss) from continuing operations per share (in dollars per share)	0.01	0.02	(0.27)	(0.07)
Diluted earnings (loss) from discontinued operations per share (in dollars per share)	(0.06)	0.06	0.09	0.23
Net diluted earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.08	$ (0.18)	$ 0.17
Weighted-average shares used to compute net income (loss) available to common stockholders per share:
Weighted-average common shares outstanding used in computing basic net earnings (loss) per share (in shares)	158,202	155,447	157,730	155,014
Weighted-average shares used in computing diluted earnings (loss) per share (in shares)	160,328	158,361	157,730	155,014
Recurring Revenue
Revenue:
Total revenue	$ 152,035	$ 145,534	$ 451,127	$ 421,767
Subscription
Revenue:
Total revenue	32,293	26,871	90,218	75,371
Cost of revenue:
Amortization of acquired technologies	2,763	3,171	8,614	9,496
Maintenance
Revenue:
Total revenue	119,742	118,663	360,909	346,396
License
Revenue:
Total revenue	29,236	39,284	80,788	109,454
Cost of revenue:
Amortization of acquired technologies	$ 37,119	$ 36,111	$ 111,783	$ 107,237

Condensed Consolidated Statem_2

Condensed 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 Comprehensive Income [Abstract]
Net income (loss)	$ (8,979)	$ 12,502	$ (27,763)	$ 25,762
Other comprehensive income (loss):
Foreign currency translation adjustment	(55,849)	59,039	(103,954)	56,388
Other comprehensive income (loss)	(55,849)	59,039	(103,954)	56,388
Comprehensive income (loss)	$ (64,828)	$ 71,541	$ (131,717)	$ 82,150

Condensed Consolidated Statem_3

Condensed Consolidated Statements of 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		154,145,000
Balance at beginning of period at Dec. 31, 2019	$ 2,649,522	$ 154	$ 3,042,034	$ (5,247)	$ (387,419)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	56,388			56,388
Net income (loss)	25,762				25,762
Comprehensive income (loss)	82,150
Exercise of stock options (in shares)		303,000
Exercise of stock options	865		865
Restricted stock units issued, net of shares withheld for taxes (in shares)		397,000
Restricted stock units issued, net of shares withheld for taxes	(2,769)	$ 1	(2,770)
Issuance of stock (in shares)		611,000
Issuance of stock	683	$ 1	682
Issuance of stock under employee stock purchase plan (in shares)		177,000
Issuance of stock under employee stock purchase plan	5,406		5,406
Stock-based compensation	46,571		46,571
Balance at end of period (in shares) at Sep. 30, 2020		155,633,000
Balance at end of period at Sep. 30, 2020	2,782,428	$ 156	3,092,788	51,141	(361,657)
Balance at beginning of period (in shares) at Jun. 30, 2020		155,286,000
Balance at beginning of period at Jun. 30, 2020	2,685,712	$ 156	3,067,613	(7,898)	(374,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	59,039			59,039
Net income (loss)	12,502				12,502
Comprehensive income (loss)	71,541
Exercise of stock options (in shares)		162,000
Exercise of stock options	556		556
Restricted stock units issued, net of shares withheld for taxes (in shares)		68,000
Restricted stock units issued, net of shares withheld for taxes	(418)		(418)
Issuance of stock (in shares)		20,000
Issuance of stock	23		23
Issuance of stock under employee stock purchase plan (in shares)		97,000
Issuance of stock under employee stock purchase plan	3,049		3,049
Stock-based compensation	21,965		21,965
Balance at end of period (in shares) at Sep. 30, 2020		155,633,000
Balance at end of period at Sep. 30, 2020	$ 2,782,428	$ 156	3,092,788	51,141	(361,657)
Balance at beginning of period (in shares) at Dec. 31, 2020	156,519,611	156,520,000
Balance at beginning of period at Dec. 31, 2020	$ 3,010,687	$ 157	3,112,262	127,212	(228,944)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(103,954)			(103,954)
Net income (loss)	(27,763)				(27,763)
Comprehensive income (loss)	(131,717)
Exercise of stock options (in shares)		161,000
Exercise of stock options	527		527
Restricted stock units issued, net of shares withheld for taxes (in shares)		986,000
Restricted stock units issued, net of shares withheld for taxes	(10,526)	$ 1	(10,527)
Issuance of stock (in shares)		455,000
Issuance of stock	500		500
Issuance of stock under employee stock purchase plan (in shares)		281,000
Issuance of stock under employee stock purchase plan	5,658		5,658
Distribution of N-able business	(365,443)		(365,443)
Dividends, Common Stock, Cash	(237,214)		(237,214)
Stock-based compensation	$ 50,027		50,027
Balance at end of period (in shares) at Sep. 30, 2021	158,402,918	158,403,000
Balance at end of period at Sep. 30, 2021	$ 2,322,499	$ 158	2,555,790	23,258	(256,707)
Balance at beginning of period (in shares) at Jun. 30, 2021		158,015,000
Balance at beginning of period at Jun. 30, 2021	2,971,713	$ 158	3,140,176	79,107	(247,728)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(55,849)			(55,849)
Net income (loss)	(8,979)				(8,979)
Comprehensive income (loss)	(64,828)
Exercise of stock options (in shares)		69,000
Exercise of stock options	126		126
Restricted stock units issued, net of shares withheld for taxes (in shares)		138,000
Restricted stock units issued, net of shares withheld for taxes	(658)		(658)
Issuance of stock (in shares)		8,000
Issuance of stock	8		8
Issuance of stock under employee stock purchase plan (in shares)		173,000
Issuance of stock under employee stock purchase plan	2,529		2,529
Distribution of N-able business	(365,443)		(365,443)
Dividends, Common Stock, Cash	(237,214)		(237,214)
Stock-based compensation	$ 16,266		16,266
Balance at end of period (in shares) at Sep. 30, 2021	158,402,918	158,403,000
Balance at end of period at Sep. 30, 2021	$ 2,322,499	$ 158	$ 2,555,790	$ 23,258	$ (256,707)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	Aug. 24, 2021	Sep. 30, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Special dividend (in dollars per share)	$ 1.50	$ 1.50	$ 1.50

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss from continuing operations	$ (42,585)	$ (10,766)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:
Depreciation and amortization	173,362	163,765
Provision for losses on accounts receivable	230	1,244
Stock-based compensation expense	43,472	38,547
Amortization of debt issuance costs	6,794	6,871
Deferred taxes	(26,277)	(17,627)
(Gain) loss on foreign currency exchange rates	(1,504)	650
Other non-cash expenses (benefits)	758	(812)
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable	3,428	8,277
Income taxes receivable	(2,348)	(1,830)
Prepaid and other assets	(9,556)	1,888
Accounts payable	1,335	(1,551)
Accrued liabilities and other	(16,906)	6,410
Accrued interest payable	(5)	(91)
Income taxes payable	(32,478)	(2,159)
Deferred revenue	(15,499)	9,752
Other long-term liabilities	(276)	374
Net cash provided by operating activities from continuing operations	81,945	202,942
Cash flows from investing activities
Purchases of property and equipment	(6,968)	(14,001)
Purchases of intangible assets	(3,066)	(4,115)
Acquisitions, net of cash acquired	447	0
Net cash used in investing activities from continuing operations	(9,587)	(18,116)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	5,658	5,406
Repurchase of common stock and incentive restricted stock	(10,717)	(2,794)
Exercise of stock options	527	865
Distribution from spin-off of discontinued operations, net	505,580	0
Dividends paid	(237,214)	0
Repayments of borrowings from credit agreement	(15,975)	(14,925)
Payment of debt issuance costs	(234)	0
Net cash provided by (used in) financing activities from continuing operations	247,625	(11,448)
Effect of exchange rate changes on cash and cash equivalents from continuing operations	(3,803)	6,278
Cash flows of discontinued operations
Operating activities of discontinued operations	39,040	82,075
Investing activities of discontinued operations	(15,003)	(9,164)
Financing activities of discontinued operations	(903)	0
Effect of exchange rate changes on cash and cash equivalents from discontinued operations	(922)	(953)
Net cash provided by discontinued activities	22,212	71,958
Net increase in cash and cash equivalents	338,392	251,614
Cash and cash equivalents
Beginning of period	370,498	173,372
End of period	708,890	424,986
Supplemental disclosure of cash flow information
Cash paid for interest	42,060	52,723
Cash paid for income taxes	$ 38,120	$ 40,447

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations SolarWinds Corporation, a Delaware corporation, and its subsidiaries (“Company”, “we,” “us” and “our”) is a leading provider of simple, powerful and secure information technology, or IT, management software. Our solutions give organizations worldwide, regardless of type, size or complexity, the power to accelerate business transformation in today's hybrid IT environments. Our approach, which we refer to as the SolarWinds Model, combines powerful, scalable, affordable, easy to use products with an "inside-first" selling motion. 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. Our SolarWinds Model enables us to sell our products for use in organizations ranging in size from very small businesses to large enterprises. On July 19, 2021, we completed the previously announced separation and distribution of our managed service provider (“MSP” or “N-able”) business into a newly created and separately traded public company, N-able, Inc. We refer to this transaction as the “Separation.” The Separation was completed by means of a tax-free, pro-rata distribution in which each holder of our common stock, par value $0.001 per share, received one share of N-able’s common stock, par value $0.001, for every two shares of our common stock held of record as of the close of business on July 12, 2021. After the distribution, we do not beneficially own any shares of common stock in N-able and no longer consolidate N‑able into our financial results for periods ending after July 19, 2021. As a result, N‑able's historical financial results through the Separation are reflected in our consolidated financial statements as discontinued operations. See Note 3. Discontinued Operations

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 ("GAAP"), and the reporting regulations of the Securities and Exchange Commission (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. Reverse Stock Split Effective July 30, 2021, we effected a 2:1 reverse stock split of our common stock. As a result of the reverse stock split, all share and per share figures contained in the condensed consolidated financial statements have been retroactively restated as if the reverse stock split occurred at the beginning of the periods presented. Special Dividend On July 30, 2021, our board of directors declared a special one-time cash dividend (the "Special Dividend"), to be paid following the effectiveness of, and after giving effect to, the reverse stock split, equal to $1.50 per share of common stock issued and outstanding as of August 9, 2021. The Special Dividend in the aggregate amount of $237.2 million was paid on August 24, 2021. 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 5. 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 (103,954) (103,954) Amount reclassified from accumulated other comprehensive income (loss) — — Net current period other comprehensive income (loss) (103,954) (103,954) Balance at September 30, 2021 $ 23,258 $ 23,258 Deferred Revenue Details of our total deferred revenue balance was as follow s: Total Deferred Revenue (in thousands) Balance at December 31, 2020 $ 373,084 Deferred revenue recognized (385,840) Additional amounts deferred 363,568 Balance at September 30, 2021 $ 350,812 We expect to recognize revenue related to these remaining performance obligations as of September 30, 2021 as follows: Revenue Recognition Expected by Period Total Less than 1 1-3 years More than (in thousands) Expected recognition of deferred revenue $ 350,812 $ 316,870 $ 33,327 $ 615 Deferred Commissions Details of our deferred commissions balance was as follow s: (in thousands) Balance at December 31, 2020 $ 14,801 Commissions capitalized 6,356 Amortization recognized (3,672) Balance at September 30, 2021 $ 17,485 September 30, December 31, 2021 2020 (in thousands) Classified as: Current $ 4,862 $ 3,824 Non-current 12,623 10,977 Total deferred commissions $ 17,485 $ 14,801 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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Amortization of acquired license technologies $ 37,119 $ 36,111 $ 111,783 $ 107,237 Amortization of acquired subscription technologies 2,763 3,171 8,614 9,496 Total amortization of acquired technologies $ 39,882 $ 39,282 $ 120,397 $ 116,733

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. Discontinued Operations As discussed in Note 1. Organization and Nature of Operations , we completed the Separation of the N‑able business into a newly created and separately traded public company, N-able, Inc., on July 19, 2021. The Separation was achieved through the transfer of all the net assets and legal entities associated with the N-able business to N-able, Inc. The distribution of the net assets to N-able, Inc. was recorded as a reduction to additional paid-in capital. As part of the Separation, we received a cash distribution from N-able which includes $324.7 million in cash to repay intercompany indebtedness and $238.2 million as a one-time dividend payment, net of $57.3 million of cash distributed to N-able at the Separation. In accordance with applicable accounting guidance, the results of the N-able business are presented as discontinued operations for the period up to and including the date of the Separation, and, as such, have been excluded from continuing operations for all periods presented. The following table summarizes the assets and liabilities of the discontinued operations of N-able: September 30, December 31, 2021 2020 (in thousands) Assets Current assets: Cash and cash equivalents $ — $ 99,790 Accounts receivable, net of allowances — 28,784 Income tax receivable — 1,262 Prepaid and other current assets — 5,584 Total current assets of discontinued operations — 135,420 Property and equipment, net — 19,590 Operating lease assets — 13,697 Deferred taxes — 2,190 Goodwill — 874,083 Intangible assets, net — 27,374 Other assets, net — 6,287 Total assets of discontinued operations $ — $ 1,078,641 Liabilities Current liabilities: Accounts payable $ — $ 5,542 Accrued liabilities and other — 19,831 Current operating lease liabilities — 2,860 Income taxes payable — 4,447 Current portion of deferred revenue — 9,502 Total current liabilities of discontinued operations — 42,182 Long-term liabilities: Deferred revenue, net of current portion — 168 Non-current deferred taxes — 4,458 Non-current operating lease liabilities — 14,641 Other long-term liabilities — 406 Total liabilities of discontinued operations $ — $ 61,855 The following table summarizes the results of operations of N-able presented as discontinued operations: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Revenue: Subscription $ 20,102 $ 73,693 $ 183,594 $ 214,668 Maintenance 313 2,471 5,053 7,585 Total recurring revenue 20,415 76,164 188,647 222,253 License — — — 473 Total revenue 20,415 76,164 188,647 222,726 Cost of revenue: Cost of recurring revenue 2,126 9,839 25,218 28,366 Amortization of acquired technologies 209 6,181 3,950 18,056 Total cost of revenue 2,335 16,020 29,168 46,422 Gross profit 18,080 60,144 159,479 176,304 Operating expenses: Sales and marketing 5,323 20,520 55,249 57,450 Research and development 2,455 9,803 27,133 30,140 General and administrative 6,471 9,683 42,994 23,350 Amortization of acquired intangibles 331 6,028 10,626 17,761 Total operating expenses 14,580 46,034 136,002 128,701 Operating income from discontinued operations 3,500 14,110 23,477 47,603 Other expense: Interest (expense) income, net — — — 2 Other expense, net (27) (292) (608) (457) Total other expense (27) (292) (608) (455) Income from discontinued operations before income taxes 3,473 13,818 22,869 47,148 Income tax expense 13,532 3,759 8,047 10,620 Net income (loss) from discontinued operations, net of tax $ (10,059) $ 10,059 $ 14,822 $ 36,528

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	4. Goodwill The following table reflects the changes in goodwill for the nine months ended September 30, 2021: (in thousands) Balance at December 31, 2020 $ 3,375,319 Foreign currency translation and other adjustments (48,514) Balance at September 30, 2021 $ 3,326,805

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The following table summarizes the fair value of our financial assets that were measured on a recurring basis as of September 30, 2021 and December 31, 2020. There have been no transfers between fair value measurement levels during the nine months ended September 30, 2021. Fair Value Measurements at September 30, 2021 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 625,000 $ — $ — $ 625,000 Total assets $ 625,000 $ — $ — $ 625,000 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 September 30, 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 6. Debt

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	6. Debt The following table summarizes information relating to our debt: September 30, 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 1,914,325 2.83 % 1,930,300 2.90 % Total principal amount 1,914,325 1,930,300 Unamortized discount and debt issuance costs (20,953) (27,728) Total debt 1,893,372 1,902,572 Less: Current portion of long-term debt (19,900) (19,900) Total long-term debt $ 1,873,472 $ 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 September 30, 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 August 5, 2023. 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 September 30, 2021, we were in compliance with all covenants of the First Lien Credit Agreement. On July 27, 2021, we entered into Amendment No. 5 to our First Lien Credit Agreement to extend the maturity date of our Revolving Credit Facility from February 5, 2022 to August 5, 2023. The borrowing capacity under the amended Revolving Credit Facility was unchanged.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Equity And Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity (Deficit) and Stock-Based Compensation	7. Stockholders' Equity (Deficit) and Stock-Based Compensation Adjustment of Stock Awards N-able Separation In connection with the Separation of N-able on July 19, 2021, under the provisions of our existing equity plans and the Employee Matters Agreement entered into in connection with the Separation, the Company adjusted its outstanding equity awards in order to preserve the intrinsic value of the awards immediately before and after the Separation. Upon the Separation, SolarWinds employees holding outstanding stock awards of pre‑Separation SolarWinds received a replacement award representing an adjusted number of otherwise-similar awards in post-Separation SolarWinds stock. There were no other changes to the equity award terms. Due to the adjustment of the stock awards as a result of the Separation, the Company compared the fair value of the outstanding stock awards immediately before and after the Separation and no incremental fair value was recognized. Reverse stock split In connection with the reverse stock split on July 30, 2021, under the provisions of our existing equity plans, the Company adjusted its outstanding equity awards to preserve the intrinsic value of the awards immediately before and after the reverse stock split. There were no other changes to the stock award terms. The adjustment did not change the fair value of the outstanding stock awards and no incremental fair value was recognized. Special Dividend In connection with the Special Dividend declared on July 30, 2021, our board of directors approved the adjustment of equity awards outstanding as of the August 9, 2021 dividend record date under the provisions of our existing equity plans in order to the preserve the intrinsic value of the awards immediately before and after the Special Dividend. There were no other changes to the equity award terms. Due to the adjustment of the equity awards as a result of the Special Dividend, the Company

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	8. 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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Basic earnings (loss) per share Numerator: Net income (loss) from continuing operations $ 1,080 $ 2,443 $ (42,585) $ (10,766) Net income (loss) from discontinued operations (10,059) 10,059 14,822 36,528 Net income (loss) (8,979) 12,502 (27,763) 25,762 Dividends on unvested restricted stock (160) — (160) — Earnings allocated to unvested restricted stock — (69) — (165) Net income (loss) from continuing operations available to common stockholders $ 920 $ 2,430 $ (42,745) $ (10,697) Net income (loss) from discontinued operations available to common stockholders $ (10,059) $ 10,003 $ 14,822 $ 36,294 Denominator: Weighted-average common shares outstanding used in computing basic net earnings (loss) per share 158,202 155,447 157,730 155,014 Diluted net earnings (loss) per share Numerator: Net income (loss) from continuing operations available to common stockholders $ 920 $ 2,430 $ (42,745) $ (10,697) Net income (loss) from discontinued operations available to common stockholders $ (10,059) $ 10,003 $ 14,822 $ 36,294 Denominator: Weighted-average shares used in computing basic net earnings (loss) per share 158,202 155,447 157,730 155,014 Add dilutive impact of employee equity plans 2,126 2,914 — — Weighted-average shares used in computing diluted net earnings (loss) per share 160,328 158,361 157,730 155,014 As a result of the reverse stock split, all share and per share figures contained in the condensed consolidated financial statements have been retroactively restated as if the reverse stock split occurred at the beginning of the periods presented. 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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Total anti-dilutive shares 1,306 5,216 5,901 5,380

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For the three months ended September 30, 2021 and 2020, we recorded income tax benefit from continuing operations of $19.3 million and income tax expense of $1.5 million, respectively, resulting in an effective tax rate of 105.9% and 38.1%, respectively. For the nine months ended September 30, 2021 and 2020, we recorded income tax benefit from continuing operations of $26.3 million and income tax expense of $1.4 million, respectively, resulting in an effective tax rate of 38.2% and (15.0)%, respectively. The increase in the effective tax rate for the three months ended September 30, 2021 compared to the same period in 2020 was primarily due to adjustments made in connection with the Separation. The increase in the effective tax rate for the nine months ended September 30, 2021 compared to the same period in 2020 was primarily due to the increase in loss 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 nine months ended September 30, 2021. Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense. At September 30, 2021, we had accrued interest and penalties related to unrecognized tax benefits of approximately $3.0 million.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Agreements with N-able In connection with the completion of the Separation on July 19, 2021, the Company entered into several agreements with N-able that, among other things, provide a framework for the Company’s relationship with N-able after the Separation. The following summarizes some of the most significant agreements and relationships that the Company continues to have with N‑able. Separation and Distribution Agreement The separation and distribution agreement sets forth the Company's agreements with N-able regarding the principal actions taken in connection with the Separation. It also sets forth other agreements that govern aspects of the Company's relationship with N-able following the Spin-Off, including (i) the manner in which legal matters and claims are allocated and certain liabilities are shared between the Company and N-able; (ii) other matters including transfers of assets and liabilities, treatment or termination of intercompany arrangements and the settlement or extinguishment of certain liabilities and other obligations between N-able and the Company; and (iii) mutual indemnification clauses. The separation and distribution agreement also provides that the Company will be liable and obligated to indemnify N-able for all liabilities based upon, arising out of, or relating to the Cyber Incident other than certain specified expenses for which N-able will be responsible. The term of the separation agreement is indefinite and it may only be terminated with the prior written consent of both SolarWinds and N-able. Transition Services Agreement The Company entered into a transition services agreement pursuant to which the Company and N-able provide various services to each other. The services provided include information technology, facilities, certain accounting and other financial functions, and administrative services. The transition services agreement will terminate on the expiration of the term of the last service provided under it, which SolarWinds anticipates to be on or around December 31, 2022. Tax Matters Agreement The Company and N-able entered into a tax matters agreement that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Software OEM Agreements The Company and N-able entered into software OEM agreements pursuant to which the Company granted to N-able, and N-able granted to the Company, a non-exclusive and royalty-bearing license to market, advertise, distribute and sublicense certain SolarWinds and N-able software products, respectively, to customers on a worldwide basis. Each agreement has a two year term, and may be terminated by the applicable licensor in certain instances. Employee Matters Agreement The Company and N-able entered into an employee matters agreement that governs SolarWinds’ and N-able's compensation and employee benefit obligations with respect to the employees and other service providers of each company, and generally allocated liabilities and responsibilities relating to employment matters and employee compensation and benefit plans and programs. Intellectual Property Matters Agreement The Company and N-able entered into an intellectual property matters agreement pursuant to which each party granted to the other party a generally irrevocable, non-exclusive, worldwide, and royalty-free license to use certain intellectual property rights retained by the other party. Under the intellectual property matters agreement, the term for the licensed or sublicensed know-how is perpetual and the term for each licensed or sublicensed patent is until expiration of the last valid claim of such patent. The intellectual property matters agreement will terminate only if SolarWinds and N-able agree in writing to terminate it. Trademark License Agreement The Company and N-able entered into a trademark license agreement pursuant to which the Company granted to N-able a generally limited, worldwide, non-exclusive and royalty-free license to use certain trademarks retained by the Company that were used by us in the conduct of our business prior to the separation. The trademark agreement will terminate once N-able ceases to use all of the licensed trademarks. Software Cross License Agreement The Company and N-able entered into a software cross license agreement pursuant to which each party granted to the other party a generally perpetual, irrevocable, non-exclusive, worldwide and, subject to certain exceptions, royalty-free license to certain software libraries and internal tools for limited uses. The term of the software cross license agreement will be perpetual unless SolarWinds and N-able agree in writing to terminate the agreement. The amounts recorded in our condensed consolidated financial statements related to the agreements noted above were insignificant at September 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Cyber Incident As previously disclosed, we were the victim of a cyberattack on our Orion Software Platform and internal systems, or the Cyber Incident. We, together with our partners, have undertaken extensive measures to investigate, contain, eradicate, and remediate the Cyber Incident. Expenses Incurred For the three months ended September 30, 2021, we recorded pretax gross expenses related to the Cyber Incident of $5.8 million, partially offset by insurance receipts and expected insurance proceeds for costs we believe are reimbursable and probable of recovery under our cybersecurity insurance coverage of $2.9 million. For the three months ended September 30, 2021, we have included $0.4 million of these gross expenses in cost of recurring revenue, $0.1 million in sales and marketing expense and $5.3 million in general and administrative expense in the condensed consolidated statements of operations. For the nine months ended September 30, 2021, we recorded pretax gross expenses related to the Cyber Incident of $39.8 million, partially offset by insurance receipts and expected insurance proceeds for costs we believe are reimbursable and probable of recovery under our cybersecurity insurance coverage of $15.0 million. For the nine months ended September 30, 2021, we have included $1.8 million of these gross expenses in cost of recurring revenue, $1.6 million in sales and marketing expense, $0.1 million in research and development expense and $36.3 million in general and administrative expense in the condensed consolidated statements of operations. General and administrative expense is presented net of insurance proceeds in the condensed consolidated statements of operations. Expenses include one-time 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 August 2021, the Company and all other named defendants in the securities class action filed motions to dismiss the consolidated class action complaint which is pending before the court. In addition, two shareholder derivative actions, purportedly on behalf of the Company, are pending, one in the Western District of Texas and one in the Delaware Court of Chancery, in each case 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, which we renewed in June 2021. As of September 30, 2021, we recorded a loss recovery asset of $5.0 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 $10.0 million for costs incurred. In addition, we maintain $50 million of directors and officers liability insurance coverage to reduce our exposure to our indemnification obligations for certain expenses incurred by our directors and officers, including as a result of the legal proceedings related to the Cyber Incident. Indemnification In connection with the Separation, we entered into a separation and distribution agreement and related agreements with N‑able to govern the Separation and related transactions and the relationship between the respective companies going forward. The separation and distribution agreement provides for certain indemnity and liability obligations, including that we will indemnify N-able for all liabilities based upon, arising out of or related to the Cyber Incident other than certain specified expenses for which N-able will be responsible. The amount of the indemnification liability, if any, cannot be determined and has not been recorded in our condensed consolidated financial statements as of September 30, 2021. 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)	9 Months Ended
	Sep. 30, 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 ("GAAP"), and the reporting regulations of the Securities and Exchange Commission (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	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 5. 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)	9 Months Ended
	Sep. 30, 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 (103,954) (103,954) Amount reclassified from accumulated other comprehensive income (loss) — — Net current period other comprehensive income (loss) (103,954) (103,954) Balance at September 30, 2021 $ 23,258 $ 23,258
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 $ 373,084 Deferred revenue recognized (385,840) Additional amounts deferred 363,568 Balance at September 30, 2021 $ 350,812
Remaining performance obligations for revenue recognition	We expect to recognize revenue related to these remaining performance obligations as of September 30, 2021 as follows: Revenue Recognition Expected by Period Total Less than 1 1-3 years More than (in thousands) Expected recognition of deferred revenue $ 350,812 $ 316,870 $ 33,327 $ 615
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 6,356 Amortization recognized (3,672) Balance at September 30, 2021 $ 17,485 September 30, December 31, 2021 2020 (in thousands) Classified as: Current $ 4,862 $ 3,824 Non-current 12,623 10,977 Total deferred commissions $ 17,485 $ 14,801
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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Amortization of acquired license technologies $ 37,119 $ 36,111 $ 111,783 $ 107,237 Amortization of acquired subscription technologies 2,763 3,171 8,614 9,496 Total amortization of acquired technologies $ 39,882 $ 39,282 $ 120,397 $ 116,733

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Discontinued Operations	The following table summarizes the assets and liabilities of the discontinued operations of N-able: September 30, December 31, 2021 2020 (in thousands) Assets Current assets: Cash and cash equivalents $ — $ 99,790 Accounts receivable, net of allowances — 28,784 Income tax receivable — 1,262 Prepaid and other current assets — 5,584 Total current assets of discontinued operations — 135,420 Property and equipment, net — 19,590 Operating lease assets — 13,697 Deferred taxes — 2,190 Goodwill — 874,083 Intangible assets, net — 27,374 Other assets, net — 6,287 Total assets of discontinued operations $ — $ 1,078,641 Liabilities Current liabilities: Accounts payable $ — $ 5,542 Accrued liabilities and other — 19,831 Current operating lease liabilities — 2,860 Income taxes payable — 4,447 Current portion of deferred revenue — 9,502 Total current liabilities of discontinued operations — 42,182 Long-term liabilities: Deferred revenue, net of current portion — 168 Non-current deferred taxes — 4,458 Non-current operating lease liabilities — 14,641 Other long-term liabilities — 406 Total liabilities of discontinued operations $ — $ 61,855 The following table summarizes the results of operations of N-able presented as discontinued operations: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Revenue: Subscription $ 20,102 $ 73,693 $ 183,594 $ 214,668 Maintenance 313 2,471 5,053 7,585 Total recurring revenue 20,415 76,164 188,647 222,253 License — — — 473 Total revenue 20,415 76,164 188,647 222,726 Cost of revenue: Cost of recurring revenue 2,126 9,839 25,218 28,366 Amortization of acquired technologies 209 6,181 3,950 18,056 Total cost of revenue 2,335 16,020 29,168 46,422 Gross profit 18,080 60,144 159,479 176,304 Operating expenses: Sales and marketing 5,323 20,520 55,249 57,450 Research and development 2,455 9,803 27,133 30,140 General and administrative 6,471 9,683 42,994 23,350 Amortization of acquired intangibles 331 6,028 10,626 17,761 Total operating expenses 14,580 46,034 136,002 128,701 Operating income from discontinued operations 3,500 14,110 23,477 47,603 Other expense: Interest (expense) income, net — — — 2 Other expense, net (27) (292) (608) (457) Total other expense (27) (292) (608) (455) Income from discontinued operations before income taxes 3,473 13,818 22,869 47,148 Income tax expense 13,532 3,759 8,047 10,620 Net income (loss) from discontinued operations, net of tax $ (10,059) $ 10,059 $ 14,822 $ 36,528

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table reflects the changes in goodwill for the nine months ended September 30, 2021: (in thousands) Balance at December 31, 2020 $ 3,375,319 Foreign currency translation and other adjustments (48,514) Balance at September 30, 2021 $ 3,326,805

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020. There have been no transfers between fair value measurement levels during the nine months ended September 30, 2021. Fair Value Measurements at September 30, 2021 Using Quoted Prices in Significant Significant Total (in thousands) Money market funds $ 625,000 $ — $ — $ 625,000 Total assets $ 625,000 $ — $ — $ 625,000 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)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of debt	The following table summarizes information relating to our debt: September 30, 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 1,914,325 2.83 % 1,930,300 2.90 % Total principal amount 1,914,325 1,930,300 Unamortized discount and debt issuance costs (20,953) (27,728) Total debt 1,893,372 1,902,572 Less: Current portion of long-term debt (19,900) (19,900) Total long-term debt $ 1,873,472 $ 1,882,672

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Basic earnings (loss) per share Numerator: Net income (loss) from continuing operations $ 1,080 $ 2,443 $ (42,585) $ (10,766) Net income (loss) from discontinued operations (10,059) 10,059 14,822 36,528 Net income (loss) (8,979) 12,502 (27,763) 25,762 Dividends on unvested restricted stock (160) — (160) — Earnings allocated to unvested restricted stock — (69) — (165) Net income (loss) from continuing operations available to common stockholders $ 920 $ 2,430 $ (42,745) $ (10,697) Net income (loss) from discontinued operations available to common stockholders $ (10,059) $ 10,003 $ 14,822 $ 36,294 Denominator: Weighted-average common shares outstanding used in computing basic net earnings (loss) per share 158,202 155,447 157,730 155,014 Diluted net earnings (loss) per share Numerator: Net income (loss) from continuing operations available to common stockholders $ 920 $ 2,430 $ (42,745) $ (10,697) Net income (loss) from discontinued operations available to common stockholders $ (10,059) $ 10,003 $ 14,822 $ 36,294 Denominator: Weighted-average shares used in computing basic net earnings (loss) per share 158,202 155,447 157,730 155,014 Add dilutive impact of employee equity plans 2,126 2,914 — — Weighted-average shares used in computing diluted net earnings (loss) per share 160,328 158,361 157,730 155,014
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 September 30, Nine Months Ended 2021 2020 2021 2020 (in thousands) Total anti-dilutive shares 1,306 5,216 5,901 5,380

Organization and Nature of Op_2

Organization and Nature of Operations (Details)	Jul. 19, 2021$ / shares	Sep. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able [Member]
Class of Stock [Line Items]
Spinoff transaction, conversion ratio	0.5
N-able [Member]
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 24, 2021USD ($)$ / shares	Jul. 30, 2021	Jul. 19, 2021	Sep. 30, 2021$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
Stock split, conversion ratio		2	0.5
Special dividend (in dollars per share) | $ / shares	$ 1.50			$ 1.50	$ 1.50
Payments of dividends | $	$ 237,200				$ 237,214	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 2,971,713	$ 2,685,712	$ 3,010,687	$ 2,649,522
Other comprehensive gain (loss) before reclassification			(103,954)
Amount reclassified from accumulated other comprehensive income (loss)			0
Other comprehensive income (loss)	(55,849)	59,039	(103,954)	56,388
Balance at end of period	2,322,499	2,782,428	2,322,499	2,782,428
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			(103,954)
Amount reclassified from accumulated other comprehensive income (loss)			0
Other comprehensive income (loss)			(103,954)
Balance at end of period	23,258		23,258
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	79,107	(7,898)	127,212	(5,247)
Balance at end of period	$ 23,258	$ 51,141	$ 23,258	$ 51,141

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Changes in Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance at December 31, 2020	$ 373,084
Deferred revenue recognized	(385,840)
Additional amounts deferred	363,568
Balance at September 30, 2021	$ 350,812

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Expected Recognition of Deferred Revenue (Details) $ in Thousands	Sep. 30, 2021USD ($)
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 350,812
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 316,870
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]: 2022-10-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 33,327
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]: 2024-10-01
Accounting Policies [Abstract]
Expected recognition of deferred revenue	$ 615
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	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Deferred Commissions, Roll Forward [Roll Forward]
Balance at December 31, 2020	$ 14,801
Commissions capitalized	6,356
Amortization recognized	(3,672)
Balance at September 30, 2021	17,485
Current	4,862	$ 3,824
Non-current	12,623	10,977
Total deferred commissions	$ 17,485	$ 14,801

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Cost of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Product Information [Line Items]
Total amortization of acquired technologies	$ 39,882	$ 39,282	$ 120,397	$ 116,733
License
Product Information [Line Items]
Total amortization of acquired technologies	37,119	36,111	111,783	107,237
Subscription
Product Information [Line Items]
Total amortization of acquired technologies	$ 2,763	$ 3,171	$ 8,614	$ 9,496

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - N-able - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($) $ in Millions	Jul. 19, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from divestiture of businesses	$ 324.7
Proceeds from one-time dividends payment	238.2
Cash divested from deconsolidation	$ 57.3
Spin-off costs		$ 7.3	$ 2.6	$ 30.4	$ 2.6

Discontinued Operations - Summa

Discontinued Operations - Summarizes the Assets and Liabilities of the Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Total current assets of discontinued operations	$ 0	$ 135,420
Current liabilities:
Total current liabilities of discontinued operations	0	42,182
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Current assets:
Cash and cash equivalents	0	99,790
Accounts receivable, net of allowances	0	28,784
Income tax receivable	0	1,262
Prepaid and other current assets	0	5,584
Total current assets of discontinued operations	0	135,420
Property and equipment, net	0	19,590
Operating lease assets	0	13,697
Deferred taxes	0	2,190
Goodwill	0	874,083
Intangible assets, net	0	27,374
Other assets, net	0	6,287
Total assets of discontinued operations	0	1,078,641
Current liabilities:
Accounts payable	0	5,542
Accrued liabilities and other	0	19,831
Current operating lease liabilities	0	2,860
Income taxes payable	0	4,447
Current portion of deferred revenue	0	9,502
Total current liabilities of discontinued operations	0	42,182
Long-term liabilities:
Deferred revenue, net of current portion	0	168
Non-current deferred taxes	0	4,458
Non-current operating lease liabilities	0	14,641
Other long-term liabilities	0	406
Total liabilities of discontinued operations	$ 0	$ 61,855

Discontinued Operations - Sum_2

Discontinued Operations - Summarizes the Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other expense:
Net income (loss) from discontinued operations, net of tax	$ (10,059)	$ 10,059	$ 14,822	$ 36,528
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Revenue:
Total revenue	20,415	76,164	188,647	222,726
Cost of revenue:
Cost of recurring revenue	2,126	9,839	25,218	28,366
Amortization of acquired technologies	209	6,181	3,950	18,056
Total cost of revenue	2,335	16,020	29,168	46,422
Gross profit	18,080	60,144	159,479	176,304
Operating expenses:
Sales and marketing	5,323	20,520	55,249	57,450
Research and development	2,455	9,803	27,133	30,140
General and administrative	6,471	9,683	42,994	23,350
Amortization of acquired intangibles	331	6,028	10,626	17,761
Total operating expenses	14,580	46,034	136,002	128,701
Operating income from discontinued operations	3,500	14,110	23,477	47,603
Other expense:
Interest (expense) income, net	0	0	0	2
Other expense, net	(27)	(292)	(608)	(457)
Total other expense	(27)	(292)	(608)	(455)
Income from discontinued operations before income taxes	3,473	13,818	22,869	47,148
Income tax expense	13,532	3,759	8,047	10,620
Net income (loss) from discontinued operations, net of tax	(10,059)	10,059	14,822	36,528
Recurring Revenue | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Revenue:
Total revenue	20,415	76,164	188,647	222,253
Subscription | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Revenue:
Total revenue	20,102	73,693	183,594	214,668
Maintenance | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Revenue:
Total revenue	313	2,471	5,053	7,585
License | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | N-able
Revenue:
Total revenue	$ 0	$ 0	$ 0	$ 473

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 3,375,319
Foreign currency translation and other adjustments	(48,514)
Balance at end of period	$ 3,326,805

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security		$ 5,238
Total assets	$ 625,000	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
Total assets	625,000	160,000
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security		0
Total assets	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading security		5,238
Total assets	0	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	625,000	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	625,000	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	Sep. 30, 2021	Dec. 31, 2020
Amount
Total principal amount	$ 1,914,325	$ 1,930,300
Unamortized discount and debt issuance costs	(20,953)	(27,728)
Total debt	1,893,372	1,902,572
Less: Current portion of long-term debt	(19,900)	(19,900)
Total long-term debt	1,873,472	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	$ 1,914,325	$ 1,930,300
Effective Rate	2.83%	2.90%

Debt - Narrative (Details)

Debt - Narrative (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Periodic payment	$ 14,900,000
Repayments of debt	$ 1,100,000
Credit Suisse | Eurodollar
Debt Instrument [Line Items]
LIBOR floor	0.00%
Credit Suisse | Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Suisse | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Credit Suisse | 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
Credit Suisse | Secured Debt | First Lien Term Loan | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Covenant, floor interest rate	0.00%
Credit Suisse | Secured Debt | First Lien Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Credit Suisse | 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%
Credit Suisse | Line of Credit | Revolving credit facility | Eurodollar
Debt Instrument [Line Items]
Covenant, floor interest rate	0.00%
Credit Suisse | Line of Credit | Revolving credit facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Credit Suisse | Line of Credit | Revolving credit facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Credit Suisse | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 35,000,000
Credit Suisse | Line of Credit | Multi-Currency Tranche | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
Credit Suisse | Line of Credit | Single Currency Tranche | Revolving credit facility | US Dollars
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 17,500,000

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) and Stock-Based Compensation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Equity And Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payment arrangement, plan modification, incremental cost	$ 12.3

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) from continuing operations	$ 1,080	$ 2,443	$ (42,585)	$ (10,766)
Net income (loss) from discontinued operations	(10,059)	10,059	14,822	36,528
Net income (loss)	(8,979)	12,502	(27,763)	25,762
Dividends on unvested restricted stock	(160)	0	(160)	0
Earnings allocated to unvested restricted stock	0	(69)	0	(165)
Net income (loss) from continuing operations available to common stockholders	920	2,430	(42,745)	(10,697)
Net income (loss) from discontinued operations available to common stockholders	$ (10,059)	$ 10,003	$ 14,822	$ 36,294
Denominator:
Weighted-average common shares outstanding used in computing basic net earnings (loss) per share (in shares)	158,202	155,447	157,730	155,014
Add dilutive impact of employee equity plans (in shares)	2,126	2,914	0	0
Weighted-average shares used in computing diluted net earnings (loss) per share (in shares)	160,328	158,361	157,730	155,014

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Total anti-dilutive shares (in shares)	1,306	5,216	5,901	5,380

Income Taxes (Details)

Income Taxes (Details) - 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 (benefit)	$ (19,321)	$ 1,505	$ (26,322)	$ 1,405
Effective income tax rate	105.90%	38.10%	38.20%	(15.00%)
Reversal of uncertain tax position			$ 6,100
Tax settlement, amount			2,700
Unrecognized tax benefits, income tax penalties and interest accrued	$ 3,000		$ 3,000

Related Party Transactions (Det

Related Party Transactions (Details)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Software agreement, term	2 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Loss Contingencies [Line Items]
Loss contingency, receivable, additions	$ 2.9	$ 15
Loss contingency expense net of insurance proceeds		15
Loss contingency, receivable	5	5
Loss contingency, receivable, proceeds		10
Director and Officer liability insurance	50	50
Cyber Incident
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	5.8	39.8
Cyber Incident | Cost of Sales
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	0.4	1.8
Cyber Incident | Selling and Marketing Expense
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	0.1	1.6
Cyber Incident | General and Administrative Expense
Loss Contingencies [Line Items]
Loss contingency, pretax expenses	$ 5.3	36.3
Cyber Incident | Research and Development Expense
Loss Contingencies [Line Items]
Loss contingency, pretax expenses		$ 0.1