0001280058-20-000024 | 10-Q | XBRL Viewer

(in thousands)

March 31,
2020

December 31,
2019

Total deferred revenue

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Document - shares	3 Months Ended
Document - shares	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2020
Document transition report	false
Entity file number	000-50600
Entity registrant name	Blackbaud, Inc.
Entity incorporation, state or country code	DE
Entity tax identification number	11-2617163
Entity address, address line one	65 Fairchild Street
Entity address, city	Charleston
Entity address, state	SC
Entity address, postal zip code	29492
City area code	843
Local phone number	216-6200
Title of 12(b) security	Common Stock, $0.001 Par Value
Trading symbol	BLKB
Security exchange name	NASDAQ
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		49,621,157
Amendment flag	false
Document fiscal year focus	2020
Document fiscal period focus	Q1
Entity central index key	0001280058
Current fiscal year end date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 24,972	$ 31,810
Restricted cash due to customers	232,250	545,485
Accounts receivable, net of allowance of $5,928 and $5,529 at March 31, 2020 and December 31, 2019, respectively	89,191	88,868
Customer funds receivable	1,205	524
Prepaid expenses and other current assets	81,004	67,852
Total current assets	428,622	734,539
Property and equipment, net	35,661	35,546
Operating lease right-of-use assets	100,568	104,400
Software development costs, net	105,594	101,302
Goodwill	631,033	634,088
Intangible assets, net	303,097	317,895
Other assets	66,346	65,193
Total assets	1,670,921	1,992,963
Current liabilities:
Trade accounts payable	44,510	47,676
Accrued expenses and other current liabilities	45,781	73,317
Due to customers	233,455	546,009
Debt, current portion	10,351	7,500
Deferred revenue, current portion	288,682	314,335
Total current liabilities	622,779	988,837
Debt, net of current portion	520,576	459,600
Deferred tax liability	43,286	44,594
Deferred revenue, net of current portion	1,715	1,802
Operating lease liabilities, net of current portion	91,235	95,624
Other liabilities	10,937	5,742
Total liabilities	1,290,528	1,596,199
Commitments and contingencies (see Note 9)
Stockholders' equity:
Preferred stock; 20,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value; 180,000,000 shares authorized, 60,932,639 and 60,206,091 shares issued at March 31, 2020 and December 31, 2019, respectively	61	60
Additional paid-in capital	471,344	457,804
Treasury stock, at cost; 11,311,712 and 11,066,354 shares at March 31, 2020 and December 31, 2019, respectively	(310,447)	(290,665)
Accumulated other comprehensive loss	(14,140)	(5,290)
Retained earnings	233,575	234,855
Total stockholders' equity	380,393	396,764
Total liabilities and stockholders' equity	$ 1,670,921	$ 1,992,963

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 5,928	$ 5,529
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	60,932,639	60,206,091
Treasury stock, shares	11,311,712	11,066,354

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Revenue	$ 223,621	$ 215,830
Cost of revenue
Cost of revenue	104,865	99,283
Gross profit	118,756	116,547
Operating expenses
Sales, marketing and customer success	58,735	55,455
Research and development	24,977	28,461
General and administrative	25,855	27,117
Amortization	741	1,376
Restructuring	24	1,953
Total operating expenses	110,332	114,362
Income from operations	8,424	2,185
Interest expense	(4,159)	(5,323)
Other income, net	1,070	182
Income (loss) before provision for income taxes	5,335	(2,956)
Income tax provision (benefit)	696	(1,834)
Net income (loss)	$ 4,639	$ (1,122)
Earnings (loss) per share
Basic earnings per share	$ 0.10	$ (0.02)
Diluted earnings per share	$ 0.10	$ (0.02)
Common shares and equivalents outstanding
Basic weighted average shares	48,036,300	47,516,912
Diluted weighted average shares outstanding	48,455,751	47,516,912
Other comprehensive (loss) income
Foreign currency translation adjustment	$ (5,728)	$ 4,590
Unrealized loss on derivative instruments, net of tax	(3,122)	(932)
Total other comprehensive (loss) income	(8,850)	3,658
Comprehensive (loss) income	(4,211)	2,536
Recurring [Member]
Revenue
Revenue	204,867	198,094
Cost of revenue
Cost of revenue	89,551	84,711
One-time services and other [Member]
Revenue
Revenue	18,754	17,736
Cost of revenue
Cost of revenue	$ 15,314	$ 14,572

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 4,639	$ (1,122)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	21,804	21,724
Provision for doubtful accounts and sales returns	2,488	2,032
Stock-based compensation expense	13,580	13,726
Deferred taxes	954	(1,155)
Amortization of deferred financing costs and discount	188	188
Other non-cash adjustments	102	1,820
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	(3,876)	(1,797)
Prepaid expenses and other assets	(5,303)	(12,107)
Trade accounts payable	(4,021)	(3,624)
Accrued expenses and other liabilities	(31,694)	(11,690)
Deferred revenue	(23,364)	(18,006)
Net cash used in operating activities	(24,503)	(10,011)
Cash flows from investing activities
Purchase of property and equipment	(2,867)	(1,152)
Capitalized software development costs	(10,937)	(11,319)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired	0	(109,386)
Net cash used in investing activities	(13,804)	(121,857)
Cash flows from financing activities
Proceeds from issuance of debt	144,700	271,500
Payments on debt	(86,075)	(75,175)
Employee taxes paid for withheld shares upon equity award settlement	(19,782)	(18,400)
Proceeds from exercise of stock options	1	3
Change in due to customers	(311,095)	(242,885)
Change in customer funds receivable	(733)	(3,573)
Dividend payments to stockholders	(5,960)	(5,901)
Net cash used in financing activities	(278,944)	(74,431)
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,822)	1,036
Net decrease in cash, cash equivalents and restricted cash	(320,073)	(205,263)
Cash, cash equivalents and restricted cash, beginning of period	577,295	449,846
Cash, cash equivalents and restricted cash, end of period	257,222	$ 244,583
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	24,972
Restricted cash due to customers	232,250
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 257,222

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member]	Additional paid-in capital [Member]	Treasury stock [Member]	Accumulated other comprehensive income (loss) [Member]	Retained earnings [Member]
Balance (in shares) at Dec. 31, 2018		59,327,633
Balance at Dec. 31, 2018	$ 373,783	$ 59	$ 399,241	$ (266,884)	$ (5,110)	$ 246,477
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,122)					(1,122)
Payment of dividends	(5,901)					(5,901)
Exercise of stock options and stock appreciation rights and vesting of restricted stock units (in shares)		234,453
Exercise of stock options and stock appreciation rights and vesting of restricted stock units	3		3
Employee taxes paid for withheld shares upon equity award settlement	(18,400)			(18,400)
Stock-based compensation	13,726		13,693			33
Restricted stock grants (in shares)		663,906
Restricted stock grants	1	$ 1
Restricted stock cancellations (in shares)		(43,314)
Other comprehensive income	3,658				3,658
Balance (in shares) at Mar. 31, 2019		60,182,678
Balance at Mar. 31, 2019	365,748	$ 60	412,937	(285,284)	(1,452)	239,487
Balance (in shares) at Dec. 31, 2019		60,206,091
Balance at Dec. 31, 2019	396,764	$ 60	457,804	(290,665)	(5,290)	234,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,639					4,639
Payment of dividends	(5,960)					(5,960)
Exercise of stock options and stock appreciation rights and vesting of restricted stock units (in shares)		210,057
Exercise of stock options and stock appreciation rights and vesting of restricted stock units	1		1
Employee taxes paid for withheld shares upon equity award settlement	(19,782)			(19,782)
Stock-based compensation	13,580		13,539			41
Restricted stock grants (in shares)		563,947
Restricted stock grants	1	$ 1
Restricted stock cancellations (in shares)		(47,456)
Other comprehensive income	(8,850)				(8,850)
Balance (in shares) at Mar. 31, 2020		60,932,639
Balance at Mar. 31, 2020	$ 380,393	$ 61	$ 471,344	$ (310,447)	$ (14,140)	$ 233,575

Consolidated Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Surrender of shares upon vesting of restricted stock and restricted stock units and exercise of stock appreciation rights	245,358	239,311

Organization

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

We are the world’s leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—we connect and empower organizations to increase their impact through cloud software, services, expertise and data intelligence. Our portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than three decades, we are headquartered in Charleston, South Carolina, and have operations in the United States, Australia, Canada, Costa Rica and the United Kingdom.

Basis of Presentation

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

2. Basis of Presentation

Unaudited interim consolidated financial statements

The accompanying interim consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial reporting. These consolidated statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to state fairly the consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of stockholders’ equity, for the periods presented in accordance with accounting principles generally accepted in the United States ("U.S.") ("GAAP"). The consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date. Operating results and cash flows for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020, or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations for interim reporting of the SEC. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, and other forms filed with the SEC from time to time.

Basis of consolidation

The consolidated financial statements include the accounts of Blackbaud, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reportable segment

We report our operating results and financial information in one operating and reportable segment. Our chief operating decision maker uses consolidated financial information to make operating decisions, assess financial performance and allocate resources. Our chief operating decision maker is our chief executive officer ("CEO").

Risks and uncertainties

Impacts of COVID-19

We are subject to risks and uncertainties as a result of the global COVID-19 pandemic. We expect that COVID-19 will impact all of our vertical markets, across all of our geographies to some degree, but the significance and duration of the impact on our business cannot be determined at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease and other unforeseeable consequences.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we reconsider and evaluate our estimates and assumptions, including those that impact revenue recognition, long-lived and intangible assets, income taxes, stock-based compensation, capitalization of software development costs, our allowances for credit losses and sales returns, costs of obtaining contracts, valuation of derivative instruments and loss contingencies, among others. Changes in the facts or circumstances underlying these estimates due to COVID-19 could result in material changes and actual results could materially differ from these estimates.

Recently adopted accounting pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires certain types of financial instruments, including trade receivables, to be presented at the net amount expected to be collected based on historical events, current conditions and forward-looking information. We adopted ASU 2016-13 as of the January 1, 2020 effective date and the adoption did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the accounting for implementation costs related to a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. We adopted ASU 2018-15 prospectively as of the January 1, 2020 effective date and the adoption did not have a material impact on our consolidated financial statements.

Recently issued accounting pronouncements

There are no recently issued accounting pronouncements that are expected to have a material impact on our financial position or results of operations when adopted in the future.

Summary of significant accounting policies

Except for the accounting policies for allowance for credit losses and allowance for sales returns below that were updated as a result of adopting ASU 2016-13, there have been no new or material changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 20, 2020.

Allowance for credit losses

Our accounts receivable consist of a single portfolio segment. Accounts receivable are recorded at original invoice amounts less an allowance for credit losses, an amount we estimate to be sufficient to provide adequate protection against lifetime expected losses resulting from extending credit to our customers. In judging the adequacy of the allowance for credit losses, we consider multiple factors including historical bad debt experience, the current aging of our receivables and current economic conditions that may affect our customers' ability to pay. A considerable amount of judgment is required in assessing these factors and if any receivables were to deteriorate, an additional provision for credit losses could be required. Accounts are written off after all means of collection are exhausted and recovery is considered remote. Provisions for credit losses are recorded in general and administrative expense.

Below is a summary of the changes in our allowance for credit losses.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Write-off			Recovery		Balance at March 31, 2020
2020	$	4,011	$	593	$	(466	)	$	172	$	4,310


(1)	Upon adoption of ASU 2016-13 at January 1, 2020, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses, as these amounts reflect the credit risk associated with our accounts receivable.

The increase in our allowance for credit losses and the amount of write-offs during the three months ended March 31, 2020 were insignificant.

Allowance for sales returns

We maintain a reserve for returns and credits which is estimated based on several factors including historical experience, known credits yet to be issued, the aging of customer accounts and the nature of service level commitments. A considerable amount of judgment is required in assessing these factors. Provisions for sales returns and credits are charged against the related revenue items.

Below is a summary of the changes in our allowance for sales returns.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Deduction			Balance at March 31, 2020
2020	$	1,518	$	1,895	$	(1,795	)	$	1,618

(1)

As discussed above, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses upon adoption of ASU 2016-13 at January 1, 2020.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

3. Goodwill and Other Intangible Assets

The change in goodwill during the three months ended March 31, 2020, consisted of the following:



(dollars in thousands)	Total
Balance at December 31, 2019	$	634,088
Effect of foreign currency translation	(3,055		)
Balance at March 31, 2020	$	631,033

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings (Loss) Per Share

We compute basic earnings (loss) per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings (loss) per share reflect the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options, settlement of stock appreciation rights and vesting of restricted stock awards and units. Diluted loss per share for the three months ended March 31, 2019 was the same as basic loss per share as there was a net loss in the period and inclusion of potentially dilutive securities was anti-dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per share:



	Three months ended March 31,
(dollars in thousands, except per share amounts)	2020		2019
Numerator:
Net income (loss)	$	4,639	$	(1,122	)
Denominator:
Weighted average common shares	48,036,300		47,516,912
Add effect of dilutive securities:
Stock-based awards	419,451		—
Weighted average common shares assuming dilution	48,455,751		47,516,912
Earnings (loss) per share:
Basic	$	0.10	$	(0.02	)
Diluted	$	0.10	$	(0.02	)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	1,170,289		740,119

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

We use a three-tier fair value hierarchy to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:


•	Level 1 - Quoted prices for identical assets or liabilities in active markets;


•	Level 2 - Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and


•	Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Recurring fair value measurements

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following, as of the dates indicated below:



	Fair value measurement using
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Fair value as of March 31, 2020
Financial liabilities:
Derivative instruments	$	—	$	5,979	$	—	$	5,979
Total financial liabilities	$	—	$	5,979	$	—	$	5,979

Fair value as of December 31, 2019
Financial liabilities:
Derivative instruments	$	—	$	1,757	$	—	$	1,757
Total financial liabilities	$	—	$	1,757	$	—	$	1,757

Our derivative instruments within the scope of Accounting Standards Codification ("ASC") 815, Derivatives and Hedging, are required to be recorded at fair value. Our derivative instruments that are recorded at fair value include interest rate swaps.

The fair value of our interest rate swaps was based on model-driven valuations using LIBOR rates, which are observable at commonly quoted intervals. Accordingly, our interest rate swaps are classified within Level 2 of the fair value hierarchy. The Financial Conduct Authority in the U.K. has stated that it plans to phase out LIBOR by the end of calendar year 2021. We do not currently anticipate a significant impact to our financial position or results of operations as a result of this action as we expect that our financial contracts currently indexed to LIBOR will either expire or be modified before the phase out occurs.

We believe the carrying amounts of our cash and cash equivalents, restricted cash due to customers, accounts receivable, trade accounts payable, accrued expenses and other current liabilities and due to customers approximate their fair values at March 31, 2020 and December 31, 2019, due to the immediate or short-term maturity of these instruments.

We believe the carrying amount of our debt approximates its fair value at March 31, 2020 and December 31, 2019, as the debt bears interest rates that approximate market value. As LIBOR rates are observable at commonly quoted intervals, our debt is classified within Level 2 of the fair value hierarchy.

We did not transfer any assets or liabilities among the levels within the fair value hierarchy during the three months ended March 31, 2020. Additionally, we did not hold any Level 3 assets or liabilities during the three months ended March 31, 2020.

Non-recurring fair value measurements

Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets, goodwill and operating lease right-of-use ("ROU") assets, which are recognized at fair value during the period in which an acquisition is completed or at lease commencement, from updated estimates and assumptions during the measurement period, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for long-lived assets, intangible assets acquired and operating lease ROU assets, are based on Level 3 unobservable inputs. In the event of an impairment, we determine the fair value of these assets other than goodwill using a discounted cash flow approach, which contains significant unobservable inputs and, therefore, is considered a Level 3 fair value measurement. The unobservable inputs in the analysis generally include future cash flow projections and a discount rate. For goodwill impairment testing, we estimate fair value using market-based methods including the use of market capitalization and consideration of a control premium.

There were no non-recurring fair value adjustments to our long-lived assets, intangible assets, operating lease ROU assets and goodwill during the three months ended March 31, 2020.

Consolidated Financial Statement Details

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Financial Statement Details

6. Consolidated Financial Statement Details

Prepaid expenses and other assets



(dollars in thousands)	March 31, 2020		December 31, 2019
Costs of obtaining contracts⁽¹⁾⁽²⁾	$	86,867	$	90,764
Prepaid software maintenance and subscriptions⁽³⁾	30,097		17,384
Implementation costs for cloud computing arrangements, net⁽⁴⁾⁽⁵⁾	8,881		7,294
Unbilled accounts receivable	8,145		6,233
Prepaid insurance	2,994		1,585
Taxes, prepaid and receivable	843		849
Security deposits	864		885
Other assets	8,659		8,051
Total prepaid expenses and other assets	147,350		133,045
Less: Long-term portion	66,346		65,193
Prepaid expenses and other current assets	$	81,004	$	67,852


(1)	Amortization expense from costs of obtaining contracts was $9.5 million and $9.6 million for the three months ended March 31, 2020 and 2019, respectively.


(2)	The current portion of costs of obtaining contracts as of March 31, 2020 and December 31, 2019 was $31.9 million and $33.0 million, respectively.


(3)	The current portion of prepaid software maintenance and subscriptions as of March 31, 2020 and December 31, 2019 was $24.7 million and $16.1 million, respectively.


(4)	These costs, which were previously included in prepaid software maintenance and subscriptions, primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.


(5)	Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended March 31, 2020 and 2019, respectively. Accumulated amortization for these costs was insignificant as of March 31, 2020 and December 31, 2019.

Accrued expenses and other liabilities



(dollars in thousands)	March 31, 2020		December 31, 2019
Operating lease liabilities, current portion	$	19,672	$	19,784
Accrued bonuses⁽¹⁾	2,116		24,617
Accrued commissions and salaries	3,945		6,980
Taxes payable	4,659		6,835
Derivative instruments	5,979		1,757
Customer credit balances	4,359		4,505
Unrecognized tax benefit	3,821		3,758
Accrued vacation costs	2,145		2,232
Accrued health care costs	2,416		2,399
Other liabilities	7,606		6,192
Total accrued expenses and other liabilities	56,718		79,059
Less: Long-term portion	10,937		5,742
Accrued expenses and other current liabilities	$	45,781	$	73,317


(1)	In March 2020, we reduced our accrued bonuses due to the payment of bonuses from the prior year and, in response to the global COVID-19 pandemic, determined to replace our 2020 cash bonus plans with performance-based equity awards (See Note 15 to these financial statements).

Other income, net



	Three months ended March 31,
(dollars in thousands)	2020		2019
Interest income	$	522	$	654
Other income (expense), net	548		(472		)
Other income, net	$	1,070	$	182

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

7. Debt

The following table summarizes our debt balances and the related weighted average effective interest rates, which includes the effect of interest rate swap agreements.



	Debt balance at				Weighted average effective interest rate at
(dollars in thousands)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Credit facility:
Revolving credit loans	$	247,500	$	187,000	2.51	%	3.11	%
Term loans	279,375		281,250		2.99	%	3.22	%
Other debt	5,083		—		5.00	%	—	%
Total debt	531,958		468,250		2.79	%	3.18	%
Less: Unamortized discount and debt issuance costs	1,031		1,150
Less: Debt, current portion	10,351		7,500		3.00	%	3.05	%
Debt, net of current portion	$	520,576	$	459,600	2.78	%	3.18	%

2017 credit facility

In June 2017, we entered into a five-year $700.0 million senior credit facility (the "2017 Credit Facility"). At March 31, 2020, we were in compliance with our debt covenants under the 2017 Credit Facility.

Other debt

In December 2019, we entered into a 51-month $2.2 million agreement to finance our purchase of software and related services for our internal use. The agreement is a non-interest-bearing note requiring four equal annual payments, where the first payment was due in January 2020. Interest associated with the note will be imputed at the rate we would incur for amounts borrowed under the 2017 Credit Facility.

In January 2020, we entered into an additional 39-month $3.5 million agreement to finance our purchase of software and related services for our internal use. The agreement is a non-interest-bearing note requiring three equal annual payments, where the first payment was due in March 2020. Interest associated with the note will be imputed at the rate we would incur for amounts borrowed under the 2017 Credit Facility.

As of March 31, 2020, the required annual maturities related to the 2017 Credit Facility and other debt were as follows:



Years ending December 31, (dollars in thousands)	Annual maturities
2020 - remaining	$	6,782
2021	9,194
2022	515,444
2023	538
2024	—
Thereafter	—
Total required maturities	$	531,958

Derivative Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments

8. Derivative Instruments

Cash flow hedges

We generally use derivative instruments to manage our variable interest rate risk. We have entered into interest rate swap agreements, which effectively convert portions of our variable rate debt under the 2017 Credit Facility to a fixed rate for the term of the swap agreements. We designated each of the interest rate swap agreements as a cash flow hedge at the inception of the contracts.

The terms and notional values of our derivative instruments were as follows as of March 31, 2020:



(dollars in thousands)	Term of derivative instrument	Notional Value
Derivative instruments designated as hedging instruments:
Interest rate swap	July 2017 - July 2021	$	150,000
Interest rate swap	February 2018 - June 2021	50,000
Interest rate swap	June 2019 - June 2021	75,000
		$	275,000

The fair values of our derivative instruments were as follows as of:



		Liability Derivatives
(dollars in thousands)	Balance sheet location	March 31, 2020		December 31, 2019
Derivative instruments designated as hedging instruments:
Interest rate swaps, long-term portion	Other liabilities	$	5,979	$	1,757
Total derivative instruments designated as hedging instruments		$	5,979	$	1,757

The effects of derivative instruments in cash flow hedging relationships were as follows:



	Gain (loss) recognized in accumulated other comprehensive loss as of			Location of gain (loss) reclassified from accumulated other comprehensive loss into income	Gain (loss) reclassified from accumulated other comprehensive loss into income
(dollars in thousands)	March 31, 2020				Three months ended March 31, 2020
Interest rate swaps	$	(5,979	)	Interest expense	$	(205	)

	March 31, 2019				Three months ended March 31, 2019
Interest rate swaps	$	806		Interest expense	$	229

Our policy requires that derivatives used for hedging purposes be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accumulated other comprehensive income (loss) includes unrealized gains or losses from the change in fair value measurement of our derivative instruments each reporting period and the related income tax expense or benefit. Changes in the fair value measurements of the derivative instruments and the related income tax expense or benefit are reflected as adjustments to accumulated other comprehensive income (loss) until the actual hedged expense is incurred or until the hedge is terminated at which point the unrealized gain (loss) is reclassified from accumulated other comprehensive income (loss) to current earnings. The estimated accumulated other comprehensive loss as of March 31, 2020 that is expected to be reclassified into earnings within the next twelve months is $4.6 million. There were no ineffective portions of our interest rate swap derivatives during the three months ended March 31, 2020 and 2019. See Note 12 to these consolidated financial statements for a summary of the changes in accumulated other comprehensive income (loss) by component.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Leases

We have operating leases for corporate offices, subleased offices and certain equipment and furniture. As of March 31, 2020, we had operating leases for equipment that had not yet commenced with future rent payments of $2.9 million. These operating leases are expected to commence during 2020 with lease terms of 3 to 5 years.

The components of lease expense were as follows:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Operating lease cost⁽¹⁾	$	6,311		$	6,001
Variable lease cost	1,258			991
Sublease income	(913		)	(705		)
Net lease cost	$	6,656		$	6,287


(1)	Includes short-term lease costs, which were immaterial.

Other commitments

The term loans under the 2017 Credit Facility require periodic principal payments. The balance of the term loans and any amounts drawn on the revolving credit loans are due upon maturity of the 2017 Credit Facility in June 2022.

We have contractual obligations for third-party technology used in our solutions and for other services we purchase as part of our normal operations. In certain cases, these arrangements require a minimum annual purchase commitment by us. As of March 31, 2020, the remaining aggregate minimum purchase commitment under these arrangements was approximately $76.7 million through 2023.

Solution and service indemnifications

In the ordinary course of business, we provide certain indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our solutions or services. If we determine that it is probable that a loss has been incurred related to solution or service indemnifications, any such loss that could be reasonably estimated would be recognized. We have not identified any losses and, accordingly, we have not recorded a liability related to these indemnifications.

Legal proceedings

We are subject to legal proceedings and claims that arise in the ordinary course of business. We make a provision for a loss contingency when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Unless otherwise specifically

disclosed in this note, we have determined as of March 31, 2020, that no provision for liability nor disclosure is required related to any claim against us because (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. All legal costs associated with litigation are expensed as incurred. Litigation is inherently unpredictable. However, we believe that we have valid defenses with respect to the legal matters pending against us. It is possible, nevertheless, that our consolidated financial position, results of operations or cash flows could be negatively affected in any particular period by an unfavorable resolution of one or more of such proceedings, claims or investigations.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

Our income tax provision (benefit) and effective income tax rates, including the effects of period-specific events, were:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Income tax provision (benefit)	$	696		$	(1,834	)
Effective income tax rate	13.0		%	62.0		%

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act did not have a material impact on our provision for income taxes for the three months ended March 31, 2020. We will continue to analyze and monitor potential impact throughout the year.

The decrease in our effective income tax rate during the three months ended March 31, 2020, when compared to the same period in 2019, was primarily due to the impact of discrete tax benefits on pre-tax income for the quarter as compared to pre-tax loss for the same period in 2019.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-based Compensation

Stock-based compensation expense is allocated to cost of revenue and operating expenses on the consolidated statements of comprehensive income based on where the associated employee’s compensation is recorded. The following table summarizes stock-based compensation expense:



	Three months ended March 31,
(dollars in thousands)	2020		2019
Included in cost of revenue:
Cost of recurring	$	470	$	512
Cost of one-time services and other	395		462
Total included in cost of revenue	865		974
Included in operating expenses:
Sales, marketing and customer success	2,478		2,911
Research and development	2,799		2,674
General and administrative	7,438		7,167
Total included in operating expenses	12,715		12,752
Total stock-based compensation expense	$	13,580	$	13,726

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

12. Stockholders' Equity

Dividends

Our Board of Directors' previously adopted dividend policy provided for the distribution to stockholders of a portion of cash generated by us that was in excess of operational needs and capital expenditures. In February 2020, our Board of Directors approved an annual dividend rate of $0.48 per share to be made in quarterly payments, consistent with previous years.

In March 2020, in response to the global COVID-19 pandemic, our Board of Directors rescinded its previously announced policy to pay an annual dividend at a rate of $0.48 per share of common stock and discontinued the declaration and payment of all cash dividends, beginning with the second quarter of 2020 and thereafter until such time, if any, as it may otherwise determine in its sole discretion.

Dividends paid on common stock during the three months ended March 31, 2020, consisted of the following:



Declaration Date	Dividend per Share		Record Date	Payable Date
February 10, 2020	$	0.12	February 28	March 13

Changes in accumulated other comprehensive income (loss) by component

The changes in accumulated other comprehensive income (loss) by component, consisted of the following:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Accumulated other comprehensive loss, beginning of period	$	(5,290	)	$	(5,110	)
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive (loss) income balance, beginning of period	$	(1,323	)	$	1,498
Other comprehensive loss before reclassifications, net of tax effects of $1,154 and $276	(3,273		)	(763		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	205			(229		)
Tax (benefit) expense included in provision for income taxes	(54		)	60
Total amounts reclassified from accumulated other comprehensive loss	151			(169		)
Net current-period other comprehensive loss	(3,122		)	(932		)
Accumulated other comprehensive (loss) income balance, end of period	$	(4,445	)	$	566
Foreign currency translation adjustment:
Accumulated other comprehensive loss balance, beginning of period	$	(3,967	)	$	(6,608	)
Translation adjustments	(5,728		)	4,590
Accumulated other comprehensive loss balance, end of period	(9,695		)	(2,018		)
Accumulated other comprehensive loss, end of period	$	(14,140	)	$	(1,452	)

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

13. Revenue Recognition

Transaction price allocated to the remaining performance obligations

As of March 31, 2020, approximately $811 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 60% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter.

We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less (one-time services); and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed (payment services and usage).

Contract balances

Our contract assets as of March 31, 2020 and December 31, 2019 were insignificant. Our opening and closing balances of deferred revenue were as follows:

The decrease in deferred revenue during the three months ended March 31, 2020 was primarily due to less billings for recurring revenue contracts. Historically, due to the timing of customer budget cycles, we have an increase in customer contract renewals at or near the beginning of our third quarter generally resulting in our lowest balance of deferred revenue at the end of our first quarter. The amount of revenue recognized during the three months ended March 31, 2020 that was included in the deferred revenue balance at the beginning of the period was approximately $113 million. The amount of revenue recognized during the three months ended March 31, 2020 from performance obligations satisfied in prior periods was insignificant.

Disaggregation of revenue

We sell our cloud solutions and related services in two primary geographical markets: to customers in the United States, and to customers located outside of the United States. The following table presents our revenue by geographic area based on the address of our customers:



	Three months ended March 31,
(dollars in thousands)	2020		2019
United States	$	193,959	$	188,126
Other countries	29,662		27,704
Total revenue	$	223,621	$	215,830

The General Markets Group ("GMG"), the Enterprise Markets Group ("EMG"), and the International Markets Group ("IMG") comprise our go-to-market organizations. The following is a description of each market group:


•	The GMG focuses on sales primarily to all K-12 private schools, faith-based and arts and cultural organizations, as well as emerging and mid-sized prospects in the U.S.;


•	The EMG focuses on sales primarily to all healthcare and higher education institutions, corporations and foundations, as well as large and/or strategic prospects in the U.S.; and


•	The IMG focuses on sales primarily to all prospects and customers outside of the U.S.

The following table presents our revenue by market group:



	Three months ended March 31,
(dollars in thousands)	2020			2019
GMG	$	95,453		$	92,515
EMG	98,123			95,165
IMG	30,081			28,122
Other	(36		)	28
Total revenue	$	223,621		$	215,830

Restructuring

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

14. Restructuring

During 2017, in an effort to further our organizational objectives, including improved operating efficiency, customer outcomes and employee satisfaction, we initiated a multi-year plan to consolidate and relocate some of our existing offices to highly modern and more collaborative workspaces with short-term financial commitments. We substantially completed our facilities optimization restructuring plan as of December 2019. We incurred $2.0 million in before-tax restructuring charges related to these activities during the three months ended March 31, 2019. Such charges during the three months ended March 31, 2020 were insignificant.

Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

COVID-19

To better enable us to weather the extraordinary business challenges occasioned by the global COVID-19 pandemic, to protect the safety and welfare of our employees, and to further effect our long-term strategy to deliver the greatest value to our stockholders, we have taken several actions. These initial measures taken, in addition to suspending the payment of quarterly dividends as discussed in Note 12 to these consolidated financial statements, are expected to provide us the financial flexibility needed to manage a wide array of outcomes that may result from the pandemic. Certain of the actions commenced, after the quarter ended March 31, 2020, include the following:


•	Our 401(k) match program, whereby we have historically matched 50% of qualified U.S. employees' contributions to our 401(k) plan up to 6% of their salaries, was temporarily suspended effective with the payroll period commencing April 1, 2020. We have not yet determined when the match might recommence.


•	On May 1, 2020, we granted restricted stock units to our employees that were eligible for base salary merit increases in lieu of such increases, which will vest on May 1, 2021 subject to the recipient's continued employment with us. The grant date fair value of these awards was $8.3 million.

•

On May 1, 2020, we granted performance-based restricted stock units to our employees that were eligible for a 2020 cash bonus plan in lieu of such cash bonus, which may be earned and become eligible for vesting on May 1, 2021 subject to meeting certain performance conditions and the recipient's continued employment with us. The grant date fair value of these awards was $34.4 million.

Basis of Presentation (Policy)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Unaudited interim consolidated financial statements

Basis of consolidation

The consolidated financial statements include the accounts of Blackbaud, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reportable segment

Recently adopted accounting pronouncements

Credit losses and sales returns

Allowance for credit losses

Below is a summary of the changes in our allowance for credit losses.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Write-off			Recovery		Balance at March 31, 2020
2020	$	4,011	$	593	$	(466	)	$	172	$	4,310


(1)	Upon adoption of ASU 2016-13 at January 1, 2020, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses, as these amounts reflect the credit risk associated with our accounts receivable.

The increase in our allowance for credit losses and the amount of write-offs during the three months ended March 31, 2020 were insignificant.

Allowance for sales returns

Below is a summary of the changes in our allowance for sales returns.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Deduction			Balance at March 31, 2020
2020	$	1,518	$	1,895	$	(1,795	)	$	1,618

(1)

As discussed above, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses upon adoption of ASU 2016-13 at January 1, 2020.

Legal proceedings

Basis of Presentation Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2020

Allowance for Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

Below is a summary of the changes in our allowance for credit losses.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Write-off			Recovery		Balance at March 31, 2020
2020	$	4,011	$	593	$	(466	)	$	172	$	4,310

(1)

Upon adoption of ASU 2016-13 at January 1, 2020, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses, as these amounts reflect the credit risk associated with our accounts receivable.

Below is a summary of the changes in our allowance for sales returns.



(in thousands)	Balance at beginning of year ⁽¹⁾		Provision/ adjustment		Deduction			Balance at March 31, 2020
2020	$	1,518	$	1,895	$	(1,795	)	$	1,618

(1)

As discussed above, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses upon adoption of ASU 2016-13 at January 1, 2020.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Change in Goodwill

The change in goodwill during the three months ended March 31, 2020, consisted of the following:



(dollars in thousands)	Total
Balance at December 31, 2019	$	634,088
Effect of foreign currency translation	(3,055		)
Balance at March 31, 2020	$	631,033

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:



	Three months ended March 31,
(dollars in thousands, except per share amounts)	2020		2019
Numerator:
Net income (loss)	$	4,639	$	(1,122	)
Denominator:
Weighted average common shares	48,036,300		47,516,912
Add effect of dilutive securities:
Stock-based awards	419,451		—
Weighted average common shares assuming dilution	48,455,751		47,516,912
Earnings (loss) per share:
Basic	$	0.10	$	(0.02	)
Diluted	$	0.10	$	(0.02	)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	1,170,289		740,119

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following, as of the dates indicated below:



	Fair value measurement using
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Fair value as of March 31, 2020
Financial liabilities:
Derivative instruments	$	—	$	5,979	$	—	$	5,979
Total financial liabilities	$	—	$	5,979	$	—	$	5,979

Fair value as of December 31, 2019
Financial liabilities:
Derivative instruments	$	—	$	1,757	$	—	$	1,757
Total financial liabilities	$	—	$	1,757	$	—	$	1,757

Consolidated Financial Statement Details (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Prepaid Expenses and Other Assets

Prepaid expenses and other assets



(dollars in thousands)	March 31, 2020		December 31, 2019
Costs of obtaining contracts⁽¹⁾⁽²⁾	$	86,867	$	90,764
Prepaid software maintenance and subscriptions⁽³⁾	30,097		17,384
Implementation costs for cloud computing arrangements, net⁽⁴⁾⁽⁵⁾	8,881		7,294
Unbilled accounts receivable	8,145		6,233
Prepaid insurance	2,994		1,585
Taxes, prepaid and receivable	843		849
Security deposits	864		885
Other assets	8,659		8,051
Total prepaid expenses and other assets	147,350		133,045
Less: Long-term portion	66,346		65,193
Prepaid expenses and other current assets	$	81,004	$	67,852


(1)	Amortization expense from costs of obtaining contracts was $9.5 million and $9.6 million for the three months ended March 31, 2020 and 2019, respectively.


(2)	The current portion of costs of obtaining contracts as of March 31, 2020 and December 31, 2019 was $31.9 million and $33.0 million, respectively.


(3)	The current portion of prepaid software maintenance and subscriptions as of March 31, 2020 and December 31, 2019 was $24.7 million and $16.1 million, respectively.


(4)	These costs, which were previously included in prepaid software maintenance and subscriptions, primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.

(5)

Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended March 31, 2020 and 2019, respectively

Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities



(dollars in thousands)	March 31, 2020		December 31, 2019
Operating lease liabilities, current portion	$	19,672	$	19,784
Accrued bonuses⁽¹⁾	2,116		24,617
Accrued commissions and salaries	3,945		6,980
Taxes payable	4,659		6,835
Derivative instruments	5,979		1,757
Customer credit balances	4,359		4,505
Unrecognized tax benefit	3,821		3,758
Accrued vacation costs	2,145		2,232
Accrued health care costs	2,416		2,399
Other liabilities	7,606		6,192
Total accrued expenses and other liabilities	56,718		79,059
Less: Long-term portion	10,937		5,742
Accrued expenses and other current liabilities	$	45,781	$	73,317

(1)

In March 2020, we reduced our accrued bonuses due to the payment of bonuses from the prior year and, in response to the global COVID-19 pandemic, determined to replace our 2020 cash bonus plans with performance-based equity awards (See Note 15 to these financial statements).

Components of Other Income and Expense

Other income, net



	Three months ended March 31,
(dollars in thousands)	2020		2019
Interest income	$	522	$	654
Other income (expense), net	548		(472		)
Other income, net	$	1,070	$	182

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Debt

The following table summarizes our debt balances and the related weighted average effective interest rates, which includes the effect of interest rate swap agreements.



	Debt balance at				Weighted average effective interest rate at
(dollars in thousands)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Credit facility:
Revolving credit loans	$	247,500	$	187,000	2.51	%	3.11	%
Term loans	279,375		281,250		2.99	%	3.22	%
Other debt	5,083		—		5.00	%	—	%
Total debt	531,958		468,250		2.79	%	3.18	%
Less: Unamortized discount and debt issuance costs	1,031		1,150
Less: Debt, current portion	10,351		7,500		3.00	%	3.05	%
Debt, net of current portion	$	520,576	$	459,600	2.78	%	3.18	%

Annual Maturities Related to Credit Facility

As of March 31, 2020, the required annual maturities related to the 2017 Credit Facility and other debt were as follows:



Years ending December 31, (dollars in thousands)	Annual maturities
2020 - remaining	$	6,782
2021	9,194
2022	515,444
2023	538
2024	—
Thereafter	—
Total required maturities	$	531,958

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

The terms and notional values of our derivative instruments were as follows as of March 31, 2020:



(dollars in thousands)	Term of derivative instrument	Notional Value
Derivative instruments designated as hedging instruments:
Interest rate swap	July 2017 - July 2021	$	150,000
Interest rate swap	February 2018 - June 2021	50,000
Interest rate swap	June 2019 - June 2021	75,000
		$	275,000

Fair Values of Derivative Instruments

The fair values of our derivative instruments were as follows as of:



		Liability Derivatives
(dollars in thousands)	Balance sheet location	March 31, 2020		December 31, 2019
Derivative instruments designated as hedging instruments:
Interest rate swaps, long-term portion	Other liabilities	$	5,979	$	1,757
Total derivative instruments designated as hedging instruments		$	5,979	$	1,757

Effects of Derivative Instruments in Cash Flow Hedging Relationships

The effects of derivative instruments in cash flow hedging relationships were as follows:



	Gain (loss) recognized in accumulated other comprehensive loss as of			Location of gain (loss) reclassified from accumulated other comprehensive loss into income	Gain (loss) reclassified from accumulated other comprehensive loss into income
(dollars in thousands)	March 31, 2020				Three months ended March 31, 2020
Interest rate swaps	$	(5,979	)	Interest expense	$	(205	)

	March 31, 2019				Three months ended March 31, 2019
Interest rate swaps	$	806		Interest expense	$	229

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Operating lease cost⁽¹⁾	$	6,311		$	6,001
Variable lease cost	1,258			991
Sublease income	(913		)	(705		)
Net lease cost	$	6,656		$	6,287

(1)

Includes short-term lease costs, which were immaterial.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rates

Our income tax provision (benefit) and effective income tax rates, including the effects of period-specific events, were:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Income tax provision (benefit)	$	696		$	(1,834	)
Effective income tax rate	13.0		%	62.0		%

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:



	Three months ended March 31,
(dollars in thousands)	2020		2019
Included in cost of revenue:
Cost of recurring	$	470	$	512
Cost of one-time services and other	395		462
Total included in cost of revenue	865		974
Included in operating expenses:
Sales, marketing and customer success	2,478		2,911
Research and development	2,799		2,674
General and administrative	7,438		7,167
Total included in operating expenses	12,715		12,752
Total stock-based compensation expense	$	13,580	$	13,726

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

The changes in accumulated other comprehensive income (loss) by component, consisted of the following:



	Three months ended March 31,
(dollars in thousands)	2020			2019
Accumulated other comprehensive loss, beginning of period	$	(5,290	)	$	(5,110	)
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive (loss) income balance, beginning of period	$	(1,323	)	$	1,498
Other comprehensive loss before reclassifications, net of tax effects of $1,154 and $276	(3,273		)	(763		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	205			(229		)
Tax (benefit) expense included in provision for income taxes	(54		)	60
Total amounts reclassified from accumulated other comprehensive loss	151			(169		)
Net current-period other comprehensive loss	(3,122		)	(932		)
Accumulated other comprehensive (loss) income balance, end of period	$	(4,445	)	$	566
Foreign currency translation adjustment:
Accumulated other comprehensive loss balance, beginning of period	$	(3,967	)	$	(6,608	)
Translation adjustments	(5,728		)	4,590
Accumulated other comprehensive loss balance, end of period	(9,695		)	(2,018		)
Accumulated other comprehensive loss, end of period	$	(14,140	)	$	(1,452	)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract Balances

Our opening and closing balances of deferred revenue were as follows:

Disaggregation of Revenue

The following table presents our revenue by geographic area based on the address of our customers:



	Three months ended March 31,
(dollars in thousands)	2020		2019
United States	$	193,959	$	188,126
Other countries	29,662		27,704
Total revenue	$	223,621	$	215,830

The following table presents our revenue by market group:



	Three months ended March 31,
(dollars in thousands)	2020			2019
GMG	$	95,453		$	92,515
EMG	98,123			95,165
IMG	30,081			28,122
Other	(36		)	28
Total revenue	$	223,621		$	215,830

Basis of Presentation Basis of Presentation (Changes in Allowance for Credit Losses and Sales Returns) (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2020

USD ($)

Allowance for credit losses [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at beginning of year

$ 4,011

^[1]

Provision/adjustment

593

Write-off

466

Recovery

172

Balance at period end

4,310

Allowance for sales returns [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at beginning of year

1,518

^[2]

Provision/adjustment

1,895

Deduction

1,795

Balance at period end

$ 1,618

[1]	Upon adoption of ASU 2016-13 at January 1, 2020, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses, as these amounts reflect the credit risk associated with our accounts receivable.
[2]	As discussed above, we reclassified certain balances previously disclosed within the allowance for sales returns to the allowance for credit losses upon adoption of ASU 2016-13 at January 1, 2020.

Goodwill and Other Intangible Assets (Change in Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 634,088
Effect of foreign currency translation	(3,055)
Ending balance	$ 631,033

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 4,639	$ (1,122)
Weighted average common shares	48,036,300	47,516,912
Stock-based awards	419,451	0
Weighted average common shares assuming dilution	48,455,751	47,516,912
Earnings (Loss) Per Share, Basic and Diluted [Abstract]
Basic earnings per share	$ 0.10	$ (0.02)
Diluted earnings per share	$ 0.10	$ (0.02)
Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	1,170,289	740,119

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair value measurements, recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 5,979	$ 1,757
Total financial liabilities	5,979	1,757
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Total financial liabilities	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	5,979	1,757
Total financial liabilities	5,979	1,757
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Total financial liabilities	$ 0	$ 0

Consolidated Financial Statement Details (Components of Prepaid Expenses and Other Assets) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Costs of obtaining contracts

^[1],[2]

$ 86,867

$ 90,764

Prepaid software maintenance and subscriptions, current and long-term

^[3]

30,097

17,384

Implementation costs for cloud computing arrangements

^[4],[5]

8,881

7,294

Unbilled accounts receivable

8,145

6,233

Prepaid insurance

2,994

1,585

Taxes, prepaid and receivable

843

849

Security deposits

864

885

Other assets

8,659

8,051

Total prepaid expenses and other assets

147,350

133,045

Less: Long-term portion

66,346

65,193

Prepaid expenses and other current assets

81,004

67,852

Amortization expense from costs of obtaining contracts

9,500

$ 9,600

Current portion of costs of obtaining contracts

31,900

33,000

Prepaid software maintenance and subscriptions, current

$ 24,700

$ 16,100

[1]	Amortization expense from costs of obtaining contracts was $9.5 million and $9.6 million for the three months ended March 31, 2020 and 2019, respectively.
[2]	The current portion of costs of obtaining contracts as of March 31, 2020 and December 31, 2019 was $31.9 million and $33.0 million, respectively.
[3]	The current portion of prepaid software maintenance and subscriptions as of March 31, 2020 and December 31, 2019 was $24.7 million and $16.1 million, respectively.
[4]	Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended March 31, 2020 and 2019, respectively. Accumulated amortization for these costs was insignificant as of March 31, 2020 and December 31, 2019.
[5]	These costs, which were previously included in prepaid software maintenance and subscriptions, primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.

Consolidated Financial Statement Details (Components of Accrued Expenses and Other Liabilities) (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operating lease liabilities, current portion

$ 19,672

$ 19,784

Accrued bonuses

2,116

^[1]

24,617

Accrued commissions and salaries

3,945

6,980

Taxes payable

4,659

6,835

Derivative instruments

5,979

1,757

Customer credit balances

4,359

4,505

Unrecognized tax benefit

3,821

3,758

Accrued vacation costs

2,145

2,232

Accrued health care costs

2,416

2,399

Other liabilities

7,606

6,192

Total accrued expenses and other liabilities

56,718

79,059

Less: Long-term portion

10,937

5,742

Accrued expenses and other current liabilities

$ 45,781

$ 73,317

[1]	In March 2020, we reduced our accrued bonuses due to the payment of bonuses from the prior year and, in response to the global COVID-19 pandemic, determined to replace our 2020 cash bonus plans with performance-based equity awards (See Note 15 to these financial statements).

Consolidated Financial Statement Details (Components of Other Income and Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 522	$ 654
Other income (expense), net	548	(472)
Other income, net	$ 1,070	$ 182

Debt (Details) - USD ($) $ in Millions	Jan. 31, 2020	Dec. 31, 2019	Jun. 02, 2017
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity			$ 700.0
Loans payable [Member]
Business Acquisition [Line Items]
Other debt, face amount	$ 3.5	$ 2.2

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Debt, gross	$ 531,958	$ 468,250
Other debt	5,083	0
Less: Unamortized discount and debt issuance costs	1,031	1,150
Less: Debt, current portion	10,351	7,500
Debt, net of current portion	$ 520,576	$ 459,600
Weighted average effective interest rate	2.79%	3.18%
Revolving credit loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 247,500	$ 187,000
Weighted average effective interest rate	2.51%	3.11%
Term loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 279,375	$ 281,250
Weighted average effective interest rate	2.99%	3.22%
Loans payable [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	5.00%	0.00%
Short-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	3.00%	3.05%
Long-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	2.78%	3.18%

Debt (Annual Maturities Related to Credit Facility) (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2020 - remaining	$ 6,782
2021	9,194
2022	515,444
2023	538
2024	0
Thereafter	0
Total required maturities	$ 531,958

Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019	Feb. 28, 2018	Jul. 31, 2017
Derivative [Line Items]
Derivative, notional amount	$ 275,000
Accumulated other comprehensive loss expected to be reclassified into earnings within next 12 months	(4,600)
Ineffective portion of interest rate swap(s)	$ 0	$ 0
July 2017 Swap [Member]
Derivative [Line Items]
Derivative, notional amount					$ 150,000
February 2018 Swap [Member]
Derivative [Line Items]
Derivative, notional amount				$ 50,000
June 2019 Swap [Member]
Derivative [Line Items]
Derivative, notional amount			$ 75,000

Derivative Instruments Derivative Instruments (Schedule of Interest Rate Swaps) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019	Feb. 28, 2018	Jul. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 275,000
July 2017 Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount				$ 150,000
February 2018 Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 50,000
June 2019 Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		$ 75,000

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative liabilities, long-term portion	$ 5,979	$ 1,757
Designated as hedging instrument [Member] \| Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	5,979	1,757
Designated as hedging instrument [Member] \| Interest rate swap [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, long-term portion	$ 5,979	$ 1,757

Derivative Instruments (Effects of Derivative Instruments in Cash Flow Hedging Relationships) (Details) - Interest rate swap [Member] - Cash flow hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss	$ (5,979)	$ 806
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into income	$ (205)	$ 229

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, expense	$ 2.9
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract	3 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract	5 years
Third-party technology [Member]
Long-term Purchase Commitment [Line Items]
Remaining aggregate minimum purchase commitment	$ 76.7

Commitments and Contingencies (Components of Lease Expense) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Operating lease cost

^[1]

$ 6,311

$ 6,001

Variable lease cost

1,258

991

Sublease income

(913)

(705)

Net lease cost

$ 6,656

$ 6,287

[1]	Includes short-term lease costs, which were immaterial.

Income Taxes (Schedule of Effective Income Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 696	$ (1,834)
Effective income tax rate	13.00%	62.00%

Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	$ 13,580	$ 13,726
Cost of recurring [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	470	512
Cost of one-time services and other [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	395	462
Total included in cost of revenue [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	865	974
Sales, marketing and customer success [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	2,478	2,911
Research and development [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	2,799	2,674
General and administrative [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	7,438	7,167
Total included in operating expenses [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	$ 12,715	$ 12,752

Stockholders' Equity (Details) - $ / shares		1 Months Ended
Stockholders' Equity (Details) - $ / shares	Mar. 13, 2020	Feb. 28, 2019
Equity [Abstract]
Annual dividend per share approved (in dollars per share)		$ 0.48
Dividends paid per share (in dollars per share)	$ 0.12

Stockholders' Equity (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	$ (5,290)	$ (5,110)
Translation adjustments	(5,728)	4,590
Accumulated other comprehensive income (loss), end of period	(14,140)	(1,452)
Gains and losses on cash flow hedges [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	(1,323)	1,498
Other comprehensive (loss) income before reclassifications, net of tax effects	(3,273)	(763)
Amounts reclassified from accumulated other comprehensive loss to interest expense	205	(229)
Tax (benefit) expense included in provision for income taxes	(54)	60
Total amounts reclassified from accumulated other comprehensive loss	151	(169)
Net current-period other comprehensive loss	(3,122)	(932)
Accumulated other comprehensive income (loss), end of period	(4,445)	566
Unrealized gains, tax effects	1,154	276
Foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	(3,967)	(6,608)
Translation adjustments	(5,728)	4,590
Accumulated other comprehensive income (loss), end of period	$ (9,695)	$ (2,018)

Revenue Recognition (Details) $ in Millions	3 Months Ended
Revenue Recognition (Details) $ in Millions	Mar. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in deferred revenue at beginning of period	$ 113
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 811
Revenue, remaining performance obligation, percentage to be recognized	60.00%
Revenue, remaining performance obligation, expected timing of satisfaction	12 months

Revenue Recognition (Contract Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Total deferred revenue	$ 290,397	$ 316,137

Revenue Recognition (Disaggregation of Revenue by Geography) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 223,621	$ 215,830
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	193,959	188,126
Non-US [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 29,662	$ 27,704

Revenue Recognition (Disaggregation of Revenue by Market Group) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 223,621	$ 215,830
GMG [Member]
Disaggregation of Revenue [Line Items]
Revenue	95,453	92,515
EMG [Member]
Disaggregation of Revenue [Line Items]
Revenue	98,123	95,165
IMG [Member]
Disaggregation of Revenue [Line Items]
Revenue	30,081	28,122
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (36)	$ 28

Restructuring (Details) $ in Millions	3 Months Ended
Restructuring (Details) $ in Millions	Mar. 31, 2020 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring Costs	$ 2.0

Subsequent Events (Details) - Subsequent event [Member] $ in Millions	May 01, 2020 USD ($)
RSU [Member]
Subsequent Event [Line Items]
Grant date fair value	$ 8.3
PRSU [Member]
Subsequent Event [Line Items]
Grant date fair value	$ 34.4

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 577,295,000