0001280058-21-000034 | 10-Q | XBRL Viewer

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Document - shares	6 Months Ended
Document - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2021
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		48,883,115
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	Q2
Entity central index key	0001280058
Current fiscal year end date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 28,288	$ 35,750
Total restricted cash	434,567	609,219
Accounts receivable, net of allowance of $9,911 and $10,292 at June 30, 2021 and December 31, 2020, respectively	119,270	95,404
Customer funds receivable	5,390	321
Prepaid expenses and other current assets	103,493	78,366
Total current assets	691,008	819,060
Property and equipment, net	104,914	105,177
Operating lease right-of-use assets	22,630	22,671
Software development costs, net	116,562	111,827
Goodwill	637,510	635,854
Intangible assets, net	260,072	277,506
Other assets	70,666	72,639
Total assets	1,903,362	2,044,734
Current liabilities:
Trade accounts payable	30,605	27,836
Accrued expenses and other current liabilities	55,808	52,228
Due to customers	438,633	608,264
Debt, current portion	12,911	12,840
Deferred revenue, current portion	339,670	312,236
Total current liabilities	877,627	1,013,404
Debt, net of current portion	531,973	518,193
Deferred tax liability	56,227	54,086
Deferred revenue, net of current portion	5,749	4,678
Operating lease liabilities, net of current portion	17,173	17,357
Other liabilities	9,339	10,866
Total liabilities	1,498,088	1,618,584
Commitments and contingencies (see Note 9)
Stockholders' equity:
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Preferred stock; 20,000,000 shares authorized, none 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	62,332,714	60,904,638
Common stock, $0.001 par value; 180,000,000 shares authorized, 62,332,714 and 60,904,638 shares issued at June 30, 2021 and December 31, 2020, respectively	$ 62	$ 61
Additional paid-in capital	$ 605,486	$ 544,963
Treasury stock, shares	13,451,524	12,054,268
Treasury stock, at cost; 13,451,524 and 12,054,268 shares at June 30, 2021 and December 31, 2020, respectively	$ (449,877)	$ (353,091)
Accumulated other comprehensive income (loss)	6,291	(2,497)
Retained earnings	243,312	236,714
Total stockholders' equity	405,274	426,150
Total liabilities and stockholders' equity	$ 1,903,362	$ 2,044,734

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 9,911	$ 10,292

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Revenue	$ 229,440	$ 231,991	$ 448,631	$ 455,612
Cost of revenue
Cost of revenue	108,070	104,939	211,455	209,804
Gross profit	121,370	127,052	237,176	245,808
Operating expenses
Sales, marketing and customer success	45,452	51,954	94,245	110,689
Research and development	30,222	24,895	59,401	49,872
General and administrative	32,008	29,842	62,595	55,697
Amortization	567	729	1,116	1,470
Restructuring	78	50	132	74
Total operating expenses	108,327	107,470	217,489	217,802
Income from operations	13,043	19,582	19,687	28,006
Interest expense	(5,054)	(3,893)	(10,168)	(8,052)
Other income (expense), net	487	630	(523)	1,700
Income before provision for income taxes	8,476	16,319	8,996	21,654
Income tax provision	1,745	4,496	2,429	5,192
Net income	$ 6,731	$ 11,823	$ 6,567	$ 16,462
Earnings per share
Basic earnings per share	$ 0.14	$ 0.25	$ 0.14	$ 0.34
Diluted earnings per share	$ 0.14	$ 0.24	$ 0.14	$ 0.34
Common shares and equivalents outstanding
Basic weighted average shares	47,756,326	48,239,928	47,560,847	48,138,125
Diluted weighted average shares outstanding	48,444,874	48,418,378	48,444,658	48,465,077
Other comprehensive income (loss)
Foreign currency translation adjustment	$ 1,783	$ (887)	$ 4,294	$ (6,615)
Unrealized gain (loss) on derivative instruments, net of tax	345	551	4,494	(2,571)
Total other comprehensive income (loss)	2,128	(336)	8,788	(9,186)
Comprehensive income	8,859	11,487	15,355	7,276
Recurring [Member]
Revenue
Revenue	216,986	216,260	423,736	421,127
Cost of revenue
Cost of revenue	94,435	91,370	183,300	180,921
One-time services and other [Member]
Revenue
Revenue	12,454	15,731	24,895	34,485
Cost of revenue
Cost of revenue	$ 13,635	$ 13,569	$ 28,155	$ 28,883

Condensed Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Cash flows from operating activities
Net income	$ 6,567	$ 16,462
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40,742	46,088
Provision for doubtful accounts and sales returns	4,418	6,677
Stock-based compensation expense	60,554	33,713
Deferred taxes	276	1,945
Amortization of deferred financing costs and discount	879	376
Other non-cash adjustments	155	477
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	(27,134)	(48,167)
Prepaid expenses and other assets	(18,162)	(7,068)
Trade accounts payable	2,356	(8,984)
Accrued expenses and other liabilities	1,443	(26,520)
Deferred revenue	27,828	22,489
Net cash provided by operating activities	99,922	37,488
Cash flows from investing activities
Purchase of property and equipment	(6,128)	(5,887)
Capitalized software development costs	(19,862)	(21,679)
Net cash used in investing activities	(25,990)	(27,566)
Cash flows from financing activities
Proceeds from issuance of debt	128,300	202,100
Payments on debt	(113,477)	(185,250)
Employee taxes paid for withheld shares upon equity award settlement	(38,712)	(20,996)
Proceeds from exercise of stock options	0	4
Change in due to customers	(170,061)	(121,612)
Change in customer funds receivable	(5,014)	(828)
Purchase of treasury stock	(58,074)	0
Dividend payments to stockholders	0	(5,960)
Net cash used in financing activities	(257,038)	(132,542)
Effect of exchange rate on cash, cash equivalents and restricted cash	992	(2,229)
Net decrease in cash, cash equivalents and restricted cash	(182,114)	(124,849)
Cash, cash equivalents and restricted cash, beginning of period	644,969	577,295
Cash, cash equivalents and restricted cash, end of period	462,855	$ 452,446
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	28,288
Total restricted cash	434,567
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 462,855

Condensed 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, 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	4,639					4,639
Exercise of stock options and vesting of restricted stock units (in shares)		210,057
Exercise of stock options and vesting of restricted stock units	$ 1		1
Employee taxes paid for withheld shares upon equity award settlement (in shares)	245,358
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)
Dividends per share (in dollars per share)	$ 0.12
Payment of dividends	$ (5,960)					(5,960)
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
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	16,462
Balance (in shares) at Jun. 30, 2020		60,901,100
Balance at Jun. 30, 2020	410,802	$ 61	491,450	(311,661)	(14,476)	245,428
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,823					11,823
Exercise of stock options and vesting of restricted stock units (in shares)		7,111
Exercise of stock options and vesting of restricted stock units	$ 3		3
Employee taxes paid for withheld shares upon equity award settlement (in shares)	21,200
Employee taxes paid for withheld shares upon equity award settlement	$ (1,214)			(1,214)
Stock-based compensation	20,133		20,103			30
Restricted stock grants (in shares)		20,776
Restricted stock grants	0	$ 0
Restricted stock cancellations (in shares)		(59,426)
Other comprehensive income	(336)				(336)
Balance (in shares) at Jun. 30, 2020		60,901,100
Balance at Jun. 30, 2020	410,802	$ 61	491,450	(311,661)	(14,476)	245,428
Balance (in shares) at Dec. 31, 2020		60,904,638
Balance at Dec. 31, 2020	426,150	$ 61	544,963	(353,091)	(2,497)	236,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ (164)					(164)
Purchase of treasury shares under stock repurchase program (in shares)	465,821
Purchase of treasury shares under stock repurchase program, cost method	$ (28,066)			(28,066)
Exercise of stock options and vesting of restricted stock units (in shares)		206,418
Exercise of stock options and vesting of restricted stock units	$ 0		0
Employee taxes paid for withheld shares upon equity award settlement (in shares)	240,867
Employee taxes paid for withheld shares upon equity award settlement	$ (18,426)			(18,426)
Stock-based compensation	30,005		29,995			10
Restricted stock grants (in shares)		519,009
Restricted stock grants	1	$ 1
Restricted stock cancellations (in shares)		(34,789)
Other comprehensive income	6,660				6,660
Balance (in shares) at Mar. 31, 2021		61,595,276
Balance at Mar. 31, 2021	416,160	$ 62	574,958	(399,583)	4,163	236,560
Balance (in shares) at Dec. 31, 2020		60,904,638
Balance at Dec. 31, 2020	426,150	$ 61	544,963	(353,091)	(2,497)	236,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,567
Purchase of treasury shares under stock repurchase program (in shares)	870,868
Purchase of treasury shares under stock repurchase program, cost method	$ (58,100)
Balance (in shares) at Jun. 30, 2021		62,332,714
Balance at Jun. 30, 2021	405,274	$ 62	605,486	(449,877)	6,291	243,312
Balance (in shares) at Mar. 31, 2021		61,595,276
Balance at Mar. 31, 2021	416,160	$ 62	574,958	(399,583)	4,163	236,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,731					6,731
Purchase of treasury shares under stock repurchase program (in shares)	405,047
Purchase of treasury shares under stock repurchase program, cost method	$ (30,008)			(30,008)
Exercise of stock options and vesting of restricted stock units (in shares)		804,323
Exercise of stock options and vesting of restricted stock units	$ 0		0
Employee taxes paid for withheld shares upon equity award settlement (in shares)	285,521
Employee taxes paid for withheld shares upon equity award settlement	$ (20,286)			(20,286)
Stock-based compensation	30,549		30,528			21
Restricted stock grants (in shares)		9,431
Restricted stock grants	0	$ 0
Restricted stock cancellations (in shares)		(76,316)
Other comprehensive income	2,128				2,128
Balance (in shares) at Jun. 30, 2021		62,332,714
Balance at Jun. 30, 2021	$ 405,274	$ 62	$ 605,486	$ (449,877)	$ 6,291	$ 243,312

Organization

6 Months Ended

Jun. 30, 2021

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 four 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

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation


2. Basis of Presentation

Unaudited condensed consolidated interim financial statements

The accompanying condensed consolidated interim 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, 2020 has been derived from the audited consolidated financial statements at that date. Operating results and cash flows for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021, 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 condensed consolidated interim 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, 2020, and other forms filed with the SEC from time to time.

Basis of consolidation

The condensed 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").

As discussed in Note 13, beginning in the second quarter of 2021, we combined our General Markets Group ("GMG") and Enterprise Markets Group ("EMG") into a single U.S. Markets Group ("UMG") and moved our Corporations vertical under our International Markets Group ("IMG"). This change was made to better align our resources toward customer retention and growth which, are key objectives as we progress toward our long-term aspirational goals. The change did not impact our conclusion that we have one operating and reportable segment and one goodwill reporting unit.

Risks and uncertainties related to COVID-19

We are subject to risks and uncertainties as a result of the global COVID-19 pandemic. We believe that COVID-19 may continue to significantly impact our vertical markets and geographies, but the magnitude of the impact on our business cannot be determined at this time due to numerous uncertainties, including the duration of the outbreak, the severity of variants which may develop, travel restrictions and business closures, the effectiveness of vaccination programs and other actions taken to contain the disease and other unforeseeable consequences.

Use of estimates

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, business combinations, 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, including due to COVID-19, could result in material changes and actual results could materially differ from these estimates.

Recently issued accounting pronouncements

There are no recently issued accounting pronouncements that we expect to have a material impact on our consolidated financial statements when adopted in the future.

Summary of significant accounting policies

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, 2020, filed with the SEC on February 23, 2021.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets


3. Goodwill and Other Intangible Assets

The change in goodwill during the six months ended June 30, 2021, consisted of the following:


(dollars in thousands)	Total
Balance at December 31, 2020	$	635,854


Effect of foreign currency translation	1,656
Balance at June 30, 2021	$	637,510

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share


4. Earnings Per Share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings 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 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.

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


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2021		2020		2021		2020
Numerator:
Net income	$	6,731	$	11,823	$	6,567	$	16,462
Denominator:
Weighted average common shares	47,756,326		48,239,928		47,560,847		48,138,125
Add effect of dilutive securities:
Stock-based awards	688,548		178,450		883,811		326,952
Weighted average common shares assuming dilution	48,444,874		48,418,378		48,444,658		48,465,077
Earnings per share:
Basic	$	0.14	$	0.25	$	0.14	$	0.34
Diluted	$	0.14	$	0.24	$	0.14	$	0.34

Anti-dilutive shares excluded from calculations of diluted earnings per share	907,210		1,484,976		1,032,655		1,329,519

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

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 June 30, 2021
Financial assets:
Derivative instruments	$	—	$	2,061	$	—	$	2,061
Total financial assets	$	—	$	2,061	$	—	$	2,061


Financial liabilities:
Derivative instruments	$	—	$	138	$	—	$	138
Total financial liabilities	$	—	$	138	$	—	$	138






Fair value as of December 31, 2020
Financial liabilities:
Derivative instruments	$	—	$	4,159	$	—	$	4,159
Total financial liabilities	$	—	$	4,159	$	—	$	4,159

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 all tenors of LIBOR by June 2023. 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 without significant financial impact before the phase out occurs.

We believe the carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, accrued expenses and other current liabilities and due to customers approximate their fair values at June 30, 2021 and December 31, 2020, due to the immediate or short-term maturity of these instruments.

We believe the carrying amount of our debt approximates its fair value at June 30, 2021 and December 31, 2020, as the debt bears interest rates that approximate market value. As LIBOR rates are observable at commonly quoted intervals, our debt under the 2020 Credit Facility (as defined below) is classified within Level 2 of the fair value hierarchy. Our fixed rate debt is also 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 six months ended June 30, 2021. Additionally, we did not hold any Level 3 assets or liabilities during the six months ended June 30, 2021.

Non-recurring fair value measurements

Assets and liabilities that are measured at fair value on a non-recurring basis include long-lived assets, intangible assets, goodwill and operating lease right-of-use ("ROU") assets. These assets 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, goodwill and operating lease ROU assets during the six months ended June 30, 2021

Consolidated Financial Statement Details

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Financial Statement Details


6. Consolidated Financial Statement Details

Restricted cash


(dollars in thousands)	June 30, 2021		December 31, 2020
Restricted cash due to customers	$	433,243	$	607,943
Real estate escrow balances	1,324		1,276
Total restricted cash	434,567		609,219

Prepaid expenses and other assets


(dollars in thousands)	June 30, 2021		December 31, 2020
Costs of obtaining contracts(1)(2)	$	81,478	$	84,914
Prepaid software maintenance and subscriptions(3)	32,599		24,471
Receivables for probable insurance recoveries(4)	23,373		6,288
Implementation costs for cloud computing arrangements, net(5)(6)	12,068		11,298
Unbilled accounts receivable	5,579		10,385
Prepaid insurance	4,991		1,426
Derivative instruments	2,061		—
Taxes, prepaid and receivable	1,474		1,891
Other assets	10,536		10,332
Total prepaid expenses and other assets	174,159		151,005
Less: Long-term portion	70,666		72,639
Prepaid expenses and other current assets	$	103,493	$	78,366

(1)Amortization expense from costs of obtaining contracts was $9.0 million and $18.2 million for the three and six months ended June 30, 2021, respectively, and $9.4 million and $18.9 million for the three and six months ended June 30, 2020, respectively.

(2)The current portion of costs of obtaining contracts as of June 30, 2021 and December 31, 2020 was $31.0 million and $31.9 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2021 and December 31, 2020 was $28.2 million and $19.8 million, respectively.

(4)See discussion of the Security Incident at Note 9.

(5)These costs primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.

(6)Amortization expense from capitalized cloud computing implementation costs was insignificant and $0.9 million for the three and six months ended June 30, 2021, respectively, and insignificant for the three and six months ended June 30, 2020. Accumulated amortization for these costs was $2.0 million as of June 30, 2021 and $1.1 million as of December 31, 2020.

Accrued expenses and other liabilities


(dollars in thousands)	June 30, 2021		December 31, 2020
Taxes payable(1)	$	14,310	$	19,577
Accrued legal costs	17,796		4,808
Operating lease liabilities, current portion	7,856		9,359
Customer credit balances	5,816		5,874
Accrued commissions and salaries	4,970		5,010
Unrecognized tax benefit	3,563		3,351
Accrued health care costs	2,526		2,341
Accrued vacation costs	2,206		2,311
Derivative instruments	138		4,159
Other liabilities	5,966		6,304
Total accrued expenses and other liabilities	65,147		63,094
Less: Long-term portion	9,339		10,866
Accrued expenses and other current liabilities	$	55,808	$	52,228

(1)We deferred payments of the employer's portion of Social Security taxes during 2020 under the Coronavirus, Aid, Relief and Economic Security Act ("CARES Act"), half of which is due by the end of calendar year 2021 with the remainder due by the end of calendar year 2022.

Other income (expense), net


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Interest income	$	77	$	110	$	229	$	632
Other income (expense), net	410		520		(752)		1,068
Other income (expense), net	$	487	$	630	$	(523)	$	1,700

Debt

6 Months Ended

Jun. 30, 2021

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)	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Credit facility:
Revolving credit loans	$	90,000	$	69,625	1.73	%	1.83	%
Term loans	395,000		400,000		2.60	%	3.12	%
Real estate loans	60,074		60,626		5.22	%	5.22	%
Other debt	2,232		3,926		5.00	%	5.00	%
Total debt	547,306		534,177		2.75	%	3.21	%
Less: Unamortized discount and debt issuance costs	2,422		3,144
Less: Debt, current portion	12,911		12,840		2.61	%	2.61	%
Debt, net of current portion	$	531,973	$	518,193	2.76	%	3.22	%

2020 credit facility

In October 2020, we entered into a five-year $900.0 million senior credit facility (the "2020 Credit Facility"). At June 30, 2021, we were in compliance with our debt covenants under the 2020 Credit Facility.

Real estate loans

In August 2020, we completed the purchase of our global headquarters facility. As part of the purchase price, we assumed the Seller’s obligations under two senior secured notes with an aggregate outstanding principal amount of $61.1 million (collectively, the “Real Estate Loans”). At June 30, 2021, we were in compliance with our debt covenants under the Real Estate Loans.

Other debt

From time to time, we enter into third-party financing agreements for purchases of software and related services for our internal use. Generally, the agreements are non-interest-bearing notes requiring annual payments. Interest associated with the notes is imputed at the rate we would incur for amounts borrowed under our then-existing credit facility at the inception of the notes.

The following table summarizes our currently effective financing agreements as of June 30, 2021:


(dollars in thousands)	Term in Months	Number of Annual Payments	First Annual Payment Due	Original Loan Value
Effective dates of agreements:
December 2019	51	4	January 2020	$	2,150
January 2020	39	3	March 2020	3,470

As of June 30, 2021, the required annual maturities related to the 2020 Credit Facility, the Real Estate Loans and our other debt were as follows:


Years ending December 31, (dollars in thousands)	Annual maturities
2021 - remaining	$	5,594
2022	12,985
2023	11,983
2024	11,609
2025	451,784
Thereafter	53,351
Total required maturities	$	547,306

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Derivative Instruments

6 Months Ended

Jun. 30, 2021

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 2020 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 June 30, 2021:


(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	November 2020 - October 2024	60,000
Interest rate swap	November 2020 - October 2024	60,000
Interest rate swap	June 2021 - October 2024	120,000
		$	390,000

Forward-starting interest rate swap	July 2021 - October 2024	120,000
		$	120,000

In July 2021, we entered into a new interest rate swap agreement. See additional details at Note 14.

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


		Asset derivatives					Liability derivatives
(dollars in thousands)	Balance sheet location	June 30, 2021		December 31, 2020		Balance sheet location	June 30, 2021		December 31, 2020
Derivative instruments designated as hedging instruments:
Interest rate swaps, current portion	Prepaid expenses and other current assets	$	—	$	—	Accrued expenses and other current liabilities	$	138	$	2,698
Interest rate swaps, long-term portion	Other assets	2,061		—		Other liabilities	—		1,461
Total derivative instruments designated as hedging instruments		$	2,061	$	—		$	138	$	4,159

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)	June 30, 2021			Three months ended June 30, 2021		Six months ended June 30, 2021
Interest rate swaps	$	1,923	Interest expense	$	(1,408)	$	(2,784)

	June 30, 2020			Three months ended June 30, 2020		Six months ended June 30, 2020
Interest rate swaps	$	(5,233)	Interest expense	$	(1,018)	$	(1,223)

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 June 30, 2021 that is expected to be reclassified into earnings within the next twelve months

is $1.2 million. There were no ineffective portions of our interest rate swap derivatives during the six months ended June 30, 2021 and 2020. See Note 12 for a summary of the changes in accumulated other comprehensive income (loss) by component.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, we did not have any operating leases that had not yet commenced.

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Operating lease cost(1)	$	2,372	$	6,281	$	5,213	$	12,592
Variable lease cost	699		1,113		1,398		2,371
Sublease income	(366)		(940)		(826)		(1,853)
Net lease cost	$	2,705	$	6,454	$	5,785	$	13,110

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

Other commitments

The term loans under the 2020 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 2020 Credit Facility in October 2025. The Real Estate Loans also require periodic principal payments and the balance of the Real Estate Loans are due upon maturity in April 2038.

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 June 30, 2021, the remaining aggregate minimum purchase commitment under these arrangements was approximately $45.0 million through 2024.

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, as well as certain other non-ordinary course proceedings, claims and inquiries, as described below. We make a provision for a loss contingency when it is both probable that a material liability has been incurred and the amount of the loss can be reasonably estimated. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For proceedings in which an unfavorable outcome is reasonably possible but not probable and an estimate of the loss or range of losses arising from the proceeding can be made, we disclose such an estimate, if material. If such a loss or range of losses is not reasonably estimable, we disclose that fact. We review any such loss contingency provisions at least quarterly and adjust them to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. We

recognize insurance recoveries, if any, when they are probable of receipt. All associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred.

Legal proceedings are inherently unpredictable. However, we believe that we have valid defenses with respect to the legal matters pending or threatened against us and intend to defend ourselves vigorously against all claims asserted. It is possible that our consolidated financial position, results of operations or cash flows could be materially negatively affected in any particular period by an unfavorable resolution of one or more of such legal proceedings.

Security incident

As previously disclosed, we are subject to risks and uncertainties as a result of a ransomware attack against us in May 2020 in which a cybercriminal removed a copy of a subset of data from our self-hosted environment (the "Security Incident"). Based on the nature of the Security Incident, our research and third party (including law enforcement) investigation, we have no reason to believe that any data went beyond the cybercriminal, was or will be misused, or will be disseminated or otherwise made available publicly. Our investigation into the Security Incident by our cybersecurity team and third-party forensic advisors remains ongoing.

As a result of the Security Incident, we are currently subject to certain legal proceedings, claims, inquiries and investigations, as discussed below, and could be the subject of additional legal proceedings, claims, inquires and investigations in the future that might result in adverse judgments, settlements, fines, penalties, or other resolution. To limit our exposure to losses related to claims against us, including data breaches such as the Security Incident, we maintain $50 million of insurance above a $250 thousand deductible payable by us. As noted below, this coverage has reduced our financial exposure related to the Security Incident, and we will continue to seek recoveries under these insurance policies. Based on our review of expenses incurred to date, and upon consideration of the number of matters outstanding (as described below), we believe it is probable that total losses related to the Security Incident will ultimately exceed the limits of our insurance coverage. However, we are currently unable to determine when that will be the case nor are we able to determine the approximate amount or range of any such excess.

In the three and six months ended June 30, 2021, we recorded $11.7 million and $24.4 million, respectively, of expenses related to the Security Incident and offsetting probable insurance recoveries of $11.2 million and $23.9 million, respectively. As of June 30, 2021, we have recorded cumulative expenses related to the Security Incident of $34.2 million and cumulative probable insurance recoveries of $33.3 million. Due to the time required to submit and process such insurance claims, we have not yet received all of the accrued insurance recoveries. Of the insurance recoveries recorded, $10.0 million had been paid as of June 30, 2021. Recorded expenses consisted primarily of payments to third-party service providers and consultants, including legal fees. We present expenses and insurance recoveries related to the Security Incident in general and administrative expense on our condensed consolidated statements of comprehensive income and as operating activities on our condensed consolidated statements of cash flows. We expect to continue to experience significant expenses related to our response to the Security Incident, resolution of legal proceedings, claims, inquiries and investigations discussed below, and our efforts to further enhance our security measures, and those expenses may be material.

Based on our analysis of the factors described above, we have not recorded a liability related to the Security Incident as of June 30, 2021 because we are unable at this time to reasonably estimate the possible loss or range of loss.

Customer claims. To date, we have received approximately 260 specific requests for reimbursement of expenses ("Customer Reimbursement Requests") and approximately 400 reservations of the right to seek expense recovery in the future from customers or their attorneys in the U.S., U.K. and Canada related to the Security Incident (none of which have as yet been filed in court and only one of which is in arbitration). Of the Customer Reimbursement Requests received to date, approximately 160 have been fully resolved and closed. Customer claims generally seek reimbursement of their costs and expenses associated with notifying their own customers of the Security Incident and taking steps to assure that personal information has not been compromised as a result of the Security Incident. Our review of customer claims includes analyzing individual customer contracts into which we have entered, the specific claims made and applicable law.

Customer constituent class actions. Presently, we are a defendant in 29 putative consumer class action cases [27 in U.S. federal courts (some of which have been consolidated under multi district litigation to a single federal court) and 2

in Canadian courts] alleging harm from the Security Incident. The plaintiffs in these cases, who purport to represent various classes of individual constituents of our customers, generally claim to have been harmed by alleged actions and/or omissions by us in connection with the Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief.

Lawsuits that are putative class actions require a plaintiff to satisfy a number of procedural requirements before proceeding to trial. These requirements include, among others, demonstration to a court that the law proscribes in some manner our activities, the making of factual allegations sufficient to suggest that our activities exceeded the limits of the law and a determination by the court—known as class certification—that the law permits a group of individuals to pursue the case together as a class. If these procedural requirements are not met, the lawsuit cannot proceed as a class action and the plaintiff may lose the financial incentive to proceed with the case. Frequently, a court’s determination as to these procedural requirements is subject to appeal to a higher court. As a result of these uncertainties, we may be unable to determine the probability of loss until, or after, a court has finally determined that a plaintiff has satisfied the applicable class action procedural requirements.

Furthermore, for putative class actions, it is often not possible to estimate the possible loss or a range of loss amounts, even where we have determined that a loss is reasonably possible. Generally, class actions involve a large number of people and raise complex legal and factual issues that result in uncertainty as to their outcome and, ultimately, making it difficult for us to estimate the amount of damages that a plaintiff might successfully prove. This analysis is further complicated by the fact that the plaintiffs lack contractual privity with us.

Governmental inquiries and investigations. To date, we have received a consolidated, multi-state Civil Investigative Demand issued on behalf of 47 state Attorneys General and the District of Columbia and separate Civil Investigative Demands from the offices of the Illinois Attorney General and the California Attorney General relating to the Security Incident. In addition, we have received communications, inquires and requests from the U.S. Federal Trade Commission, the SEC, the U.S. Department of Health and Human Services, the Information Commissioner’s Office in the United Kingdom under the U.K. Data Protection Act 2018, the Office of the Australian Information Commissioner, the Office of the Privacy Commissioner of Canada and the Spanish Data Protection Agency. We are cooperating with these offices and responding to their inquiries, which include various requests for documents, policies, narratives and communications, as well as requests to interview or depose various Company-related personnel. As noted above, each of these separate governmental inquiries and investigations could result in adverse judgements, settlements, fines, penalties, or other resolution, the amount, scope and timing of which we are currently unable to predict, but could be material.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes


10. Income Taxes

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


	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2021			2020			2021			2020
Income tax provision	$	1,745		$	4,496		$	2,429		$	5,192
Effective income tax rate	20.6		%	27.6		%	27.0		%	24.0		%

The decrease in our effective income tax rate for the three months ended June 30, 2021, when compared to the same period in 2020, was primarily attributable to a 2021 discrete tax benefit against lower pre-tax income. The 2020 effective income tax rate was negatively impacted by discrete adjustments comprised of tax expense attributable to stock-based compensation and unrecognized tax benefits net of benefit attributable to deferred tax adjustment. The 2021 effective income tax rate was positively impacted by increased tax benefit attributable to stock-based compensation offset against tax expense attributable to a corporate income tax rate increase enacted during the period against lower pre-tax income.

The increase in our effective income tax rate for the six months ended June 30, 2021 when compared to the same periods in 2020, was primarily attributable to the impact of non deductible expenses against lower pre-tax income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

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 condensed 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 June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Included in cost of revenue:
Cost of recurring	$	3,492	$	1,151	$	5,903	$	1,621
Cost of one-time services and other	1,745		1,419		4,692		1,814
Total included in cost of revenue	5,237		2,570		10,595		3,435
Included in operating expenses:
Sales, marketing and customer success	4,678		3,603		10,106		6,081
Research and development	6,901		4,348		13,615		7,147
General and administrative	13,733		9,612		26,238		17,050
Total included in operating expenses	25,312		17,563		49,959		30,278
Total stock-based compensation expense	$	30,549	$	20,133	$	60,554	$	33,713

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity


12. Stockholders' Equity

Stock repurchase program

In November 2020, our Board of Directors reauthorized and expanded a stock repurchase program that authorizes us to purchase up to $250.0 million of our outstanding shares of common stock. The program does not have an expiration date. Under the stock repurchase program, we are authorized to repurchase shares from time to time in accordance with applicable laws both on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. The repurchase program may be limited, suspended or discontinued at any time without prior notice. Under the 2020 Credit Facility, we have restrictions on our ability to repurchase shares of our common stock, which are summarized on page 40 below.

We account for purchases of treasury stock under the cost method. During the three and six months ended June 30, 2021, we purchased 405,047 and 870,868 shares for $30.0 million and $58.1 million, respectively. The remaining amount available to purchase stock under the stock repurchase program was $150.9 million as of June 30, 2021.

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 June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Accumulated other comprehensive income (loss), beginning of period	$	4,163	$	(14,140)	$	(2,497)	$	(5,290)
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive income (loss) balance, beginning of period	$	1,048	$	(4,445)	$	(3,101)	$	(1,323)

Other comprehensive income (loss) before reclassifications, net of tax effects of $244, $71, $(856) and $1,225	(692)		(200)		2,438		(3,473)
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense	1,408		1,018		2,784		1,223
Tax benefit included in provision for income taxes	(371)		(267)		(728)		(321)
Total amounts reclassified from accumulated other comprehensive (loss) income	1,037		751		2,056		902
Net current-period other comprehensive income (loss)	345		551		4,494		(2,571)
Accumulated other comprehensive income (loss) balance, end of period	$	1,393	$	(3,894)	$	1,393	$	(3,894)
Foreign currency translation adjustment:
Accumulated other comprehensive income (loss) balance, beginning of period	$	3,115	$	(9,695)	$	604	$	(3,967)
Translation adjustments	1,783		(887)		4,294		(6,615)
Accumulated other comprehensive income (loss) balance, end of period	4,898		(10,582)		4,898		(10,582)
Accumulated other comprehensive income (loss), end of period	$	6,291	$	(14,476)	$	6,291	$	(14,476)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition


13. Revenue Recognition

Transaction price allocated to the remaining performance obligations

As of June 30, 2021, approximately $797 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 55% 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 (transactional revenue).

Contract balances

Our contract assets as of June 30, 2021 and December 31, 2020 were insignificant. Our opening and closing balances of deferred revenue were as follows:


(in thousands)	June 30, 2021		December 31, 2020
Total deferred revenue	$	345,419	$	316,914

The increase in deferred revenue during the six months ended June 30, 2021 was primarily due to a seasonal increase in customer contract renewals and, to a lesser extent, early progress in initiatives to bring our pricing in line with the market. 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. The amount of revenue recognized during the six months ended June 30, 2021 that was included in the deferred revenue balance at the beginning of the period was approximately $229 million. The amount of revenue recognized during the six months ended June 30, 2021 from performance obligations satisfied in prior periods was insignificant.

Disaggregation of revenue

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


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
United States	$	192,000	$	189,304	$	377,327	$	383,263
United Kingdom	24,505		29,535		46,810		45,359
Other countries	12,935		13,152		24,494		26,990
Total revenue	$	229,440	$	231,991	$	448,631	$	455,612

Beginning in the second quarter of 2021, we combined our General Markets Group ("GMG") and Enterprise Markets Group ("EMG") into a single U.S. Markets Group ("UMG") and moved our Corporations vertical under our International Markets Group ("IMG"). This change was made to better align our resources toward customer retention and growth, which are key objectives as we progress toward our long-term aspirational goals.

The UMG and the IMG comprised our go-to-market organizations as of June 30, 2021. The following is a description of each market group as of that date:

•The UMG focuses on sales primarily to all prospects and customers inside of the U.S.; and

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

The following table presents our revenue by market group:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020(1)		2021		2020(1)
UMG	$	179,436	$	182,925	$	352,903	$	370,544
IMG	50,028		49,790		95,797		85,828
Other	(24)		(724)		(69)		(760)
Total revenue	$	229,440	$	231,991	$	448,631	$	455,612

(1)Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2020 to present them on a consistent basis with the current year.

The following table presents our recurring revenue by type:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Contractual recurring	$	151,150	$	148,214	$	297,971	$	295,958
Transactional recurring	65,836		68,046		125,765		125,169
Total recurring revenue	$	216,986	$	216,260	$	423,736	$	421,127

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events


14. Subsequent Events

Interest rate swap agreement

In July 2021, we entered into an additional interest rate swap agreement (the "July 2021 Swap Agreement"), which effectively converts portions of our variable rate debt under the 2020 Credit Facility to a fixed rate for the term of the July 2021 Swap Agreement. The notional value of the July 2021 Swap Agreement was $75.0 million with an effective date beginning in July 2021 through Oct 2024. We designated the July 2021 Swap Agreement as a cash flow hedge at the inception of the contract. See Note 8 for information about our other interest rate swap agreements.

Basis of Presentation (Policy)	6 Months Ended
Basis of Presentation (Policy)	Jun. 30, 2021
Accounting Policies [Abstract]
Unaudited interim consolidated financial statements	Unaudited condensed consolidated interim financial statements The accompanying condensed consolidated interim 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, 2020 has been derived from the audited consolidated financial statements at that date. Operating results and cash flows for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021, 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 condensed consolidated interim 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, 2020, and other forms filed with the SEC from time to time.
Basis of consolidation	Basis of consolidation The condensed 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	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"). As discussed in Note 13, beginning in the second quarter of 2021, we combined our General Markets Group ("GMG") and Enterprise Markets Group ("EMG") into a single U.S. Markets Group ("UMG") and moved our Corporations vertical under our International Markets Group ("IMG"). This change was made to better align our resources toward customer retention and growth which, are key objectives as we progress toward our long-term aspirational goals. The change did not impact our conclusion that we have one operating and reportable segment and one goodwill reporting unit.
Use of estimates	Use of estimates 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, business combinations, 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, including due to COVID-19, could result in material changes and actual results could materially differ from these estimates.

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Change in Goodwill

The change in goodwill during the six months ended June 30, 2021, consisted of the following:


(dollars in thousands)	Total
Balance at December 31, 2020	$	635,854


Effect of foreign currency translation	1,656
Balance at June 30, 2021	$	637,510

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2021		2020		2021		2020
Numerator:
Net income	$	6,731	$	11,823	$	6,567	$	16,462
Denominator:
Weighted average common shares	47,756,326		48,239,928		47,560,847		48,138,125
Add effect of dilutive securities:
Stock-based awards	688,548		178,450		883,811		326,952
Weighted average common shares assuming dilution	48,444,874		48,418,378		48,444,658		48,465,077
Earnings per share:
Basic	$	0.14	$	0.25	$	0.14	$	0.34
Diluted	$	0.14	$	0.24	$	0.14	$	0.34

Anti-dilutive shares excluded from calculations of diluted earnings per share	907,210		1,484,976		1,032,655		1,329,519

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021
Financial assets:
Derivative instruments	$	—	$	2,061	$	—	$	2,061
Total financial assets	$	—	$	2,061	$	—	$	2,061


Financial liabilities:
Derivative instruments	$	—	$	138	$	—	$	138
Total financial liabilities	$	—	$	138	$	—	$	138






Fair value as of December 31, 2020
Financial liabilities:
Derivative instruments	$	—	$	4,159	$	—	$	4,159
Total financial liabilities	$	—	$	4,159	$	—	$	4,159

Consolidated Financial Statement Details (Tables)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Restricted Cash

Restricted cash


(dollars in thousands)	June 30, 2021		December 31, 2020
Restricted cash due to customers	$	433,243	$	607,943
Real estate escrow balances	1,324		1,276
Total restricted cash	434,567		609,219

Components of Prepaid Expenses and Other Assets

Prepaid expenses and other assets


(dollars in thousands)	June 30, 2021		December 31, 2020
Costs of obtaining contracts(1)(2)	$	81,478	$	84,914
Prepaid software maintenance and subscriptions(3)	32,599		24,471
Receivables for probable insurance recoveries(4)	23,373		6,288
Implementation costs for cloud computing arrangements, net(5)(6)	12,068		11,298
Unbilled accounts receivable	5,579		10,385
Prepaid insurance	4,991		1,426
Derivative instruments	2,061		—
Taxes, prepaid and receivable	1,474		1,891
Other assets	10,536		10,332
Total prepaid expenses and other assets	174,159		151,005
Less: Long-term portion	70,666		72,639
Prepaid expenses and other current assets	$	103,493	$	78,366

(2)The current portion of costs of obtaining contracts as of June 30, 2021 and December 31, 2020 was $31.0 million and $31.9 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2021 and December 31, 2020 was $28.2 million and $19.8 million, respectively.

(4)See discussion of the Security Incident at Note 9.

(5)These costs primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.

Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities


(dollars in thousands)	June 30, 2021		December 31, 2020
Taxes payable(1)	$	14,310	$	19,577
Accrued legal costs	17,796		4,808
Operating lease liabilities, current portion	7,856		9,359
Customer credit balances	5,816		5,874
Accrued commissions and salaries	4,970		5,010
Unrecognized tax benefit	3,563		3,351
Accrued health care costs	2,526		2,341
Accrued vacation costs	2,206		2,311
Derivative instruments	138		4,159
Other liabilities	5,966		6,304
Total accrued expenses and other liabilities	65,147		63,094
Less: Long-term portion	9,339		10,866
Accrued expenses and other current liabilities	$	55,808	$	52,228

Components of Other Income and Expense

Other income (expense), net


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Interest income	$	77	$	110	$	229	$	632
Other income (expense), net	410		520		(752)		1,068
Other income (expense), net	$	487	$	630	$	(523)	$	1,700

Debt (Tables)

6 Months Ended

Jun. 30, 2021

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)	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Credit facility:
Revolving credit loans	$	90,000	$	69,625	1.73	%	1.83	%
Term loans	395,000		400,000		2.60	%	3.12	%
Real estate loans	60,074		60,626		5.22	%	5.22	%
Other debt	2,232		3,926		5.00	%	5.00	%
Total debt	547,306		534,177		2.75	%	3.21	%
Less: Unamortized discount and debt issuance costs	2,422		3,144
Less: Debt, current portion	12,911		12,840		2.61	%	2.61	%
Debt, net of current portion	$	531,973	$	518,193	2.76	%	3.22	%

Summary of Other Debt

The following table summarizes our currently effective financing agreements as of June 30, 2021:


(dollars in thousands)	Term in Months	Number of Annual Payments	First Annual Payment Due	Original Loan Value
Effective dates of agreements:
December 2019	51	4	January 2020	$	2,150
January 2020	39	3	March 2020	3,470

Annual Maturities Related to Credit Facility, Real Estate Loans and other debt

As of June 30, 2021, the required annual maturities related to the 2020 Credit Facility, the Real Estate Loans and our other debt were as follows:


Years ending December 31, (dollars in thousands)	Annual maturities
2021 - remaining	$	5,594
2022	12,985
2023	11,983
2024	11,609
2025	451,784
Thereafter	53,351
Total required maturities	$	547,306

- 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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+ Details

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021:


(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	November 2020 - October 2024	60,000
Interest rate swap	November 2020 - October 2024	60,000
Interest rate swap	June 2021 - October 2024	120,000
		$	390,000

Forward-starting interest rate swap	July 2021 - October 2024	120,000
		$	120,000

Fair Values of Derivative Instruments

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


		Asset derivatives					Liability derivatives
(dollars in thousands)	Balance sheet location	June 30, 2021		December 31, 2020		Balance sheet location	June 30, 2021		December 31, 2020
Derivative instruments designated as hedging instruments:
Interest rate swaps, current portion	Prepaid expenses and other current assets	$	—	$	—	Accrued expenses and other current liabilities	$	138	$	2,698
Interest rate swaps, long-term portion	Other assets	2,061		—		Other liabilities	—		1,461
Total derivative instruments designated as hedging instruments		$	2,061	$	—		$	138	$	4,159

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)	June 30, 2021			Three months ended June 30, 2021		Six months ended June 30, 2021
Interest rate swaps	$	1,923	Interest expense	$	(1,408)	$	(2,784)

	June 30, 2020			Three months ended June 30, 2020		Six months ended June 30, 2020
Interest rate swaps	$	(5,233)	Interest expense	$	(1,018)	$	(1,223)

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Operating lease cost(1)	$	2,372	$	6,281	$	5,213	$	12,592
Variable lease cost	699		1,113		1,398		2,371
Sublease income	(366)		(940)		(826)		(1,853)
Net lease cost	$	2,705	$	6,454	$	5,785	$	13,110

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

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rates

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


	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2021			2020			2021			2020
Income tax provision	$	1,745		$	4,496		$	2,429		$	5,192
Effective income tax rate	20.6		%	27.6		%	27.0		%	24.0		%

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Included in cost of revenue:
Cost of recurring	$	3,492	$	1,151	$	5,903	$	1,621
Cost of one-time services and other	1,745		1,419		4,692		1,814
Total included in cost of revenue	5,237		2,570		10,595		3,435
Included in operating expenses:
Sales, marketing and customer success	4,678		3,603		10,106		6,081
Research and development	6,901		4,348		13,615		7,147
General and administrative	13,733		9,612		26,238		17,050
Total included in operating expenses	25,312		17,563		49,959		30,278
Total stock-based compensation expense	$	30,549	$	20,133	$	60,554	$	33,713

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

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 June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Accumulated other comprehensive income (loss), beginning of period	$	4,163	$	(14,140)	$	(2,497)	$	(5,290)
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive income (loss) balance, beginning of period	$	1,048	$	(4,445)	$	(3,101)	$	(1,323)

Other comprehensive income (loss) before reclassifications, net of tax effects of $244, $71, $(856) and $1,225	(692)		(200)		2,438		(3,473)
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense	1,408		1,018		2,784		1,223
Tax benefit included in provision for income taxes	(371)		(267)		(728)		(321)
Total amounts reclassified from accumulated other comprehensive (loss) income	1,037		751		2,056		902
Net current-period other comprehensive income (loss)	345		551		4,494		(2,571)
Accumulated other comprehensive income (loss) balance, end of period	$	1,393	$	(3,894)	$	1,393	$	(3,894)
Foreign currency translation adjustment:
Accumulated other comprehensive income (loss) balance, beginning of period	$	3,115	$	(9,695)	$	604	$	(3,967)
Translation adjustments	1,783		(887)		4,294		(6,615)
Accumulated other comprehensive income (loss) balance, end of period	4,898		(10,582)		4,898		(10,582)
Accumulated other comprehensive income (loss), end of period	$	6,291	$	(14,476)	$	6,291	$	(14,476)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Contract Balances

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


(in thousands)	June 30, 2021		December 31, 2020
Total deferred revenue	$	345,419	$	316,914

Disaggregation of Revenue

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


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
United States	$	192,000	$	189,304	$	377,327	$	383,263
United Kingdom	24,505		29,535		46,810		45,359
Other countries	12,935		13,152		24,494		26,990
Total revenue	$	229,440	$	231,991	$	448,631	$	455,612

The following table presents our revenue by market group:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020(1)		2021		2020(1)
UMG	$	179,436	$	182,925	$	352,903	$	370,544
IMG	50,028		49,790		95,797		85,828
Other	(24)		(724)		(69)		(760)
Total revenue	$	229,440	$	231,991	$	448,631	$	455,612

Disaggregation Of Revenue, Recurring

The following table presents our recurring revenue by type:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2021		2020		2021		2020
Contractual recurring	$	151,150	$	148,214	$	297,971	$	295,958
Transactional recurring	65,836		68,046		125,765		125,169
Total recurring revenue	$	216,986	$	216,260	$	423,736	$	421,127

Goodwill and Other Intangible Assets (Change in Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2020	$ 635,854
Effect of foreign currency translation	1,656
Balance at June 30, 2021	$ 637,510

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 6,731	$ (164)	$ 11,823	$ 4,639	$ 6,567	$ 16,462
Weighted average common shares	47,756,326		48,239,928		47,560,847	48,138,125
Stock-based awards	688,548		178,450		883,811	326,952
Weighted average common shares assuming dilution	48,444,874		48,418,378		48,444,658	48,465,077
Earnings (Loss) Per Share, Basic and Diluted [Abstract]
Basic earnings per share	$ 0.14		$ 0.25		$ 0.14	$ 0.34
Diluted earnings per share	$ 0.14		$ 0.24		$ 0.14	$ 0.34
Anti-dilutive shares excluded from calculations of diluted earnings per share	907,210		1,484,976		1,032,655	1,329,519

- 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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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1A
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair value measurements, recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2,061
Total financial assets	2,061
Derivative liabilities	138	$ 4,159
Total financial liabilities	138	4,159
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Total financial assets	0
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 assets	2,061
Total financial assets	2,061
Derivative liabilities	138	4,159
Total financial liabilities	138	4,159
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Total financial assets	0
Derivative liabilities	0	0
Total financial liabilities	$ 0	$ 0

Consolidated Financial Statement Details (Components of Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash due to customers	$ 433,243	$ 607,943
Real estate escrow balances	1,324	1,276
Total restricted cash	$ 434,567	$ 609,219

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

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Costs of obtaining contracts

^[1],[2]

$ 81,478

$ 84,914

Prepaid software maintenance and subscriptions, current and long-term

^[3]

32,599

24,471

Receivables for probable insurance recoveries

^[4]

23,373

6,288

Implementation costs for cloud computing arrangements

^[5],[6]

12,068

11,298

Unbilled accounts receivable

5,579

10,385

Prepaid insurance

4,991

1,426

Derivative instruments

2,061

Taxes, prepaid and receivable

1,474

1,891

Other assets

10,536

10,332

Total prepaid expenses and other assets

174,159

151,005

Less: Long-term portion

70,666

72,639

Prepaid expenses and other current assets

103,493

78,366

Amortization expense from costs of obtaining contracts

9,000

$ 9,400

18,200

$ 18,900

Current portion of costs of obtaining contracts

31,000

31,900

Prepaid software maintenance and subscriptions, current

28,200

19,800

Implementation costs for cloud computing arrangements, amortization

900

Implementation costs for cloud computing arrangements, accumulated amortization

$ 2,000

$ 1,100

[1]	Amortization expense from costs of obtaining contracts was $9.0 million and $18.2 million for the three and six months ended June 30, 2021, respectively, and $9.4 million and $18.9 million for the three and six months ended June 30, 2020, respectively.
[2]	The current portion of costs of obtaining contracts as of June 30, 2021 and December 31, 2020 was $31.0 million and $31.9 million, respectively.
[3]	The current portion of prepaid software maintenance and subscriptions as of June 30, 2021 and December 31, 2020 was $28.2 million and $19.8 million, respectively.
[4]	See discussion of the Security Incident at Note 9.
[5]	Amortization expense from capitalized cloud computing implementation costs was insignificant and $0.9 million for the three and six months ended June 30, 2021, respectively, and insignificant for the three and six months ended June 30, 2020. Accumulated amortization for these costs was $2.0 million as of June 30, 2021 and $1.1 million as of December 31, 2020.
[6]	These costs 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

Jun. 30, 2021

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Taxes payable

^[1]

$ 14,310

$ 19,577

Accrued legal costs

17,796

4,808

Operating lease liabilities, current portion

7,856

9,359

Customer credit balances

5,816

5,874

Accrued commissions and salaries

4,970

5,010

Unrecognized tax benefit

3,563

3,351

Accrued health care costs

2,526

2,341

Accrued vacation costs

2,206

2,311

Derivative instruments

138

4,159

Other liabilities

5,966

6,304

Total accrued expenses and other liabilities

65,147

63,094

Less: Long-term portion

9,339

10,866

Accrued expenses and other current liabilities

$ 55,808

$ 52,228

[1]	We deferred payments of the employer's portion of Social Security taxes during 2020 under the Coronavirus, Aid, Relief and Economic Security Act ("CARES Act"), half of which is due by the end of calendar year 2021 with the remainder due by the end of calendar year 2022.

Consolidated Financial Statement Details (Components of Other Income and Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 77	$ 110	$ 229	$ 632
Other income (expense), net	410	520	(752)	1,068
Other income (expense), net	$ 487	$ 630	$ (523)	$ 1,700

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Oct. 30, 2020	Aug. 31, 2020
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity			$ 900,000
Aggregate principal amount assumed	$ 547,306	$ 534,177
Global HQ [Member]
Business Acquisition [Line Items]
Aggregate principal amount assumed				$ 61,100

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Debt, gross	$ 547,306	$ 534,177
Other debt	2,232	3,926
Less: Unamortized discount and debt issuance costs	2,422	3,144
Less: Debt, current portion	12,911	12,840
Debt, net of current portion	$ 531,973	$ 518,193
Weighted average effective interest rate	2.75%	3.21%
Revolving credit loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 90,000	$ 69,625
Weighted average effective interest rate	1.73%	1.83%
Term loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 395,000	$ 400,000
Weighted average effective interest rate	2.60%	3.12%
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 60,074	$ 60,626
Weighted average effective interest rate	5.22%	5.22%
Loans payable [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	5.00%	5.00%
Short-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	2.61%	2.61%
Long-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	2.76%	3.22%

Debt (Summary of Other Debt) (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Dec. 31, 2019
Loans payable [Member]
Debt Instrument [Line Items]
Other debt, face amount	$ 3,470	$ 2,150

Debt (Annual Maturities Related to Credit Facility, Real Estate Loans and other debt) (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021 - remaining	$ 5,594
2022	12,985
2023	11,983
2024	11,609
2025	451,784
Thereafter	53,351
Total required maturities	$ 547,306

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Derivative Instruments (Details) - USD ($) $ in Millions	6 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss expected to be reclassified into earnings within next 12 months	$ (1.2)
Ineffective portion of interest rate swap(s)	$ 0.0	$ 0.0

Derivative Instruments (Schedule of Interest Rate Swaps) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Nov. 30, 2020	Jul. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 390,000
July 2017 Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 150,000
November 2020 Swap 1 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		$ 60,000
November 2020 Swap 2 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		60,000
November 2020 Swap 3 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		120,000
November 2020 Swap 4 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount		$ 120,000
Forward-Starting Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 120,000

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - Designated as hedging instrument [Member] - Interest rate swap [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2,061	$ 0
Derivative liabilities, fair value	138	4,159
Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current portion	0	0
Accrued expenses and other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, current portion	138	2,698
Other assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, long-term portion	2,061	0
Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, long-term portion	$ 0	$ 1,461

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss			$ 1,923	$ (5,233)
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into income	$ (1,408)	$ (1,018)	$ (2,784)	$ (1,223)

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended	6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) cases
Lessee, Lease, Description [Line Items]
Liability insurance, amount, total	$ 50,000	$ 50,000
Liability insurance, amount, deductible	250	250
Security incident, expense	11,700	24,400
Security incident, accrued insurance recoveries	(11,200)	(23,900)
Security incident, cumulative expense	34,200	34,200
Security incident, cumulative accrued insurance recoveries	(33,300)	(33,300)
Insurance recoveries		$ (10,000)
Security incident, number of customer reimbursement requests received \| cases		260
Security incident, number of reservations of the right to seek future expense recovery \| cases		400
Security incident, number of customer reimbursement requests settled \| cases		160
Security incident, number of consumer class action cases \| cases		29
Security incident, number of state Attorneys General \| cases		47
US Federal [Member]
Lessee, Lease, Description [Line Items]
Security incident, number of consumer class action cases \| cases		27
Canada [Member]
Lessee, Lease, Description [Line Items]
Security incident, number of consumer class action cases \| cases		2
Third-party technology [Member]
Long-term Purchase Commitment [Line Items]
Remaining aggregate minimum purchase commitment	$ 45,000	$ 45,000

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

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Operating lease cost

^[1]

$ 2,372

$ 6,281

$ 5,213

$ 12,592

Variable lease cost

699

1,113

1,398

2,371

Sublease income

(366)

(940)

(826)

(1,853)

Net lease cost

$ 2,705

$ 6,454

$ 5,785

$ 13,110

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

Income Taxes (Schedule of Effective Income Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 1,745	$ 4,496	$ 2,429	$ 5,192
Effective income tax rate	20.60%	27.60%	27.00%	24.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	$ 30,549	$ 20,133	$ 60,554	$ 33,713
Cost of recurring [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	3,492	1,151	5,903	1,621
One-time services and other [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	1,745	1,419	4,692	1,814
Total included in cost of revenue [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	5,237	2,570	10,595	3,435
Sales, marketing and customer success [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	4,678	3,603	10,106	6,081
Research and development [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	6,901	4,348	13,615	7,147
General and administrative [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	13,733	9,612	26,238	17,050
Total included in operating expenses [Member]
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated stock-based compensation expense	$ 25,312	$ 17,563	$ 49,959	$ 30,278

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Nov. 30, 2020
Equity [Abstract]
Stock repurchase program, authorized amount				$ 250,000
Purchase of treasury shares under stock repurchase program (in shares)	405,047	465,821	870,868
Purchase of treasury shares under stock repurchase program, cost method, value	$ 30,008	$ 28,066	$ 58,100
Stock repurchase program, remaining authorized repurchase amount	$ 150,900		$ 150,900

Stockholders' Equity (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	$ 4,163	$ (14,140)	$ (2,497)	$ (5,290)
Translation adjustments	1,783	(887)	4,294	(6,615)
Accumulated other comprehensive income (loss), end of period	6,291	(14,476)	6,291	(14,476)
Gains and losses on cash flow hedges [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	1,048	(4,445)	(3,101)	(1,323)
Other comprehensive (loss) income before reclassifications, net of tax effects	(692)	(200)	2,438	(3,473)
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense	1,408	1,018	2,784	1,223
Tax benefit included in provision for income taxes	(371)	(267)	(728)	(321)
Total amounts reclassified from accumulated other comprehensive (loss) income	1,037	751	2,056	902
Net current-period other comprehensive income (loss)	345	551	4,494	(2,571)
Accumulated other comprehensive income (loss), end of period	1,393	(3,894)	1,393	(3,894)
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, tax	244	71	(856)	1,225
Foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	3,115	(9,695)	604	(3,967)
Translation adjustments	1,783	(887)	4,294	(6,615)
Accumulated other comprehensive income (loss), end of period	$ 4,898	$ (10,582)	$ 4,898	$ (10,582)

Revenue Recognition (Details) $ in Millions	6 Months Ended
Revenue Recognition (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in deferred revenue at beginning of period	$ 229
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 797
Revenue, remaining performance obligation, percentage to be recognized	55.00%
Revenue, remaining performance obligation, expected timing of satisfaction	12 months

Revenue Recognition (Contract Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Total deferred revenue	$ 345,419	$ 316,914

Revenue Recognition (Disaggregation of Revenue by Geography) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 229,440	$ 231,991	$ 448,631	$ 455,612
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	192,000	189,304	377,327	383,263
United Kingdom [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,505	29,535	46,810	45,359
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 12,935	$ 13,152	$ 24,494	$ 26,990

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition (Disaggregation of Revenue by Market Group) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Disaggregation of Revenue [Line Items]

Revenue

$ 229,440

$ 231,991

$ 448,631

$ 455,612

UMG [Member]

Disaggregation of Revenue [Line Items]

Revenue

179,436

182,925

^[1]

352,903

370,544

^[1]

IMG [Member]

Disaggregation of Revenue [Line Items]

Revenue

50,028

49,790

^[1]

95,797

85,828

^[1]

Other [Member]

Disaggregation of Revenue [Line Items]

Revenue

$ (24)

$ (724)

$ (69)

$ (760)

[1]	Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2020 to present them on a consistent basis with the current year.

- Definition

+ References

+ Details

Revenue Recognition (Disaggregation of Recurring Revenue by Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 229,440	$ 231,991	$ 448,631	$ 455,612
Contractual recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	151,150	148,214	297,971	295,958
Transactional recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	65,836	68,046	125,765	125,169
Recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 216,986	$ 216,260	$ 423,736	$ 421,127

- Definition

+ References

+ Details

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Derivative, notional amount		$ 390,000
Subsequent event [Member] \| July 2021 Swap [Member]
Subsequent Event [Line Items]
Derivative, notional amount	$ 75,000

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 644,969,000