0001666134-24-000019 | 10-Q | XBRL Viewer

Convertible Senior Notes

9 Months Ended

Sep. 30, 2024

2024 Notes

On August 1, 2024, the scheduled maturity date of our 0.125% Convertible Senior Notes (the “2024 Notes”), the Company repaid the total outstanding $250.0 million aggregate principal amount and related $0.2 million of accrued interest pursuant to the terms of the 2024 Notes with cash on hand. The 2024 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	—	$	250,000

Unamortized debt issuance costs	—		(767)
Net carrying amount(1)	$	—	$	249,233

(1) Net carrying amount as of December 31, 2023 presented within total current liabilities on the condensed consolidated balance sheet.

The effective interest rate of the 2024 Notes, excluding the conversion option, was 0.65%.

The Company carried the 2024 Notes at face value less unamortized debt issuance costs on the accompanying condensed consolidated balance sheets.

During the quarter ended September 30, 2024, the Company recognized $0.1 million of interest expense related to the amortization of debt issuance costs and nominal coupon interest expense. During the quarter ended September 30, 2023, the Company recognized $0.3 million of interest expense related to the amortization of debt issuance costs and $0.1 million of coupon interest expense.

During the nine months ended September 30, 2024, the Company recognized $0.8 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense. During the nine months ended September 30, 2023, the Company recognized $1.0 million of interest expense related to the amortization of debt issuance costs and $0.2 million of coupon interest expense.

In connection with the offering of the 2024 Notes, the Company entered into privately negotiated capped call transactions (the “2024 Capped Calls”). All remaining Capped Calls associated with the 2024 Notes expired upon the maturity of the 2024 Notes on August 1, 2024.

2026 Notes

In connection with the issuance of the 2029 Convertible Senior Notes in May 2024 (see “2029 Notes” below), the Company used approximately $662.6 million of the net proceeds from the offering of the 2029 Notes, as well as liquid investments on hand of $185.9 million to repurchase $919.8 million aggregate principal amount of the outstanding 2026 Notes (the “2026 Notes”). The difference between the consideration paid and the carrying value of the repurchased 2026 Notes, inclusive of any unamortized debt issuance costs, was recognized as a gain on extinguishment of $65.1 million in other income in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2024.

As of September 30, 2024, the Company had $230.2 million aggregate principal amount of our 0.00% 2026 Notes outstanding. The 2026 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	230,196	$	1,150,000

Unamortized debt issuance costs	(1,242)		(9,392)

Net carrying amount	$	228,954	$	1,140,608

The effective interest rate of the 2026 Notes, excluding the conversion option, was 0.37%.

The Company carries the 2026 Notes at face value less unamortized debt issuance costs on the accompanying condensed consolidated balance sheets and presents the fair value for disclosure purposes only. The estimated fair value was determined based on the actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period. The estimated fair value of the 2026 Notes, based on a market approach at September 30, 2024, was approximately $215.7 million, which represents a Level 2 valuation.

During the quarter and nine months ended September 30, 2024 the Company recognized interest expense related to the amortization of debt issuance costs of $0.2 million and $2.0 million, respectively. During the quarter and nine months ended September 30, 2023, the Company recognized interest expense related to the amortization of debt issuance costs of $1.1 million and $3.2 million, respectively.

The 2026 Notes were not convertible at September 30, 2024. It is the Company’s current intent to settle conversions of the 2026 Notes through “combination settlement”, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares, cash, or a combination for any further value.

In connection with the offering of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “2026 Capped Calls”). Apart from the partial extinguishment, there have been no changes to the condition of the 2026 Notes since December 31, 2023, and the 2026 Capped Calls were unchanged and still outstanding as of September 30, 2024.

2029 Notes

On May 24, 2024 and June 5, 2024, the Company issued $600.0 million aggregate principal amount, and additional aggregate principal amount in connection with the initial purchasers’ option of $75.0 million, respectively, of 1.00% Convertible Senior Notes due 2029 (the “2029 Notes” and, together with the 2024 Notes and the 2026 Notes, the “Notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). The 2029 Notes were sold to the initial purchasers pursuant to an exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act. The 2029 Notes were issued pursuant to an indenture (the “2029 Indenture”), by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

Interest on the 2029 Notes is payable semi-annually in cash at a rate of 1.00% per annum on June 1 and December 1 of each year, beginning on December 1, 2024. The 2029 Notes will mature on June 1, 2029, unless redeemed, repurchased, or converted prior to such date in accordance with their terms.

The initial conversion rate of the 2029 Notes is 14.6047 shares of common stock per $1,000 principal amount of the 2029 Notes, equivalent to an initial conversion price of approximately $68.47 per share of common stock.

The conversion rate is subject to adjustment for certain events. Upon conversion, the Company will pay, or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. It is the Company’s current intent to settle conversions of the 2029 Notes through “combination settlement”, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares, cash, or a combination for any further value.

Prior to the close of business on the business day immediately preceding March 1, 2029, the 2029 Notes will be convertible only under the following circumstances:

(1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024, and only during such calendar quarter, if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) in a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the 2029 Notes on each applicable trading day;

(2) during the five business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day;

(3) if the Company calls any or all of the 2029 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

(4) upon the occurrence of specified corporate events set forth in the 2029 Indenture.

If the Company undergoes a fundamental change, as described in the 2029 Indenture, prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

The 2029 Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of current or future subsidiaries of the Company.

The 2029 Indenture contains customary events of default with respect to the 2029 Notes and provides that upon certain events of default occurring and continuing, the Trustee may, and the Trustee at the request of holders of at least 25% in principal amount of the 2029 Notes shall, declare all principal and accrued and unpaid interest, if any, of the 2029 Notes to be due and payable. In case of certain events of bankruptcy, insolvency or reorganization, involving the Company, all of the principal of, and accrued and unpaid interest on the 2029 Notes will automatically become due and payable.

The 2029 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	675,000	$	—
Unamortized debt issuance costs	(12,128)		—
Net carrying amount	$	662,872	$	—

The effective interest rate of the 2029 Notes, excluding the conversion option, was 1.40%.

The Company carries the 2029 Notes at face value less unamortized debt issuance costs on the accompanying condensed consolidated balance sheets and presents the fair value for disclosure purposes only. The estimated fair value was determined based on the actual bids and offers of the 2029 Notes in an over-the-counter market on the last trading day of the period. The estimated fair value of the 2029 Notes, based on a market approach at September 30, 2024, was approximately $708.1 million, which represents a Level 2 valuation.

During the quarter ended September 30, 2024, the Company recognized $0.6 million of interest expense related to the amortization of debt issuance costs and $1.7 million of coupon interest expense.

During the nine months ended September 30, 2024, the Company recognized $0.9 million of interest expense related to the amortization of debt issuance costs and $2.4 million of coupon interest expense.

The 2029 Notes were not convertible at September 30, 2024.

In connection with the offering of the 2029 Notes, the Company entered into capped call transactions (the “2029 Capped Calls” and together with the 2024 and 2026 Capped Calls, the “Capped Calls”) with certain counterparties at a cost of approximately $59.7 million, which was recorded as a reduction of the Company’s additional paid-in capital in the accompanying unaudited condensed consolidated financial statements.

Under the 2029 Capped Calls, the Company purchased capped call options that initially cover in the aggregate the total number of shares of the Company’s common stock that initially underlie the 2029 Notes, with an exercise price equal to the initial conversion price of the 2029 Notes, and a cap price of $92.17 per share of common stock, subject to certain adjustments under the terms of the 2029 Capped Calls.

By entering into the 2029 Capped Calls, the Company expects to reduce the potential dilution to its common stock upon any conversion of the 2029 Notes (or, in the event a conversion of the 2029 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2029 Notes, the market value per share of its common stock exceeds the conversion price of the 2029 Notes, with such reduction subject to the cap price.

The cost of the 2029 Capped Calls is not expected to be tax deductible as the Company did not elect to integrate the 2029 Capped Calls into the 2029 Notes for tax purposes.

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 13, 2024, Mark Woodhams, our Chief Revenue Officer, adopted a “Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale, from time to time, of an aggregate of up to 69,615 shares of our common stock, and was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 15, 2025, or earlier if all transactions under the trading arrangement have been completed.
Mark Woodhams [Member]
Trading Arrangements, by Individual
Name	Mark Woodhams
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2024
Expiration Date	September 15, 2025
Arrangement Duration	454 days
Aggregate Available	69,615	69,615

Equity Awards - Schedule of Restricted Stock Units Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	2,208
Granted (in shares)	1,776
Vested (in shares)	(760)
Forfeited/canceled (in shares)	(268)
Nonvested, ending balance (in shares)	2,956
Restricted stock units - performance and service conditions
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	113
Granted (in shares)	206
Performance adjustment (in shares)	(62)
Vested (in shares)	(51)
Forfeited/canceled (in shares)	(8)
Nonvested, ending balance (in shares)	198
Restricted stock units - performance and service conditions, no grant date
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	235
Granted (in shares)	147
Performance adjustment (in shares)	(133)
Vested (in shares)	0
Forfeited/canceled (in shares)	(5)
Nonvested, ending balance (in shares)	244
Restricted stock units - market and service conditions
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	0
Granted (in shares)	202
Vested (in shares)	0
Forfeited/canceled (in shares)	0
Nonvested, ending balance (in shares)	202

Unearned Revenue and Performance Obligations - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted not recognized revenue, expects to recognize revenue over next 12 months	57.00%
Remaining performance obligation, expected timing of satisfaction, period	12 months

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net change in unrealized gains (losses) on marketable securities, tax	$ (11)	$ 0	$ 112	$ 0

Unearned Revenue and Performance Obligations	9 Months Ended
Unearned Revenue and Performance Obligations	Sep. 30, 2024
Unearned Revenue And Performance Obligations [Abstract]
Unearned Revenue and Performance Obligations	Unearned Revenue and Performance Obligations Revenue totaling $283.5 million and $248.3 million was recognized during the nine months ended September 30, 2024 and 2023, respectively, that was previously included in the deferred revenue balance at December 31, 2023 and 2022, respectively. Contracted but unrecognized revenue was $857.7 million at September 30, 2024, of which the Company expects to recognize approximately 57% over the next 12 months and the remainder thereafter.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,101	$ (2,005)	$ 7,307	$ (451)
Change in income tax expense			$ 3,000
Decrease in valuation allowance		$ 1,700		$ 1,700

- Definition

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

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+ Details

Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenues by Geographic Region

The following table sets forth the Company’s revenues by geographic region (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	116,897	$	108,757	$	341,140	$	312,821
International	49,012		41,951		142,736		121,445
	$	165,909	$	150,708	$	483,876	$	434,266

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income (loss), adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the United States (“U.S.”) federal statutory rate of 21% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance for income taxes. For the quarters ended September 30, 2024 and 2023, the Company recorded $2.1 million income tax expense and $2.0 million income tax benefit, respectively. The income tax expense for the quarter ended September 30, 2024 compared to the income tax benefit for the quarter ended September 30, 2023 resulted primarily from the 2023 release of $1.7 million existing valuation allowance in connection with the Data Interconnect Acquisition and changes in the mix of profitable jurisdictions. For the nine months ended September 30, 2024 and 2023, the Company recorded $7.3 million income tax expense and $0.5 million income tax benefit, respectively. The income tax expense for the nine months ended September 30, 2024 compared to the income tax benefit for the nine months ended September 30, 2023 resulted primarily from the 2024 $3.0 million tax expense associated with the gain on the partial extinguishment of the 2026 Notes, the 2023 release of $1.7 million existing valuation allowance in connection with the Data Interconnect Acquisition, and changes in the mix of profitable jurisdictions. For purposes of calculating its income tax attributed to continuing operations, the Company continued to maintain a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets will not be realized. However, given the Company's recent earnings, the Company believes that there is a reasonable possibility that, in the near term, sufficient positive evidence may become available that supports the release of a portion of the Company's valuation allowance, which would result in the recognition of certain U.S. deferred tax assets and a decrease to income tax expense for the period in which the release is recorded. The exact timing and amount of the valuation allowance release would be subject to change based on the level of profitability that the Company can achieve.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Schedule of Fair Values of Available-for-Sale Securities, by Remaining Contractual Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized Cost
Maturing within 1 year	$ 120,973
Maturing between 1 and 2 years	0
Amortized cost	120,973
Fair Value
Maturing within 1 year	121,017
Maturing between 1 and 2 years	0
Fair Value	$ 121,017

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level, within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents

Money market funds	$	651,357	$	—	$	—	$	651,357


Marketable securities
U.S. treasury securities	99,772		—		—		99,772

Commercial paper	—		10,448		—		10,448
U.S. government agencies	—		10,797		—		10,797

Total assets	$	751,129	$	21,245	$	—	$	772,374
Liabilities
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	148,298	$	—	$	—	$	148,298
Commercial paper	—		38,926		—		38,926

U.S. government agencies	—		19,987		—		19,987
Marketable securities
U.S. treasury securities	523,974		—		—		523,974

Commercial paper	—		241,429		—		241,429
U.S. government agencies	—		167,952		—		167,952
Total assets	$	672,272	$	468,294	$	—	$	1,140,566
Liabilities
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

The following table summarizes the changes in the contingent consideration liability (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning fair value	$	—	$	19,120	$	—	$	41,549
Additions in the period	—		—		—		—
Change in fair value	—		(11,120)		—		(33,549)
Ending fair value	$	—	$	8,000	$	—	$	8,000

The Company classified the marketable debt securities as available-for-sale debt securities at the time of purchase and reevaluated such classification as of each balance sheet date. The valuation techniques used to measure the fair values of our instruments that were classified as Level 1 were derived from quoted market prices for identical instruments in active markets. The valuation techniques used to measure the fair values of Level 2 instruments were derived from broker reports that utilized quoted market prices for similar instruments.

As a condition of the acquisition of FourQ Systems, Inc. (“FourQ”) that occurred on January 26, 2022, the Company agreed to pay additional cash consideration if FourQ realized certain firm-specific targets, including the amount and timing of new and incremental combined bookings from FourQ and BlackLine, and revenues from a specified FourQ customer over a three-year period subsequent to the acquisition date. The maximum cash consideration to be distributed is $73.2 million. Changes in the significant inputs used in the fair value measurement, specifically a change in new and incremental actual and forecasted combined bookings from FourQ and the Company, can significantly impact the fair value of the contingent consideration liability. At September 30, 2024, the related liability for the FourQ Acquisition was zero.

Increases and decreases in the fair value of contingent consideration are recorded as expense or reversals of expense, respectively, within general and administrative expenses in the unaudited condensed consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Equity Awards - Schedule of Stock Options Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	1,693
Granted (in shares)	0
Exercised (in shares)	(258)
Forfeitures/canceled (in shares)	(61)
Outstanding, ending balance (in shares)	1,374

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Notes

The 2024 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	—	$	250,000

Unamortized debt issuance costs	—		(767)
Net carrying amount(1)	$	—	$	249,233

(1) Net carrying amount as of December 31, 2023 presented within total current liabilities on the condensed consolidated balance sheet.

The 2026 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	230,196	$	1,150,000

Unamortized debt issuance costs	(1,242)		(9,392)

Net carrying amount	$	228,954	$	1,140,608

The 2029 Notes consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Liability:
Principal	$	675,000	$	—
Unamortized debt issuance costs	(12,128)		—
Net carrying amount	$	662,872	$	—

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value of Intangible Assets

The carrying value of intangible assets was as follows (in thousands):


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	15,977	$	(15,977)	$	—
Developed technology	137,539		(77,027)		60,512
Customer relationships	26,779		(24,559)		2,220
Defensive patent	2,333		(1,419)		914
	$	182,628	$	(118,982)	$	63,646


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	15,977	$	(15,977)	$	—
Developed technology	137,368		(66,900)		70,468
Customer relationships	26,779		(19,342)		7,437
Defensive patent	2,333		(1,182)		1,151
	$	182,457	$	(103,401)	$	79,056

Schedule of Changes in Goodwill

The following table represents the changes in goodwill (in thousands):


Balance at December 31, 2023	$	448,965
Additions from acquisitions	—
Balance at September 30, 2024	$	448,965

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

The Company	9 Months Ended
The Company	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company BlackLine, Inc. and its subsidiaries (the “Company” or “BlackLine”) provide financial accounting close solutions delivered primarily as Software as a Service (“SaaS”). The Company’s solutions enable its customers to address various aspects of their critical processes, including financial close, intercompany, invoice-to-cash, and consolidation. The Company is a holding company and conducts its operations through its wholly-owned subsidiary, BlackLine Systems, Inc. (“BlackLine Systems”). BlackLine Systems funded its business with investments from its founder and cash flows from operations until September 3, 2013, when the Company acquired BlackLine Systems, and Silver Lake Sumeru and Iconiq acquired a controlling interest in the Company, which is referred to as the “2013 Acquisition.” The Company is headquartered in Woodland Hills, California. The Company has other local offices in Pleasanton, California; New York, New York; and Westport, Connecticut, as well as international office locations in Australia, Canada, France, Germany, India, Japan, the Netherlands, Poland, Romania, Singapore, and the United Kingdom.

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 772,374	$ 1,140,566
Liabilities
Contingent consideration	0	0
Total liabilities	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	651,357	148,298
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	99,772	523,974
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		38,926
Marketable securities	10,448	241,429
U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		19,987
Marketable securities	10,797	167,952
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	751,129	672,272
Liabilities
Contingent consideration	0	0
Total liabilities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	651,357	148,298
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	99,772	523,974
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Marketable securities	0	0
Level 1 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Marketable securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	21,245	468,294
Liabilities
Contingent consideration	0	0
Total liabilities	0	0
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		38,926
Marketable securities	10,448	241,429
Level 2 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		19,987
Marketable securities	10,797	167,952
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Liabilities
Contingent consideration	0	0
Total liabilities	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Marketable securities	0	0
Level 3 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Marketable securities	$ 0	$ 0

Geographic Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 165,909	$ 150,708	$ 483,876	$ 434,266
United States
Disaggregation of Revenue [Line Items]
Total revenues	116,897	108,757	341,140	312,821
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 49,012	$ 41,951	$ 142,736	$ 121,445

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

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+ Details

Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Details)	Sep. 30, 2024	May 24, 2024
Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)	0.00%
Convertible Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)	0.00%
Convertible Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)	1.00%	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Balance Sheet Components - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) marketableSecurity	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) marketableSecurity	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) marketableSecurity
Balance Sheet Related Disclosures [Abstract]
Net gains (losses) on maturities of marketable securities	$ 2,900,000	$ 9,200,000	$ 18,100,000	$ 25,000,000
Net gains (losses) related to securities	0	$ 0	0	$ 0
Securities in continuous loss position, less than 12 months, estimated fair value	30,800,000		30,800,000		$ 286,600,000
Securities in continuous loss position, less than 12 months, unrealized losses	$ 0		$ 0		$ 200,000
Number of securities in continuous unrealized loss position, greater than 12 months \| marketableSecurity	0		0		0
Credit losses on marketable securities	$ 0		$ 0		$ 0
Deferred customer contract acquisition costs	$ 86,700,000		$ 86,700,000		$ 89,900,000

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Investments in Marketable Securities

Investments in marketable securities presented within current assets on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	99,726	$	47	$	(1)	$	99,772

Commercial paper	10,448		—		—		10,448
U.S. government agencies	10,799		—		(2)		10,797
	$	120,973	$	47	$	(3)	$	121,017


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	523,344	$	737	$	(107)	$	523,974

Commercial paper	241,428		1		—		241,429
U.S. government agencies	168,078		2		(128)		167,952
	$	932,850	$	740	$	(235)	$	933,355

Schedule of Fair Values of Available-for-Sale Securities, by Remaining Contractual Maturity

The fair values of available-for-sale securities, by remaining contractual maturity, were as follows (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Maturing within 1 year	$	120,973	$	121,017
Maturing between 1 and 2 years	—		—
	$	120,973	$	121,017

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities were comprised of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued salaries and employee benefits	$	40,115	$	33,344
Accrued income and other taxes payable	10,154		9,408
Accrued restructuring costs	47		1,569
Other accrued expenses and current liabilities	18,121		15,369
	$	68,437	$	59,690

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The carrying value of intangible assets was as follows (in thousands):


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	15,977	$	(15,977)	$	—
Developed technology	137,539		(77,027)		60,512
Customer relationships	26,779		(24,559)		2,220
Defensive patent	2,333		(1,419)		914
	$	182,628	$	(118,982)	$	63,646


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	15,977	$	(15,977)	$	—
Developed technology	137,368		(66,900)		70,468
Customer relationships	26,779		(19,342)		7,437
Defensive patent	2,333		(1,182)		1,151
	$	182,457	$	(103,401)	$	79,056

The following table represents the changes in goodwill (in thousands):


Balance at December 31, 2023	$	448,965
Additions from acquisitions	—
Balance at September 30, 2024	$	448,965

Restructuring Costs (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liability

The liability for the fiscal 2023 and 2022 restructuring programs was included in accrued expenses and other current liabilities in the condensed consolidated balance sheet, and the following tables summarize the related activity for the respective plans for the quarter and nine months ended September 30, 2024 (in thousands):


	Quarter Ended September 30, 2024
	Restructuring Program
	Fiscal 2023		Fiscal 2022		Total
Accrual balance as of June 30, 2024	$	796	$	—	$	796
Restructuring charges	356		—		356
Cash payments and adjustments	(1,105)		—		(1,105)
Accrual balance as of September 30, 2024	$	47	$	—	$	47



	Nine Months Ended September 30, 2024
	Restructuring Program
	Fiscal 2023		Fiscal 2022		Total
Accrual balance as of December, 31, 2023	$	1,562	$	7	$	1,569
Restructuring charges	1,728		—		1,728
Cash payments and adjustments	(3,243)		(7)		(3,250)
Accrual balance as of September 30, 2024	$	47	$	—	$	47

Convertible Senior Notes - Schedule of Notes (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Principal	$ 0	$ 250,000
Unamortized debt issuance costs	0	(767)
Net carrying amount	0	249,233
Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Principal	230,196	1,150,000
Unamortized debt issuance costs	(1,242)	(9,392)
Net carrying amount	228,954	1,140,608
Convertible Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	675,000	0
Unamortized debt issuance costs	(12,128)	0
Net carrying amount	$ 662,872	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Unearned Revenue and Performance Obligations - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Unearned Revenue And Performance Obligations [Abstract]
Deferred revenue recognized	$ 283.5	$ 248.3
Contracted not recognized revenue	$ 857.7

Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Geographic Information

The Company disaggregates its revenue from contracts with customers by geographic location, as it believes it best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors.

The following table sets forth the Company’s revenues by geographic region (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	116,897	$	108,757	$	341,140	$	312,821
International	49,012		41,951		142,736		121,445
	$	165,909	$	150,708	$	483,876	$	434,266

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 120,973	$ 932,850
Allowances for credit losses	$ 2,582	$ 5,064
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	62,438,442	61,515,105
Common stock, shares, outstanding (in shares)	62,438,442	61,515,105

Equity Awards - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 22,623	$ 20,079	$ 63,911	$ 60,465
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,803	2,695	7,738	7,817
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,745	6,123	19,168	18,788
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,605	3,750	9,955	11,282
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9,470	$ 7,511	$ 27,050	$ 22,578

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 165,909	$ 150,708	$ 483,876	$ 434,266
Cost of revenues
Total cost of revenues	41,106	36,794	120,551	109,181
Gross profit	124,803	113,914	363,325	325,085
Operating expenses
Sales and marketing	62,219	61,576	183,578	186,256
Research and development	25,649	26,722	76,385	80,629
General and administrative	28,216	18,026	89,315	46,854
Restructuring costs	356	8,664	1,728	9,813
Total operating expenses	116,440	114,988	351,006	323,552
Income (loss) from operations	8,363	(1,074)	12,319	1,533
Other income (expense)
Interest income	10,984	14,030	40,409	37,237
Interest expense	(2,677)	(1,489)	(6,235)	(4,414)
Gain on extinguishment of convertible senior notes	0	0	65,112	0
Other income, net	8,307	12,541	99,286	32,823
Income before income taxes	16,670	11,467	111,605	34,356
Provision for (benefit from) income taxes	2,101	(2,005)	7,307	(451)
Net income	14,569	13,472	104,298	34,807
Net income attributable to redeemable non-controlling interest	320	194	1,282	599
Adjustment attributable to redeemable non-controlling interest	(2,989)	1,355	(1,741)	3,444
Net income attributable to BlackLine, Inc.	$ 17,238	$ 11,923	$ 104,757	$ 30,764
Basic net income per share attributable to BlackLine, Inc. (in usd per share)	$ 0.28	$ 0.20	$ 1.69	$ 0.51
Shares used to calculate basic net income per share (in shares)	62,250	61,101	61,958	60,666
Diluted net income per share attributable to BlackLine, Inc. (in usd per share)	$ 0.27	$ 0.19	$ 0.66	$ 0.49
Shares used to calculate diluted net income per share (in shares)	73,970	72,102	73,131	71,902
Subscription and support
Revenues
Total revenues	$ 157,011	$ 142,054	$ 458,299	$ 408,361
Cost of revenues
Total cost of revenues	34,667	30,793	100,475	89,935
Professional services
Revenues
Total revenues	8,898	8,654	25,577	25,905
Cost of revenues
Total cost of revenues	$ 6,439	$ 6,001	$ 20,076	$ 19,246

Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 08, 2024 USD ($)	May 24, 2024 USD ($) day $ / shares	May 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 01, 2024 USD ($)	Jun. 05, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amortization of debt issuance costs						$ 3,637	$ 4,137
Liquid investments on hand used to repurchase senior notes						324,098	0
Gain on extinguishment of convertible senior notes				$ 0	$ 0	$ 65,112	0
Convertible Senior Notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)								0.125%
Aggregate repurchase principal amount								$ 250,000
Accrued interest	$ 200
Effective interest rate (as a percent)				0.65%		0.65%
Amortization of debt issuance costs				$ 100	300	$ 800	1,000
Coupon interest expense					100	200	200
Principal				$ 0		$ 0				$ 250,000
Convertible Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)		1.00%		1.00%		1.00%
Effective interest rate (as a percent)		1.40%
Amortization of debt issuance costs				$ 600		$ 900
Coupon interest expense				1,700		2,400
Proceeds from senior notes offering			$ 662,600
Principal				675,000		675,000				0
Aggregate principal		$ 600,000
Option to purchase principal amount									$ 75,000
Conversion rate		0.0146047
Conversion price (in usd per share) \| $ / shares		$ 68.47
Debt repurchase amount percentage prior to maturity		100.00%
Percentage of principal amount of notes declared as accrued based on certain customary events of default		25.00%
Purchase of capped calls		$ 59,700
Cap price per share (in usd per share) \| $ / shares		$ 92.17
Convertible Senior Notes Due 2029 \| Senior Notes \| Condition One
Debt Instrument [Line Items]
Trading days \| day		20
Consecutive trading days \| day		30
Conversion price, threshold percentage		130.00%
Convertible Senior Notes Due 2029 \| Senior Notes \| Condition Two
Debt Instrument [Line Items]
Consecutive trading days \| day		5
Conversion price, threshold percentage		98.00%
Business day \| day		5
Convertible Senior Notes Due 2029 \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Estimated fair value of convertible senior notes				$ 708,100		$ 708,100
Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)				0.00%		0.00%
Effective interest rate (as a percent)				0.37%		0.37%
Convertible Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Convertible senior notes stated rate (as a percent)				0.00%		0.00%
Aggregate repurchase principal amount			919,800
Amortization of debt issuance costs				$ 200	$ 1,100	$ 2,000	$ 3,200
Liquid investments on hand used to repurchase senior notes			$ 185,900
Gain on extinguishment of convertible senior notes						65,100
Principal				230,196		230,196				$ 1,150,000
Convertible Senior Notes due 2026 \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Estimated fair value of convertible senior notes				$ 215,700		$ 215,700

Equity Awards (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was as follows (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	2,803	$	2,695	$	7,738	$	7,817
Sales and marketing	6,745		6,123		19,168		18,788
Research and development	3,605		3,750		9,955		11,282
General and administrative	9,470		7,511		27,050		22,578
	$	22,623	$	20,079	$	63,911	$	60,465

Schedule of Stock Options Activity

The following table summarizes activity for awards that contain service-only vesting conditions (in thousands):


Outstanding at December 31, 2023			1,693
Granted			—
Exercised			(258)
Forfeited/canceled			(61)
Outstanding at September 30, 2024			1,374

Schedule of Restricted Stock Units Activity

The following table summarizes activity for restricted stock units that contain service-only vesting conditions (in thousands):


Nonvested at December 31, 2023			2,208
Granted			1,776
Vested			(760)
Forfeited/canceled			(268)
Nonvested at September 30, 2024			2,956

The following table summarizes activity for restricted stock units with performance and service vesting conditions with grant dates established (in thousands):


Nonvested at December 31, 2023			113
Granted			206
Performance adjustment			(62)
Vested			(51)
Forfeited/canceled			(8)
Nonvested at September 30, 2024			198

The following table summarizes activity for restricted stock units with performance and service vesting conditions with no grant dates established (in thousands):


Nonvested at December 31, 2023			235
Granted			147
Accounting grant dates established			(133)
Vested			—
Forfeited/canceled			(5)
Nonvested at September 30, 2024			244

The following table summarizes activity for restricted stock units with market and service-based conditions (in thousands):


Nonvested at December 31, 2023			—
Granted			202
Vested			—
Forfeited/canceled			—
Nonvested at September 30, 2024			202

Redeemable Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 32,068	$ 26,288	$ 30,063	$ 23,895
Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	320	194	1,282	599
Foreign currency translation	231	(31)	26	(132)
Adjustment to redeemable non-controlling interest	(2,989)	1,355	(1,741)	3,444
Balance at end of period	$ 29,630	$ 27,806	$ 29,630	$ 27,806

Restructuring Costs - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Cumulative restructuring cost incurred	$ 11.5
2022 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Cumulative restructuring cost incurred	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37924
Entity Registrant Name	BlackLine, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3354276
Entity Address, Address Line One	21300 Victory Boulevard
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Woodland Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91367
City Area Code	818
Local Phone Number	223-9008
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	BL
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		62,485,521
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001666134
Current Fiscal Year End Date	--12-31

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation—From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any legal proceedings, nor is it aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition should such litigation be resolved unfavorably. Indemnification—In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of its breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has it been sued in connection with these indemnification arrangements. At September 30, 2024 and December 31, 2023, the Company has not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements was not probable or reasonably estimable.

Restructuring Costs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs


	Quarter Ended September 30, 2024
	Restructuring Program
	Fiscal 2023		Fiscal 2022		Total
Accrual balance as of June 30, 2024	$	796	$	—	$	796
Restructuring charges	356		—		356
Cash payments and adjustments	(1,105)		—		(1,105)
Accrual balance as of September 30, 2024	$	47	$	—	$	47



	Nine Months Ended September 30, 2024
	Restructuring Program
	Fiscal 2023		Fiscal 2022		Total
Accrual balance as of December, 31, 2023	$	1,562	$	7	$	1,569
Restructuring charges	1,728		—		1,728
Cash payments and adjustments	(3,243)		(7)		(3,250)
Accrual balance as of September 30, 2024	$	47	$	—	$	47

All plan adjustments were changes in estimates whereby increases and decreases in charges were generally recorded to operating expenses in the periods of adjustments.

As of September 30, 2024, the Company incurred cumulative costs of $11.5 million and $5.0 million related to the fiscal 2023 restructuring program and fiscal 2022 restructuring program, respectively. The Company does not anticipate incurring material additional expenses.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to BlackLine, Inc.	$ 17,238	$ 11,923	$ 104,757	$ 30,764

- Definition

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

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income per Share - Schedule of Basic and Diluted Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to BlackLine, Inc.	$ 17,238	$ 11,923	$ 104,757	$ 30,764
Denominator:
Weighted average shares (in shares)	62,250	61,101	61,958	60,666
Basic net income per share attributable to BlackLine, Inc. (in usd per share)	$ 0.28	$ 0.20	$ 1.69	$ 0.51
Numerator:
Net income attributable to BlackLine, Inc.	$ 17,238	$ 11,923	$ 104,757	$ 30,764
Interest expense, net of taxes	2,398	1,475	5,499	4,372
Gain on extinguishment of convertible senior notes, net of taxes	0	0	(62,147)	0
Net income attributable to BlackLine, Inc. for diluted calculation (in usd per share)	$ 19,636	$ 13,398	$ 48,109	$ 35,136
Denominator:
Weighted average shares (in shares)	62,250	61,101	61,958	60,666
Dilutive effect of securities (in shares)	477	677	679	912
Dilutive effect of convertible senior notes (in shares)	11,243	10,324	10,494	10,324
Shares used to calculate diluted net income per share (in shares)	73,970	72,102	73,131	71,902
Diluted net income per share attributable to BlackLine, Inc. (in usd per share)	$ 0.27	$ 0.19	$ 0.66	$ 0.49

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		60,017
Beginning balance at Dec. 31, 2022	$ 111,868	$ 600	$ 385,709	$ (1,472)	$ (272,969)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		528
Stock option exercises	18,981	$ 6	18,975
Vesting of restricted stock units (in shares)		607
Vesting of restricted stock units	6	$ 6
Issuance of common stock through employee stock purchase plan (in shares)		116
Issuance of common stock through employee stock purchase plan	5,291	$ 1	5,290
Acquisition of common stock for tax withholding obligations	(14,144)		(14,144)
Stock-based compensation	62,652		62,652
Other comprehensive income (loss)	313			313
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest	30,764		(3,444)		34,208
Ending balance (in shares) at Sep. 30, 2023		61,268
Ending balance at Sep. 30, 2023	215,731	$ 613	455,038	(1,159)	(238,761)
Beginning balance (in shares) at Jun. 30, 2023		60,947
Beginning balance at Jun. 30, 2023	176,362	$ 610	429,320	(1,529)	(252,039)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		169
Stock option exercises	7,066	$ 2	7,064
Vesting of restricted stock units (in shares)		152
Vesting of restricted stock units	1	$ 1
Acquisition of common stock for tax withholding obligations	(722)		(722)
Stock-based compensation	20,731		20,731
Other comprehensive income (loss)	370			370
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest	11,923		(1,355)		13,278
Ending balance (in shares) at Sep. 30, 2023		61,268
Ending balance at Sep. 30, 2023	215,731	$ 613	455,038	(1,159)	(238,761)
Beginning balance (in shares) at Dec. 31, 2023		61,515
Beginning balance at Dec. 31, 2023	260,881	$ 615	474,863	205	(214,802)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		249
Stock option exercises	4,445	$ 2	4,443
Vesting of restricted stock units (in shares)		579
Vesting of restricted stock units	6	$ 6
Issuance of common stock through employee stock purchase plan (in shares)		95
Issuance of common stock through employee stock purchase plan	4,249	$ 1	4,248
Acquisition of common stock for tax withholding obligations	(13,604)		(13,604)
Stock-based compensation	67,238		67,238
Purchase of capped calls	(59,738)		(59,738)
Other comprehensive income (loss)	(323)			(323)
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest	104,757		1,741		103,016
Ending balance (in shares) at Sep. 30, 2024		62,438
Ending balance at Sep. 30, 2024	367,911	$ 624	479,191	(118)	(111,786)
Beginning balance (in shares) at Jun. 30, 2024		62,171
Beginning balance at Jun. 30, 2024	325,763	$ 622	451,737	(561)	(126,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		127
Stock option exercises	1,812	$ 1	1,811
Vesting of restricted stock units (in shares)		140
Vesting of restricted stock units	1	$ 1
Acquisition of common stock for tax withholding obligations	(1,220)		(1,220)
Stock-based compensation	23,874		23,874
Other comprehensive income (loss)	443			443
Net income attributable to BlackLine, Inc., including adjustment to redeemable non-controlling interest	17,238		2,989		14,249
Ending balance (in shares) at Sep. 30, 2024		62,438
Ending balance at Sep. 30, 2024	$ 367,911	$ 624	$ 479,191	$ (118)	$ (111,786)

Restructuring Costs - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 796		$ 1,569
Restructuring charges	356	$ 8,664	1,728	$ 9,813
Cash payments and adjustments	(1,105)		(3,250)
Balance at end of period	47		47
2023 Restructuring Program
Restructuring Reserve [Roll Forward]
Balance at beginning of period	796		1,562
Restructuring charges	356		1,728
Cash payments and adjustments	(1,105)		(3,243)
Balance at end of period	47		47
2022 Restructuring Program
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0		7
Restructuring charges	0		0
Cash payments and adjustments	0		(7)
Balance at end of period	$ 0		$ 0

Net Income per Share - Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	3,419	2,535	2,753	3,536
Stock options - service-only vesting conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	491	620	397	1,225
Restricted stock units - service-only vesting conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	2,653	1,915	2,170	2,193
Restricted stock units - performance and service conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	73	0	49	21
Restricted stock units - market and service conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	202	0	137	0
Restricted stock units - performance, market, and service conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	0	0	0	97

Fair Value Measurements - Schedule of Changes in Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 0	$ 19,120	$ 0	$ 41,549
Additions in the period	0	0	0	0
Change in fair value	0	(11,120)	0	(33,549)
Ending fair value	$ 0	$ 8,000	$ 0	$ 8,000

Redeemable Non-Controlling Interest - Additional Information (Details) - BlackLine K.K. - BlackLine K.K. - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2021	Oct. 31, 2018
Redeemable Noncontrolling Interest [Line Items]
Business combination, contribution		$ 4.5
Business combination, outstanding common stock (as a percent)	51.00%	51.00%
Business combination, further investment by parent	$ 2.3

Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income (Loss) per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic net income per share
Numerator:
Net income attributable to BlackLine, Inc.	$	17,238	$	11,923	$	104,757	$	30,764
Denominator:
Weighted average shares	62,250		61,101		61,958		60,666
Basic net income per share attributable to BlackLine, Inc.	$	0.28	$	0.20	$	1.69	$	0.51

Diluted net income per share
Numerator:
Net income attributable to BlackLine, Inc.	$	17,238	$	11,923	$	104,757	$	30,764
Interest expense, net of taxes	2,398		1,475		5,499		4,372

Gain on extinguishment of convertible senior notes, net of taxes	—		—		(62,147)		—
Net income attributable to BlackLine, Inc. for diluted calculation	$	19,636	$	13,398	$	48,109	$	35,136
Denominator:
Weighted average shares	62,250		61,101		61,958		60,666
Dilutive effect of securities	477		677		679		912
Dilutive effect of convertible senior notes	11,243		10,324		10,494		10,324
Shares used to calculate diluted net income per share	73,970		72,102		73,131		71,902
Diluted net income per share attributable to BlackLine, Inc.	$	0.27	$	0.19	$	0.66	$	0.49

Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted per Share

The weighted average impact of potentially dilutive securities that were excluded from the diluted per share calculations because they were anti-dilutive were as follows (in thousands):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Stock options - service-only vesting conditions	491	620	397	1,225

Restricted stock units - service-only vesting conditions	2,653	1,915	2,170	2,193
Restricted stock units - performance and service conditions	73	—	49	21
Restricted stock units - market and service conditions	202	—	137	—
Restricted stock units - performance, market, and service conditions	—	—	—	97
Total shares excluded from net income per share	3,419	2,535	2,753	3,536

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 725,266	$ 271,117
Marketable securities (amortized cost of $120,973 and $932,850 at September 30, 2024 and December 31, 2023, respectively)	121,017	933,355
Accounts receivable, net of allowances of $2,582 and $5,064 at September 30, 2024 and December 31, 2023, respectively	136,497	171,608
Prepaid expenses and other current assets	30,449	31,244
Total current assets	1,013,229	1,407,324
Capitalized software development costs, net	43,327	37,828
Property and equipment, net	10,637	14,867
Intangible assets, net	63,646	79,056
Goodwill	448,965	448,965
Operating lease right-of-use assets	23,965	19,173
Other assets	91,391	93,552
Total assets	1,695,160	2,100,765
Current liabilities:
Accounts payable	3,930	8,623
Accrued expenses and other current liabilities	68,437	59,690
Deferred revenue, current	300,989	320,133
Finance lease liabilities, current	324	778
Operating lease liabilities, current	3,657	4,108
Convertible senior notes, net, current	0	249,233
Total current liabilities	377,337	642,565
Finance lease liabilities, noncurrent	55	4
Operating lease liabilities, noncurrent	21,753	15,738
Convertible senior notes, net, noncurrent	891,826	1,140,608
Deferred tax liabilities, net	4,847	6,394
Deferred revenue, noncurrent	1,197	904
Other long-term liabilities	604	3,608
Total liabilities	1,297,619	1,809,821
Commitments and contingencies (Note 12)
Redeemable non-controlling interest (Note 3)	29,630	30,063
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 62,438,442 and 61,515,105 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	624	615
Additional paid-in capital	479,191	474,863
Accumulated other comprehensive income (loss)	(118)	205
Accumulated deficit	(111,786)	(214,802)
Total stockholders' equity	367,911	260,881
Total liabilities, redeemable non-controlling interest, and stockholders' equity	$ 1,695,160	$ 2,100,765

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued salaries and employee benefits	$ 40,115	$ 33,344
Accrued income and other taxes payable	10,154	9,408
Accrued restructuring costs	47	1,569
Other accrued expenses and current liabilities	18,121	15,369
Accrued expenses and other current liabilities	$ 68,437	$ 59,690

Intangible Assets and Goodwill - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 182,628	$ 182,457
Accumulated Amortization	(118,982)	(103,401)
Net Carrying Amount	63,646	79,056
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15,977	15,977
Accumulated Amortization	(15,977)	(15,977)
Net Carrying Amount	0	0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	137,539	137,368
Accumulated Amortization	(77,027)	(66,900)
Net Carrying Amount	60,512	70,468
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	26,779	26,779
Accumulated Amortization	(24,559)	(19,342)
Net Carrying Amount	2,220	7,437
Defensive patent
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,333	2,333
Accumulated Amortization	(1,419)	(1,182)
Net Carrying Amount	$ 914	$ 1,151

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Additional Information (Details) - FourQ Systems, Inc.	Sep. 30, 2024 USD ($)	Jan. 26, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum contingent consideration to be distributed		$ 73,200,000
Contingent consideration	$ 0
Measurement Input, Expected Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (in years)		3

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Investments in Marketable Securities

Investments in marketable securities presented within current assets on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	99,726	$	47	$	(1)	$	99,772

Commercial paper	10,448		—		—		10,448
U.S. government agencies	10,799		—		(2)		10,797
	$	120,973	$	47	$	(3)	$	121,017


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	523,344	$	737	$	(107)	$	523,974

Commercial paper	241,428		1		—		241,429
U.S. government agencies	168,078		2		(128)		167,952
	$	932,850	$	740	$	(235)	$	933,355

The Company’s marketable securities as of September 30, 2024 have a contractual maturity of less than one year. All of our available-for-sale securities are available for use in our current operations and are categorized as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.

The fair values of available-for-sale securities, by remaining contractual maturity, were as follows (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Maturing within 1 year	$	120,973	$	121,017
Maturing between 1 and 2 years	—		—
	$	120,973	$	121,017

Refer to “Note 6 - Fair Value Measurements” for additional information.

The Company recognized accretion on its marketable securities in interest income, and also recognized net gains and losses related to maturities of marketable securities that were reclassified from accumulated other comprehensive loss in interest income, which totaled $2.9 million and $18.1 million for the quarter and nine months ended September 30, 2024, and $9.2 million and $25.0 million for the quarter and nine months ended September 30, 2023, respectively.

Net gains and losses are determined using the specific identification method. During the quarters and nine months ended September 30, 2024 and 2023, there were nominal realized gains and losses related to sales of marketable securities recognized in the Company's accompanying condensed consolidated statements of operations.

Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $30.8 million and $286.6 million at September 30, 2024 and December 31, 2023, respectively, and unrealized losses were nominal and $0.2 million at September 30, 2024 and December 31, 2023, respectively. There were no marketable securities in a continuous loss position for greater than 12 months at September 30, 2024 and December 31, 2023, respectively.

The Company's marketable securities are considered to be of high credit quality and accordingly, there was no allowance for credit losses related to marketable securities as of September 30, 2024 or December 31, 2023.

Other Assets

Deferred customer contract acquisition costs are included in other assets in the accompanying condensed consolidated balance sheets and totaled $86.7 million and $89.9 million at September 30, 2024 and December 31, 2023, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities were comprised of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued salaries and employee benefits	$	40,115	$	33,344
Accrued income and other taxes payable	10,154		9,408
Accrued restructuring costs	47		1,569
Other accrued expenses and current liabilities	18,121		15,369
	$	68,437	$	59,690

Equity Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation capitalized	$ 1.2	$ 0.8	$ 3.3	$ 2.6

Net Income per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	3,419	2,535	2,753	3,536
Convertible Senior Notes due 2026 \| Convertible Notes \| Certain Corporate Events Occur Prior to Maturity Date or Company Issues Notice of Redemption
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	2,000	9,900	2,000	9,900
Convertible Senior Notes Due 2029 \| Convertible Notes \| Certain Corporate Events Occur Prior to Maturity Date or Company Issues Notice of Redemption
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)	12,800		12,800
Convertible Senior Notes due 2024 \| Convertible Notes \| Certain Corporate Events Occur Prior to Maturity Date or Company Issues Notice of Redemption
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from net loss per share (in shares)		4,700		4,700

Redeemable Non-Controlling Interest (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Redeemable Non-Controlling Interest

Activity in the redeemable non-controlling interest was as follows (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of period	$	32,068	$	26,288	$	30,063	$	23,895
Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	320		194		1,282		599
Foreign currency translation	231		(31)		26		(132)
Adjustment to redeemable non-controlling interest	(2,989)		1,355		(1,741)		3,444
Balance at end of period	$	29,630	$	27,806	$	29,630	$	27,806

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance beginning	$ 448,965
Additions from acquisitions	0
Balance ending	$ 448,965

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Balance Sheet Components - Schedule of Investments in Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 120,973	$ 932,850
Gross Unrealized Gains	47	740
Gross Unrealized Losses	(3)	(235)
Fair Value	121,017	933,355
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	99,726	523,344
Gross Unrealized Gains	47	737
Gross Unrealized Losses	(1)	(107)
Fair Value	99,772	523,974
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	10,448	241,428
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	0
Fair Value	10,448	241,429
U.S. government agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	10,799	168,078
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(2)	(128)
Fair Value	$ 10,797	$ 167,952

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income attributable to BlackLine, Inc.	$ 104,757	$ 30,764
Net income and adjustment attributable to redeemable non-controlling interest (Note 3)	(459)	4,043
Net income	104,298	34,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,225	37,274
Change in fair value of contingent consideration	0	(33,549)
Amortization of debt issuance costs	3,637	4,137
Stock-based compensation	63,911	60,465
Gain on extinguishment of convertible senior notes	(65,112)	0
Noncash lease expense	4,610	4,725
Accretion of purchase discounts on marketable securities, net	(18,115)	(24,999)
Net foreign currency losses	360	882
Deferred income taxes	(1,479)	(1,806)
Provision for (benefit from) credit losses	14	(17)
Changes in operating assets and liabilities:
Accounts receivable	35,765	20,445
Prepaid expenses and other current assets	4,351	(2,150)
Other assets	2,207	1,352
Accounts payable	(5,456)	(9,445)
Accrued expenses and other current liabilities	3,119	1,187
Deferred revenue	(18,851)	(1,265)
Operating lease liabilities	(4,400)	(5,235)
Lease incentive receipts	0	240
Other long-term liabilities	(42)	(2,604)
Net cash provided by operating activities	147,042	84,444
Cash flows from investing activities
Purchases of marketable securities	(396,104)	(982,465)
Proceeds from maturities of marketable securities	901,997	956,300
Proceeds from sales of marketable securities	324,098	0
Capitalized software development costs	(18,201)	(16,837)
Purchases of property and equipment	(1,370)	(3,927)
Acquisition, net of cash acquired	0	(11,367)
Net cash provided by (used in) investing activities	810,420	(58,296)
Cash flows from financing activities
Proceeds from issuance of convertible senior notes, net of issuance costs	661,979	0
Partial repurchase of convertible senior notes	(848,519)	0
Repayment of convertible senior notes	(250,000)	0
Purchase of capped calls related to convertible senior notes	(59,738)	0
Principal payments under finance lease obligations	(771)	(735)
Proceeds from exercises of stock options	3,038	18,987
Proceeds from employee stock purchase plan	4,249	5,291
Acquisition of common stock for tax withholding obligations	(13,604)	(14,144)
Net cash provided by (used in) financing activities	(503,366)	9,399
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash	56	(271)
Net increase in cash, cash equivalents, and restricted cash	454,152	35,276
Cash, cash equivalents, and restricted cash, beginning of period	271,363	201,207
Cash, cash equivalents, and restricted cash, end of period	725,515	236,483
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	725,266	236,248
Restricted cash included within other assets at end of period	249	235
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	725,515	236,483
Non-cash financing and investing activities
Stock-based compensation capitalized for software development	3,326	2,628
Capitalized software development costs included in accounts payable and accrued expenses and other current liabilities at end of period	2,185	1,086
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities at end of period	187	4
Receivables from exercises of stock options, including tax withholdings	3,511	0
Leasehold improvements paid directly by landlord	$ 0	$ 271

Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to determining the stand-alone selling price for separate deliverables in the Company’s subscription revenue arrangements, allowance for doubtful accounts, cancellations and credits, fair value of assets and liabilities assumed in a business combination, recoverability of goodwill and long-lived assets, useful lives associated with long-lived assets and right-of-use assets, income taxes, contingencies, fair value of contingent consideration, fair value of the 0.00% Convertible Senior Notes due in 2026 and 1.00% Convertible Senior Notes due in 2029, redemption value of redeemable non-controlling interest, and the valuation and assumptions underlying stock-based compensation. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company at September 30, 2024 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s valuation of contingent consideration, the allowance for credit losses, and the carrying value of goodwill and other long-lived assets. While there was not a material impact to the Company’s unaudited condensed consolidated financial statements for the quarter and nine months ended September 30, 2024, the Company’s future assessment of these accounting matters and other factors could result in material impacts to the Company’s consolidated financial statements in future reporting periods.
Recently-adopted accounting pronouncements and Recently-issued accounting pronouncements	Recently-adopted accounting pronouncements There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Recently-issued accounting pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. For public business entities, it is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, it is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This standard expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. For public business entities, it is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt.

Net Income per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic net income per share
Numerator:
Net income attributable to BlackLine, Inc.	$	17,238	$	11,923	$	104,757	$	30,764
Denominator:
Weighted average shares	62,250		61,101		61,958		60,666
Basic net income per share attributable to BlackLine, Inc.	$	0.28	$	0.20	$	1.69	$	0.51

Diluted net income per share
Numerator:
Net income attributable to BlackLine, Inc.	$	17,238	$	11,923	$	104,757	$	30,764
Interest expense, net of taxes	2,398		1,475		5,499		4,372

Gain on extinguishment of convertible senior notes, net of taxes	—		—		(62,147)		—
Net income attributable to BlackLine, Inc. for diluted calculation	$	19,636	$	13,398	$	48,109	$	35,136
Denominator:
Weighted average shares	62,250		61,101		61,958		60,666
Dilutive effect of securities	477		677		679		912
Dilutive effect of convertible senior notes	11,243		10,324		10,494		10,324
Shares used to calculate diluted net income per share	73,970		72,102		73,131		71,902
Diluted net income per share attributable to BlackLine, Inc.	$	0.27	$	0.19	$	0.66	$	0.49

The weighted average impact of potentially dilutive securities that were excluded from the diluted per share calculations because they were anti-dilutive were as follows (in thousands):


	Quarter Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Stock options - service-only vesting conditions	491	620	397	1,225

Restricted stock units - service-only vesting conditions	2,653	1,915	2,170	2,193
Restricted stock units - performance and service conditions	73	—	49	21
Restricted stock units - market and service conditions	202	—	137	—
Restricted stock units - performance, market, and service conditions	—	—	—	97
Total shares excluded from net income per share	3,419	2,535	2,753	3,536

For the quarter and nine months ended September 30, 2024, the Capped Calls impact the number of shares that may be issued, up to approximately 2.0 million shares and 12.8 million for the 2026 Notes and 2029 Notes, respectively, if certain corporate events occur prior to the maturity dates or if the Company issues a notice of redemption.

For the quarter and nine months ended September 30, 2023, the Capped Calls impact the number of shares that may be issued, up to approximately 4.7 million shares and 9.9 million shares for the 2024 Notes and 2026 Notes, respectively, if certain corporate events occur prior to the maturity dates or if the Company issues a notice of redemption.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents

Money market funds	$	651,357	$	—	$	—	$	651,357


Marketable securities
U.S. treasury securities	99,772		—		—		99,772

Commercial paper	—		10,448		—		10,448
U.S. government agencies	—		10,797		—		10,797

Total assets	$	751,129	$	21,245	$	—	$	772,374
Liabilities
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	148,298	$	—	$	—	$	148,298
Commercial paper	—		38,926		—		38,926

U.S. government agencies	—		19,987		—		19,987
Marketable securities
U.S. treasury securities	523,974		—		—		523,974

Commercial paper	—		241,429		—		241,429
U.S. government agencies	—		167,952		—		167,952
Total assets	$	672,272	$	468,294	$	—	$	1,140,566
Liabilities
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

Schedule of Changes in Common Stock Warrant Liability and Contingent Consideration Liability

The following table summarizes the changes in the contingent consideration liability (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning fair value	$	—	$	19,120	$	—	$	41,549
Additions in the period	—		—		—		—
Change in fair value	—		(11,120)		—		(33,549)
Ending fair value	$	—	$	8,000	$	—	$	8,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 14,569	$ 13,472	$ 104,298	$ 34,807
Other comprehensive income (loss):
Net change in unrealized gains (losses) on marketable securities, net of (provision for) benefit from taxes of $(11) and $112 for the quarter and nine months ended September 30, 2024, respectively, and $— for the quarter and nine months ended September 30, 2023	188	408	(350)	474
Foreign currency translation	486	(69)	53	(293)
Other comprehensive income (loss)	674	339	(297)	181
Comprehensive income	15,243	13,811	104,001	34,988
Less comprehensive income attributable to redeemable non-controlling interest:
Net income attributable to redeemable non-controlling interest	320	194	1,282	599
Foreign currency translation attributable to redeemable non-controlling interest	231	(31)	26	(132)
Comprehensive income attributable to redeemable non-controlling interest	551	163	1,308	467
Comprehensive income attributable to BlackLine, Inc.	$ 14,692	$ 13,648	$ 102,693	$ 34,521

Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements	Basis of Presentation, Significant Accounting Policies and Recently-Issued Accounting Pronouncements The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024. The unaudited condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The unaudited condensed consolidated balance sheet at December 31, 2023 was derived from audited financial statements, but does not include all disclosures required by GAAP. The operating results for the quarter and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to determining the stand-alone selling price for separate deliverables in the Company’s subscription revenue arrangements, allowance for doubtful accounts, cancellations and credits, fair value of assets and liabilities assumed in a business combination, recoverability of goodwill and long-lived assets, useful lives associated with long-lived assets and right-of-use assets, income taxes, contingencies, fair value of contingent consideration, fair value of the 0.00% Convertible Senior Notes due in 2026 and 1.00% Convertible Senior Notes due in 2029, redemption value of redeemable non-controlling interest, and the valuation and assumptions underlying stock-based compensation. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company at September 30, 2024 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s valuation of contingent consideration, the allowance for credit losses, and the carrying value of goodwill and other long-lived assets. While there was not a material impact to the Company’s unaudited condensed consolidated financial statements for the quarter and nine months ended September 30, 2024, the Company’s future assessment of these accounting matters and other factors could result in material impacts to the Company’s consolidated financial statements in future reporting periods. Significant accounting policies The Company’s significant accounting policies are detailed in “Note 2 - Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the Company’s significant accounting policies. Recently-adopted accounting pronouncements There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Recently-issued accounting pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. For public business entities, it is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, it is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This standard expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. For public business entities, it is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements. The Company does not intend to early adopt.

Equity Awards

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Awards

Stock-based compensation expense

Stock-based compensation expense was as follows (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	2,803	$	2,695	$	7,738	$	7,817
Sales and marketing	6,745		6,123		19,168		18,788
Research and development	3,605		3,750		9,955		11,282
General and administrative	9,470		7,511		27,050		22,578
	$	22,623	$	20,079	$	63,911	$	60,465

For the quarters ended September 30, 2024 and 2023, stock-based compensation capitalized as an asset was $1.2 million and $0.8 million, respectively.

For the nine months ended September 30, 2024 and 2023, stock-based compensation capitalized as an asset was $3.3 million and $2.6 million, respectively.

Stock options - service-only vesting conditions

The following table summarizes activity for awards that contain service-only vesting conditions (in thousands):


Outstanding at December 31, 2023			1,693
Granted			—
Exercised			(258)
Forfeited/canceled			(61)
Outstanding at September 30, 2024			1,374

Restricted stock units - service-only vesting conditions

The following table summarizes activity for restricted stock units that contain service-only vesting conditions (in thousands):


Nonvested at December 31, 2023			2,208
Granted			1,776
Vested			(760)
Forfeited/canceled			(268)
Nonvested at September 30, 2024			2,956

Restricted stock units - performance and service conditions

The following table summarizes activity for restricted stock units with performance and service vesting conditions with grant dates established (in thousands):


Nonvested at December 31, 2023			113
Granted			206
Performance adjustment			(62)
Vested			(51)
Forfeited/canceled			(8)
Nonvested at September 30, 2024			198

The following table summarizes activity for restricted stock units with performance and service vesting conditions with no grant dates established (in thousands):


Nonvested at December 31, 2023			235
Granted			147
Accounting grant dates established			(133)
Vested			—
Forfeited/canceled			(5)
Nonvested at September 30, 2024			244

Restricted stock units - market and service conditions

The following table summarizes activity for restricted stock units with market and service-based conditions (in thousands):


Nonvested at December 31, 2023			—
Granted			202
Vested			—
Forfeited/canceled			—
Nonvested at September 30, 2024			202

Redeemable Non-Controlling Interest

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Redeemable Non-Controlling Interest

In September 2018, the Company entered into an agreement with Japanese Cloud Computing and M30 LLC (the “Investors”) to engage in the investment, organization, management, and operation of BlackLine K.K. that is focused on the sale of the Company's products in Japan. The Company initially contributed approximately $4.5 million in cash in exchange for 51% of the outstanding common stock of BlackLine K.K. and subsequently invested a further $2.3 million, maintaining the Company's majority ownership of 51%. As the Company continues to control a majority stake in BlackLine K.K., the entity has been consolidated.

All of the common stock held by the Investors is callable by the Company or puttable by the Investors upon certain contingent events. Should the call or put option be exercised, the redemption value will be determined based upon a prescribed formula derived from the discrete revenues of BlackLine K.K. and the Company, and may be settled, at the Company’s discretion, with Company stock or cash. As a result of the put right available to the Investors in the future, the redeemable non-controlling interest in BlackLine K.K. is classified outside of permanent equity in the Company’s consolidated balance sheets, and the balance is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest's share of earnings, or its estimated redemption value. The resulting changes in the estimated redemption amount are recorded within retained earnings or, in the absence of retained earnings, additional paid-in capital.

Activity in the redeemable non-controlling interest was as follows (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of period	$	32,068	$	26,288	$	30,063	$	23,895
Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	320		194		1,282		599
Foreign currency translation	231		(31)		26		(132)
Adjustment to redeemable non-controlling interest	(2,989)		1,355		(1,741)		3,444
Balance at end of period	$	29,630	$	27,806	$	29,630	$	27,806