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BCOR Blucora

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 28, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number000-25131
Entity Registrant NameBlucora, Inc.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number91-1718107
Entity Address, Address Line One3200 Olympus Blvd, Suite 100
Entity Address, City or TownDallas
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code75019
City Area Code972
Local Phone Number870-6400
Title of 12(b) SecurityCommon Stock, par value $0.0001 per share
Trading SymbolBCOR
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding48,416,216
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Central Index Key0001068875

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 191,803 $ 150,125
Cash segregated under federal or other regulations2,241 637
Accounts receivable, net of allowance24,348 12,736
Commissions and advisory fees receivable26,021 26,132
Other receivables186 717
Prepaid expenses and other current assets, net12,015 10,321
Total current assets256,614 200,668
Long-term assets:
Property and equipment, net64,160 58,500
Right-of-use assets, net22,886 23,455
Goodwill, net454,821 454,821
Other intangible assets, net315,294 322,179
Other long-term assets5,342 4,569
Total long-term assets862,503 863,524
Total assets1,119,117 1,064,192
Current liabilities:
Accounts payable22,019 9,290
Commissions and advisory fees payable18,762 19,021
Accrued expenses and other current liabilities72,735 56,419
Deferred revenue—current5,280 12,298
Lease liabilities—current3,327 2,304
Current portion of long-term debt, net1,786 1,784
Total current liabilities123,909 101,116
Long-term liabilities:
Long-term debt, net552,684 552,553
Deferred tax liability, net30,394 30,663
Deferred revenue—long-term6,015 6,247
Lease liabilities—long-term35,723 36,404
Other long-term liabilities25,738 24,919
Total long-term liabilities650,554 650,786
Total liabilities774,463 751,902
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, par value $0.0001 per share—900,000 authorized shares; 49,615 shares issued and 48,309 shares outstanding at March 31, 2021; 49,483 shares issued and 48,177 shares outstanding at December 31, 20205 5
Additional paid-in capital1,602,948 1,598,230
Accumulated deficit(1,229,900)(1,257,546)
Treasury stock, at cost—1,306 shares at March 31, 2021 and December 31, 2020(28,399)(28,399)
Total stockholders’ equity344,654 312,290
Total liabilities and stockholders’ equity $ 1,119,117 $ 1,064,192

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares)900,000,000 900,000,000
Common stock, shares issued (in shares)49,615,000 49,483,000
Common stock, shares outstanding (in shares)48,309,000 48,177,000
Treasury stock (in shares)1,306,000 1,306,000

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues:
Total revenue $ 278,383 $ 263,320
Cost of revenue:
Total cost of revenue114,201 106,355
Engineering and technology7,128 8,515
Sales and marketing77,562 79,710
General and administrative24,685 24,728
Acquisition and integration8,103 5,682
Depreciation2,300 1,796
Amortization of other acquired intangible assets7,175 7,748
Impairment of goodwill0 270,625
Total operating expenses241,154 505,159
Operating income (loss)37,229 (241,839)
Other loss, net(7,883)(6,135)
Income (loss) before income taxes29,346 (247,974)
Income tax expense(1,700)(67,520)
Net income (loss) $ 27,646 $ (315,494)
Net income (loss) per share:
Basic (in USD per share) $ 0.57 $ (6.60)
Diluted (in USD per share) $ 0.56 $ (6.60)
Weighted average shares outstanding:
Basic (in shares)48,261 47,827
Diluted (in shares)49,097 47,827
Comprehensive income (loss):
Net income (loss) $ 27,646 $ (315,494)
Other comprehensive income0 272
Comprehensive income (loss)27,646 (315,222)
Wealth Management Services
Revenues:
Total revenue154,491 144,989
Cost of revenue:
Cost of goods and services108,623 102,342
Tax Preparation Services
Revenues:
Total revenue123,892 118,331
Cost of revenue:
Cost of goods and services $ 5,578 $ 4,013

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in ThousandsTotalCommon stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossTreasury stock
Balance (in shares) at Mar. 31, 202049,148 1,306
Balance at Dec. 31, 2019 $ 643,515 $ 5 $ 1,586,972 $ (914,791) $ (272) $ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units (in shares)89
Common stock issued for stock options and restricted stock units0
Stock-based compensation(1,201)(1,201)
Tax payments from shares withheld for equity awards(917)(917)
Cumulative translation adjustment272 272
Net income (loss)(315,494)(315,494)
Balance (in shares) at Dec. 31, 201949,059 1,306
Balance at Mar. 31, 2020326,175 $ 5 1,584,854 (1,230,285)0 $ (28,399)
Balance (in shares) at Mar. 31, 202149,615 1,306
Balance at Dec. 31, 2020312,290 $ 5 1,598,230 (1,257,546)0 $ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units (in shares)132
Common stock issued for stock options and restricted stock units63 63
Stock-based compensation5,520 5,520
Tax payments from shares withheld for equity awards(865)(865)
Cumulative translation adjustment0
Net income (loss)27,646 27,646
Balance (in shares) at Dec. 31, 202049,483 1,306
Balance at Mar. 31, 2021 $ 344,654 $ 5 $ 1,602,948 $ (1,229,900) $ 0 $ (28,399)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating activities:
Net income (loss) $ 27,646 $ (315,494)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Stock-based compensation5,610 (1,201)
Depreciation and amortization of acquired intangible assets10,418 10,168
Impairment of goodwill0 270,625
Reduction of right-of-use lease assets569 1,625
Deferred income taxes(269)57,898
Amortization of debt issuance costs363 313
Accretion of debt discounts277 68
Change in fair value of acquisition-related contingent consideration6,300 0
Accretion of lease liability514 424
Other(78)495
Cash provided (used) by changes in operating assets and liabilities:
Accounts receivable(11,541)(9,066)
Commissions and advisory fees receivable111 3,457
Other receivables531 (3,239)
Prepaid expenses and other current assets(1,694)(1,715)
Other long-term assets(828)2,560
Accounts payable12,729 17,744
Commissions and advisory fees payable(259)(1,965)
Lease liabilities(172)(1,289)
Deferred revenue(7,250)(7,820)
Accrued expenses and other current and long-term liabilities10,745 23,276
Net cash provided by operating activities53,722 46,864
Investing activities:
Purchases of property and equipment(8,598)(7,715)
Asset acquisitions(587)0
Net cash used by investing activities(9,185)(7,715)
Financing activities:
Proceeds from credit facilities0 55,000
Payments on credit facilities(453)(10,313)
Proceeds from stock option exercises63 0
Tax payments from shares withheld for equity awards(865)(918)
Net cash provided (used) by financing activities(1,255)43,769
Net increase in cash, cash equivalents, and restricted cash43,282 82,918
Cash, cash equivalents, and restricted cash, beginning of period150,762 86,450
Cash, cash equivalents, and restricted cash, end of period194,044 169,368
Supplemental cash flow information:
Cash paid for income taxes0 213
Cash paid for interest7,123 5,011
Non-cash investing activities:
Purchases of property and equipment through leasehold incentives (investing) $ 0 $ 4,959

Description of the Business

Description of the Business3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the BusinessNote 1: Description of the Business Blucora, Inc. (the “Company,” “Blucora,” “we,” “our,” or “us” ) operates two primary businesses: the Wealth Management business and the digital Tax Software business. Wealth Management The Wealth Management business consists of the operations of Avantax Wealth Management and Avantax Planning Partners (collectively, the “Wealth Management business” or the “Wealth Management segment” ). Avantax Wealth Management provides tax-focused wealth management solutions for financial professionals, tax professionals, certified public accounting ( “CPA” ) firms, and their clients. Avantax Wealth Management offers its services through its registered broker-dealer, registered investment advisor ( “RIA” ), and insurance agency subsidiaries and is the leading U.S. tax-focused independent broker-dealer. Avantax Wealth Management works with a nationwide network of financial professionals that operate as independent contractors. Avantax Wealth Management provides these financial professionals with an integrated platform of technical, practice, compliance, and product support tools that enable them to offer tax-advantaged investing and wealth management services to their clients. Avantax Planning Partners operates as an employee-based RIA and wealth management business that partners with CPA firms in order to provide their consumer and small business clients with holistic financial planning and advisory services, as well as retirement plan solutions through Avantax Retirement Plan Services. Avantax Planning Partners formerly operated as Honkamp Krueger Financial Services, Inc. ( “HKFS” ). On July 1, 2020, we acquired all of the issued and outstanding common stock of HKFS (the “HKFS Acquisition” ). The operations of HKFS are included in our operating results as part of the Wealth Management segment from the date of the HKFS Acquisition. Tax Software The Tax Software business consists of the operations of TaxAct, Inc. ( “TaxAct,” the “Tax Software business,” or the “Tax Software segment” ) and provides digital tax preparation services, packaged tax software, and ancillary services for consumers, small business owners, and tax professionals through its website www.TaxAct.com and its mobile applications. We had referred to this business as the “Tax Preparation business” and “Tax Preparation segment” in previous filings. The Tax Software segment is highly seasonal with a significant portion of its annual revenue typically earned in the first two quarters of the fiscal year. During the third and fourth quarters, the Tax Software segment typically reports losses because revenue from the segment is minimal while core operating expenses continue. In March 2020 and as a result of the COVID-19 pandemic, the Internal Revenue Service ( “IRS” ) extended the filing deadline for federal tax returns from April 15, 2020 to July 15, 2020. This filing extension resulted in the shifting of a significant portion of Tax Software segment revenue that is usually earned in the first and second quarters of 2020 to the third quarter of 2020. As a result of the continued impact of the COVID-19 pandemic, the IRS delayed the start of the 2021 tax season and extended the filing and payment deadline for tax year 2020 federal tax returns from April 15, 2021 to May 17, 2021. In addition, the IRS extended the federal filing and payment deadline for Texas, Louisiana, and Oklahoma to mid-June. We expect that these events will result in the shifting of a significant portion of Tax Software segment revenue that would typically have been expected to be earned in the first quarter of 2021 to the second quarter of 2021. Segments

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 2: Summary of Significant Accounting Policies Interim financial information The accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the SEC for interim financial reporting. These condensed consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with United States generally accepted accounting principles ( “ GAAP” ) have been omitted in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year. Cash, cash equivalents, and restricted cash The following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 191,803 $ 150,125 Cash segregated under federal or other regulations 2,241 637 Total cash, cash equivalents, and restricted cash $ 194,044 $ 150,762 We generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities, and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the condensed consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Avantax Wealth Management clients and is considered restricted cash. Goodwill Goodwill represents the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. We evaluate goodwill for impairment annually, as of November 30, or more frequently when events or circumstances indicate it is more likely than not that the fair value of one or more of our reporting units is less than its carrying amount. To determine whether it is necessary to perform a goodwill impairment test, we first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to perform a goodwill impairment test without completing a qualitative assessment. Beginning in March 2020, the COVID-19 pandemic had a significant negative impact on the U.S. and global economy and caused substantial disruption in the U.S. and global securities markets, and as a result, negatively impacted certain key Wealth Management business drivers, such as client asset levels and interest rates. These macroeconomic and Company-specific factors, in totality, served as a triggering event that resulted in the testing of the goodwill of the Wealth Management reporting unit and the Tax Software reporting unit for potential impairment. As part of the goodwill impairment test, we compared the estimated fair values of the Wealth Management and Tax Software reporting units to their respective carrying values. Estimated fair value was calculated using Level 3 inputs and utilized a blended valuation method that factored in the income approach and the market approach. The income approach estimated fair value by using the present value of future discounted cash flows. Significant estimates used in the discounted cash flow model included our forecasted cash flows, our long-term rates of growth, and our weighted average cost of capital. The weighted average cost of capital factors in the relevant risk associated with business-specific characteristics and the uncertainty related to the ability to achieve our projected cash flows. The market approach estimated fair value by taking income-based valuation multiples for a set of comparable companies and applying the valuation multiple to each reporting unit’s income. For the Wealth Management reporting unit, the carrying value of the reporting unit exceeded its fair value by $270.6 million. Therefore, we recorded an impairment of goodwill of $270.6 million in the first quarter of 2020. For the Tax Software reporting unit, the carrying value of the reporting unit was significantly below its fair value, and therefore, the goodwill of the Tax Software reporting unit was not considered impaired. While no goodwill impairment triggering events were identified during the three months ended March 31, 2021, the Wealth Management reporting unit is considered to be at risk for a future impairment of its goodwill in the event of a further decline in general economic, market, or business conditions, or any significant unfavorable changes in our forecasted revenue, expenses, cash flows, weighted average cost of capital, and/or market valuation multiples. We will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the Wealth Management reporting unit.

Segment Information and Revenue

Segment Information and Revenues3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information and RevenuesNote 3: Segment Information and Revenues We have two reportable segments: (1) the Wealth Management segment and (2) the Tax Software segment. Our Chief Executive Officer is the chief operating decision maker and reviews financial information presented on a disaggregated basis. This information is used for purposes of allocating resources and evaluating financial performance. We do not allocate certain general and administrative costs (including personnel and overhead costs), stock-based compensation, depreciation, amortization of intangible assets, acquisition and integration costs, executive transition costs, headquarters relocation costs, contested proxy and other legal and consulting costs, or impairment of goodwill to the reportable segments. Such amounts are reflected in the table below under the heading “Corporate-level activity.” In addition, we do not allocate other loss, net, or income taxes to the reportable segments. We do not report assets or capital expenditures by segment to the chief operating decision maker. Information on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three months ended March 31, 2021 2020 Revenue: Wealth Management $ 154,491 $ 144,989 Tax Software 123,892 118,331 Total revenue 278,383 263,320 Operating income (loss): Wealth Management 19,396 22,598 Tax Software 50,888 37,753 Corporate-level activity (33,055) (302,190) Total operating income (loss) 37,229 (241,839) Other loss, net (7,883) (6,135) Income tax expense (1,700) (67,520) Net income (loss) $ 27,646 $ (315,494) Revenues by major category within each segment are presented below (in thousands): Three months ended March 31, 2021 2020 Wealth Management: Advisory $ 91,119 $ 78,757 Commission 52,534 50,580 Asset-based 5,329 10,579 Transaction and fee 5,509 5,073 Total Wealth Management revenue $ 154,491 $ 144,989 Tax Software: Consumer $ 110,567 $ 103,821 Professional 13,325 14,510 Total Tax Software revenue $ 123,892 $ 118,331 Wealth Management revenue recognition Wealth management revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue. The timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended March 31, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 91,119 $ 91,119 $ — $ 78,757 $ 78,757 Commission revenue 22,367 30,167 52,534 23,381 27,199 50,580 Asset-based revenue — 5,329 5,329 — 10,579 10,579 Transaction and fee revenue 1,374 4,135 5,509 1,859 3,214 5,073 Total Wealth Management revenue $ 23,741 $ 130,750 $ 154,491 $ 25,240 $ 119,749 $ 144,989 Tax Software revenue recognition We generate Tax Software revenue from the sale of tax preparation digital services, packaged tax preparation software, ancillary services, and multiple element arrangements that may include a combination of these items. The timing of Tax Software revenue recognition was as follows (in thousands): Three months ended March 31, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 110,567 $ — $ 110,567 $ 103,821 $ — $ 103,821 Professional revenue 12,127 1,198 13,325 12,994 1,516 14,510 Total Tax Software revenue $ 122,694 $ 1,198 $ 123,892 $ 116,815 $ 1,516 $ 118,331

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNote 4: Debt Our debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 562,703 $ (3,896) $ (4,337) $ 554,470 $ 563,156 $ (4,173) $ (4,646) $ 554,337 Less: Current portion of long-term debt, net (1,786) (1,784) Long-term debt, net $ 552,684 $ 552,553 In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement” ) with a syndicate of lenders, which provides for a term loan facility (the “Term Loan” ) and a revolving line of credit (including a letter of credit sub-facility) (the “Revolver” ) for working capital, capital expenditures, and general business purposes (the “Senior Secured Credit Facility” ). As of March 31, 2021, the Senior Secured Credit Facility provided for up to $740.0 million of borrowings and consisted of a committed $65.0 million under the Revolver and a $675.0 million Term Loan that mature on May 22, 2022 and May 22, 2024, respectively. Obligations under the Senior Secured Credit Facility are guaranteed by certain of the Company’s subsidiaries and secured by substantially all the assets of the Company and certain of its subsidiaries (including certain subsidiaries acquired in the HKFS Acquisition and certain other material subsidiaries). The Senior Secured Credit Facility includes financial and operating covenants (including a Consolidated Total Net Leverage Ratio), which are set forth in detail in the Credit Agreement. As of March 31, 2021, we had $562.7 million in principal amount outstanding under the Term Loan and no amounts outstanding under the Revolver. Based on aggregate loan commitments as of March 31, 2021, approximately $65.0 million was available for future borrowing under the Senior Secured Credit Facility, subject to customary terms and conditions. The interest rate on the Term Loan is variable at the London Interbank Offered Rate, plus the applicable interest rate margin of 4.00% for Eurodollar Rate Loans (as defined in the Credit Agreement) and 3.00% for ABR Loans (as defined in the Credit Agreement). As of March 31, 2021, the applicable interest rate on the Term Loan was 5.00%. The Company is required to make mandatory annual prepayments on the Term Loan in certain circumstances, including in the event that the Company generates Excess Cash Flow (as defined in the Credit Agreement) in a given fiscal year. The Credit Agreement permits the Company to voluntarily prepay the Term Loan without premium or penalty. The Company is required to make principal amortization payments on the Term Loan quarterly on the last business day of each March, June, September, and December, in an amount equal to $0.5 million (subject to reduction for prepayments), with the remaining principal amount of the Term Loan due on the maturity date of May 22, 2024. Depending on the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement), the applicable interest rate margin on the Revolver as of March 31, 2021 was from 2.75% to 3.25% for Eurodollar Rate Loans and 1.75% to 2.25% for ABR Loans. Interest is payable at the end of each interest period. On April 26, 2021, we entered into Amendment No. 5 to the Credit Agreement (the “Credit Agreement Amendment” ). For additional information, see "Note 12—Subsequent Event."

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesNote 5: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense, net of sublease income, is recognized in “General and administrative” expense (for net lease expense related to leases used in our operations) and “Acquisition and integration” expense (for net lease expense related to the unoccupied lease resulting from the acquisition of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “1st Global” ) in 2019 (the “1st Global Acquisition” )) on the condensed consolidated statements of comprehensive income (loss). Lease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three months ended March 31, 2021 2020 Fixed lease expense $ 1,154 $ 2,036 Variable lease expense 143 301 Lease expense, before sublease income 1,297 2,337 Sublease income (116) (326) Total lease expense, net of sublease income $ 1,181 $ 2,011 Additional lease information: Cash paid on operating lease liabilities $ 217 $ 1,190 Lease liabilities obtained from new right-of-use assets (1) $ — $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2020 resulted from the new corporate headquarters lease that commenced in January 2020. As of March 31, 2021, our weighted-average remaining operating lease term was approximately 10.8 years, and our weighted-average operating lease discount rate was 5.4%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2021 December 31, 2020 Lease liabilities—current $ 3,327 $ 2,304 Lease liabilities—long-term 35,723 36,404 Total operating lease liabilities $ 39,050 $ 38,708 The scheduled maturities of our operating lease liabilities as of March 31, 2021 are as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2021 $ 2,450 2022 5,056 2023 5,138 2024 5,077 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 53,058 Imputed interest (14,008) Present value of cash flows $ 39,050
LeasesNote 5: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense, net of sublease income, is recognized in “General and administrative” expense (for net lease expense related to leases used in our operations) and “Acquisition and integration” expense (for net lease expense related to the unoccupied lease resulting from the acquisition of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “1st Global” ) in 2019 (the “1st Global Acquisition” )) on the condensed consolidated statements of comprehensive income (loss). Lease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three months ended March 31, 2021 2020 Fixed lease expense $ 1,154 $ 2,036 Variable lease expense 143 301 Lease expense, before sublease income 1,297 2,337 Sublease income (116) (326) Total lease expense, net of sublease income $ 1,181 $ 2,011 Additional lease information: Cash paid on operating lease liabilities $ 217 $ 1,190 Lease liabilities obtained from new right-of-use assets (1) $ — $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2020 resulted from the new corporate headquarters lease that commenced in January 2020. As of March 31, 2021, our weighted-average remaining operating lease term was approximately 10.8 years, and our weighted-average operating lease discount rate was 5.4%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2021 December 31, 2020 Lease liabilities—current $ 3,327 $ 2,304 Lease liabilities—long-term 35,723 36,404 Total operating lease liabilities $ 39,050 $ 38,708 The scheduled maturities of our operating lease liabilities as of March 31, 2021 are as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2021 $ 2,450 2022 5,056 2023 5,138 2024 5,077 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 53,058 Imputed interest (14,008) Present value of cash flows $ 39,050

Balance Sheet Components

Balance Sheet Components3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet ComponentsNote 6: Balance Sheet Components Prepaid expenses and other current assets, net, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prepaid expenses $ 11,472 $ 9,643 Other current assets 543 678 Total prepaid expenses and other current assets, net $ 12,015 $ 10,321 Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Salaries and related expenses $ 14,606 $ 19,317 HKFS Contingent Consideration liability (1)(2) 23,000 17,900 Contingent liability from 1st Global Acquisition (2) 11,328 11,328 Accrued vendor and advertising costs 12,922 2,606 Accrued taxes 3,068 240 Other current liabilities 7,811 5,028 Total accrued expenses and other current liabilities $ 72,735 $ 56,419 __________________________ (1) Represents the short-term portion of the HKFS Contingent Consideration liability. The long-term portion of the HKFS Contingent Consideration liability was classified in “Other long-term liabilities” on the condensed consolidated balance sheets. (2) For more information on contingent liabilities, see "Note 7—Commitments and Contingencies."

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 7: Commitments and Contingencies Contingent liability from 1st Global Acquisition On May 6, 2019, we closed the 1st Global Acquisition. As part of the 1st Global Acquisition, we assumed a contingent liability related to a regulatory inquiry and recorded the contingent liability as part of the opening balance sheet. While the inquiry is still on-going, we evaluated a range of possible losses, resulting in a contingent liability reserve balance (including accrued interest) of $11.3 million at March 31, 2021. Contingent consideration liability from HKFS Acquisition On July 1, 2020, we closed the HKFS Acquisition for an upfront cash purchase price of $104.4 million. The purchase price is subject to two potential post-closing earn-out payments (the “HKFS Contingent Consideration” ) by us. The amount of the HKFS Contingent Consideration is determined based on advisory asset levels and the achievement of certain performance goals (i) for the period beginning on July 1, 2020 and ending on July 1, 2021 and (ii) for the period beginning on July 1, 2021 and ending on July 1, 2022. Pursuant to the Stock Purchase Agreement, dated as of January 6, 2020, by and among the Company, HKFS, the selling stockholders named therein (the “Sellers” ), and JRD Seller Representative, LLC, as the Sellers’ representative, as amended, the maximum aggregate amount that we would be required to pay for each earn-out period is $30.0 million, provided that any unearned amounts during the first earn-out period may also be earned during the second earn-out period. If the asset values on the applicable measurement date fall below certain specified thresholds, we would not be required to make any earn-out payment to the Sellers for such period. The HKFS Contingent Consideration liability was valued at $42.2 million on the condensed consolidated balance sheets as of March 31, 2021. For additional information on the HKFS Contingent Consideration, see "Note 8—Fair Value Measurements." Litigation From time to time, we are subject to various legal proceedings, regulatory matters or fines, or claims that arise in the ordinary course of business. We accrue a liability when management believes both that it is probable that a liability has been incurred and that the amount of loss can be reasonably estimated. Aside from the contingent liability related to the 1st Global Acquisition and the HKFS Contingent Consideration liability, we are not currently party to any such matters for which we have incurred a material liability on our condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 8—Fair Value Measurements In accordance with Accounting Standards Codification 820, Fair Value Measurements and Disclosures , certain of our assets and liabilities are carried at fair value and are valued using inputs that are classified in one of the following three categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs, other than Level 1, or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are not corroborated by market data and reflect our own assumptions. Assets and liabilities measured on a recurring basis The fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using March 31, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,292 $ 4,292 $ — $ — Total assets at fair value $ 4,292 $ 4,292 $ — $ — HKFS Contingent Consideration $ 42,200 $ — $ — $ 42,200 Total liabilities at fair value $ 42,200 $ — $ — $ 42,200 Fair value measurements at the reporting date using December 31, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,290 $ 4,290 $ — $ — Total assets at fair value $ 4,290 $ 4,290 $ — $ — HKFS Contingent Consideration $ 35,900 $ — $ — $ 35,900 Total liabilities at fair value $ 35,900 $ — $ — $ 35,900 Cash equivalents are classified within Level 1 of the fair value hierarchy because we value cash equivalents utilizing quoted prices in active markets. The HKFS Contingent Consideration liability relates to the potential earn-out payments resulting from the HKFS Acquisition (see "Note 7—Commitments and Contingencies"). As of March 31, 2021, the fair value of the HKFS Contingent Consideration was $42.2 million. The estimated fair value of the HKFS Contingent Consideration was determined using a Monte Carlo simulation model in a risk neutral framework with the underlying simulated variable of advisory asset levels and the related achievement of certain advisory asset growth levels. The Monte Carlo simulation model utilized Level 3 inputs, which included forecasted advisory asset levels at July 1, 2021 and July 1, 2022, a risk-adjusted discount rate (which reflects the risk in the advisory asset projection) of 12.8%, volatility of 36.7%, and a credit spread of 2.4%. Significant increases to the discount rate, volatility, or credit spread inputs would have resulted in a significantly lower fair value measurement, with a similar inverse relationship existing for significant decreases to these inputs. A significant increase to the forecasted advisory assets levels would have resulted in a significantly higher fair value measurement, while a significant decrease to the forecasted advisory asset levels would have resulted in a significantly lower fair value measurement. A reconciliation of the HKFS Contingent Consideration liability was as follows (in thousands): HKFS Contingent Consideration Liability Balance as of December 31, 2020 (1) $ 35,900 Valuation change recognized as expense (2) 6,300 Balance as of March 31, 2021 (1) $ 42,200 _________________________ (1) The short-term and long-term portions of the HKFS Contingent Consideration are recorded in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, on the condensed consolidated balance sheets. (2) Recognized in “Acquisition and integration” expense on the condensed consolidated statement of comprehensive income (loss) for the three months ended March 31, 2021. Fair value of financial instruments We consider the carrying values of accounts receivable, commissions and advisory fees receivable, other receivables, prepaid expenses, other current assets, accounts payable, commissions and advisory fees payable, accrued expenses, and other current liabilities to approximate fair values primarily due to their short-term natures. As of March 31, 2021, the Term Loan’s principal amount was $562.7 million, and the fair value of the Term Loan’s principal amount was $561.3 million. As of December 31, 2020, the Term Loan’s principal amount was $563.2 million, and the fair value of the Term Loan’s principal amount was $561.7 million. The fair value of the Term Loan’s principal amount was based on Level 2 inputs from a third-party market quotation.

Other Loss, Net

Other Loss, Net3 Months Ended
Mar. 31, 2021
Other Income and Expenses [Abstract]
Other Loss, NetNote 9: Other Loss, Net “Other loss, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three months ended March 31, 2021 2020 Interest expense $ 7,183 $ 5,316 Amortization of debt issuance costs 363 313 Accretion of debt discounts 277 68 Total interest expense 7,823 5,697 Interest income (2) (14) Other 62 452 Other loss, net $ 7,883 $ 6,135

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesNote 10: Income Taxes Three months ended March 31, 2021 2020 Income tax expense $ (1,700) $ (67,520) The Company recorded income tax expense of $1.7 million for the three months ended March 31, 2021. The Company has prepared its interim tax provision by applying a year-to-date effective tax rate as it represents the best estimate of the annual effective tax rate. The Company’s effective income tax rate for the three months ended March 31, 2021 differed from the 21% statutory rate primarily due to the release of valuation allowances and the effect of state income taxes. We currently expect to continue to release portions of valuation allowances, which were previously recorded in connection with our net operating losses, to offset future federal income tax liabilities. The majority of these net operating losses will either be utilized or expire between 2021 and 2024.

Net Income Per Share

Net Income Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income Per ShareNote 11: Net Income Per Share “Basic net income (loss) per share” is calculated using the weighted average number of common shares outstanding during the period. “Diluted net income (loss) per share” is calculated using the weighted average number of common shares outstanding plus the number of dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of outstanding stock options and the vesting of unvested restricted stock units. Dilutive potential common shares are excluded from the calculation of diluted net income (loss) per share if their effect is antidilutive. The calculation of basic and diluted net income (loss) per share is as follows (in thousands): Three months ended March 31, 2021 2020 Numerator: Net income (loss) $ 27,646 $ (315,494) Denominator: Weighted average common shares outstanding—basic 48,261 47,827 Dilutive potential common shares (1) 836 — Weighted average common shares outstanding—diluted 49,097 47,827 Net income (loss) per share: Basic $ 0.57 $ (6.60) Diluted $ 0.56 $ (6.60) Shares excluded (1) 1,289 3,093 _________________________ (1) Potential common shares were excluded from the calculation of diluted net income (loss) per share for these periods because their effect would have been anti-dilutive. For the three months ended March 31, 2020, all potential common shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive due to the net loss recognized for the period.

Subsequent Event

Subsequent Event3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventNote 12: Subsequent Event On April 26, 2021, to ensure adequate liquidity and flexibility to support growth, the Company entered into the Credit Agreement Amendment. Pursuant to the Credit Agreement Amendment, the Credit Agreement was amended to, among other things, refinance the existing $65.0 million Revolver and add $25.0 million of additional revolving credit commitments, for an aggregate principal amount of $90.0 million in revolving credit commitments (the “New Revolver” ). The New Revolver has a maturity date of February 21, 2024 (the “Maturity Date” ). As of May 5, 2021, the Company had no amounts outstanding under the New Revolver and had no plans to draw available funds under the New Revolver. The outstanding principal balance of the New Revolver bears interest at the applicable margin plus, at the Company’s election, either (i) the Eurodollar Rate (as defined in the Credit Agreement) or (ii) the ABR (as defined in the Credit Agreement). The applicable margin for the New Revolver is dependent on the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement) and ranges (a) for Eurodollar Rate loans, from 2.0% to 2.5% and (b) for ABR loans, from 1.0% to 1.5%. The Company is required to pay a commitment fee on the undrawn commitment under the New Revolver in a percentage that is dependent on the Consolidated First Lien Net Leverage Ratio that ranges from 0.35% to 0.4%. Pursuant to the Credit Agreement Amendment, if the Company’s usage of the New Revolver exceeds 30% of the aggregate commitments under the New Revolver on the last day of any calendar quarter, the Company shall not permit the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) to exceed (i) 4.75 to 1.00 for the period beginning on April 1, 2021 and ending on December 31, 2021, (ii) 4.25 to 1.00 for the period beginning on January 1, 2022 and ending on September 30, 2022, (iii) 4.00 to 1.00 for the period beginning on October 1, 2022 and ending on December 31, 2022 and (iv) 3.50 to 1.00 for the period beginning on January 1, 2023 and ending on the Maturity Date. Except as described above, the New Revolver has substantially the same terms as the existing Revolver, including certain covenants and events of default. For additional information on the Credit Agreement and Revolver, see "Note 4—Debt."

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
SegmentsWe have two reportable segments: (1) the Wealth Management segment and (2) the Tax Software segment.
Interim financial informationThe accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the SEC for interim financial reporting. These condensed consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with United States generally accepted accounting principles ( “ GAAP” ) have been omitted in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year.
Cash, cash equivalents, and restricted cashWe generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities, and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the condensed consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Avantax Wealth Management clients and is considered restricted cash. Goodwill Goodwill represents the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. We evaluate goodwill for impairment annually, as of November 30, or more frequently when events or circumstances indicate it is more likely than not that the fair value of one or more of our reporting units is less than its carrying amount. To determine whether it is necessary to perform a goodwill impairment test, we first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to perform a goodwill impairment test without completing a qualitative assessment. Beginning in March 2020, the COVID-19 pandemic had a significant negative impact on the U.S. and global economy and caused substantial disruption in the U.S. and global securities markets, and as a result, negatively impacted certain key Wealth Management business drivers, such as client asset levels and interest rates. These macroeconomic and Company-specific factors, in totality, served as a triggering event that resulted in the testing of the goodwill of the Wealth Management reporting unit and the Tax Software reporting unit for potential impairment. As part of the goodwill impairment test, we compared the estimated fair values of the Wealth Management and Tax Software reporting units to their respective carrying values. Estimated fair value was calculated using Level 3 inputs and utilized a blended valuation method that factored in the income approach and the market approach. The income approach estimated fair value by using the present value of future discounted cash flows. Significant estimates used in the discounted cash flow model included our forecasted cash flows, our long-term rates of growth, and our weighted average cost of capital. The weighted average cost of capital factors in the relevant risk associated with business-specific characteristics and the uncertainty related to the ability to achieve our projected cash flows. The market approach estimated fair value by taking income-based valuation multiples for a set of comparable companies and applying the valuation multiple to each reporting unit’s income. For the Wealth Management reporting unit, the carrying value of the reporting unit exceeded its fair value by $270.6 million. Therefore, we recorded an impairment of goodwill of $270.6 million in the first quarter of 2020. For the Tax Software reporting unit, the carrying value of the reporting unit was significantly below its fair value, and therefore, the goodwill of the Tax Software reporting unit was not considered impaired. While no goodwill impairment triggering events were identified during the three months ended March 31, 2021, the Wealth Management reporting unit is considered to be at risk for a future impairment of its goodwill in the event of a further decline in general economic, market, or business conditions, or any significant unfavorable changes in our forecasted revenue, expenses, cash flows, weighted average cost of capital, and/or market valuation multiples. We will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the Wealth Management reporting unit.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash EquivalentsThe following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 191,803 $ 150,125 Cash segregated under federal or other regulations 2,241 637 Total cash, cash equivalents, and restricted cash $ 194,044 $ 150,762
Schedule of Restrictions on Cash and Cash EquivalentsThe following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 191,803 $ 150,125 Cash segregated under federal or other regulations 2,241 637 Total cash, cash equivalents, and restricted cash $ 194,044 $ 150,762

Segment Information and Reven_2

Segment Information and Revenues (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Information on Reportable Segments for Reconciliation to Consolidated Net IncomeInformation on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three months ended March 31, 2021 2020 Revenue: Wealth Management $ 154,491 $ 144,989 Tax Software 123,892 118,331 Total revenue 278,383 263,320 Operating income (loss): Wealth Management 19,396 22,598 Tax Software 50,888 37,753 Corporate-level activity (33,055) (302,190) Total operating income (loss) 37,229 (241,839) Other loss, net (7,883) (6,135) Income tax expense (1,700) (67,520) Net income (loss) $ 27,646 $ (315,494)
Schedule of Segment Reporting Information, by SegmentRevenues by major category within each segment are presented below (in thousands): Three months ended March 31, 2021 2020 Wealth Management: Advisory $ 91,119 $ 78,757 Commission 52,534 50,580 Asset-based 5,329 10,579 Transaction and fee 5,509 5,073 Total Wealth Management revenue $ 154,491 $ 144,989 Tax Software: Consumer $ 110,567 $ 103,821 Professional 13,325 14,510 Total Tax Software revenue $ 123,892 $ 118,331
Schedule of Disaggregation of RevenueThe timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended March 31, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 91,119 $ 91,119 $ — $ 78,757 $ 78,757 Commission revenue 22,367 30,167 52,534 23,381 27,199 50,580 Asset-based revenue — 5,329 5,329 — 10,579 10,579 Transaction and fee revenue 1,374 4,135 5,509 1,859 3,214 5,073 Total Wealth Management revenue $ 23,741 $ 130,750 $ 154,491 $ 25,240 $ 119,749 $ 144,989 The timing of Tax Software revenue recognition was as follows (in thousands): Three months ended March 31, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 110,567 $ — $ 110,567 $ 103,821 $ — $ 103,821 Professional revenue 12,127 1,198 13,325 12,994 1,516 14,510 Total Tax Software revenue $ 122,694 $ 1,198 $ 123,892 $ 116,815 $ 1,516 $ 118,331

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Company's DebtOur debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 562,703 $ (3,896) $ (4,337) $ 554,470 $ 563,156 $ (4,173) $ (4,646) $ 554,337 Less: Current portion of long-term debt, net (1,786) (1,784) Long-term debt, net $ 552,684 $ 552,553

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Summary of Operating Lease ExpenseLease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three months ended March 31, 2021 2020 Fixed lease expense $ 1,154 $ 2,036 Variable lease expense 143 301 Lease expense, before sublease income 1,297 2,337 Sublease income (116) (326) Total lease expense, net of sublease income $ 1,181 $ 2,011 Additional lease information: Cash paid on operating lease liabilities $ 217 $ 1,190 Lease liabilities obtained from new right-of-use assets (1) $ — $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the three months ended March 31, 2020 resulted from the new corporate headquarters lease that commenced in January 2020.
Schedule of Supplemental Balance Sheet Information Related to LeasesOperating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2021 December 31, 2020 Lease liabilities—current $ 3,327 $ 2,304 Lease liabilities—long-term 35,723 36,404 Total operating lease liabilities $ 39,050 $ 38,708
Schedule of Maturities of Operating Lease LiabilitiesThe scheduled maturities of our operating lease liabilities as of March 31, 2021 are as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2021 $ 2,450 2022 5,056 2023 5,138 2024 5,077 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 53,058 Imputed interest (14,008) Present value of cash flows $ 39,050

Balance Sheet Components (Table

Balance Sheet Components (Tables)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets, net, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prepaid expenses $ 11,472 $ 9,643 Other current assets 543 678 Total prepaid expenses and other current assets, net $ 12,015 $ 10,321
Schedule of Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Salaries and related expenses $ 14,606 $ 19,317 HKFS Contingent Consideration liability (1)(2) 23,000 17,900 Contingent liability from 1st Global Acquisition (2) 11,328 11,328 Accrued vendor and advertising costs 12,922 2,606 Accrued taxes 3,068 240 Other current liabilities 7,811 5,028 Total accrued expenses and other current liabilities $ 72,735 $ 56,419 __________________________ (1) Represents the short-term portion of the HKFS Contingent Consideration liability. The long-term portion of the HKFS Contingent Consideration liability was classified in “Other long-term liabilities” on the condensed consolidated balance sheets. (2) For more information on contingent liabilities, see "Note 7—Commitments and Contingencies."

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring BasisThe fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using March 31, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,292 $ 4,292 $ — $ — Total assets at fair value $ 4,292 $ 4,292 $ — $ — HKFS Contingent Consideration $ 42,200 $ — $ — $ 42,200 Total liabilities at fair value $ 42,200 $ — $ — $ 42,200 Fair value measurements at the reporting date using December 31, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,290 $ 4,290 $ — $ — Total assets at fair value $ 4,290 $ 4,290 $ — $ — HKFS Contingent Consideration $ 35,900 $ — $ — $ 35,900 Total liabilities at fair value $ 35,900 $ — $ — $ 35,900
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input ReconciliationA reconciliation of the HKFS Contingent Consideration liability was as follows (in thousands): HKFS Contingent Consideration Liability Balance as of December 31, 2020 (1) $ 35,900 Valuation change recognized as expense (2) 6,300 Balance as of March 31, 2021 (1) $ 42,200 _________________________ (1) The short-term and long-term portions of the HKFS Contingent Consideration are recorded in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, on the condensed consolidated balance sheets. (2) Recognized in “Acquisition and integration” expense on the condensed consolidated statement of comprehensive income (loss) for the three months ended March 31, 2021.

Other Loss, Net (Tables)

Other Loss, Net (Tables)3 Months Ended
Mar. 31, 2021
Other Income and Expenses [Abstract]
Summary of Other Loss, Net“Other loss, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three months ended March 31, 2021 2020 Interest expense $ 7,183 $ 5,316 Amortization of debt issuance costs 363 313 Accretion of debt discounts 277 68 Total interest expense 7,823 5,697 Interest income (2) (14) Other 62 452 Other loss, net $ 7,883 $ 6,135

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)Three months ended March 31, 2021 2020 Income tax expense $ (1,700) $ (67,520)

Net Income Per Share (Tables)

Net Income Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Summary of Dilutive Effect for Awards with Exercise Price Less Than Average Stock PriceThe calculation of basic and diluted net income (loss) per share is as follows (in thousands): Three months ended March 31, 2021 2020 Numerator: Net income (loss) $ 27,646 $ (315,494) Denominator: Weighted average common shares outstanding—basic 48,261 47,827 Dilutive potential common shares (1) 836 — Weighted average common shares outstanding—diluted 49,097 47,827 Net income (loss) per share: Basic $ 0.57 $ (6.60) Diluted $ 0.56 $ (6.60) Shares excluded (1) 1,289 3,093 _________________________ (1) Potential common shares were excluded from the calculation of diluted net income (loss) per share for these periods because their effect would have been anti-dilutive. For the three months ended March 31, 2020, all potential common shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive due to the net loss recognized for the period.

Description of the Business (De

Description of the Business (Details)3 Months Ended
Mar. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents $ 191,803 $ 150,125
Cash segregated under federal or other regulations2,241 637
Total cash, cash equivalents, and restricted cash $ 194,044 $ 150,762 $ 169,368 $ 86,450

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accounting Policies [Abstract]
Impairment of goodwill $ 270,600 $ 270,625

Segment Information and Reven_3

Segment Information and Revenues - Information on Reportable Segments (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)segmentMar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment2
Revenue:
Revenues $ 278,383 $ 263,320
Operating income (loss):
Total operating income (loss)37,229 (241,839)
Other loss, net(7,883)(6,135)
Income tax expense(1,700)(67,520)
Net income (loss)27,646 (315,494)
Corporate-level activity
Operating income (loss):
Total operating income (loss)(33,055)(302,190)
Segment Reconciling Items
Operating income (loss):
Other loss, net(7,883)(6,135)
Income tax expense(1,700)(67,520)
Wealth Management
Revenue:
Revenues154,491 144,989
Wealth Management | Operating Segments
Operating income (loss):
Total operating income (loss)19,396 22,598
Tax Software
Revenue:
Revenues123,892 118,331
Tax Software | Operating Segments
Operating income (loss):
Total operating income (loss) $ 50,888 $ 37,753

Segment Information and Reven_4

Segment Information and Revenues - Details of Wealth Management Revenues (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues $ 278,383 $ 263,320
Wealth Management
Disaggregation of Revenue [Line Items]
Revenues154,491 144,989
Wealth Management | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues23,741 25,240
Wealth Management | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues130,750 119,749
Wealth Management | Advisory
Disaggregation of Revenue [Line Items]
Revenues91,119 78,757
Wealth Management | Advisory | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues0 0
Wealth Management | Advisory | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues91,119 78,757
Wealth Management | Commission
Disaggregation of Revenue [Line Items]
Revenues52,534 50,580
Wealth Management | Commission | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues22,367 23,381
Wealth Management | Commission | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues30,167 27,199
Wealth Management | Asset-based
Disaggregation of Revenue [Line Items]
Revenues5,329 10,579
Wealth Management | Asset-based | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues0 0
Wealth Management | Asset-based | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues5,329 10,579
Wealth Management | Transaction and fee
Disaggregation of Revenue [Line Items]
Revenues5,509 5,073
Wealth Management | Transaction and fee | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues1,374 1,859
Wealth Management | Transaction and fee | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues4,135 3,214
Tax Software
Disaggregation of Revenue [Line Items]
Revenues123,892 118,331
Tax Software | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues122,694 116,815
Tax Software | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues1,198 1,516
Tax Software | Consumer
Disaggregation of Revenue [Line Items]
Revenues110,567 103,821
Tax Software | Consumer | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues110,567 103,821
Tax Software | Consumer | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues0 0
Tax Software | Professional
Disaggregation of Revenue [Line Items]
Revenues13,325 14,510
Tax Software | Professional | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues12,127 12,994
Tax Software | Professional | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues $ 1,198 $ 1,516

Segment Information and Reven_5

Segment Information and Revenues - Details of Tax Preparation Revenues (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues $ 278,383 $ 263,320
Tax Software
Disaggregation of Revenue [Line Items]
Revenues123,892 118,331
Tax Software | Consumer
Disaggregation of Revenue [Line Items]
Revenues110,567 103,821
Tax Software | Professional
Disaggregation of Revenue [Line Items]
Revenues13,325 14,510
Tax Software | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues122,694 116,815
Tax Software | Recognized Upon Transaction | Consumer
Disaggregation of Revenue [Line Items]
Revenues110,567 103,821
Tax Software | Recognized Upon Transaction | Professional
Disaggregation of Revenue [Line Items]
Revenues12,127 12,994
Tax Software | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues1,198 1,516
Tax Software | Recognized Over Time | Consumer
Disaggregation of Revenue [Line Items]
Revenues0 0
Tax Software | Recognized Over Time | Professional
Disaggregation of Revenue [Line Items]
Revenues $ 1,198 $ 1,516

Debt - Schedule of Company's De

Debt - Schedule of Company's Debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Less: Current portion of long-term debt, net $ (1,786) $ (1,784)
Long-term debt, net552,684 552,553
Senior secured credit facility
Debt Instrument [Line Items]
Principal amount562,703 563,156
Discount(3,896)(4,173)
Debt issuance costs(4,337)(4,646)
Net  carrying value $ 554,470 $ 554,337

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)Jul. 01, 2020Mar. 31, 2021Dec. 31, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding $ 0 $ 0
Term Loan
Debt Instrument [Line Items]
Debt outstanding562,700,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility740,000,000
Principal amount562,703,000 $ 563,156,000
Amount available for future borrowings65,000,000
Senior Secured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility $ 65,000,000
Senior Secured Credit Facility | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Variable interest rate2.75%
Senior Secured Credit Facility | Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Variable interest rate3.25%
Senior Secured Credit Facility | Revolving Credit Facility | ABR | Minimum
Debt Instrument [Line Items]
Variable interest rate1.75%
Senior Secured Credit Facility | Revolving Credit Facility | ABR | Maximum
Debt Instrument [Line Items]
Variable interest rate2.25%
Senior Secured Credit Facility | Term Loan
Debt Instrument [Line Items]
Principal amount $ 675,000,000
Variable interest rate5.00%
Debt instrument, periodic payment, principal $ 500,000
Senior Secured Credit Facility | Term Loan | Eurodollar
Debt Instrument [Line Items]
Variable interest rate4.00%
Senior Secured Credit Facility | Term Loan | ABR
Debt Instrument [Line Items]
Variable interest rate3.00%

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lease, Cost [Abstract]
Fixed lease expense $ 1,154 $ 2,036
Variable lease expense143 301
Lease expense, before sublease income1,297 2,337
Sublease income(116)(326)
Total lease expense, net of sublease income1,181 2,011
Additional lease information:
Cash paid on operating lease liabilities217 1,190
Lease liabilities obtained from new right-of-use assets (1) $ 0 $ 20,414
Weighted-average remaining operating lease term10 years 9 months 18 days
Weighted-average operating lease discount rate5.40%

Leases - Supplement Balance She

Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Leases [Abstract]
Lease liabilities—current $ 3,327 $ 2,304
Lease liabilities—long-term35,723 36,404
Total operating lease liabilities $ 39,050 $ 38,708

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in ThousandsMar. 31, 2021USD ($)
Leases [Abstract]
Remainder of 2021 $ 2,450
20225,056
20235,138
20245,077
20255,013
Thereafter30,324
Total undiscounted cash flows53,058
Imputed interest(14,008)
Present value of cash flows $ 39,050

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses $ 11,472 $ 9,643
Other current assets543 678
Total prepaid expenses and other current assets, net $ 12,015 $ 10,321

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Salaries and related expenses $ 14,606 $ 19,317
Accrued vendor and advertising costs12,922 2,606
Accrued taxes3,068 240
Other current liabilities7,811 5,028
Total accrued expenses and other current liabilities72,735 56,419
Honkamp Krueger Financial Services, Inc.
Business Acquisition [Line Items]
Contingent liability23,000 17,900
1st Global
Business Acquisition [Line Items]
Contingent liability $ 11,328 $ 11,328

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in ThousandsJul. 01, 2020USD ($)earn_out_paymentMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
1st Global
Business Acquisition [Line Items]
Contingent liability $ 11,328 $ 11,328
Honkamp Krueger Financial Services, Inc.
Business Acquisition [Line Items]
Contingent liability23,000 $ 17,900
Purchase price $ 104,400
Number of potential earn-out payments | earn_out_payment2
Undiscounted contingent consideration30,000
HKFS Contingent Consideration $ 42,200

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration $ 42,200
Fair Value Measurements, Recurring
ASSETS
Total assets at fair value4,292 $ 4,290
Liabilities
Total liabilities at fair value42,200 35,900
Fair Value Measurements, Recurring | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration42,200 35,900
Fair Value Measurements, Recurring | Money market and other funds
ASSETS
Cash equivalents: money market and other funds4,292 4,290
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1)
ASSETS
Total assets at fair value4,292 4,290
Liabilities
Total liabilities at fair value0 0
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration0 0
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds4,292 4,290
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2)
ASSETS
Total assets at fair value0 0
Liabilities
Total liabilities at fair value0 0
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration0 0
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds0 0
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3)
ASSETS
Total assets at fair value0
Liabilities
Total liabilities at fair value42,200 35,900
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration42,200 35,900
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds $ 0 $ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding $ 562,700,000
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding0 $ 0
Carrying Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure562,700,000 563,200,000
Fair Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure $ 561,300,000 $ 561,700,000
Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input0.128
Measurement Input, Price Volatility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input0.367
Measurement Input, Credit Spread
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input0.024
Honkamp Krueger Financial Services, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
HKFS Contingent Consideration $ 42,200,000

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Fair Value Measured on Recurring Basis (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance $ 35,900
Valuation change recognized as expense6,300
Ending balance $ 42,200

Other Loss, Net - Schedule of O

Other Loss, Net - Schedule of Other Loss, Net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Other Income and Expenses [Abstract]
Interest expense $ 7,183 $ 5,316
Amortization of debt issuance costs363 313
Accretion of debt discounts277 68
Total interest expense7,823 5,697
Interest income(2)(14)
Other62 452
Other loss, net $ 7,883 $ 6,135

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense $ (1,700) $ (67,520)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense $ 1,700 $ 67,520

Net Income Per Share - Summary

Net Income Per Share - Summary of Dilutive Effect for Awards with Exercise Price Less than Average Stock Price (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net income (loss) $ 27,646 $ (315,494)
Denominator:
Weighted average common shares outstanding—basic (in shares)48,261 47,827
Dilutive potential common shares (in shares)836 0
Weighted average common shares outstanding—diluted (in shares)49,097 47,827
Net income (loss) per share:
Basic (in USD per share) $ 0.57 $ (6.60)
Diluted (in USD per share) $ 0.56 $ (6.60)
Shares excluded (in shares)1,289 3,093

Subsequent Event (Details)

Subsequent Event (Details) - Senior secured credit facilityJan. 01, 2023Apr. 26, 2021USD ($)Dec. 31, 2022Mar. 31, 2021USD ($)Sep. 30, 2022Dec. 31, 2021May 05, 2021USD ($)
Subsequent Event [Line Items]
Credit facility $ 740,000,000
Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility $ 65,000,000
Revolving Credit Facility | Minimum | Eurodollar
Subsequent Event [Line Items]
Variable interest rate2.75%
Revolving Credit Facility | Minimum | ABR
Subsequent Event [Line Items]
Variable interest rate1.75%
Revolving Credit Facility | Maximum | Eurodollar
Subsequent Event [Line Items]
Variable interest rate3.25%
Revolving Credit Facility | Maximum | ABR
Subsequent Event [Line Items]
Variable interest rate2.25%
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility $ 90,000,000
Additional revolving credit commitments $ 25,000,000
Long-term line of credit $ 0
Percentage of aggregate commitments draw30.00%
Subsequent Event | Revolving Credit Facility | April 1, 2021 Through December 31, 2021
Subsequent Event [Line Items]
Line of credit facility, leverage ratio4.75
Subsequent Event | Revolving Credit Facility | January 1, 2022 Through September 30, 2022
Subsequent Event [Line Items]
Line of credit facility, leverage ratio4.25
Subsequent Event | Revolving Credit Facility | October 1, 2022 Through December 31, 2022
Subsequent Event [Line Items]
Line of credit facility, leverage ratio4
Subsequent Event | Revolving Credit Facility | January 1, 2023 Through Maturity
Subsequent Event [Line Items]
Line of credit facility, leverage ratio3.50
Subsequent Event | Revolving Credit Facility | Minimum
Subsequent Event [Line Items]
Line of credit facility, commitment fee percentage0.35%
Subsequent Event | Revolving Credit Facility | Minimum | Eurodollar
Subsequent Event [Line Items]
Variable interest rate2.00%
Subsequent Event | Revolving Credit Facility | Minimum | ABR
Subsequent Event [Line Items]
Variable interest rate1.00%
Subsequent Event | Revolving Credit Facility | Maximum
Subsequent Event [Line Items]
Line of credit facility, commitment fee percentage0.40%
Subsequent Event | Revolving Credit Facility | Maximum | Eurodollar
Subsequent Event [Line Items]
Variable interest rate2.50%
Subsequent Event | Revolving Credit Facility | Maximum | ABR
Subsequent Event [Line Items]
Variable interest rate1.50%