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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of Revenue Disaggregated by Type of Revenue and Geographic Region

 

The nature, amount, timing and uncertainty of our revenues and how revenues and cash flows are affected by economic factors is most appropriately depicted by type of revenues and by geographic region (using the location of the client as the basis of attributing revenues to the individual regions) as follows (in thousands):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cloud and related solutions

 

$

222,183

 

 

$

187,401

 

 

$

441,773

 

 

$

364,917

 

Software and services

 

 

12,173

 

 

 

13,331

 

 

 

25,201

 

 

 

25,290

 

Maintenance

 

 

11,500

 

 

 

12,301

 

 

 

23,675

 

 

 

24,530

 

Total revenues

 

$

245,856

 

 

$

213,033

 

 

$

490,649

 

 

$

414,737

 

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Americas (principally the U.S.)

 

$

214,390

 

 

$

180,217

 

 

$

425,120

 

 

$

350,120

 

Europe, Middle East, and Africa

 

 

22,606

 

 

 

21,977

 

 

 

47,232

 

 

 

42,411

 

Asia Pacific

 

 

8,860

 

 

 

10,839

 

 

 

18,297

 

 

 

22,206

 

Total revenues

 

$

245,856

 

 

$

213,033

 

 

$

490,649

 

 

$

414,737

 

Fair Value Measurements

The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands):

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

4,254

 

 

$

 

 

$

4,254

 

 

$

4,392

 

 

$

 

 

$

4,392

 

Commercial paper

 

 

 

 

 

10,626

 

 

 

10,626

 

 

 

 

 

 

9,078

 

 

 

9,078

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

 

 

 

12,834

 

 

 

12,834

 

 

 

 

 

 

16,357

 

 

 

16,357

 

U.S. government agency bonds

 

 

 

 

 

650

 

 

 

650

 

 

 

 

 

 

3,724

 

 

 

3,724

 

Asset-backed securities

 

 

 

 

 

4,190

 

 

 

4,190

 

 

 

 

 

 

3,522

 

 

 

3,522

 

Total

 

$

4,254

 

 

$

28,300

 

 

$

32,554

 

 

$

4,392

 

 

$

32,681

 

 

$

37,073

 

Carrying Value (Par Value for Convertible Debt) and Estimated Fair Value of Debt

We have chosen not to measure our debt at fair value, with changes recognized in earnings each reporting period.  The following table indicates the carrying value (par value for convertible debt) and estimated fair value of our debt as of the indicated periods (in thousands):

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Value

 

 

Value

 

 

Value

 

 

Value

 

2018 Credit Agreement (carrying value including current maturities)

 

$

140,625

 

 

$

140,625

 

 

$

144,375

 

 

$

144,375

 

2016 Convertible debt (par value)

 

 

230,000

 

 

 

254,438

 

 

 

230,000

 

 

 

228,275