Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 30, 2018 | May 31, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | QAD INC | |
Entity Central Index Key | 1,036,188 | |
Trading Symbol | qada | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,172,193 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,263,231 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Assets | ||
Cash and equivalents | $ 144,389 | $ 147,023 |
Accounts receivable, net of allowances of $1,902 and $1,763 at April 30, 2018 and January 31, 2018, respectively | 56,909 | 83,518 |
Other current assets | 23,538 | 15,856 |
Total current assets | 224,836 | 246,397 |
Property and equipment, net | 30,184 | 30,408 |
Capitalized software costs, net | 1,050 | 990 |
Goodwill | 10,974 | 11,023 |
Deferred tax assets, net | 13,057 | 7,944 |
Other assets, net | 11,147 | 3,055 |
Total assets | 291,248 | 299,817 |
Liabilities and Stockholders’ Equity | ||
Current portion of long-term debt | 471 | 466 |
Accounts payable | 9,192 | 14,818 |
Deferred revenue | 103,369 | 116,693 |
Other current liabilities | 34,830 | 43,460 |
Total current liabilities | 147,862 | 175,437 |
Long-term debt | 13,194 | 13,313 |
Other liabilities | 4,883 | 5,439 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value. Authorized shares; none issued or outstanding | ||
Additional paid-in capital | 196,058 | 200,456 |
Treasury stock, at cost (718,323 shares and 892,700 shares at April 30, 2018 and January 31, 2018, respectively) | (10,035) | (12,461) |
Accumulated deficit | (53,396) | (75,559) |
Accumulated other comprehensive loss | (7,338) | (6,828) |
Total stockholders’ equity | 125,309 | 105,628 |
Total liabilities and stockholders’ equity | 291,248 | 299,817 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock value | 16 | 16 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock value | $ 4 | $ 4 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Accounts receivable, net of allowance | $ 1,902 | $ 1,763 |
Treasury stock (in shares) | 718,323 | 892,700 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 71,000,000 | 71,000,000 |
Common stock, shares issued (in shares) | 16,605,215 | 16,605,215 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares issued (in shares) | 3,537,380 | 3,537,380 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenue: | ||
Revenues | $ 86,190 | $ 71,382 |
Costs of revenue: | ||
Costs of revenues | 41,067 | 34,866 |
Gross profit | 45,123 | 36,516 |
Operating expenses: | ||
Sales and marketing | 19,946 | 17,587 |
Research and development | 14,006 | 11,532 |
General and administrative | 9,362 | 8,593 |
Amortization of intangibles from acquisitions | 163 | |
Total operating expenses | 43,314 | 37,875 |
Operating income (loss) | 1,809 | (1,359) |
Other (income) expense: | ||
Interest income | (524) | (168) |
Interest expense | 157 | 156 |
Other (income) expense, net | (404) | 604 |
Total other (income) expense, net | (771) | 592 |
Income (loss) before income taxes | 2,580 | (1,951) |
Income tax expense | 1,183 | 620 |
Net income (loss) | 1,397 | (2,571) |
Diluted net income (loss) per share | ||
Net income (loss) | 1,397 | (2,571) |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | (510) | 640 |
Total comprehensive income (loss) | 887 | (1,931) |
Common Class A [Member] | ||
Other (income) expense: | ||
Net income (loss) | $ 1,196 | $ (2,199) |
Basic net income (loss) per share | ||
Basic net (loss) income per share (in dollars per share) | $ 0.07 | $ (0.14) |
Diluted net income (loss) per share | ||
Diluted net (loss) income per share (in dollars per share) | $ 0.07 | $ (0.14) |
Net income (loss) | $ 1,196 | $ (2,199) |
Common Class B [Member] | ||
Other (income) expense: | ||
Net income (loss) | $ 201 | $ (372) |
Basic net income (loss) per share | ||
Basic net (loss) income per share (in dollars per share) | $ 0.06 | $ (0.12) |
Diluted net income (loss) per share | ||
Diluted net (loss) income per share (in dollars per share) | $ 0.06 | $ (0.12) |
Net income (loss) | $ 201 | $ (372) |
Subscription and Circulation [Member] | ||
Revenue: | ||
Revenues | 21,511 | 15,343 |
Costs of revenue: | ||
Costs of revenues | 8,228 | 7,720 |
License [Member] | ||
Revenue: | ||
Revenues | 6,266 | 5,265 |
Costs of revenue: | ||
Costs of revenues | 664 | 685 |
Maintenance [Member] | ||
Revenue: | ||
Revenues | 31,483 | 31,906 |
Costs of revenue: | ||
Costs of revenues | 7,865 | 7,694 |
Professional Services [Member] | ||
Revenue: | ||
Revenues | 26,930 | 18,868 |
Costs of revenue: | ||
Costs of revenues | $ 24,310 | $ 18,767 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,397 | $ (2,571) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,362 | 1,522 |
Amortization of deferred costs | 1,004 | |
Provision for doubtful accounts | 270 | 113 |
Net change in valuation allowance | 1,416 | 1,107 |
Other deferred income taxes | 1,053 | (1,389) |
Stock-based compensation expense | 2,106 | 1,768 |
Change in fair value of interest rate swap | (117) | (13) |
Changes in assets and liabilities: | ||
Accounts receivable | 25,543 | 23,250 |
Other assets | (4,454) | 171 |
Accounts payable | (5,459) | (3,279) |
Deferred revenue | (11,020) | (7,623) |
Other liabilities | (9,316) | (5,174) |
Net cash provided by operating activities | 3,785 | 7,882 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,093) | (652) |
Capitalized software costs | (179) | (143) |
Net cash used in investing activities | (1,272) | (795) |
Cash flows from financing activities: | ||
Repayments of debt | (117) | (129) |
Tax payments, net of proceeds, related to stock awards | (4,078) | (170) |
Net cash used in financing activities | (4,195) | (299) |
Effect of exchange rates on cash and equivalents | (952) | 1,478 |
Net (decrease) increase in cash and equivalents | (2,634) | 8,266 |
Cash and equivalents at beginning of period | 147,023 | 145,082 |
Cash and equivalents at end of period | 144,389 | 153,348 |
Supplemental disclosure of non-cash activities: | ||
Obligations associated with dividend declaration | 1,359 | 1,331 |
Interest | 154 | 149 |
Income taxes, net of refunds | $ 799 | $ 656 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Recent Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements fairly present the financial information contained therein. These statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not 10 January 31, 2018. three April 30, 2018 not January 31, 2019. The Company’s accounting policies are set forth in detail in Note 1 10 January 31, 2018 Effective February 1, 2018 No. 2014 09, Revenue from Contracts with Customers 606” 2 2 10 Certain prior year amounts have been reclassified for consistency with the current year presentation. Adjustments were made to the operating activities section of the Condensed Consolidated Statements of Cash Flows. These reclassifications had no no Recent Accounting Pronouncements With the exception of those discussed below, there have been no three April 30, 2018, Recent Accounting Pronouncements Adopted In October 2016, 2016 16, Intra-Entity Transfers of Assets Other Than Inventory December 15, 2017 2016 16 February 1, 2018 $9.6 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 December 15, 2017 2016 15 February 1, 2018 no In May 2014, 2014 09, Revenue from Contracts with Customers 606 Revenue Recognition 605 985 605 Software - Revenue Recognition 605 985 605 605” 606, 606 The Company adopted Topic 606 first 2019 2019 606. not not 606 606. The most significant impacts of the adoption of Topic 606 ● Removal of vendor specific objective evidence (“VSOE”) under prior GAAP resulted in earlier recognition of license and services revenues in those instances where the Company sold a multi-element deal where services did not $2.0 ● Removal of the limitation on contingent revenue resulted in revenue being recognized earlier for certain contracts. At adoption, QAD decreased accumulated deficit and increased contract assets by $0.8 ● Contracts containing a future option to the customer represented a material right which resulted in deferral of revenue. At adoption, QAD increased accumulated deficit and deferred revenue by $0.3 ● Commission expenses related to new cloud and maintenance contracts are no five $9.1 ● Sales agent fees to obtain new cloud and maintenance contracts are no five $1.0 ● Cloud environment setup costs incurred to fulfill new cloud customer contracts are no five $1.5 The tax impact of the above adjustments was assessed and, at adoption, QAD increased accumulated deficit and decreased net deferred tax assets by $1.6 Adjustments to beginning consolidated balance sheet accounts The following table presents the cumulative effect adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for the new accounting standards adopted by the Company on the first 2019: Jan. 31, 2018 Topic 606 ASU2016-16 (1) Feb. 1, 2018 (in thousands) Assets Current assets: Cash and equivalents $ 147,023 $ - $ - $ 147,023 Accounts receivable, net 83,518 - - 83,518 Other current assets 15,856 4,013 - 19,869 Total current assets 246,397 4,013 - 250,410 Property and equipment, net 30,408 - - 30,408 Capitalized software costs, net 990 - - 990 Goodwill 11,023 - - 11,023 Deferred tax assets, net 7,944 (1,643 ) 9,584 15,885 Other assets, net 3,055 8,421 - 11,476 Total assets $ 299,817 $ 10,791 $ 9,584 $ 320,192 Liabilities and stockholders’ equity Current portion of long-term debt $ 466 $ - $ - $ 466 Accounts payable 14,818 - - 14,818 Deferred revenue 116,693 (1,239 ) - 115,454 Other current liabilities 43,460 - - 43,460 Total current liabilities 175,437 (1,239 ) - 174,198 Long-term debt 13,313 - - 13,313 Other liabilities 5,439 (511 ) - 4,928 Stockholders’ equity Common stock - Class A 16 - - 16 Common stock - Class B 4 - - 4 Additional paid-in capital 200,456 - - 200,456 Treasury stock (12,461 ) - - (12,461 ) Accumulated deficit (75,559 ) 12,541 9,584 (53,434 ) Accumulated other comprehensive loss (6,828 ) - - (6,828 ) Total stockholders’ equity 105,628 12,541 9,584 127,753 Total liabilities and stockholders’ equity $ 299,817 $ 10,791 $ 9,584 $ 320,192 ( 1 For further information about the adoption of Income taxes (Topic 740 9 The following table summarizes the effects of adopting Topic 606 April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Assets Current assets: Cash and equivalents $ 144,389 $ - $ 144,389 Accounts receivable, net 56,909 - 56,909 Other current assets 23,538 (3,658 ) 19,880 Total current assets 224,836 (3,658 ) 221,178 Property and equipment, net 30,184 - 30,184 Capitalized software costs, net 1,050 - 1,050 Goodwill 10,974 - 10,974 Deferred tax assets, net 13,057 994 14,051 Other assets, net 11,147 (8,050 ) 3,097 Total assets $ 291,248 $ (10,714 ) $ 280,534 Liabilities and stockholders’ equity Current portion of long-term debt $ 471 $ - $ 471 Accounts payable 9,192 - 9,192 Deferred revenue 103,369 3,384 106,753 Other current liabilities 34,830 - 34,830 Total current liabilities 147,862 3,384 151,246 Long-term debt 13,194 - 13,194 Other liabilities 4,883 1,094 5,977 Stockholders’ equity Common stock - Class A 16 - 16 Common stock - Class B 4 - 4 Additional paid-in capital 196,058 - 196,058 Treasury stock (10,035 ) - (10,035 ) Accumulated deficit (53,396 ) (15,192 ) (68,588 ) Accumulated other comprehensive loss (7,338 ) - (7,338 ) Total stockholders’ equity 125,309 (15,192 ) 110,117 Total liabilities and stockholders’ equity $ 291,248 $ (10,714 ) $ 280,534 The following table summarizes the effects of adopting Topic 606 three April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands, except per share amounts) Revenue Subscription fees $ 21,511 $ (306 ) $ 21,205 License fees 6,266 (1,170 ) 5,096 Maintenance and other 31,483 73 31,556 Professional services 26,930 (1,750 ) 25,180 Total revenue 86,190 (3,153 ) 83,037 Cost of revenue: Subscription fees 8,228 10 8,238 License fees 664 - 664 Maintenance and other 7,865 - 7,865 Professional services 24,310 - 24,310 Total cost of revenue 41,067 10 41,077 Gross profit 45,123 (3,163 ) 41,960 Operating expenses: Sales and marketing 19,946 (262 ) 19,684 Research and development 14,006 (59 ) 13,947 General and administrative 9,362 - 9,362 Total operating expenses 43,314 (321 ) 42,993 Operating income 1,809 (2,842 ) (1,033 ) Other (income) expense Interest income (524 ) - (524 ) Interest expense 157 - 157 Other (income) expense (404 ) - (404 ) Total other (income) expense, net (771 ) - (771 ) Income before income taxes 2,580 (2,842 ) (262 ) Income tax expense 1,183 (191 ) 992 Net income $ 1,397 $ (2,651 ) $ (1,254 ) Basic income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) Diluted income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) The Company’s net cash provided by operating activities for the three April 30, 2018 not 606. 606 three April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Net income (loss) $ 1,397 $ (2,651 ) $ (1,254 ) Amortization of deferred costs 1,004 (1,004 ) - Net change in valuation allowance 1,416 648 2,064 Changes in operating assets and liabilities: Other assets (4,454 ) 279 (4,175 ) Deferred revenue (11,020 ) 2,728 (8,292 ) Recent Accounting Pronouncements Not In February 2016, 2016 02, Leases (Topic 842 2016 02 2016 02 first 2020 2016 02 2016 02. In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 Impairment, 2 zero 2 February 1, 2020. not 2017 04 |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. QAD offers its software using the same underlying technology via two not The Company generates revenue through sales of licenses and maintenance provided to its on-premises customers and through subscriptions of its cloud-based software. QAD offers professional services to both its on-premises and cloud customers to assist them with the design, testing and implementation of its software. The Company determines revenue recognition through the following steps: - Identification of the contract, or contracts, with a customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy a performance obligation. The Company records the amount of revenue and related costs by considering whether the entity is a principal (gross presentation) or an agent (net presentation) by evaluating the nature of its promise to the customer. Revenue is presented net of sales, value-added and other taxes collected from customers and remitted to government authorities. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Topic 606. The Company’s contracts which contain multiple performance obligations generally consist of the initial purchase of subscription or licenses and a professional services engagement. License purchases generally have multiple performance obligations as customers purchase maintenance in addition to the licenses. The Company’s single performance obligation arrangements are typically maintenance renewals, subscription renewals and services engagements. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price ("SSP") for any distinct good or service, the Company may Subscription Subscription revenue is recognized ratably over the initial subscription period committed to by the customer commencing when the cloud environment is made available to the customer. The initial subscription period is typically 12 60 30 Software Licenses Transfer of control for software is considered to have occurred upon electronic delivery of the license key that provides immediate availability of the product to the customer. The Company’s typical payment terms tend to vary by region but its standard payment terms are within 30 90 Maintenance Revenue from support services and product updates, referred to as maintenance revenue, is recognized ratably over the term of the maintenance period, which in most instances is one 30 Professional Services Revenue from professional services is typically comprised of implementation, development, training or other consulting services. Consulting services are generally sold on a time-and-materials or fixed fee basis and can include services ranging from software installation to data conversion and building non-complex interfaces to allow the software to operate in integrated environments. The Company recognizes revenue for time-and-materials arrangements as the services are performed. In fixed fee arrangements, revenue is recognized as services are performed as measured by costs incurred to date, compared to total estimated costs to complete the services project. Management applies judgment when estimating project status and the costs necessary to complete the services projects. A number of internal and external factors can affect these estimates, including labor rates, utilization and efficiency variances and specification and testing requirement changes. Services are generally invoiced upon milestones in the contract or upon consumption of the hourly resources and payments are typically due 30 Indirect Sales Channels The Company executes arrangements through indirect sales channels via sales agents and distributors who are authorized to market its software products to end users. In arrangements with sales agents, QAD contracts directly with the customer and sales agents are compensated on a commission basis. Distributor arrangements are those in which the resellers are authorized to market and distribute the Company’s software products to end users in specified territories and the distributor bears the risk of collection from the end user customer. The Company recognizes revenue from transactions with distributors when the distributor submits a signed agreement and transfer of control has occurred to the distributor in accordance with the five not Disaggregated Revenue The Company disaggregates revenue from contracts with customers by geography and by the customers’ industry within manufacturing, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s revenue by geography is as follows: Three Months Ended April 30, 2018 2017 (in thousands) North America $ 40,025 $ 33,370 EMEA 25,087 20,881 Asia Pacific 12,559 12,166 Latin America 8,519 4,965 Total revenue $ 86,190 $ 71,382 The Company’s revenue by industry is as follows: Three Months Ended April 30, 2018 2017 (in thousands) Automotive $ 37,062 $ 26,412 Consumer products and food and beverage 13,790 11,421 High technology and industrial products 24,995 22,842 Life sciences 10,343 10,707 Total revenue $ 86,190 $ 71,382 Significant Judgments More judgments and estimates are required under Topic 606 605. 606 may may Judgment is required to determine the SSP for each distinct performance obligation. The Company rarely licenses or sells products on a stand-alone basis, so the Company is required to estimate the range of SSPs for each performance obligation. In instances where SSP is not not may Revenue is recognized over time for the Company’s subscription, maintenance and fixed fee professional services that are separate performance obligations. For the Company’s professional services, revenue is recognized over time, generally using costs incurred or hours expended to measure progress. Judgment is required in estimating project status and the costs necessary to complete projects. A number of internal and external factors can affect these estimates, including labor rates, utilization, specification variances and testing requirement changes. If a group of agreements are entered at or near the same time and so closely related that they are, in effect, part of a single arrangement, such agreements are deemed to be combined as one If a contract includes variable consideration, the Company exercises judgment in estimating the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods or services to a customer. When estimating variable consideration, the Company will consider all relevant facts and circumstances. Variable consideration will be estimated and included in the contract price only when it is probable that a significant reversal in the amount of revenue recognized will not Contract Balances The timing of revenue recognition may not not The contract assets indicated below are presented as other current and non-current assets in the Condensed Consolidated Balance Sheets. These assets primarily relate to professional services and subscription and consist of the Company’s rights to consideration for goods or services transferred but not April 30, 2018. The Company’s contract balances are as follows: As of April 30, 2018 Feb. 1, 2018 (In thousands) Contract assets, short-term $ 1,345 $ 890 Contract assets, long-term - 110 Total contract assets $ 1,345 $ 1,000 Deferred revenue, short-term $ 103,369 $ 115,454 Deferred revenue, long-term 1,366 1,644 Total deferred revenue $ 104,735 $ 117,098 During the three April 30, 2018, $50.2 606, Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $237.6 April 30, 2018, $151.5 12 not not Deferred Revenue QAD typically invoices its customers for subscription and support fees in advance on a quarterly or annual basis, with payment due at the start of the subscription or support term. Unpaid invoice amounts for non-cancelable services starting in future periods are included in accounts receivable and deferred revenue. The portion of deferred revenue that QAD anticipates will be recognized after the succeeding twelve Deferred revenues consisted of the following: As of April 30, 2018 January 31, 201 8 (in thousands) Deferred maintenance $ 72,141 $ 80,811 Deferred subscription 28,483 31,034 Deferred professional services 2,297 3,523 Deferred license 21 756 Deferred other revenue 427 569 Deferred revenues, current 103,369 116,693 Deferred revenues, non-current (in Other liabilities) 1,366 2,156 Total deferred revenues $ 104,735 $ 118,849 Practical Expedients and Exemptions There are several practical expedients and exemptions allowed under Topic 606 606: Application ● The Company does not one ● The Company generally expenses sales commissions and sales agent fees when incurred when the amortization period would have been one ● The Company also used the practical expedient to calculate contract acquisition costs based on a portfolio of contracts with similar characteristics instead of a contract by contract analysis. ● The Company does not Modified Retrospective Transition Adjustments ● For contract modifications, the Company reflected the aggregate effect of all modifications that occurred prior to the adoption date when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to satisfied and unsatisfied performance obligations for the modified contract at transition. Costs to Obtain and Fulfill a Contract The Company’s incremental direct costs of obtaining a contract consist of sales commissions and sales agent fees which are deferred and amortized ratably over the term of economic benefit which the Company has determined to be five one April 30, 2018 January 31, 2018, $10.7 $10.1 three April 30, 2018, $0.9 Costs to fulfill a contract, which are incurred upon initiation of certain services contracts and are related to initial customer setup, are included in other current assets and long-term assets in the Company’s Condensed Consolidated Balance Sheets. The amount of such cost at April 30, 2018 January 31, 2018 $1.5 five three April 30, 2018, $0.1 Recoverability of these costs is subject to various business risks. Quarterly, the Company compares the carrying value of these assets with the undiscounted future cash flows expected to be generated by them to determine if there is impairment. If impaired, these assets are reduced to an estimated fair value on a discounted cash flow basis. No three April 30, 2018. |
Note 3 - Computation of Net Inc
Note 3 - Computation of Net Income (Loss) Per Share | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 . COMPUTATION OF NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended April 30, 2018 2017 (in thousands except per share data) Net income (loss) $ 1,397 $ (2,571 ) Less: Dividends declared (1,359 ) (1,331 ) Undistributed net income (loss) $ 38 $ (3,902 ) Net income (loss) per share – Class A Common Stock Dividends declared $ 1,164 $ 1,138 Allocation of undistributed net income (loss) 32 (3,337 ) Net income (loss) attributable to Class A common stock $ 1,196 $ (2,199 ) Weighted average shares of Class A common stock outstanding— basic 16,076 15,809 Weighted average potential shares of Class A common stock 1,750 — Weighted average shares of Class A common stock and potential common shares outstanding— diluted 17,826 15,809 Basic net income (loss) per Class A common share $ 0.07 $ (0.14 ) Diluted net income (loss) per Class A common share $ 0.07 $ (0.14 ) Net income (loss) per share – Class B Common Stock Dividends declared $ 195 $ 193 Allocation of undistributed net income (loss) 6 (565 ) Net income (loss) attributable to Class B common stock $ 201 $ (372 ) Weighted average shares of Class B common stock outstanding— basic 3,232 3,210 Weighted average potential shares of Class B common stock 182 — Weighted average shares of Class B common stock and potential common shares outstanding— diluted 3,414 3,210 Basic net income (loss) per Class B common share $ 0.06 $ (0.12 ) Diluted net income (loss) per Class B common share $ 0.06 $ (0.12 ) Potential common shares consist of the shares issuable upon the release of restricted stock units (“RSUs”) and the exercise of stock options and stock appreciation rights (“SARs”). The Company’s unvested RSUs and unexercised SARs are not not The following table sets forth the number of potential common shares not Three Months Ended April 30, 2018 2017 (in thousands) Class A — 3,036 Class B — 389 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 4 . FAIR VALUE MEASUREMENTS When determining fair value, the Company uses a three not The following table sets forth the financial assets and liabilities, measured at fair value, as of April 30, 2018 January 31, 2018: Fair value measurement at reporting date using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Money market mutual funds as of April 30, 2018 (a) $ 108,892 Money market mutual funds as of January 31, 2018 (a) $ 115,416 Asset related to the interest rate swap as of April 30, 2018 (b) $ 304 Asset related to the interest rate swap as of January 31, 2018 (b) $ 187 ___________________________ (a) Money market mutual funds are recorded at fair value based upon quoted market prices. (b) The asset related to the interest rate swap is recorded at fair value based upon a valuation model that uses relevant observable market inputs at quoted intervals, such as forward yield curves. Money market mutual funds are classified as part of cash and equivalents in the accompanying Condensed Consolidated Balance Sheets. The amount of cash and equivalents deposited with commercial banks was $35.0 $32.0 April 30, 2018 January 31, 2018, The Company’s note payable bears a variable market interest rate commensurate with the Company’s credit standing. Therefore, the carrying amount outstanding under the note payable reasonably approximates fair value based on Level 2 There have been no three April 30, 2018. Derivative Instruments The Company entered into an interest rate swap in May 2012 one 7 The fair values of the derivative instrument at April 30, 2018 January 31, 2018 Asset Fair Value Balance Sheet Location April 30, 2018 January 31, 2018 Derivative instrument: Interest rate swap Other assets, net $ 304 $ 187 Total $ 304 $ 187 The change in fair value of the interest rate swap recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three April 30, 2018 2017 $117,000 $13,000, |
Note 5 - Capitalized Software C
Note 5 - Capitalized Software Costs | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Capitalized Software Costs [Text Block] | 5 . CAPITALIZED SOFTWARE COSTS Capitalized software costs and accumulated amortization at April 30, 2018 January 31, 2018 April 30, 201 8 January 31, 20 1 8 (in thousands) Capitalized software development costs $ 1,480 $ 1,516 Less accumulated amortization (430 ) (526 ) Capitalized software costs, net $ 1,050 $ 990 The Company’s capitalized software development costs relate to translations and localizations of QAD Enterprise Applications. It is the Company’s policy to write off capitalized software development costs once fully amortized. Accordingly, during the first three 2019, $0.2 Amortization of capitalized software costs was $0.1 $0.2 three April 30, 2018 2017, The following table summarizes the estimated future amortization expense relating to the Company’s capitalized software costs as of April 30, 2018: Fiscal Years (in thousands) 2019 remaining $ 360 2020 433 2021 249 2022 8 $ 1,050 |
Note 6 - Goodwill
Note 6 - Goodwill | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6 . GOODWILL The changes in the carrying amount of goodwill for the three April 30, 2018 Gross Carrying Amount Accumulated Impairment Goodwill, Net (in thousands) Balance at January 31, 2018 $ 26,631 $ (15,608 ) $ 11,023 Impact of foreign currency translation (49 ) — (49 ) Balance at April 30, 2018 $ 26,582 $ (15,608 ) $ 10,974 The Company performed its annual goodwill impairment review during the fourth 2018. November 30, 2017. no 2018. No three April 30, 2018 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 . DEBT April 30, 201 8 January 31, 201 8 (in thousands) Note payable $ 13,708 $ 13,825 Less current maturities (471 ) (466 ) Less loan origination costs, net (43 ) (46 ) Long-term debt $ 13,194 $ 13,313 Note Payable Effective May 30, 2012 “2012 2012 $16.1 one 2.25%. 1.90% April 30, 2018. 2012 June 2022 2012 $16.1 4.31% 2012 2012 $88,100 one $11.7 April 30, 2018 $13.7 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | 8 . ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Currency Translation Adjustments (in thousands) Balance as of January 31, 2018 $ (6,828 ) Other comprehensive income before reclassifications (510 ) Amounts reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss (510 ) Balance as of April 30, 2018 $ (7,338 ) During the first three 2019 no |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES In determining the quarterly provision for income taxes, the Company calculated income tax expense based on actual quarterly results in the first 2019 2018, 2018 2019 The Company recorded income tax expense of $1.2 $0.6 first three 2019 2018, 46% first 2019 32% first 2019 2018. When calculating the income tax expense for the first three 2019, December 22, 2017. 21% 2018 $10.0 2018 $2.0 may eight not 2018 2019 No. 118. The Company included a provision for GILTI in the tax expense for the first three 2019. not not not not The Company adopted ASU 2016 16, Income taxes (Topic 740 three April 30, 2018, $9.6 February 1, 2018 2018. The gross amount of unrecognized tax benefits was $1.8 April 30, 2018, $0.9 twelve April 30, 2018, $0.2 The Company reviews its net deferred tax assets by jurisdiction on a quarterly basis to determine whether a valuation allowance is necessary based on the more-likely-than- not 2017, April 30, 2018, April 30, 2018 January 31, 2018, $33.8 $33.7 The Company files U.S. federal, state, and foreign tax returns that are subject to audit by various tax authorities. The Company is currently under audit in: ● India for fiscal years ended March 31, 2010, 2013 2014 ● Iowa for fiscal year ended January 31, 2014 ● Kentucky for fiscal year ended January 31, 2016 ● Netherlands for fiscal year ended January 31, 2016 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10 . STOCKHOLDERS’ EQUITY Dividends The following table sets forth the dividends that were declared by the Company during the first three 2019: Declaration Date Record Date Payable Dividend Class A Dividend Class B (in thousands) 4/10/2018 4/24/2018 5/1/2018 $ 0.072 $ 0.06 $ 1,359 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11 . STOCK-BASED COMPENSATION The Company’s equity awards consist of RSUs and SARs. For a description of the Company’s stock-based compensation plans, see Note 5 10 January 31, 2018. Stock-Based Compensation The following table sets forth reported stock-based compensation expense for the three April 30, 2018 2017: Three Months Ended April 30, 2018 2017 (in thousands) Cost of subscription fees $ 49 $ 25 Cost of maintenance and other 92 77 Cost of professional services 226 220 Sales and marketing 402 317 Research and development 315 253 General and administrative 1,022 876 Total stock-based compensation expense $ 2,106 $ 1,768 RSU Information The estimated fair value of RSUs was calculated based on the closing price of the Company’s common stock on the date of grant, reduced by the present value of dividends foregone during the vesting period. The following table summarizes the activity for RSUs for the three April 30, 2018: RSUs Weighted Average Grant Date Fair Value (in thousands) Restricted stock at January 31, 2018 653 $ 25.10 Granted 2 43.93 Released (1) (11 ) 26.04 Forfeited (13 ) 24.54 Restricted stock at April 30, 2018 631 $ 25.16 _________________________ ( 1 The number of RSUs released includes shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. The Company withholds a portion of the released shares as consideration for the Company’s payment of applicable employee income taxes. During the three April 30, 2018, 4,000 $0.2 Total unrecognized compensation cost related to RSUs was approximately $10.9 April 30, 2018. 2.5 SAR Information The following table summarizes the activity for outstanding SARs for the three April 30, 2018: SARs (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at January 31, 2018 3,024 $ 17.78 Granted — — Exercised (339 ) 9.25 Expired — — Forfeited (1 ) 19.40 Outstanding at April 30, 2018 2,684 $ 18.86 4.2 $ 66,381 Vested and exercisable at April 30, 2018 1,734 $ 15.24 3.1 $ 48,961 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock based on the last trading day as of April 30, 2018, April 30, 2018. three April 30, 2018 $10.5 The number of SARs exercised includes shares withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. During the three April 30, 2018, 93,000 $3.9 At April 30, 2018, $4.9 2.5 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Indemnifications The Company sells software licenses and services to its customers under written agreements. Each agreement contains the relevant terms of the contractual arrangement with the customer and generally includes certain provisions for indemnifying the customer against losses, expenses and liabilities from damages that may third The Company believes its internal development processes and other policies and practices limit its exposure related to the indemnification provisions of the agreements. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases under the agreements, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. Legal Actions The Company is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 3 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company markets its products and services worldwide, primarily to companies in the manufacturing industry, including automotive, consumer products, food and beverage, high technology, industrial products and life sciences industries. The Company sells and licenses its products through its direct sales force in four third 606, not 280, Segment Reporting not one Subscription, license and maintenance revenues are generally assigned to the region where a majority of the end users are located. Professional services revenue is assigned based on the region where the services are delivered. Three Months Ended April 30, 201 8 201 7 Revenue: (in thousands) North America (1) $ 40,025 $ 33,370 EMEA 25,087 20,881 Asia Pacific 12,559 12,166 Latin America 8,519 4,965 $ 86,190 $ 71,382 ____________________________ ( 1 Sales into Canada accounted for 2% 1% three three April 30, 2018 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements fairly present the financial information contained therein. These statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not 10 January 31, 2018. three April 30, 2018 not January 31, 2019. The Company’s accounting policies are set forth in detail in Note 1 10 January 31, 2018 Effective February 1, 2018 No. 2014 09, Revenue from Contracts with Customers 606” 2 2 10 Certain prior year amounts have been reclassified for consistency with the current year presentation. Adjustments were made to the operating activities section of the Condensed Consolidated Statements of Cash Flows. These reclassifications had no no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements With the exception of those discussed below, there have been no three April 30, 2018, Recent Accounting Pronouncements Adopted In October 2016, 2016 16, Intra-Entity Transfers of Assets Other Than Inventory December 15, 2017 2016 16 February 1, 2018 $9.6 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 December 15, 2017 2016 15 February 1, 2018 no In May 2014, 2014 09, Revenue from Contracts with Customers 606 Revenue Recognition 605 985 605 Software - Revenue Recognition 605 985 605 605” 606, 606 The Company adopted Topic 606 first 2019 2019 606. not not 606 606. The most significant impacts of the adoption of Topic 606 ● Removal of vendor specific objective evidence (“VSOE”) under prior GAAP resulted in earlier recognition of license and services revenues in those instances where the Company sold a multi-element deal where services did not $2.0 ● Removal of the limitation on contingent revenue resulted in revenue being recognized earlier for certain contracts. At adoption, QAD decreased accumulated deficit and increased contract assets by $0.8 ● Contracts containing a future option to the customer represented a material right which resulted in deferral of revenue. At adoption, QAD increased accumulated deficit and deferred revenue by $0.3 ● Commission expenses related to new cloud and maintenance contracts are no five $9.1 ● Sales agent fees to obtain new cloud and maintenance contracts are no five $1.0 ● Cloud environment setup costs incurred to fulfill new cloud customer contracts are no five $1.5 The tax impact of the above adjustments was assessed and, at adoption, QAD increased accumulated deficit and decreased net deferred tax assets by $1.6 Adjustments to beginning consolidated balance sheet accounts The following table presents the cumulative effect adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for the new accounting standards adopted by the Company on the first 2019: Jan. 31, 2018 Topic 606 ASU2016-16 (1) Feb. 1, 2018 (in thousands) Assets Current assets: Cash and equivalents $ 147,023 $ - $ - $ 147,023 Accounts receivable, net 83,518 - - 83,518 Other current assets 15,856 4,013 - 19,869 Total current assets 246,397 4,013 - 250,410 Property and equipment, net 30,408 - - 30,408 Capitalized software costs, net 990 - - 990 Goodwill 11,023 - - 11,023 Deferred tax assets, net 7,944 (1,643 ) 9,584 15,885 Other assets, net 3,055 8,421 - 11,476 Total assets $ 299,817 $ 10,791 $ 9,584 $ 320,192 Liabilities and stockholders’ equity Current portion of long-term debt $ 466 $ - $ - $ 466 Accounts payable 14,818 - - 14,818 Deferred revenue 116,693 (1,239 ) - 115,454 Other current liabilities 43,460 - - 43,460 Total current liabilities 175,437 (1,239 ) - 174,198 Long-term debt 13,313 - - 13,313 Other liabilities 5,439 (511 ) - 4,928 Stockholders’ equity Common stock - Class A 16 - - 16 Common stock - Class B 4 - - 4 Additional paid-in capital 200,456 - - 200,456 Treasury stock (12,461 ) - - (12,461 ) Accumulated deficit (75,559 ) 12,541 9,584 (53,434 ) Accumulated other comprehensive loss (6,828 ) - - (6,828 ) Total stockholders’ equity 105,628 12,541 9,584 127,753 Total liabilities and stockholders’ equity $ 299,817 $ 10,791 $ 9,584 $ 320,192 ( 1 For further information about the adoption of Income taxes (Topic 740 9 The following table summarizes the effects of adopting Topic 606 April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Assets Current assets: Cash and equivalents $ 144,389 $ - $ 144,389 Accounts receivable, net 56,909 - 56,909 Other current assets 23,538 (3,658 ) 19,880 Total current assets 224,836 (3,658 ) 221,178 Property and equipment, net 30,184 - 30,184 Capitalized software costs, net 1,050 - 1,050 Goodwill 10,974 - 10,974 Deferred tax assets, net 13,057 994 14,051 Other assets, net 11,147 (8,050 ) 3,097 Total assets $ 291,248 $ (10,714 ) $ 280,534 Liabilities and stockholders’ equity Current portion of long-term debt $ 471 $ - $ 471 Accounts payable 9,192 - 9,192 Deferred revenue 103,369 3,384 106,753 Other current liabilities 34,830 - 34,830 Total current liabilities 147,862 3,384 151,246 Long-term debt 13,194 - 13,194 Other liabilities 4,883 1,094 5,977 Stockholders’ equity Common stock - Class A 16 - 16 Common stock - Class B 4 - 4 Additional paid-in capital 196,058 - 196,058 Treasury stock (10,035 ) - (10,035 ) Accumulated deficit (53,396 ) (15,192 ) (68,588 ) Accumulated other comprehensive loss (7,338 ) - (7,338 ) Total stockholders’ equity 125,309 (15,192 ) 110,117 Total liabilities and stockholders’ equity $ 291,248 $ (10,714 ) $ 280,534 The following table summarizes the effects of adopting Topic 606 three April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands, except per share amounts) Revenue Subscription fees $ 21,511 $ (306 ) $ 21,205 License fees 6,266 (1,170 ) 5,096 Maintenance and other 31,483 73 31,556 Professional services 26,930 (1,750 ) 25,180 Total revenue 86,190 (3,153 ) 83,037 Cost of revenue: Subscription fees 8,228 10 8,238 License fees 664 - 664 Maintenance and other 7,865 - 7,865 Professional services 24,310 - 24,310 Total cost of revenue 41,067 10 41,077 Gross profit 45,123 (3,163 ) 41,960 Operating expenses: Sales and marketing 19,946 (262 ) 19,684 Research and development 14,006 (59 ) 13,947 General and administrative 9,362 - 9,362 Total operating expenses 43,314 (321 ) 42,993 Operating income 1,809 (2,842 ) (1,033 ) Other (income) expense Interest income (524 ) - (524 ) Interest expense 157 - 157 Other (income) expense (404 ) - (404 ) Total other (income) expense, net (771 ) - (771 ) Income before income taxes 2,580 (2,842 ) (262 ) Income tax expense 1,183 (191 ) 992 Net income $ 1,397 $ (2,651 ) $ (1,254 ) Basic income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) Diluted income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) The Company’s net cash provided by operating activities for the three April 30, 2018 not 606. 606 three April 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Net income (loss) $ 1,397 $ (2,651 ) $ (1,254 ) Amortization of deferred costs 1,004 (1,004 ) - Net change in valuation allowance 1,416 648 2,064 Changes in operating assets and liabilities: Other assets (4,454 ) 279 (4,175 ) Deferred revenue (11,020 ) 2,728 (8,292 ) Recent Accounting Pronouncements Not In February 2016, 2016 02, Leases (Topic 842 2016 02 2016 02 first 2020 2016 02 2016 02. In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 Impairment, 2 zero 2 February 1, 2020. not 2017 04 |
Note 1 - Basis of Presentatio20
Note 1 - Basis of Presentation and Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Jan. 31, 2018 Topic 606 ASU2016-16 (1) Feb. 1, 2018 (in thousands) Assets Current assets: Cash and equivalents $ 147,023 $ - $ - $ 147,023 Accounts receivable, net 83,518 - - 83,518 Other current assets 15,856 4,013 - 19,869 Total current assets 246,397 4,013 - 250,410 Property and equipment, net 30,408 - - 30,408 Capitalized software costs, net 990 - - 990 Goodwill 11,023 - - 11,023 Deferred tax assets, net 7,944 (1,643 ) 9,584 15,885 Other assets, net 3,055 8,421 - 11,476 Total assets $ 299,817 $ 10,791 $ 9,584 $ 320,192 Liabilities and stockholders’ equity Current portion of long-term debt $ 466 $ - $ - $ 466 Accounts payable 14,818 - - 14,818 Deferred revenue 116,693 (1,239 ) - 115,454 Other current liabilities 43,460 - - 43,460 Total current liabilities 175,437 (1,239 ) - 174,198 Long-term debt 13,313 - - 13,313 Other liabilities 5,439 (511 ) - 4,928 Stockholders’ equity Common stock - Class A 16 - - 16 Common stock - Class B 4 - - 4 Additional paid-in capital 200,456 - - 200,456 Treasury stock (12,461 ) - - (12,461 ) Accumulated deficit (75,559 ) 12,541 9,584 (53,434 ) Accumulated other comprehensive loss (6,828 ) - - (6,828 ) Total stockholders’ equity 105,628 12,541 9,584 127,753 Total liabilities and stockholders’ equity $ 299,817 $ 10,791 $ 9,584 $ 320,192 As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Assets Current assets: Cash and equivalents $ 144,389 $ - $ 144,389 Accounts receivable, net 56,909 - 56,909 Other current assets 23,538 (3,658 ) 19,880 Total current assets 224,836 (3,658 ) 221,178 Property and equipment, net 30,184 - 30,184 Capitalized software costs, net 1,050 - 1,050 Goodwill 10,974 - 10,974 Deferred tax assets, net 13,057 994 14,051 Other assets, net 11,147 (8,050 ) 3,097 Total assets $ 291,248 $ (10,714 ) $ 280,534 Liabilities and stockholders’ equity Current portion of long-term debt $ 471 $ - $ 471 Accounts payable 9,192 - 9,192 Deferred revenue 103,369 3,384 106,753 Other current liabilities 34,830 - 34,830 Total current liabilities 147,862 3,384 151,246 Long-term debt 13,194 - 13,194 Other liabilities 4,883 1,094 5,977 Stockholders’ equity Common stock - Class A 16 - 16 Common stock - Class B 4 - 4 Additional paid-in capital 196,058 - 196,058 Treasury stock (10,035 ) - (10,035 ) Accumulated deficit (53,396 ) (15,192 ) (68,588 ) Accumulated other comprehensive loss (7,338 ) - (7,338 ) Total stockholders’ equity 125,309 (15,192 ) 110,117 Total liabilities and stockholders’ equity $ 291,248 $ (10,714 ) $ 280,534 As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands, except per share amounts) Revenue Subscription fees $ 21,511 $ (306 ) $ 21,205 License fees 6,266 (1,170 ) 5,096 Maintenance and other 31,483 73 31,556 Professional services 26,930 (1,750 ) 25,180 Total revenue 86,190 (3,153 ) 83,037 Cost of revenue: Subscription fees 8,228 10 8,238 License fees 664 - 664 Maintenance and other 7,865 - 7,865 Professional services 24,310 - 24,310 Total cost of revenue 41,067 10 41,077 Gross profit 45,123 (3,163 ) 41,960 Operating expenses: Sales and marketing 19,946 (262 ) 19,684 Research and development 14,006 (59 ) 13,947 General and administrative 9,362 - 9,362 Total operating expenses 43,314 (321 ) 42,993 Operating income 1,809 (2,842 ) (1,033 ) Other (income) expense Interest income (524 ) - (524 ) Interest expense 157 - 157 Other (income) expense (404 ) - (404 ) Total other (income) expense, net (771 ) - (771 ) Income before income taxes 2,580 (2,842 ) (262 ) Income tax expense 1,183 (191 ) 992 Net income $ 1,397 $ (2,651 ) $ (1,254 ) Basic income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) Diluted income per share Class A $ 0.07 $ (0.14 ) $ (0.07 ) Class B $ 0.06 $ (0.12 ) $ (0.06 ) As reported under Topic 606 Adjustments Balances under Prior GAAP (i n thousands) Net income (loss) $ 1,397 $ (2,651 ) $ (1,254 ) Amortization of deferred costs 1,004 (1,004 ) - Net change in valuation allowance 1,416 648 2,064 Changes in operating assets and liabilities: Other assets (4,454 ) 279 (4,175 ) Deferred revenue (11,020 ) 2,728 (8,292 ) |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended April 30, 2018 2017 (in thousands) North America $ 40,025 $ 33,370 EMEA 25,087 20,881 Asia Pacific 12,559 12,166 Latin America 8,519 4,965 Total revenue $ 86,190 $ 71,382 Three Months Ended April 30, 2018 2017 (in thousands) Automotive $ 37,062 $ 26,412 Consumer products and food and beverage 13,790 11,421 High technology and industrial products 24,995 22,842 Life sciences 10,343 10,707 Total revenue $ 86,190 $ 71,382 |
Contract with Customer, Asset and Liability [Table Text Block] | As of April 30, 2018 Feb. 1, 2018 (In thousands) Contract assets, short-term $ 1,345 $ 890 Contract assets, long-term - 110 Total contract assets $ 1,345 $ 1,000 Deferred revenue, short-term $ 103,369 $ 115,454 Deferred revenue, long-term 1,366 1,644 Total deferred revenue $ 104,735 $ 117,098 As of April 30, 2018 January 31, 201 8 (in thousands) Deferred maintenance $ 72,141 $ 80,811 Deferred subscription 28,483 31,034 Deferred professional services 2,297 3,523 Deferred license 21 756 Deferred other revenue 427 569 Deferred revenues, current 103,369 116,693 Deferred revenues, non-current (in Other liabilities) 1,366 2,156 Total deferred revenues $ 104,735 $ 118,849 |
Note 3 - Computation of Net I22
Note 3 - Computation of Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 30, 2018 2017 (in thousands except per share data) Net income (loss) $ 1,397 $ (2,571 ) Less: Dividends declared (1,359 ) (1,331 ) Undistributed net income (loss) $ 38 $ (3,902 ) Net income (loss) per share – Class A Common Stock Dividends declared $ 1,164 $ 1,138 Allocation of undistributed net income (loss) 32 (3,337 ) Net income (loss) attributable to Class A common stock $ 1,196 $ (2,199 ) Weighted average shares of Class A common stock outstanding— basic 16,076 15,809 Weighted average potential shares of Class A common stock 1,750 — Weighted average shares of Class A common stock and potential common shares outstanding— diluted 17,826 15,809 Basic net income (loss) per Class A common share $ 0.07 $ (0.14 ) Diluted net income (loss) per Class A common share $ 0.07 $ (0.14 ) Net income (loss) per share – Class B Common Stock Dividends declared $ 195 $ 193 Allocation of undistributed net income (loss) 6 (565 ) Net income (loss) attributable to Class B common stock $ 201 $ (372 ) Weighted average shares of Class B common stock outstanding— basic 3,232 3,210 Weighted average potential shares of Class B common stock 182 — Weighted average shares of Class B common stock and potential common shares outstanding— diluted 3,414 3,210 Basic net income (loss) per Class B common share $ 0.06 $ (0.12 ) Diluted net income (loss) per Class B common share $ 0.06 $ (0.12 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended April 30, 2018 2017 (in thousands) Class A — 3,036 Class B — 389 |
Note 4 - Fair Value Measureme23
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement at reporting date using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Money market mutual funds as of April 30, 2018 (a) $ 108,892 Money market mutual funds as of January 31, 2018 (a) $ 115,416 Asset related to the interest rate swap as of April 30, 2018 (b) $ 304 Asset related to the interest rate swap as of January 31, 2018 (b) $ 187 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Fair Value Balance Sheet Location April 30, 2018 January 31, 2018 Derivative instrument: Interest rate swap Other assets, net $ 304 $ 187 Total $ 304 $ 187 |
Note 5 - Capitalized Software24
Note 5 - Capitalized Software Costs (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Capitalized Software Costs [Table Text Block] | April 30, 201 8 January 31, 20 1 8 (in thousands) Capitalized software development costs $ 1,480 $ 1,516 Less accumulated amortization (430 ) (526 ) Capitalized software costs, net $ 1,050 $ 990 |
Schedule of Capitalized Software Costs Amortization Expense [Table Text Block] | Fiscal Years (in thousands) 2019 remaining $ 360 2020 433 2021 249 2022 8 $ 1,050 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Gross Carrying Amount Accumulated Impairment Goodwill, Net (in thousands) Balance at January 31, 2018 $ 26,631 $ (15,608 ) $ 11,023 Impact of foreign currency translation (49 ) — (49 ) Balance at April 30, 2018 $ 26,582 $ (15,608 ) $ 10,974 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | April 30, 201 8 January 31, 201 8 (in thousands) Note payable $ 13,708 $ 13,825 Less current maturities (471 ) (466 ) Less loan origination costs, net (43 ) (46 ) Long-term debt $ 13,194 $ 13,313 |
Note 8 - Accumulated Other Co27
Note 8 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments (in thousands) Balance as of January 31, 2018 $ (6,828 ) Other comprehensive income before reclassifications (510 ) Amounts reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss (510 ) Balance as of April 30, 2018 $ (7,338 ) |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Record Date Payable Dividend Class A Dividend Class B (in thousands) 4/10/2018 4/24/2018 5/1/2018 $ 0.072 $ 0.06 $ 1,359 |
Note 11 - Stock-based Compens29
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended April 30, 2018 2017 (in thousands) Cost of subscription fees $ 49 $ 25 Cost of maintenance and other 92 77 Cost of professional services 226 220 Sales and marketing 402 317 Research and development 315 253 General and administrative 1,022 876 Total stock-based compensation expense $ 2,106 $ 1,768 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | RSUs Weighted Average Grant Date Fair Value (in thousands) Restricted stock at January 31, 2018 653 $ 25.10 Granted 2 43.93 Released (1) (11 ) 26.04 Forfeited (13 ) 24.54 Restricted stock at April 30, 2018 631 $ 25.16 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | SARs (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at January 31, 2018 3,024 $ 17.78 Granted — — Exercised (339 ) 9.25 Expired — — Forfeited (1 ) 19.40 Outstanding at April 30, 2018 2,684 $ 18.86 4.2 $ 66,381 Vested and exercisable at April 30, 2018 1,734 $ 15.24 3.1 $ 48,961 |
Note 13 - Business Segment In30
Note 13 - Business Segment Information (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended April 30, 201 8 201 7 Revenue: (in thousands) North America (1) $ 40,025 $ 33,370 EMEA 25,087 20,881 Asia Pacific 12,559 12,166 Latin America 8,519 4,965 $ 86,190 $ 71,382 |
Note 1 - Basis of Presentatio31
Note 1 - Basis of Presentation and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (53,396) | $ (53,434) | $ (75,559) |
Contract with Customer, Liability, Total | 104,735 | 117,098 | $ 118,849 |
Contract with Customer, Asset, Net, Total | $ 1,345 | 1,000 | |
Commission Expense [Member] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Sales Agent Fees [Member] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Cloud Environment Setup Costs [Member] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Accounting Standards Update 2016-16 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 9,584 | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | 9,600 | ||
Accounting Standards Update 2014-09 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 12,541 | ||
Accounting Standards Update 2014-09 [Member] | Removal of Vendor Specific Objective Evidence [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 2,000 | ||
Contract with Customer, Liability, Total | (2,000) | ||
Accounting Standards Update 2014-09 [Member] | Removal of Limitation on Contingent Revenue [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 800 | ||
Contract with Customer, Asset, Net, Total | 800 | ||
Accounting Standards Update 2014-09 [Member] | Contracts Containing Future Option to Customer Reprsented Material Right Which Resulted in Deferred of Revenue [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (300) | ||
Contract with Customer, Liability, Total | 300 | ||
Accounting Standards Update 2014-09 [Member] | Commission Expense Related to Contracts No Longer Expensed as Incurred [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 9,100 | ||
Other Assets, Total | 9,100 | ||
Accounting Standards Update 2014-09 [Member] | Sales Agent Fees to Obtain Contracts No Longer Expensed as Incurred [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 1,000 | ||
Other Assets, Total | 1,000 | ||
Accounting Standards Update 2014-09 [Member] | Cloud Environment Setup Costs Incurred to Fufill New Cloud Customer Contracts No Longer Expensed as Incurred [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,500) | ||
Other Assets, Total | 1,500 | ||
Accounting Standards Update 2014-09 [Member] | Adjustments for Tax Impact Related to Adoption of ASU 2014-09 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,600) | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ (1,600) |
Note 1 - Basis of Presentatio32
Note 1 - Basis of Presentation and Recent Accounting Pronouncements - Effects of Adopting Topic 606 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Apr. 30, 2018 | Apr. 30, 2017 | Feb. 01, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 144,389 | $ 153,348 | $ 147,023 | $ 147,023 | $ 145,082 | |
Accounts receivable, net | 56,909 | 83,518 | 83,518 | |||
Other current assets | 23,538 | 19,869 | 15,856 | |||
Total current assets | 224,836 | 250,410 | 246,397 | |||
Property and equipment, net | 30,184 | 30,408 | 30,408 | |||
Capitalized software costs, net | 1,050 | 990 | 990 | |||
Goodwill | 10,974 | 11,023 | 11,023 | |||
Deferred tax assets, net | 15,885 | 7,944 | ||||
Other assets, net | 11,147 | 11,476 | 3,055 | |||
Total assets | 291,248 | 320,192 | 299,817 | |||
Current portion of long-term debt | 471 | 466 | 466 | |||
Accounts payable | 9,192 | 14,818 | 14,818 | |||
Deferred revenue | 103,369 | 115,454 | 116,693 | |||
Other current liabilities | 34,830 | 43,460 | 43,460 | |||
Total current liabilities | 147,862 | 174,198 | 175,437 | |||
Long-term debt | 13,194 | 13,313 | 13,313 | |||
Other liabilities | 4,883 | 4,928 | 5,439 | |||
Additional paid-in capital | 196,058 | 200,456 | 200,456 | |||
Treasury stock | (10,035) | (12,461) | (12,461) | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (53,396) | (53,434) | (75,559) | |||
Accumulated other comprehensive loss | (7,338) | (6,828) | (6,828) | |||
Total stockholders’ equity | 125,309 | 127,753 | 105,628 | |||
Total liabilities and stockholders’ equity | 291,248 | 320,192 | 299,817 | |||
Cash and equivalents | 144,389 | 153,348 | 147,023 | 147,023 | $ 145,082 | |
Accounts receivable, net | 56,909 | 83,518 | 83,518 | |||
Other current assets | 23,538 | 19,869 | 15,856 | |||
Total current assets | 224,836 | 250,410 | 246,397 | |||
Property and equipment, net | 30,184 | 30,408 | 30,408 | |||
Capitalized software costs, net | 1,050 | 990 | 990 | |||
Goodwill | 10,974 | 11,023 | 11,023 | |||
Deferred tax assets, net | 13,057 | 7,944 | ||||
Other assets, net | 11,147 | 11,476 | 3,055 | |||
Total assets | 291,248 | 320,192 | 299,817 | |||
Current portion of long-term debt | 471 | 466 | 466 | |||
Accounts payable | 9,192 | 14,818 | 14,818 | |||
Deferred revenue | 103,369 | 115,454 | 116,693 | |||
Other current liabilities | 34,830 | 43,460 | 43,460 | |||
Total current liabilities | 147,862 | 174,198 | 175,437 | |||
Long-term debt | 13,194 | 13,313 | 13,313 | |||
Other liabilities | 4,883 | 4,928 | 5,439 | |||
Additional paid-in capital | 196,058 | 200,456 | 200,456 | |||
Accumulated deficit | (53,396) | (53,434) | (75,559) | |||
Accumulated other comprehensive loss | (7,338) | (6,828) | (6,828) | |||
Total stockholders’ equity | 125,309 | 127,753 | 105,628 | |||
Total liabilities and stockholders’ equity | 291,248 | 320,192 | 299,817 | |||
Revenues | 86,190 | 71,382 | ||||
Costs of revenues | 41,067 | 34,866 | ||||
Gross profit | 45,123 | 36,516 | ||||
Sales and marketing | 19,946 | 17,587 | ||||
Research and development | 14,006 | 11,532 | ||||
General and administrative | 9,362 | 8,593 | ||||
Total operating expenses | 43,314 | 37,875 | ||||
Operating income | 1,809 | (1,359) | ||||
Interest income | (524) | (168) | ||||
Interest expense | 157 | 156 | ||||
Other (income) expense, net | (404) | 604 | ||||
Total other (income) expense, net | (771) | 592 | ||||
Income before income taxes | 2,580 | (1,951) | ||||
Income tax expense | 1,183 | 620 | ||||
Net (loss) income | 1,397 | (2,571) | ||||
Amortization of deferred costs | 1,004 | |||||
Net change in valuation allowance | 1,416 | 1,107 | ||||
Other assets | (4,454) | 171 | ||||
Deferred revenue | (11,020) | (7,623) | ||||
Common Class A [Member] | ||||||
Common stock value | 16 | 16 | 16 | |||
Common stock - Class A | 16 | 16 | 16 | |||
Net (loss) income | $ 1,196 | $ (2,199) | ||||
Basic net (loss) income per share (in dollars per share) | $ 0.07 | $ (0.14) | ||||
Diluted net (loss) income per share (in dollars per share) | $ 0.07 | $ (0.14) | ||||
Common Class B [Member] | ||||||
Common stock value | $ 4 | 4 | 4 | |||
Common stock - Class A | 4 | 4 | 4 | |||
Net (loss) income | $ 201 | $ (372) | ||||
Basic net (loss) income per share (in dollars per share) | $ 0.06 | $ (0.12) | ||||
Diluted net (loss) income per share (in dollars per share) | $ 0.06 | $ (0.12) | ||||
Subscription and Circulation [Member] | ||||||
Deferred revenue | $ 28,483 | 31,034 | ||||
Deferred revenue | 28,483 | 31,034 | ||||
Revenues | 21,511 | $ 15,343 | ||||
Costs of revenues | 8,228 | 7,720 | ||||
License [Member] | ||||||
Deferred revenue | 21 | 756 | ||||
Deferred revenue | 21 | 756 | ||||
Revenues | 6,266 | 5,265 | ||||
Costs of revenues | 664 | 685 | ||||
Maintenance [Member] | ||||||
Deferred revenue | 72,141 | 80,811 | ||||
Deferred revenue | 72,141 | 80,811 | ||||
Revenues | 31,483 | 31,906 | ||||
Costs of revenues | 7,865 | 7,694 | ||||
Professional Services [Member] | ||||||
Deferred revenue | 2,297 | 3,523 | ||||
Deferred revenue | 2,297 | $ 3,523 | ||||
Revenues | 26,930 | 18,868 | ||||
Costs of revenues | 24,310 | $ 18,767 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 144,389 | |||||
Accounts receivable, net | 56,909 | |||||
Other current assets | 19,880 | |||||
Total current assets | 221,178 | |||||
Property and equipment, net | 30,184 | |||||
Capitalized software costs, net | 1,050 | |||||
Goodwill | 10,974 | |||||
Other assets, net | 3,097 | |||||
Total assets | 280,534 | |||||
Current portion of long-term debt | 471 | |||||
Accounts payable | 9,192 | |||||
Deferred revenue | 106,753 | |||||
Other current liabilities | 34,830 | |||||
Total current liabilities | 151,246 | |||||
Long-term debt | 13,194 | |||||
Other liabilities | 5,977 | |||||
Additional paid-in capital | 196,058 | |||||
Treasury stock | (10,035) | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | (68,588) | |||||
Accumulated other comprehensive loss | (7,338) | |||||
Total stockholders’ equity | 110,117 | |||||
Total liabilities and stockholders’ equity | 280,534 | |||||
Cash and equivalents | 144,389 | |||||
Accounts receivable, net | 56,909 | |||||
Other current assets | 19,880 | |||||
Total current assets | 221,178 | |||||
Property and equipment, net | 30,184 | |||||
Capitalized software costs, net | 1,050 | |||||
Goodwill | 10,974 | |||||
Deferred tax assets, net | 14,051 | |||||
Other assets, net | 3,097 | |||||
Total assets | 280,534 | |||||
Current portion of long-term debt | 471 | |||||
Accounts payable | 9,192 | |||||
Deferred revenue | 106,753 | |||||
Other current liabilities | 34,830 | |||||
Total current liabilities | 151,246 | |||||
Long-term debt | 13,194 | |||||
Other liabilities | 5,977 | |||||
Additional paid-in capital | 196,058 | |||||
Accumulated deficit | (68,588) | |||||
Accumulated other comprehensive loss | (7,338) | |||||
Total stockholders’ equity | 110,117 | |||||
Total liabilities and stockholders’ equity | 280,534 | |||||
Revenues | 83,037 | |||||
Costs of revenues | 41,077 | |||||
Gross profit | 41,960 | |||||
Sales and marketing | 19,684 | |||||
Research and development | 13,947 | |||||
General and administrative | 9,362 | |||||
Total operating expenses | 42,993 | |||||
Operating income | (1,033) | |||||
Interest income | (524) | |||||
Interest expense | 157 | |||||
Other (income) expense, net | (404) | |||||
Total other (income) expense, net | (771) | |||||
Income before income taxes | (262) | |||||
Income tax expense | 992 | |||||
Net (loss) income | (1,254) | |||||
Amortization of deferred costs | ||||||
Net change in valuation allowance | 2,064 | |||||
Other assets | (4,175) | |||||
Deferred revenue | (8,292) | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Common Class A [Member] | ||||||
Common stock value | 16 | |||||
Common stock - Class A | $ 16 | |||||
Basic net (loss) income per share (in dollars per share) | $ (0.07) | |||||
Diluted net (loss) income per share (in dollars per share) | $ (0.07) | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Common Class B [Member] | ||||||
Common stock value | $ 4 | |||||
Common stock - Class A | $ 4 | |||||
Basic net (loss) income per share (in dollars per share) | $ (0.06) | |||||
Diluted net (loss) income per share (in dollars per share) | $ (0.06) | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Subscription and Circulation [Member] | ||||||
Revenues | $ 21,205 | |||||
Costs of revenues | 8,238 | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | License [Member] | ||||||
Revenues | 5,096 | |||||
Costs of revenues | 664 | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Maintenance [Member] | ||||||
Revenues | 31,556 | |||||
Costs of revenues | 7,865 | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Professional Services [Member] | ||||||
Revenues | 25,180 | |||||
Costs of revenues | 24,310 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | ||||||
Accounts receivable, net | ||||||
Other current assets | 4,013 | |||||
Total current assets | 4,013 | |||||
Property and equipment, net | ||||||
Capitalized software costs, net | ||||||
Goodwill | ||||||
Deferred tax assets, net | (1,643) | |||||
Other assets, net | 8,421 | |||||
Total assets | 10,791 | |||||
Current portion of long-term debt | ||||||
Accounts payable | ||||||
Deferred revenue | (1,239) | |||||
Other current liabilities | ||||||
Total current liabilities | (1,239) | |||||
Long-term debt | ||||||
Other liabilities | (511) | |||||
Additional paid-in capital | ||||||
Treasury stock | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 12,541 | |||||
Accumulated other comprehensive loss | ||||||
Total stockholders’ equity | 12,541 | |||||
Total liabilities and stockholders’ equity | 10,791 | |||||
Cash and equivalents | ||||||
Accounts receivable, net | ||||||
Other current assets | 4,013 | |||||
Total current assets | 4,013 | |||||
Property and equipment, net | ||||||
Capitalized software costs, net | ||||||
Goodwill | ||||||
Other assets, net | 8,421 | |||||
Total assets | 10,791 | |||||
Current portion of long-term debt | ||||||
Accounts payable | ||||||
Deferred revenue | (1,239) | |||||
Other current liabilities | ||||||
Total current liabilities | (1,239) | |||||
Long-term debt | ||||||
Other liabilities | (511) | |||||
Additional paid-in capital | ||||||
Accumulated deficit | 12,541 | |||||
Accumulated other comprehensive loss | ||||||
Total stockholders’ equity | 12,541 | |||||
Total liabilities and stockholders’ equity | 10,791 | |||||
Accounting Standards Update 2014-09 [Member] | Common Class A [Member] | ||||||
Common stock value | ||||||
Common stock - Class A | ||||||
Accounting Standards Update 2014-09 [Member] | Common Class B [Member] | ||||||
Common stock value | ||||||
Common stock - Class A | ||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | ||||||
Accounts receivable, net | ||||||
Other current assets | (3,658) | |||||
Total current assets | (3,658) | |||||
Property and equipment, net | ||||||
Capitalized software costs, net | ||||||
Goodwill | ||||||
Other assets, net | (8,050) | |||||
Total assets | (10,714) | |||||
Current portion of long-term debt | ||||||
Accounts payable | ||||||
Deferred revenue | 3,384 | |||||
Other current liabilities | ||||||
Total current liabilities | 3,384 | |||||
Long-term debt | ||||||
Other liabilities | 1,094 | |||||
Additional paid-in capital | ||||||
Treasury stock | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (15,192) | |||||
Accumulated other comprehensive loss | ||||||
Total stockholders’ equity | (15,192) | |||||
Total liabilities and stockholders’ equity | (10,714) | |||||
Cash and equivalents | ||||||
Accounts receivable, net | ||||||
Other current assets | (3,658) | |||||
Total current assets | (3,658) | |||||
Property and equipment, net | ||||||
Capitalized software costs, net | ||||||
Goodwill | ||||||
Deferred tax assets, net | 994 | |||||
Other assets, net | (8,050) | |||||
Total assets | (10,714) | |||||
Current portion of long-term debt | ||||||
Accounts payable | ||||||
Deferred revenue | 3,384 | |||||
Other current liabilities | ||||||
Total current liabilities | 3,384 | |||||
Long-term debt | ||||||
Other liabilities | 1,094 | |||||
Additional paid-in capital | ||||||
Accumulated deficit | (15,192) | |||||
Accumulated other comprehensive loss | ||||||
Total stockholders’ equity | (15,192) | |||||
Total liabilities and stockholders’ equity | (10,714) | |||||
Revenues | (3,153) | |||||
Costs of revenues | 10 | |||||
Gross profit | (3,163) | |||||
Sales and marketing | (262) | |||||
Research and development | (59) | |||||
General and administrative | ||||||
Total operating expenses | (321) | |||||
Operating income | (2,842) | |||||
Interest income | ||||||
Interest expense | ||||||
Other (income) expense, net | ||||||
Total other (income) expense, net | ||||||
Income before income taxes | (2,842) | |||||
Income tax expense | (191) | |||||
Net (loss) income | (2,651) | |||||
Amortization of deferred costs | (1,004) | |||||
Net change in valuation allowance | 648 | |||||
Other assets | 279 | |||||
Deferred revenue | 2,728 | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Common Class A [Member] | ||||||
Common stock value | ||||||
Common stock - Class A | ||||||
Basic net (loss) income per share (in dollars per share) | $ (0.14) | |||||
Diluted net (loss) income per share (in dollars per share) | $ (0.14) | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Common Class B [Member] | ||||||
Common stock value | ||||||
Common stock - Class A | ||||||
Basic net (loss) income per share (in dollars per share) | $ (0.12) | |||||
Diluted net (loss) income per share (in dollars per share) | $ (0.12) | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Subscription and Circulation [Member] | ||||||
Revenues | $ (306) | |||||
Costs of revenues | 10 | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | License [Member] | ||||||
Revenues | (1,170) | |||||
Costs of revenues | ||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Maintenance [Member] | ||||||
Revenues | 73 | |||||
Costs of revenues | ||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Professional Services [Member] | ||||||
Revenues | (1,750) | |||||
Costs of revenues | ||||||
Accounting Standards Update 2016-16 [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | [1] | |||||
Accounts receivable, net | [1] | |||||
Other current assets | [1] | |||||
Total current assets | [1] | |||||
Property and equipment, net | [1] | |||||
Capitalized software costs, net | [1] | |||||
Goodwill | [1] | |||||
Deferred tax assets, net | [1] | 9,584 | ||||
Other assets, net | [1] | |||||
Total assets | [1] | 9,584 | ||||
Current portion of long-term debt | [1] | |||||
Accounts payable | [1] | |||||
Deferred revenue | [1] | |||||
Other current liabilities | [1] | |||||
Total current liabilities | [1] | |||||
Long-term debt | [1] | |||||
Other liabilities | [1] | |||||
Additional paid-in capital | [1] | |||||
Treasury stock | [1] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 9,584 | |||||
Accumulated other comprehensive loss | [1] | |||||
Total stockholders’ equity | [1] | 9,584 | ||||
Total liabilities and stockholders’ equity | [1] | 9,584 | ||||
Cash and equivalents | [1] | |||||
Accounts receivable, net | [1] | |||||
Other current assets | [1] | |||||
Total current assets | [1] | |||||
Property and equipment, net | [1] | |||||
Capitalized software costs, net | [1] | |||||
Goodwill | [1] | |||||
Other assets, net | [1] | |||||
Total assets | [1] | 9,584 | ||||
Current portion of long-term debt | [1] | |||||
Accounts payable | [1] | |||||
Deferred revenue | [1] | |||||
Other current liabilities | [1] | |||||
Total current liabilities | [1] | |||||
Long-term debt | [1] | |||||
Other liabilities | [1] | |||||
Additional paid-in capital | [1] | |||||
Accumulated deficit | 9,584 | |||||
Accumulated other comprehensive loss | [1] | |||||
Total stockholders’ equity | [1] | 9,584 | ||||
Total liabilities and stockholders’ equity | [1] | 9,584 | ||||
Accounting Standards Update 2016-16 [Member] | Common Class A [Member] | ||||||
Common stock value | [1] | |||||
Common stock - Class A | [1] | |||||
Accounting Standards Update 2016-16 [Member] | Common Class B [Member] | ||||||
Common stock value | [1] | |||||
Common stock - Class A | [1] | |||||
[1] | For further information about the adoption of Income taxes (Topic 740): Intra-entity Transfers of Assets Other Than Inventory see Note 9 “Income Taxes.” |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Contract with Customer, Liability, Revenue Recognized | $ 50,200 | ||
Capitalized Contract Cost, Amortization | 1,004 | ||
Capitalized Contract Cost, Impairment Loss | $ 0 | ||
Direct Costs of Obtaining Contract [Member] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Capitalized Contract Cost, Net, Total | $ 10,700 | $ 10,100 | |
Direct Costs of Obtaining Contract [Member] | Selling and Marketing Expense [Member] | |||
Capitalized Contract Cost, Amortization | $ 900 | ||
Costs to Fulfill Contract [Member] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Capitalized Contract Cost, Net, Total | $ 1,500 | $ 1,500 | |
Costs to Fulfill Contract [Member] | Cost of Sales [Member] | |||
Capitalized Contract Cost, Amortization | $ 100 |
Note 2 - Revenue - Remaining Pe
Note 2 - Revenue - Remaining Performance Obligations (Details Textual) $ in Thousands | Apr. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Amount | $ 151,500 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 years |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues | $ 86,190 | $ 71,382 |
North America [Member] | ||
Revenues | 40,025 | 33,370 |
EMEA [Member] | ||
Revenues | 25,087 | 20,881 |
Asia Pacific [Member] | ||
Revenues | 12,559 | 12,166 |
Latin America [Member] | ||
Revenues | 8,519 | 4,965 |
Automotive [Member] | ||
Revenues | 37,062 | 26,412 |
Consumer Products and Food and Beverage [Member] | ||
Revenues | 13,790 | 11,421 |
High Technology and Industrial Products [Member] | ||
Revenues | 24,995 | 22,842 |
Life Sciences [Member] | ||
Revenues | $ 10,343 | $ 10,707 |
Note 2 - Revenue - Contract Bal
Note 2 - Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
Contract assets, short-term | $ 1,345 | $ 890 | |
Contract assets, long-term | 110 | ||
Total contract assets | 1,345 | 1,000 | |
Deferred revenue | 103,369 | 115,454 | $ 116,693 |
Deferred revenue, long-term | 1,366 | 1,644 | 2,156 |
Total deferred revenue | 104,735 | 117,098 | 118,849 |
Deferred revenues, current | 103,369 | 115,454 | 116,693 |
Deferred revenues, non-current (in Other liabilities) | 1,366 | $ 1,644 | 2,156 |
Maintenance [Member] | |||
Deferred revenue | 72,141 | 80,811 | |
Deferred revenues, current | 72,141 | 80,811 | |
Subscription and Circulation [Member] | |||
Deferred revenue | 28,483 | 31,034 | |
Deferred revenues, current | 28,483 | 31,034 | |
Professional Services [Member] | |||
Deferred revenue | 2,297 | 3,523 | |
Deferred revenues, current | 2,297 | 3,523 | |
License [Member] | |||
Deferred revenue | 21 | 756 | |
Deferred revenues, current | 21 | 756 | |
Product and Service, Other [Member] | |||
Deferred revenue | 427 | 569 | |
Deferred revenues, current | $ 427 | $ 569 |
Note 3 - Computation of Net I37
Note 3 - Computation of Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Net income (loss) | $ 1,397 | $ (2,571) |
Dividends declared | (1,359) | (1,331) |
Undistributed net income (loss) | 38 | (3,902) |
Net (loss) income per share | ||
Dividends declared | 1,359 | 1,331 |
Undistributed net income (loss) | 38 | (3,902) |
Net (loss) income | 1,397 | (2,571) |
Common Class A [Member] | ||
Net income (loss) | 1,196 | (2,199) |
Dividends declared | (1,164) | (1,138) |
Undistributed net income (loss) | 32 | (3,337) |
Net (loss) income per share | ||
Dividends declared | 1,164 | 1,138 |
Undistributed net income (loss) | 32 | (3,337) |
Net (loss) income | $ 1,196 | $ (2,199) |
Weighted average shares of common stock outstanding—basic (in shares) | 16,076 | 15,809 |
Weighted average potential shares of common stock (in shares) | 1,750 | |
Weighted average shares of common stock and potential common shares outstanding—diluted (in shares) | 17,826 | 15,809 |
Basic net (loss) income per common share (in dollars per share) | $ 0.07 | $ (0.14) |
Diluted net (loss) income per common share (in dollars per share) | $ 0.07 | $ (0.14) |
Common Class B [Member] | ||
Net income (loss) | $ 201 | $ (372) |
Dividends declared | (195) | (193) |
Undistributed net income (loss) | 6 | (565) |
Net (loss) income per share | ||
Dividends declared | 195 | 193 |
Undistributed net income (loss) | 6 | (565) |
Net (loss) income | $ 201 | $ (372) |
Weighted average shares of common stock outstanding—basic (in shares) | 3,232 | 3,210 |
Weighted average potential shares of common stock (in shares) | 182 | |
Weighted average shares of common stock and potential common shares outstanding—diluted (in shares) | 3,414 | 3,210 |
Basic net (loss) income per common share (in dollars per share) | $ 0.06 | $ (0.12) |
Diluted net (loss) income per common share (in dollars per share) | $ 0.06 | $ (0.12) |
Note 3 - Computation of Net I38
Note 3 - Computation of Net Income (Loss) Per Share - Anti-dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Common Class A [Member] | ||
Antidilutive securities excluded from computation of net income per share (in shares) | 3,036 | |
Common Class B [Member] | ||
Antidilutive securities excluded from computation of net income per share (in shares) | 389 |
Note 4 - Fair Value Measureme39
Note 4 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | ||||
Apr. 30, 2018 | Apr. 30, 2017 | Feb. 01, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 144,389,000 | $ 153,348,000 | $ 147,023,000 | $ 147,023,000 | $ 145,082,000 |
Interest Rate Swap [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | 117,000 | $ 13,000 | |||
Reported Value Measurement [Member] | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 35,000,000 | $ 32,000,000 |
Note 4 - Fair Value Measureme40
Note 4 - Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 | |
Asset related to the interest rate swap | $ 304 | $ 187 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market mutual funds | [1] | 108,892 | 115,416 |
Asset related to the interest rate swap | [2] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Money market mutual funds | [1] | ||
Asset related to the interest rate swap | [2] | $ 304 | $ 187 |
[1] | Money market mutual funds are recorded at fair value based upon quoted market prices. | ||
[2] | The asset related to the interest rate swap is recorded at fair value based upon a valuation model that uses relevant observable market inputs at quoted intervals, such as forward yield curves. |
Note 4 - Fair Value Measureme41
Note 4 - Fair Value Measurements - Fair Values of the Derivative Instrument (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Fair value of derivative instrument | $ 304 | $ 187 |
Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||
Fair value of derivative instrument | $ 304 | $ 187 |
Note 5 - Capitalized Software42
Note 5 - Capitalized Software Costs (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Capitalized Computer Software Write-Downs | $ 0.2 | |
Capitalized Computer Software, Amortization | $ 0.1 | $ 0.2 |
Note 5 - Capitalized Software43
Note 5 - Capitalized Software Costs - Capitalized Software Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
Capitalized software development costs | $ 1,480 | $ 1,516 | |
Less accumulated amortization | (430) | (526) | |
Capitalized software costs, net | $ 1,050 | $ 990 | $ 990 |
Note 5 - Capitalized Software44
Note 5 - Capitalized Software Costs - Estimated Amortization Expense (Details) - Computer Software, Intangible Asset [Member] $ in Thousands | Apr. 30, 2017USD ($) |
2019 remaining | $ 360 |
2,020 | 433 |
2,021 | 249 |
2,022 | 8 |
Total | $ 1,050 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Beginning balance, gross | $ 26,631 |
Accumulated impairment | (15,608) |
Beginning balance, net | 11,023 |
Impact of foreign currency translation, gross | (49) |
Impact of foreign currency translation, accumulated impairment | |
Impact of foreign currency translation, net | (49) |
Ending balance, gross | 26,582 |
Accumulated impairment | (15,608) |
Ending balance, net | $ 10,974 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - Rabobank N.A [Member] - USD ($) | May 30, 2012 | Apr. 30, 2018 |
2012 Mortgage [Member] | Quad Ortega Hill LLC [Member] | ||
Debt Instrument, Face Amount | $ 16,100,000 | |
Debt Instrument, Periodic Payment, Total | 88,100 | |
Final Principal Payment | 11,700,000 | |
2012 Mortgage [Member] | Quad Ortega Hill LLC [Member] | Swap [Member] | ||
Derivative Liability, Notional Amount | $ 16,100,000 | |
Derivative, Fixed Interest Rate | 4.31% | |
2012 Mortgage [Member] | Quad Ortega Hill LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 1.90% |
Unsecured Credit Agreement [Member] | ||
Loans Payable to Bank, Total | $ 13,700,000 |
Note 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
Note payable | $ 13,708 | $ 13,825 | |
Less current maturities | (471) | $ (466) | (466) |
Less loan origination costs, net | (43) | (46) | |
Long-term debt | $ 13,194 | $ 13,313 | $ 13,313 |
Note 8 - Accumulated Other Co48
Note 8 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Note 8 - Accumulated Other Co49
Note 8 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Balance | $ 105,628 |
Balance | 125,309 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | (6,828) |
Other comprehensive income before reclassifications | (510) |
Amounts reclassified from accumulated other comprehensive loss | |
Net current period other comprehensive loss | (510) |
Balance | $ (7,338) |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Feb. 01, 2018 | Jan. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 1,183 | $ 620 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 46.00% | 32.00% | ||
Income Tax Expense, Transition Tax on Accumulated Foreign Earnings | $ 10,000 | |||
Transition Tax for Accumulated Foreign Earnings, Liability | 2,000 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (53,396) | $ (53,434) | $ (75,559) | |
Unrecognized Tax Benefits, Ending Balance | 1,800 | |||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | (900) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 200 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 33,800 | $ 33,700 | ||
Accounting Standards Update 2016-16 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | 9,584 | |||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 9,600 |
Note 10 - Stockholders' Equit51
Note 10 - Stockholders' Equity - Dividends (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($)$ / shares | |
Record Date | Apr. 24, 2018 |
Payable | May 1, 2018 |
Amount | $ | $ 1,359 |
Common Class A [Member] | |
Dividend Per Share (in dollars per share) | $ 0.072 |
Common Class B [Member] | |
Dividend Per Share (in dollars per share) | $ 0.06 |
Note 11 - Stock-based Compens52
Note 11 - Stock-based Compensation (Details Textual) | 3 Months Ended |
Apr. 30, 2018USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | |
Shares Paid for Tax Withholding for Share Based Compensation | shares | 4,000 |
Adjustments Related to Tax Withholding for Share-based Compensation | $ 200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 10,900,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days |
Stock Appreciation Rights (SARs) [Member] | |
Shares Paid for Tax Withholding for Share Based Compensation | shares | 93,000 |
Adjustments Related to Tax Withholding for Share-based Compensation | $ 3,900,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 4.90 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 10,500,000 |
Note 11 - Stock-based Compens53
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cost of subscription fees | $ 2,106 | $ 1,768 |
Cost of Subscription [Member] | ||
Cost of subscription fees | 49 | 25 |
Cost of Maintenance and Other Revenue [Member] | ||
Cost of subscription fees | 92 | 77 |
Cost of Professional Services [Member] | ||
Cost of subscription fees | 226 | 220 |
Selling and Marketing Expense [Member] | ||
Cost of subscription fees | 402 | 317 |
Research and Development Expense [Member] | ||
Cost of subscription fees | 315 | 253 |
General and Administrative Expense [Member] | ||
Cost of subscription fees | $ 1,022 | $ 876 |
Note 11 - Stock-based Compens54
Note 11 - Stock-based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended | |
Apr. 30, 2018$ / sharesshares | ||
Restricted stock (in shares) | shares | 653 | |
Restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.10 | |
Granted (in shares) | shares | 2 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.93 | |
Released (in shares) | shares | (11) | [1] |
Released, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.04 | [1] |
Forfeited (in shares) | shares | (13) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.54 | |
Restricted stock (in shares) | shares | 631 | |
Restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.16 | |
[1] | The number of RSUs released includes shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. |
Note 11 - Stock-based Compens55
Note 11 - Stock-based Compensation - Options/SARs Activity (Details) - Options/SARs [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 3,024 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.78 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (339) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 9.25 |
Expired (in shares) | shares | |
Expired, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | (1) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 19.40 |
Outstanding (in shares) | shares | 2,684 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 18.86 |
Outstanding at April 30, 2018 (Year) | 4 years 73 days |
Outstanding at April 30, 2018 | $ | $ 66,381 |
Vested and exercisable (in shares) | shares | 1,734 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 15.24 |
Vested and exercisable, weighted average remaining contractual term (Year) | 3 years 36 days |
Vested and exercisable, aggregate intrinsic value | $ | $ 48,961 |
Note 13 - Business Segment In56
Note 13 - Business Segment Information (Details Textual) | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Number of Geographic Locations | 4 | |
Number of Operating Segments | 1 | |
Geographic Concentration Risk [Member] | North America Revenue [Member] | CANADA | ||
Concentration Risk, Percentage | 2.00% | 1.00% |
Note 13 - Business Segment In57
Note 13 - Business Segment Information - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | ||
Revenues | $ 86,190 | $ 71,382 | |
North America [Member] | |||
Revenues | 40,025 | 33,370 | |
EMEA [Member] | |||
Revenues | 25,087 | 20,881 | |
Asia Pacific [Member] | |||
Revenues | 12,559 | 12,166 | |
Latin America [Member] | |||
Revenues | 8,519 | 4,965 | |
Reportable Geographical Components [Member] | North America [Member] | |||
Revenues | [1] | 40,025 | 33,370 |
Reportable Geographical Components [Member] | EMEA [Member] | |||
Revenues | 25,087 | 20,881 | |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Revenues | 12,559 | 12,166 | |
Reportable Geographical Components [Member] | Latin America [Member] | |||
Revenues | $ 8,519 | $ 4,965 | |
[1] | Sales into Canada accounted for 2% and 1% of North America total revenue in the three and three months ended April 30, 2018 and 2017, respectively. |