Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001107843 | ||
Entity Registrant Name | QUALYS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-35662 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0534145 | ||
Entity Address, Address Line One | 919 E. Hillsdale Boulevard, 4th Floor | ||
Entity Address, City or Town | Foster City | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94404 | ||
City Area Code | 650 | ||
Local Phone Number | 801-6100 | ||
Title of 12(b) Security | Common stock, $0.001 par value per share | ||
Trading Symbol | QLYS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,288,000 | ||
Entity Common Stock, Shares Outstanding | 37,009,478 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | San Jose, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 173,719 | $ 137,328 |
Short-term marketable securities | 147,608 | 267,960 |
Accounts receivable, net of allowance of $736 and $793 as of December 31, 2022 and 2021, respectively | 121,795 | 108,998 |
Prepaid expenses and other current assets | 30,216 | 32,112 |
Total current assets | 473,338 | 546,398 |
Long-term marketable securities | 59,206 | 111,198 |
Property and equipment, net | 47,428 | 61,854 |
Operating leases - right of use asset | 33,752 | 37,016 |
Deferred tax assets, net | 45,412 | 25,087 |
Total intangible assets, net | 12,801 | 6,545 |
Goodwill | 7,447 | 7,447 |
Restricted cash | 2,700 | 1,200 |
Other noncurrent assets | 18,857 | 17,814 |
Total assets | 700,941 | 814,559 |
Current liabilities: | ||
Accounts payable | 2,808 | 1,296 |
Accrued liabilities | 42,592 | 32,504 |
Deferred revenues, current | 293,728 | 257,872 |
Operating lease liabilities, current | 13,060 | 12,608 |
Total current liabilities | 352,188 | 304,280 |
Deferred revenues, noncurrent | 23,490 | 32,753 |
Lease liabilities, noncurrent | 29,121 | 35,914 |
Other noncurrent liabilities | 7,013 | 4,898 |
Total liabilities | 411,812 | 377,845 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock: $0.001 par value; 20,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021 | 0 | 0 |
Common stock: $0.001 par value; 1,000,000 shares authorized, 37,362 and 39,112 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 37 | 39 |
Additional paid-in capital | 512,486 | 477,323 |
Accumulated other comprehensive income (loss) | (1,947) | 1,007 |
Accumulated deficit | (221,447) | (41,655) |
Total stockholders’ equity | 289,129 | 436,714 |
Total liabilities and stockholders’ equity | $ 700,941 | $ 814,559 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts receivable | $ 736 | $ 793 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 37,362 | 39,112 |
Common stock, shares outstanding (in shares) | 37,362 | 39,112 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 489,723 | $ 411,172 | $ 362,963 |
Cost of revenues | 102,788 | 89,439 | 79,226 |
Gross profit | 386,935 | 321,733 | 283,737 |
Operating expenses: | |||
Research and development | 101,186 | 81,289 | 72,548 |
Sales and marketing | 97,221 | 76,487 | 67,965 |
General and administrative | 57,981 | 76,274 | 46,570 |
Total operating expenses | 256,388 | 234,050 | 187,083 |
Income from operations | 130,547 | 87,683 | 96,654 |
Other income (expense), net: | |||
Interest expense | 0 | 0 | (9) |
Interest income | 5,191 | 2,287 | 5,385 |
Other income (expense), net | (2,038) | (573) | 7 |
Total other income, net | 3,153 | 1,714 | 5,383 |
Income before income taxes | 133,700 | 89,397 | 102,037 |
Income tax provision | 25,708 | 18,437 | 10,465 |
Net income | $ 107,992 | $ 70,960 | $ 91,572 |
Net income per share: | |||
Basic (in dollars per share) | $ 2.81 | $ 1.82 | $ 2.34 |
Diluted (in dollars per share) | $ 2.74 | $ 1.77 | $ 2.25 |
Weighted average shares used in computing net income per share: | |||
Basic (in shares) | 38,453 | 39,030 | 39,167 |
Diluted (in shares) | 39,344 | 40,118 | 40,740 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 107,992 | $ 70,960 | $ 91,572 |
Other comprehensive income (loss), net of tax | |||
Net change in unrealized gains (losses) on available-for-sale debt securities, net of tax | (2,520) | (1,409) | 402 |
Net change in unrealized gains (losses) on cash flow hedges, net of tax | (434) | 2,900 | (2,048) |
Other comprehensive income (loss), net of tax | (2,954) | 1,491 | (1,646) |
Comprehensive income | $ 105,038 | $ 72,451 | $ 89,926 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flow from operating activities: | |||
Net income | $ 107,992 | $ 70,960 | $ 91,572 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 34,622 | 35,897 | 32,845 |
Write off of noncurrent asset | 0 | 625 | 0 |
Provision for credit losses | 590 | 402 | 486 |
Loss on disposal of property and equipment | 6 | 12 | 106 |
Stock-based compensation | 53,408 | 67,579 | 40,035 |
Amortization of premiums on marketable securities | 833 | 3,869 | 826 |
Deferred income taxes | (20,251) | (9,723) | 3,512 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (13,387) | (9,221) | (22,631) |
Prepaid expenses and other assets | 3,878 | (15,665) | (2,329) |
Accounts payable | 2,107 | (32) | (389) |
Accrued liabilities and other noncurrent liabilities | 3,867 | 9,322 | 5,126 |
Deferred revenues | 25,189 | 46,591 | 30,927 |
Net cash provided by operating activities | 198,854 | 200,616 | 180,086 |
Cash flow from investing activities: | |||
Purchases of marketable securities | (178,788) | (368,450) | (391,693) |
Sales and maturities of marketable securities | 347,837 | 363,941 | 341,879 |
Purchases of property and equipment | (15,361) | (24,424) | (30,037) |
Proceeds from disposal of property and equipment | 0 | 6 | 419 |
Purchases of intangible assets | (8,620) | (1,230) | (1,500) |
Maturity of note receivable | 0 | 625 | 0 |
Net cash provided by (used in) investing activities | 145,068 | (29,532) | (80,932) |
Cash flow from financing activities: | |||
Repurchase of common stock | (317,344) | (129,977) | (126,729) |
Proceeds from exercise of stock options | 24,483 | 49,994 | 34,461 |
Payments for taxes related to net share settlement of equity awards | (17,615) | (27,815) | (20,199) |
Proceeds from issuance of common stock through employee stock purchase plan | 4,445 | 0 | 0 |
Principal payments under finance lease obligations | 0 | (90) | (114) |
Net cash used in financing activities | (306,031) | (107,888) | (112,581) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,891 | 63,196 | (13,427) |
Cash, cash equivalents and restricted cash at beginning of period | 138,528 | 75,332 | 88,759 |
Cash, cash equivalents and restricted cash at end of period | 176,419 | 138,528 | 75,332 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest expense | 0 | 0 | 9 |
Cash paid for income taxes, net of refunds | 39,739 | 35,080 | 8,058 |
Non-cash investing and financing activities | |||
Purchases of intangible assets recorded in accrued liabilities and other noncurrent liabilities | 2,110 | 120 | 150 |
Purchases of property and equipment recorded in accounts payable and accrued liabilities | $ 470 | $ 2,086 | $ 1,054 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balances (in shares) at Dec. 31, 2019 | 39,146 | |||||
Balance at Dec. 31, 2019 | $ 39 | $ 362,408 | $ 1,162 | $ 23,194 | $ 386,803 | |
Net income | 0 | 0 | 0 | 91,572 | 91,572 | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | (1,646) | 0 | (1,646) | |
Issuance of common stock upon exercise of stock options (in shares) | 1,130 | |||||
Issuance of common stock upon exercise of stock options | $ 1 | 34,460 | 0 | 0 | 34,461 | |
Repurchase of common stock (in shares) | (1,293) | |||||
Repurchase of common stock | $ (1) | (15,530) | 0 | (111,198) | (126,729) | |
Issuance of common stock upon vesting of restricted stock units (in shares) | 476 | |||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Taxes related to net share settlement of equity awards (in shares) | (206) | |||||
Taxes related to net share settlement of equity awards | $ 0 | (20,199) | 0 | 0 | (20,199) | |
Stock-based compensation | $ 0 | 40,220 | 0 | 0 | 40,220 | |
Balances (in shares) at Dec. 31, 2020 | 39,253 | |||||
Balance at Dec. 31, 2020 | $ 39 | 401,359 | (484) | 3,568 | 404,482 | |
Net income | 0 | 0 | 0 | 70,960 | 70,960 | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | 1,491 | 0 | 1,491 | |
Issuance of common stock upon exercise of stock options (in shares) | 725 | |||||
Issuance of common stock upon exercise of stock options | $ 1 | 49,993 | 0 | 0 | 49,994 | |
Repurchase of common stock (in shares) | (1,148) | |||||
Repurchase of common stock | $ (1) | (13,793) | 0 | (116,183) | (129,977) | |
Issuance of common stock upon vesting of restricted stock units (in shares) | 530 | |||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Taxes related to net share settlement of equity awards (in shares) | (248) | |||||
Taxes related to net share settlement of equity awards | $ 0 | (27,815) | 0 | 0 | (27,815) | |
Stock-based compensation | $ 0 | 67,579 | 0 | 0 | 67,579 | |
Balances (in shares) at Dec. 31, 2021 | 39,112 | |||||
Balance at Dec. 31, 2021 | $ 39 | 477,323 | 1,007 | (41,655) | 436,714 | |
Net income | 0 | 0 | 0 | 107,992 | 107,992 | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | (2,954) | 0 | $ (2,954) | |
Issuance of common stock upon exercise of stock options (in shares) | 468 | 468 | [1] | |||
Issuance of common stock upon exercise of stock options | $ 0 | 24,483 | 0 | 0 | $ 24,483 | |
Repurchase of common stock (in shares) | (2,460) | |||||
Repurchase of common stock | $ (2) | (29,558) | 0 | (287,784) | (317,344) | |
Issuance of common stock upon vesting of restricted stock units (in shares) | 329 | |||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Taxes related to net share settlement of equity awards (in shares) | (132) | |||||
Taxes related to net share settlement of equity awards | $ 0 | (17,615) | 0 | 0 | (17,615) | |
Stock-based compensation | $ 0 | 53,408 | 0 | 0 | 53,408 | |
Issuance of common stock through employee stock purchase plan (in shares) | 45 | |||||
Issuance of common stock through employee stock purchase plan | 4,445 | 4,445 | ||||
Balances (in shares) at Dec. 31, 2022 | 37,362 | |||||
Balance at Dec. 31, 2022 | $ 37 | $ 512,486 | $ (1,947) | $ (221,447) | $ 289,129 | |
[1]Included 348 thousand shares of PSOs. |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1. The Company and Summary of Significant Accounting Policies Description of Business Qualys, Inc. (the “Company”, “we”, “us”, “our”) was incorporated in the state of Delaware on December 30, 1999. Basis of Presentation The accompanying consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP as well as the instructions to Form 10 Risks and Uncertainties The uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, rising interest rates, labor shortages, significant volatility of global markets and geopolitical conflicts could have a material adverse effect on the Company's long-term business and could lead to further economic disruption and expose the Company to greater risk as its current and potential customers may Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may Concentration of Credit Risk The Company invests its cash and cash equivalents with major financial institutions. Cash balances with any one may not not Credit risk with respect to accounts receivable is dispersed due to the large number of customers. Collateral is not December 31, 2022 2021 no 10% Cash, Cash Equivalents, Restricted cash and Short-Term and Long-Term Marketable Securities Cash and cash equivalents include cash held in banks, highly liquid money market funds and commercial paper, all with original maturities of three As of December 31, 2022 December 31, 2021, $1.2 Cash equivalents are stated at cost, which approximates fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities (AFS debt securities) and are carried at fair value. Unrealized gains and losses in fair value of the AFS debt securities are reported in other comprehensive income (loss). When the AFS debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations. AFS debt securities are reviewed quarterly for impairment. An investment is considered impaired when its fair value is below its amortized cost. Declines in fair value from amortized cost for AFS debt securities that the company intends to sell or will more likely than not Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not may not December 31, 2022 2021 December 31, 2022, December 31, 2021 December 31, 2020, Non-marketable securities In 2018, not no may not No not In 2019, fourth December 31, 2021, not no December 31, 2021. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three five The Company purchases physical scanner appliances and other computer equipment that are provided to customers on a subscription basis. This equipment is recorded within property and equipment and the depreciation is recorded in cost of revenues over an estimated useful life of three Upon retirement or disposal, the cost of assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations. Repairs and maintenance that do not Leases The Company leases certain offices, computer equipment and its shared cloud platform facilities under finance leases and non-cancelable operating leases. For both operating and finance leases, we recognize a right-of-use asset, which represents our right to use the underlying asset for the lease term, and a lease liability, which represents the present value of our obligation to make payments arising over the lease term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments and lease terms when appropriate. The present value of the lease payments is calculated using the incremental borrowing rate of the underlying leases determined at lease commencement. As most of our leases do not Where the Company is the lessee, the Company elects to account for non-lease components associated with its leases (e.g., common area maintenance costs) and lease components separately for substantially all of its asset classes, except for shared cloud platforms, for which the Company elected to combine lease and non-lease components. For leases with a term of one not In arrangements where the Company is the lessor, the Company elected to apply the practical expedient to account for lease components (e.g., customer premise equipment) and non-lease components (e.g., service revenue) as combined components as revenue under ASC 606 Impairment of Long-Lived Assets The Company evaluates its long-lived assets, which consist of property and equipment, and intangible assets subject to amortization, for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset may not December 31, 2022 2021 2020 Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are not may one In testing for a potential impairment of goodwill and the indefinite-lived intangible assets, the Company first not 50% not no December 1, 2022 2021 no Asset Acquisitions and Business Combinations The Company applies the provisions of ASC 805, not, may one Derivative Financial Instruments Derivative financial instruments are utilized by the Company to reduce foreign currency exchange risks. The Company uses foreign currency forward contracts, with maturities of 13 first Stock-Based Compensation The Company recognizes the fair value of its stock options, restricted stock units (“RSUs”) and stock purchase rights under the employee stock purchase plan (the “ESPP”) on a straight-line basis over the requisite service periods. The fair value of each stock option or stock purchase right is estimated on the date of grant using the Black-Scholes-Merton option pricing model and the fair value of each RSU is based on the Company's common stock price on the date of grant. Compensation expenses for performance-based stock options (“PSOs”) and performance-based restricted stock units (“PSUs”) are recorded based on expected achievement of the performance metrics specified in the grant, which are assessed on a quarterly basis. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture materially differs from original estimates. Revenue Recognition The Company derives revenues from subscriptions that require customers to pay a fee in order to access the Company’s cloud solutions. Contract period with customers generally are one five not not not 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, the Company satisfies a performance obligation. At the inception of a customer contract, the Company makes an assessment as to that customer's ability to pay for the services provided. The Company assesses collectability based on several factors, including credit worthiness of the customer along with past transaction history. In addition, the Company performs periodic evaluations of its customers’ financial condition. Most of the Company’s revenue contracts are subscription based and contain a single performance obligation. The subscription contracts typically do not not not As the Company's cloud-based subscription services are delivered to customers electronically and over time, revenue is generally recognized ratably over the contract terms. When physical equipment is provided to the customers as part of the subscription service contract, the Company applies the practical expedient allowed under ASC 842 606, Contract modifications happen when there is an upsell, where the customers subsequently enter into contract with the Company to purchase additional product offerings or additional scans for additional devices. Contract modifications related to upsells are accounted for prospectively. Deferred revenues consist of customer contracts billed or cash received that will be recognized in the future under subscriptions existing at the balance sheet date. The current portion of deferred revenues represents amounts that are expected to be recognized within one Costs of shipping and handling charges incurred by the Company associated with physical scanner appliances and other computer equipment are included in cost of revenues. Sales taxes and other taxes collected from customers to be remitted to government authorities are excluded from revenues. Incremental direct costs of obtaining a contract, which consist of sales commissions primarily for new business and upsells, are deferred and amortized over the estimated life of the customer relationship if renewals are expected and the renewal commission is not one five Advertising Expenses Advertising costs are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operations. The Company incurred advertising costs of $3.3 million, $2.1 million and $1.6 million for the years ended December 31, 2022 , 2021 and 2020 , respectively. Income Taxes The Company provides for the effect of income taxes in its consolidated financial statements using the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating loss carryovers, and tax credit carry forwards. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance if it is more likely than not not Income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax assets and liabilities for the tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current income tax provision (benefit), its deferred tax assets and liabilities, and any valuation allowance to be recorded against its deferred tax assets. The Company's estimates and assumptions may The Company applies a two not not 50% 12 may Comprehensive Income (Loss) Other comprehensive income (loss) consists of unrealized gains (losses) on marketable securities, net of tax, and derivative financial instruments designated as cash flow hedges which are not Foreign Currency Transactions The Company’s operations are conducted in various countries around the world and the financial statements of its foreign subsidiaries are reported in the U.S. dollar as their respective functional currency. Monetary assets and liabilities denominated in foreign currencies have been re-measured into U.S. dollars using the exchange rates in effect at the balance sheet date, and income and expenses are re-measured at average exchange rates during the period. Foreign currency re-measurement gains and losses and foreign currency transaction gains and losses are recognized in other income (expense), net. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares outstanding plus potentially dilutive shares outstanding during the period. The potentially dilutive shares are computed by applying the treasury stock method to the Company's stock options, RSUs and the stock purchase rights under the ESPP. Any potential shares that would be anti-dilutive are excluded from the computation of diluted net income per share. Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not The Company does not not |
Note 2 - Fair Value of Financia
Note 2 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 2. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For certain of the Company’s financial instruments, including certain cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate their fair values due to the relatively short maturity of these balances. The Company measures and reports certain cash equivalents, marketable securities, derivative foreign currency forward contracts at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three Level 1 Level 2 Level 3 The Company's financial instruments consist of assets and liabilities measured using Level 1 2 1 2 The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis: December 31, 2022 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 82,701 $ — $ 82,701 U.S. Treasury and government agencies — 156,662 156,662 Foreign government — 1,006 1,006 Corporate bonds — 63,910 63,910 Asset-backed securities — 15,027 15,027 Foreign currency forward contracts — 1,493 1,493 Total assets $ 82,701 $ 238,098 $ 320,799 Foreign currency forward contracts $ — $ 4,679 $ 4,679 Total liabilities $ — $ 4,679 $ 4,679 December 31, 2021 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 75,258 $ — $ 75,258 Commercial paper — 18,896 18,896 U.S. Treasury and government agencies — 254,527 254,527 Foreign government — 1,019 1,019 Corporate bonds — 86,703 86,703 Asset-backed securities — 18,863 18,863 Foreign currency forward contracts — 3,336 3,336 Total assets $ 75,258 $ 383,344 $ 458,602 Foreign currency forward contracts $ — $ 388 $ 388 Total liabilities $ — $ 388 $ 388 There were no 1, 2 3 December 31, 2022 2021. Cash equivalent and investments The Company's cash equivalents and marketable securities consist of the following: December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 82,701 $ — $ — $ 82,701 U.S. Treasury and government agencies 29,787 4 — 29,791 Total 112,488 4 — 112,492 Short-term marketable securities: Corporate bonds 36,908 3 (337 ) 36,574 Asset-backed securities 726 — (2 ) 724 U.S. Treasury and government agencies 110,225 — (921 ) 109,304 Foreign government 1,008 — (2 ) 1,006 Total 148,867 3 (1,262 ) 147,608 Long-term marketable securities: Corporate bonds 28,146 — (810 ) 27,336 Asset-backed securities 14,435 — (132 ) 14,303 U.S. Treasury and government agencies 18,076 — (509 ) 17,567 Total 60,657 — (1,451 ) 59,206 Total $ 322,012 $ 7 $ (2,713 ) $ 319,306 (1) Excludes cash of $61.2 million. December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 75,258 $ — $ — $ 75,258 Commercial paper 850 — — 850 Total 76,108 — — 76,108 Short-term marketable securities: (2) Commercial paper 18,046 — — 18,046 Corporate bonds 28,869 101 (7 ) 28,963 Asset-backed securities 3,952 — — 3,952 U.S. Treasury and government agencies 217,160 2 (163 ) 216,999 Total 268,027 103 (170 ) 267,960 Long-term marketable securities: Corporate bonds 57,762 160 (182 ) 57,740 Asset-backed securities 14,941 6 (36 ) 14,911 U.S. Treasury and government agencies 37,664 — (136 ) 37,528 Foreign government 1,007 12 — 1,019 Total 111,374 178 (354 ) 111,198 Total $ 455,509 $ 281 $ (524 ) $ 455,266 ( 1 ( 2 2 10 December 31, 2021. The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time: December 31, 2022 Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (in thousands) Foreign government agencies $ 998 $ (2 ) $ - $ - $ 998 $ (2 ) Asset-backed securities 13,365 (124 ) 1,652 (10 ) 15,017 (134 ) Corporate bonds 33,800 (389 ) 26,326 (758 ) 60,126 (1,147 ) U.S. Treasury and government agencies 89,802 (1,175 ) 36,833 (255 ) 126,635 (1,430 ) Total $ 137,965 $ (1,690 ) $ 64,811 $ (1,023 ) $ 202,776 $ (2,713 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (in thousands) Asset-backed securities $ 15,867 $ (36 ) $ - $ - $ 15,867 $ (36 ) Corporate bonds 54,143 (189 ) - - 54,143 (189 ) U.S. Treasury and government agencies 241,816 (299 ) - - 241,816 (299 ) Total $ 311,826 $ (524 ) $ - $ - $ 311,826 $ (524 ) The Company had the ability and intent to hold all marketable securities that were in an unrealized loss position until recovery of the amortized cost basis. The Company considered the extent to which fair value was less than amortized cost basis and conditions related to security’s industry and geography and changes to the ratings, if any, and concluded the decline in fair value compared to carrying value was not The following summarizes the fair value of marketable securities by contractual maturity: December 31, 2022 Amortized Cost Fair Value (in thousands) Due within One Year $ 260,629 $ 259,376 Due after One Year through Two Years 43,528 42,272 Mature over Two Years 2,694 2,631 Asset-backed securities 15,161 15,027 Total $ 322,012 $ 319,306 Derivative Financial Instruments Designated cash flow hedges The Company enters into foreign currency forward contracts to reduce the risk of variability in future cash flow due to foreign currency exchange rate fluctuation from certain forecasted subscription revenue orders billed in GBP and Euro and operation expenses incurred in INR, which are designated as cash flow hedges. Hedge effectiveness is assessed at inception and at each reporting period utilizing regression analysis. Unrealized foreign exchange gains or losses related to those designated cash flow hedge contracts are recorded in Accumulated other comprehensive income ("AOCI") and will be reclassified into revenues or operating expenses, respectively, in the same periods when the hedged transactions are recognized in earnings. As of December 31, 2022 , a net amount of unrealized gains of $3.2 million before tax on the foreign currency forward contracts for GBP and Euro reported in AOCI is expected to be reclassified into revenue within the next 12 December 31, 2022 , a net amount of unrealized loss of $1.6 million before tax on the foreign currency forward contracts for INR reported in AOCI is expected to be reclassified into operating expenses within the next 12 Non-designated forward contracts The Company also uses foreign currency forward contracts to hedge certain foreign currency denominated assets or liabilities, which are not The following summarizes derivative financial instruments as of December 31, 2022 and 2021 : December 31, 2022 2021 (in thousands) Assets Foreign currency forward contracts designated as cash flow hedge $ 1,041 $ 1,737 Foreign currency forward contracts not designated as hedging instruments 452 1,599 Total $ 1,493 $ 3,336 Liabilities Foreign currency forward contracts designated as cash flow hedge $ (2,634 ) $ (181 ) Foreign currency forward contracts not designated as hedging instruments (2,045 ) (207 ) Total $ (4,679 ) $ (388 ) Derivative transactions are measured in terms of the notional amount. However, this amount is not not, not December 31, 2022 2021 (in thousands) Foreign currency forward contracts designated as cash flow hedge $ 10,623 $ 9,486 Foreign currency forward contracts not designated as hedging instruments 69,972 56,114 Total $ 80,595 $ 65,600 The Company presents its derivative assets and derivative liabilities at gross fair values in the consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one December 31, 2022 2021. not not not The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the consolidated statements of operations: Year Ended December 31, 2022 2021 2020 (in thousands) Net gains (losses) from non-designated forward contracts $ 5,093 $ 2,452 $ (1,634 ) Other foreign currency transactions gains (losses) (6,864 ) (2,749 ) 1,894 Total foreign exchange gains (losses), net (1,771 ) (297 ) 260 Other expenses (267 ) (276 ) (253 ) Other income (expense), net $ (2,038 ) $ (573 ) $ 7 |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income Disclosure [Text Block] | NOTE 3 . Accumulated Other Comprehensive Income (Loss) The components and changes in accumulated other comprehensive income (loss) were as follows: Available-for-sale debt securities Cash flow hedges Total (in thousands) Balances at December 31, 2019 $ 822 $ 340 $ 1,162 Change in unrealized gains (losses) during the period 549 (2,099 ) (1,550 ) Net gains reclassified into income during the period (25 ) (564 ) (589 ) Income tax benefit (provision) (122 ) 615 493 Net change during the period 402 (2,048 ) (1,646 ) Balances at December 31, 2020 1,224 (1,708 ) (484 ) Change in unrealized gains (losses) during the period (1,854 ) 2,837 983 Net losses reclassified into income during the period 22 933 955 Income tax benefit (provision) 423 (870 ) (447 ) Net change during the period (1,409 ) 2,900 1,491 Balances at December 31, 2021 (185 ) 1,192 1,007 Change in unrealized gains (losses) during the period (2,462 ) 581 (1,881 ) Net gains reclassified into income during the period — (1,147 ) (1,147 ) Income tax benefit (provision) (58 ) 132 74 Net change during the period (2,520 ) (434 ) (2,954 ) Balances at December 31, 2022 $ (2,705 ) $ 758 $ (1,947 ) The effects on income before income taxes of amounts reclassified from AOCI to the consolidated statements of operations were as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Reclassification of AOCI - Available-for-sale debt securities Other income (expense), net $ — $ (22 ) $ 25 Reclassification of AOCI - Cash flow hedges Revenues $ 1,897 $ (1,667 ) $ 960 Cost of revenues (169 ) 149 (76 ) Research and development (478 ) 492 (264 ) Sales and marketing (30 ) 28 (20 ) General and administrative (73 ) 65 (36 ) Total $ 1,147 $ (933 ) $ 564 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4. Property and Equipment, Net Property and equipment, net, which includes assets under finance leases, consists of the following: December 31, 2022 2021 (in thousands) Computer equipment $ 173,832 $ 161,809 Computer software 25,808 25,807 Leasehold improvements 21,009 21,092 Scanner appliances 15,696 16,510 Furniture, fixtures and equipment 6,524 6,479 Total property and equipment 242,869 231,697 Less: accumulated depreciation and amortization (195,441 ) (169,843 ) Property and equipment, net $ 47,428 $ 61,854 As of December 31, 2022 and 2021 , physical scanner appliances and other computer equipment that are or will be subject to leases by customers had a net carrying value of $6.7 million and $5.3 not $1.3 December 31, 2022 , 2021 and 2020 , respectively. Assets under finance leases were acquired upon completion of lease term and placed within computer equipment as of December 31, 2022. |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5. Revenue from Contracts with Customers The Company records deferred revenue when cash payments are received or due in advance of its performance obligations offset by revenue recognized in the period. Revenues of $254.9 million and $211.0 million were recognized during the years ended December 31, 2022 and December 31, 2021 , respectively, which amounts were included in the deferred revenue balances of $290.6 million and $244.0 million as of December 31, 2021 and December 31, 2020 , respectively. The Company's payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not The following table sets forth the expected revenue from all remaining performance obligations as of December 31, 2022 (in thousands) 2023 $ 158,607 2024 82,902 2025 27,874 2026 1,994 2027 692 2028 and thereafter 62 Total $ 272,131 Revenues allocated to remaining performance obligations represents the transaction price of noncancelable orders for which service has not one From time to time, the Company enters into contracts with customers that extend beyond one one not Revenues by sales channel are as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Direct $ 285,382 $ 243,389 $ 211,897 Partner 204,341 167,783 151,066 Total $ 489,723 $ 411,172 $ 362,963 The Company utilizes partners to enable and accelerate the adoption of its cloud platform by increasing its distribution capabilities and market awareness of its cloud platform as well as by targeting geographic regions outside the reach of its direct sales force. The Company's channel partners maintain relationships with their customers throughout the territories in which they operate and provide their customers with services and third may one not 13, Deferred costs to obtain contracts are as follows: December 31, 2022 2021 (in thousands) Current $ 5,018 $ 4,223 Noncurrent $ 10,090 $ 8,391 For the years ended December 31, 2022 , 2021 and 2020 , the Company recognized $5.0 million, $4.0 million and $3.0 million, respectively, of amortization expense relating to deferred costs to obtain contracts During the same periods, there was no impairment loss related to the deferred costs to obtain contracts. |
Note 6 - Acquisitions
Note 6 - Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 6. Acquisitions On October 4, 2022, eighteen five two On August 19, 2021, August 2022. five On July 24, 2020, October 2021. four two There were no December 31, 2022 2021 |
Note 7 - Intangible Assets, Net
Note 7 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. Intangible Assets, Net Intangible assets consist primarily of developed technology and patent licenses acquired from business or asset acquisitions. Acquired intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets. The carrying values of intangible assets are as follows: December 31, 2022 (in thousands) Weighted Average Life (Years) Weighted Average Remaining Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 1.4 $ 40,141 $ (27,860 ) $ 12,281 Patent licenses 14.0 1.7 1,387 (1,221 ) 166 Non-compete agreements 2.0 — 500 (500 ) — Assembled workforce 2.0 1.7 359 (45 ) 314 Total intangibles subject to amortization $ 42,387 $ (29,626 ) $ 12,761 Intangible assets not subject to amortization 40 Total intangible assets, net $ 12,801 December 31, 2021 (in thousands) Weighted Average Life (Years) Weighted Average Remaining Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.5 0.9 $ 28,556 $ (22,463 ) $ 6,093 Patent licenses 14.0 2.7 1,387 (1,121 ) 266 Non-compete agreements 2.0 0.6 500 (354 ) 146 Total intangibles subject to amortization $ 30,443 $ (23,938 ) 6,505 Intangible assets not subject to amortization 40 Total intangible assets, net $ 6,545 Intangible assets amortization expenses were $5.7 million, $6.7 million and $6.3 million for the December 31, 2022 2021 2020 As of December 31, 2022 (in thousands) 2023 $ 3,085 2024 2,904 2025 2,557 2026 2,477 2027 1,738 Total expected future amortization expense $ 12,761 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Lease [Text Block] | NOTE 8. Leases The Company leases certain offices, computer equipment and its shared cloud platform facilities under non-cancelable operating leases for varying periods through 2028. not not December 31, 2022 , 2021 and 2020 , respectively. Supplemental cash flow information related to operating leases was as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Cash payments included in the measurement of lease liabilities $ 15,751 $ 14,646 $ 13,403 Lease liabilities arising from obtaining right-of-use assets $ 8,669 $ 4,110 $ 15,837 The weighted average remaining lease term and the weighted average discount rate of the Company's operating leases were as follows: December 31, 2022 2021 Weighted average remaining lease term (years) 3.7 4.5 Weighted average discount rate 5.2 % 4.8 % Maturities of the Company's operating lease liabilities as of December 31, 2022 (in thousands) 2023 $ 14,940 2024 13,460 2025 7,715 2026 4,498 2027 4,353 2028 and thereafter 1,465 Total minimum lease payments 46,431 Less: interest (4,250 ) Present value of net minimum lease payments 42,181 Less: lease liabilities, current (13,060 ) Lease liabilities, noncurrent $ 29,121 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. Commitment and Contingencies Purchase Obligation The Company has entered into agreements to purchase goods and services in the ordinary course of business. As of December 31, 2022 (in thousands) 2023 $ 12,862 2024 13,261 2025 12,597 2026 11,591 2027 14,091 Total purchase commitments $ 64,402 Indemnifications The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third may may not not The Company maintains director and officer insurance, which may Legal Proceedings From time to time the Company may As of December 31, 2022 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 10. Stockholders' Equity and Stock-based Compensation Preferred Stock Effective October 3, 2012, December 31, 2022 2021 Common Stock Equity Incentive Plan 2000 Under the 2000 “2000 not not four ten 2000 2000 2000 2012 The 2012 2012 September 2012 September 26, 2012. 2012 2012 January 1 31, 2022, 2012 On June 8, 2022 ( 2012 2012 2012 2012 2012 2012 2012 no 2012 December 31, 2022 may four may may may no ten 2021 On June 9, 2021, 2021 August 16 February 16 may first December 31, 2022, Stock-based Compensation The following table shows a summary of the stock-based compensation expenses included in the consolidated statements of operations for the years ended December 31, 2022 2021 2020 Year Ended December 31, 2022 2021 2020 (in thousands) Cost of revenues $ 5,305 $ 3,782 $ 2,767 Research and development 14,585 10,750 13,502 Sales and marketing 9,837 6,323 5,785 General and administrative 23,681 46,724 17,981 Total stock-based compensation $ 53,408 $ 67,579 $ 40,035 The income tax benefit related to the stock-based compensation expenses was $8.3 million, $6.2 million and December 31, 2022 2021 2020 As of December 31, 2022 , the Company had unrecognized stock-based compensation expenses of $24.5 million, $92.2 million and $0.3 million related to options, RSUs and ESPP, respectively, which are expected to be recognized over weighted-average periods of 2.9 years, 2.8 years and 0.1 years, respectively. Performance-Based Stock Options and Restricted Stock Units On December 21, 2018, 2019 first January 1, 2019. second three January 2019 December 2021. three January 2019 December 2021 2021. third one third 2019, 2020 2021. On November 2, 2019, 2020 first December 1, 2019. second three January 2020 December 2022. On December 10, 2020, 2021 first November 1, 2020. second three January 2021 December 2023. The vesting of the above awards was conditioned on Mr. Courtot’s continued service through the vesting dates or, for PSOs and PSUs, the dates that performance is certified in addition to the achievement of performance goals. If Mr. Courtot’s employment was terminated (a) by reason of death or disability or (b) by the Company for reasons other than cause or good reason within 12 months following a change in control, then 100% of any unvested portions of these awards would vest, with any vesting in connection with change in control terminations conditioned upon the effectiveness of a release of claims in favor of the Company. In February 2021 2020, 2019 2020 2019, On March 19, 2021, 2021, 2020 2019 December 31, 2021. On April 27, 2021, three January 2021 December 2023. 0% 200% 100% On October 28, 2021, three three January 2022 December 2024. first second 100% first second third third 100% On October 27, 2022, three three January 2023 December 2025. first second 100% first second 100%, third third 12 100% For the years ended December 31, 2022 , 2021 and 2020 , stock-based compensation expenses of $[nil], $13.3 $0.2 Stock Options The weighted-average grant date fair value of the Company’s stock options granted for the years ended December 31, 2022 2021 2020 $50.32, $41.23 Year Ended December 31, 2022 2021 2020 Expected term (in years) 4.3 to 4.4 5.2 to 5.5 4.5 to 5.5 Volatility 40% to 43% 38% to 41% 38% to 43% Risk-free interest rate 1.7% to 4.2% 0.5% to 1.2% 0.3% to 1.4% Dividend yield — — — The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates equal to the expected term at the grant date. The volatility was estimated using the historical volatility derived from the Company's common stock. The Company has not not A summary of the Company’s stock option activity is as follows: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2021 1,838 $ 66.05 6.0 $ 130,791 Granted 593 $ 133.43 Exercised (468 ) $ 52.29 Canceled (156 ) $ 114.21 Balance as of December 31, 2022 1,807 $ 87.59 6.5 $ 58,024 Vested and expected to vest - December 31, 2022 1,583 $ 81.95 6.1 $ 57,690 Exercisable - December 31, 2022 981 $ 56.25 4.4 $ 56,062 The total intrinsic value of options exercised for the years ended December 31, 2022 , 2021 and 2020 was $39.8 million, $42.5 million and $77.5 million, respectively. Intrinsic value of an option is the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price paid. Restricted Stock Units A summary of the Company’s RSU activity is as follows: Outstanding RSUs Weighted Average Grant Date Fair Value (in thousands) Balance as of December 31, 2021 952 (1) $ 105.20 Granted 711 (2) $ 137.50 Vested (330 ) $ 100.27 Forfeited (150 ) $ 117.63 Balance as of December 31, 2022 1,183 (3) $ 124.42 Outstanding and expected to vest - December 31, 2022 929 $ 122.55 ( 1 2021 2022 ( 2 2022 2021 2023. ( 3 2022 2021. The aggregate fair value of RSUs vested for the years ended December 31, 2022 2021 2020 $43.9 million, $59.5 million and $46.5 million, respectively. Employee Stock Purchase Plan The weighted-average grant date fair value of the Company’s ESPP for the year ended December 31, 2022 Year Ended December 31, 2022 Expected term (in years) 0.5 Volatility 41.1% to 50.1% Risk-free interest rate 0.7% to 3.1% Dividend yield — The expected term of the ESPP represents the six not not Share Repurchase Program The Company's share repurchase program was authorized by the board of directors as follows: Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 May 4, 2022 200.0 Total as of December 31, 2022 $ 900.0 Shares may 10b 18 1934, 10b5 1 first For the years ended December 31, 2022 2021 2020 ased 2.5 shares, 1.1 million shares and 1.3 million shares of its common stock for $317.3 million, $130.0 million and $126.7 million, respectively December 31, 2022 million On February 9, 2023 , |
Note 11 - Employee Benefits Pla
Note 11 - Employee Benefits Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11. Employee Benefits Plan The Company’s 401 2000 401 401 401 December 31, 2022 , 2021 and 2020 , the Company made contributions to the 401 The Company contributes to a Provident Fund Plan for its employees in India, which is a defined contribution plan set up in accordance with local labor and tax laws. Gratuity is also paid by the Company to eligible employees in India in accordance with Payment of Gratuity Act, 1972. December 31, 2022 , 2021 and 2020 , the Company contributed $2.0 million, $1.7 million and $1.4 million, respectively, to those plans. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12. Income Taxes The Company’s geographical breakdown of income before income taxes is as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Domestic $ 122,013 $ 80,472 $ 94,099 Foreign 11,687 8,925 7,938 Income before income taxes $ 133,700 $ 89,397 $ 102,037 Income tax provision consists of the following: Year Ended December 31, 2022 2021 2020 (in thousands) Current Federal $ 35,286 $ 20,135 $ 1,944 State 6,269 4,324 1,438 Foreign 4,606 3,701 3,571 Current income tax provision 46,161 28,160 6,953 Deferred Federal (17,097 ) (7,342 ) 4,239 State (3,055 ) (1,722 ) 26 Foreign (301 ) (659 ) (753 ) Deferred income tax provision (benefit) (20,453 ) (9,723 ) 3,512 Income tax provision $ 25,708 $ 18,437 $ 10,465 The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 2.3 3.1 1.6 Stock-based compensation 3.4 10.3 4.8 Excess tax benefits related to stock-based compensation (5.2 ) (5.4 ) (13.8 ) Foreign source income 3.8 0.4 0.2 Change in valuation allowance 0.3 0.2 0.8 Foreign-derived intangible income deduction (4.9 ) (7.0 ) (1.7 ) Federal and state research and development credit (1.3 ) (1.9 ) (2.6 ) Other (0.2 ) (0.1 ) — Income tax provision 19.2 % 20.6 % 10.3 % Deferred Income Taxes Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 (in thousands) Deferred tax assets Research and development credit carryforwards $ 10,957 $ 10,743 Accrued liabilities 3,677 1,655 Deferred revenues 5,766 7,250 Operating lease liabilities 10,667 11,777 Intangible assets 3,465 2,988 Stock-based compensation 4,691 4,085 Capitalized R&D 30,234 9,389 Other 2,195 3,920 Gross deferred tax assets 71,652 51,807 Valuation allowance (12,476 ) (11,364 ) Total deferred tax assets 59,176 40,443 Deferred tax liabilities Fixed assets (1,745 ) (3,320 ) Operating leases - right of use asset (8,359 ) (9,010 ) Deferred commissions (3,660 ) (3,026 ) Total deferred tax liabilities (13,764 ) (15,356 ) Net deferred tax assets $ 45,412 $ 25,087 The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company regularly assesses the ability to realize its deferred tax assets and establishes a valuation allowance if it is more-likely than- not not not not December 31, 2022 . Additionally, due to a lack of sufficient future income of the appropriate character, certain U.S. federal and state deferred tax assets are not not December 31, 2022 and 2021 , respectively. The increase of $1.1 million in valuation allowance was mainly associated with the California research and development credit generated during the year ended December 31, 2022 and unrealized loss on available for sale securities that will not As of December 31, 2022 , the Company had $16.2 million of state research and development credit carryforwards. State research and development credits do not December 31, 2022 , the Company had foreign tax credit carryforwards of $0.9 million which begin to expire in 2028. The following table summarizes the activity related to the Company’s unrecognized tax benefits: Year Ended December 31, 2022 2021 2020 (in thousands) Unrecognized tax benefits beginning balance $ 9,676 $ 8,855 $ 7,778 Gross increase for tax positions of prior years 89 — 4 Gross decrease for tax positions of prior years — (25 ) — Gross increase for tax positions of current year 777 846 1,258 Lapse of statute of limitations — — (185 ) Total unrecognized tax benefits $ 10,542 $ 9,676 $ 8,855 The unrecognized tax benefits, if recognized, would impact the income tax provision by $5.3 million, $4.9 million and $4.6 million as of December 31, 2022 , 2021 and 2020 , respectively. The remaining amount would result in the recognition of a corresponding deferred tax asset that is then offset by a full valuation allowance. As of December 31, 2022 , the Company does not twelve not December 31, 2022 , 2021 and 2020 . The Company files income tax returns in the United States, including various state jurisdictions. The Company’s subsidiaries file tax returns in various foreign jurisdictions. The tax years 2001 2021 may As of December 31, 2022 not may |
Note 13 - Segment and Geographi
Note 13 - Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13. Segment and Geographic Area Information Under ASC 280 one one Revenue by geographic area, based on the customer's billing address, is as follows: Year Ended December 31, 2022 2021 2020 (in thousands) United States $ 292,291 $ 252,428 $ 229,484 Foreign 197,432 158,744 133,479 Total revenues $ 489,723 $ 411,172 $ 362,963 Long-lived assets, which consist of Property and equipment, net and Operating leases - right of use asset, by geographic area, are as follows: December 31, 2022 2021 (in thousands) United States $ 58,775 $ 66,440 India 16,057 20,401 Rest of world 6,348 12,029 Total Long-lived Assets $ 81,180 $ 98,870 |
Note 14 - Net Income Per Share
Note 14 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14. Net Income Per Share The computations for basic and diluted net income per share are as follows: Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Numerator: Net income $ 107,992 $ 70,960 $ 91,572 Denominator: Basic weighted average shares 38,453 39,030 39,167 Effect of potentially dilutive shares: Stock options 672 863 1,262 Restricted stock units 216 224 311 Employee stock purchase plan 3 1 — Diluted weighted average shares $ 39,344 $ 40,118 $ 40,740 Net income per share: Basic $ 2.81 $ 1.82 $ 2.34 Diluted $ 2.74 $ 1.77 $ 2.25 Potentially dilutive shares not Year Ended December 31, 2022 2021 2020 (in thousands) Stock options 686 534 532 Restricted stock units 90 61 52 Employee stock purchase plan 5 — — Total anti-dilutive shares 781 595 584 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description Of Business Policy [Policy Text Block] | Description of Business Qualys, Inc. (the “Company”, “we”, “us”, “our”) was incorporated in the state of Delaware on December 30, 1999. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP as well as the instructions to Form 10 |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, rising interest rates, labor shortages, significant volatility of global markets and geopolitical conflicts could have a material adverse effect on the Company's long-term business and could lead to further economic disruption and expose the Company to greater risk as its current and potential customers may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company invests its cash and cash equivalents with major financial institutions. Cash balances with any one may not not Credit risk with respect to accounts receivable is dispersed due to the large number of customers. Collateral is not December 31, 2022 2021 no 10% |
Cash, Cash Equivalents and Short-Term and Long-Term Investments Policy [Policy Text Block] | Cash, Cash Equivalents, Restricted cash and Short-Term and Long-Term Marketable Securities Cash and cash equivalents include cash held in banks, highly liquid money market funds and commercial paper, all with original maturities of three As of December 31, 2022 December 31, 2021, $1.2 Cash equivalents are stated at cost, which approximates fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities (AFS debt securities) and are carried at fair value. Unrealized gains and losses in fair value of the AFS debt securities are reported in other comprehensive income (loss). When the AFS debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations. AFS debt securities are reviewed quarterly for impairment. An investment is considered impaired when its fair value is below its amortized cost. Declines in fair value from amortized cost for AFS debt securities that the company intends to sell or will more likely than not |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not may not December 31, 2022 2021 December 31, 2022, December 31, 2021 December 31, 2020, |
Securities Owned Not Readily Marketable, Policy [Policy Text Block] | Non-marketable securities In 2018, not no may not No not In 2019, fourth December 31, 2021, not no December 31, 2021. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three five The Company purchases physical scanner appliances and other computer equipment that are provided to customers on a subscription basis. This equipment is recorded within property and equipment and the depreciation is recorded in cost of revenues over an estimated useful life of three Upon retirement or disposal, the cost of assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations. Repairs and maintenance that do not |
Lessee, Leases [Policy Text Block] | Leases The Company leases certain offices, computer equipment and its shared cloud platform facilities under finance leases and non-cancelable operating leases. For both operating and finance leases, we recognize a right-of-use asset, which represents our right to use the underlying asset for the lease term, and a lease liability, which represents the present value of our obligation to make payments arising over the lease term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments and lease terms when appropriate. The present value of the lease payments is calculated using the incremental borrowing rate of the underlying leases determined at lease commencement. As most of our leases do not Where the Company is the lessee, the Company elects to account for non-lease components associated with its leases (e.g., common area maintenance costs) and lease components separately for substantially all of its asset classes, except for shared cloud platforms, for which the Company elected to combine lease and non-lease components. For leases with a term of one not In arrangements where the Company is the lessor, the Company elected to apply the practical expedient to account for lease components (e.g., customer premise equipment) and non-lease components (e.g., service revenue) as combined components as revenue under ASC 606 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company evaluates its long-lived assets, which consist of property and equipment, and intangible assets subject to amortization, for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset may not December 31, 2022 2021 2020 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are not may one In testing for a potential impairment of goodwill and the indefinite-lived intangible assets, the Company first not 50% not no December 1, 2022 2021 no |
Business Combinations Policy [Policy Text Block] | Asset Acquisitions and Business Combinations The Company applies the provisions of ASC 805, not, may one |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Derivative Financial Instruments Derivative financial instruments are utilized by the Company to reduce foreign currency exchange risks. The Company uses foreign currency forward contracts, with maturities of 13 first |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company recognizes the fair value of its stock options, restricted stock units (“RSUs”) and stock purchase rights under the employee stock purchase plan (the “ESPP”) on a straight-line basis over the requisite service periods. The fair value of each stock option or stock purchase right is estimated on the date of grant using the Black-Scholes-Merton option pricing model and the fair value of each RSU is based on the Company's common stock price on the date of grant. Compensation expenses for performance-based stock options (“PSOs”) and performance-based restricted stock units (“PSUs”) are recorded based on expected achievement of the performance metrics specified in the grant, which are assessed on a quarterly basis. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture materially differs from original estimates. |
Revenue [Policy Text Block] | Revenue Recognition The Company derives revenues from subscriptions that require customers to pay a fee in order to access the Company’s cloud solutions. Contract period with customers generally are one five not not not 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, the Company satisfies a performance obligation. At the inception of a customer contract, the Company makes an assessment as to that customer's ability to pay for the services provided. The Company assesses collectability based on several factors, including credit worthiness of the customer along with past transaction history. In addition, the Company performs periodic evaluations of its customers’ financial condition. Most of the Company’s revenue contracts are subscription based and contain a single performance obligation. The subscription contracts typically do not not not As the Company's cloud-based subscription services are delivered to customers electronically and over time, revenue is generally recognized ratably over the contract terms. When physical equipment is provided to the customers as part of the subscription service contract, the Company applies the practical expedient allowed under ASC 842 606, Contract modifications happen when there is an upsell, where the customers subsequently enter into contract with the Company to purchase additional product offerings or additional scans for additional devices. Contract modifications related to upsells are accounted for prospectively. Deferred revenues consist of customer contracts billed or cash received that will be recognized in the future under subscriptions existing at the balance sheet date. The current portion of deferred revenues represents amounts that are expected to be recognized within one Costs of shipping and handling charges incurred by the Company associated with physical scanner appliances and other computer equipment are included in cost of revenues. Sales taxes and other taxes collected from customers to be remitted to government authorities are excluded from revenues. Incremental direct costs of obtaining a contract, which consist of sales commissions primarily for new business and upsells, are deferred and amortized over the estimated life of the customer relationship if renewals are expected and the renewal commission is not one five |
Advertising Cost [Policy Text Block] | Advertising Expenses Advertising costs are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operations. The Company incurred advertising costs of $3.3 million, $2.1 million and $1.6 million for the years ended December 31, 2022 , 2021 and 2020 , respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company provides for the effect of income taxes in its consolidated financial statements using the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating loss carryovers, and tax credit carry forwards. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance if it is more likely than not not Income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax assets and liabilities for the tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current income tax provision (benefit), its deferred tax assets and liabilities, and any valuation allowance to be recorded against its deferred tax assets. The Company's estimates and assumptions may The Company applies a two not not 50% 12 may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Other comprehensive income (loss) consists of unrealized gains (losses) on marketable securities, net of tax, and derivative financial instruments designated as cash flow hedges which are not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions The Company’s operations are conducted in various countries around the world and the financial statements of its foreign subsidiaries are reported in the U.S. dollar as their respective functional currency. Monetary assets and liabilities denominated in foreign currencies have been re-measured into U.S. dollars using the exchange rates in effect at the balance sheet date, and income and expenses are re-measured at average exchange rates during the period. Foreign currency re-measurement gains and losses and foreign currency transaction gains and losses are recognized in other income (expense), net. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares outstanding plus potentially dilutive shares outstanding during the period. The potentially dilutive shares are computed by applying the treasury stock method to the Company's stock options, RSUs and the stock purchase rights under the ESPP. Any potential shares that would be anti-dilutive are excluded from the computation of diluted net income per share. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not The Company does not not |
Note 2 - Fair Value of Financ_2
Note 2 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2022 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 82,701 $ — $ 82,701 U.S. Treasury and government agencies — 156,662 156,662 Foreign government — 1,006 1,006 Corporate bonds — 63,910 63,910 Asset-backed securities — 15,027 15,027 Foreign currency forward contracts — 1,493 1,493 Total assets $ 82,701 $ 238,098 $ 320,799 Foreign currency forward contracts $ — $ 4,679 $ 4,679 Total liabilities $ — $ 4,679 $ 4,679 December 31, 2021 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 75,258 $ — $ 75,258 Commercial paper — 18,896 18,896 U.S. Treasury and government agencies — 254,527 254,527 Foreign government — 1,019 1,019 Corporate bonds — 86,703 86,703 Asset-backed securities — 18,863 18,863 Foreign currency forward contracts — 3,336 3,336 Total assets $ 75,258 $ 383,344 $ 458,602 Foreign currency forward contracts $ — $ 388 $ 388 Total liabilities $ — $ 388 $ 388 |
Cash and Cash Equivalents and Debt Securities, Available-for-sale, Amortized Cost to Fair Value [Table Text Block] | December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 82,701 $ — $ — $ 82,701 U.S. Treasury and government agencies 29,787 4 — 29,791 Total 112,488 4 — 112,492 Short-term marketable securities: Corporate bonds 36,908 3 (337 ) 36,574 Asset-backed securities 726 — (2 ) 724 U.S. Treasury and government agencies 110,225 — (921 ) 109,304 Foreign government 1,008 — (2 ) 1,006 Total 148,867 3 (1,262 ) 147,608 Long-term marketable securities: Corporate bonds 28,146 — (810 ) 27,336 Asset-backed securities 14,435 — (132 ) 14,303 U.S. Treasury and government agencies 18,076 — (509 ) 17,567 Total 60,657 — (1,451 ) 59,206 Total $ 322,012 $ 7 $ (2,713 ) $ 319,306 (1) Excludes cash of $61.2 million. December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 75,258 $ — $ — $ 75,258 Commercial paper 850 — — 850 Total 76,108 — — 76,108 Short-term marketable securities: (2) Commercial paper 18,046 — — 18,046 Corporate bonds 28,869 101 (7 ) 28,963 Asset-backed securities 3,952 — — 3,952 U.S. Treasury and government agencies 217,160 2 (163 ) 216,999 Total 268,027 103 (170 ) 267,960 Long-term marketable securities: Corporate bonds 57,762 160 (182 ) 57,740 Asset-backed securities 14,941 6 (36 ) 14,911 U.S. Treasury and government agencies 37,664 — (136 ) 37,528 Foreign government 1,007 12 — 1,019 Total 111,374 178 (354 ) 111,198 Total $ 455,509 $ 281 $ (524 ) $ 455,266 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2022 Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (in thousands) Foreign government agencies $ 998 $ (2 ) $ - $ - $ 998 $ (2 ) Asset-backed securities 13,365 (124 ) 1,652 (10 ) 15,017 (134 ) Corporate bonds 33,800 (389 ) 26,326 (758 ) 60,126 (1,147 ) U.S. Treasury and government agencies 89,802 (1,175 ) 36,833 (255 ) 126,635 (1,430 ) Total $ 137,965 $ (1,690 ) $ 64,811 $ (1,023 ) $ 202,776 $ (2,713 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (in thousands) Asset-backed securities $ 15,867 $ (36 ) $ - $ - $ 15,867 $ (36 ) Corporate bonds 54,143 (189 ) - - 54,143 (189 ) U.S. Treasury and government agencies 241,816 (299 ) - - 241,816 (299 ) Total $ 311,826 $ (524 ) $ - $ - $ 311,826 $ (524 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2022 Amortized Cost Fair Value (in thousands) Due within One Year $ 260,629 $ 259,376 Due after One Year through Two Years 43,528 42,272 Mature over Two Years 2,694 2,631 Asset-backed securities 15,161 15,027 Total $ 322,012 $ 319,306 |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2022 2021 (in thousands) Assets Foreign currency forward contracts designated as cash flow hedge $ 1,041 $ 1,737 Foreign currency forward contracts not designated as hedging instruments 452 1,599 Total $ 1,493 $ 3,336 Liabilities Foreign currency forward contracts designated as cash flow hedge $ (2,634 ) $ (181 ) Foreign currency forward contracts not designated as hedging instruments (2,045 ) (207 ) Total $ (4,679 ) $ (388 ) |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | December 31, 2022 2021 (in thousands) Foreign currency forward contracts designated as cash flow hedge $ 10,623 $ 9,486 Foreign currency forward contracts not designated as hedging instruments 69,972 56,114 Total $ 80,595 $ 65,600 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Net gains (losses) from non-designated forward contracts $ 5,093 $ 2,452 $ (1,634 ) Other foreign currency transactions gains (losses) (6,864 ) (2,749 ) 1,894 Total foreign exchange gains (losses), net (1,771 ) (297 ) 260 Other expenses (267 ) (276 ) (253 ) Other income (expense), net $ (2,038 ) $ (573 ) $ 7 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Available-for-sale debt securities Cash flow hedges Total (in thousands) Balances at December 31, 2019 $ 822 $ 340 $ 1,162 Change in unrealized gains (losses) during the period 549 (2,099 ) (1,550 ) Net gains reclassified into income during the period (25 ) (564 ) (589 ) Income tax benefit (provision) (122 ) 615 493 Net change during the period 402 (2,048 ) (1,646 ) Balances at December 31, 2020 1,224 (1,708 ) (484 ) Change in unrealized gains (losses) during the period (1,854 ) 2,837 983 Net losses reclassified into income during the period 22 933 955 Income tax benefit (provision) 423 (870 ) (447 ) Net change during the period (1,409 ) 2,900 1,491 Balances at December 31, 2021 (185 ) 1,192 1,007 Change in unrealized gains (losses) during the period (2,462 ) 581 (1,881 ) Net gains reclassified into income during the period — (1,147 ) (1,147 ) Income tax benefit (provision) (58 ) 132 74 Net change during the period (2,520 ) (434 ) (2,954 ) Balances at December 31, 2022 $ (2,705 ) $ 758 $ (1,947 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Reclassification of AOCI - Available-for-sale debt securities Other income (expense), net $ — $ (22 ) $ 25 Reclassification of AOCI - Cash flow hedges Revenues $ 1,897 $ (1,667 ) $ 960 Cost of revenues (169 ) 149 (76 ) Research and development (478 ) 492 (264 ) Sales and marketing (30 ) 28 (20 ) General and administrative (73 ) 65 (36 ) Total $ 1,147 $ (933 ) $ 564 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 (in thousands) Computer equipment $ 173,832 $ 161,809 Computer software 25,808 25,807 Leasehold improvements 21,009 21,092 Scanner appliances 15,696 16,510 Furniture, fixtures and equipment 6,524 6,479 Total property and equipment 242,869 231,697 Less: accumulated depreciation and amortization (195,441 ) (169,843 ) Property and equipment, net $ 47,428 $ 61,854 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | (in thousands) 2023 $ 158,607 2024 82,902 2025 27,874 2026 1,994 2027 692 2028 and thereafter 62 Total $ 272,131 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Direct $ 285,382 $ 243,389 $ 211,897 Partner 204,341 167,783 151,066 Total $ 489,723 $ 411,172 $ 362,963 |
Contract With Customer, Commission Asset Balances [Table Text Block] | December 31, 2022 2021 (in thousands) Current $ 5,018 $ 4,223 Noncurrent $ 10,090 $ 8,391 |
Note 7 - Intangible Assets, N_2
Note 7 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | December 31, 2022 (in thousands) Weighted Average Life (Years) Weighted Average Remaining Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 1.4 $ 40,141 $ (27,860 ) $ 12,281 Patent licenses 14.0 1.7 1,387 (1,221 ) 166 Non-compete agreements 2.0 — 500 (500 ) — Assembled workforce 2.0 1.7 359 (45 ) 314 Total intangibles subject to amortization $ 42,387 $ (29,626 ) $ 12,761 Intangible assets not subject to amortization 40 Total intangible assets, net $ 12,801 December 31, 2021 (in thousands) Weighted Average Life (Years) Weighted Average Remaining Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.5 0.9 $ 28,556 $ (22,463 ) $ 6,093 Patent licenses 14.0 2.7 1,387 (1,121 ) 266 Non-compete agreements 2.0 0.6 500 (354 ) 146 Total intangibles subject to amortization $ 30,443 $ (23,938 ) 6,505 Intangible assets not subject to amortization 40 Total intangible assets, net $ 6,545 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2023 $ 3,085 2024 2,904 2025 2,557 2026 2,477 2027 1,738 Total expected future amortization expense $ 12,761 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Supplemental Cash Flow Disclosure [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Cash payments included in the measurement of lease liabilities $ 15,751 $ 14,646 $ 13,403 Lease liabilities arising from obtaining right-of-use assets $ 8,669 $ 4,110 $ 15,837 |
Lessee, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block] | December 31, 2022 2021 Weighted average remaining lease term (years) 3.7 4.5 Weighted average discount rate 5.2 % 4.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) 2023 $ 14,940 2024 13,460 2025 7,715 2026 4,498 2027 4,353 2028 and thereafter 1,465 Total minimum lease payments 46,431 Less: interest (4,250 ) Present value of net minimum lease payments 42,181 Less: lease liabilities, current (13,060 ) Lease liabilities, noncurrent $ 29,121 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | (in thousands) 2023 $ 12,862 2024 13,261 2025 12,597 2026 11,591 2027 14,091 Total purchase commitments $ 64,402 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Cost of revenues $ 5,305 $ 3,782 $ 2,767 Research and development 14,585 10,750 13,502 Sales and marketing 9,837 6,323 5,785 General and administrative 23,681 46,724 17,981 Total stock-based compensation $ 53,408 $ 67,579 $ 40,035 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2022 2021 2020 Expected term (in years) 4.3 to 4.4 5.2 to 5.5 4.5 to 5.5 Volatility 40% to 43% 38% to 41% 38% to 43% Risk-free interest rate 1.7% to 4.2% 0.5% to 1.2% 0.3% to 1.4% Dividend yield — — — |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2021 1,838 $ 66.05 6.0 $ 130,791 Granted 593 $ 133.43 Exercised (468 ) $ 52.29 Canceled (156 ) $ 114.21 Balance as of December 31, 2022 1,807 $ 87.59 6.5 $ 58,024 Vested and expected to vest - December 31, 2022 1,583 $ 81.95 6.1 $ 57,690 Exercisable - December 31, 2022 981 $ 56.25 4.4 $ 56,062 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Outstanding RSUs Weighted Average Grant Date Fair Value (in thousands) Balance as of December 31, 2021 952 (1) $ 105.20 Granted 711 (2) $ 137.50 Vested (330 ) $ 100.27 Forfeited (150 ) $ 117.63 Balance as of December 31, 2022 1,183 (3) $ 124.42 Outstanding and expected to vest - December 31, 2022 929 $ 122.55 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2022 Expected term (in years) 0.5 Volatility 41.1% to 50.1% Risk-free interest rate 0.7% to 3.1% Dividend yield — |
Share Repurchase Program [Table Text Block] | Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 May 4, 2022 200.0 Total as of December 31, 2022 $ 900.0 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Domestic $ 122,013 $ 80,472 $ 94,099 Foreign 11,687 8,925 7,938 Income before income taxes $ 133,700 $ 89,397 $ 102,037 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Current Federal $ 35,286 $ 20,135 $ 1,944 State 6,269 4,324 1,438 Foreign 4,606 3,701 3,571 Current income tax provision 46,161 28,160 6,953 Deferred Federal (17,097 ) (7,342 ) 4,239 State (3,055 ) (1,722 ) 26 Foreign (301 ) (659 ) (753 ) Deferred income tax provision (benefit) (20,453 ) (9,723 ) 3,512 Income tax provision $ 25,708 $ 18,437 $ 10,465 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 2.3 3.1 1.6 Stock-based compensation 3.4 10.3 4.8 Excess tax benefits related to stock-based compensation (5.2 ) (5.4 ) (13.8 ) Foreign source income 3.8 0.4 0.2 Change in valuation allowance 0.3 0.2 0.8 Foreign-derived intangible income deduction (4.9 ) (7.0 ) (1.7 ) Federal and state research and development credit (1.3 ) (1.9 ) (2.6 ) Other (0.2 ) (0.1 ) — Income tax provision 19.2 % 20.6 % 10.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 (in thousands) Deferred tax assets Research and development credit carryforwards $ 10,957 $ 10,743 Accrued liabilities 3,677 1,655 Deferred revenues 5,766 7,250 Operating lease liabilities 10,667 11,777 Intangible assets 3,465 2,988 Stock-based compensation 4,691 4,085 Capitalized R&D 30,234 9,389 Other 2,195 3,920 Gross deferred tax assets 71,652 51,807 Valuation allowance (12,476 ) (11,364 ) Total deferred tax assets 59,176 40,443 Deferred tax liabilities Fixed assets (1,745 ) (3,320 ) Operating leases - right of use asset (8,359 ) (9,010 ) Deferred commissions (3,660 ) (3,026 ) Total deferred tax liabilities (13,764 ) (15,356 ) Net deferred tax assets $ 45,412 $ 25,087 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Unrecognized tax benefits beginning balance $ 9,676 $ 8,855 $ 7,778 Gross increase for tax positions of prior years 89 — 4 Gross decrease for tax positions of prior years — (25 ) — Gross increase for tax positions of current year 777 846 1,258 Lapse of statute of limitations — — (185 ) Total unrecognized tax benefits $ 10,542 $ 9,676 $ 8,855 |
Note 13 - Segment and Geograp_2
Note 13 - Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) United States $ 292,291 $ 252,428 $ 229,484 Foreign 197,432 158,744 133,479 Total revenues $ 489,723 $ 411,172 $ 362,963 December 31, 2022 2021 (in thousands) United States $ 58,775 $ 66,440 India 16,057 20,401 Rest of world 6,348 12,029 Total Long-lived Assets $ 81,180 $ 98,870 |
Note 14 - Net Income Per Share
Note 14 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Numerator: Net income $ 107,992 $ 70,960 $ 91,572 Denominator: Basic weighted average shares 38,453 39,030 39,167 Effect of potentially dilutive shares: Stock options 672 863 1,262 Restricted stock units 216 224 311 Employee stock purchase plan 3 1 — Diluted weighted average shares $ 39,344 $ 40,118 $ 40,740 Net income per share: Basic $ 2.81 $ 1.82 $ 2.34 Diluted $ 2.74 $ 1.77 $ 2.25 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Stock options 686 534 532 Restricted stock units 90 61 52 Employee stock purchase plan 5 — — Total anti-dilutive shares 781 595 584 |
Note 1 - The Company and Summ_2
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | |
Restricted Cash, Total | $ 2,700 | ||||
Accounts Receivable, after Allowance for Credit Loss, Total | 121,800 | $ 109,000 | $ 100,200 | ||
Proceeds from Dividends Received | 0 | ||||
Payments for Advance to Affiliate | $ 600 | ||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | ||||
Number of Reporting Units | 1 | ||||
Capitalized Contract Cost, Amortization Period (Year) | 5 years | ||||
Advertising Expense | $ 3,300 | 2,100 | $ 1,600 | ||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Preferred Stock [Member] | |||||
Investments, Total | $ 2,500 | ||||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | ||||
Cash Held in Escrow With Blue Hexagon Acquisition [Member] | |||||
Restricted Cash, Total | $ 1,500 | ||||
Security Deposits [Member] | Letter of Credit [Member] | |||||
Restricted Cash, Total | $ 1,200 | $ 1,200 |
Note 2 - Fair Value of Financ_3
Note 2 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash | $ 61.2 | $ 61.2 |
Foreign Exchange Contracts for GBP and Euro [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 3.2 | |
Foreign Exchange Contracts for INR [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ (1.6) |
Note 2 - Fair Value of Financ_4
Note 2 - Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign currency forward contracts | $ 4,679 | $ 388 |
Fair Value, Recurring [Member] | ||
Money market funds | 82,701 | 75,258 |
U.S. Treasury and government agencies | 156,662 | 254,527 |
Foreign government | 1,006 | 1,019 |
Corporate bonds | 63,910 | 86,703 |
Asset-backed securities | 15,027 | 18,863 |
Foreign currency forward contracts | 1,493 | 3,336 |
Total assets | 320,799 | 458,602 |
Foreign currency forward contracts | 4,679 | 388 |
Total liabilities | 4,679 | 388 |
Commercial paper | 18,896 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Money market funds | 82,701 | 75,258 |
U.S. Treasury and government agencies | 0 | 0 |
Foreign government | 0 | 0 |
Corporate bonds | 0 | 0 |
Asset-backed securities | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total assets | 82,701 | 75,258 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Commercial paper | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Money market funds | 0 | 0 |
U.S. Treasury and government agencies | 156,662 | 254,527 |
Foreign government | 1,006 | 1,019 |
Corporate bonds | 63,910 | 86,703 |
Asset-backed securities | 15,027 | 18,863 |
Foreign currency forward contracts | 1,493 | 3,336 |
Total assets | 238,098 | 383,344 |
Foreign currency forward contracts | 4,679 | 388 |
Total liabilities | $ 4,679 | 388 |
Commercial paper | $ 18,896 |
Note 2 - Fair Value of Financ_5
Note 2 - Fair Value of Financial Instruments - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
cash equivalents, amortized cost | $ 112,488 | $ 76,108 | ||
Cash equivalent, fair value | 112,492 | 76,108 | ||
cash equivalents, amortized cost | 112,488 | 76,108 | ||
Cash equivalents unrealized gains | 4 | |||
cash equivalents, unrealized loss | 0 | |||
Short-term marketable securities, amortization cost | 148,867 | 268,027 | ||
Unrealized gains, short-term securities | 3 | 103 | ||
Short-term marketable securities, unrealized loss | (1,262) | (170) | ||
Short-term marketable securities | 147,608 | 267,960 | ||
Unrealized gains, long-term securities | 0 | 178 | ||
Long-term marketable securities, amortization cost | 60,657 | 111,374 | ||
Long-term marketable securities, unrealized loss | (1,451) | (354) | ||
Long-term marketable securities | 59,206 | 111,198 | ||
Cash and cash equivalents and marketable securities, amortization cost | 322,012 | 455,509 | ||
Unrealized gains, securities | 7 | 281 | ||
Unrealized loss, securities | (2,713) | (524) | ||
Cash and cash equivalents and short-term and long-term Marketable Securities, fair value | 319,306 | 455,266 | ||
Corporate Debt Securities [Member] | ||||
Short-term marketable securities, amortization cost | 36,908 | 28,869 | ||
Unrealized gains, short-term securities | 3 | 101 | ||
Short-term marketable securities, unrealized loss | (337) | (7) | ||
Short-term marketable securities | 36,574 | 28,963 | ||
Unrealized gains, long-term securities | 0 | 160 | ||
Long-term marketable securities, amortization cost | 28,146 | 57,762 | ||
Long-term marketable securities, unrealized loss | (810) | (182) | ||
Long-term marketable securities | 27,336 | 57,740 | ||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||||
Short-term marketable securities, amortization cost | [1] | 18,046 | ||
Unrealized gains, short-term securities | 0 | |||
Short-term marketable securities, unrealized loss | 0 | |||
Short-term marketable securities | 18,046 | |||
Asset-Backed Securities [Member] | ||||
Short-term marketable securities, amortization cost | 726 | 3,952 | ||
Unrealized gains, short-term securities | 0 | 0 | ||
Short-term marketable securities, unrealized loss | (2) | 0 | ||
Short-term marketable securities | 724 | 3,952 | ||
Unrealized gains, long-term securities | 0 | 6 | ||
Long-term marketable securities, amortization cost | 14,435 | 14,941 | ||
Long-term marketable securities, unrealized loss | (132) | (36) | ||
Long-term marketable securities | 14,303 | 14,911 | ||
US Government Agencies Debt Securities [Member] | ||||
Short-term marketable securities, amortization cost | 110,225 | 217,160 | ||
Unrealized gains, short-term securities | 2 | |||
Short-term marketable securities, unrealized loss | (921) | (163) | ||
Short-term marketable securities | 109,304 | 216,999 | ||
Unrealized gains, long-term securities | 0 | 0 | ||
Long-term marketable securities, amortization cost | 18,076 | 37,664 | ||
Long-term marketable securities, unrealized loss | (509) | (136) | ||
Long-term marketable securities | 17,567 | 37,528 | ||
Foreign Government Agencies [Member] | ||||
Short-term marketable securities, amortization cost | 1,008 | |||
Short-term marketable securities, unrealized loss | (2) | |||
Short-term marketable securities | 1,006 | |||
Unrealized gains, long-term securities | 0 | 12 | ||
Long-term marketable securities, amortization cost | 1,007 | |||
Long-term marketable securities, unrealized loss | 0 | |||
Long-term marketable securities | 1,019 | |||
Money Market Funds [Member] | ||||
cash equivalents, amortized cost | [2] | 82,701 | 75,258 | |
Cash equivalent, fair value | 82,701 | 75,258 | [2] | |
cash equivalents, amortized cost | [2] | 82,701 | 75,258 | |
US Government Corporations and Agencies Securities [Member] | ||||
cash equivalents, amortized cost | 29,787 | |||
Cash equivalent, fair value | 29,791 | |||
cash equivalents, amortized cost | 29,787 | |||
Cash equivalents unrealized gains | 4 | |||
cash equivalents, unrealized loss | $ 0 | |||
Commercial Paper [Member] | ||||
cash equivalents, amortized cost | 850 | |||
Cash equivalent, fair value | 850 | |||
cash equivalents, amortized cost | $ 850 | |||
[1]Revised for correction of classification of amounts and security types disclosed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.[2]Excludes cash of $61.2 million. |
Note 2 - Fair Value of Financ_6
Note 2 - Fair Value of Financial Instruments - Summary of Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Less than 12 Months, fair value | $ 137,965 | $ 311,826 |
Less than 12 Months, Accumulated Loss | (1,690) | (524) |
12 Months or Longer, fair value | 64,811 | 0 |
12 Months or Longer, Accumulated Loss | (1,023) | 0 |
Unrealized Loss Position, fair value | 202,776 | 311,826 |
Unrealized Loss Position, accumulated loss | (2,713) | (524) |
Foreign Government Agencies [Member] | ||
Less than 12 Months, fair value | 998 | |
Less than 12 Months, Accumulated Loss | (2) | |
12 Months or Longer, fair value | 0 | |
12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, fair value | 998 | |
Unrealized Loss Position, accumulated loss | (2) | |
Asset-Backed Securities [Member] | ||
Less than 12 Months, fair value | 13,365 | 15,867 |
Less than 12 Months, Accumulated Loss | (124) | (36) |
12 Months or Longer, fair value | 1,652 | 0 |
12 Months or Longer, Accumulated Loss | (10) | 0 |
Unrealized Loss Position, fair value | 15,017 | 15,867 |
Unrealized Loss Position, accumulated loss | (134) | (36) |
Corporate Debt Securities [Member] | ||
Less than 12 Months, fair value | 33,800 | 54,143 |
Less than 12 Months, Accumulated Loss | (389) | (189) |
12 Months or Longer, fair value | 26,326 | 0 |
12 Months or Longer, Accumulated Loss | (758) | 0 |
Unrealized Loss Position, fair value | 60,126 | 54,143 |
Unrealized Loss Position, accumulated loss | (1,147) | (189) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 Months, fair value | 89,802 | 241,816 |
Less than 12 Months, Accumulated Loss | (1,175) | (299) |
12 Months or Longer, fair value | 36,833 | 0 |
12 Months or Longer, Accumulated Loss | (255) | 0 |
Unrealized Loss Position, fair value | 126,635 | 241,816 |
Unrealized Loss Position, accumulated loss | $ (1,430) | $ (299) |
Note 2 - Fair Value of Financ_7
Note 2 - Fair Value of Financial Instruments - Summary of the Fair Value of Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Due within One Year, Amortized Cost | $ 260,629 |
Due within One Year | 259,376 |
Due after One Year through Two Years, Amortized Cost | 43,528 |
Due after One Year through Two Years | 42,272 |
Mature over Two Years, Amortized Cost | 2,694 |
Mature over Two Years | 2,631 |
Amortized Cost | 322,012 |
Available-for-Sale, Total | 319,306 |
Asset-Backed Securities [Member] | |
Amortized Cost | 15,161 |
Available-for-Sale, Total | $ 15,027 |
Note 2 - Fair Value of Financ_8
Note 2 - Fair Value of Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign currency forward contracts | $ 1,493 | $ 3,336 |
Foreign currency forward contracts | (4,679) | (388) |
Designated as Hedging Instrument [Member] | ||
Foreign currency forward contracts | 1,041 | 1,737 |
Foreign currency forward contracts | (2,634) | (181) |
Not Designated as Hedging Instrument [Member] | ||
Foreign currency forward contracts | 452 | 1,599 |
Foreign currency forward contracts | $ (2,045) | $ (207) |
Note 2 - Fair Value of Financ_9
Note 2 - Fair Value of Financial Instruments - Summary of National Amount of Derivative Financial Instruments (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative, Notional Amount | $ 80,595 | $ 65,600 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative, Notional Amount | 10,623 | 9,486 |
Not Designated as Hedging Instrument [Member] | ||
Derivative, Notional Amount | $ 69,972 | $ 56,114 |
Note 2 - Fair Value of Finan_10
Note 2 - Fair Value of Financial Instruments - Amounts Recognized In Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net gains (losses) from non-designated forward contracts | $ 5,093 | $ 2,452 | $ (1,634) |
Other foreign currency transactions gains (losses) | (6,864) | (2,749) | 1,894 |
Total foreign exchange gains (losses), net | (1,771) | (297) | 260 |
Other expenses | (267) | (276) | (253) |
Other income (expense), net | $ (2,038) | $ (573) | $ 7 |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 436,714 | $ 404,482 | $ 386,803 |
Other comprehensive income (loss), net of tax | (2,954) | 1,491 | (1,646) |
Balance | 289,129 | 436,714 | 404,482 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (185) | 1,224 | 822 |
Change in unrealized gains (losses) during the period | (2,462) | (1,854) | 549 |
Net gains reclassified into income during the period | 0 | 22 | (25) |
Income tax benefit (provision) | (58) | 423 | (122) |
Other comprehensive income (loss), net of tax | (2,520) | (1,409) | 402 |
Balance | (2,705) | (185) | 1,224 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 1,192 | (1,708) | 340 |
Change in unrealized gains (losses) during the period | 581 | 2,837 | (2,099) |
Net gains reclassified into income during the period | (1,147) | 933 | (564) |
Income tax benefit (provision) | 132 | (870) | 615 |
Other comprehensive income (loss), net of tax | (434) | 2,900 | (2,048) |
Balance | 758 | 1,192 | (1,708) |
AOCI Attributable to Parent [Member] | |||
Balance | 1,007 | (484) | 1,162 |
Change in unrealized gains (losses) during the period | (1,881) | 983 | (1,550) |
Net gains reclassified into income during the period | (1,147) | 955 | (589) |
Income tax benefit (provision) | 74 | (447) | 493 |
Other comprehensive income (loss), net of tax | (2,954) | 1,491 | (1,646) |
Balance | $ (1,947) | $ 1,007 | $ (484) |
Note 3 - Accumulated Other Co_4
Note 3 - Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other income (expense), net | $ 2,038 | $ 573 | $ (7) |
Revenues | 489,723 | 411,172 | 362,963 |
Cost of revenues | 102,788 | 89,439 | 79,226 |
Research and development | 101,186 | 81,289 | 72,548 |
Sales and marketing | 97,221 | 76,487 | 67,965 |
General and administrative | 57,981 | 76,274 | 46,570 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Other income (expense), net | 0 | (22) | 25 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Revenues | 1,897 | (1,667) | 960 |
Cost of revenues | (169) | 149 | (76) |
Research and development | (478) | 492 | (264) |
Sales and marketing | (30) | 28 | (20) |
General and administrative | (73) | 65 | (36) |
Total | $ 1,147 | $ (933) | $ 564 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net, Total | $ 47,428 | $ 61,854 | |
Depreciation, Depletion And Amortization, Excluding Intangible Asset Amortization | 28,200 | 28,500 | $ 26,100 |
Scanner Appliances and Other Computer Equipment Subject To Subscription [Member] | |||
Property, Plant and Equipment, Net, Total | 6,700 | 5,300 | |
Scanner Appliances and Other Computer Equipment Not Placed In Service [Member] | |||
Property, Plant and Equipment, Net, Total | $ 4,000 | $ 1,300 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment and finance lease | $ 242,869 | $ 231,697 |
Less: accumulated depreciation and amortization | (195,441) | (169,843) |
Property and equipment and finance lease, net | 47,428 | 61,854 |
Computer Equipment [Member] | ||
Property and equipment and finance lease | 173,832 | 161,809 |
Computer Software, Intangible Asset [Member] | ||
Property and equipment and finance lease | 25,808 | 25,807 |
Leasehold Improvements [Member] | ||
Property and equipment and finance lease | 21,009 | 21,092 |
Scanner Appliances [Member] | ||
Property and equipment and finance lease | 15,696 | 16,510 |
Furniture and Fixtures [Member] | ||
Property and equipment and finance lease | $ 6,524 | $ 6,479 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 254,900 | $ 211,000 | |
Contract with Customer, Liability, Total | 290,600 | $ 244,000 | |
Amortization of Deferred Sales Commissions | 5,000 | 4,000 | 3,000 |
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 | $ 0 |
Note 5 - Revenue from Contrac_4
Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Remaining performance obligations | $ 272,131 |
Note 5 - Revenue from Contrac_5
Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations 2 (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Remaining performance obligations | $ 272,131 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 158,607 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 82,902 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 27,874 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 1,994 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 692 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 62 |
Note 5 - Revenue From Contrac_6
Note 5 - Revenue From Contracts With Customers - Revenue by Sales Channel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 489,723 | $ 411,172 | $ 362,963 |
Sales Channel, Directly to Consumer [Member] | |||
Revenues | 285,382 | 243,389 | 211,897 |
Sales Channel, Through Intermediary [Member] | |||
Revenues | $ 204,341 | $ 167,783 | $ 151,066 |
Note 5 - Revenue From Contrac_7
Note 5 - Revenue From Contracts With Customers - Capitalized Cost to Obtain Contracts, Current and Noncurrent (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | $ 5,018 | $ 4,223 |
Noncurrent | $ 10,090 | $ 8,391 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||||
Oct. 04, 2022 | Aug. 19, 2022 | Aug. 19, 2021 | Jul. 24, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Developed Technology Rights [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | 4 years 7 months 6 days | 4 years 6 months | |||
Finite-lived Intangible Assets Acquired | $ 1.2 | |||||
Payments to Acquire Intangible Assets | $ 0.1 | $ 1.1 | $ 1.3 | |||
Assembled Workforce [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Noncompete Agreements [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | 2 years | ||||
Blue Hexagon Inc [Member] | ||||||
Asset Acquisition, Consideration Transferred, Total | $ 10 | |||||
Payments to Acquire Productive Assets, Total | 8.5 | |||||
Asset Acquisition, Consideration Transferred, Payable | 1.5 | |||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 1.4 | |||||
Asset Acqusition, Acquisition Related Costs | 0.6 | |||||
Blue Hexagon Inc [Member] | Developed Technology Rights [Member] | ||||||
Asset Acquistion, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11.5 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||
Blue Hexagon Inc [Member] | Assembled Workforce [Member] | ||||||
Asset Acquistion, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.4 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Spell Security [Member] | ||||||
Asset Acquisition, Consideration Transferred, Total | 1.5 | |||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 0.2 | |||||
Spell Security [Member] | Developed Technology Rights [Member] | ||||||
Finite-lived Intangible Assets Acquired | $ 1 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years | |||||
Spell Security [Member] | Noncompete Agreements [Member] | ||||||
Finite-lived Intangible Assets Acquired | $ 0.5 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 2 years |
Note 7 - Intangible Assets, N_3
Note 7 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 5.7 | $ 6.7 | $ 6.3 |
Note 7 - Intangible Assets, N_4
Note 7 - Intangible Assets, Net - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 19, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost | $ 42,387 | $ 30,443 | |
Amortization of intangible assets | (29,626) | (23,938) | |
Net Book Value | 12,761 | 6,505 | |
Total intangible assets, net | 12,801 | 6,545 | |
Intangible Assets Not Subject to Amortization [Member] | |||
Intangible assets not subject to amortization | $ 40 | $ 40 | |
Developed Technology Rights [Member] | |||
Weighted Average Life (Year) | 5 years | 4 years 7 months 6 days | 4 years 6 months |
Weighted Average Remaining Life (Year) | 1 year 4 months 24 days | 10 months 24 days | |
Cost | $ 40,141 | $ 28,556 | |
Amortization of intangible assets | (27,860) | (22,463) | |
Net Book Value | $ 12,281 | $ 6,093 | |
Patents [Member] | |||
Weighted Average Life (Year) | 14 years | 14 years | |
Weighted Average Remaining Life (Year) | 1 year 8 months 12 days | 2 years 8 months 12 days | |
Cost | $ 1,387 | $ 1,387 | |
Amortization of intangible assets | (1,221) | (1,121) | |
Net Book Value | $ 166 | $ 266 | |
Noncompete Agreements [Member] | |||
Weighted Average Life (Year) | 2 years | 2 years | |
Weighted Average Remaining Life (Year) | 7 months 6 days | ||
Cost | $ 500 | $ 500 | |
Amortization of intangible assets | (500) | (354) | |
Net Book Value | $ 0 | $ 146 | |
Assembled Workforce [Member] | |||
Weighted Average Life (Year) | 2 years | ||
Weighted Average Remaining Life (Year) | 1 year 8 months 12 days | ||
Cost | $ 359 | ||
Amortization of intangible assets | (45) | ||
Net Book Value | $ 314 |
Note 7 - Intangible Assets, N_5
Note 7 - Intangible Assets, Net - Expected Amortization Expense in Future Periods (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 3,085 | |
2024 | 2,904 | |
2025 | 2,557 | |
2026 | 2,477 | |
2027 | 1,738 | |
Total expected future amortization expense | $ 12,761 | $ 6,505 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Expense | $ 14.9 | $ 16.8 | $ 16.7 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash payments included in the measurement of lease liabilities | $ 15,751 | $ 14,646 | $ 13,403 |
Lease liabilities arising from obtaining right-of-use assets | $ 8,669 | $ 4,110 | $ 15,837 |
Note 8 - Leases - Weighted Aver
Note 8 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted average remaining lease term (Year) | 3 years 8 months 12 days | 4 years 6 months |
Weighted average discount rate | 5.20% | 4.80% |
Note 8 - Leases - Minimum Annua
Note 8 - Leases - Minimum Annual Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023, operating leases | $ 14,940 | |
2024, operating leases | 13,460 | |
2025, operating leases | 7,715 | |
2026, operating leases | 4,498 | |
2027, operating leases | 4,353 | |
2025 and thereafter, operating leases | 1,465 | |
Total minimum lease payments, operating leases | 46,431 | |
Less: interest | (4,250) | |
Present value of net minimum lease payments | 42,181 | |
Less: lease liabilities, current | (13,060) | $ (12,608) |
Lease liabilities, noncurrent | $ 29,121 | $ 35,914 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Accrued Liabilties [Member] | |
Estimated Litigation Liability | $ 1.5 |
Note 9 - Commitment and Conting
Note 9 - Commitment and Contingencies - Remaining Purchase Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 12,862 |
2024 | 13,261 |
2025 | 12,597 |
2026 | 11,591 |
2027 | 14,091 |
Total purchase commitments | $ 64,402 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity and Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||||||
Feb. 09, 2023 USD ($) | Oct. 27, 2022 shares | Jun. 08, 2022 shares | Oct. 28, 2021 shares | Jun. 09, 2021 shares | Apr. 27, 2021 shares | Mar. 19, 2021 shares | Dec. 10, 2020 shares | Nov. 02, 2019 shares | Dec. 21, 2018 shares | Feb. 28, 2021 shares | Feb. 29, 2020 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2018 shares | Feb. 12, 2018 USD ($) | Oct. 03, 2012 $ / shares shares | ||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 | |||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |||||||||||||||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ | $ 8,300 | $ 6,200 | $ 5,300 | |||||||||||||||||
Share-based Payment Arrangement, Accelerated Cost | $ | 27,300 | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 53,408 | $ 67,579 | $ 40,035 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 50.32 | $ 41.23 | $ 35.49 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 39,800 | $ 42,500 | $ 77,500 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 2,500,000 | 1,100,000 | 1,300,000 | |||||||||||||||||
Stock Repurchased and Retired During Period, Value | $ | $ 317,300 | $ 130,000 | $ 126,700 | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | 154,500 | $ 154,500 | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | 900,000 | 900,000 | $ 100,000 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Stock Repurchase Program, Additional Authorized Amount | $ | $ 100,000 | |||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,000,000 | |||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 24,500 | 24,500 | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | |||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Performance Shares [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 224,000 | 124,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares) | 348,000 | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 0 | 13,300 | 200 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 92,200 | 92,200 | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | [1] | 330,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [2] | 711,000 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 43,900 | 59,500 | 46,500 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Time based Shared Based Compensation [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 69,000 | 49,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 56,000 | |||||||||||||||||||
Share based Compensation Arrangement by Share based Payment Award, Vesting Period, Number Of Quarterly Periods | 16 | 16 | 16 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares) | 127,000 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 33 | 33,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 22,000 | 15,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||||||||||||||
Share-Based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Target Number Of Shares (in shares) | 11,000 | |||||||||||||||||||
Share-based Compensation Termination Period Trigger (Month) | 12 months | |||||||||||||||||||
Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger | 100% | 100% | ||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period As A Percentage Of Target | 200% | 135% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares) | 44,000 | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | 3,900 | $ 5,300 | $ 2,800 | |||||||||||||||||
ESPP Shares [Member] | ||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 300 | $ 300 | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 month 6 days | |||||||||||||||||||
Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||||||
Share-based Compensation Termination Period Trigger (Month) | 12 months | |||||||||||||||||||
Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger | 100% | 100% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||||||||||||
Performance-based Restricted Stock Units [Member] | Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 49,000 | |||||||||||||||||||
Share-based Compensation Termination Period Trigger (Month) | 12 months | |||||||||||||||||||
Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger | 100% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 86,000 | 73,000 | 58,000 | 68,000 | 175,000 | |||||||||||||||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | Performance Shares [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200% | 200% | ||||||||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200% | |||||||||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200% | 200% | ||||||||||||||||||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200% | |||||||||||||||||||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200% | 200% | ||||||||||||||||||
Minimum [Member] | Share-Based Payment Arrangement, Option [Member] | Performance Shares [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0% | 0% | ||||||||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0% | |||||||||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0% | 0% | ||||||||||||||||||
Minimum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0% | |||||||||||||||||||
Minimum [Member] | Performance-based Restricted Stock Units [Member] | Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0% | |||||||||||||||||||
The 2000 Equity Incentive Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Strike Price as a Percentage of Market Value | 85% | 85% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | ||||||||||||||||||
The 2000 Equity Incentive Plan [Member] | Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||||||||||
The 2012 Equity Incentive Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 9,689,000 | 2,351,000 | 2,351,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Increase, Shares (in shares) | 3,050,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Increase, Percent of Shares Outstanding | 5% | 5% | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 3,072,000 | 1,956,000 | ||||||||||||||||||
The 2021 Employee Stock Purchase Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 555,000 | 555,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 600,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Offering Period (Month) | 6 months | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85% | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 39.14 | |||||||||||||||||||
The 2021 Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||||||||||||
Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable | 15% | |||||||||||||||||||
The 2021 Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||||||||||||||||||
Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable | 1% | |||||||||||||||||||
[1]Included 58 thousand shares of PSUs granted to certain executive officers in 2022 and 49 thousand shares of PSU granted in 2021 as a result of defining the level of performance goals for performance year 2023.[2]Included 68 thousand shares of PSUs granted to certain executive officers in 2021 for performance year 2022 at 200% vest level. |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation | $ 53,408 | $ 67,579 | $ 40,035 |
Cost of Sales [Member] | |||
Stock-based compensation | 5,305 | 3,782 | 2,767 |
Research and Development Expense [Member] | |||
Stock-based compensation | 14,585 | 10,750 | 13,502 |
Selling and Marketing Expense [Member] | |||
Stock-based compensation | 9,837 | 6,323 | 5,785 |
General and Administrative Expense [Member] | |||
Stock-based compensation | $ 23,681 | $ 46,724 | $ 17,981 |
Note 10 - Stockholders' Equit_5
Note 10 - Stockholders' Equity and Stock-based Compensation - Fair Value Assumptions, Stock Options (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend yield | 0% | 0% | 0% |
Minimum [Member] | |||
Expected term (in years) (Year) | 4 years 3 months 18 days | 5 years 2 months 12 days | 4 years 6 months |
Volatility | 40% | 38% | 38% |
Risk-free interest rate | 1.70% | 0.50% | 0.30% |
Maximum [Member] | |||
Expected term (in years) (Year) | 4 years 4 months 24 days | 5 years 6 months | 5 years 6 months |
Volatility | 43% | 41% | 43% |
Risk-free interest rate | 4.20% | 1.20% | 1.40% |
Note 10 - Stockholders' Equit_6
Note 10 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation and Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Balance (in shares) | 1,838 | ||
Weighted average exercise price, balance (in dollars per share) | $ 66.05 | ||
Weighted Average Remaining Contractual Life Balance (Year) | 6 years 6 months | 6 years | |
Aggregate intrinsic value | $ 58,024 | $ 130,791 | |
Granted (in shares) | 593 | ||
Weighted average exercise price, Granted (in dollars per share) | $ 133.43 | ||
Exercised (in shares) | [1] | (468) | |
Weighted average exercise price, Exercised (in dollars per share) | $ 52.29 | ||
Canceled (in shares) | (156) | ||
Weighted average exercise price, Canceled (in dollars per share) | $ 114.21 | ||
Balance (in shares) | 1,807 | 1,838 | |
Weighted average exercise price, balance (in dollars per share) | $ 87.59 | $ 66.05 | |
Vested and expected to vest (in shares) | 1,583 | ||
Weighted average exercise price, Vested and expected to vest (in dollars per share) | $ 81.95 | ||
Vested and Expected to vest, weighted average remaining contractual life (Year) | 6 years 1 month 6 days | ||
Vested and Expected to vest, aggregate intrinsic value | $ 57,690 | ||
Exercisable (in shares) | 981 | ||
Weighted average exercise price, Exercisable (in dollars per share) | $ 56.25 | ||
Exercisable, weighted average remaining contractual life (Year) | 4 years 4 months 24 days | ||
Exercisable, aggregate intrinsic value | $ 56,062 | ||
[1]Included 348 thousand shares of PSOs. |
Note 10 - Stockholders' Equit_7
Note 10 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation, Restricted Stock and Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | ||
Balance, number of shares (in shares) | 952 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 105.20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 711 |
Granted, weighted average grant date fair value (in dollars per share) | $ 137.50 | |
Vested, number of shares (in shares) | [2] | (330) |
Vested, weighted average grant date fair value (in dollars per share) | $ 100.27 | |
Forfeited, number of shares (in shares) | (150) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 117.63 | |
Balance, number of shares (in shares) | [3] | 1,183 |
Balance, weighted average grant date fair value (in dollars per share) | $ 124.42 | |
Expected to vest, number of shares (in shares) | 929 | |
Expected to vest, weighted average grant date fair value (in dollars per share) | $ 122.55 | |
[1]Included 68 thousand shares of PSUs granted to certain executive officers in 2021 for performance year 2022 at 200% vest level.[2]Included 58 thousand shares of PSUs granted to certain executive officers in 2022 and 49 thousand shares of PSU granted in 2021 as a result of defining the level of performance goals for performance year 2023.[3]Included 175 thousand shares of PSUs granted to certain executive officers in 2022 and 2021. |
Note 10 - Stockholders' Equit_8
Note 10 - Stockholders' Equity and Stock-based Compensation - Employee Stock Purchase Plan, Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend yield | 0% | 0% | 0% |
The 2021 Employee Stock Purchase Plan [Member] | |||
Expected term (in years) (Year) | 6 months | ||
Volatility. minimum | 41.10% | ||
Volatility, maximum | 50.10% | ||
Risk-free interest rate, minimum | 0.70% | ||
Risk-free interest rate, maximum | 3.10% | ||
Dividend yield | 0% |
Note 10 - Stockholders' Equit_9
Note 10 - Stockholders' Equity and Stock-based Compensation - Schedule of Repurchase Agreements (Details) - USD ($) $ in Billions | Dec. 31, 2022 | May 04, 2022 | Nov. 03, 2021 | Feb. 10, 2021 | May 07, 2020 | Oct. 30, 2019 | Oct. 30, 2018 | Feb. 12, 2018 |
Authorized Dollar Value | $ 0.9 | $ 0.1 | ||||||
October 30, 2018 | $ 0.2 | $ 0.2 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 11 - Employee Benefits P_2
Note 11 - Employee Benefits Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3.5 | $ 2.4 | $ 1.3 |
Provident Fund Plan and Gratuity Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2 | $ 1.7 | $ 1.4 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance | $ 12,476 | $ 11,364 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,100 | ||
Operating Loss Carryforwards | 16,200 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5,300 | 4,900 | $ 4,600 |
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward, Amount | $ 900 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ 122,013 | $ 80,472 | $ 94,099 |
Foreign | 11,687 | 8,925 | 7,938 |
Income before income taxes | $ 133,700 | $ 89,397 | $ 102,037 |
Note 12 - Income Taxes - Sche_2
Note 12 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 35,286 | $ 20,135 | $ 1,944 |
State | 6,269 | 4,324 | 1,438 |
Foreign | 4,606 | 3,701 | 3,571 |
Current income tax provision | 46,161 | 28,160 | 6,953 |
Federal | (17,097) | (7,342) | 4,239 |
State | (3,055) | (1,722) | 26 |
Foreign | (301) | (659) | (753) |
Deferred income tax provision (benefit) | (20,453) | (9,723) | 3,512 |
Income tax provision | $ 25,708 | $ 18,437 | $ 10,465 |
Note 12 - Income Taxes - Sche_3
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory rate | 21% | 21% | 21% |
State taxes | 2.30% | 3.10% | 1.60% |
Stock-based compensation | 3.40% | 10.30% | 4.80% |
Excess tax benefits related to stock-based compensation | (5.20%) | (5.40%) | (13.80%) |
Foreign source income | 3.80% | 0.40% | 0.20% |
Change in valuation allowance | 0.30% | 0.20% | 0.80% |
Foreign-derived intangible income deduction | (4.90%) | (7.00%) | (1.70%) |
Federal and state research and development credit | (1.30%) | (1.90%) | (2.60%) |
Other | (0.20%) | (0.10%) | 0% |
Income tax provision | 19.20% | 20.60% | 10.30% |
Note 12 - Income Taxes - Sche_4
Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Research and development credit carryforwards | $ 10,957 | $ 10,743 |
Accrued liabilities | 3,677 | 1,655 |
Deferred revenues | 5,766 | 7,250 |
Operating lease liabilities | 10,667 | 11,777 |
Intangible assets | 3,465 | 2,988 |
Stock-based compensation | 4,691 | 4,085 |
Capitalized R&D | 30,234 | 9,389 |
Other | 2,195 | 3,920 |
Gross deferred tax assets | 71,652 | 51,807 |
Valuation allowance | (12,476) | (11,364) |
Total deferred tax assets | 59,176 | 40,443 |
Fixed assets | (1,745) | (3,320) |
Operating leases - right of use asset | (8,359) | (9,010) |
Deferred commissions | (3,660) | (3,026) |
Total deferred tax liabilities | (13,764) | (15,356) |
Net deferred tax assets | $ 45,412 | $ 25,087 |
Note 12 - Income Taxes - Sche_5
Note 12 - Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized tax benefits beginning balance | $ 9,676 | $ 8,855 | $ 7,778 |
Gross increase for tax positions of prior years | 89 | 0 | 4 |
Gross decrease for tax positions of prior years | 0 | (25) | 0 |
Gross increase for tax positions of current year | 777 | 846 | 1,258 |
Lapse of statute of limitations | 0 | 0 | (185) |
Total unrecognized tax benefits | $ 10,542 | $ 9,676 | $ 8,855 |
Note 13 - Segment and Geograp_3
Note 13 - Segment and Geographic Area Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Note 13 - Segment and Geograp_4
Note 13 - Segment and Geographic Area Information - Revenue and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 489,723 | $ 411,172 | $ 362,963 |
Property and equipment, net and Operating leases - right of use asset | 81,180 | 98,870 | |
UNITED STATES | |||
Revenues | 292,291 | 252,428 | 229,484 |
Property and equipment, net and Operating leases - right of use asset | 58,775 | 66,440 | |
Non-US [Member] | |||
Revenues | 197,432 | 158,744 | $ 133,479 |
INDIA | |||
Property and equipment, net and Operating leases - right of use asset | 16,057 | 20,401 | |
Other Geographic Areas [Member] | |||
Property and equipment, net and Operating leases - right of use asset | $ 6,348 | $ 12,029 |
Note 14 - Net Income Per Shar_2
Note 14 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 107,992 | $ 70,960 | $ 91,572 |
Basic weighted average shares (in shares) | 38,453 | 39,030 | 39,167 |
Stock options (in shares) | 672 | 863 | 1,262 |
Restricted stock units (in shares) | 216 | 224 | 311 |
Employee stock purchase plan (in shares) | 3 | 1 | 0 |
Diluted weighted average shares (in shares) | 39,344 | 40,118 | 40,740 |
Basic (in dollars per share) | $ 2.81 | $ 1.82 | $ 2.34 |
Diluted (in dollars per share) | $ 2.74 | $ 1.77 | $ 2.25 |
Note 14 - Net Income Per Shar_3
Note 14 - Net Income Per Share - Anti-dilutive Net Income Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive securities (in shares) | 781 | 595 | 584 |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 686 | 534 | 532 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive securities (in shares) | 90 | 61 | 52 |
Employee Stock Purchase Plan Shares [Member] | |||
Antidilutive securities (in shares) | 5 | 0 | 0 |