Document And Entity Information
Document And Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Entity Registrant Name | Avid Technology, Inc. | ||
Entity Central Index Key | 0000896841 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 42,415,714 | ||
Entity Public Float | $ 209,476,088 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues: | ||
Revenues | $ 103,319 | $ 97,937 |
Cost of revenues: | ||
Cost, Amortization | 1,950 | 1,950 |
Total cost of revenues | 42,037 | 42,230 |
Gross profit | 61,282 | 55,707 |
Operating expenses: | ||
Research and development | 16,285 | 15,685 |
Marketing and selling | 24,878 | 26,132 |
General and administrative | 13,788 | 13,955 |
Amortization of intangible assets | 363 | 363 |
Restructuring costs, net | 558 | 2,907 |
Total operating expenses | 55,872 | 59,042 |
Operating (loss) income | 5,410 | (3,335) |
Interest and other expense, net | (5,185) | (5,359) |
(Loss) income before income taxes | 225 | (8,694) |
Provision for income taxes | 438 | 255 |
Net (loss) income | $ (213) | $ (8,949) |
Net (loss) income per common share - basic | $ (0.01) | $ (0.22) |
Weighted-average common shares outstanding – basic | 42,046 | 41,404 |
Product [Member] | ||
Net revenues: | ||
Revenues | $ 54,396 | $ 46,410 |
Cost of revenues: | ||
Services | 27,600 | 26,295 |
Service [Member] | ||
Net revenues: | ||
Revenues | 48,923 | 51,527 |
Cost of revenues: | ||
Services | $ 12,487 | $ 13,985 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net (loss) income | $ (213) | $ (8,949) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (548) | 1,148 |
Comprehensive (loss) income | $ (761) | $ (7,801) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 55,326 | $ 56,103 |
Restricted cash | 9,020 | 8,500 |
Accounts receivable, net of allowances of $1,339 and $1,339 at March 31, 2019 and December 31, 2018, respectively | 61,318 | 67,754 |
Inventories | 34,328 | 32,956 |
Prepaid expenses | 11,985 | 8,853 |
Contract assets | 18,677 | 16,513 |
Other current assets | 6,685 | 5,917 |
Total current assets | 197,339 | 196,596 |
Property and equipment, net | 20,918 | 21,582 |
Intangible assets, net | 2,120 | 4,432 |
Goodwill | 32,643 | 32,643 |
Right of use assets | 36,031 | 0 |
Long-term deferred tax assets, net | 1,163 | 1,158 |
Other long-term assets | 9,456 | 9,432 |
Total assets | 299,670 | 265,843 |
Current liabilities: | ||
Accounts payable | 38,438 | 39,239 |
Accrued compensation and benefits | 24,727 | 21,967 |
Accrued expenses and other current liabilities | 41,402 | 37,547 |
Income taxes payable | 2,088 | 1,853 |
Short-term debt | 1,405 | 1,405 |
Deferred revenues | 87,927 | 85,662 |
Total current liabilities | 195,987 | 187,673 |
Long-term debt | 218,201 | 220,590 |
Long-term deferred revenues | 13,361 | 13,939 |
Long-term lease liabilities | 33,817 | 0 |
Other long-term liabilities | 5,391 | 10,302 |
Total liabilities | 466,757 | 432,504 |
Contingencies (Note 7) | ||
Stockholders' deficit: | ||
Common stock | 423 | 423 |
Additional paid-in capital | 1,024,028 | 1,028,924 |
Accumulated deficit | (1,187,223) | (1,187,010) |
Treasury stock at cost | 0 | (5,231) |
Accumulated other comprehensive loss | (4,315) | (3,767) |
Total stockholders' deficit | (167,087) | (166,661) |
Total liabilities and stockholders' deficit | $ 299,670 | $ 265,843 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 1,339 | $ 1,339 |
CONSOLDATED STATEMENTS OF STOCK
CONSOLDATED STATEMENTS OF STOCKHOLDERS' DEFICIT Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Balances at beginning of period at Dec. 31, 2017 | $ (268,570) | $ 423 | $ 1,035,808 | $ (1,284,703) | $ (17,672) | $ (2,426) |
Balances at beginning of period (in shares) at Dec. 31, 2017 | 42,339 | (983) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 104,550 | 104,550 | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 127 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (491) | (3,649) | $ 3,158 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 703 | 703 | ||||
Net Income (Loss) Attributable to Parent | (8,949) | (8,949) | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,148 | 1,148 | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (22) | (22) | ||||
Capped Call Transaction Cost Reimbursement | 2 | 2 | ||||
Balances at end of period at Mar. 31, 2018 | (171,629) | $ 423 | 1,032,842 | (1,189,102) | $ (14,514) | (1,278) |
Balances at end of period (in shares) at Mar. 31, 2018 | 42,339 | (856) | ||||
Balances at beginning of period at Dec. 31, 2018 | (166,661) | $ 423 | 1,028,924 | (1,187,010) | $ (5,231) | (3,767) |
Balances at beginning of period (in shares) at Dec. 31, 2018 | 42,339 | (391) | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 391 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (1,381) | (6,612) | $ 5,231 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 1,738 | 1,738 | ||||
Net Income (Loss) Attributable to Parent | (213) | (213) | ||||
Other Comprehensive Income (Loss), Net of Tax | (548) | (548) | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (23) | (23) | ||||
Capped Call Transaction Cost Reimbursement | 1 | 1 | ||||
Balances at end of period at Mar. 31, 2019 | $ (167,087) | $ 423 | $ 1,024,028 | $ (1,187,223) | $ 0 | $ (4,315) |
Balances at end of period (in shares) at Mar. 31, 2019 | 42,339 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (213) | $ (8,949) |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,740 | 5,674 |
(Recovery) provision for doubtful accounts | (9) | 57 |
Stock-based compensation expense | 1,738 | 703 |
Non-cash interest expense | 3,359 | 3,546 |
Unrealized foreign currency transaction losses | (586) | 1,323 |
Benefit for deferred taxes | (1) | (2) |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | 6,444 | 8,596 |
Inventories | (1,372) | (482) |
Prepaid expenses and other current assets | (3,861) | (396) |
Accounts payable | (810) | (2,112) |
Accrued expenses, compensation and benefits and other liabilities | (2,837) | (1,355) |
Income taxes payable | 261 | 190 |
Deferred revenues | (477) | (1,423) |
Net cash provided by (used in) operating activities | 6,376 | 5,370 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,767) | (2,080) |
Increase in other long-term assets | 0 | (8) |
Net cash used in investing activities | (1,767) | (2,088) |
Cash flows from financing activities: | ||
Repayment of debt | (3,928) | (3,212) |
Proceeds from the issuance of common stock under employee stock plans | 309 | 6 |
Common stock repurchases for tax withholdings for net settlement of equity awards | (1,690) | (497) |
Partial retirement of the Notes conversion feature and capped call option unwind | (22) | (20) |
Net cash (used in) provided by financing activities | (5,331) | (3,723) |
Effect of exchange rate changes on cash and cash equivalents | (55) | 15 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (777) | (426) |
Cash and cash equivalents at beginning of period | 56,103 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 67,317 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents at end of period | 55,326 | |
Restricted cash | 9,020 | |
Restricted Cash, Noncurrent | 2,971 | |
Cash paid for income taxes, net of refunds | 203 | (2,469) |
Cash paid for interest | $ 2,041 | $ 1,919 |
FINANCIAL INFORMATION (Notes)
FINANCIAL INFORMATION (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL INFORMATION | FINANCIAL INFORMATION The accompanying condensed consolidated financial statements include the accounts of Avid Technology, Inc. and its wholly owned subsidiaries (collectively, “we” or “our”). These financial statements are unaudited. However, in the opinion of management, the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for their fair statement. Interim results are not necessarily indicative of results expected for any other interim period or a full year. We prepared the accompanying unaudited condensed consolidated financial statements in accordance with the instructions for Form 10-Q and, therefore, include all information and footnotes necessary for a complete presentation of operations, comprehensive income (loss), financial position, changes in stockholders’ deficit and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated balance sheet as of December 31, 2018 was derived from our audited consolidated financial statements and does not include all disclosures required by U.S. GAAP for annual financial statements. We filed audited consolidated financial statements as of and for the year ended December 31, 2018 in our Annual Report on Form 10-K for the year ended December 31, 2018 , which included information and footnotes necessary for such presentation. The financial statements contained in this Form 10-Q should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018 . Our preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from our estimates. Subsequent Events On April 8, 2019, we entered into an amendment to our existing agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our 2.00% Senior Convertible Notes due 2020 (the “Notes”). On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. For a more detailed description of the amendment, see our Form 8-K filed with the Securities and Exchange Commission on April 11, 2019. Significant Accounting Policies - Revenue Recognition We enter into contracts with customers that include various combinations of products and services, which are typically capable of being distinct and are accounted for as separate performance obligations. We account for a contract when (i) it has approval and commitment from both parties, (ii) the rights of the parties have been identified, (iii) payment terms have been identified, (iv) the contract has commercial substance and (v) collectability is probable. We recognize revenue upon transfer of control of promised products or services to customers, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts, in an amount that reflects the consideration we expect to receive in exchange for those products or services. We often enter into contractual arrangements that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These arrangements may include a combination of products, support, training and professional services. We allocate the transaction price of the arrangement based on the relative estimated standalone selling price of each distinct performance obligation. See Note 10 for disaggregated revenue schedules and further discussion on revenue and deferred revenue performance obligations and the timing of revenue recognition. Recently Adopted Accounting Pronouncements On January 1, 2019, we adopted ASC Topic 842, Leases (“ASC 842”) using the modified retrospective transition approach, as provided by ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”). We elected the package of practical expedients permitted under the transition guidance. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior periods have not been adjusted and continue to be reported in accordance with our historic accounting under previous U.S. GAAP. The primary impact of ASC 842 is that substantially all of our leases are recognized on the balance sheet, by recording right-of-use assets and short-term and long-term lease liabilities. The new standard does not have a material impact on our consolidated statement of operations and cash flows, and the effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019 is immaterial. A summary of the changes to balance sheet line items that resulted from the adoption of ASC 842 as of January 1, 2019 is as follows (in thousands): As of January 1, 2019 As Previously Reported Impact of Adoption of Topic 842 As Adjusted Assets: Property and equipment, net $ 21,582 $ 256 $ 21,838 Right of use assets $ — $ 37,749 $ 37,749 Liabilities: Accrued expenses and other current liabilities $ 37,547 $ 6,957 $ 44,504 Long-term lease liabilities — 35,694 35,694 Other long-term liabilities $ 10,302 $ (4,646 ) $ 5,656 |
NET INCOME PER SHARE Earnings P
NET INCOME PER SHARE Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET INCOME PER SHARE Net (loss) income per common share is presented for both basic (loss) income per share (“Basic EPS”) and diluted (loss) income per share (“Diluted EPS”). Basic EPS is based on the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and common shares equivalents outstanding during the period. The potential common shares that were considered anti-dilutive securities were excluded from the diluted earnings per share calculations for the relevant periods either because the sum of the exercise price per share and the unrecognized compensation cost per share was greater than the average market price of our common stock for the relevant periods, or because they were considered contingently issuable. The contingently issuable potential common shares result from certain stock options and restricted stock units granted to our employees that vest based on performance conditions, market conditions, or a combination of performance and market conditions. When there is a loss from continuing operations, potential common shares should not be included in the computation of Diluted EPS because the exercise or conversion of any potential shares increases the number of shares in the denominator and results in a lower loss per share. Therefore, all outstanding stock options and restricted stock units at March 31, 2019 and 2018 are anti-dilutive and not included in the EPS calculation. The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities at March 31, 2019 and 2018 . March 31, 2019 March 31, 2018 Options 772 2,262 Non-vested restricted stock units 2,881 3,172 Anti-dilutive potential common shares 3,653 5,434 We issued the Notes on June 15, 2015. The Notes are convertible into cash, shares of our common stock or a combination of cash and shares of common stock, at our election, based on an initial conversion rate, subject to adjustment. In connection with the offering of the Notes, we entered into a capped call transaction, or Capped Call, with a third party. We use the treasury stock method in computing the dilutive impact of the Notes. The Notes are convertible into shares of our common stock but our stock price as of March 31, 2019 and 2018 was less than the conversion price of $21.94 |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets Measured at Fair Value on a Recurring Basis We measure deferred compensation investments on a recurring basis. As of March 31, 2019 and December 31, 2018 , our deferred compensation investments were classified as either Level 1 or Level 2 in the fair value hierarchy. Assets valued using quoted market prices in active markets and classified as Level 1 are money market and mutual funds. Assets valued based on other observable inputs and classified as Level 2 are insurance contracts. The following tables summarize our deferred compensation investments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Reporting Date Using March 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,430 $ 312 $ 1,118 $ — Fair Value Measurements at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,372 $ 386 $ 986 $ — Financial Instruments Not Recorded at Fair Value The carrying amounts of our other financial assets and liabilities including cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the relatively short period of time between their origination and their expected realization or settlement. As of March 31, 2019 , the net carrying amount of the Notes was $95.6 million , and the fair value of the Notes was approximately $96.7 million |
INVENTORIES (Notes)
INVENTORIES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 11,253 $ 10,520 Work in process 486 527 Finished goods 22,589 21,909 Total $ 34,328 $ 32,956 As of March 31, 2019 and December 31, 2018 , finished goods inventory included $2.0 million and $2.1 million |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL Intangible Assets (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Amortizing identifiable intangible assets related to our acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for our products consisted of the following (in thousands): March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Completed technologies and patents $ 58,212 $ (56,424 ) $ 1,788 $ 58,246 $ (54,508 ) $ 3,738 Customer relationships 54,947 (54,615 ) 332 54,986 (54,292 ) 694 Trade names 1,346 (1,346 ) — 1,346 (1,346 ) — Capitalized software costs 4,911 (4,911 ) — 4,911 (4,911 ) — Total $ 119,416 $ (117,296 ) $ 2,120 $ 119,489 $ (115,057 ) $ 4,432 Amortization expense related to intangible assets in the aggregate was $2.3 million for the three months ended March 31, 2019 and 2018 . We expect amortization of intangible assets to be $2.1 million for the remainder of 2019 . The acquisition of Orad in 2015 resulted in goodwill of $32.6 million as of March 31, 2019 and December 31, 2018 |
LEASES Leases (Notes)
LEASES Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases of Lessee Disclosure [Text Block] | . LEASES We have entered into a number of facility leases to support our research and development activities, sales operations and other corporate and administrative functions in North America, Europe, and Asia, which qualify as operating leases under U.S. GAAP. We also have a limited number of equipment leases that also qualify as operating leases. We determine if contracts with vendors represent a lease or have a lease component under U.S. GAAP at contract inception. We do not have any finance leases as of March 31, 2019 . Our leases have remaining terms of one year to ten years . Some of our leases include options to extend or terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Operating lease right of use assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. As our leases generally do not provide an implicit rate, we use an estimated incremental borrowing rate in determining the present value of future payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular location and currency environment. We used an average incremental borrowing rate of 6% as of January 1, 2019, the adoption date of ASC 842, for our leases that commenced prior to that date. The operating leases are included in the caption “Right of use assets”, “Accrued expenses and other current liabilities”, and “Long-term lease liabilities” on our condensed consolidated balance sheets as of March 31, 2019 . The weighted-average remaining lease term of our operating leases is 7.1 years as of March 31, 2019 . Lease costs for minimum lease payments is recognized on a straight-line basis over the lease term. Our total lease costs were $2.5 million and related cash payments were $2.4 million for the three months ended March 31, 2019 . Lease costs are included within research and development, marketing and selling, and general and administrative lines on the condensed consolidated statements of operations, and the related cash payments were included in the operating cash flows on the condensed consolidated statements of cash flows. Short-term lease costs, variable lease costs and sublease income are not material. The table below reconciles the undiscounted future minimum lease payments under non-cancellable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 (in thousands): Year Ending December 31, Operating Leases 2019 (excluding three months ended March 31, 2019) $ 7,301 2020 8,877 2021 6,298 2022 5,533 2023 4,309 Thereafter 19,034 Total future minimum lease payments $ 51,352 Less effects of discounting (10,083 ) Total lease liabilities $ 41,269 Reported as of March 31, 2019 Accrued expenses and other current liabilities $ 7,452 Long-term lease liabilities 33,817 Total lease liabilities $ 41,269 The future minimum lease commitments under non-cancelable leases at December 31, 2018 were as follows (in thousands): Year Ending December 31, 2019 $ 11,225 2020 9,784 2021 6,850 2022 5,982 2023 4,754 Thereafter 20,040 Total $ 58,635 |
OTHER LONG-TERM LIABILITIES Lon
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following (in thousands): March 31, 2019 December 31, 2018 Deferred rent $ — $ 5,122 Accrued restructuring 159 188 Deferred compensation 4,839 4,992 Other 393 — Total $ 5,391 $ 10,302 As disclosed in Note 1, $5.1 million of deferred rent liabilities was reclassified upon the adoption of ASC 842 on January 1, 2019 as we recorded our leases in the caption “Right of use assets”, “Accrued expenses and other current liabilities”, and “Long-term lease liabilities” on our condensed consolidated balance sheets as of March 31, 2019 |
CONTINGENCIES (Notes)
CONTINGENCIES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Commitments We entered into a long-term agreement to purchase a variety of information technology solutions from a third party in the second quarter of 2017, which included an unconditional commitment to purchase a minimum of $12.8 million of products and services over the initial three years of the agreement. We have purchased $6.1 million of products and services pursuant to this agreement as of March 31, 2019 . We have letters of credit that are used as security deposits in connection with our leased Burlington, Massachusetts office space. In the event of default on the underlying leases, the landlords would, at March 31, 2019 , be eligible to draw against the letters of credit to a maximum of $1.3 million in the aggregate. The letters of credit are subject to aggregate reductions provided that we are not in default under the underlying leases and meet certain financial performance conditions. In no case will the letters of credit amounts for the Burlington leases be reduced to below $1.2 million in the aggregate throughout the lease periods. We also have letters of credit in connection with security deposits for other facility leases totaling $1.0 million in the aggregate, as well as letters of credit totaling $1.4 million that otherwise support our ongoing operations. These letters of credit have various terms and expire during 2019 and beyond, while some of the letters of credit may automatically renew based on the terms of the underlying agreements. We issued a letter of credit totaling $8.5 million to one of our sole-source suppliers in February 2018. The supplier is eligible to draw on the letter of credit in the event that we are insolvent or unable to pay on our purchase orders for certain key hardware components of our product. The letter of credit has been extended through February 2020 and may automatically renew based on the terms of the underlying agreement. Virtually all of our letters of credit are collateralized by restricted cash included in the caption “Restricted cash” and “Other long-term assets” on our condensed consolidated balance sheets as of March 31, 2019 . Contingencies Our industry is characterized by the existence of a large number of patents and frequent claims and litigation regarding patent and other intellectual property rights. In addition to the legal proceedings described above, we are involved in legal proceedings from time to time arising from the normal course of business activities, including claims of alleged infringement of intellectual property rights and contractual, commercial, employee relations, product or service performance, or other matters. We do not believe these matters will have a material adverse effect on our financial position or results of operations. However, the outcome of legal proceedings and claims brought against us is subject to significant uncertainty. Therefore, our financial position or results of operations may be negatively affected by the unfavorable resolution of one or more of these proceedings for the period in which a matter is resolved. Our results could be materially adversely affected if we are accused of, or found to be, infringing third parties’ intellectual property rights. Following the termination of our former Chairman and Chief Executive Officer on February 25, 2018, we received a notice alleging that we breached the former employee’s employment agreement. On April 16, 2019 we received an additional notice again alleging we breached the former employee’s employment agreement. While we intend to defend any claim vigorously, when and if a claim is actually filed, we are currently unable to estimate an amount or range of any reasonably possible losses that could occur as a result of this matter. We consider all claims on a quarterly basis and based on known facts assess whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, we then evaluate disclosure requirements and whether to accrue for such claims in our condensed consolidated financial statements. We record a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. At March 31, 2019 and as of the date of filing of these condensed consolidated financial statements, we believe that, other than as set forth in this note, no provision for liability nor disclosure is required related to any claims because: (a) there is no reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim, (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. Additionally, we provide indemnification to certain customers for losses incurred in connection with intellectual property infringement claims brought by third parties with respect to our products. These indemnification provisions generally offer perpetual coverage for infringement claims based upon the products covered by the agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions is theoretically unlimited. To date, we have not incurred material costs related to these indemnification provisions; accordingly, we believe the estimated fair value of these indemnification provisions is immaterial. Further, certain of our arrangements with customers include clauses whereby we may be subject to penalties for failure to meet certain performance obligations; however, we have not recorded any related material penalties to date. We provide warranties on externally sourced and internally developed hardware. For internally developed hardware, and in cases where the warranty granted to customers for externally sourced hardware is greater than that provided by the manufacturer, we record an accrual for the related liability based on historical trends and actual material and labor costs. The following table sets forth the activity in the product warranty accrual account for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Accrual balance at beginning of year $ 1,706 $ 2,545 Accruals for product warranties 227 505 Costs of warranty claims (338 ) (568 ) Accrual balance at end of period $ 1,595 $ 2,482 |
RESTRUCTURING COSTS AND ACCRUAL
RESTRUCTURING COSTS AND ACCRUALS (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING COSTS AND ACCRUALS | RESTRUCTURING COSTS AND ACCRUALS In February 2016, we committed to a cost efficiency program that encompassed a series of measures intended to allow us to more efficiently operate in a leaner, more directed cost structure. These included reductions in our workforce, consolidation of facilities, transfers of certain business processes to lower cost regions, and reductions in other third-party services costs. During the three months ended March 31, 2019 , we recorded restructuring charges of $0.6 million related to employee severance cost adjustments. During the three months ended March 31, 2018 , we recorded restructuring charges of $2.9 million , of which $2.7 million related to facility restructuring cost adjustments and $0.2 million related to employee severance cost adjustments. Restructuring Summary The following table sets forth restructuring expenses recognized for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Employee $ 535 $ 168 Facility 5 2,690 Total facility and employee charges 540 2,858 Other 18 49 Total restructuring charges, net $ 558 $ 2,907 The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2019 (in thousands): Employee Facility Total Accrual balance as of December 31, 2018 $ 2,541 $ 318 $ 2,859 Restructuring charges and revisions 535 5 540 Accretion — 4 4 Cash payments (1,398 ) (39 ) (1,437 ) Foreign exchange impact on ending balance (12 ) 1 (11 ) Accrual balance as of March 31, 2019 $ 1,666 $ 289 $ 1,955 Less: current portion 1,666 130 1,796 Long-term accrual balance as of March 31, 2019 $ — $ 159 $ 159 The employee restructuring accrual at March 31, 2019 represents severance costs to former employees that will be paid out within 12 months, and is, therefore, included in the caption “accrued expenses and other current liabilities” in our condensed consolidated balance sheets as of March 31, 2019 . The facility restructuring accrual at March 31, 2019 represents contractual lease payments, net of actual or estimated sublease income, on space vacated as part of our restructuring actions. The leases, and payments against the amounts accrued, extend through 2026 unless we are able to negotiate earlier terminations. Of the total facility restructuring balance, $0.1 million is included in the caption “accrued expenses and other current liabilities” and $0.2 million is included in the caption “other long-term liabilities” in our condensed consolidated balance sheet as of March 31, 2019 |
REVENUE (Notes)
REVENUE (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
PRODUCT AND GEOGRAPHIC INFORMATION | Disaggregated Revenue and Geography Information Through the evaluation of the discrete financial information that is regularly reviewed by the chief operating decision makers (our chief executive officer and chief financial officer), we have determined that we have one reportable segment. The following table is a summary of our revenues by type for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Products and solutions net revenues 54,396 46,410 Subscription services 9,282 8,465 Support services 32,019 33,760 Professional services, training and other services 7,622 9,302 Total net revenues $ 103,319 $ 97,937 The following table sets forth our revenues by geographic region for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Revenues: United States $ 39,479 $ 37,548 Other Americas 6,801 6,386 Europe, Middle East and Africa 37,153 40,763 Asia-Pacific 19,886 13,240 Total net revenues $ 103,319 $ 97,937 |
REVENUE Deferred Revenue Disclo
REVENUE Deferred Revenue Disclosure (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Revenue Arrangement [Line Items] | |
Deferred Revenue Disclosure [Text Block] | Deferred Revenue Deferred revenue activity for the three months ended March 31, 2019 was as follows (in thousands): March 31, 2019 Deferred revenue at January 1, 2019 $ 99,601 Billings deferred 30,369 Recognition of prior deferred revenue (28,682 ) Deferred revenue at March 31, 2019 $ 101,288 A summary of the significant performance obligations included in deferred revenue as of March 31, 2019 is as follows (in thousands): March 31, 2019 Product $ 8,470 Subscription 993 Support Contracts 74,464 Implied PCS 15,237 Professional services, training and other 2,124 Deferred revenue at March 31, 2019 $ 101,288 Remaining Performance Obligations For transaction prices allocated to remaining performance obligations, we apply practical expedients and do not disclose quantitative or qualitative information for remaining performance obligations (i) that have original expected durations of one year or less and (ii) where we recognize revenue equal to what we have the right to invoice and that amount corresponds directly with the value to the customer of our performance to date. Historically, for many of our products, we had an ongoing practice of making when-and-if-available software updates available to customers free of charge for a period of time after initial sales to customers. The expectation created by this practice of providing free Software Updates represents an implied obligation of a form of post-contract customer support (“Implied PCS”) which represents a performance obligation. While we have ceased providing Implied PCS on new product offerings, we continue to provide Implied PCS for older products that were predominately sold in prior years. Revenue attributable to Implied PCS performance obligations is recognized over time on a ratable basis over the period that Implied PCS is expected to be provided, which is typically six years . We have remaining performance obligations of $15.2 million attributable to Implied PCS recorded in deferred revenue as of March 31, 2019 . We expect to recognize revenue for these remaining performance obligations of $5.0 million for the remainder of 2019 and $4.8 million , $2.9 million , $1.5 million and $1.0 million for the years ended December 31, 2020, 2021, 2022, and 2023, respectively. As of March 31, 2019, we had approximately $57.6 million of transaction price allocated to remaining performance obligations for certain enterprise agreements that have not yet been fully invoiced. Approximately $55.3 million of these performance obligations were unbilled as of March 31, 2019 . Remaining performance obligations represent obligations we must deliver for specific products and services in the future where there is not yet an enforceable right to invoice the customer. Our remaining performance obligations do not include contractually committed minimum purchases that are common in our strategic purchase agreements with resellers since our specific obligations to deliver products or services is not yet known, as customers may satisfy such commitments by purchasing an unknown combination of current or future product offerings. While the timing of fulfilling individual performance obligations under the contracts can vary dramatically based on customer requirements, we expect to recognize the $57.6 million in roughly equal installments through 2026. |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
LONG TERM DEBT AND CREDIT AGREEMENT | LONG-TERM DEBT AND CREDIT AGREEMENT Long-term debt consisted of the following (in thousands): March 31, 2019 December 31, 2018 Term Loan, net of unamortized debt issuance costs of $2,465 at March 31, 2019 and $2,613 at December 31, 2018 $ 122,641 $ 122,811 Notes, net of unamortized original issue discount and debt issuance costs of $7,283 at March 31, 2019 and $9,022 at December 31, 2018, respectively 95,570 97,731 Other long-term debt 1,395 1,453 Total debt 219,606 221,995 Less: current portion 1,405 1,405 Total long-term debt $ 218,201 $ 220,590 The following table summarizes the maturities of our borrowing obligations as of March 31, 2019 (in thousands): Fiscal Year Term Loan Notes Other Long-Term Debt Total 2019 $ 956 $ — $ 97 $ 1,053 2020 2,231 102,853 137 105,221 2021 4,781 — 147 4,928 2022 6,375 — 157 6,532 2023 110,763 — 168 110,931 Thereafter — — 689 689 Total before unamortized discount 125,106 102,853 1,395 229,354 Less: unamortized discount and issuance costs 2,465 7,283 — 9,748 Less: current portion of long-term debt 1,275 — 130 1,405 Total long-term debt $ 121,366 $ 95,570 $ 1,265 $ 218,201 2.00% Convertible Senior Notes due 2020 On June 15, 2015, we issued $125.0 million aggregate principal amount of our Notes in an offering conducted in accordance with Rule 144A under the Securities Act of 1933. The Notes pay interest semi-annually on June 15 and December 15 of each year at an annual rate of 2.00% and mature on June 15, 2020, unless earlier repurchased or converted in accordance with their terms prior to such date. Total interest expense for the three months ended March 31, 2019 and 2018 was $1.9 million and $2.2 million , respectively, reflecting the coupon and accretion of the discount. During 2017, we purchased 2,000 of our 125,000 outstanding Notes and settled $2.0 million of the Notes for $1.7 million in cash. We recorded $2.0 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial loss on the extinguishment of debt. During 2018, we purchased an additional 16,247 of our 123,000 outstanding Notes and settled another $16.2 million of the Notes for $14.7 million in cash. We recorded $16.2 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial gain on the extinguishment of debt. On January 22, 2019, we purchased an additional 3,900 of our 106,753 outstanding Notes and settled another $3.9 million of the Notes for $3.6 million in cash. We recorded $3.9 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial gain on the extinguishment of debt. Term Loan and Credit Facility On February 26, 2016, we entered into a Financing Agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto (the “Lenders”). The Lenders originally agreed to provide us with (a) a term loan in the aggregate principal amount of $100.0 million (the “Term Loan”), and (b) a revolving credit facility (the “Credit Facility”) of up to a maximum of $5.0 million in borrowings outstanding at any time. We granted a security interest on substantially all of our assets to secure the obligations under the Term Loan and the Credit Facility. The Term Loan requires us to use 50% of excess cash flow, as defined in the Financing Agreement, to repay outstanding principal of the loans under the Financing Agreement. The Financing Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of default under which our payment obligations may be accelerated. On November 9, 2017, we entered into an amendment and borrowed an additional $15.0 million term loan and increased the amount available under the Credit Facility by $5.0 million . On May 10, 2018, we entered into an amendment to the Financing Agreement, which extended the maturity of the Financing Agreement to May 2023, and increased the Term Loan by $22.7 million and the amount available under the Credit Facility by $12.5 million, for an aggregate amount available of $22.5 million. Under the terms of the amendment, aggregate quarterly principal repayments beginning September 30, 2018 through June 30, 2020 will be $318,750, then from July 1, 2020 through June 30, 2021 equal to $796,875, finally from July 1, 2021 through May 10, 2023 equal to $1,593,750. There were no amounts outstanding under the Credit Facility as of March 31, 2019 . We were in compliance with the Financing Agreement covenants as of March 31, 2019 . We recorded $2.9 million and $2.3 million of interest expenses on the Term Loan for the three months ended March 31, 2019 and 2018, respectively. On April 8, 2019, we entered into an amendment to the Financing Agreement. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our Notes. On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. The amendment also modified the covenant that requires us to maintain a leverage ratio based on the level of availability plus unrestricted cash on-hand. For a more detailed description of the amendment, see our Form 8-K filed with the Securities and Exchange Commission on April 11, 2019. |
STOCKHOLDERS' EQUITY Share-Base
STOCKHOLDERS' EQUITY Share-Based Compensation (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock-Based Compensation Information with respect to option shares granted under all of our stock incentive plans for the three months ended March 31, 2019 was as follows: Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2019 891,892 — 891,892 $8.46 Granted — — — $— Exercised (41,250 ) — (41,250 ) $7.34 Forfeited or canceled (78,804 ) — (78,804 ) $10.82 Options outstanding at March 31, 2019 771,838 — 771,838 $8.28 1.52 $18 Options vested at March 31, 2019 or expected to vest 771,838 $8.28 1.52 $18 Options exercisable at March 31, 2019 771,838 $8.28 1.52 $18 Information with respect to our non-vested restricted stock units for the three months ended March 31, 2019 was as follows: Non-Vested Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Non-vested at January 1, 2019 1,978,676 966,143 2,944,819 $4.91 Granted 434,147 411,043 845,190 $6.54 Vested (221,555 ) (467,923 ) (689,478 ) $4.99 Forfeited (79,639 ) (139,414 ) (219,053 ) $4.67 Non-vested at March 31, 2019 2,111,629 769,849 2,881,478 $5.39 1.25 $21,438 Expected to vest 2,682,950 $5.52 1.25 $19,961 Stock-based compensation was included in the following captions in our condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Cost of products revenues $ 51 $ 19 Cost of services revenues 18 34 Research and development expenses 195 152 Marketing and selling expenses 294 360 General and administrative expenses 1,180 138 $ 1,738 $ 703 |
FINANCIAL INFORMATION Subsequen
FINANCIAL INFORMATION Subsequent Events (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 8, 2019, we entered into an amendment to our existing agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our 2.00% Senior Convertible Notes due 2020 (the “Notes”). On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. |
FINANCIAL INFORMATION Significa
FINANCIAL INFORMATION Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Financial Information [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Significant Accounting Policies - Revenue Recognition We enter into contracts with customers that include various combinations of products and services, which are typically capable of being distinct and are accounted for as separate performance obligations. We account for a contract when (i) it has approval and commitment from both parties, (ii) the rights of the parties have been identified, (iii) payment terms have been identified, (iv) the contract has commercial substance and (v) collectability is probable. We recognize revenue upon transfer of control of promised products or services to customers, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts, in an amount that reflects the consideration we expect to receive in exchange for those products or services. We often enter into contractual arrangements that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These arrangements may include a combination of products, support, training and professional services. We allocate the transaction price of the arrangement based on the relative estimated standalone selling price of each distinct performance obligation. See Note 10 for disaggregated revenue schedules and further discussion on revenue and deferred revenue performance obligations and the timing of revenue recognition. |
FINANCIAL INFORMATION Recent Ac
FINANCIAL INFORMATION Recent Accounting Pronouncements To Be Adopted (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax, Policy [Policy Text Block] | |
New Accounting Pronouncement, Early Adoption [Table Text Block] | Recently Adopted Accounting Pronouncements |
New Accounting Pronouncements, Policy [Policy Text Block] |
REVENUE Revenue from Contract w
REVENUE Revenue from Contract with Customer (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Asset Contract asset activity for the three months ended March 31, 2019 was as follows (in thousands): March 31, 2019 Contract asset at January 1, 2019 $ 16,513 Revenue in excess of billings 7,086 Customer billings (4,922 ) Contract asset at March 31, 2019 $ 18,677 Less: long-term portion (recorded in other long-term assets) — Contract asset, current portion $ 18,677 |
FINANCIAL INFORMATION Revenue,
FINANCIAL INFORMATION Revenue, Initial Application Period Cumulative Effect Transition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue from Contract with Customer [Text Block] |
FINANCIAL INFORMATION New Accou
FINANCIAL INFORMATION New Accounting Pronouncement Adopted (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As of January 1, 2019 As Previously Reported Impact of Adoption of Topic 842 As Adjusted Assets: Property and equipment, net $ 21,582 $ 256 $ 21,838 Right of use assets $ — $ 37,749 $ 37,749 Liabilities: Accrued expenses and other current liabilities $ 37,547 $ 6,957 $ 44,504 Long-term lease liabilities — 35,694 35,694 Other long-term liabilities $ 10,302 $ (4,646 ) $ 5,656 |
NET INCOME PER SHARE Earnings_2
NET INCOME PER SHARE Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded From Computation of Net (Income) Loss Per Share | The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities at March 31, 2019 and 2018 . March 31, 2019 March 31, 2018 Options 772 2,262 Non-vested restricted stock units 2,881 3,172 Anti-dilutive potential common shares 3,653 5,434 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | The following tables summarize our deferred compensation investments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Reporting Date Using March 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,430 $ 312 $ 1,118 $ — Fair Value Measurements at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,372 $ 386 $ 986 $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 11,253 $ 10,520 Work in process 486 527 Finished goods 22,589 21,909 Total $ 34,328 $ 32,956 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization of identifiable intangible assets | Amortizing identifiable intangible assets related to our acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for our products consisted of the following (in thousands): March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Completed technologies and patents $ 58,212 $ (56,424 ) $ 1,788 $ 58,246 $ (54,508 ) $ 3,738 Customer relationships 54,947 (54,615 ) 332 54,986 (54,292 ) 694 Trade names 1,346 (1,346 ) — 1,346 (1,346 ) — Capitalized software costs 4,911 (4,911 ) — 4,911 (4,911 ) — Total $ 119,416 $ (117,296 ) $ 2,120 $ 119,489 $ (115,057 ) $ 4,432 |
LEASES Leases (Tables)
LEASES Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2019 (excluding three months ended March 31, 2019) $ 7,301 2020 8,877 2021 6,298 2022 5,533 2023 4,309 Thereafter 19,034 Total future minimum lease payments $ 51,352 Less effects of discounting (10,083 ) Total lease liabilities $ 41,269 Reported as of March 31, 2019 Accrued expenses and other current liabilities $ 7,452 Long-term lease liabilities 33,817 Total lease liabilities $ 41,269 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease commitments under non-cancelable leases at December 31, 2018 were as follows (in thousands): Year Ending December 31, 2019 $ 11,225 2020 9,784 2021 6,850 2022 5,982 2023 4,754 Thereafter 20,040 Total $ 58,635 |
OTHER LONG-TERM LIABILITIES L_2
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Long-term liabilities | Other long-term liabilities consisted of the following (in thousands): March 31, 2019 December 31, 2018 Deferred rent $ — $ 5,122 Accrued restructuring 159 188 Deferred compensation 4,839 4,992 Other 393 — Total $ 5,391 $ 10,302 As disclosed in Note 1, $5.1 million of deferred rent liabilities was reclassified upon the adoption of ASC 842 on January 1, 2019 as we recorded our leases in the caption “Right of use assets”, “Accrued expenses and other current liabilities”, and “Long-term lease liabilities” on our condensed consolidated balance sheets as of March 31, 2019 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product warranty accrual activity | The following table sets forth the activity in the product warranty accrual account for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Accrual balance at beginning of year $ 1,706 $ 2,545 Accruals for product warranties 227 505 Costs of warranty claims (338 ) (568 ) Accrual balance at end of period $ 1,595 $ 2,482 |
RESTRUCTURING COSTS AND ACCRU_2
RESTRUCTURING COSTS AND ACCRUALS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2019 (in thousands): Employee Facility Total Accrual balance as of December 31, 2018 $ 2,541 $ 318 $ 2,859 Restructuring charges and revisions 535 5 540 Accretion — 4 4 Cash payments (1,398 ) (39 ) (1,437 ) Foreign exchange impact on ending balance (12 ) 1 (11 ) Accrual balance as of March 31, 2019 $ 1,666 $ 289 $ 1,955 Less: current portion 1,666 130 1,796 Long-term accrual balance as of March 31, 2019 $ — $ 159 $ 159 three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Employee $ 535 $ 168 Facility 5 2,690 Total facility and employee charges 540 2,858 Other 18 49 Total restructuring charges, net $ 558 $ 2,907 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Revenue Arrangement [Line Items] | |
Schedule of Revenues and Long-lived Assets By Geographic Areas | The following table sets forth our revenues by geographic region for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Revenues: United States $ 39,479 $ 37,548 Other Americas 6,801 6,386 Europe, Middle East and Africa 37,153 40,763 Asia-Pacific 19,886 13,240 Total net revenues $ 103,319 $ 97,937 |
REVENUE Deferred Revenue Activi
REVENUE Deferred Revenue Activity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Revenue Arrangement [Line Items] | |
Deferred Revenue Disclosure [Text Block] | Deferred Revenue Deferred revenue activity for the three months ended March 31, 2019 was as follows (in thousands): March 31, 2019 Deferred revenue at January 1, 2019 $ 99,601 Billings deferred 30,369 Recognition of prior deferred revenue (28,682 ) Deferred revenue at March 31, 2019 $ 101,288 A summary of the significant performance obligations included in deferred revenue as of March 31, 2019 is as follows (in thousands): March 31, 2019 Product $ 8,470 Subscription 993 Support Contracts 74,464 Implied PCS 15,237 Professional services, training and other 2,124 Deferred revenue at March 31, 2019 $ 101,288 Remaining Performance Obligations For transaction prices allocated to remaining performance obligations, we apply practical expedients and do not disclose quantitative or qualitative information for remaining performance obligations (i) that have original expected durations of one year or less and (ii) where we recognize revenue equal to what we have the right to invoice and that amount corresponds directly with the value to the customer of our performance to date. Historically, for many of our products, we had an ongoing practice of making when-and-if-available software updates available to customers free of charge for a period of time after initial sales to customers. The expectation created by this practice of providing free Software Updates represents an implied obligation of a form of post-contract customer support (“Implied PCS”) which represents a performance obligation. While we have ceased providing Implied PCS on new product offerings, we continue to provide Implied PCS for older products that were predominately sold in prior years. Revenue attributable to Implied PCS performance obligations is recognized over time on a ratable basis over the period that Implied PCS is expected to be provided, which is typically six years . We have remaining performance obligations of $15.2 million attributable to Implied PCS recorded in deferred revenue as of March 31, 2019 . We expect to recognize revenue for these remaining performance obligations of $5.0 million for the remainder of 2019 and $4.8 million , $2.9 million , $1.5 million and $1.0 million for the years ended December 31, 2020, 2021, 2022, and 2023, respectively. As of March 31, 2019, we had approximately $57.6 million of transaction price allocated to remaining performance obligations for certain enterprise agreements that have not yet been fully invoiced. Approximately $55.3 million of these performance obligations were unbilled as of March 31, 2019 . Remaining performance obligations represent obligations we must deliver for specific products and services in the future where there is not yet an enforceable right to invoice the customer. Our remaining performance obligations do not include contractually committed minimum purchases that are common in our strategic purchase agreements with resellers since our specific obligations to deliver products or services is not yet known, as customers may satisfy such commitments by purchasing an unknown combination of current or future product offerings. While the timing of fulfilling individual performance obligations under the contracts can vary dramatically based on customer requirements, we expect to recognize the $57.6 million in roughly equal installments through 2026. |
REVENUE Revenue from Contract_2
REVENUE Revenue from Contract with Customer (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Asset Contract asset activity for the three months ended March 31, 2019 was as follows (in thousands): March 31, 2019 Contract asset at January 1, 2019 $ 16,513 Revenue in excess of billings 7,086 Customer billings (4,922 ) Contract asset at March 31, 2019 $ 18,677 Less: long-term portion (recorded in other long-term assets) — Contract asset, current portion $ 18,677 |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENT Schedule of Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | debt consisted of the following (in thousands): March 31, 2019 December 31, 2018 Term Loan, net of unamortized debt issuance costs of $2,465 at March 31, 2019 and $2,613 at December 31, 2018 $ 122,641 $ 122,811 Notes, net of unamortized original issue discount and debt issuance costs of $7,283 at March 31, 2019 and $9,022 at December 31, 2018, respectively 95,570 97,731 Other long-term debt 1,395 1,453 Total debt 219,606 221,995 Less: current portion 1,405 1,405 Total long-term debt $ 218,201 $ 220,590 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Term Loan Notes Other Long-Term Debt Total 2019 $ 956 $ — $ 97 $ 1,053 2020 2,231 102,853 137 105,221 2021 4,781 — 147 4,928 2022 6,375 — 157 6,532 2023 110,763 — 168 110,931 Thereafter — — 689 689 Total before unamortized discount 125,106 102,853 1,395 229,354 Less: unamortized discount and issuance costs 2,465 7,283 — 9,748 Less: current portion of long-term debt 1,275 — 130 1,405 Total long-term debt $ 121,366 $ 95,570 $ 1,265 $ 218,201 |
STOCKHOLDERS' EQUITY Share-Ba_2
STOCKHOLDERS' EQUITY Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Information with respect to option shares granted under all of our stock incentive plans for the three months ended March 31, 2019 was as follows: Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2019 891,892 — 891,892 $8.46 Granted — — — $— Exercised (41,250 ) — (41,250 ) $7.34 Forfeited or canceled (78,804 ) — (78,804 ) $10.82 Options outstanding at March 31, 2019 771,838 — 771,838 $8.28 1.52 $18 Options vested at March 31, 2019 or expected to vest 771,838 $8.28 1.52 $18 Options exercisable at March 31, 2019 771,838 $8.28 1.52 $18 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Information with respect to our non-vested restricted stock units for the three months ended March 31, 2019 was as follows: Non-Vested Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Non-vested at January 1, 2019 1,978,676 966,143 2,944,819 $4.91 Granted 434,147 411,043 845,190 $6.54 Vested (221,555 ) (467,923 ) (689,478 ) $4.99 Forfeited (79,639 ) (139,414 ) (219,053 ) $4.67 Non-vested at March 31, 2019 2,111,629 769,849 2,881,478 $5.39 1.25 $21,438 Expected to vest 2,682,950 $5.52 1.25 $19,961 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation was included in the following captions in our condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Cost of products revenues $ 51 $ 19 Cost of services revenues 18 34 Research and development expenses 195 152 Marketing and selling expenses 294 360 General and administrative expenses 1,180 138 $ 1,738 $ 703 |
FINANCIAL INFORMATION Financial
FINANCIAL INFORMATION Financial Information (Details) - USD ($) $ in Thousands | Apr. 08, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 104,550 | |||
Inventory, Net | $ 34,328 | $ 32,956 | ||
Assets | 299,670 | 265,843 | ||
Accounts receivable, net of allowances of $1,339 and $1,339 at March 31, 2019 and December 31, 2018, respectively | 61,318 | 67,754 | ||
Long-term deferred revenues | 13,361 | 13,939 | ||
Liabilities | 466,757 | 432,504 | ||
Deferred Revenue, Current | 87,927 | 85,662 | ||
Accumulated deficit | (1,187,223) | (1,187,010) | ||
Stockholders' Equity Attributable to Parent | $ (167,087) | $ (166,661) | ||
Subsequent Event [Member] | Cerberus Business Finance LLC [Member] | ||||
Debt Instrument, Description | On April 8, 2019, we entered into an amendment to our existing agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our 2.00% Senior Convertible Notes due 2020 (the “Notes”). On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. |
FINANCIAL INFORMATION Revenue_2
FINANCIAL INFORMATION Revenue, Initial Application Period Cumulative Effect Transition (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accrued expenses and other current liabilities | $ 41,402 | $ 37,547 | |
Accounts receivable, net of allowances of $1,339 and $1,339 at March 31, 2019 and December 31, 2018, respectively | 61,318 | 67,754 | |
Contract assets | 18,677 | 16,513 | |
Inventory, Net | (34,328) | (32,956) | |
Other long-term assets | 9,456 | 9,432 | |
Assets | 299,670 | 265,843 | |
Deferred Revenue, Current | (87,927) | (85,662) | |
Deferred Revenue, Noncurrent | (13,361) | (13,939) | |
Liabilities | (466,757) | (432,504) | |
Accumulated deficit | (1,187,223) | (1,187,010) | |
Stockholders' Equity Attributable to Parent | (167,087) | (166,661) | |
Revenues | $ 103,319 | $ 97,937 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Inventory, Net | $ (5,716) |
FINANCIAL INFORMATION New Acc_2
FINANCIAL INFORMATION New Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Net | $ 20,918 | $ 21,582 |
Right of use assets | 36,031 | 0 |
Accrued expenses and other current liabilities | 41,402 | 37,547 |
Long-term lease liabilities | 33,817 | 0 |
Other long-term liabilities | $ 5,391 | 10,302 |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Net | 21,838 | |
Right of use assets | 37,749 | |
Accrued expenses and other current liabilities | 44,504 | |
Long-term lease liabilities | 35,694 | |
Other long-term liabilities | 5,656 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Net | 256 | |
Right of use assets | 37,749 | |
Accrued expenses and other current liabilities | 6,957 | |
Long-term lease liabilities | 35,694 | |
Other long-term liabilities | $ (4,646) |
NET INCOME PER SHARE Earnings_3
NET INCOME PER SHARE Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Jun. 15, 2015 | |
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $ 21.94 | |||
Anti-dilutive potential common shares (in thousands of shares) | 3,653 | 5,434 | ||
Options | ||||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||||
Anti-dilutive potential common shares (in thousands of shares) | 772 | 2,262 | ||
Non-vested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||||
Anti-dilutive potential common shares (in thousands of shares) | 2,881 | 3,172 | ||
Convertible Debt [Member] | ||||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||||
Long-term Debt, Gross | $ 125 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Notes Payable, Noncurrent | $ 95,600 | |
Liabilities: | ||
Convertible Notes, Carrying Value | 95,570 | $ 97,731 |
Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 1,430 | 1,372 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 312 | 386 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 1,118 | 986 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 0 | $ 0 |
Convertible Debt [Member] | ||
Liabilities: | ||
Convertible Notes, Fair Value Disclosure | $ 96,700 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 11,253 | $ 10,520 |
Work in process | 486 | 527 |
Finished Goods | 22,589 | 21,909 |
Total inventory | 34,328 | 32,956 |
Finished goods, consigned | $ 2,000 | 2,100 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Total inventory | $ 5,716 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Finite-Lived Intangible Assets | $ 2,300 | ||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | $ 119,416 | $ 119,489 | |
Accumulated Amortization | (117,296) | (115,057) | |
Net | 2,120 | 4,432 | |
Future expected amortization expense, identifiable intangible assets | |||
2017 | 2,100 | ||
Carrying value of Goodwill [Abstract] | |||
Goodwill | 32,643 | 32,643 | |
Completed Technologies and Patents [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 58,212 | 58,246 | |
Accumulated Amortization | (56,424) | (54,508) | |
Net | 1,788 | 3,738 | |
Customer Relationships [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 54,947 | 54,986 | |
Accumulated Amortization | (54,615) | (54,292) | |
Net | 332 | 694 | |
Trade Names [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 1,346 | 1,346 | |
Accumulated Amortization | (1,346) | (1,346) | |
Net | 0 | 0 | |
Capitalized Software Costs [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 4,911 | 4,911 | |
Accumulated Amortization | (4,911) | (4,911) | |
Net | $ 0 | $ 0 |
LEASES Leases (Details)
LEASES Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 11,225 | |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 7,301 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 8,877 | |
Operating Lease, Cost | $ 2,500 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 1 month 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | $ 6,298 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 5,533 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 4,309 | |
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 19,034 | |
Operating Lease, Payments | 51,352 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (10,083) | |
Operating Lease, Liability | 41,269 | |
Operating Lease, Liability, Current | 7,452 | |
Long-term lease liabilities | 33,817 | 0 |
Operating Leases, Future Minimum Payments, Due in Two Years | 9,784 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6,850 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 5,982 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,754 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 20,040 | |
Operating Leases, Future Minimum Payments Due | $ 58,635 | |
Operating Lease, Payments | $ 2,400 | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 10 years |
OTHER LONG-TERM LIABILITIES L_3
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Long-term deferred rent | $ 0 | $ 5,100 | $ 5,122 |
Long-term accrued restructuring | 159 | 188 | |
Long-term deferred compensation | 4,839 | 4,992 | |
Other Accrued Liabilities, Noncurrent | 393 | 0 | |
Other long-term liabilities | $ 5,391 | $ 10,302 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) | Apr. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Period | 3 years | ||
Product warranty accrual [Roll Forward] | |||
Accrual balance at beginning of year | $ 1,706,000 | $ 2,545,000 | |
Accruals for product warranties | 227,000 | 505,000 | |
Cost of warranty claims | (338,000) | (568,000) | |
Accrual balance at end of period | 1,595,000 | $ 2,482,000 | |
Standby Letters of Credit [Member] | Purchase Order Obligations [Member] [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 8,500,000 | ||
Standby Letters of Credit [Member] | Other Operating Obligations [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 1,400,000 | ||
Standby Letters of Credit [Member] | Avid Technology Domestic [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 1,000,000 | ||
Standby Letters of Credit [Member] | Office Space - Burlington, Massachusetts [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,300,000 | ||
Loss Contingency, Range Of Possible Loss, Portion Not Accrued, Minimum | 1,200,000 | ||
Research and Development Arrangement [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | $ 12,800,000 | ||
Research and Development Expense [Member] | |||
Loss Contingencies [Line Items] | |||
Other Inventory, Purchased Goods, Gross | $ 6,100,000 |
RESTRUCTURING COSTS AND ACCRU_3
RESTRUCTURING COSTS AND ACCRUALS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 540 | $ 2,858 | $ 540 | |
Other Restructuring Costs | 18 | 49 | ||
Restructuring accrual [Roll Forward] | ||||
New restructuring charges - operating expenses | 558 | 2,907 | ||
Accretion | 4 | |||
Cash payments | (1,437) | |||
Foreign exchange impact on ending balance | (11) | |||
Facilities-related accruals - current | 1,796 | |||
Facilities-related accruals - non-current | 159 | $ 188 | ||
Restructuring Charges | 558 | 2,907 | ||
Employee Severance [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Accrual balance at beginning of year | 2,541 | 2,541 | ||
New restructuring charges - operating expenses | 535 | 168 | 535 | |
Accretion | 0 | |||
Cash payments | (1,398) | |||
Foreign exchange impact on ending balance | (12) | |||
Accrual balance at end of period | 1,666 | |||
Facilities-related accruals - current | 1,666 | |||
Facilities-related accruals - non-current | 0 | |||
Employee Severance [Member] | Acquisition-Related [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Accrual balance at beginning of year | 2,859 | 2,859 | ||
Accrual balance at end of period | 1,955 | |||
Facilities-Related [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Accrual balance at beginning of year | 318 | 318 | ||
New restructuring charges - operating expenses | 5 | 2,690 | 5 | |
Revisions of estimated liabilities | 2,700 | |||
Accretion | 4 | |||
Cash payments | (39) | |||
Foreign exchange impact on ending balance | $ 1 | |||
Accrual balance at end of period | 289 | |||
Facilities-related accruals - current | 130 | |||
Facilities-related accruals - non-current | 159 | |||
2016 Plan [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Restructuring Charges | 600 | 2,900 | ||
2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Restructuring Charges | $ 200 | |||
Accrued Expenses and Other Current Liabilities [Member] | Facilities-Related [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Facilities-related accruals - current | 100 | |||
Other Noncurrent Liabilities [Member] | Facilities-Related [Member] | ||||
Restructuring accrual [Roll Forward] | ||||
Facilities-related accruals - non-current | $ 200 |
REVENUE (Details)
REVENUE (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Number of Reportable Segments | 1 | |
Revenues | $ 103,319 | $ 97,937 |
Subscription Arrangement [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 9,282 | 8,465 |
Nonsoftware Service, Support and Maintenance Arrangement [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 32,019 | 33,760 |
611710 Educational Support Services [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 7,622 | 9,302 |
Service [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 48,923 | 51,527 |
Product [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 54,396 | 46,410 |
Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 19,886 | 13,240 |
Europe, Middle East and Africa [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 37,153 | 40,763 |
Other Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 6,801 | 6,386 |
Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 39,479 | $ 37,548 |
REVENUE Deferred Revenue Acti_2
REVENUE Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years | ||||||
Revenue, Remaining Performance Obligation, Amount | $ 57,600 | ||||||
Unbilled Receivables, Not Billable | 55,300 | ||||||
Movement in Deferred Revenue [Roll Forward] | |||||||
Deferred Revenue | 101,288 | $ 99,601 | |||||
Deferred Revenue, Additions | 30,369 | ||||||
Deferred Revenue, Revenue Recognized | 28,682 | ||||||
Product [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 8,470 | ||||||
Subscription Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 993 | ||||||
Software Service, Support and Maintenance Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 74,464 | ||||||
Nonsoftware Service, Support and Maintenance Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 15,237 | $ 1,000 | $ 1,500 | $ 2,900 | $ 4,800 | $ 5,000 | |
Software License Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | $ 2,124 |
REVENUE Revenue from Contract_3
REVENUE Revenue from Contract with Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | ||
Contract with Customer, Asset, Net | $ 18,677 | $ 16,513 |
Contract with Customer, Asset, Net, Noncurrent | 0 | |
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 7,086 | |
Contract with Customer, Asset, Reclassified to Receivable | (4,922) | |
Contract with Customer, Asset, Net, Current | $ 18,677 |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosurre (Details) - USD ($) $ in Thousands | Apr. 08, 2019 | Jan. 22, 2019 | May 10, 2018 | Dec. 15, 2017 | Feb. 26, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Feb. 08, 2018 | Nov. 09, 2017 | Jun. 15, 2015 |
Debt Instrument, Periodic Payment, Principal | $ 1,053 | ||||||||||
Term Loan, net of unamortized debt issuance costs of $3,444 at June 30, 2017 and $4,042 at December 31, 2016 | 122,641 | $ 122,811 | |||||||||
Notes, net of unamortized original issue discount and debt issuance costs of $20,449 at June 30, 2017 and $23,413 at December 31, 2016, respectively | 95,570 | 97,731 | |||||||||
Other Long-term Debt | 1,395 | 1,453 | |||||||||
Total debt | 219,606 | 221,995 | |||||||||
Short-term debt | 1,405 | 1,405 | |||||||||
Long-term Debt | 218,201 | $ 220,590 | |||||||||
Line of Credit, Current | 0 | ||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (23) | $ (22) | |||||||||
Interest Expense | 5,185 | 5,359 | |||||||||
Convertible Debt Retired | 3,900 | 2,000 | 16,247 | ||||||||
Convertible Debt Issued | 106,753,000 | 123,000,000 | 125,000,000 | ||||||||
Extinguishment of Debt, Amount | $ 3,900 | $ 2,000 | $ 16,200 | ||||||||
Repayments of Debt | $ 3,600 | $ 1,700 | 14,700 | ||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 9,748 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 105,221 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,928 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,532 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 110,931 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 689 | ||||||||||
Total debt | 229,354 | ||||||||||
Other Debt Obligations [Member] | |||||||||||
Debt Instrument, Periodic Payment, Principal | 97 | ||||||||||
Short-term debt | 130 | ||||||||||
Long-term Debt | 1,265 | ||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 0 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 137 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 147 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 157 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 168 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 689 | ||||||||||
Total debt | 1,395 | ||||||||||
Cerberus Business Finance LLC [Member] | |||||||||||
Debt Instrument, Periodic Payment, Principal | 956 | ||||||||||
Short-term debt | 1,275 | ||||||||||
Long-term Debt | 121,366 | ||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 2,465 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,231 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,781 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,375 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 110,763 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||
Total debt | 125,106 | ||||||||||
Convertible Debt [Member] | |||||||||||
Debt Instrument, Periodic Payment, Principal | 0 | ||||||||||
Short-term debt | 0 | ||||||||||
Long-term Debt | 95,570 | ||||||||||
Long-term Debt, Gross | $ 125,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||
Interest Expense | 1,900 | 2,200 | |||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 7,283 | 9,022 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 102,853 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||
Total debt | 102,853 | ||||||||||
Cerberus Business Finance LLC [Member] | |||||||||||
Debt Instrument, Covenant Description | On May 10, 2018, we entered into an amendment to the Financing Agreement, which extended the maturity of the Financing Agreement to May 2023, and increased the Term Loan by $22.7 million and the amount available under the Credit Facility by $12.5 million, for an aggregate amount available of $22.5 million. Under the terms of the amendment, aggregate quarterly principal repayments beginning September 30, 2018 through June 30, 2020 will be $318,750, then from July 1, 2020 through June 30, 2021 equal to $796,875, finally from July 1, 2021 through May 10, 2023 equal to $1,593,750. | We granted a security interest on substantially all of our assets to secure the obligations under the Term Loan and the Credit Facility. The Term Loan requires us to use 50% of excess cash flow, as defined in the Financing Agreement, to repay outstanding principal of the loans under the Financing Agreement. The Financing Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of default under which our payment obligations may be accelerated. | |||||||||
additional long term debt | $ 15,000 | ||||||||||
Cerberus Business Finance LLC [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||||||||||
Cerberus Business Finance LLC [Member] | Long-term Debt [Member] | |||||||||||
Unamortized Debt Issuance Expense | 2,465 | $ 2,613 | |||||||||
Long-term Debt | 100,000 | ||||||||||
Interest Expense, Long-term Debt | $ 2,900 | $ 2,300 | |||||||||
Cerberus Business Finance LLC [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||||||||||
Subsequent Event [Member] | Cerberus Business Finance LLC [Member] | |||||||||||
Debt Instrument, Covenant Description | On April 8, 2019, we entered into an amendment to the Financing Agreement. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our Notes. On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. The amendment also modified the covenant that requires us to maintain a leverage ratio based on the level of availability plus unrestricted cash on-hand. For a more detailed description of the amendment, see our Form 8-K filed with the Securities and Exchange Commission on April 11, 2019. | ||||||||||
Debt Instrument, Description | On April 8, 2019, we entered into an amendment to our existing agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto. The amendment provides for an additional delayed draw term loan commitment in the aggregate principal amount of $100 million (the “Delayed Draw Funds”), which may be used to fund the purchase of our 2.00% Senior Convertible Notes due 2020 (the “Notes”). On May 2, 2019, we received the Delayed Draw Funds under the Financing Agreement. The Delayed Draw Funds will remain available to us to purchase Notes for a period of 90 calendar days. At the end of such 90-day period, any remaining Delayed Draw Funds that have not been used to purchase Notes must be repaid and no further funds will be available to borrow under the commitment. Any Delayed Draw Funds drawn and used to fund the purchase of the Notes will mature on May 10, 2023, the current maturity date under the Financing Agreement. Under the terms of the amendment, interest accrues on the Delay Draw Funds and the existing outstanding borrowings under the Financing Agreement at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.25% or a Reference Rate (as defined in the Financing Agreement) plus 5.25%, at our option. |
STOCKHOLDERS' EQUITY Share-Ba_3
STOCKHOLDERS' EQUITY Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Allocated Share-based Compensation Expense | $ 1,738 | $ 703 | |||
Cost of Products Revenues [Member] | |||||
Allocated Share-based Compensation Expense | 51 | 19 | |||
Cost of Services Revenues [Member] | |||||
Allocated Share-based Compensation Expense | 18 | 34 | |||
Research and Development Expense [Member] | |||||
Allocated Share-based Compensation Expense | 195 | 152 | |||
Selling and Marketing Expense [Member] | |||||
Allocated Share-based Compensation Expense | 294 | 360 | |||
General and Administrative Expense [Member] | |||||
Allocated Share-based Compensation Expense | $ 1,180 | $ 138 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 771,838 | 891,892 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.28 | $ 8.46 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (41,250) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 7.34 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (78,804) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 10.82 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months 7 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 18 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 771,838 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 8.28 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months 7 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 18 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 771,838 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 8.28 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 6 months 7 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 18 | ||||
Employee Stock Option [Member] | Time-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 771,838 | 891,892 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (41,250) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (78,804) | ||||
Employee Stock Option [Member] | Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,881,478 | 2,944,819 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.39 | $ 4.91 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 3 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value | $ 21,438 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 845,190 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (689,478) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 4.99 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (219,053) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 4.67 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Number | 2,682,950 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 5.52 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Weighted Average Remaining Contractual Term | 1 year 3 months | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Intrinsic Value | $ 19,961 | ||||
Restricted Stock Units (RSUs) [Member] | Time-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,111,629 | 1,978,676 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 434,147 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (221,555) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (79,639) | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 769,849 | 966,143 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 411,043 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (467,923) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (139,414) |
Uncategorized Items - avid-0331
Label | Element | Value |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | $ 3,491,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 68,094,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 60,433,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 60,007,000 |