OneSpan (OSPN) 10-Q4 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 01, 2021
Document And Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	OneSpan Inc.
Entity File Number	000-24389
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4169320
Entity Address, Address Line One	121 West Wacker Drive, Suite 2050
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	766-4001
Title of 12(b) Security	Common Shares
Trading Symbol	OSPN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,210,558
Entity Central Index Key	0001044777
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and equivalents	$ 66,530	$ 88,394
Short term investments	42,726	26,859
Accounts receivable, net of allowances of $3,147 in 2021 and $4,135 in 2020	45,762	57,537
Inventories, net	9,498	13,093
Prepaid expenses	7,823	7,837
Contract assets	5,243	7,202
Other current assets	9,860	6,256
Total current assets	187,442	207,178
Property and equipment, net	11,468	11,835
Operating lease right-of-use assets	10,035	11,356
Goodwill	97,842	97,552
Intangible assets, net of accumulated amortization	24,227	27,196
Deferred income taxes	8,942	7,030
Contract assets - non-current	1,634	1,877
Other assets	12,738	11,179
Total assets	354,328	375,203
Current liabilities
Accounts payable	6,918	5,684
Deferred revenue	43,058	43,417
Accrued wages and payroll taxes	15,146	13,649
Short-term income taxes payable	997	2,618
Other accrued expenses	10,190	8,334
Deferred compensation	571	1,602
Total current liabilities	76,880	75,304
Long-term deferred revenue	10,676	11,730
Long-term lease liabilities	11,154	12,399
Other long-term liabilities	10,195	10,423
Long-term income taxes payable	5,042	6,095
Deferred income taxes	1,736	1,912
Total liabilities	115,683	117,863
Stockholders' equity
Preferred stock: 500 shares authorized, none issued and outstanding at June 30, 2021 and December 31, 2020
Common stock: $.001 par value per share, 75,000 shares authorized; 40,171 and 40,103 shares issued; 40,171 and 40,103 shares outstanding at June 30, 2021 and December 31, 2020, respectively	40	40
Additional paid-in capital	99,223	98,819
Treasury stock, at cost, 361 and 250 shares outstanding at June 30, 2021 and December 31, 2020, respectively	(7,938)	(5,030)
Retained earnings	157,917	173,731
Accumulated other comprehensive loss	(10,597)	(10,220)
Total stockholders' equity	238,645	257,340
Total liabilities and stockholders' equity	$ 354,328	$ 375,203

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 3,147	$ 4,135
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	40,356,000	40,103,000
Common stock, shares outstanding	40,171,000	40,103,000
Treasury stock, at cost	361	250

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Total revenue	$ 52,277	$ 54,954	$ 103,052	$ 111,324
Cost of goods sold
Costs of sales	16,470	18,225	31,792	34,295
Gross profit	35,807	36,729	71,260	77,029
Operating costs
Sales and marketing	15,997	14,694	34,376	29,553
Research and development	12,096	10,541	24,340	20,535
General and administrative	15,039	10,846	27,590	23,114
Amortization of intangible assets	1,534	2,335	3,107	4,689
Total operating costs	44,666	38,416	89,413	77,891
Operating loss	(8,859)	(1,687)	(18,153)	(862)
Interest income, net	2	126	6	333
Other income, net	1,029	509	667	171
Loss before income taxes	(7,828)	(1,052)	(17,480)	(358)
Provision (benefit) for income taxes	(1,143)	973	(1,644)	1,663
Net loss	$ (6,685)	$ (2,025)	$ (15,836)	$ (2,021)
Net loss per share
Basic	$ (0.17)	$ (0.05)	$ (0.40)	$ (0.05)
Diluted	$ (0.17)	$ (0.05)	$ (0.40)	$ (0.05)
Weighted average common shares outstanding
Basic	39,694	40,028	39,692	40,059
Diluted	39,694	40,028	39,692	40,059
Product and license
Revenue
Total revenue	$ 28,378	$ 35,384	$ 56,823	$ 73,644
Cost of goods sold
Costs of sales	9,589	12,576	19,130	23,314
Services and other
Revenue
Total revenue	23,899	19,570	46,229	37,680
Cost of goods sold
Costs of sales	$ 6,881	$ 5,649	$ 12,662	$ 10,981

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (6,685)	$ (2,025)	$ (15,836)	$ (2,021)
Other comprehensive loss
Cumulative translation adjustment, net of tax	549	446	(370)	(3,832)
Unrealized gains (losses) on available-for-sale securities	8		(7)
Pension adjustment, net of tax		(6)		(12)
Comprehensive loss	$ (6,128)	$ (1,585)	$ (16,213)	$ (5,865)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury - Common Stock	Additional Paid-In Capital	Accumulated IncomeCumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Income	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance at Dec. 31, 2019	$ 40		$ 96,109		$ 179,440		$ (13,295)		$ 262,294
Balance (in shares) at Dec. 31, 2019	40,207
Change in Stockholders' Equity
Net loss					4				4
Foreign currency translation adjustment, net of tax							(4,278)		(4,278)
Restricted stock awards			1,350						1,350
Restricted stock awards, Shares	168
Tax payments for stock issuances			(293)						(293)
Tax payments for stock issuances, Shares	(61)
Pension adjustment, net of tax							(6)		(6)
Balance at Mar. 31, 2020	$ 40		97,166	$ (254)	179,190	$ 0	(17,579)	$ (254)	258,817
Balance (in shares) at Mar. 31, 2020	40,314
Balance at Dec. 31, 2019	$ 40		96,109		179,440		(13,295)		262,294
Balance (in shares) at Dec. 31, 2019	40,207
Change in Stockholders' Equity
Net loss									(2,021)
Balance at Jun. 30, 2020	$ 40		97,140		177,165		(17,139)		257,206
Balance (in shares) at Jun. 30, 2020	40,329
Balance at Mar. 31, 2020	$ 40		97,166	$ (254)	179,190	$ 0	(17,579)	$ (254)	258,817
Balance (in shares) at Mar. 31, 2020	40,314
Change in Stockholders' Equity
Net loss					(2,025)				(2,025)
Foreign currency translation adjustment, net of tax							446		446
Restricted stock awards			860						860
Restricted stock awards, Shares	19
Tax payments for stock issuances			(886)						(886)
Tax payments for stock issuances, Shares	(4)
Pension adjustment, net of tax							(6)		(6)
Balance at Jun. 30, 2020	$ 40		97,140		177,165		(17,139)		257,206
Balance (in shares) at Jun. 30, 2020	40,329
Balance at Dec. 31, 2020	$ 40	$ (5,030)	98,819		173,731		(10,220)		257,340
Balance (in shares) at Dec. 31, 2020	40,103	250
Change in Stockholders' Equity
Net loss					(9,151)				(9,151)
Foreign currency translation adjustment, net of tax					22		(919)		(897)
Restricted stock awards			1,342						1,342
Restricted stock awards, Shares	248
Tax payments for stock issuances			(2,139)						(2,139)
Tax payments for stock issuances, Shares	(86)
Unrealized gains (losses) on available-for-sale securities							(15)		(15)
Balance at Mar. 31, 2021	$ 40	$ (5,030)	98,022		164,602		(11,154)		246,480
Balance (in shares) at Mar. 31, 2021	40,265	250
Balance at Dec. 31, 2020	$ 40	$ (5,030)	98,819		173,731		(10,220)		257,340
Balance (in shares) at Dec. 31, 2020	40,103	250
Change in Stockholders' Equity
Net loss									(15,836)
Unrealized gains (losses) on available-for-sale securities									(7)
Balance at Jun. 30, 2021	$ 40	$ (7,938)	99,223		157,917		(10,597)		238,645
Balance (in shares) at Jun. 30, 2021	40,171	361
Balance at Mar. 31, 2021	$ 40	$ (5,030)	98,022		164,602		(11,154)		246,480
Balance (in shares) at Mar. 31, 2021	40,265	250
Change in Stockholders' Equity
Net loss					(6,685)				(6,685)
Foreign currency translation adjustment, net of tax							549		549
Restricted stock awards			1,292						1,292
Restricted stock awards, Shares	24
Tax payments for stock issuances			(91)						(91)
Tax payments for stock issuances, Shares	(7)
Share repurchase		$ (2,908)							(2,908)
Share repurchased (in shares)	(111)	111
Unrealized gains (losses) on available-for-sale securities							8		8
Balance at Jun. 30, 2021	$ 40	$ (7,938)	$ 99,223		$ 157,917		$ (10,597)		$ 238,645
Balance (in shares) at Jun. 30, 2021	40,171	361

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss from operations		$ (15,836)	$ (2,021)
Adjustments to reconcile net loss from operations to net cash provided by (used in) operations:
Depreciation and amortization of intangible assets		4,582	6,097
Loss on disposal of assets		19	53
Deferred tax benefit		(2,194)	(319)
Stock-based compensation		2,634	2,210
Changes in operating assets and liabilities:
Accounts receivable, net		11,021	7,528
Inventories, net		3,585	3,376
Contract assets		1,974	(2,026)
Accounts payable		1,280	(5,025)
Income taxes payable		(2,652)	(5,870)
Accrued expenses		3,660	(791)
Deferred compensation		(1,031)	13
Deferred revenue		(931)	2,990
Other assets and liabilities		(4,927)	(1,834)
Net cash provided by operating activities		1,184	4,381
Cash flows from investing activities:
Purchase of short term investments		(32,253)	(14,645)
Maturities of short term investments		16,100	13,340
Additions to property and equipment		(1,208)	(2,167)
Other		(17)	(48)
Net cash used in investing activities		(17,378)	(3,520)
Cash flows from financing activities:
Repurchase of common stock		(2,908)
Tax payments for restricted stock issuances		(2,230)	(1,179)
Net cash used in financing activities		(5,138)	(1,179)
Effect of exchange rate changes on cash		(511)	20
Net decrease in cash		(21,843)	(298)
Cash, cash equivalents, and restricted cash, beginning of period		89,241	85,129
Cash, cash equivalents, and restricted cash, end of period	[1]	67,398	84,831
Supplemental cash flow disclosures:
Restricted Cash		$ 900	$ 800

[1]	End of period cash, cash equivalents, and restricted cash includes $0.9 million and $0.8 million of restricted cash at June 30, 2021 and June 30, 2020, respectively.

Description of the Company and

Description of the Company and Basis of Presentation	6 Months Ended
Description of the Company and Basis of Presentation	Jun. 30, 2021
Description of the Company and Basis of Presentation
Description of the Company and Basis of Presentation	Note 1 – Description of the Company and Basis of Presentation Description of the Company OneSpan Inc. and its wholly owned subsidiaries design, develop, market and support hardware and software security systems that manage and secure access to information assets. OneSpan has operations in Austria, Australia, Belgium, Canada, China, France, Japan, The Netherlands, Singapore, Switzerland, the United Arab Emirates, the United Kingdom (U.K), and the United States (U.S.). In accordance with ASC 280, Segment Reporting, our operations are reported as a single operating segment. The chief operating decision maker is the Chief Executive Officer who reviews the statement of operations of the Company on a consolidated basis, makes decisions and manages the operations of the Company as a single operating segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of OneSpan and its subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods presented. All intercompany accounts and transactions have been eliminated. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021, particularly in light of the novel coronavirus (COVID-19) pandemic and its effects on domestic and global economies. We continue to actively address the effects of the COVID-19 pandemic and its impact globally. Beginning in the Summer of 2020 through the present, we have experienced lengthened sales cycles and reduced demand for some of our security solutions due to economic uncertainty connected to the COVID-19 pandemic. While we hope that the negative consequences on our business associated with the COVID-19 pandemic will subside, we cannot predict the impact with certainty. Principles of Consolidation The consolidated financial statements include the accounts of OneSpan Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation and Transactions The financial position and results of the operations of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Accordingly, assets and liabilities are translated into U.S. Dollars using current exchange rates as of the balance sheet date. Revenue and expenses are translated at average exchange rates prevailing during the year. Translation adjustments arising from differences in exchange rates are charged or credited to other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations in other income (expense), net. Foreign exchange transaction gains aggregated $0.6 million and foreign transaction losses aggregated less than $0.1 million for the three and six months ended June 30, 2021, respectively. Foreign exchange transaction gains aggregated less than $0.1 million and foreign transaction losses aggregated $0.5 million for the three and six months ended June 30, 2020, respectively. The financial position and results of our operations in Singapore, Switzerland, and Canada are measured in U.S. Dollars. For these subsidiaries, gains and losses that result from foreign currency transactions are included in the consolidated statements of operations in other income (expense), net.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies There have been no changes to the significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 25, 2021 that have had a material impact on the Company’s condensed consolidated financial statements and related notes. Cash, Cash Equivalents and Restricted Cash We are in lease agreements that require letters of credit to secure the obligations. The restricted cash related to these letters of credit is recorded in other non-current assets on the Condensed Consolidated Balance Sheet in the amounts of $0.9 million and $0.8 million at June 30, 2021 and December 31, 2020, respectively. Equity Method Investment We apply the equity method of accounting to our investment in Promon AS (Promon), because we exercise significant influence, but not controlling interest, in the investee. Promon is a technology company headquartered in Norway that specializes in mobile app security, whose solutions focus largely on Runtime Application Self-Protection (RASP). We exercise significant influence over Promon as a result of our 17% ownership interest in Promon, our representation on Promon’s Board of Directors, and the significance to Promon of our business activities with them. We integrate Promon’s RASP technology into our mobile security offerings, which are then licensed to our customers. Under the equity method of accounting, the Company’s proportionate share of the net earnings (losses) of Promon is reported in other income (expense), net in our condensed consolidated Statements of Operations. The impact of the proportionate share of net earnings (losses) were immaterial for the three and six months ended June 30, 2021 and 2020 as were the relative size of Promon’s assets and operations in relation to the Company’s. The carrying value of our equity method investment is reported in other noncurrent assets in the condensed consolidated Balance Sheets and is reported originally at cost and adjusted each period for the Company’s share of the investee’s earnings (losses) and dividends paid, if any. The Company also assesses the investment for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. The Company did not record any impairment charges during the six month periods ended June 30, 2021 and 2020. The Company recorded $0.5 million and $0.1 million in cost of sales during the three months ended June 30, 2021 and June 30, 2020, respectively, for license fees owed to Promon for use of their software and technology, and recorded $2.0 million and $1.4 million for the six months ended June 30, 2021 and 2020, respectively. The Company owed Promon $1.2 million as of June 30, 2021, which is included in accounts payable and accrued liabilities. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplification for Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2021
Revenue
Revenue	Note 3 – Revenue We recognize revenue in accordance with ASC 606 “Revenue from Contracts with Customers” Disaggregation of Revenues The following tables present our revenues disaggregated by major products and services, geographical region and timing of revenue recognition. Revenue by major products (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Hardware products $ 19,451 $ 24,188 $ 37,119 $ 43,926 Software licenses 8,927 11,196 19,704 29,718 Subscription 9,824 6,133 18,229 11,840 Professional services 1,041 1,326 2,443 2,747 Maintenance, support, and other 13,034 12,111 25,557 23,093 Total Revenue $ 52,277 $ 54,954 $ 103,052 $ 111,324 Revenue by location of customer for the three months ended June 30, 2021 and 2020 (in thousands) EMEA Americas APAC Total Total Revenue: 2021 $ 24,830 $ 17,011 $ 10,436 $ 52,277 2020 $ 28,336 $ 13,932 $ 12,686 $ 54,954 Percent of Total: 2021 47 % 33 % 20 % 100 % 2020 52 % 25 % 23 % 100 % Revenue by location of customer for the six months ended June 30, 2021 and 2020 (in thousands) EMEA Americas APAC Total Total Revenue: 2021 $ 51,819 $ 33,539 $ 17,694 $ 103,052 2020 $ 61,940 $ 26,265 $ 23,119 $ 111,324 Percent of Total: 2021 50 % 33 % 17 % 100 % 2020 56 % 24 % 20 % 100 % Timing of revenue recognition (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Products and Licenses transferred at a point in time $ 28,378 $ 35,384 $ 56,823 $ 73,644 Services transferred over time 23,899 19,570 46,229 37,680 Total Revenue $ 52,277 $ 54,954 $ 103,052 $ 111,324 Contract balances (in thousands) The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. June 30, December 31, 2021 2020 Receivables, inclusive of trade and unbilled $ 45,762 $ 57,537 Contract Assets (current and non-current) $ 6,877 $ 9,079 Contract Liabilities (Deferred Revenue current and non-current) $ 53,734 $ 55,147 Contract assets relate primarily to multi-year term license arrangements and the remaining contractual billings. These contract assets are transferred to receivables when the right to billing occurs, which is normally over 3 - 5 years . The contract liabilities primarily relate to the advance consideration received from customers for subscription and maintenance services. Revenue is recognized for these services over time. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year Revenue recognized during the six months ended June 30, 2021 included $11.6 million that was included on the December 31, 2020 balance sheet in contract liabilities. Deferred revenue increased in the same period due to timing of annual renewals. Transaction price allocated to the remaining performance obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. in thousands 2021 2022 2023 Beyond 2023 Total Future revenue related to current unsatisfied performance obligations $ 14,877 $ 19,855 $ 12,057 $ 7,043 $ 53,832 The Company applies practical expedients and does not one year Costs of obtaining a contract The Company incurs incremental costs related to commissions, which can be directly tied to obtaining a contract. The Company capitalizes commissions associated with certain new contracts and amortizes the costs over a period of benefit based on the transfer of goods or services that we have determined to be up to seven years . The Amortization is reflected in Sales and Marketing in the Statements of Operations. We determined the period of benefit by taking into consideration our customer contracts, our technology and other factors, including customer attrition. Commissions are earned upon invoicing to the customer. For contracts with multiple year payment terms, as the commissions that are payable after year 1 are payable based on continued employment, they are expensed when incurred . Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period for the assets that the Company otherwise would have recognized is one year or less. These costs are included in Sales and Marketing expense in the condensed consolidated statements of operations. The following tables provide information related to the capitalized costs and amortization recognized in the current and prior periods: in thousands June 30, 2021 December 31, 2020 Capitalized costs to obtain contracts, current $ 1,622 $ 1,222 Capitalized costs to obtain contracts, non-current $ 6,706 $ 5,464 Three months ended June 30, Six months ended June 30, in thousands 2021 2020 2021 2020 Amortization of capitalized costs to obtain contracts $ 361 $ 264 $ 671 $ 433 Impairments of capitalized costs to obtain contracts $ - $ - $ - $ -

Inventories, net

Inventories, net	6 Months Ended
Inventories, net	Jun. 30, 2021
Inventories, net
Inventories, net	Note 4 – Inventories, net Inventories, net, consisting principally of hardware and component parts, are stated at the lower of cost or net realizable value. Cost is determined using the FIFO method. Inventories, net are comprised of the following: June 30, December 31, 2021 2020 (in thousands) Component parts $ 4,815 $ 5,439 Work-in-process and finished goods 4,683 7,654 Total $ 9,498 $ 13,093

Goodwill

Goodwill	6 Months Ended
Goodwill	Jun. 30, 2021
Goodwill
Goodwill	Note 5 – Goodwill Goodwill activity for the three and six months ended June 30, 2021 consisted of the following: in thousands Net balance at December 31, 2020 $ 97,552 Net foreign currency translation 290 Net balance at June 30, 2021 $ 97,842 No impairment of goodwill was recorded during the six months ended June 30, 2021 or June 30, 2020.

Intangible Assets

Intangible Assets	6 Months Ended
Intangible Assets	Jun. 30, 2021
Intangible Assets
Intangible Assets	Note 6 – Intangible Assets Intangible asset activity for the three and six months ended June 30, 2021 is detailed in the following table. in thousands Acquired Technology Customer Relationships Other Total Intangible Assets Net balance at December 31, 2020 $ 2,277 $ 23,200 $ 1,719 $ 27,196 Additions 2 — 14 16 Disposals — — (21) (21) Net foreign currency translation 31 106 6 143 Amortization expense (778) (2,004) (325) (3,107) Net balance at June 30, 2021 $ 1,532 $ 21,302 $ 1,393 $ 24,227 June 30, 2021 balance at cost $ 43,436 $ 40,121 $ 13,559 $ 97,116 Accumulated amortization (41,904) (18,819) (12,166) (72,889) Net balance at June 30, 2021 $ 1,532 $ 21,302 $ 1,393 $ 24,227 Certain intangible assets are denominated in functional currencies besides the U.S. dollar and are subject to currency fluctuations. No impairment of intangible assets was recorded during the three months ended June 30, 2021 or June 30, 2020.

Property and Equipment

Property and Equipment	6 Months Ended
Property and Equipment	Jun. 30, 2021
Property and Equipment
Property and Equipment	Note 7 – Property and Equipment The major classes of property and equipment are as follows: in thousands June 30, 2021 December 31, 2020 Office equipment and software $ 14,259 $ 13,540 Leasehold improvements 10,433 10,593 Furniture and fixtures 3,909 3,827 Total 28,601 27,960 Accumulated depreciation (17,133) (16,125) Property and equipment, net $ 11,468 $ 11,835 Depreciation expense was $0.7 million and $1.5 million for the three and six months ended June 30, 2021, respectively, compared to $0.7 million and $1.4 million for the three and six months ended June 30, 2020.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	Note 8 – Fair Value Measurements The fair values of cash equivalents, receivables, net, and accounts payable approximate their carrying amounts due to their short duration. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing base upon its own market assumptions. The Company classifies its investments in debt securities as available-for-sale. In accordance with ASU 2016-13, Measurement of Credit Losses on Financial Instruments , we review available-for-sale debt securities for impairments related to losses and other factors each quarter. Unrealized gains and losses are recorded to other comprehensive income. The unrealized gains and losses on the available-for-sale debt securities were not material as of June 30, 2021 and December 31, 2020. The estimated fair value of our financial instruments has been determined by using available market information and appropriate valuation methodologies, as defined in ASC 820, Fair Value Measurements ● Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived primarily from or corroborated by observable market data. ● Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The following tables summarize assets that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020: Fair Value Measurement at Reporting Date Using in thousands June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Treasury Notes $ 2,422 - $ 2,422 - Corporate Notes / Bonds $ 12,252 - $ 12,252 - Commercial Paper $ 8,097 - $ 8,097 - U.S. Treasury Bills $ 3,789 - $ 3,789 - U.S. Government Agencies $ 16,166 - $ 16,166 - Fair Value Measurement at Reporting Date Using in thousands December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Treasury Notes $ 4,951 - $ 4,951 - Corporate Notes / Bonds $ 8,780 - $ 8,780 - Commercial Paper $ 4,098 - $ 4,098 - U.S. Treasury Bills $ 5,292 - $ 5,292 - U.S. Government Agencies $ 3,738 - $ 3,738 -

Allowance for credit losses

Allowance for credit losses	6 Months Ended
Allowance for credit losses	Jun. 30, 2021
Allowance for credit losses
Allowance for credit losses	Note 9 – Allowance for credit losses The changes in the allowance for credit losses during the six months ended June 30, 2021 were as follows: in thousands Balance at December 31, 2020 $ 4,135 Provision 660 Write-offs (1,645) Net foreign currency translation (3) Balance at June 30, 2021 $ 3,147

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2021
Leases [Abstract]
Leases	Note 10 – Leases Operating lease cost details for the three and six months ended June 30, 2021 and 2020 are as follows: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Building rent $ 677 $ 765 $ 1,247 $ 1,456 Automobile rentals 411 359 744 711 Total net operating lease costs $ 1,088 $ 1,124 $ 1,991 $ 2,167 At June 30, 2021, the weighted average remaining lease term for our operating leases is 6.6 years. The weighted average discount rate for our operating leases is 5%. During the six months ended June 30, 2021, there were $1.9 million of operating cash payments for lease liabilities, and $0 of right-of use assets obtained in exchange for new lease liabilities. Maturities of our operating leases are as follows: As of June 30, 2021 (in $ thousands) 2021 $ 1,682 2022 3,156 2023 2,551 2024 1,738 2025 1,603 Later years 5,972 Less imputed interest (2,847) Total lease liabilities $ 13,855

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Taxes
Income Taxes	Note 11 – Income Taxes Given our expected projected loss (before tax) for the year, our estimated annual effective tax rate for 2021 before discrete items is expected to be approximately 7%. Our global effective tax rate is lower than the U.S. statutory tax rate of 21% primarily due to losses in jurisdictions for which a valuation allowance is required and therefore no benefit is received, along with nondeductible expenses. Our ultimate tax expense will depend on the mix of earnings in various jurisdictions. Income taxes of $1.5 million and $6.5 million were paid during the three and six months ended June 30, 2021, respectively. At December 31, 2020, we had deferred tax assets of $30.0 million resulting from foreign and state NOL carryforwards of $119.5 million and other foreign deductible carryforwards of $64.7 million. At December 31, 2020, we had a valuation allowance of $19.9 million against deferred tax assets related to certain carryforwards. Certain non-U.S. operations have incurred net operating losses (NOLs), which are currently subject to a valuation allowance. These NOLs may become deductible to the extent these operations become profitable. For each of our operations, we evaluate whether it is more likely than not that the tax benefits related to NOLs will be realized. As part of this evaluation, we consider evidence such as tax planning strategies, historical operating results, forecasted taxable income, and recent financial performance. In the year that certain non-U.S. operations record a loss, we do not recognize a corresponding tax benefit, thus increasing our effective tax rate, or decreasing our effective tax rate when reporting a loss. Upon determining that it is more likely than not that the NOLs will be realized, we will reduce the tax valuation allowances related to these NOLs, which will result in a reduction of our income tax expense and our effective tax rate in the period.

Long-Term Compensation Plan and

Long-Term Compensation Plan and Stock Based Compensation	6 Months Ended
Long-Term Compensation Plan and Stock Based Compensation	Jun. 30, 2021
Long-Term Compensation Plan and Stock Based Compensation
Long-Term Compensation Plan and Stock Based Compensation	Note 12 – Long-Term Compensation Plan and Stock Based Compensation (share counts in thousands) We awarded 226 restricted stock units during the six months ended June 30, 2021, subject to time-based vesting. The fair value of the unissued time-based restricted stock unit grants was $5.9 million at the dates of grant and the grants are being amortized over the vesting periods of one We awarded restricted stock unit grants during the six months ended June 30, 2021, subject to the achievement of market and service conditions, which allow for up to 53 shares to be earned if the market conditions are fully achieved. The fair value of these awards was $2.2 million at the dates of grant and the awards are being amortized over the vesting period of three years. The Company currently believes that 45 of these shares are expected to be earned. We awarded restricted stock units subject to the achievement of service and future performance criteria during the six months ended June 30, 2021, which allow for up to 186 shares to be earned if the performance criteria are fully achieved. The fair value of these awards was $4.5 million at the dates of grant and the awards are being amortized over the vesting period of three years. The Company currently believes that 169 of these shares are expected to be earned. The following table details long-term compensation plan and stock-based compensation expense for the three and six months ended June 30, 2021 and 2020: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 in thousands (in thousands) (in thousands) Stock-based compensation $ 1,292 $ 860 $ 2,634 $ 2,210 Other long-term incentive plan compensation 275 305 474 670 Total compensation $ 1,567 $ 1,165 $ 3,108 $ 2,880

Earnings per Common Share

Earnings per Common Share	6 Months Ended
Earnings per Common Share	Jun. 30, 2021
Earnings per Common Share
Earnings per Common Share	Note 13 – Earnings per Share (share counts in thousands) Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Because the Company is in a net loss position for the three and six months ended June 30, 2021 and June 30, 2020, diluted net loss per share for these periods excludes the effects of common stock equivalents, which are anti-dilutive. The details of the earnings per share calculations for the three and six months ended June 30, 2021 and 2020 are as follows: Three months ended Six months ended June 30, June 30, in thousands, except per share data 2021 2020 2021 2020 Net loss $ (6,685) $ (2,025) $ (15,836) $ (2,021) Weighted average common shares outstanding: Basic 39,694 40,028 39,692 40,059 Incremental shares with dilutive effect: Restricted stock awards — — — — Diluted 39,694 40,028 39,692 40,059 Net loss per share: Basic $ (0.17) $ (0.05) $ (0.40) $ (0.05) Diluted $ (0.17) $ (0.05) $ (0.40) $ (0.05)

Legal Proceedings and Contingen

Legal Proceedings and Contingencies	6 Months Ended
Legal Proceedings and Contingencies	Jun. 30, 2021
Commitments and Contingencies
Legal Proceedings and Contingencies	Note 14 – Legal Proceedings and Contingencies We are a party to or have intellectual property subject to litigation and other proceedings that arise in the ordinary course of our business. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the corporation as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our financial results in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, U.S. GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. We include various types of indemnification clauses in our customer agreements. These indemnifications may include, but are not limited to, infringement claims related to our intellectual property, direct damages and consequential damages. The type and amount of such indemnifications vary substantially based on our assessment of risk and reward associated with each agreement. We believe the estimated fair value of these indemnification clauses is minimal, and we cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. We have A complaint was filed on August 20, 2020 against OneSpan and certain of its officers, asserting claims for purported violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and SEC Rule 10b-5 promulgated thereunder, based on certain alleged material misstatements and omissions. The case is captioned Almendariz v. OneSpan Inc., et al., No. 1:20-cv-04906 (N.D. Ill.) (the “Securities Class Action”). Specifically, the plaintiff in the Securities Class Action alleges, among other things, that certain statements about OneSpan’s business were misleading because of defendants’ failure to disclose that OneSpan purportedly had inadequate internal procedures and controls over financial reporting and related disclosures; and OneSpan purportedly downplayed the negative impacts of immaterial errors in its financial statements. On April 28, 2021, the Securities Class Action was dismissed by the court without prejudice. A complaint, related in subject matter to the Securities Class Action, was filed on October 23, 2020 against certain of OneSpan’s officers and directors, and names OneSpan as a nominal defendant. The case is captioned Klein v. Boroditzky, et al., No. 1:20-cv-06310 (N.D. Ill.) (the “Derivative Action” and, collectively with the Securities Class Action, the “Litigation”). The plaintiff asserts claims for breach of fiduciary duty, abuse of control and corporate waste, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act, based on the same alleged wrongdoing pled in the Securities Class Action. On February 16, 2021, on the parties’ agreed motion, the court stayed the action pending a decision on the then-anticipated motion to dismiss in the Securities Class Action. On June 28, 2021 the Klein case was dismissed by the court without prejudice. On April 2, 2021, a different purported shareholder of the Company, represented by one of the same law firms representing plaintiff in the Klein case, filed second derivative suit in the Northern District of Illinois arising out of the same events that led to the filing of the Securities Class Action. The case is captioned Herrera v. Boroditsky, et al., 1:21-cv-01789 (N.D. Ill.). The factual allegations are substantially similar to those in Klein, except that the complaint does not contain express allegations regarding the pendency of the Securities Class Action and only one cause of action, for breach of fiduciary duty, is asserted. On June 28, 2021 the Herrera case was dismissed by the court without prejudice. From time to time, we have been involved in litigation and claims incidental to the conduct of our business, such as compensation claims from current or former employees in Europe. We expect that to continue. Excluding matters specifically disclosed above, we are not a party to any lawsuit or proceeding that, in management’s opinion, is likely to have a material adverse effect on its business, financial condition or results of operations.

Subsequent Event

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2021
Subsequent Event
Subsequent Event	Note 15 – Subsequent Events As previously disclosed, pursuant to that certain Cooperation Agreement by and among OneSpan Inc. (the “ Company OneSpan Board ”) on or prior to September 30, 2021. On July 29, 2021, Mr. Fox notified the Board that he will resign from the Board effective August 4, 2021. Mr. Fox did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. On August 4, 2021, the Company announced that Scott M. Clements, the Company’s President and Chief Executive Officer and a director, left the Company (including the Board) effective August 2, 2021. Mr. Clements’ departure is not related to any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Clements’ employment agreement with the Company dated December 1, 2015, as amended effective November 15, 2016 and July 28, 2017, provides that he will receive certain severance payments in connection with a termination without Cause (as defined therein), subject to his execution of a customary release in form and substance reasonably acceptable to the Company. For a description of such compensation, please refer to the Company’s definitive proxy statement for the Company’s 2021 annual meeting of stockholders filed on April 26, 2021. On August 4, 2021, the Company announced the appointment of Steven R. Worth as Interim President and Chief Executive Officer, effective August 2, 2021. Mr. Worth has served as OneSpan’s General Counsel, Chief Compliance Officer and Corporate Secretary since 2016 and has served as OneSpan’s Interim Chief Financial Officer and Treasurer since June 9, 2021. Following his appointment as Interim President and Chief Executive Officer, he continues to serve in the roles of General Counsel, Chief Compliance Officer and Corporate Secretary and has executive responsibility for On August 4, 2021, in connection with Mr. Worth’s appointment as Interim President and Chief Executive Officer, the Company announced the appointment of John Bosshart as Interim Chief Financial Officer and Treasurer, effective August 2, 2021. Mr. Bosshart has served as OneSpan’s Chief Accounting Officer since November 2020. At this time, any compensation adjustments in connection with Mr. Bosshart’s appointment have not been determined.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Summary of Significant Accounting Policies
Description of the Company	Description of the Company OneSpan Inc. and its wholly owned subsidiaries design, develop, market and support hardware and software security systems that manage and secure access to information assets. OneSpan has operations in Austria, Australia, Belgium, Canada, China, France, Japan, The Netherlands, Singapore, Switzerland, the United Arab Emirates, the United Kingdom (U.K), and the United States (U.S.). In accordance with ASC 280, Segment Reporting, our operations are reported as a single operating segment. The chief operating decision maker is the Chief Executive Officer who reviews the statement of operations of the Company on a consolidated basis, makes decisions and manages the operations of the Company as a single operating segment.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of OneSpan Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of OneSpan and its subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods presented. All intercompany accounts and transactions have been eliminated. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021, particularly in light of the novel coronavirus (COVID-19) pandemic and its effects on domestic and global economies. We continue to actively address the effects of the COVID-19 pandemic and its impact globally. Beginning in the Summer of 2020 through the present, we have experienced lengthened sales cycles and reduced demand for some of our security solutions due to economic uncertainty connected to the COVID-19 pandemic. While we hope that the negative consequences on our business associated with the COVID-19 pandemic will subside, we cannot predict the impact with certainty.
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash We are in lease agreements that require letters of credit to secure the obligations. The restricted cash related to these letters of credit is recorded in other non-current assets on the Condensed Consolidated Balance Sheet in the amounts of $0.9 million and $0.8 million at June 30, 2021 and December 31, 2020, respectively.
Equity Method Investment	Equity Method Investment We apply the equity method of accounting to our investment in Promon AS (Promon), because we exercise significant influence, but not controlling interest, in the investee. Promon is a technology company headquartered in Norway that specializes in mobile app security, whose solutions focus largely on Runtime Application Self-Protection (RASP). We exercise significant influence over Promon as a result of our 17% ownership interest in Promon, our representation on Promon’s Board of Directors, and the significance to Promon of our business activities with them. We integrate Promon’s RASP technology into our mobile security offerings, which are then licensed to our customers. Under the equity method of accounting, the Company’s proportionate share of the net earnings (losses) of Promon is reported in other income (expense), net in our condensed consolidated Statements of Operations. The impact of the proportionate share of net earnings (losses) were immaterial for the three and six months ended June 30, 2021 and 2020 as were the relative size of Promon’s assets and operations in relation to the Company’s. The carrying value of our equity method investment is reported in other noncurrent assets in the condensed consolidated Balance Sheets and is reported originally at cost and adjusted each period for the Company’s share of the investee’s earnings (losses) and dividends paid, if any. The Company also assesses the investment for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. The Company did not record any impairment charges during the six month periods ended June 30, 2021 and 2020. The Company recorded $0.5 million and $0.1 million in cost of sales during the three months ended June 30, 2021 and June 30, 2020, respectively, for license fees owed to Promon for use of their software and technology, and recorded $2.0 million and $1.4 million for the six months ended June 30, 2021 and 2020, respectively. The Company owed Promon $1.2 million as of June 30, 2021, which is included in accounts payable and accrued liabilities.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The financial position and results of the operations of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Accordingly, assets and liabilities are translated into U.S. Dollars using current exchange rates as of the balance sheet date. Revenue and expenses are translated at average exchange rates prevailing during the year. Translation adjustments arising from differences in exchange rates are charged or credited to other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations in other income (expense), net. Foreign exchange transaction gains aggregated $0.6 million and foreign transaction losses aggregated less than $0.1 million for the three and six months ended June 30, 2021, respectively. Foreign exchange transaction gains aggregated less than $0.1 million and foreign transaction losses aggregated $0.5 million for the three and six months ended June 30, 2020, respectively. The financial position and results of our operations in Singapore, Switzerland, and Canada are measured in U.S. Dollars. For these subsidiaries, gains and losses that result from foreign currency transactions are included in the consolidated statements of operations in other income (expense), net.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplification for Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, our management believes that the issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2021
Revenue
Revenues disaggregated by geography, major product line and timing of revenue recognition	Revenue by major products (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Hardware products $ 19,451 $ 24,188 $ 37,119 $ 43,926 Software licenses 8,927 11,196 19,704 29,718 Subscription 9,824 6,133 18,229 11,840 Professional services 1,041 1,326 2,443 2,747 Maintenance, support, and other 13,034 12,111 25,557 23,093 Total Revenue $ 52,277 $ 54,954 $ 103,052 $ 111,324 Revenue by location of customer for the three months ended June 30, 2021 and 2020 (in thousands) EMEA Americas APAC Total Total Revenue: 2021 $ 24,830 $ 17,011 $ 10,436 $ 52,277 2020 $ 28,336 $ 13,932 $ 12,686 $ 54,954 Percent of Total: 2021 47 % 33 % 20 % 100 % 2020 52 % 25 % 23 % 100 % Revenue by location of customer for the six months ended June 30, 2021 and 2020 (in thousands) EMEA Americas APAC Total Total Revenue: 2021 $ 51,819 $ 33,539 $ 17,694 $ 103,052 2020 $ 61,940 $ 26,265 $ 23,119 $ 111,324 Percent of Total: 2021 50 % 33 % 17 % 100 % 2020 56 % 24 % 20 % 100 % Timing of revenue recognition (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Products and Licenses transferred at a point in time $ 28,378 $ 35,384 $ 56,823 $ 73,644 Services transferred over time 23,899 19,570 46,229 37,680 Total Revenue $ 52,277 $ 54,954 $ 103,052 $ 111,324
Schedule of changes in contract assets and contract liabilities	June 30, December 31, 2021 2020 Receivables, inclusive of trade and unbilled $ 45,762 $ 57,537 Contract Assets (current and non-current) $ 6,877 $ 9,079 Contract Liabilities (Deferred Revenue current and non-current) $ 53,734 $ 55,147
Schedule of estimated revenue expected to be recognized in the future	in thousands 2021 2022 2023 Beyond 2023 Total Future revenue related to current unsatisfied performance obligations $ 14,877 $ 19,855 $ 12,057 $ 7,043 $ 53,832
Schedule of information related to the capitalized costs and amortization recognized in the current and prior period	in thousands June 30, 2021 December 31, 2020 Capitalized costs to obtain contracts, current $ 1,622 $ 1,222 Capitalized costs to obtain contracts, non-current $ 6,706 $ 5,464 Three months ended June 30, Six months ended June 30, in thousands 2021 2020 2021 2020 Amortization of capitalized costs to obtain contracts $ 361 $ 264 $ 671 $ 433 Impairments of capitalized costs to obtain contracts $ - $ - $ - $ -

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
Inventories, net (Tables)	Jun. 30, 2021
Inventories, net
Summary of Inventories, net	June 30, December 31, 2021 2020 (in thousands) Component parts $ 4,815 $ 5,439 Work-in-process and finished goods 4,683 7,654 Total $ 9,498 $ 13,093

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
Goodwill (Tables)	Jun. 30, 2021
Goodwill
Schedule of Goodwill Activity	in thousands Net balance at December 31, 2020 $ 97,552 Net foreign currency translation 290 Net balance at June 30, 2021 $ 97,842

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
Intangible Assets (Tables)	Jun. 30, 2021
Intangible Assets
Schedule of intangible asset activity	in thousands Acquired Technology Customer Relationships Other Total Intangible Assets Net balance at December 31, 2020 $ 2,277 $ 23,200 $ 1,719 $ 27,196 Additions 2 — 14 16 Disposals — — (21) (21) Net foreign currency translation 31 106 6 143 Amortization expense (778) (2,004) (325) (3,107) Net balance at June 30, 2021 $ 1,532 $ 21,302 $ 1,393 $ 24,227 June 30, 2021 balance at cost $ 43,436 $ 40,121 $ 13,559 $ 97,116 Accumulated amortization (41,904) (18,819) (12,166) (72,889) Net balance at June 30, 2021 $ 1,532 $ 21,302 $ 1,393 $ 24,227

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
Property and Equipment (Tables)	Jun. 30, 2021
Property and Equipment
Schedule of major classes of property and equipment	in thousands June 30, 2021 December 31, 2020 Office equipment and software $ 14,259 $ 13,540 Leasehold improvements 10,433 10,593 Furniture and fixtures 3,909 3,827 Total 28,601 27,960 Accumulated depreciation (17,133) (16,125) Property and equipment, net $ 11,468 $ 11,835

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2021
Fair Value Measurements
Schedule of assets that are measured at fair value on a recurring basis	Fair Value Measurement at Reporting Date Using in thousands June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Treasury Notes $ 2,422 - $ 2,422 - Corporate Notes / Bonds $ 12,252 - $ 12,252 - Commercial Paper $ 8,097 - $ 8,097 - U.S. Treasury Bills $ 3,789 - $ 3,789 - U.S. Government Agencies $ 16,166 - $ 16,166 - Fair Value Measurement at Reporting Date Using in thousands December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Treasury Notes $ 4,951 - $ 4,951 - Corporate Notes / Bonds $ 8,780 - $ 8,780 - Commercial Paper $ 4,098 - $ 4,098 - U.S. Treasury Bills $ 5,292 - $ 5,292 - U.S. Government Agencies $ 3,738 - $ 3,738 -

Allowance for credit losses (Ta

Allowance for credit losses (Tables)	6 Months Ended
Allowance for credit losses (Tables)	Jun. 30, 2021
Allowance for credit losses
Schedule change in the allowance for credit losses	in thousands Balance at December 31, 2020 $ 4,135 Provision 660 Write-offs (1,645) Net foreign currency translation (3) Balance at June 30, 2021 $ 3,147

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2021
Leases [Abstract]
Schedule of supplemental consolidated balance sheet information related to our operating leases	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Building rent $ 677 $ 765 $ 1,247 $ 1,456 Automobile rentals 411 359 744 711 Total net operating lease costs $ 1,088 $ 1,124 $ 1,991 $ 2,167
Schedule of maturities of operating leases	As of June 30, 2021 (in $ thousands) 2021 $ 1,682 2022 3,156 2023 2,551 2024 1,738 2025 1,603 Later years 5,972 Less imputed interest (2,847) Total lease liabilities $ 13,855

Long-Term Compensation Plan a_2

Long-Term Compensation Plan and Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Long-Term Compensation Plan and Stock Based Compensation
Summary of compensation expense	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 in thousands (in thousands) (in thousands) Stock-based compensation $ 1,292 $ 860 $ 2,634 $ 2,210 Other long-term incentive plan compensation 275 305 474 670 Total compensation $ 1,567 $ 1,165 $ 3,108 $ 2,880

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
Earnings per Common Share (Tables)	Jun. 30, 2021
Earnings per Common Share
Details of Earnings Per Share Calculations	Three months ended Six months ended June 30, June 30, in thousands, except per share data 2021 2020 2021 2020 Net loss $ (6,685) $ (2,025) $ (15,836) $ (2,021) Weighted average common shares outstanding: Basic 39,694 40,028 39,692 40,059 Incremental shares with dilutive effect: Restricted stock awards — — — — Diluted 39,694 40,028 39,692 40,059 Net loss per share: Basic $ (0.17) $ (0.05) $ (0.40) $ (0.05) Diluted $ (0.17) $ (0.05) $ (0.40) $ (0.05)

Description of the Company an_2

Description of the Company and Basis of Presentation - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Pro forma Income Statement:
Total revenue	$ 52,277		$ 54,954		$ 103,052	$ 111,324
Gross profit	35,807		36,729		71,260	77,029
Operating income	(8,859)		(1,687)		(18,153)	(862)
Income before taxes	(7,828)		(1,052)		(17,480)	(358)
Provision for income taxes	(1,143)		973		(1,644)	1,663
Net income	(6,685)	$ (9,151)	(2,025)	$ 4	(15,836)	(2,021)
Product and license
Pro forma Income Statement:
Total revenue	28,378		35,384		56,823	73,644
Services and other
Pro forma Income Statement:
Total revenue	$ 23,899		$ 19,570		$ 46,229	$ 37,680

Description of the Company an_3

Description of the Company and Basis of Presentation - Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Pro forma Comprehensive Income
Net loss	$ (6,685)	$ (9,151)	$ (2,025)	$ 4	$ (15,836)	$ (2,021)
Comprehensive loss	$ (6,128)		$ (1,585)		$ (16,213)	$ (5,865)

Description of the Company an_4

Description of the Company and Basis of Presentation - Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Pro forma Stockholder's Equity
Net loss	$ (6,685)	$ (9,151)	$ (2,025)	$ 4	$ (15,836)	$ (2,021)

Description of the Company an_5

Description of the Company and Basis of Presentation - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ (6,685)	$ (9,151)	$ (2,025)	$ 4	$ (15,836)	$ (2,021)
Changes in operating assets and liabilities:
Contract assets					1,974	(2,026)
Income taxes payable					(2,652)	(5,870)
Net cash provided by operating activities					$ 1,184	$ 4,381

Description of the Company an_6

Description of the Company and Basis of Presentation - Foreign Currency Translation and Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Description of the Company and Basis of Presentation
Gain (loss) from foreign currency transactions	$ 0.6	$ 0.1	$ (0.1)	$ (0.5)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies
Restricted Cash	$ 0.9	$ 0.8
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent

Summary of Significant Accoun_4

Summary of Significant Accounting policies - Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity Method Investments
Impairment charges			$ 0	$ 0
Costs of sales	$ 16,470	$ 18,225	$ 31,792	34,295
Investment In Promon A
Equity Method Investments
Ownership percentage	17.00%		17.00%
Costs of sales	$ 500	$ 100	$ 2,000	$ 1,400
Amount owed included in accounts payable and accrued liabilities	$ 1,200		$ 1,200

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Revenue	$ 52,277	$ 54,954	$ 103,052	$ 111,324
Percent of Total	100.00%	100.00%	100.00%	100.00%
Products and Licenses transferred at a point in time
Revenue
Revenue	$ 28,378	$ 35,384	$ 56,823	$ 73,644
Services transferred over time
Revenue
Revenue	23,899	19,570	46,229	37,680
EMEA
Revenue
Revenue	$ 24,830	$ 28,336	$ 51,819	$ 61,940
Percent of Total	47.00%	52.00%	50.00%	56.00%
Americas
Revenue
Revenue	$ 17,011	$ 13,932	$ 33,539	$ 26,265
Percent of Total	33.00%	25.00%	33.00%	24.00%
APAC
Revenue
Revenue	$ 10,436	$ 12,686	$ 17,694	$ 23,119
Percent of Total	20.00%	23.00%	17.00%	20.00%
Hardware products
Revenue
Revenue	$ 19,451	$ 24,188	$ 37,119	$ 43,926
Software licenses
Revenue
Revenue	8,927	11,196	19,704	29,718
Subscription
Revenue
Revenue	9,824	6,133	18,229	11,840
Professional services
Revenue
Revenue	1,041	1,326	2,443	2,747
Maintenance, support and other
Revenue
Revenue	$ 13,034	$ 12,111	$ 25,557	$ 23,093

Revenue - Contract balances (De

Revenue - Contract balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Contract balances
Revenue recognized that was included in the balance sheet	$ 11,600
Receivables, inclusive of trade and unbilled	45,762	$ 57,537
Contract Assets (current and non-current)	6,877	9,079
Contract Liabilities (Deferred Revenue current and non-current)	$ 53,734	$ 55,147
Revenue, Practical Expedient, Financing Component [true/false]	true
Minimum
Contract balances
The amount of time contract assets are transferred to receivables	3 years
Maximum
Contract balances
The amount of time contract assets are transferred to receivables	5 years

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) $ in Thousands	6 Months Ended
Revenue - Performance Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)
Revenue
Future revenue related to current unsatisfied performance obligations	$ 53,832
Remaining performance obligations	true
Original expected durations	true
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true/false]	true
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Future revenue related to current unsatisfied performance obligations	$ 14,877
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Future revenue related to current unsatisfied performance obligations	$ 19,855
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Future revenue related to current unsatisfied performance obligations	$ 12,057
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Future revenue related to current unsatisfied performance obligations	$ 7,043

Revenue - Capitalized Costs and

Revenue - Capitalized Costs and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue
Amortization period	7 years		7 years
Capitalized costs to obtain contracts, current	$ 1,622		$ 1,622		$ 1,222
Capitalized costs to obtain contracts, non-current	6,706		6,706		$ 5,464
Amortization of capitalized costs to obtain contracts	$ 361	$ 264	$ 671	$ 433

Inventories, net - Summary of I

Inventories, net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventories, net
Component parts	$ 4,815	$ 5,439
Work-in-process and finished goods	4,683	7,654
Total	$ 9,498	$ 13,093

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill
Net balance at beginning of period	$ 97,552
Net foreign currency translation	290
Net balance at end of period	97,842
Goodwill impairment	$ 0	$ 0

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Intangible asset activity
Net balance			$ 27,196
Additions			16
Disposals-Other			(21)
Net foreign currency translation			143
Amortization expense	$ (1,534)	$ (2,335)	(3,107)	$ (4,689)
Net balance	24,227		24,227
Intangible assets, net
Balance at cost	97,116		97,116
Accumulated amortization	(72,889)		(72,889)
Total intangible assets	24,227		24,227
Impairment charges			0	$ 0
Acquired Technology
Intangible asset activity
Net balance			2,277
Additions			2
Net foreign currency translation			31
Amortization expense			(778)
Net balance	1,532		1,532
Intangible assets, net
Balance at cost	43,436		43,436
Accumulated amortization	(41,904)		(41,904)
Total intangible assets	1,532		1,532
Customer relationships
Intangible asset activity
Net balance			23,200
Net foreign currency translation			106
Amortization expense			(2,004)
Net balance	21,302		21,302
Intangible assets, net
Balance at cost	40,121		40,121
Accumulated amortization	(18,819)		(18,819)
Total intangible assets	21,302		21,302
Other
Intangible asset activity
Net balance			1,719
Additions			14
Disposals-Other			(21)
Net foreign currency translation			6
Amortization expense			(325)
Net balance	1,393		1,393
Intangible assets, net
Balance at cost	13,559		13,559
Accumulated amortization	(12,166)		(12,166)
Total intangible assets	$ 1,393		$ 1,393

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 28,601		$ 28,601		$ 27,960
Accumulated depreciation	(17,133)		(17,133)		(16,125)
Property and equipment, net	11,468		11,468		11,835
Depreciation expense	700	$ 700	1,500	$ 1,400
Office equipment and software
Property, Plant and Equipment [Line Items]
Total	14,259		14,259		13,540
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	10,433		10,433		10,593
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	$ 3,909		$ 3,909		$ 3,827

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 2,422	$ 4,951
U.S. Treasury Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,422	4,951
Corporate Notes / Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	12,252	8,780
Corporate Notes / Bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	12,252	8,780
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	8,097	4,098
Commercial Paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	8,097	4,098
U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,789	5,292
U.S. Treasury Bills \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,789	5,292
U.S. Government Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	16,166	3,738
U.S. Government Agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 16,166	$ 3,738

Allowance for credit losses (De

Allowance for credit losses (Details) $ in Thousands	6 Months Ended
Allowance for credit losses (Details) $ in Thousands	Jun. 30, 2021USD ($)
Changes in the allowance for credit losses
Write-offs	$ (1,645)
Impact of ASU 2016-13 adoption
Changes in the allowance for credit losses
Beginning Balance	4,135
Provision	660
Net foreign currency translation	(3)
Ending Balance	$ 3,147

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating lease cost	$ 1,088	$ 1,124	$ 1,991	$ 2,167
Other information related to operating leases
Cash payments to settle a lease liability reported in cash flows			1,900
Right-of-use assets obtained in exchange for new lease liabilities			$ 0
Weighted-average discount rate	5.00%		5.00%
Weighted average remaining lease term	6 years 7 months 6 days		6 years 7 months 6 days
Building
Operating lease cost	$ 677	765	$ 1,247	1,456
Automobile
Operating lease cost	$ 411	$ 359	$ 744	$ 711

Leases - Maturities of our oper

Leases - Maturities of our operating leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Maturities of operating leases
2021	$ 1,682
2022	3,156
2023	2,551
2024	1,738
2025	1,603
Later years	5,972
Less imputed interest	(2,847)
Total lease liabilities	$ 13,855

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Taxes
Effective tax rate			7.00%
Provision (benefit) for income taxes	$ (1,143)	$ 973	$ (1,644)	$ 1,663
Statutory tax rate			21.00%
Income taxes paid	$ 1,500			$ 6,500
Deferred tax assets, foreign and state NOL carryforwards					$ 30,000
Foreign and state, net operating loss (NOL) carryforwards					119,500
Other foreign deductible carryforwards					64,700
Deferred tax assets, valuation allowance					$ 19,900

Long-Term Compensation Plan a_3

Long-Term Compensation Plan and Stock Based Compensation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)shares
Restricted Stock [Member]
Plan information
Stock based compensation awards issued shares	226
2019 Omnibus Incentive Plan \| Restricted Stock [Member]
Plan information
Stock based compensation awards issued shares	45
Restricted stock awards \| $	$ 2.2
2019 Omnibus Incentive Plan \| Restricted Stock, subject to time-based criteria
Plan information
Restricted stock awards \| $	$ 5.9
2019 Omnibus Incentive Plan \| Restricted Stock, subject to time-based criteria \| Minimum
Plan information
Vesting period (in years)	1 year
2019 Omnibus Incentive Plan \| Restricted Stock, subject to time-based criteria \| Maximum
Plan information
Vesting period (in years)	4 years
2019 Omnibus Incentive Plan \| Restricted Stock, subject to future performance criteria
Plan information
Stock based compensation awards issued shares	186
Restricted stock awards \| $	$ 4.5
2019 Omnibus Incentive Plan \| Restricted Stock, subject to performance criteria
Plan information
Stock based compensation awards issued shares	53
Vesting period (in years)	3 years

Long-Term Compensation Plan a_4

Long-Term Compensation Plan and Stock Based Compensation - Allocation of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation expense
Stock-based compensation	$ 1,292	$ 860	$ 2,634	$ 2,210
Other long-term compensation plan	275	305	474	670
Total Compensation	$ 1,567	$ 1,165	$ 3,108	$ 2,880

Earnings per Common Share - Det

Earnings per Common Share - Details of Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings per Common Share
Net loss	$ (6,685)	$ (9,151)	$ (2,025)	$ 4	$ (15,836)	$ (2,021)
Weighted average common shares outstanding:
Basic	39,694		40,028		39,692	40,059
Incremental shares with dilutive effect:
Diluted (in shares)	39,694		40,028		39,692	40,059
Basic	$ (0.17)		$ (0.05)		$ (0.40)	$ (0.05)
Diluted	$ (0.17)		$ (0.05)		$ (0.40)	$ (0.05)

Legal Proceedings and Conting_2

Legal Proceedings and Contingencies - Regulatory Actions (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments and Contingencies
Liabilities accrued	$ 0