OneSpan (OSPN) 10-Q 4 Aug 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Document And Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
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		39,595,180
Entity Central Index Key	0001044777
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 77,583	$ 63,380
Short term investments	20,226	35,108
Accounts receivable, net of allowances of $2,051 in 2022 and $1,419 in 2021	39,863	56,612
Inventories, net	9,997	10,345
Prepaid expenses	7,117	7,594
Contract assets	5,147	4,694
Other current assets	10,586	9,356
Total current assets	170,519	187,089
Property and equipment, net	10,130	10,757
Operating lease right-of-use assets	8,138	9,197
Goodwill	90,421	96,174
Intangible assets, net of accumulated amortization	18,117	21,270
Deferred income taxes	3,515	3,786
Contract assets - non-current	522	195
Other assets	10,547	13,803
Total assets	311,909	342,271
Current liabilities
Accounts payable	9,119	8,204
Deferred revenue	48,342	54,617
Accrued wages and payroll taxes	13,425	16,607
Short-term income taxes payable	1,434	1,103
Other accrued expenses	6,612	7,668
Deferred compensation	113	877
Total current liabilities	79,045	89,076
Long-term deferred revenue	7,030	9,125
Long-term lease liabilities	9,193	10,180
Other long-term liabilities	7,277	7,770
Long-term income taxes payable	3,080	5,054
Deferred income taxes	1,942	1,286
Total liabilities	107,567	122,491
Stockholders' equity
Preferred stock: 500 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021
Common stock: $.001 par value per share, 75,000 shares authorized; 40,635 and 40,593 shares issued; 39,597 and 40,001 shares outstanding at June 30, 2022 and December 31, 2021, respectively	40	40
Additional paid-in capital	102,140	100,250
Treasury stock, at cost, 1,038 and 592 shares outstanding at June 30, 2022 and December 31, 2021, respectively	(18,222)	(12,501)
Retained earnings	139,037	143,173
Accumulated other comprehensive loss	(18,653)	(11,182)
Total stockholders' equity	204,342	219,780
Total liabilities and stockholders' equity	$ 311,909	$ 342,271

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 2,051	$ 1,419
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	40,635,000	40,593,000
Common stock, shares outstanding	39,597,000	40,001,000
Treasury stock, at cost	1,038	592

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue	$ 52,790	$ 52,277	$ 105,237	$ 103,052
Cost of goods sold
Costs of good sold	17,284	17,446	33,053	33,979
Gross profit	35,506	34,831	72,184	69,073
Operating costs
Sales and marketing	16,381	15,021	32,276	32,189
Research and development	12,876	12,096	26,625	24,340
General and administrative	13,270	15,039	28,165	27,590
Amortization	1,217	1,534	2,599	3,107
Total operating costs	43,744	43,690	89,665	87,226
Operating loss	(8,238)	(8,859)	(17,481)	(18,153)
Interest income, net	35	2	18	6
Other income (expense), net	(675)	1,029	14,972	667
Loss before income taxes	(8,878)	(7,828)	(2,491)	(17,480)
Provision (benefit) for income taxes	472	(1,143)	1,645	(1,644)
Net loss	$ (9,350)	$ (6,685)	$ (4,136)	$ (15,836)
Net loss per share
Basic	$ (0.23)	$ (0.17)	$ (0.10)	$ (0.40)
Diluted	$ (0.23)	$ (0.17)	$ (0.10)	$ (0.40)
Weighted average common shares outstanding
Basic	40,157	39,694	39,870	39,692
Diluted	40,157	39,694	39,870	39,692
Product and license
Revenue
Revenue	$ 28,731	$ 28,378	$ 58,216	$ 56,823
Cost of goods sold
Costs of good sold	10,947	10,565	20,026	21,317
Services and other
Revenue
Revenue	24,059	23,899	47,021	46,229
Cost of goods sold
Costs of good sold	$ 6,337	$ 6,881	$ 13,027	$ 12,662

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net income(loss)	$ (9,350)	$ (6,685)	$ (4,136)	$ (15,836)
Other comprehensive loss
Cumulative translation adjustment, net of tax	(5,315)	549	(7,335)	(370)
Pension adjustment, net of tax	(22)	8	(47)	(7)
Unrealized gains (loss) on available-for-sale securities	(10)	8	(89)
Comprehensive loss	$ (14,697)	$ (6,128)	$ (11,607)	$ (16,213)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Treasury - Common Stock	Additional Paid-in Capital [Member]	Accumulated Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2020	$ 40	$ (5,030)	$ 98,819	$ 173,731	$ (10,220)	$ 257,340
Balance (in shares) at Dec. 31, 2020	40,103,000	250,000
Net income(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	248,000
Tax payments for stock issuances			(2,139)			(2,139)
Tax payments for stock issuances, Shares	(86,000)
Unrealized gains (loss) 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	40,265,000
Balance at Dec. 31, 2020	$ 40	$ (5,030)	98,819	173,731	(10,220)	257,340
Balance (in shares) at Dec. 31, 2020	40,103,000	250,000
Net income(loss)						(15,836)
Balance at Jun. 30, 2021	$ 40	$ (7,938)	99,223	157,917	(10,597)	238,645
Balance (in shares) at Jun. 30, 2021	40,171,000
Treasury stock, at cost		250,000
Balance at Mar. 31, 2021	$ 40	$ (5,030)	98,022	164,602	(11,154)	246,480
Balance (in shares) at Mar. 31, 2021	40,265,000
Net income(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	24,000
Tax payments for stock issuances			(91)			(91)
Tax payments for stock issuances, Shares	(7,000)
Share repurchase		$ (2,908)				(2,908)
Share repurchased (in shares)	(111,000)	111,000
Unrealized gains (loss) 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	40,171,000
Treasury stock, at cost		361,000
Treasury stock, at cost		592,000				592
Balance at Dec. 31, 2021	$ 40	$ (12,501)	100,250	143,173	(11,182)	$ 219,780
Balance (in shares) at Dec. 31, 2021	40,001,000
Net income(loss)				5,214		5,214
Foreign currency translation adjustment, net of tax					(2,020)	(2,020)
Restricted stock awards			1,360			1,360
Restricted stock awards, Shares	(34,000)
Tax payments for stock issuances			(635)			(635)
Tax payments for stock issuances, Shares	(14,000)
Unrealized gains (loss) on available-for-sale securities					(79)	(79)
Pension adjustment, net of tax					(25)	(25)
Balance at Mar. 31, 2022	$ 40	(12,501)	100,975	148,387	(13,306)	223,595
Balance (in shares) at Mar. 31, 2022	40,021,000
Balance at Dec. 31, 2021	$ 40	(12,501)	100,250	143,173	(11,182)	219,780
Balance (in shares) at Dec. 31, 2021	40,001,000
Net income(loss)						(4,136)
Unrealized gains (loss) on available-for-sale securities						(89)
Balance at Jun. 30, 2022	$ 40	$ (18,222)	102,140	139,037	(18,653)	204,342
Balance (in shares) at Jun. 30, 2022	39,597,000
Treasury stock, at cost		592,000
Balance at Mar. 31, 2022	$ 40	$ (12,501)	100,975	148,387	(13,306)	223,595
Balance (in shares) at Mar. 31, 2022	40,021,000
Net income(loss)				(9,350)		(9,350)
Foreign currency translation adjustment, net of tax					(5,315)	(5,315)
Restricted stock awards			1,253			1,253
Restricted stock awards, Shares	28,000
Tax payments for stock issuances	$ (6)		(88)			(88)
Share repurchase		$ (5,721)				(5,721)
Share repurchased (in shares)	(446,000)	446,000
Unrealized gains (loss) on available-for-sale securities					(10)	(10)
Pension adjustment, net of tax					(22)	(22)
Balance at Jun. 30, 2022	$ 40	$ (18,222)	$ 102,140	$ 139,037	$ (18,653)	$ 204,342
Balance (in shares) at Jun. 30, 2022	39,597,000
Treasury stock, at cost		1,038,000				1,038

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss from operations		$ (4,136)	$ (15,836)
Adjustments to reconcile net loss from operations to net cash provided by (used in) operations:
Depreciation and amortization of intangible assets		4,043	4,582
Loss on disposal of assets		1	19
Gain on sale of equity-method investment		(14,810)
Deferred tax benefit		729	(2,194)
Stock-based compensation		2,613	2,634
Changes in operating assets and liabilities:
Accounts receivable		14,798	12,009
Allowance for doubtful accounts		631	(988)
Inventories, net		(465)	3,585
Contract assets		(1,033)	1,974
Accounts payable		1,202	1,280
Income taxes payable		(1,608)	(2,652)
Accrued expenses		(3,454)	3,660
Deferred compensation		(764)	(1,031)
Deferred revenue		(7,160)	(931)
Other assets and liabilities		(1,871)	(4,927)
Net cash provided by (used in) operating activities		(11,284)	1,184
Cash flows from investing activities:
Purchase of short term investments		(15,812)	(32,253)
Maturities of short term investments		30,550	16,100
Additions to property and equipment		(1,039)	(1,208)
Additions to intangible assets		(13)	(17)
Sale of equity-method investment		(18,874)
Net cash provided by (used in) investing activities		32,560	(17,378)
Cash flows from financing activities:
Repurchase of common stock		(5,721)	(2,908)
Tax payments for restricted stock issuances		(722)	(2,230)
Net cash used in financing activities		(6,443)	(5,138)
Effect of exchange rate changes on cash		(631)	(511)
Net increase (decrease) in cash		14,202	(21,843)
Cash, cash equivalents, and restricted cash, beginning of period		64,228	89,241
Cash, cash equivalents, and restricted cash, end of period	[1]	78,430	67,398
Supplemental cash flow disclosures:
Restricted Cash		$ 800	$ 900
[1] End of period cash, cash equivalents, and restricted cash includes $0.8 million and $0.9 million of restricted cash at June 30, 2022 and June 30, 2021, respectively.

Description of the Company and

Description of the Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 subsidiaries design, develop, and market solutions that enable secure, compliant, and easy digital customer agreements and transaction experiences. We are a global leader in providing high-assurance identity and authentication security as well as simplified e-signature workflows. Our solutions enable trust that ensures the integrity of the people and artifacts associated with digital agreements and transactions across banking, financial services, healthcare, and professional services. Our solution portfolio includes a broad set of offerings across several categories, including identity verification, authentication, transaction signing, mobile security, electronic signature, and secure video collaboration for virtual interactions and transactions. 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.). Transformation Plan In May 2022, we announced a three-year strategic transformation plan that we believe will enable us to build on our strong solution portfolio and market position, enhance our enterprise go-to-market strategy, accelerate revenue growth, and drive efficiencies to support margin expansion and increased profitability. In conjunction with the strategic transformation plan and to enable a more efficient capital deployment model, effective with the quarter ended June 30, 2022, we will begin reporting under the following two lines of business, which will be our reportable operating segments: Digital Agreements and Security Solutions. We plan to manage Digital Agreements for accelerated growth and market share gains and Security Solutions for cash flow given its modest growth profile. See Note 16 – Segment Information for additional detail. While our consolidated results will not be impacted, we have recasted our segment information during 2022 for comparable presentation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of OneSpan Inc. 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, 2021. 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. Revision of Previously Issued Financial Statements We have revised amounts reported in previously issued financial statements for the periods presented in this Quarterly Report on Form 10-Q to correct prior period immaterial errors. The errors relate to certain costs directly related to the production and distribution of hardware products. The costs were not properly categorized in prior periods, which led to an understatement of product and license cost of goods sold and an overstatement of sales and marketing expense. There was no impact to previously reported revenue or net income. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2021 and 2020, or for any quarterly periods included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021. The following table presents the effects of the aforementioned revisions on our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2021. Condensed Consolidated Statement of Operations (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Six Months Ended June 30, 2021 in thousands As Previously Reported Adjustments ​ As Revised As Previously Reported Adjustments ​ As Revised Cost of goods sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and license ​ $ 9,589 ​ $ 976 ​ $ 10,565 ​ $ 19,130 ​ $ 2,187 ​ $ 21,317 Total cost of goods sold ​ 16,470 ​ ​ 976 ​ 17,446 ​ 31,792 ​ ​ 2,187 ​ 33,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ​ ​ 35,807 ​ ​ (976) ​ ​ 34,831 ​ ​ 71,260 ​ ​ (2,187) ​ ​ 69,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales and marketing ​ 15,997 ​ ​ (976) ​ 15,021 ​ 34,376 ​ ​ (2,187) ​ 32,189 Total operating costs ​ 44,666 ​ ​ (976) ​ 43,690 ​ 89,413 ​ ​ (2,187) ​ 87,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 U.S. GAAP 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 losses aggregated $0.9 and $1.3 million for the three and six months ended June 30, 2022, respectively. 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. 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
	Jun. 30, 2022
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, 2021, filed with the SEC on February 22, 2022 that have had a material impact on the Company’s condensed consolidated financial statements and related notes. Software Capitalization and Depreciation As part of our transformation plan announced in May 2022, we began investing in the Digital Agreements operating segment for accelerated growth. In conjunction with expanded research and development to grow the Digital Agreements product offerings, we began capitalizing certain costs incurred in connection with obtaining or developing internal use software during the three months ended June 30, 2022. These costs include payroll and payroll-related costs for employees who are directly associated with the internal-use software projects, external direct costs of materials and services and interest costs while developing the software. Capitalized software costs are included in property and equipment, net and are amortized using the straight-line method over the estimated life of three years. Capitalization of such costs ceases when the project is substantially complete and ready for its intended purpose. Costs incurred during the preliminary project and post-implementation stages, as well as software maintenance and training costs, are expensed in the period in which they are incurred. The Company capitalized $0.2 million of internal-use software for the three and six months ended June 30, 2022. Cash, Cash Equivalents and Restricted Cash We are party to lease agreements that require letters of credit to secure our 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 $0.8 million and $0.8 million at June 30, 2022 and December 31, 2021, respectively. Sale of Equity Method Investment On January 31, 2022, we sold our equity interest in Promon AS (Promon) for $18.9 million and recorded the gain on sale of $14.8 million in other income (expense) Prior to January 31, 2022, we held a 17% interest in Promon. We applied the equity method of accounting to our investment in Promon because we exercised significant influence on, but did not hold a controlling interest in, the investee. 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 six months ended June 30, 2022 and 2021, as were the relative size of Promon’s assets and operations in relation to the Company’s. We intend to continue to purchase and integrate Promon’s RASP technology into our customer software solutions. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (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
	Jun. 30, 2022
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 ​ Six Months Ended ​ ​ June 30, 2022 ​ June 30, 2021 ​ June 30, 2022 ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscription (1) $ 19,829 ​ $ 15,746 ​ $ 43,098 ​ $ 32,128 Maintenance and support ​ 12,178 ​ ​ 13,034 ​ ​ 24,124 ​ ​ 25,557 Professional services and other (2) ​ 2,000 ​ ​ 4,046 ​ ​ 3,881 ​ ​ 8,248 Hardware products ​ 18,783 ​ ​ 19,451 ​ ​ 34,134 ​ ​ 37,119 Total Revenue $ 52,790 ​ $ 52,277 ​ $ 105,237 ​ $ 103,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Subscription includes cloud and on-premises subscription revenue, previously referred to as “subscription” and “term-based software licenses”, respectively. (2) Professional services & other includes perpetual software licenses revenue which was less than 2% of total revenue for both the three and six months ended June 30, 2022, and less than 6% of total revenue for both the three and six months ended June 30, 2021. Revenue by location of customer for the three months ended June 30, 2022 and 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA Americas APAC Total ​ Total Revenue: ​ ​ ​ ​ ​ ​ 2022 ​ $ 23,521 ​ $ 19,329 ​ $ 9,940 ​ $ 52,790 ​ 2021 ​ $ 24,830 ​ $ 17,011 ​ $ 10,436 ​ $ 52,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent of Total: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 44 % 37 % 19 % 100 % 2021 ​ 47 % 33 % 20 % 100 % ​ ​ ​ ​ ​ ​ ​ ​ Revenue by location of customer for the six months ended June 30, 2022 and 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA Americas APAC Total Total Revenue: ​ ​ ​ ​ ​ 2022 ​ $ 48,397 ​ $ 36,578 ​ $ 20,262 ​ $ 105,237 ​ 2021 ​ $ 51,819 ​ $ 33,539 ​ $ 17,694 ​ $ 103,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent of Total: ​ ​ ​ ​ ​ 2022 ​ 46 % 35 % 19 % 100 % 2021 ​ 50 % 33 % 17 % 100 % ​ Timing of revenue recognition (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended June 30, ​ Six Months ended June 30, ​ ​ 2022 2021 ​ 2022 ​ 2021 Products and Licenses transferred at a point in time $ 28,731 ​ $ 28,378 ​ $ 58,216 ​ $ 56,823 ​ Services transferred over time ​ 24,059 ​ ​ 23,899 ​ ​ 47,021 ​ ​ 46,229 ​ Total Revenue $ 52,790 ​ $ 52,277 ​ $ 105,237 ​ $ 103,052 ​ ​ Contract balances (in thousands) ​ The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, in thousands ​ 2022 ​ 2021 Receivables, inclusive of trade and unbilled ​ $ 39,863 ​ $ 56,612 Contract Assets (current and non-current) ​ $ 5,669 ​ $ 4,889 Contract Liabilities (Deferred Revenue current and non-current) ​ $ 55,372 ​ $ 63,742 ​ 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 bill occurs, which is normally over . 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, 2022 included $31.7 million that was included on the December 31, 2021 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 ​ 2022 ​ 2023 ​ 2024 ​ Beyond 2024 ​ Total Future revenue related to current unsatisfied performance obligations ​ $ 20,118 ​ $ 22,932 ​ $ 12,706 ​ $ 7,745 ​ $ 63,501 ​ The Company applies practical expedients and does not disclose information about remaining performance obligations (a) that have original expected durations of 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 condensed consolidated 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, because 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 period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands ​ ​ ​ June 30, 2022 ​ ​ December 31, 2021 ​ Capitalized costs to obtain contracts, current ​ ​ $ 2,495 ​ $ 2,134 ​ Capitalized costs to obtain contracts, non-current ​ ​ $ 9,497 ​ $ 8,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ ​ Six months ended June 30, in thousands ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 Amortization of capitalized costs to obtain contracts ​ ​ $ 555 ​ $ 361 ​ $ 1,090 ​ $ 671 Impairments of capitalized costs to obtain contracts ​ ​ $ - ​ $ - ​ $ - ​ $ - ​

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2022
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, ​ 2022 2021 ​ ​ (in thousands) Component parts ​ $ 4,189 ​ $ 3,841 Work-in-process and finished goods ​ 5,808 ​ 6,504 Total ​ $ 9,997 ​ $ 10,345 ​

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill
Goodwill	Note 5 – Goodwill Goodwill activity for the six months ended June 30, 2022 consisted of the following. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Agreements ​ ​ Security Solutions ​ ​ Total in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance at December 31, 2021 $ — ​ $ — ​ $ 96,174 Goodwill reallocation (1) ​ 20,966 ​ ​ 75,208 ​ ​ — Net foreign currency translation ​ (1,254) ​ ​ (4,499) ​ ​ (5,753) Net balance at June 30, 2022 ​ $ 19,712 ​ $ 70,709 ​ $ 90,421 ​ Goodwill reallocation: As a result of the transformation plan and new reportable operating segments (see Note 1 – Description of the Company), we reallocated the goodwill balances of each reporting unit and respective reportable operating segments. Additionally, we performed a goodwill impairment test on the goodwill balances of each of the reporting units of our reportable operating segments as of May 17, 2022 by comparing the fair value of each reporting unit to its carrying value, including the reallocated goodwill. We concluded that there was No impairment of goodwill was recorded during the six months ended June 30, 2022 or June 30, 2021.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Intangible Assets	Note 6 – Intangible Assets Intangible asset activity for the six months ended June 30, 2022 is detailed in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands Acquired Technology Customer Relationships Other Total Intangible Assets Net balance at December 31, 2021 ​ $ 753 ​ $ 19,161 ​ $ 1,356 ​ $ 21,270 Additions ​ 9 ​ ​ — ​ ​ 5 ​ 14 Net foreign currency translation ​ (22) ​ ​ (537) ​ ​ (9) ​ (568) Amortization expense ​ (615) ​ ​ (1,948) ​ ​ (36) ​ (2,599) Net balance at June 30, 2022 ​ $ 125 ​ $ 16,676 ​ $ 1,316 ​ $ 18,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 balance at cost ​ $ 41,997 ​ $ 38,520 ​ $ 13,507 ​ $ 94,024 Accumulated amortization ​ (41,872) ​ (21,844) ​ (12,191) ​ (75,907) Net balance at June 30, 2022 ​ $ 125 ​ $ 16,676 ​ $ 1,316 ​ $ 18,117 ​ Certain intangible assets are denominated in functional currencies besides the U.S. dollar and are subject to currency fluctuations. No impairment of intangible

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Office equipment and software ​ $ 14,728 ​ $ 14,327 Leasehold improvements ​ ​ 10,058 ​ ​ 10,296 Furniture and fixtures ​ 4,187 ​ 4,223 Capitalized software ​ ​ 198 ​ ​ — Total ​ 29,171 ​ 28,846 Accumulated depreciation ​ (19,041) ​ (18,089) Property and equipment, net ​ $ 10,130 ​ $ 10,757 ​ Depreciation expense was $0.7 million and $1.4 million for the three and six months ended June 30, 2022 respectively, compared to $0.7 million and $1.5 million for the three and six months ended June 30, 2021, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021. ​ 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, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using in thousands ​ ​ June 30, 2022 ​ 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 ​ $ 3,996 ​ - $ 3,996 ​ - Corporate Notes / Bonds ​ $ 3,808 ​ - $ 3,808 ​ - Commercial Paper ​ $ 5,468 ​ - $ 5,468 ​ - U.S. Treasury Bills ​ $ 6,955 ​ - $ 6,955 ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using in thousands ​ ​ December 31, 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 ​ $ 4,038 ​ - $ 4,038 ​ - Corporate Notes / Bonds ​ $ 9,585 ​ - $ 9,585 ​ - Commercial Paper ​ $ 8,996 ​ - $ 8,996 ​ - U.S. Treasury Bills ​ $ 9,990 ​ - $ 9,990 ​ - U.S. Government Agencies ​ $ 2,499 ​ - $ 2,499 ​ - ​

Allowance for credit losses

Allowance for credit losses	6 Months Ended
	Jun. 30, 2022
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, 2022 were as follows: ​ ​ ​ ​ ​ in thousands ​ ​ ​ Balance at December 31, 2021 ​ $ 1,419 Provision ​ ​ 678 Write-offs ​ ​ (25) Net foreign currency translation ​ ​ (21) Balance at June 30, 2022 ​ $ 2,051 ​

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 10 – Leases Operating lease cost details for the three and six months ended June 30, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands) ​ ​ (in thousands) Building rent ​ $ 521 ​ $ 677 ​ $ 1,096 ​ $ 1,247 Automobile rentals ​ ​ 361 ​ ​ 411 ​ ​ 581 ​ ​ 744 Total net operating lease costs ​ $ 882 ​ $ 1,088 ​ $ 1,677 ​ $ 1,991 ​ At June 30, 2022, the weighted average remaining lease term for our operating leases is 6.2 years. The weighted average discount rate for our operating leases is 5%. ​ During the six months ended June 30, 2022, there were $1.7 million of operating cash payments for lease liabilities, and $0.4 million of right-of use assets obtained in exchange for new lease liabilities. ​ Maturities of our operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ 2022 ​ $ 1,351 ​ ​ ​ 2023 ​ ​ 2,537 ​ ​ ​ 2024 ​ ​ 1,840 ​ ​ ​ 2025 ​ ​ 1,737 ​ ​ ​ 2026 ​ ​ 1,679 ​ ​ ​ Later years ​ ​ 4,326 ​ ​ ​ Less imputed interest ​ ​ (2,152) ​ ​ ​ Total lease liabilities ​ $ 11,318 ​ ​ ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 11 – Income Taxes Our estimated annual effective tax rate for 2022 before discrete items and excluding entities with a valuation allowance is expected to be approximately 24% . Our global effective tax rate is higher than the U.S. statutory tax rate of Management assesses the need for a valuation allowance on a regular basis, weighing all positive and negative evidence to determine whether a deferred tax asset will be fully or partially realized. In evaluating the realizability of deferred tax assets, significant pieces of negative evidence such as 3-year cumulative losses are considered. Management also reviews reversal patterns of temporary differences to determine if the Company would have sufficient taxable income due to the reversal of temporary differences to support the realization of deferred tax assets. Certain 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 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 income in a jurisdiction that has a valuation allowance. 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. At December 31, 2021, we had deferred tax assets of $43.7 million resulting from US, foreign and state NOL carryforwards of $148.6 million and other foreign deductible carryforwards of $97.5 million. At December 31, 2021, we had a valuation allowance of $31.3 million against deferred tax assets related to certain carryforwards.

Long-Term Compensation Plan and

Long-Term Compensation Plan and Stock Based	6 Months Ended
	Jun. 30, 2022
Long-Term Compensation Plan and Stock Based
Stock Compensation Plans	Note 12 – Long-Term Compensation Plan and Stock Based Compensation (share counts in thousands) Under the OneSpan Inc. 2019 Omnibus Incentive Plan, we award restricted stock units subject to time-based vesting, restricted stock units which are subject to the achievement of future performance criteria and restricted stock units that are subject to the achievement of market conditions. Other long-term incentive plan compensation expense includes cash incentives. We awarded 1,209 restricted stock units during the six months ended June 30, 2022, subject to time-based vesting. The fair value of the unissued time-based restricted stock unit grants was $18.2 million at the dates of grant and the grants are being amortized over the vesting periods of one We awarded restricted stock units subject to the achievement of service and future performance criteria during the six months ended June 30, 2022, which allow for up to 138 shares to be earned if the performance criteria are achieved at the target level. The fair value of these awards was $1.7 million at the dates of grant and the awards are being amortized over the vesting period of three years. The Company currently believes that all of these shares are expected to be earned. During the three and six month periods ended June 30, 2022, stock-based compensation and other long-term incentive plan compensation accruals were reversed for certain employees who were severed from the Company. The reversal of the accrued long-term incentive plan compensation for the severed employees largely offset the expense for the periods. The following table details stock-based compensation expense and other long-term incentive plan compensation expense for the six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands) ​ (in thousands) ​ Stock-based compensation ​ $ 1,253 ​ $ 1,292 ​ $ 2,613 ​ $ 2,634 ​ Other long-term incentive plan compensation ​ 24 ​ 275 ​ (112) ​ 474 ​ Total compensation ​ $ 1,277 ​ $ 1,567 ​ $ 2,501 ​ $ 3,108 ​ ​

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings per Share
Earnings per 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 was in a net loss position for the three and six months ended June 30, 2022 and June 30, 2021, 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 months ended June 30, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands, except per share data) ​ (in thousands, except per share data) ​ Net loss ​ $ (9,350) ​ $ (6,685) ​ $ (4,136) ​ $ (15,836) ​ Weighted average common shares outstanding: ​ ​ ​ ​ ​ Basic ​ 40,157 ​ ​ 39,694 ​ ​ 39,870 ​ ​ 39,692 ​ Incremental shares with dilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock awards ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted ​ 40,157 ​ 39,694 ​ 39,870 ​ 39,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ ​ Basic ​ $ (0.23) ​ $ (0.17) ​ $ (0.10) ​ $ (0.40) ​ Diluted ​ $ (0.23) ​ $ (0.17) ​ $ (0.10) ​ $ (0.40) ​ ​

Legal Proceedings and Contingen

Legal Proceedings and Contingencies	6 Months Ended
	Jun. 30, 2022
Legal Proceedings 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 punitive 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. Our obligations under these indemnification clauses may include, but are not limited to, covering costs for infringement claims related to our intellectual property, direct damages and consequential damages. The type and amount of such indemnification clauses 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 no liabilities recorded for these clauses as of June 30, 2022. From time to time, we have been involved in litigation, claims and other proceedings incidental to the conduct of our business, such as compensation claims from current or former employees or commercial disputes with vendors. We are not currently a party to any lawsuit, claim or proceeding that, in management’s opinion, is likely to have a material adverse effect on our business, financial condition or results of operations.

Restructuring Plan

Restructuring Plan	6 Months Ended
	Jun. 30, 2022
Restructuring Plan
Restructuring Plan	Note 15 – Restructuring Plan In December 2021, the Board approved a restructuring plan (“Plan”) designed to advance the Company’s operating model, streamline its business, and enhance its capital resources. As part of the first phase of the Plan, we reduced headcount by eliminating positions in certain areas of the Company. The first phase began and was substantially completed during the three months ended March 31, 2022. In May 2022, the Board approved additional actions related to the Plan through the year ending December 31, 2025. This second phase of the Plan consists solely of headcount-related actions and is designed to continue to advance the Company’s operating model, streamline its business, and enhance its capital resources. In connection with the Plan, the Company incurred severance, retention pay, and related benefits costs. These costs are recorded in the sales and marketing, research and development, and general and administrative expense line items in the condensed consolidated statements of operations for the three and six months ended June 30, 2022, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2022 ​ ​ ​ (in thousands) Operating costs ​ ​ ​ ​ ​ ​ ​ ​ Sales and marketing ​ $ 1,453 ​ $ 2,348 ​ Research and development ​ ​ 917 ​ 2,570 ​ General and administrative ​ 318 ​ ​ 430 ​ Total restructuring related expenses ​ $ 2,688 ​ $ 5,348 ​ There are $3.1 million of restructuring related expenses recorded in Accrued Wages and Payroll Expenses on the Company’s condensed consolidated balance sheet at June 30, 2022.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Information
Segment Information	Note 16 – Segment Information In May 2022, we announced a three-year strategic transformation plan that we believe will enable us to build on our strong solution portfolio and market position, enhance our enterprise go-to-market strategy, accelerate revenue growth, and drive efficiencies to support margin expansion and increased profitability. In conjunction with the strategic transformation plan and to enable a more efficient capital deployment model, effective with the quarter ended June 30, 2022, we will begin reporting under the following two lines of business, which will be our reportable operating segments: Digital Agreements and Security Solutions. We expect to manage Digital Agreements for accelerated growth and market share gains and Security Solutions for cash flow given its more modest growth profile. Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker (CODM), in deciding how to allocate resources and in assessing performance. Our chief operating decision maker, who is our chief executive officer, manages the business under two operating segments, which are our reportable segments: Digital Agreements and Security Solutions. ● Digital Agreements. Digital Agreements consists of solutions that enable our clients to secure and automate business processes associated with their digital agreement and customer transaction lifecycles that require consent, non-repudiation and compliance. These solutions, which are largely cloud-based, include our e-signature solution and our Virtual Room solution. As our transformation plan progresses, we expect to include other cloud-based security modules associated with the secure transaction lifecycle of identity verification, authentication, virtual interaction, e-transactions and e-vaulting (storage) in the Digital Agreements segment. This segment also includes costs attributable to our transaction cloud platform. ● Security Solutions. Security Solutions consist of our broad portfolio of software products and/or software development kits (SDKs) that are used to build applications designed to defend against attacks on digital transactions across online environments, devices and applications. These solutions, which are largely on-premises software products, include identity verification, multi-factor authentication and transaction signing, such as mobile application security, mobile software tokens, and Digipass tokens that are not cloud connected devices. Segment operating income consists of the revenues generated by a segment, less the direct costs of revenue, sales and marketing, and research and development expenses that are incurred directly by a segment. Unallocated corporate costs include costs related to administrative functions that are performed in a centralized manner that are not attributable to a particular segment. The tables below set forth information about our operating segments for the three and six months ended June 30, 2022 and 2021, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Digital Agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue $ 10,454 $ 9,527 ​ $ 23,755 ​ $ 19,591 Gross profit ​ $ 7,647 $ 6,626 ​ $ 17,933 ​ $ 14,080 Gross margin ​ ​ 73% ​ ​ 70% ​ ​ 75% ​ ​ 72% Operating income (loss) ​ $ 101 $ (795) ​ $ 1,789 ​ $ (731) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Security Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 42,336 $ 42,750 ​ $ 81,482 ​ $ 83,461 Gross profit ​ $ 27,859 $ 28,205 ​ $ 54,251 ​ $ 54,993 Gross margin ​ ​ 66% ​ ​ 66% ​ ​ 67% ​ ​ 66% Operating income ​ $ 8,631 $ 10,035 ​ $ 17,118 ​ $ 16,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Company: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 52,790 $ 52,277 ​ $ 105,237 ​ $ 103,052 Gross profit ​ $ 35,506 ​ $ 34,831 ​ $ 72,184 ​ $ 69,073 Gross margin ​ ​ 67% ​ ​ 67% ​ ​ 69% ​ ​ 67% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Operations reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment operating income ​ $ 8,732 $ 9,240 ​ $ 18,907 ​ $ 15,868 Operating expenses not allocated at the segment level: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate operating expenses ​ $ 15,753 $ 16,573 ​ $ 33,789 ​ $ 30,922 Amortization ​ ​ 1,217 ​ ​ 1,526 ​ ​ 2,599 ​ ​ 3,099 Operating loss ​ $ (8,238) ​ $ (8,859) ​ $ (17,481) ​ $ (18,153) Interest income, net ​ 35 ​ 2 ​ 18 ​ 6 Other income (expense), net ​ (675) ​ 1,029 ​ 14,972 ​ 667 Loss before income taxes ​ $ (8,878) ​ $ (7,828) ​ $ (2,491) ​ $ (17,480) ​ The following tables illustrate the disaggregation of revenues by products and services, including a reconciliation of the disaggregated revenues to revenues from our two operating segments for the three and six months ended June 30, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2022 ​ ​ June 30, 2021 ​ ​ Digital Agreements ​ Security Solutions ​ ​ Digital Agreements ​ Security Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscription $ 8,736 $ 11,093 ​ $ 7,780 $ 7,966 Maintenance and support ​ 1,408 ​ 10,770 ​ ​ 1,512 ​ 11,522 Professional services and other ​ 310 ​ 1,690 ​ ​ 235 ​ 3,811 Hardware products ​ - ​ 18,783 ​ ​ - ​ 19,451 Total Revenue $ 10,454 $ 42,336 ​ $ 9,527 $ 42,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2022 ​ ​ June 30, 2021 ​ ​ Digital Agreements ​ Security Solutions ​ ​ Digital Agreements ​ Security Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscription $ 20,407 $ 22,691 ​ $ 15,939 $ 16,189 Maintenance and support ​ 2,760 ​ 21,364 ​ ​ 2,889 ​ 22,668 Professional services and other ​ 588 ​ 3,293 ​ ​ 718 ​ 7,530 Hardware products ​ - ​ 34,134 ​ ​ 45 ​ 37,074 Total Revenue $ 23,755 $ 81,482 ​ $ 19,591 $ 83,461 ​ We allocate Goodwill by reporting unit, in accordance with ASC 350. Refer to Note 5 – Goodwill for additional information. All other assets and

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Description of the Company	Description of the Company OneSpan Inc. and its subsidiaries design, develop, and market solutions that enable secure, compliant, and easy digital customer agreements and transaction experiences. We are a global leader in providing high-assurance identity and authentication security as well as simplified e-signature workflows. Our solutions enable trust that ensures the integrity of the people and artifacts associated with digital agreements and transactions across banking, financial services, healthcare, and professional services. Our solution portfolio includes a broad set of offerings across several categories, including identity verification, authentication, transaction signing, mobile security, electronic signature, and secure video collaboration for virtual interactions and transactions. 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.). Transformation Plan In May 2022, we announced a three-year strategic transformation plan that we believe will enable us to build on our strong solution portfolio and market position, enhance our enterprise go-to-market strategy, accelerate revenue growth, and drive efficiencies to support margin expansion and increased profitability. In conjunction with the strategic transformation plan and to enable a more efficient capital deployment model, effective with the quarter ended June 30, 2022, we will begin reporting under the following two lines of business, which will be our reportable operating segments: Digital Agreements and Security Solutions. We plan to manage Digital Agreements for accelerated growth and market share gains and Security Solutions for cash flow given its modest growth profile. See Note 16 – Segment Information for additional detail. While our consolidated results will not be impacted, we have recasted our segment information during 2022 for comparable presentation.
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 Inc. 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, 2021. 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022.
Estimates and Assumptions	Estimates and Assumptions The preparation of 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 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	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 losses aggregated $0.9 and $1.3 million for the three and six months ended June 30, 2022, respectively. 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. 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 From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (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.
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements We have revised amounts reported in previously issued financial statements for the periods presented in this Quarterly Report on Form 10-Q to correct prior period immaterial errors. The errors relate to certain costs directly related to the production and distribution of hardware products. The costs were not properly categorized in prior periods, which led to an understatement of product and license cost of goods sold and an overstatement of sales and marketing expense. There was no impact to previously reported revenue or net income. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2021 and 2020, or for any quarterly periods included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021. The following table presents the effects of the aforementioned revisions on our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2021. Condensed Consolidated Statement of Operations (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Six Months Ended June 30, 2021 in thousands As Previously Reported Adjustments ​ As Revised As Previously Reported Adjustments ​ As Revised Cost of goods sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and license ​ $ 9,589 ​ $ 976 ​ $ 10,565 ​ $ 19,130 ​ $ 2,187 ​ $ 21,317 Total cost of goods sold ​ 16,470 ​ ​ 976 ​ 17,446 ​ 31,792 ​ ​ 2,187 ​ 33,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ​ ​ 35,807 ​ ​ (976) ​ ​ 34,831 ​ ​ 71,260 ​ ​ (2,187) ​ ​ 69,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales and marketing ​ 15,997 ​ ​ (976) ​ 15,021 ​ 34,376 ​ ​ (2,187) ​ 32,189 Total operating costs ​ 44,666 ​ ​ (976) ​ 43,690 ​ 89,413 ​ ​ (2,187) ​ 87,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue
Schedule of changes in contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, in thousands ​ 2022 ​ 2021 Receivables, inclusive of trade and unbilled ​ $ 39,863 ​ $ 56,612 Contract Assets (current and non-current) ​ $ 5,669 ​ $ 4,889 Contract Liabilities (Deferred Revenue current and non-current) ​ $ 55,372 ​ $ 63,742
Schedule of estimated revenue expected to be recognized in the future	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands ​ 2022 ​ 2023 ​ 2024 ​ Beyond 2024 ​ Total Future revenue related to current unsatisfied performance obligations ​ $ 20,118 ​ $ 22,932 ​ $ 12,706 ​ $ 7,745 ​ $ 63,501
Schedule of information related to the capitalized costs and amortization recognized in the current and prior period	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands ​ ​ ​ June 30, 2022 ​ ​ December 31, 2021 ​ Capitalized costs to obtain contracts, current ​ ​ $ 2,495 ​ $ 2,134 ​ Capitalized costs to obtain contracts, non-current ​ ​ $ 9,497 ​ $ 8,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ ​ Six months ended June 30, in thousands ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 Amortization of capitalized costs to obtain contracts ​ ​ $ 555 ​ $ 361 ​ $ 1,090 ​ $ 671 Impairments of capitalized costs to obtain contracts ​ ​ $ - ​ $ - ​ $ - ​ $ -

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventories, net
Summary of Inventories, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Component parts ​ $ 4,189 ​ $ 3,841 Work-in-process and finished goods ​ 5,808 ​ 6,504 Total ​ $ 9,997 ​ $ 10,345

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill
Schedule of Goodwill Activity	Goodwill activity for the six months ended June 30, 2022 consisted of the following. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Agreements ​ ​ Security Solutions ​ ​ Total in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance at December 31, 2021 $ — ​ $ — ​ $ 96,174 Goodwill reallocation (1) ​ 20,966 ​ ​ 75,208 ​ ​ — Net foreign currency translation ​ (1,254) ​ ​ (4,499) ​ ​ (5,753) Net balance at June 30, 2022 ​ $ 19,712 ​ $ 70,709 ​ $ 90,421

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Schedule of intangible asset activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands Acquired Technology Customer Relationships Other Total Intangible Assets Net balance at December 31, 2021 ​ $ 753 ​ $ 19,161 ​ $ 1,356 ​ $ 21,270 Additions ​ 9 ​ ​ — ​ ​ 5 ​ 14 Net foreign currency translation ​ (22) ​ ​ (537) ​ ​ (9) ​ (568) Amortization expense ​ (615) ​ ​ (1,948) ​ ​ (36) ​ (2,599) Net balance at June 30, 2022 ​ $ 125 ​ $ 16,676 ​ $ 1,316 ​ $ 18,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 balance at cost ​ $ 41,997 ​ $ 38,520 ​ $ 13,507 ​ $ 94,024 Accumulated amortization ​ (41,872) ​ (21,844) ​ (12,191) ​ (75,907) Net balance at June 30, 2022 ​ $ 125 ​ $ 16,676 ​ $ 1,316 ​ $ 18,117

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property and Equipment
Schedule of major classes of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ in thousands June 30, 2022 December 31, 2021 Office equipment and software ​ $ 14,728 ​ $ 14,327 Leasehold improvements ​ ​ 10,058 ​ ​ 10,296 Furniture and fixtures ​ 4,187 ​ 4,223 Capitalized software ​ ​ 198 ​ ​ — Total ​ 29,171 ​ 28,846 Accumulated depreciation ​ (19,041) ​ (18,089) Property and equipment, net ​ $ 10,130 ​ $ 10,757

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 ​ 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 ​ $ 3,996 ​ - $ 3,996 ​ - Corporate Notes / Bonds ​ $ 3,808 ​ - $ 3,808 ​ - Commercial Paper ​ $ 5,468 ​ - $ 5,468 ​ - U.S. Treasury Bills ​ $ 6,955 ​ - $ 6,955 ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using in thousands ​ ​ December 31, 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 ​ $ 4,038 ​ - $ 4,038 ​ - Corporate Notes / Bonds ​ $ 9,585 ​ - $ 9,585 ​ - Commercial Paper ​ $ 8,996 ​ - $ 8,996 ​ - U.S. Treasury Bills ​ $ 9,990 ​ - $ 9,990 ​ - U.S. Government Agencies ​ $ 2,499 ​ - $ 2,499 ​ -

Allowance for credit losses (Ta

Allowance for credit losses (Tables)	6 Months Ended
	Jun. 30, 2022
Allowance for credit losses
Schedule change in the allowance for credit losses	​ ​ ​ ​ ​ in thousands ​ ​ ​ Balance at December 31, 2021 ​ $ 1,419 Provision ​ ​ 678 Write-offs ​ ​ (25) Net foreign currency translation ​ ​ (21) Balance at June 30, 2022 ​ $ 2,051

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of supplemental consolidated balance sheet information related to our operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands) ​ ​ (in thousands) Building rent ​ $ 521 ​ $ 677 ​ $ 1,096 ​ $ 1,247 Automobile rentals ​ ​ 361 ​ ​ 411 ​ ​ 581 ​ ​ 744 Total net operating lease costs ​ $ 882 ​ $ 1,088 ​ $ 1,677 ​ $ 1,991
Schedule of maturities of operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ 2022 ​ $ 1,351 ​ ​ ​ 2023 ​ ​ 2,537 ​ ​ ​ 2024 ​ ​ 1,840 ​ ​ ​ 2025 ​ ​ 1,737 ​ ​ ​ 2026 ​ ​ 1,679 ​ ​ ​ Later years ​ ​ 4,326 ​ ​ ​ Less imputed interest ​ ​ (2,152) ​ ​ ​ Total lease liabilities ​ $ 11,318 ​ ​ ​

Long-Term Compensation Plan a_2

Long-Term Compensation Plan and Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Long-Term Compensation Plan and Stock Based
Summary of compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands) ​ (in thousands) ​ Stock-based compensation ​ $ 1,253 ​ $ 1,292 ​ $ 2,613 ​ $ 2,634 ​ Other long-term incentive plan compensation ​ 24 ​ 275 ​ (112) ​ 474 ​ Total compensation ​ $ 1,277 ​ $ 1,567 ​ $ 2,501 ​ $ 3,108 ​

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings per Share
Details of Earnings Per Share Calculations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ ​ (in thousands, except per share data) ​ (in thousands, except per share data) ​ Net loss ​ $ (9,350) ​ $ (6,685) ​ $ (4,136) ​ $ (15,836) ​ Weighted average common shares outstanding: ​ ​ ​ ​ ​ Basic ​ 40,157 ​ ​ 39,694 ​ ​ 39,870 ​ ​ 39,692 ​ Incremental shares with dilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock awards ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted ​ 40,157 ​ 39,694 ​ 39,870 ​ 39,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ ​ Basic ​ $ (0.23) ​ $ (0.17) ​ $ (0.10) ​ $ (0.40) ​ Diluted ​ $ (0.23) ​ $ (0.17) ​ $ (0.10) ​ $ (0.40) ​

Restructuring Plan (Tables)

Restructuring Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring Plan
Schedule of severance and related benefits costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2022 ​ ​ ​ (in thousands) Operating costs ​ ​ ​ ​ ​ ​ ​ ​ Sales and marketing ​ $ 1,453 ​ $ 2,348 ​ Research and development ​ ​ 917 ​ 2,570 ​ General and administrative ​ 318 ​ ​ 430 ​ Total restructuring related expenses ​ $ 2,688 ​ $ 5,348

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pro forma Income Statement:
Costs of good sold	$ 17,284	$ 17,446	$ 33,053	$ 33,979
Gross profit	35,506	34,831	72,184	69,073
Sales and marketing	16,381	15,021	32,276	32,189
Total operating costs	43,744	43,690	89,665	87,226
Product and license
Pro forma Income Statement:
Costs of good sold	$ 10,947	10,565	$ 20,026	21,317
As Previously Reported [Member]
Pro forma Income Statement:
Costs of good sold		16,470		31,792
Gross profit		35,807		71,260
Sales and marketing		15,997		34,376
Total operating costs		44,666		89,413
As Previously Reported [Member] | Product and license
Pro forma Income Statement:
Costs of good sold		9,589		19,130
Adjustment [Member]
Pro forma Income Statement:
Costs of good sold		976		2,187
Gross profit		(976)		(2,187)
Sales and marketing		(976)		(2,187)
Total operating costs		(976)		(2,187)
Adjustment [Member] | Product and license
Pro forma Income Statement:
Costs of good sold		$ 976		$ 2,187

Description of the Company an_3

Description of the Company and Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Description of the Company and Basis of Presentation
Gain (loss) from foreign currency transactions	$ 0.9	$ 0.6	$ 1.3	$ 0.1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Restricted Cash	$ 0.8	$ 0.8	$ 0.9
Capitalized Software
Useful life (in years)		3 years
Amount capitalized	0.2	$ 0.2
Letter of Credit
Restricted Cash	$ 0.8	$ 0.8

Summary of Significant Accoun_4

Summary of Significant Accounting policies - Equity Method Investments (Details) $ in Millions	Jan. 31, 2022 USD ($)
Equity Method Investments
Equity Method Investment, Realized Gain (Loss) on Disposal, Statement of Income [Extensible Enumeration]	us-gaap:NonoperatingIncomeExpense
Investment In Promon A
Equity Method Investments
Equity Method Investment, Amount Sold	$ 18.9
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 14.8
Ownership percentage	17%

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue	$ 52,790	$ 52,277	$ 105,237	$ 103,052
Percent of Total	100%	100%	100%
Products and Licenses transferred at a point in time
Revenue
Revenue	$ 28,731	$ 28,378	$ 58,216	56,823
Services transferred over time
Revenue
Revenue	24,059	23,899	47,021	46,229
Europe, Middle East, Africa (EMEA) [Member]
Revenue
Revenue	$ 23,521	$ 24,830	$ 48,397	$ 51,819
Percent of Total	44%	47%	46%	50%
Americas
Revenue
Revenue	$ 19,329	$ 17,011	$ 36,578	$ 33,539
Percent of Total	37%	33%	35%	33%
Asia Pacific [Member]
Revenue
Revenue	$ 9,940	$ 10,436	$ 20,262	$ 17,694
Percent of Total	19%	20%	19%	17%
Hardware products
Revenue
Revenue	$ 18,783	$ 19,451	$ 34,134	$ 37,119
Software licenses
Revenue
Percent of Total	6%		6%
Subscription
Revenue
Revenue	$ 19,829	15,746	$ 43,098	32,128
Professional services
Revenue
Revenue	$ 2,000	4,046	$ 3,881	8,248
Percent of Total	2%		2%
Maintenance, support and other
Revenue
Revenue	$ 12,178	$ 13,034	$ 24,124	$ 25,557

Revenue - Contract balances (De

Revenue - Contract balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract balances
Revenue recognized that was included in the balance sheet	$ 31,700
Receivables, inclusive of trade and unbilled	39,863	$ 56,612
Contract Assets (current and non-current)	5,669	4,889
Contract Liabilities (Deferred Revenue current and non-current)	$ 55,372	$ 63,742
Revenue, Practical Expedient, Financing Component [true/false]	true
Minimum [Member]
Contract balances
The amount of time contract assets are transferred to receivables	3 years
Maximum [Member]
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
	Jun. 30, 2022 USD ($)
Revenue
Future revenue related to current unsatisfied performance obligations	$ 63,501
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]: 2022-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months
Future revenue related to current unsatisfied performance obligations	$ 20,118
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	$ 22,932
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Future revenue related to current unsatisfied performance obligations	$ 12,706
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Future revenue related to current unsatisfied performance obligations	$ 7,745

Revenue - Capitalized Costs and

Revenue - Capitalized Costs and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue
Capitalized costs to obtain contracts, current	$ 2,495		$ 2,495		$ 2,134
Capitalized costs to obtain contracts, non-current	9,497		9,497		$ 8,675
Amortization of capitalized costs to obtain contracts	$ 555	$ 361	$ 1,090	$ 671

Inventories, net - Summary of I

Inventories, net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories, net
Component parts	$ 4,189	$ 3,841
Work-in-process and finished goods	5,808	6,504
Total	$ 9,997	$ 10,345

Goodwill - Goodwill Activity (D

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands		6 Months Ended
	May 17, 2022	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Line Items]
Net balance at beginning of period		$ 96,174
Net balance at end of period		90,421
Net foreign currency translation		(5,753)
Goodwill impairment	$ 0	0	$ 0
Digital Agreements
Goodwill [Line Items]
Goodwill reallocation		20,966
Net balance at end of period		19,712
Net foreign currency translation		(1,254)
Security Solutions
Goodwill [Line Items]
Goodwill reallocation		75,208
Net balance at end of period		70,709
Net foreign currency translation		$ (4,499)

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Intangible asset activity
Net balance			$ 21,270
Additions			14
Net foreign currency translation			(568)
Amortization expense	$ (1,217)	$ (1,534)	(2,599)	$ (3,107)
Net balance	18,117		18,117
Intangible assets, net
Balance at cost	94,024		94,024
Accumulated amortization	(75,907)		(75,907)
Total intangible assets	18,117		18,117
Impairment charges			$ 0	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Amortization expense
Acquired Technology
Intangible asset activity
Net balance			$ 753
Additions			9
Net foreign currency translation			(22)
Amortization expense			(615)
Net balance	125		125
Intangible assets, net
Balance at cost	41,997		41,997
Accumulated amortization	(41,872)		(41,872)
Total intangible assets	125		125
Customer Relationships
Intangible asset activity
Net balance			19,161
Net foreign currency translation			(537)
Amortization expense			(1,948)
Net balance	16,676		16,676
Intangible assets, net
Balance at cost	38,520		38,520
Accumulated amortization	(21,844)		(21,844)
Total intangible assets	16,676		16,676
Other
Intangible asset activity
Net balance			1,356
Additions			5
Net foreign currency translation			(9)
Amortization expense			(36)
Net balance	1,316		1,316
Intangible assets, net
Balance at cost	13,507		13,507
Accumulated amortization	(12,191)		(12,191)
Total intangible assets	$ 1,316		$ 1,316

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 29,171		$ 29,171		$ 28,846
Accumulated depreciation	(19,041)		(19,041)		(18,089)
Property and equipment, net	10,130		10,130		10,757
Depreciation expense	700	$ 700	1,400	$ 1,500
Office equipment and software
Property, Plant and Equipment [Line Items]
Total	14,728		14,728		14,327
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	10,058		10,058		10,296
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	4,187		4,187		$ 4,223
Capitalized Software
Property, Plant and Equipment [Line Items]
Total	$ 198		$ 198

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 3,996	$ 4,038
U.S. Treasury Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,996	4,038
Corporate Notes / Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,808	9,585
Corporate Notes / Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,808	9,585
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,468	8,996
Commercial Paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,468	8,996
U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	6,955	9,990
U.S. Treasury Bills | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 6,955	9,990
U.S. Government Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		2,499
U.S. Government Agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 2,499

Allowance for credit losses (De

Allowance for credit losses (Details) - Impact of ASU 2016-13 adoption $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Changes in the allowance for credit losses
Beginning Balance	$ 1,419
Provision	678
Write-offs	(25)
Net foreign currency translation	(21)
Ending Balance	$ 2,051

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating lease cost	$ 882	$ 1,088	$ 1,677	$ 1,991
Other information related to operating leases
Cash payments to settle a lease liability reported in cash flows			1,700
Right-of-use assets obtained in exchange for new lease liabilities			$ 400
Weighted-average discount rate	5%		5%
Weighted average remaining lease term	6 years 2 months 12 days		6 years 2 months 12 days
Building
Operating lease cost	$ 521	677	$ 1,096	1,247
Automobile
Operating lease cost	$ 361	$ 411	$ 581	$ 744

Leases - Maturities of our oper

Leases - Maturities of our operating leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Maturities of operating leases
2022	$ 1,351
2023	2,537
2024	1,840
2025	1,737
2026	1,679
Later years	4,326
Less imputed interest	(2,152)
Total lease liabilities	$ 11,318

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Income Taxes
Effective tax rate		24%
Statutory tax rate		21%
Income taxes paid	$ 1.7	$ 2
Deferred tax assets, foreign and state NOL carryforwards			$ 43.7
Foreign and state, net operating loss (NOL) carryforwards			148.6
Other foreign deductible carryforwards			97.5
Deferred tax assets, valuation allowance			$ 31.3

Long-Term Compensation Plan a_3

Long-Term Compensation Plan and Stock Based Compensation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Restricted Stock [Member]
Plan information
Stock based compensation awards issued shares | shares	1,209
2019 Omnibus Incentive Plan | Restricted Stock, subject to time-based criteria
Plan information
Restricted stock awards | $	$ 18.2
2019 Omnibus Incentive Plan | Restricted Stock, subject to time-based criteria | Minimum [Member]
Plan information
Vesting period (in years)	1 year
2019 Omnibus Incentive Plan | Restricted Stock, subject to time-based criteria | Maximum [Member]
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 | shares	138
Restricted stock awards | $	$ 1.7
2019 Omnibus Incentive Plan | Restricted Stock, subject to future performance criteria | Maximum [Member]
Plan information
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Compensation expense
Stock-based compensation	$ 1,253	$ 1,292	$ 2,613	$ 2,634
Other long-term compensation plan	24	275	(112)	474
Total Compensation	$ 1,277	$ 1,567	$ 2,501	$ 3,108

Earnings per Share - Details of

Earnings per Share - Details of Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings per Share
Net income(loss)	$ (9,350)	$ 5,214	$ (6,685)	$ (9,151)	$ (4,136)	$ (15,836)
Weighted average common shares outstanding:
Basic	40,157		39,694		39,870	39,692
Incremental shares with dilutive effect:
Diluted (in shares)	40,157		39,694		39,870	39,692
Basic	$ (0.23)		$ (0.17)		$ (0.10)	$ (0.40)
Diluted	$ (0.23)		$ (0.17)		$ (0.10)	$ (0.40)

Legal Proceedings and Conting_2

Legal Proceedings and Contingencies - Rent expense and purchase obligations (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Legal Proceedings and Contingencies
Liabilities accrued	$ 0

Restructuring Plan - Operating

Restructuring Plan - Operating costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Restructuring Plan
Restructuring Costs	$ 2,688	$ 5,348
Sales and marketing
Restructuring Plan
Restructuring Costs	1,453	2,348
Research and development
Restructuring Plan
Restructuring Costs	917	2,570
General and administrative
Restructuring Plan
Restructuring Costs	$ 318	$ 430

Restructuring Plan (Detail)

Restructuring Plan (Detail) $ in Millions	Jun. 30, 2022 USD ($)
Accrued Wages and Payroll Expenses
Restructuring Plan
Amount of restructuring related expenses	$ 3.1

Segment Information - Sales Det

Segment Information - Sales Details of Customers Locations in Four Geographic Regions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Information
Revenue	$ 52,790	$ 52,277	$ 105,237	$ 103,052
Gross profit	$ 35,506	$ 34,831	$ 72,184	$ 69,073
Gross Margin	67%	67%	69%	67%
Operating income (loss)	$ (8,238)	$ (8,859)	$ (17,481)	$ (18,153)
Corporate operating expenses	43,744	43,690	89,665	87,226
Amortization	1,217	1,534	2,599	3,107
Operating loss	(8,238)	(8,859)	(17,481)	(18,153)
Interest income, net	35	2	18	6
Other income (expense), net	(675)	1,029	14,972	667
Loss before income taxes	(8,878)	(7,828)	$ (2,491)	(17,480)
Number of geographic regions | segment			2
Digital Agreements
Segment Information
Revenue	10,454	9,527	$ 23,755	19,591
Gross profit	$ 7,647	$ 6,626	$ 17,933	$ 14,080
Gross Margin	73%	70%	75%	72%
Operating income (loss)	$ 101	$ (795)	$ 1,789	$ (731)
Operating loss	101	(795)	1,789	(731)
Security Solutions
Segment Information
Revenue	42,336	42,750	81,482	83,461
Gross profit	$ 27,859	$ 28,205	$ 54,251	$ 54,993
Gross Margin	66%	66%	67%	66%
Operating income (loss)	$ 8,631	$ 10,035	$ 17,118	$ 16,599
Operating loss	8,631	10,035	17,118	16,599
Operating Segments
Segment Information
Operating income (loss)	8,732	9,240	18,907	15,868
Corporate operating expenses	15,753	16,573	33,789	30,922
Amortization	1,217	1,526	2,599	3,099
Operating loss	$ 8,732	$ 9,240	$ 18,907	$ 15,868

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Information
Revenue	$ 52,790	$ 52,277	$ 105,237	$ 103,052
Subscription
Segment Information
Revenue	19,829	15,746	43,098	32,128
Digital Agreements
Segment Information
Revenue	10,454	9,527	23,755	19,591
Digital Agreements | Subscription
Segment Information
Revenue	8,736	7,780	20,407	15,939
Digital Agreements | Maintenance and Support
Segment Information
Revenue	1,408	1,512	2,760	2,889
Digital Agreements | Professional Services and Other
Segment Information
Revenue	310	235	588	718
Digital Agreements | Hardware Products
Segment Information
Revenue				45
Security Solutions
Segment Information
Revenue	42,336	42,750	81,482	83,461
Security Solutions | Subscription
Segment Information
Revenue	11,093	7,966	22,691	16,189
Security Solutions | Maintenance and Support
Segment Information
Revenue	10,770	11,522	21,364	22,668
Security Solutions | Professional Services and Other
Segment Information
Revenue	1,690	3,811	3,293	7,530
Security Solutions | Hardware Products
Segment Information
Revenue	$ 18,783	$ 19,451	$ 34,134	$ 37,074