Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001107843 | |
Entity Registrant Name | QUALYS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35662 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0534145 | |
Entity Address, Address Line One | 919 E. Hillsdale Boulevard, 4th Floor | |
Entity Address, City or Town | Foster City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94404 | |
City Area Code | 650 | |
Local Phone Number | 801-6100 | |
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | QLYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,834,053 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 166,287 | $ 137,328 |
Short-term marketable securities | 290,851 | 267,960 |
Accounts receivable, net of allowance of $880 and $793 as of March 31, 2022 and December 31, 2021, respectively | 89,294 | 108,998 |
Prepaid expenses and other current assets | 26,752 | 32,112 |
Total current assets | 573,184 | 546,398 |
Long-term marketable securities | 82,360 | 111,198 |
Property and equipment, net | 63,377 | 61,854 |
Operating leases - right of use asset | 34,569 | 37,016 |
Deferred tax assets, net | 29,986 | 25,087 |
Intangible assets, net | 4,839 | 6,545 |
Goodwill | 7,447 | 7,447 |
Restricted cash | 1,200 | 1,200 |
Other noncurrent assets | 17,588 | 17,814 |
Total assets | 814,550 | 814,559 |
Current liabilities: | ||
Accounts payable | 2,477 | 1,296 |
Accrued liabilities | 37,083 | 32,504 |
Deferred revenues, current | 266,934 | 257,872 |
Operating lease liabilities, current | 12,044 | 12,608 |
Total current liabilities | 318,538 | 304,280 |
Deferred revenues, noncurrent | 31,117 | 32,753 |
Operating lease liabilities, noncurrent | 33,284 | 35,914 |
Other noncurrent liabilities | 4,976 | 4,898 |
Total liabilities | 387,915 | 377,845 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value; 1,000,000 shares authorized; 38,875 and 39,112 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 39 | 39 |
Additional paid-in capital | 485,676 | 477,323 |
Accumulated other comprehensive income (loss) | (670) | 1,007 |
Accumulated deficit | (58,410) | (41,655) |
Total stockholders’ equity | 426,635 | 436,714 |
Total liabilities and stockholders’ equity | $ 814,550 | $ 814,559 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts receivable | $ 880 | $ 793 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 38,875 | 39,112 |
Common stock, shares outstanding (in shares) | 38,875 | 39,112 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 113,420 | $ 96,756 |
Cost of revenues | 24,002 | 21,680 |
Gross profit | 89,418 | 75,076 |
Operating expenses: | ||
Research and development | 23,107 | 17,749 |
Sales and marketing | 20,142 | 17,989 |
General and administrative | 12,634 | 42,043 |
Total operating expenses | 55,883 | 77,781 |
Income (loss) from operations | 33,535 | (2,705) |
Other income (expense), net: | ||
Interest expense | 0 | (4) |
Interest income | 518 | 746 |
Other income (expense), net | (710) | (244) |
Total other income (expense), net | (192) | 498 |
Income (loss) before income taxes | 33,343 | (2,207) |
Income tax provision (benefit) | 7,933 | (2,435) |
Net income | $ 25,410 | $ 228 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.65 | $ 0.01 |
Diluted (in dollars per share) | $ 0.64 | $ 0.01 |
Weighted average shares used in computing net income per share: | ||
Basic (in shares) | 38,992 | 39,209 |
Diluted (in shares) | 40,001 | 40,430 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 25,410 | $ 228 |
Other comprehensive income (loss), net of tax | ||
Net change in unrealized losses on available-for-sale debt securities, net of tax | (2,128) | (389) |
Net change in unrealized gains on cash flow hedges, net of tax | 451 | 993 |
Other comprehensive income (loss), net of tax | (1,677) | 604 |
Comprehensive income | $ 23,733 | $ 832 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 25,410 | $ 228 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 8,982 | 9,078 |
Bad debt expense | 141 | 138 |
Loss on disposal of property and equipment | 5 | 0 |
Stock-based compensation | 11,745 | 38,202 |
Amortization of premiums on marketable securities | 762 | 967 |
Deferred income taxes | (5,095) | (5,162) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 19,563 | 14,819 |
Prepaid expenses and other assets | 6,067 | (6,083) |
Accounts payable | 599 | 107 |
Accrued liabilities | 3,435 | 1,686 |
Deferred revenues | 7,426 | 3,874 |
Net cash provided by operating activities | 79,040 | 57,854 |
Cash flow from investing activities: | ||
Purchases of marketable securities | (81,800) | (115,610) |
Sales and maturities of marketable securities | 84,915 | 145,044 |
Purchases of property and equipment | (7,639) | (6,259) |
Net cash provided by (used in) investing activities | (4,524) | 23,175 |
Cash flow from financing activities: | ||
Repurchases of common stock | (46,581) | (31,029) |
Proceeds from exercise of stock options | 2,569 | 2,264 |
Payments for taxes related to net share settlement of equity awards | (3,631) | (17,643) |
Proceeds from issuance of common stock through employee stock purchase plan | 2,086 | 0 |
Net cash used in financing activities | (45,557) | (46,408) |
Net increase in cash, cash equivalents and restricted cash | 28,959 | 34,621 |
Cash, cash equivalents and restricted cash at beginning of period | 138,528 | 75,332 |
Cash, cash equivalents and restricted cash at end of period | $ 167,487 | $ 109,953 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balances (in shares) at Dec. 31, 2020 | 39,253 | |||||
Balance at Dec. 31, 2020 | $ 39 | $ 401,359 | $ (484) | $ 3,568 | $ 404,482 | |
Net income | 0 | 0 | 0 | 228 | 228 | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | 604 | 0 | 604 | |
Issuance of common stock upon exercise of stock options (in shares) | 69 | |||||
Issuance of common stock upon exercise of stock options | $ 0 | 2,264 | 0 | 0 | 2,264 | |
Repurchase of common stock (in shares) | (269) | |||||
Repurchase of common stock | $ 0 | (3,232) | 0 | (27,797) | (31,029) | |
Issuance of common stock upon vesting of restricted stock units (in shares) | 305 | |||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Taxes related to net share settlement of equity awards (in shares) | (155) | |||||
Taxes related to net share settlement of equity awards | $ 0 | (17,643) | 0 | 0 | (17,643) | |
Stock-based compensation | $ 0 | 38,202 | 0 | 0 | 38,202 | |
Balances (in shares) at Mar. 31, 2021 | 39,203 | |||||
Balance at Mar. 31, 2021 | $ 39 | 420,950 | 120 | (24,001) | 397,108 | |
Balances (in shares) at Dec. 31, 2021 | 39,112 | |||||
Balance at Dec. 31, 2021 | $ 39 | 477,323 | 1,007 | (41,655) | 436,714 | |
Net income | 0 | 0 | 0 | 25,410 | 25,410 | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | (1,677) | 0 | $ (1,677) | |
Issuance of common stock upon exercise of stock options (in shares) | 66 | 66 | [1] | |||
Issuance of common stock upon exercise of stock options | $ 0 | 2,569 | 0 | 0 | $ 2,569 | |
Repurchase of common stock (in shares) | (368) | |||||
Repurchase of common stock | $ 0 | (4,416) | 0 | (42,165) | (46,581) | |
Issuance of common stock upon vesting of restricted stock units (in shares) | 70 | |||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Taxes related to net share settlement of equity awards (in shares) | (28) | |||||
Taxes related to net share settlement of equity awards | $ 0 | (3,631) | 0 | 0 | (3,631) | |
Issuance of common stock through employee stock purchase plan (in shares) | 23 | |||||
Issuance of common stock through employee stock purchase plan | 2,086 | 2,086 | ||||
Stock-based compensation | $ 0 | 11,745 | 0 | 0 | 11,745 | |
Balances (in shares) at Mar. 31, 2022 | 38,875 | |||||
Balance at Mar. 31, 2022 | $ 39 | $ 485,676 | $ (670) | $ (58,410) | $ 426,635 | |
[1] | Included 348 thousand shares of PSOs. |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1. Description of Business and Summary of Significant Accounting Policies Description of Business Qualys, Inc. (the “Company”, "we", "us", "our") was incorporated in the state of Delaware on December 30, 1999. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10 December 31, 2021 not three March 31, 2022 not December 31, 2022 10 December 31, 2021 February 22, 2022. Risks and Uncertainties In March 2020, 19 19, may may not 19 not 2022, 19 may Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may Non-Marketable Securities During the fiscal year ended December 31, 2018, not no may not No not Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not The Company does not not There have been no 1" 10 December 31, 2021. |
Note 2 - Fair Value of Financia
Note 2 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 2. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For certain of the Company’s financial instruments, including certain cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate their fair values due to the relatively short maturity of these balances. The Company measures and reports certain cash equivalents, marketable securities, derivative foreign currency forward contracts at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three Level 1 Level 2 Level 3 The Company's financial instruments consist of assets and liabilities measured using Level 1 2 1 2 The Company's cash and cash equivalents, and marketable securities consist of the following: March 31, 2022 Unrealized Unrealized Amortized Cost Gains Losses Fair Value (in thousands) Cash and cash equivalents: Cash $ 89,526 $ — $ — $ 89,526 Money market funds 67,811 — — 67,811 Commercial paper 8,951 — (1 ) 8,950 Total 166,288 — (1 ) 166,287 Short-term marketable securities: Commercial paper 14,619 — (28 ) 14,591 Corporate bonds 43,756 19 (179 ) 43,596 Asset-backed securities 3,708 — (1 ) 3,707 U.S. Treasury and government agencies 229,076 — (1,121 ) 227,955 Foreign government 1,002 — — 1,002 Total 292,161 19 (1,329 ) 290,851 Long-term marketable securities: Corporate bonds 43,266 10 (765 ) 42,511 Asset-backed securities 18,482 2 (92 ) 18,392 U.S. Treasury and government agencies 21,613 — (156 ) 21,457 Total 83,361 12 (1,013 ) 82,360 Total $ 541,810 $ 31 $ (2,343 ) $ 539,498 December 31, 2021 Unrealized Unrealized Amortized Cost Gains Losses Fair Value (in thousands) Cash and cash equivalents: Cash $ 61,220 $ — $ — $ 61,220 Money market funds 75,258 — — 75,258 Commercial paper 850 — — 850 Total 137,328 — — 137,328 Short-term marketable securities:(1) Commercial paper 18,046 — — 18,046 Corporate bonds 28,869 101 (7 ) 28,963 Asset-backed securities 3,952 — — 3,952 U.S. Treasury and government agencies 217,160 2 (163 ) 216,999 Total 268,027 103 (170 ) 267,960 Long-term marketable securities: Corporate bonds 57,762 160 (182 ) 57,740 Asset-backed securities 14,941 6 (36 ) 14,911 U.S. Treasury and government agencies 37,664 — (136 ) 37,528 Foreign government 1,007 12 — 1,019 Total 111,374 178 (354 ) 111,198 Total $ 516,729 $ 281 $ (524 ) $ 516,486 ( 1 2 10 December 31, 2021. As of March 31, 2022 12 not not December 31, 2021, 12 The following table sets forth by level within the fair value hierarchy the fair value of the Company's cash equivalents and marketable securities measured on a recurring basis: March 31, 2022 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 67,811 $ — $ 67,811 Commercial paper — 23,541 23,541 Corporate bonds — 86,107 86,107 Asset-backed securities — 22,099 22,099 U.S. Treasury and government agencies — 249,412 249,412 Foreign government — 1,002 1,002 Total $ 67,811 $ 382,161 $ 449,972 December 31, 2021 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 75,258 $ — $ 75,258 Commercial paper — 18,896 18,896 Corporate bonds — 86,703 86,703 Asset-backed securities — 18,863 18,863 U.S. Treasury and government agencies — 254,527 254,527 Foreign government — 1,019 1,019 Total $ 75,258 $ 380,008 $ 455,266 The following summarizes the fair value of marketable securities by contractual maturity: March 31, 2022 Mature within Mature after One Year Mature over One Year through Two Years Two Years Fair Value (in thousands) Commercial paper $ 23,541 $ — $ — $ 23,541 Corporate bonds 43,595 28,355 14,157 86,107 Asset-backed securities 3,708 6,584 11,807 22,099 U.S. Treasury and government agencies 227,955 15,980 5,477 249,412 Foreign government 1,002 — — 1,002 Total $ 299,801 $ 50,919 $ 31,441 $ 382,161 Derivative Financial Instruments Designated cash flow hedges The Company enters into foreign currency forward contracts to reduce the risk of variability in future cash flow due to foreign currency exchange rate fluctuations from certain forecasted subscription revenue orders billed in British Pound ("GBP") and Euro and operating expenses incurred in Indian Rupee ("INR"), which are designated as cash flow hedges. Unrealized foreign exchange gains or losses related to those designated cash flow hedge contracts are recorded in Accumulated other comprehensive income ("AOCI") and will be reclassified into revenues or operating expenses, respectively, in the same periods when the hedged transactions are recognized in earnings. As of March 31, 2022 , the Company had designated cash flow hedge forward contracts with notional amounts of €28.8 £9.4 Rs.3,116.4 December 31, 2021 , the Company had designated cash flow hedge forward contracts with notional amounts of €29.8 £9.4 Rs.2,955.3 March 31, 2022 , a net amount of unrealized gain of $1.7 million before tax on the foreign currency forward contracts for GBP and Euro reported in AOCI is expected to be reclassified into revenue within the next 12 March 31, 2022, net amount of unrealized loss on the foreign currency forward contracts for INR reported in AOCI was not Non-designated forward contracts The Company also uses foreign currency forward contracts to hedge certain foreign currency denominated assets or liabilities, which are not As of March 31, 2022 f €38.2 £18.4 Rs.147.6 December 31, 2021 €34.5 £11.6 Rs.74.9 C$2.5 CHF1.0 The following summarizes derivative financial instruments as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Assets (in thousands) Foreign currency forward contracts designated as cash flow hedge $ 1,652 $ 1,737 Foreign currency forward contracts not designated as hedging instruments 1,394 1,599 Total $ 3,046 $ 3,336 Liabilities Foreign currency forward contracts designated as cash flow hedge $ (201 ) $ (181 ) Foreign currency forward contracts not designated as hedging instruments (294 ) (207 ) Total $ (495 ) $ (388 ) All foreign currency forward contracts were valued at fair value using Level 2 The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net on the condensed consolidated statements of operations: Three Months Ended March 31, 2022 2021 (in thousands) Net gains from non-designated forward contracts $ 1,155 $ 1,085 Other foreign currency transaction losses (1,818 ) (1,258 ) Total foreign exchange losses, net (663 ) (173 ) Other income (expense) (47 ) (71 ) Other income (expense), net $ (710 ) $ (244 ) |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income Disclosure [Text Block] | NOTE 3. Accumulated Other Comprehensive Income (Loss) The components and changes in accumulated other comprehensive income (loss) for the three March 31, 2022 2021 Available-for-sale debt securities Cash flow hedges Total (in thousands) Balances at December 31, 2021 $ (185 ) $ 1,192 $ 1,007 Change in unrealized gains (losses) during the period (2,070 ) 648 (1,422 ) Net gains reclassified into income during the period - (60 ) (60 ) Income tax provision (58 ) (137 ) (195 ) Net change during the period (2,128 ) 451 (1,677 ) Balances at March 31, 2022 (2,313 ) 1,643 (670 ) Balances at December 31, 2020 $ 1,224 $ (1,708 ) $ (484 ) Change in unrealized gains (losses) during the period (501 ) 1,092 591 Net losses reclassified into income during the period 8 192 200 Income tax benefit (provision) 104 (291 ) (187 ) Net change during the period (389 ) 993 604 Balances at March 31, 2021 835 (715 ) 120 The effects on income before income taxes of amounts reclassified from AOCI to the condensed consolidated statements of operations were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Reclassification of AOCI - Available-for-sale debt securities Other income (expense), net $ — $ (8 ) Reclassification of AOCI - Cash flow hedges Revenues $ (46 ) $ (217 ) Cost of revenues 23 5 Research and development expenses 68 17 Sales and marketing expenses 4 1 General and administrative expenses 11 2 Total $ 60 $ (192 ) |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4. Property and Equipment, Net Property and equipment, net, consists of the following: March 31, December 31, 2022 2021 (in thousands) Computer equipment $ 169,746 $ 161,809 Computer software 25,805 25,807 Leasehold improvements 21,000 21,092 Scanner appliances 16,939 16,510 Furniture, fixtures and equipment 6,429 6,479 Total property and equipment 239,919 231,697 Less: accumulated depreciation and amortization (176,542 ) (169,843 ) Property and equipment, net $ 63,377 $ 61,854 As of March 31, 2022 and December 31, 2021 , physical scanner appliances and other computer equipment that are or will be subject to leases by customers had a net carrying value of $7.0 million and $5.3 not $1.3 three March 31, 2022 2021 , respectively . |
Note 5 - Revenue from Contracts
Note 5 - Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5. Revenue from Contracts with Customers The Company records deferred revenue when cash payments are received or due in advance of its performance obligations offset by revenue recognized in the period. Revenues o f $100.0 million and $83.5 million were recognized during the three March 31, 2022 2021 , respectively, which amounts were included in the deferred revenue balances as of December 31, 2021 2020 , respectively. The Company's payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not The following table sets forth the expected revenue from all remaining performance obligations as of March 31, 2022 (in thousands) 2022 (remaining nine months) $ 116,288 2023 114,911 2024 45,138 2025 3,980 2026 669 2027 and thereafter 167 Total $ 281,153 Revenues allocated to remaining performance obligations represents the transaction price of noncancelable orders for which service has not one From time to time, the Company enters into contracts with customers that extend beyond one one not Revenues by sales channel are as follows: Three Months Ended March 31, 2022 2021 (in thousands) Direct $ 66,452 $ 57,952 Partner 46,968 38,804 Total $ 113,420 $ 96,756 The Company utilizes partners to enable and accelerate the adoption of its cloud platform by increasing its distribution capabilities and market awareness of its cloud platform as well as by targeting geographic regions outside the reach of its direct sales force. The Company's channel partners maintain relationships with their customers throughout the territories in which they operate and provide their customers with services and third may one not 12, Deferred costs to obtain contracts are as follows: March 31, 2022 December 31, 2021 (in thousands) Current $ 4,321 $ 4,223 Noncurrent $ 8,511 $ 8,391 For the three March 31, 2022 2021 , the Company recognized $1.2 million and $0.9 million, respectively, of amortization expense relating to deferred costs to obtain contracts in sales and marketing expense in the condensed consolidated statements of operations. During the same periods, there was no impairment loss related to the deferred costs to obtain contracts. |
Note 6 - Intangible Assets, Net
Note 6 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6. Intangible Assets, Net Intangible assets consist primarily of developed technology and patent licenses acquired from business or asset acquisitions. Acquired intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets. The carrying values of intangible assets are as follows: March 31, 2022 Weighted Average Weighted Average Life Remaining Life Accumulated (in thousands) (Years) (Years) Cost Amortization Net Book Value Developed technology 4.5 0.7 $ 28,556 $ (24,081 ) $ 4,475 Patent licenses 14.0 2.4 1,387 (1,146 ) 241 Non-compete agreements 2.0 0.3 500 (417 ) 83 Total intangibles subject to amortization $ 30,443 $ (25,644 ) 4,799 Intangible assets not subject to amortization 40 Total intangible assets, net $ 4,839 December 31, 2021 Weighted Average Weighted Average Life Remaining Life Accumulated (in thousands) (Years) (Years) Cost Amortization Net Book Value Developed technology 4.5 0.9 $ 28,556 $ (22,463 ) $ 6,093 Patent licenses 14.0 2.7 1,387 (1,121 ) 266 Non-compete agreements 2.0 0.6 500 (354 ) 146 Total intangibles subject to amortization $ 30,443 $ (23,938 ) 6,505 Intangible assets not subject to amortization 40 Total intangible assets, net $ 6,545 Intangible asset amortization expense was $1 .7 and $1.6 million for the three March 31, 2022 2021 , respectively . Intangible asset amortization expenses were primarily recorded in cost of revenues in the condensed consolidated statements of operations. As of March 31, 2022 (in thousands) 2022 (remaining nine months) $ 3,357 2023 590 2024 452 2025 240 2026 160 Total expected future amortization expense $ 4,799 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Lease [Text Block] | NOTE 7. Leases The Company leases certain offices, computer equipment and its data center facilities under non-cancelable operating leases for varying periods through 2028. not not three March 31, 2022 2021 . Supplemental cash flow information related to operating leases was as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cash payments included in the measurement of lease liabilities $ 4,035 $ 3,308 Lease liabilities arising from obtaining right-of-use assets $ 638 $ 39 The weighted average remaining lease term and the weighted average discount rate of the Company's operating leases were as follows: March 31, 2022 December 31, 2021 Weighted average remaining lease term (years) 3.2 3.3 Weighted average discount rate 4.8 % 4.8 % |
Note 8 - Commitment and Conting
Note 8 - Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8. Commitments and Contingencies Purchase Obligation The Company has entered into agreements to purchase goods and services in the ordinary course of business. As of March 31, 2022, (in thousands) 2022 (remaining nine months) $ 14,671 2023 14,455 2024 10,943 2025 11,762 2026 11,762 2027 and thereafter 14,000 Total $ 77,593 Indemnifications The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third may may not not The Company maintains director and officer insurance, which may |
Note 9 - Stockholders' Equity a
Note 9 - Stockholders' Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 9. Stockholders' Equity and Stock-based Compensation Equity Incentive Plans 2000 Under the 2000 "2000 incentive stock options (" non-statutory stock options (“NSOs”) 2000 2000 2000 2012 Under the 2012 "2012 uring the three March 31, 2022 , 1,956 thousand shares were added to the 2012 As of March 31, 2022 , 9,981 thousand shares were available for grant under the 2012 2021 On June 9, 2021, 2021 August 16 February 16 may first During the three March 31, 2022 , 22.5 thousand shares were issued in connection with the purchase of common stock by participating employees. As of March 31, 2022 , 577.5 thousand shares were available for future purchases. Stock-based Compensation The following table shows a summary of the stock-based compensation expense included in the condensed consolidated statements of operations: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenues $ 1,080 $ 875 Research and development 3,287 2,215 Sales and marketing 2,031 1,628 General and administrative 5,347 33,484 Total stock-based compensation $ 11,745 $ 38,202 As of March 31, 2022 , the Company had unrecognized stock-based compensation expenses of $17.7 million, $67.2 million, $4.2 million, and $0.7 million related to options, RSUs, performance-based RSUs, and ESPP purchase rights, respectively, which are expected to be recognized over weighted-average periods of 2.8 years, 2.7 years, 1.9 years, and 0.4 years, respectively. Performance-based Restricted Stock Units ("PSUs") and Performance-based Stock Options On October 28, 2021, three one 2022, 2023, 2024, first second 100% first second third third 100% second third not March 31, 2022, not no On April 27, 2021, three January 2021 December 2023. 12 100% The Company recognized $0.8 million of stock-based compensation expenses related to all PSUs during the three March 31, 2022. On March 19, 2021, three March 31, 2021. Stock Option Activity A summary of the Company’s stock option activity is as follows: Weighted Weighted Average Outstanding Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2021 1,838 $ 66.05 6.0 $ 130,791 Granted 133 $ 129.01 Exercised (66 ) $ 38.79 Canceled (44 ) $ 111.66 Balance as of March 31, 2022 1,861 $ 70.46 6.0 $ 133,922 Vested and expected to vest - March 31, 2022 1,676 $ 65.63 5.7 $ 128,682 Exercisable - March 31, 2022 1,163 $ 45.89 4.3 $ 112,258 Restricted Stock Unit Activity A summary of the Company’s RSU activity is as follows: Weighted Average Grant Date Outstanding Fair Value RSUs Per Share (in thousands) Balance as of December 31, 2021 917 (1) $ 104.78 Granted 47 $ 129.01 Vested (70 ) $ 97.24 Canceled (43 ) $ 108.92 Balance as of March 31, 2022 851 (1) $ 106.12 Outstanding and expected to vest - March 31, 2022 758 $ 105.23 ( 1 2021. Share Repurchase Program The Company's share repurchase program was authorized by the board of directors as follows: Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 Total as of March 31, 2022 $ 700.0 Shares may 10b 18 1934, 10b5 1 first During the three March 31, 2022 2021, March 31, 2022 On May 4, 2022 , |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10. Net Income Per Share The computations for basic and diluted net income per share are as follows: Three Months Ended March 31, 2022 2021 (in thousands, except per share data) Numerator: Net income $ 25,410 $ 228 Denominator: Basic weighted average shares 38,992 39,209 Effect of potentially dilutive shares: Stock options 770 870 Restricted stock units 236 351 Employee stock purchase plan 3 — Diluted weighted average shares 40,001 40,430 Net income per share: Basic $ 0.65 $ 0.01 Diluted $ 0.64 $ 0.01 Potentially dilutive shares not Three Months Ended March 31, 2022 2021 (in thousands) Stock options 601 373 Restricted stock units — 40 Employee stock purchase plan 8 — Total anti-dilutive shares 609 413 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11. Income Taxes The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company's quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company does business, tax law developments and possible outcomes of audits. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% The Company recorded an income tax provision of $7.9 million and an income tax benefit of $2.4 million for the three March 31, 2022 2021 , respectively, resulting in an effective tax rate of 23.8% and 110.3%, respectively. The increase in income tax provision for the three March 31, 2022 compared to the three March 31, 2021 was primarily due to January 1, 2022 three March 31, 2021 . As of March 31, 2022 , the Company had unrecognized tax benefits of $9.9 million, of which $5.1 million, if recognized, would favorably impact the Company's effective tax rate. As of December 31, 2021 , the Company had unrecognized tax benefits of $9.7 million, of which $4.9 million, if recognized, would favorably impact the Company's effective tax rate. The Company does not 12 On June 29, 2020, 2020 $5 2020, 2021 2022. not 2020 |
Note 12 - Segment Information a
Note 12 - Segment Information and Information About Geographic Area | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12. Segment Information and Information about Geographic Area Under ASC 280 one one Revenue by geographic area, based on the customer's billing address, is as follows: Three Months Ended March 31, 2022 2021 (in thousands) United States $ 67,476 $ 60,132 Foreign 45,944 36,624 Total revenues $ 113,420 $ 96,756 Long-lived assets, which consist of Property and equipment, net and Operating leases - right of use asset, by geographic area, are as follows: March 31, December 31, 2022 2021 (in thousands) United States $ 67,394 $ 66,440 India 19,375 20,401 Rest of world 11,177 12,029 Total $ 97,946 $ 98,870 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Description Of Business Policy [Policy Text Block] | Description of Business Qualys, Inc. (the “Company”, "we", "us", "our") was incorporated in the state of Delaware on December 30, 1999. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10 December 31, 2021 not three March 31, 2022 not December 31, 2022 10 December 31, 2021 February 22, 2022. |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties In March 2020, 19 19, may may not 19 not 2022, 19 may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may |
Securities Owned Not Readily Marketable, Policy [Policy Text Block] | Non-Marketable Securities During the fiscal year ended December 31, 2018, not no may not No not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not The Company does not not There have been no 1" 10 December 31, 2021. |
Note 2 - Fair Value of Financ_2
Note 2 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Cash and Cash Equivalents and Debt Securities, Available-for-sale, Amortized Cost to Fair Value [Table Text Block] | March 31, 2022 Unrealized Unrealized Amortized Cost Gains Losses Fair Value (in thousands) Cash and cash equivalents: Cash $ 89,526 $ — $ — $ 89,526 Money market funds 67,811 — — 67,811 Commercial paper 8,951 — (1 ) 8,950 Total 166,288 — (1 ) 166,287 Short-term marketable securities: Commercial paper 14,619 — (28 ) 14,591 Corporate bonds 43,756 19 (179 ) 43,596 Asset-backed securities 3,708 — (1 ) 3,707 U.S. Treasury and government agencies 229,076 — (1,121 ) 227,955 Foreign government 1,002 — — 1,002 Total 292,161 19 (1,329 ) 290,851 Long-term marketable securities: Corporate bonds 43,266 10 (765 ) 42,511 Asset-backed securities 18,482 2 (92 ) 18,392 U.S. Treasury and government agencies 21,613 — (156 ) 21,457 Total 83,361 12 (1,013 ) 82,360 Total $ 541,810 $ 31 $ (2,343 ) $ 539,498 December 31, 2021 Unrealized Unrealized Amortized Cost Gains Losses Fair Value (in thousands) Cash and cash equivalents: Cash $ 61,220 $ — $ — $ 61,220 Money market funds 75,258 — — 75,258 Commercial paper 850 — — 850 Total 137,328 — — 137,328 Short-term marketable securities:(1) Commercial paper 18,046 — — 18,046 Corporate bonds 28,869 101 (7 ) 28,963 Asset-backed securities 3,952 — — 3,952 U.S. Treasury and government agencies 217,160 2 (163 ) 216,999 Total 268,027 103 (170 ) 267,960 Long-term marketable securities: Corporate bonds 57,762 160 (182 ) 57,740 Asset-backed securities 14,941 6 (36 ) 14,911 U.S. Treasury and government agencies 37,664 — (136 ) 37,528 Foreign government 1,007 12 — 1,019 Total 111,374 178 (354 ) 111,198 Total $ 516,729 $ 281 $ (524 ) $ 516,486 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2022 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 67,811 $ — $ 67,811 Commercial paper — 23,541 23,541 Corporate bonds — 86,107 86,107 Asset-backed securities — 22,099 22,099 U.S. Treasury and government agencies — 249,412 249,412 Foreign government — 1,002 1,002 Total $ 67,811 $ 382,161 $ 449,972 December 31, 2021 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 75,258 $ — $ 75,258 Commercial paper — 18,896 18,896 Corporate bonds — 86,703 86,703 Asset-backed securities — 18,863 18,863 U.S. Treasury and government agencies — 254,527 254,527 Foreign government — 1,019 1,019 Total $ 75,258 $ 380,008 $ 455,266 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2022 Mature within Mature after One Year Mature over One Year through Two Years Two Years Fair Value (in thousands) Commercial paper $ 23,541 $ — $ — $ 23,541 Corporate bonds 43,595 28,355 14,157 86,107 Asset-backed securities 3,708 6,584 11,807 22,099 U.S. Treasury and government agencies 227,955 15,980 5,477 249,412 Foreign government 1,002 — — 1,002 Total $ 299,801 $ 50,919 $ 31,441 $ 382,161 |
Schedule of Derivative Instruments [Table Text Block] | March 31, December 31, 2022 2021 Assets (in thousands) Foreign currency forward contracts designated as cash flow hedge $ 1,652 $ 1,737 Foreign currency forward contracts not designated as hedging instruments 1,394 1,599 Total $ 3,046 $ 3,336 Liabilities Foreign currency forward contracts designated as cash flow hedge $ (201 ) $ (181 ) Foreign currency forward contracts not designated as hedging instruments (294 ) (207 ) Total $ (495 ) $ (388 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Net gains from non-designated forward contracts $ 1,155 $ 1,085 Other foreign currency transaction losses (1,818 ) (1,258 ) Total foreign exchange losses, net (663 ) (173 ) Other income (expense) (47 ) (71 ) Other income (expense), net $ (710 ) $ (244 ) |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Available-for-sale debt securities Cash flow hedges Total (in thousands) Balances at December 31, 2021 $ (185 ) $ 1,192 $ 1,007 Change in unrealized gains (losses) during the period (2,070 ) 648 (1,422 ) Net gains reclassified into income during the period - (60 ) (60 ) Income tax provision (58 ) (137 ) (195 ) Net change during the period (2,128 ) 451 (1,677 ) Balances at March 31, 2022 (2,313 ) 1,643 (670 ) Balances at December 31, 2020 $ 1,224 $ (1,708 ) $ (484 ) Change in unrealized gains (losses) during the period (501 ) 1,092 591 Net losses reclassified into income during the period 8 192 200 Income tax benefit (provision) 104 (291 ) (187 ) Net change during the period (389 ) 993 604 Balances at March 31, 2021 835 (715 ) 120 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Reclassification of AOCI - Available-for-sale debt securities Other income (expense), net $ — $ (8 ) Reclassification of AOCI - Cash flow hedges Revenues $ (46 ) $ (217 ) Cost of revenues 23 5 Research and development expenses 68 17 Sales and marketing expenses 4 1 General and administrative expenses 11 2 Total $ 60 $ (192 ) |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 (in thousands) Computer equipment $ 169,746 $ 161,809 Computer software 25,805 25,807 Leasehold improvements 21,000 21,092 Scanner appliances 16,939 16,510 Furniture, fixtures and equipment 6,429 6,479 Total property and equipment 239,919 231,697 Less: accumulated depreciation and amortization (176,542 ) (169,843 ) Property and equipment, net $ 63,377 $ 61,854 |
Note 5 - Revenue from Contrac_2
Note 5 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | (in thousands) 2022 (remaining nine months) $ 116,288 2023 114,911 2024 45,138 2025 3,980 2026 669 2027 and thereafter 167 Total $ 281,153 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Direct $ 66,452 $ 57,952 Partner 46,968 38,804 Total $ 113,420 $ 96,756 |
Contract With Customer, Commission Asset Balances [Table Text Block] | March 31, 2022 December 31, 2021 (in thousands) Current $ 4,321 $ 4,223 Noncurrent $ 8,511 $ 8,391 |
Note 6 - Intangible Assets, N_2
Note 6 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | March 31, 2022 Weighted Average Weighted Average Life Remaining Life Accumulated (in thousands) (Years) (Years) Cost Amortization Net Book Value Developed technology 4.5 0.7 $ 28,556 $ (24,081 ) $ 4,475 Patent licenses 14.0 2.4 1,387 (1,146 ) 241 Non-compete agreements 2.0 0.3 500 (417 ) 83 Total intangibles subject to amortization $ 30,443 $ (25,644 ) 4,799 Intangible assets not subject to amortization 40 Total intangible assets, net $ 4,839 December 31, 2021 Weighted Average Weighted Average Life Remaining Life Accumulated (in thousands) (Years) (Years) Cost Amortization Net Book Value Developed technology 4.5 0.9 $ 28,556 $ (22,463 ) $ 6,093 Patent licenses 14.0 2.7 1,387 (1,121 ) 266 Non-compete agreements 2.0 0.6 500 (354 ) 146 Total intangibles subject to amortization $ 30,443 $ (23,938 ) 6,505 Intangible assets not subject to amortization 40 Total intangible assets, net $ 6,545 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2022 (remaining nine months) $ 3,357 2023 590 2024 452 2025 240 2026 160 Total expected future amortization expense $ 4,799 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Supplemental Cash Flow Disclosure [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Cash payments included in the measurement of lease liabilities $ 4,035 $ 3,308 Lease liabilities arising from obtaining right-of-use assets $ 638 $ 39 |
Lessee, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block] | March 31, 2022 December 31, 2021 Weighted average remaining lease term (years) 3.2 3.3 Weighted average discount rate 4.8 % 4.8 % |
Note 8 - Commitment and Conti_2
Note 8 - Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | (in thousands) 2022 (remaining nine months) $ 14,671 2023 14,455 2024 10,943 2025 11,762 2026 11,762 2027 and thereafter 14,000 Total $ 77,593 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenues $ 1,080 $ 875 Research and development 3,287 2,215 Sales and marketing 2,031 1,628 General and administrative 5,347 33,484 Total stock-based compensation $ 11,745 $ 38,202 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Outstanding Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2021 1,838 $ 66.05 6.0 $ 130,791 Granted 133 $ 129.01 Exercised (66 ) $ 38.79 Canceled (44 ) $ 111.66 Balance as of March 31, 2022 1,861 $ 70.46 6.0 $ 133,922 Vested and expected to vest - March 31, 2022 1,676 $ 65.63 5.7 $ 128,682 Exercisable - March 31, 2022 1,163 $ 45.89 4.3 $ 112,258 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Grant Date Outstanding Fair Value RSUs Per Share (in thousands) Balance as of December 31, 2021 917 (1) $ 104.78 Granted 47 $ 129.01 Vested (70 ) $ 97.24 Canceled (43 ) $ 108.92 Balance as of March 31, 2022 851 (1) $ 106.12 Outstanding and expected to vest - March 31, 2022 758 $ 105.23 |
Share Repurchase Program [Table Text Block] | Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 Total as of March 31, 2022 $ 700.0 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands, except per share data) Numerator: Net income $ 25,410 $ 228 Denominator: Basic weighted average shares 38,992 39,209 Effect of potentially dilutive shares: Stock options 770 870 Restricted stock units 236 351 Employee stock purchase plan 3 — Diluted weighted average shares 40,001 40,430 Net income per share: Basic $ 0.65 $ 0.01 Diluted $ 0.64 $ 0.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) Stock options 601 373 Restricted stock units — 40 Employee stock purchase plan 8 — Total anti-dilutive shares 609 413 |
Note 12 - Segment Information_2
Note 12 - Segment Information and Information About Geographic Area (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2022 2021 (in thousands) United States $ 67,476 $ 60,132 Foreign 45,944 36,624 Total revenues $ 113,420 $ 96,756 March 31, December 31, 2022 2021 (in thousands) United States $ 67,394 $ 66,440 India 19,375 20,401 Rest of world 11,177 12,029 Total $ 97,946 $ 98,870 |
Note 1 - The Company and Summ_2
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) - Preferred Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2018 | |
Investments, Total | $ 2,500 | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Proceeds from Dividends Received | $ 0 |
Note 2 - Fair Value of Financ_3
Note 2 - Fair Value of Financial Instruments (Details Textual) Pure in Thousands, € in Millions, ₨ in Millions, £ in Millions, SFr in Millions, $ in Millions, $ in Millions | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Mar. 31, 2022GBP (£) | Mar. 31, 2022INR (₨) | Mar. 31, 2022CAD ($) | Mar. 31, 2022CHF (SFr) | Dec. 31, 2021EUR (€) | Dec. 31, 2021GBP (£) | Dec. 31, 2021INR (₨) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CHF (SFr) |
Marketable Securities In Unrealized Loss Positions, More Than 12 Months Qualitative Disclosure, Number Of Positions | 0 | 0 | 0 | 0 | 0 | ||||||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||||
Derivative, Notional Amount | € 28.8 | £ 9.4 | ₨ 3,116.4 | € 29.8 | £ 9.4 | ₨ 2,955.3 | |||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||
Derivative, Notional Amount | € 38.2 | £ 18.4 | ₨ 147.6 | $ 3.6 | SFr 1 | € 34.5 | £ 11.6 | ₨ 74.9 | $ 2.5 | SFr 1 | |
Foreign Exchange Contracts for GBP and Euro [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 1.7 |
Note 2 - Fair Value of Financ_4
Note 2 - Fair Value of Financial Instruments - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 166,288 | $ 137,328 |
Cash and cash equivalents | 166,287 | 137,328 |
Cash and cash equivalents, unrealized loss | (1) | |
Short-term marketable securities, amortization cost | 292,161 | 268,027 |
Unrealized gains, short-term securities | 19 | 103 |
Short-term marketable securities, unrealized loss | (1,329) | (170) |
Short-term marketable securities | 290,851 | 267,960 |
Long-term marketable securities, amortization cost | 83,361 | 111,374 |
Unrealized gains, long-term securities | 12 | 178 |
Long-term marketable securities, unrealized loss | (1,013) | (354) |
Long-term marketable securities | 82,360 | 111,198 |
Cash and cash equivalents and marketable securities, amortization cost | 541,810 | 516,729 |
Unrealized gains, securities | 31 | 281 |
Unrealized loss, securities | (2,343) | (524) |
Cash and cash equivalents and short-term and long-term Marketable Securities, fair value | 539,498 | 516,486 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Short-term marketable securities, amortization cost | 14,619 | 18,046 |
Unrealized gains, short-term securities | 0 | 0 |
Short-term marketable securities, unrealized loss | (28) | 0 |
Short-term marketable securities | 14,591 | 18,046 |
Corporate Debt Securities [Member] | ||
Short-term marketable securities, amortization cost | 43,756 | 28,869 |
Unrealized gains, short-term securities | 19 | 101 |
Short-term marketable securities, unrealized loss | (179) | (7) |
Short-term marketable securities | 43,596 | 28,963 |
Long-term marketable securities, amortization cost | 43,266 | 57,762 |
Unrealized gains, long-term securities | 10 | 160 |
Long-term marketable securities, unrealized loss | (765) | (182) |
Long-term marketable securities | 42,511 | 57,740 |
Asset-Backed Securities [Member] | ||
Short-term marketable securities, amortization cost | 3,708 | 3,952 |
Unrealized gains, short-term securities | 0 | 0 |
Short-term marketable securities, unrealized loss | (1) | 0 |
Short-term marketable securities | 3,707 | 3,952 |
Long-term marketable securities, amortization cost | 18,482 | 14,941 |
Unrealized gains, long-term securities | 2 | 6 |
Long-term marketable securities, unrealized loss | (92) | (36) |
Long-term marketable securities | 18,392 | 14,911 |
US Government Agencies Debt Securities [Member] | ||
Short-term marketable securities, amortization cost | 229,076 | 217,160 |
Unrealized gains, short-term securities | 0 | 2 |
Short-term marketable securities, unrealized loss | (1,121) | (163) |
Short-term marketable securities | 227,955 | 216,999 |
Long-term marketable securities, amortization cost | 21,613 | 37,664 |
Unrealized gains, long-term securities | 0 | 0 |
Long-term marketable securities, unrealized loss | (156) | (136) |
Long-term marketable securities | 21,457 | 37,528 |
Foreign Government Agencies [Member] | ||
Long-term marketable securities, amortization cost | 1,002 | 1,007 |
Unrealized gains, long-term securities | 0 | 12 |
Long-term marketable securities, unrealized loss | 0 | 0 |
Long-term marketable securities | 1,002 | 1,019 |
Cash [Member] | ||
Cash and cash equivalents | 89,526 | 61,220 |
Cash and cash equivalents | 89,526 | |
Money Market Funds [Member] | ||
Cash and cash equivalents | 67,811 | 75,258 |
Cash and cash equivalents | 67,811 | |
Commercial Paper [Member] | ||
Cash and cash equivalents | 8,951 | $ 850 |
Cash and cash equivalents | 8,950 | |
Cash and cash equivalents, unrealized loss | $ (1) |
Note 2 - Fair Value of Financ_5
Note 2 - Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Money market funds | $ 67,811 | $ 75,258 |
Commercial paper | 23,541 | 18,896 |
Corporate bonds | 86,107 | 86,703 |
Asset-backed securities | 22,099 | 18,863 |
U.S. Treasury and government agencies | 249,412 | 254,527 |
Foreign government | 1,002 | 1,019 |
Total | 449,972 | 455,266 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 67,811 | 75,258 |
Commercial paper | 0 | 0 |
Corporate bonds | 0 | 0 |
Asset-backed securities | 0 | 0 |
U.S. Treasury and government agencies | 0 | 0 |
Foreign government | 0 | 0 |
Total | 67,811 | 75,258 |
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Commercial paper | 23,541 | 18,896 |
Corporate bonds | 86,107 | 86,703 |
Asset-backed securities | 22,099 | 18,863 |
U.S. Treasury and government agencies | 249,412 | 254,527 |
Foreign government | 1,002 | 1,019 |
Total | $ 382,161 | $ 380,008 |
Note 2 - Fair Value of Financ_6
Note 2 - Fair Value of Financial Instruments - Summary of the Fair Value of Marketable Securities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | $ 299,801 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 50,919 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 31,441 |
Debt Securities, Available-for-sale | 382,161 |
Commercial Paper [Member] | |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | 23,541 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 0 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 0 |
Debt Securities, Available-for-sale | 23,541 |
Corporate Bond Securities [Member] | |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | 43,595 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 28,355 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 14,157 |
Debt Securities, Available-for-sale | 86,107 |
Asset-Backed Securities [Member] | |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | 3,708 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 6,584 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 11,807 |
Debt Securities, Available-for-sale | 22,099 |
US Government Agencies Debt Securities [Member] | |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | 227,955 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 15,980 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 5,477 |
Debt Securities, Available-for-sale | 249,412 |
Foreign Government Agencies [Member] | |
Available-for-sale Securities, Debt and Equity Maturities, Next Twelve Months, Fair Value | 1,002 |
Available-for-sale Securities, Debt and Equity Maturities, Year One through Two, Fair Value | 0 |
Available-for-sale Securities, Debt and Equity Maturities, Year over two years, Fair Value | 0 |
Debt Securities, Available-for-sale | $ 1,002 |
Note 2 - Fair Value of Financ_7
Note 2 - Fair Value of Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign currency forward contracts | $ 3,046 | $ 3,336 |
Foreign currency forward contracts | (495) | (388) |
Designated as Hedging Instrument [Member] | ||
Foreign currency forward contracts | 1,652 | 1,737 |
Foreign currency forward contracts | (201) | (181) |
Not Designated as Hedging Instrument [Member] | ||
Foreign currency forward contracts | 1,394 | 1,599 |
Foreign currency forward contracts | $ (294) | $ (207) |
Note 2 - Fair Value of Financ_8
Note 2 - Fair Value of Financial Instruments - Amounts Recognized In Statement Of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net gains from non-designated forward contracts | $ 1,155 | $ 1,085 |
Other foreign currency transaction losses | (1,818) | (1,258) |
Total foreign exchange losses, net | (663) | (173) |
Other income (expense) | (47) | (71) |
Other income (expense), net | $ (710) | $ (244) |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 436,714 | $ 404,482 |
Other comprehensive income (loss), net of tax | (1,677) | 604 |
Balance | 426,635 | 397,108 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Balance | (185) | 1,224 |
Change in unrealized gains (losses) during the period | (2,070) | (501) |
Net losses reclassified into income during the period | 0 | 8 |
Income tax provision | (58) | 104 |
Other comprehensive income (loss), net of tax | (2,128) | (389) |
Balance | (2,313) | 835 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 1,192 | (1,708) |
Change in unrealized gains (losses) during the period | 648 | 1,092 |
Net losses reclassified into income during the period | (60) | 192 |
Income tax provision | (137) | (291) |
Other comprehensive income (loss), net of tax | 451 | 993 |
Balance | 1,643 | (715) |
AOCI Attributable to Parent [Member] | ||
Balance | 1,007 | (484) |
Change in unrealized gains (losses) during the period | (1,422) | 591 |
Net losses reclassified into income during the period | (60) | 200 |
Income tax provision | (195) | (187) |
Other comprehensive income (loss), net of tax | (1,677) | 604 |
Balance | $ (670) | $ 120 |
Note 3 - Accumulated Other Co_4
Note 3 - Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other income (expense), net | $ 710 | $ 244 |
Revenues | 113,420 | 96,756 |
Cost of revenues | 24,002 | 21,680 |
Research and development | 23,107 | 17,749 |
Sales and marketing | 20,142 | 17,989 |
General and administrative | 12,634 | 42,043 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Other income (expense), net | 0 | (8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Revenues | (46) | (217) |
Cost of revenues | 23 | 5 |
Research and development | 68 | 17 |
Sales and marketing | 4 | 1 |
General and administrative | 11 | 2 |
Total | $ 60 | $ (192) |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment, Net, Total | $ 63,377 | $ 61,854 | |
Depreciation, Depletion And Amortization, Excluding Intangible Asset Amortization | 7,100 | $ 7,300 | |
Scanner Appliances and Other Computer Equipment Subject To Subscription [Member] | |||
Property, Plant and Equipment, Net, Total | 7,000 | 5,300 | |
Scanner Appliances and Other Computer Equipment Not Placed In Service [Member] | |||
Property, Plant and Equipment, Net, Total | $ 3,500 | $ 1,300 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property and equipment and finance lease | $ 239,919 | $ 231,697 |
Less: accumulated depreciation and amortization | (176,542) | (169,843) |
Property and equipment and finance lease, net | 63,377 | 61,854 |
Computer Equipment [Member] | ||
Property and equipment and finance lease | 169,746 | 161,809 |
Computer Software, Intangible Asset [Member] | ||
Property and equipment and finance lease | 25,805 | 25,807 |
Leasehold Improvements [Member] | ||
Property and equipment and finance lease | 21,000 | 21,092 |
Scanner Appliances [Member] | ||
Property and equipment and finance lease | 16,939 | 16,510 |
Furniture and Fixtures [Member] | ||
Property and equipment and finance lease | $ 6,429 | $ 6,479 |
Note 5 - Revenue from Contrac_3
Note 5 - Revenue from Contracts with Customers (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 100,000 | $ 83,500 |
Amortization of Deferred Sales Commissions | 1,200 | 900 |
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 |
Note 5 - Revenue from Contrac_4
Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Remaining performance obligations | $ 281,153 |
Note 5 - Revenue from Contrac_5
Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations 2 (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Remaining performance obligations | $ 281,153 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Remaining performance obligations, period (Year) | 9 months |
Remaining performance obligations | $ 116,288 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 114,911 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 45,138 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 3,980 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 669 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Remaining performance obligations, period (Year) | 1 year |
Remaining performance obligations | $ 167 |
Note 5 - Revenue from Contrac_6
Note 5 - Revenue from Contracts with Customers - Revenue by Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 113,420 | $ 96,756 |
Sales Channel, Directly to Consumer [Member] | ||
Revenues | 66,452 | 57,952 |
Sales Channel, Through Intermediary [Member] | ||
Revenues | $ 46,968 | $ 38,804 |
Note 5 - Revenue from Contrac_7
Note 5 - Revenue from Contracts with Customers - Capitalized Cost to Obtain Contracts, Current and Noncurrent (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current | $ 4,321 | $ 4,223 |
Noncurrent | $ 8,511 | $ 8,391 |
Note 6 - Intangible Assets, N_3
Note 6 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 1.7 | $ 1.6 |
Note 6 - Intangible Assets, N_4
Note 6 - Intangible Assets, Net - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Cost | $ 30,443 | $ 30,443 |
Amortization of intangible assets | (25,644) | (23,938) |
Net Book Value | 4,799 | 6,505 |
Intangible assets, net | 4,839 | 6,545 |
Intangible Assets Not Subject to Amortization [Member] | ||
Intangible assets not subject to amortization | $ 40 | $ 40 |
Developed Technology Rights [Member] | ||
Weighted Average Life (Year) | 4 years 6 months | 4 years 6 months |
Weighted Average Remaining Life (Year) | 8 months 12 days | 10 months 24 days |
Cost | $ 28,556 | $ 28,556 |
Amortization of intangible assets | (24,081) | (22,463) |
Net Book Value | $ 4,475 | $ 6,093 |
Patents [Member] | ||
Weighted Average Life (Year) | 14 years | 14 years |
Weighted Average Remaining Life (Year) | 2 years 4 months 24 days | 2 years 8 months 12 days |
Cost | $ 1,387 | $ 1,387 |
Amortization of intangible assets | (1,146) | (1,121) |
Net Book Value | $ 241 | $ 266 |
Noncompete Agreements [Member] | ||
Weighted Average Life (Year) | 2 years | 2 years |
Weighted Average Remaining Life (Year) | 3 months 18 days | 7 months 6 days |
Cost | $ 500 | $ 500 |
Amortization of intangible assets | (417) | (354) |
Net Book Value | $ 83 | $ 146 |
Note 6 - Intangible Assets, N_5
Note 6 - Intangible Assets, Net - Expected Amortization Expense in Future Periods (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
2022 (remaining nine months) | $ 3,357 | |
2023 | 590 | |
2024 | 452 | |
2025 | 240 | |
2026 | 160 | |
Total expected future amortization expense | $ 4,799 | $ 6,505 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Expense | $ 3.6 | $ 3.6 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash payments included in the measurement of lease liabilities | $ 4,035 | $ 3,308 |
Lease liabilities arising from obtaining right-of-use assets | $ 638 | $ 39 |
Note 7 - Leases - Weighted Aver
Note 7 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Weighted average remaining lease term (Year) | 3 years 2 months 12 days | 3 years 3 months 18 days |
Weighted average discount rate | 4.80% | 4.80% |
Note 8 - Commitment and Conti_3
Note 8 - Commitment and Contingencies - Remaining Purchase Commitments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 (remaining nine months) | $ 14,671 |
2023 | 14,455 |
2024 | 10,943 |
2025 | 11,762 |
2026 | 11,762 |
2027 and thereafter | 14,000 |
Total | $ 77,593 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 04, 2022 | Oct. 28, 2021 | Jun. 09, 2021 | Apr. 27, 2021 | Dec. 21, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Feb. 12, 2018 |
Share-Based Payment Arrangement, Expense | $ 11,745 | $ 38,202 | |||||||
Share-Based Payment Arrangement, Accelerated Cost | $ 27,300 | ||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 368,000 | 269,000 | |||||||
Stock Repurchased and Retired During Period, Value | $ 46,600 | $ 31,000 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 225,200 | ||||||||
Stock Repurchase Program, Authorized Amount | 700,000 | $ 100,000 | |||||||
Subsequent Event [Member] | |||||||||
Stock Repurchase Program, Increase in Authorized Amount | $ 200,000 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 900,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 67,200 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||
Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger | 100.00% | ||||||||
Share-Based Payment Arrangement, Expense | $ 800 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 17,700 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||||||||
Performance-based Restricted Stock Units [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,200 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||||||||
Performance-based Restricted Stock Units [Member] | Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 73,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger | 100.00% | ||||||||
Share-based Compensation Termination Period Trigger (Month) | 12 months | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 34,000 | ||||||||
Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,671 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
ESPP Shares [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 700 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 months 24 days | ||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0.00% | ||||||||
Minimum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 0.00% | ||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200.00% | ||||||||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 200.00% | ||||||||
The 2000 Equity Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||||
The 2012 Equity Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 9,981,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,956,000 | ||||||||
The 2021 Employee Stock Purchase Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 577,500 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 600,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Offering Period (Month) | 6 months | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 22,500 | ||||||||
The 2021 Employee Stock Purchase Plan [Member] | Minimum [Member] | |||||||||
Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable | 1.00% | ||||||||
The 2021 Employee Stock Purchase Plan [Member] | Maximum [Member] | |||||||||
Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable | 15.00% |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation | $ 11,745 | $ 38,202 |
Cost of Sales [Member] | ||
Stock-based compensation | 1,080 | 875 |
Research and Development Expense [Member] | ||
Stock-based compensation | 3,287 | 2,215 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation | 2,031 | 1,628 |
General and Administrative Expense [Member] | ||
Stock-based compensation | $ 5,347 | $ 33,484 |
Note 9 - Stockholders' Equity_5
Note 9 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation and Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Balance (in shares) | 1,838 | ||
Weighted average exercise price, balance (in dollars per share) | $ 66.05 | ||
Weighted Average Remaining Contractual Life Balance (Year) | 6 years | 6 years | |
Aggregate intrinsic value | $ 133,922 | $ 130,791 | |
Granted (in shares) | 133 | ||
Weighted average exercise price, Granted (in dollars per share) | $ 129.01 | ||
Exercised (in shares) | [1] | (66) | |
Weighted average exercise price, Exercised (in dollars per share) | $ 38.79 | ||
Canceled (in shares) | (44) | ||
Weighted average exercise price, Canceled (in dollars per share) | $ 111.66 | ||
Balance (in shares) | 1,861 | 1,838 | |
Weighted average exercise price, balance (in dollars per share) | $ 70.46 | $ 66.05 | |
Vested and expected to vest (in shares) | 1,676 | ||
Weighted average exercise price, Vested and expected to vest (in dollars per share) | $ 65.63 | ||
Vested and Expected to vest, weighted average remaining contractual life (Year) | 5 years 8 months 12 days | ||
Vested and Expected to vest, aggregate intrinsic value | $ 128,682 | ||
Exercisable (in shares) | 1,163 | ||
Weighted average exercise price, Exercisable (in dollars per share) | $ 45.89 | ||
Exercisable, weighted average remaining contractual life (Year) | 4 years 3 months 18 days | ||
Exercisable, aggregate intrinsic value | $ 112,258 | ||
[1] | Included 348 thousand shares of PSOs. |
Note 9 - Stockholders' Equity_6
Note 9 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation, Restricted Stock and Restricted Stock Units (Details) shares in Thousands | 3 Months Ended | |
Mar. 31, 2022$ / sharesshares | ||
Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 108.92 | |
Expected to vest, number of shares (in shares) | shares | 758 | |
Expected to vest, weighted average grant date fair value (in dollars per share) | $ / shares | $ 105.23 | |
Restricted Stock Units (RSUs) [Member] | ||
Balance, number of shares (in shares) | shares | 917 | [1] |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 104.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 47 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 129.01 | |
Vested, number of shares (in shares) | shares | (70) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 97.24 | |
Cancelled, number of shares (in shares) | shares | (43) | |
Balance, number of shares (in shares) | shares | 851 | [1] |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 106.12 | |
[1] | Includes 34 thousand PSUs granted to certain executive officers in 2021. |
Note 9 - Stockholders' Equity_7
Note 9 - Stockholders' Equity and Stock-based Compensation - Schedule of Repurchase Agreements (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Nov. 03, 2021 | Feb. 10, 2021 | May 07, 2020 | Oct. 30, 2019 | Oct. 30, 2018 | Feb. 12, 2018 |
Authorized Dollar Value | $ 0.7 | $ 0.1 | |||||
October 30, 2018 | $ 0.2 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 10 - Net Income Per Shar_2
Note 10 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 25,410 | $ 228 |
Basic weighted average shares (in shares) | 38,992 | 39,209 |
Stock options (in shares) | 770 | 870 |
Restricted stock units (in shares) | 236 | 351 |
Employee stock purchase plan (in shares) | 3 | 0 |
Diluted weighted average shares (in shares) | 40,001 | 40,430 |
Basic (in dollars per share) | $ 0.65 | $ 0.01 |
Diluted (in dollars per share) | $ 0.64 | $ 0.01 |
Note 10 - Net Income Per Shar_3
Note 10 - Net Income Per Share - Anti-dilutive Net Income Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive securities (in shares) | 609 | 413 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 601 | 373 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 0 | 40 |
Employee Stock Purchase Plan Shares [Member] | ||
Antidilutive securities (in shares) | 8 | 0 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 7,933 | $ (2,435) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.80% | 110.30% | |
Unrecognized Tax Benefits, Ending Balance | $ 9,900 | $ 9,700 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5,100 | $ 4,900 |
Note 12 - Segment Information_3
Note 12 - Segment Information and Information About Geographic Area (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Note 12 - Segment Information_4
Note 12 - Segment Information and Information About Geographic Area - Revenue and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenues | $ 113,420 | $ 96,756 | |
Property and equipment, net and Operating leases - right of use asset | 97,946 | $ 98,870 | |
UNITED STATES | |||
Revenues | 67,476 | 60,132 | |
Property and equipment, net and Operating leases - right of use asset | 67,394 | 66,440 | |
INDIA | |||
Property and equipment, net and Operating leases - right of use asset | 19,375 | 20,401 | |
Non-US [Member] | |||
Revenues | 45,944 | $ 36,624 | |
Other Geographic Areas [Member] | |||
Property and equipment, net and Operating leases - right of use asset | $ 11,177 | $ 12,029 |