Document_And_Entity_Informatio
Document And Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | 6-May-15 | Jun. 30, 2014 | |
Entities [Table] | |||
Entity Registrant Name | Avid Technology, Inc. | ||
Entity Central Index Key | 896841 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $287,833,000 | ||
Entity Common Stock, Shares Outstanding | 39,574,385 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net revenues: | ||
Products | $80,029 | $94,570 |
Services | 39,557 | 40,412 |
Total net revenues | 119,586 | 134,982 |
Cost of revenues: | ||
Products | 31,797 | 34,994 |
Services | 15,695 | 15,671 |
Amortization of intangible assets | 0 | 50 |
Total cost of revenues | 47,492 | 50,715 |
Gross profit | 72,094 | 84,267 |
Operating expenses: | ||
Research and development | 23,173 | 22,954 |
Marketing and selling | 28,045 | 32,815 |
General and administrative | 19,387 | 18,331 |
Amortization of intangible assets | 374 | 480 |
Total operating expenses | 70,979 | 74,580 |
Operating income | 1,115 | 9,687 |
Interest income | 34 | 20 |
Interest expense | -372 | -373 |
Other (expense) income, net | -385 | 2 |
Income before income taxes | 392 | 9,336 |
Provision for income taxes, net | 561 | 440 |
Net (loss) income | ($169) | $8,896 |
Net (loss) income per common share – basic and diluted | $0 | $0.23 |
Weighted-average common shares outstanding – basic | 39,387 | 39,099 |
Weighted-average common shares outstanding – diluted | 39,387 | 39,122 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net (loss) income | ($169) | $8,896 |
Foreign currency translation adjustments | -5,881 | 393 |
Comprehensive (loss) income | ($6,050) | $9,289 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $25,491 | $25,056 |
Accounts receivable, net of allowances of $9,753 and $10,692 at March 31, 2015 and December 31, 2014, respectively | 51,764 | 54,655 |
Inventories | 39,724 | 48,001 |
Deferred tax assets, net | 316 | 322 |
Prepaid expenses | 10,635 | 6,892 |
Other current assets | 15,912 | 17,932 |
Total current assets | 143,842 | 152,858 |
Property and equipment, net | 31,241 | 32,136 |
Intangible assets, net | 2,072 | 2,445 |
Long-term deferred tax assets, net | 1,718 | 1,886 |
Other long-term assets | 3,163 | 2,274 |
Total assets | 182,036 | 191,599 |
Current liabilities: | ||
Accounts payable | 29,436 | 32,951 |
Accrued compensation and benefits | 33,008 | 32,636 |
Accrued expenses and other current liabilities | 32,484 | 32,353 |
Income taxes payable | 5,381 | 5,480 |
Deferred revenues | 209,214 | 206,608 |
Total current liabilities | 309,523 | 310,028 |
Long-term deferred tax liabilities, net | 136 | 136 |
Long-term deferred revenues | 203,463 | 208,232 |
Other long-term liabilities | 13,646 | 14,273 |
Total liabilities | 526,768 | 532,669 |
Contingencies (Note 8) | ||
Stockholders' deficit: | ||
Common stock | 423 | 423 |
Additional paid-in capital | 1,048,567 | 1,049,969 |
Accumulated deficit | -1,321,967 | -1,321,798 |
Treasury stock at cost | -64,261 | -68,051 |
Accumulated other comprehensive income | -7,494 | -1,613 |
Total stockholders' deficit | -344,732 | -341,070 |
Total liabilities and stockholders' deficit | $182,036 | $191,599 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Allowance for doubtful accounts | $9,753 | $10,692 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net (loss) income | ($169) | $8,896 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,051 | 4,914 |
Recovery from doubtful accounts | -206 | -108 |
Stock-based compensation expense | 2,461 | 1,262 |
Non-cash interest expense | 0 | 73 |
Unrealized foreign currency transaction (gains) losses | -6,690 | 48 |
Provision for deferred taxes | 5 | -15 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,097 | -1,541 |
Inventories | 8,276 | 1,877 |
Prepaid expenses and other current assets | -2,510 | -2,015 |
Accounts payable | -3,440 | -4,148 |
Accrued expenses, compensation and benefits and other liabilities | 1,627 | -17,543 |
Income taxes payable | 267 | -671 |
Deferred revenues | -2,139 | -15,021 |
Net Cash Provided by (Used in) Operating Activities | 4,630 | -23,992 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -2,940 | -3,515 |
Proceeds from divestiture of consumer business | 0 | 1,500 |
Increase in other long-term assets | -13 | -20 |
Net cash used in investing activities | -2,953 | -2,035 |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock under employee stock plans | 719 | 0 |
Common stock repurchases for tax withholdings for net settlement of equity awards | -793 | -108 |
Proceeds from revolving credit facilities | 8,000 | 0 |
Payments on revolving credit facilities | -8,000 | 0 |
Payments for credit facility issuance costs | -582 | 0 |
Net cash used in financing activities | -656 | -108 |
Effect of exchange rate changes on cash and cash equivalents | -586 | 176 |
Net increase (decrease) in cash and cash equivalents | 435 | -25,959 |
Cash and cash equivalents at beginning of period | 25,056 | 48,203 |
Cash and cash equivalents at end of period | 25,491 | 22,244 |
Cash paid for income taxes, net of refunds | 279 | 524 |
Cash paid for interest | $372 | $300 |
FINANCIAL_INFORMATION_Notes
FINANCIAL INFORMATION (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL INFORMATION | FINANCIAL INFORMATION |
The accompanying condensed consolidated financial statements include the accounts of Avid Technology, Inc. and its wholly owned subsidiaries (collectively, “Avid” or the “Company”). These financial statements are unaudited. However, in the opinion of management, the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for their fair statement. Interim results are not necessarily indicative of results expected for any other interim period or a full year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes necessary for a complete presentation of operations, comprehensive (loss) income, financial position and cash flows of the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited consolidated financial statements and does not include all disclosures required by U.S. GAAP for annual financial statements. The Company filed audited consolidated financial statements as of and for the year ended December 31, 2014 in its Annual Report on Form 10-K for the year ended December 31, 2014, which included all information and footnotes necessary for such presentation. The financial statements contained in this Form 10-Q should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
The Company’s preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from the Company’s estimates. | |
The Company has generally funded operations in recent years through the use of existing cash balances and cash flows from operations, which have been supplemented from time to time with borrowings under credit facilities. At March 31, 2015, the Company’s principal sources of liquidity included cash and cash equivalents totaling $25.5 million and available borrowings under the Company’s credit facilities, which are discussed in Note 11. Cash provided by operating activities aggregated $4.6 million for the three months ended March 31, 2015, which was attributable to significantly reduced costs associated with restatement-related activities and restructuring activities, as well as the timing of annual bonus payments. | |
The Company’s cash requirements vary depending on factors such as the growth of the business, changes in working capital, capital expenditures, acquisitions of businesses or technologies and obligations under restructuring programs. Management expects to operate the business and execute its strategic initiatives principally with funds generated from operations and the Company's external sources of credit under the credit facilities. Management anticipates that the Company will have sufficient internal and external sources of liquidity to fund operations and anticipated working capital and other expected cash needs for at least the next 12 months as well as for the foreseeable future. | |
Subsequent Events | |
On April 12, 2015, Avid entered into a Transaction Agreement and Plan of Merger (the “Merger Agreement”) with Orad Hi-Tec Systems Ltd., an Israeli company listed on the Frankfurt stock exchange, in which Avid agreed to acquire Orad and its subsidiaries on the terms and subject to the conditions set forth in the Merger Agreement, including Orad stockholder approval of the merger. Orad is a leading provider of state-of-the-art 3D real-time graphics, video servers and related asset management solutions. The acquisition adds key content creation and media management solutions to the Avid MediaCentral Platform. | |
Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each issued and outstanding share of Orad common stock will be canceled and converted into the right to receive consideration equal to EUR 5.67 in cash. This consideration represents an enterprise value of approximately $60 million. | |
On April 12, 2015, Avid also entered into a financing commitment letter (the “Commitment Letter”) with certain lenders, in which the lenders have agreed to provide a five-year secured term loan in an aggregate principal amount of $100 million for the purpose of financing the consideration payable under the Merger Agreement and funding the Company’s general working capital requirements. The proposed term loan would bear interest, at Avid’s option, at an annual rate equal to a reference rate plus margin of 5.25% or LIBOR plus 6.50%. The lenders’ obligations to provide funding in accordance with the Commitment Letter are subject to Avid’s compliance with customary terms and conditions precedent for such borrowing as set forth in the Commitment Letter. | |
For a more detailed description of the Merger Agreement and the Commitment Letter, see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 13, 2015. | |
Recent Accounting Pronouncements To Be Adopted | |
On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) and the International Accounting Standards Board (the “IASB”) issued substantially converged final standards on revenue recognition. The FASB's Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), was issued in three parts: (a) Section A, “Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts with Customers (Subtopic 340-40),” (b) Section B, “Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables” and (c) Section C, “Background Information and Basis for Conclusions.” The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. | |
The new revenue recognition guidance becomes effective for the Company on January 1, 2017, and early adoption is not permitted. The FASB has proposed but not yet finalized an amendment to this guidance that would defer the effective date to January 1, 2018. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. The Company has not yet selected a transition method and is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
NET_INCOME_PER_SHARE_NET_INCOM
NET INCOME PER SHARE NET INCOME (LOSS) PER SHARE (Notes) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Net Loss Per Share [Text Block] | NET (LOSS) INCOME PER SHARE | |||||
Net (loss) income per common share is presented for both basic (loss) income per share (“Basic EPS”) and diluted (loss) income per share (“Diluted EPS”). Basic EPS is based on the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and common shares equivalents outstanding during the period. | ||||||
The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities and excluded from the diluted earnings per share calculations for the relevant periods because the company reported a net loss for the period the sum of the exercise price per share and the unrecognized compensation cost per share was greater than the average market price of the Company’s common stock for the relevant period, or because they were considered contingently issuable. The contingently issuable potential common shares result from certain stock options and restricted stock units granted to the Company’s executive officers that vest based on performance conditions, market conditions, or a combination of performance or market conditions. | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Options | 5,452 | 4,132 | ||||
Non-vested restricted stock units | 1,352 | 240 | ||||
Anti-dilutive potential common shares | 6,804 | 4,372 | ||||
FOREIGN_CURRENCY_FORWARD_CONTR
FOREIGN CURRENCY FORWARD CONTRACTS (Notes) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||
FOREIGN CURRENCY FORWARD CONTRACTS | FOREIGN CURRENCY CONTRACTS | ||||||
As a hedge against the foreign exchange exposure of certain forecasted receivables, payables and cash balances of foreign subsidiaries, the Company enters into short-term foreign currency forward contracts, which typically mature within 30 days of execution. The changes in fair value of the foreign currency forward contracts intended to offset foreign currency exchange risk on cash flows associated with net monetary assets are recorded as gains or losses in the Company’s statement of operations in the period of change, because these contracts have not been accounted for as hedges. The Company stopped entering short-term foreign currency forward contracts in March 2015 and had no outstanding foreign currency forward contracts at March 31, 2015. The Company had foreign currency forward contracts outstanding with aggregate notional values of $25.4 million at December 31, 2014 as hedges against such forecasted foreign-currency-denominated receivables, payables and cash balances. | |||||||
The Company may also enter into short-term foreign currency spot and forward contracts as a hedge against the foreign currency exchange risk associated with certain of its net monetary assets denominated in foreign currencies. The Company reduced its usage of short-term foreign currency spot contracts in March 2015. At March 31, 2015 and December 31, 2014, the Company had such foreign currency contracts with aggregate notional values of $0.1 million and $2.8 million, respectively. Because these contracts have not been accounted for as hedges, the changes in fair value of these foreign currency contracts are recorded as gains or losses in the Company’s statement of operations. | |||||||
The following table sets forth the balance sheet classification and fair values of the Company’s foreign currency contracts (in thousands): | |||||||
Derivatives Not Designated as Hedging Instruments under Accounting Standard Codification (“ASC”) Topic 815 | Balance Sheet Classification | Fair Value at March 31, 2015 | Fair Value at December 31, 2014 | ||||
Financial liabilities: | |||||||
Foreign currency contracts | Accrued expenses and other current liabilities | $— | $518 | ||||
The following table sets forth the net foreign exchange gains (losses) recorded as marketing and selling expenses in the Company’s statements of operations during the three months ended March 31, 2015 and 2014 that resulted from foreign currency forward contracts, foreign currency denominated transactions, and the revaluation of foreign currency denominated assets and liabilities (in thousands): | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net foreign exchange gain (loss) recorded in marketing and selling expenses | $1,306 | ($908) | |||||
See Note 4, Fair Value Measurements, for additional information on the fair value measurements for all financial assets and liabilities, including derivative assets and derivative liabilities, that are measured at fair value on a recurring basis. |
FAIR_VALUE_MEASUREMENTS_Notes
FAIR VALUE MEASUREMENTS (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including foreign-currency contracts, cash equivalents, marketable securities and insurance contracts held in deferred compensation plans. At March 31, 2015 and December 31, 2014, all of the Company’s financial assets and liabilities were classified as either Level 1 or Level 2 in the fair value hierarchy. Assets valued using quoted market prices in active markets and classified as Level 1 are certain deferred compensation investments, primarily money market and mutual funds. Assets and liabilities valued based on other observable inputs and classified as Level 2 are foreign currency contracts and certain deferred compensation investments, primarily insurance contracts. | ||||||||||||||||
The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
March 31, | Quoted Prices in | Significant | Significant | |||||||||||||
2015 | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Deferred compensation assets | $ | 1,756 | $ | 1,199 | $ | 557 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
December 31, 2014 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Deferred compensation assets | $ | 1,859 | $ | 1,245 | $ | 614 | $ | — | ||||||||
Financial liabilities: | ||||||||||||||||
Foreign currency contracts | $ | 518 | $ | — | $ | 518 | $ | — | ||||||||
Financial Instruments Not Recorded at Fair Value | ||||||||||||||||
The carrying amounts of the Company’s other financial assets and liabilities including cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the relatively short period of time between their origination and their expected realization or settlement. |
INVENTORIES_Notes
INVENTORIES (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
Inventories consisted of the following (in thousands): | ||||||||
March 31, 2015 | 31-Dec-14 | |||||||
Raw materials | $ | 9,797 | $ | 9,942 | ||||
Work in process | 228 | 248 | ||||||
Finished goods | 29,699 | 37,811 | ||||||
Total | $ | 39,724 | $ | 48,001 | ||||
At March 31, 2015 and December 31, 2014, finished goods inventory included $2.7 million and $4.3 million, respectively, associated with products shipped to customers and deferred labor costs for arrangements where revenue recognition had not yet commenced. |
INTANGIBLE_ASSETS_INTANGIBLE_A
INTANGIBLE ASSETS INTANGIBLE ASSETS (Notes) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | INTANGIBLE ASSETS | |||||||||||||||||||||||
Amortizing identifiable intangible assets related to the Company’s acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for the Company’s products consisted of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Completed technologies and patents | $ | 51,277 | $ | (51,277 | ) | $ | — | $ | 51,950 | $ | (51,950 | ) | $ | — | ||||||||||
Customer relationships | 48,864 | (46,792 | ) | 2,072 | 49,216 | (46,771 | ) | 2,445 | ||||||||||||||||
Trade names | 5,901 | (5,901 | ) | — | 5,936 | (5,936 | ) | — | ||||||||||||||||
Capitalized software costs | 5,028 | (5,028 | ) | — | 5,043 | (5,043 | ) | — | ||||||||||||||||
Total | $ | 111,070 | $ | (108,998 | ) | $ | 2,072 | $ | 112,145 | $ | (109,700 | ) | $ | 2,445 | ||||||||||
Amortization expense related to all intangible assets in the aggregate was $0.4 million and $0.6 million, respectively, for the three months ended March 31, 2015 and 2014. The Company expects amortization of acquired intangible assets to be $1.1 million for the remainder of 2015 and $1.0 million in 2016. |
OTHER_LONGTERM_LIABILITIES_OTH
OTHER LONG-TERM LIABILITIES OTHER LONG-TERM LIABILITIES (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES | |||||||
Other long-term liabilities consisted of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Long-term deferred rent | $ | 7,877 | $ | 8,236 | ||||
Long-term accrued restructuring | 1,200 | 1,334 | ||||||
Long-term deferred compensation | 4,569 | 4,703 | ||||||
Total | $ | 13,646 | $ | 14,273 | ||||
CONTINGENCIES_Notes
CONTINGENCIES (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
CONTINGENCIES | CONTINGENCIES | |||||||
In March 2013 and May 2013, two purported securities class action lawsuits were filed against the Company and certain of the Company’s former executive officers seeking unspecified damages in the U.S. District Court for the District of Massachusetts. In July 2013, the two cases were consolidated and the original plaintiffs agreed to act as co-plaintiffs in the consolidated case. In September 2013, the co-plaintiffs filed a consolidated amended complaint on behalf of those who purchased the Company’s common stock between October 23, 2008 and March 20, 2013. The consolidated amended complaint, which named the Company, certain of the Company’s current and former executive officers and the Company’s former independent accounting firm as defendants, purported to state a claim for violation of federal securities laws as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. In October 2013, the Company filed a motion to dismiss the consolidated amended complaint, resulting in the dismissal of some of the claims, and the dismissal of Mr. Hernandez and one of the two plaintiffs from the case. In December 2014 the Company agreed in principle to settle the case for $2.6 million, of which the Company’s insurance company would pay $2.5 million and the Company’s former auditors would pay the remainder. The Company’s insurance carrier made the $2.5 million payment into an escrow account on January 27, 2015. The payment of the settlement amount and the finalization of this settlement is subject to a number of procedural steps, including approval by the court, which likely will not be complete until later this year. Should the settlement not become final for any reason, the matter would proceed to trial. | ||||||||
In June 2013, a purported stockholder of the Company filed a derivative complaint against the Company as nominal defendant and certain of the Company’s current and former directors and officers in the U.S. District Court for the District of Massachusetts. The complaints alleged various violations of state law, including breaches of fiduciary duties, waste of corporate assets and unjust enrichment. The derivative complaint sought, inter alia, a monetary judgment, equitable and/or injunctive relief, restitution, disgorgement and a variety of purported corporate governance reforms. On October 30, 2013, the complaint was dismissed without prejudice. On November 26, 2013, the Company’s board of directors (“Board”) received a demand letter from the plaintiff in the dismissed derivative suit, demanding that the Company’s Board investigate, address and commence proceedings against certain of the Company’s directors, officers, employees and agents based on conduct identified in the dismissed complaint. In December 2013, the Company’s Board created a committee to conduct an investigation into the allegations in the demand letter. On October 29, 2014, the Company’s Board, based on the committee’s final recommendation, formally decided not to take action in response to the demand letter. | ||||||||
In April and May 2013, the Company received a document preservation request and inquiry from the SEC Division of Enforcement and a federal grand jury subpoena from the Department of Justice requesting certain documents, including in particular documents related to the Company’s disclosures regarding the Company’s accounting review and revenue transactions. The Company produced documents responsive to such requests and provided regular updates to the authorities on the Company’s accounting evaluation and intends to continue to cooperate fully with the authorities should the Company receive any further inquiries or requests. However, the Company has not received any such further inquiries or requests since briefing the authorities over 18 months ago and, although there can be no assurances, the Company believes that, based on information currently available, neither any further action in this matter nor the outcome of these inquiries will have a material adverse impact on the Company’s overall operations, financial condition or liquidity. | ||||||||
The Company’s industry is characterized by the existence of a large number of patents and frequent claims and litigation regarding patent and other intellectual property rights. In addition to the legal proceedings described above, the Company is involved in legal proceedings from time to time arising from the normal course of business activities, including claims of alleged infringement of intellectual property rights and contractual, commercial, employee relations, product or service performance, or other matters. The Company does not believe these matters will have a material adverse effect on the Company’s financial position or results of operations. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, the Company’s financial position or results of operations may be negatively affected by the unfavorable resolution of one or more of these proceedings for the period in which a matter is resolved. See the risk factors discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s results could be materially adversely affected if the Company is accused of, or found to be, infringing third parties’ intellectual property rights. | ||||||||
The Company considers all claims on a quarterly basis and based on known facts assesses whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, the Company then evaluates disclosure requirements and whether to accrue for such claims in its consolidated financial statements. | ||||||||
The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. At March 31, 2015, the Company recorded an asset and a liability of $2.5 million received from the Company’s insurance company related to the securities class action discussed above. | ||||||||
The Company believes that, other than as set forth in this note, no other provision for liability nor disclosure is required related to any claims because: (a) there is no reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. | ||||||||
Additionally, the Company provides indemnification to certain customers for losses incurred in connection with intellectual property infringement claims brought by third parties with respect to the Company’s products. These indemnification provisions generally offer perpetual coverage for infringement claims based upon the products covered by the agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions is theoretically unlimited. To date, the Company has not incurred material costs related to these indemnification provisions; accordingly, the Company believes the estimated fair value of these indemnification provisions is immaterial. Further, certain of the Company’s arrangements with customers include clauses whereby the Company may be subject to penalties for failure to meet certain performance obligations; however, the Company has not recorded any related material penalties to date. | ||||||||
The Company has letters of credit at a bank that are used as security deposits in connection with the Company’s Burlington, Massachusetts office space. In the event of default on the underlying leases, the landlords would, at March 31, 2015, be eligible to draw against the letters of credit to a maximum of $2.6 million in the aggregate. The letters of credit are subject to aggregate reductions provided the Company is not in default under the underlying leases and meets certain financial performance conditions. In no case will the letters of credit amounts be reduced to below $1.2 million in the aggregate throughout the lease periods, all of which extend to May 2020. | ||||||||
The Company has letters of credit totaling approximately $1.6 million that support its ongoing operations. These letters of credit have various terms and expire during 2015 and beyond, and some of the letters of credit may automatically renew based on the terms of the underlying agreements. | ||||||||
The Company provides warranties on externally sourced and internally developed hardware. For internally developed hardware and in cases where the warranty granted to customers for externally sourced hardware is greater than that provided by the manufacturer, the Company records an accrual for the related liability based on historical trends and actual material and labor costs. The following table sets forth the activity in the product warranty accrual account for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accrual balance at beginning of year | $ | 2,792 | $ | 3,501 | ||||
Accruals for product warranties | 502 | 1,270 | ||||||
Costs of warranty claims | (820 | ) | (1,335 | ) | ||||
Accrual balance at end of period | $ | 2,474 | $ | 3,436 | ||||
The total warranty accrual of $2.5 million is included in the caption “accrued expenses and other current liabilities” in the Company’s condensed consolidated balance sheet at March 31, 2015. |
RESTRUCTURING_COSTS_AND_ACCRUA
RESTRUCTURING COSTS AND ACCRUALS (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
RESTRUCTURING COSTS AND ACCRUALS | RESTRUCTURING COSTS AND ACCRUALS | |||||||||||
Prior Years’ Restructuring Plans | ||||||||||||
The accrual balance of prior restructuring plans was $1.9 million at March 31, 2015, mainly related to the closure of part of the Company’s Mountain View, California, and Dublin, Ireland facilities under restructuring plans that were made in 2008 and 2012. No further restructuring actions are anticipated under those plans, however, new restructuring plans may occur in the future. | ||||||||||||
Restructuring Summary | ||||||||||||
The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2015 (in thousands): | ||||||||||||
Employee- | Facilities/ Other- | Total | ||||||||||
Related | Related | |||||||||||
Accrual balance at December 31, 2014 | $ | 58 | $ | 2,285 | $ | 2,343 | ||||||
Accretion | — | 51 | 51 | |||||||||
Cash payments | (52 | ) | (376 | ) | (428 | ) | ||||||
Foreign exchange impact on ending balance | — | (44 | ) | (44 | ) | |||||||
Accrual balance at March 31, 2015 | $ | 6 | $ | 1,916 | $ | 1,922 | ||||||
The facilities/other-related accruals at March 31, 2015 represent contractual lease payments, net of estimated sublease income, on space vacated as part of the Company’s restructuring actions. The leases, and payments against the amounts accrued, extend through 2021 unless the Company is able to negotiate earlier terminations. Of the total facilities/other-related accruals, $0.7 million is included in the caption “accrued expenses and other current liabilities” and $1.2 million is included in the caption “other long-term liabilities” in the Company’s condensed consolidated balance sheet at March 31, 2015. |
SEGMENT_INFORMATION_Notes
SEGMENT INFORMATION (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
SEGMENT INFORMATION | PRODUCT AND GEOGRAPHIC INFORMATION | |||||||
The Company, through the evaluation of the discrete financial information that is regularly reviewed by the chief operating decision makers, which include the Company’s chief executive officer and chief financial officer, has determined that the Company has one reportable segment. The following table is a summary of the Company’s revenues by type for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Video products and solutions net revenues | $ | 47,117 | $ | 60,078 | ||||
Audio products and solutions net revenues | 32,912 | 34,492 | ||||||
Products and solutions net revenues | 80,029 | 94,570 | ||||||
Services net revenues | 39,557 | 40,412 | ||||||
Total net revenues | $ | 119,586 | $ | 134,982 | ||||
The following table sets forth the Company’s revenues by geographic region for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
United States | $ | 45,162 | $ | 45,079 | ||||
Other Americas | 7,549 | 14,479 | ||||||
Europe, Middle East and Africa | 49,253 | 55,424 | ||||||
Asia-Pacific | 17,622 | 20,000 | ||||||
Total net revenues | $ | 119,586 | $ | 134,982 | ||||
CREDIT_AGREEMENT_Notes
CREDIT AGREEMENT (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Text Block] | CREDIT AGREEMENT |
On October 1, 2010, Avid Technology, Inc. and certain of its subsidiaries (the “Borrowers”) entered into a Credit Agreement with Wells Fargo Capital Finance LLC (“Wells Fargo”), which established two revolving credit facilities with combined maximum availability of up to $60 million for borrowings and letter of credit guarantees (the “Credit Agreement”). The actual amount of credit available to the Borrowers varies depending upon changes in the level of the respective accounts receivable and inventory, and is subject to other terms and conditions that are more specifically described in the Credit Agreement. On August 29, 2014, the Company entered into an amendment to its Credit Agreement with Wells Fargo that extended the maturity date for the credit facilities from October 1, 2014 to October 1, 2015. At or around the time of the closing of the Orad transaction and financing discussed in Note 1, the Company expects to extend the existing credit agreement or enter into a new revolving credit facility. | |
The amended Credit Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of default under which the Borrowers’ payment obligations may be accelerated, including guarantees and liens on substantially all of the Borrowers’ assets to secure their obligations under the Credit Agreement. The Credit Agreement prohibits the Company from declaring or paying any cash dividends. The Credit Agreement requires that Avid Technology, Inc. (“Avid Technology”) maintain liquidity (comprised of unused availability under its portion of the credit facilities plus certain unrestricted cash and cash equivalents) of $10.0 million, at least $5.0 million of which must be from unused availability under its portion of the credit facilities. In addition, its subsidiary, Avid Technology International B.V. (“Avid Europe”), is required to maintain liquidity (comprised of unused availability under Avid Europe’s portion of the credit facilities plus certain unrestricted cash and cash equivalents) of $5.0 million, at least $2.5 million of which must be from unused availability under Avid Europe’s portion of the credit facilities. Interest accrues on outstanding borrowings under the credit facilities at a rate of either LIBOR plus 2.75% or a base rate (as defined in the Credit Agreement) plus 1.75%, at the option of Avid Technology or Avid Europe, as applicable. The Borrowers must also pay Wells Fargo a monthly unused line fee at a rate of 0.625% per annum. Any borrowings under the Credit Agreement are secured by a lien on substantially all the Borrower’s assets. | |
At March 31, 2015, Avid Technology and Avid Europe had certain reserves and letters of credit guaranteed under the credit facilities of $3.6 million and $0.5 million, respectively, and available borrowings under the credit facilities of approximately $13.7 million and $12.0 million, respectively, after taking into consideration the reserves, outstanding letters of credit and related liquidity covenant. The Company had no outstanding borrowings under the Credit Agreement at March 31, 2015. |
STOCKBASED_COMPENSATION_Notes
STOCK-BASED COMPENSATION (Notes) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION | |||||||||
Information with respect to option shares granted under all the Company’s stock incentive plans for the three months ended March 31, 2015 was as follows: | ||||||||||
Time-Based Shares | Performance-Based Shares | Total Shares | Weighted- | Weighted- | Aggregate | |||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Options outstanding at January 1, 2015 | 5,564,111 | — | 5,564,111 | $11.20 | ||||||
Granted | — | — | — | $— | ||||||
Exercised | (39,361 | ) | — | (39,361 | ) | $11.96 | ||||
Forfeited or canceled | (73,078 | ) | — | (73,078 | ) | $24.00 | ||||
Options outstanding at March 31, 2015 | 5,451,672 | — | 5,451,672 | $11.02 | 4.6 | $27,893 | ||||
Options vested at March 31, 2015 or expected to vest | 5,274,698 | $11.13 | 4.55 | $26,637 | ||||||
Options exercisable at March 31, 2015 | 3,773,237 | $12.38 | 4.06 | $16,193 | ||||||
Information with respect to the Company’s non-vested restricted stock units for the three months ended March 31, 2015 was as follows: | ||||||||||
Non-Vested Restricted Stock Units | ||||||||||
Time-Based Shares | Performance-Based Shares | Total Shares | Weighted- | Weighted- | Aggregate | |||||
Average | Average | Intrinsic | ||||||||
Grant-Date | Remaining | Value | ||||||||
Fair Value | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Non-vested at January 1, 2015 | 811,880 | — | 811,880 | $10.01 | ||||||
Granted | 369,597 | 342,697 | 712,294 | $15.17 | ||||||
Vested | (171,938 | ) | — | (171,938 | ) | $10.31 | ||||
Forfeited | — | — | — | $— | ||||||
Non-vested at March 31, 2015 | 1,009,539 | 342,697 | 1,352,236 | $12.69 | 1.05 | $20,135 | ||||
Expected to vest | 1,213,944 | $12.64 | 1 | $18,076 | ||||||
Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Cost of products revenues | $ | 95 | $ | 76 | ||||||
Cost of services revenues | 159 | 77 | ||||||||
Research and development expenses | 107 | 127 | ||||||||
Marketing and selling expenses | 690 | 292 | ||||||||
General and administrative expenses | 1,410 | 690 | ||||||||
$ | 2,461 | $ | 1,262 | |||||||
FINANCIAL_INFORMATION_Recent_A
FINANCIAL INFORMATION Recent Accounting Pronouncements To Be Adopted (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
On April 12, 2015, Avid entered into a Transaction Agreement and Plan of Merger (the “Merger Agreement”) with Orad Hi-Tec Systems Ltd., an Israeli company listed on the Frankfurt stock exchange, in which Avid agreed to acquire Orad and its subsidiaries on the terms and subject to the conditions set forth in the Merger Agreement, including Orad stockholder approval of the merger. Orad is a leading provider of state-of-the-art 3D real-time graphics, video servers and related asset management solutions. The acquisition adds key content creation and media management solutions to the Avid MediaCentral Platform. | |
Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each issued and outstanding share of Orad common stock will be canceled and converted into the right to receive consideration equal to EUR 5.67 in cash. This consideration represents an enterprise value of approximately $60 million. | |
On April 12, 2015, Avid also entered into a financing commitment letter (the “Commitment Letter”) with certain lenders, in which the lenders have agreed to provide a five-year secured term loan in an aggregate principal amount of $100 million for the purpose of financing the consideration payable under the Merger Agreement and funding the Company’s general working capital requirements. The proposed term loan would bear interest, at Avid’s option, at an annual rate equal to a reference rate plus margin of 5.25% or LIBOR plus 6.50%. The lenders’ obligations to provide funding in accordance with the Commitment Letter are subject to Avid’s compliance with customary terms and conditions precedent for such borrowing as set forth in the Commitment Letter. | |
For a more detailed description of the Merger Agreement and the Commitment Letter, see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 13, 2015. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements To Be Adopted |
On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) and the International Accounting Standards Board (the “IASB”) issued substantially converged final standards on revenue recognition. The FASB's Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), was issued in three parts: (a) Section A, “Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts with Customers (Subtopic 340-40),” (b) Section B, “Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables” and (c) Section C, “Background Information and Basis for Conclusions.” The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. | |
The new revenue recognition guidance becomes effective for the Company on January 1, 2017, and early adoption is not permitted. The FASB has proposed but not yet finalized an amendment to this guidance that would defer the effective date to January 1, 2018. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. The Company has not yet selected a transition method and is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
NET_INCOME_PER_SHARE_NET_INCOM1
NET INCOME PER SHARE NET INCOME (LOSS) PER SHARE (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Antidilutive Securities Excluded From Computation of Net Loss Per Share | The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities and excluded from the diluted earnings per share calculations for the relevant periods because the company reported a net loss for the period the sum of the exercise price per share and the unrecognized compensation cost per share was greater than the average market price of the Company’s common stock for the relevant period, or because they were considered contingently issuable. The contingently issuable potential common shares result from certain stock options and restricted stock units granted to the Company’s executive officers that vest based on performance conditions, market conditions, or a combination of performance or market conditions. | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Options | 5,452 | 4,132 | ||||
Non-vested restricted stock units | 1,352 | 240 | ||||
Anti-dilutive potential common shares | 6,804 | 4,372 | ||||
FOREIGN_CURRENCY_FORWARD_CONTR1
FOREIGN CURRENCY FORWARD CONTRACTS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||
Balance sheet locations, fair values and net gains and losses of foreign currency forward contracts | The following table sets forth the balance sheet classification and fair values of the Company’s foreign currency contracts (in thousands): | ||||||
Derivatives Not Designated as Hedging Instruments under Accounting Standard Codification (“ASC”) Topic 815 | Balance Sheet Classification | Fair Value at March 31, 2015 | Fair Value at December 31, 2014 | ||||
Financial liabilities: | |||||||
Foreign currency contracts | Accrued expenses and other current liabilities | $— | $518 | ||||
The following table sets forth the net foreign exchange gains (losses) recorded as marketing and selling expenses in the Company’s statements of operations during the three months ended March 31, 2015 and 2014 that resulted from foreign currency forward contracts, foreign currency denominated transactions, and the revaluation of foreign currency denominated assets and liabilities (in thousands): | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net foreign exchange gain (loss) recorded in marketing and selling expenses | $1,306 | ($908) | |||||
See Note 4, Fair Value Measurements, for additional information on the fair value measurements for all financial assets and liabilities, including derivative assets and derivative liabilities, that are measured at fair value on a recurring basis. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis | The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands): | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
March 31, | Quoted Prices in | Significant | Significant | |||||||||||||
2015 | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Deferred compensation assets | $ | 1,756 | $ | 1,199 | $ | 557 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
December 31, 2014 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Deferred compensation assets | $ | 1,859 | $ | 1,245 | $ | 614 | $ | — | ||||||||
Financial liabilities: | ||||||||||||||||
Foreign currency contracts | $ | 518 | $ | — | $ | 518 | $ | — | ||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories consisted of the following (in thousands): | |||||||
March 31, 2015 | 31-Dec-14 | |||||||
Raw materials | $ | 9,797 | $ | 9,942 | ||||
Work in process | 228 | 248 | ||||||
Finished goods | 29,699 | 37,811 | ||||||
Total | $ | 39,724 | $ | 48,001 | ||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Amortization of identifiable intangible assets | Amortizing identifiable intangible assets related to the Company’s acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for the Company’s products consisted of the following (in thousands): | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Completed technologies and patents | $ | 51,277 | $ | (51,277 | ) | $ | — | $ | 51,950 | $ | (51,950 | ) | $ | — | ||||||||||
Customer relationships | 48,864 | (46,792 | ) | 2,072 | 49,216 | (46,771 | ) | 2,445 | ||||||||||||||||
Trade names | 5,901 | (5,901 | ) | — | 5,936 | (5,936 | ) | — | ||||||||||||||||
Capitalized software costs | 5,028 | (5,028 | ) | — | 5,043 | (5,043 | ) | — | ||||||||||||||||
Total | $ | 111,070 | $ | (108,998 | ) | $ | 2,072 | $ | 112,145 | $ | (109,700 | ) | $ | 2,445 | ||||||||||
OTHER_LONGTERM_LIABILITIES_OTH1
OTHER LONG-TERM LIABILITIES OTHER LONG-TERM LIABILITIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Long-term liabilities | Other long-term liabilities consisted of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Long-term deferred rent | $ | 7,877 | $ | 8,236 | ||||
Long-term accrued restructuring | 1,200 | 1,334 | ||||||
Long-term deferred compensation | 4,569 | 4,703 | ||||||
Total | $ | 13,646 | $ | 14,273 | ||||
CONTINGENCIES_Tables
CONTINGENCIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Product warranty accrual activity | The following table sets forth the activity in the product warranty accrual account for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accrual balance at beginning of year | $ | 2,792 | $ | 3,501 | ||||
Accruals for product warranties | 502 | 1,270 | ||||||
Costs of warranty claims | (820 | ) | (1,335 | ) | ||||
Accrual balance at end of period | $ | 2,474 | $ | 3,436 | ||||
The total warranty accrual of $2.5 million is included in the caption “accrued expenses and other current liabilities” in the Company’s condensed consolidated balance sheet at March 31, 2015. |
RESTRUCTURING_COSTS_AND_ACCRUA1
RESTRUCTURING COSTS AND ACCRUALS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Schedule of Restructuring and Related Costs | The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2015 (in thousands): | |||||||||||
Employee- | Facilities/ Other- | Total | ||||||||||
Related | Related | |||||||||||
Accrual balance at December 31, 2014 | $ | 58 | $ | 2,285 | $ | 2,343 | ||||||
Accretion | — | 51 | 51 | |||||||||
Cash payments | (52 | ) | (376 | ) | (428 | ) | ||||||
Foreign exchange impact on ending balance | — | (44 | ) | (44 | ) | |||||||
Accrual balance at March 31, 2015 | $ | 6 | $ | 1,916 | $ | 1,922 | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table is a summary of the Company’s revenues by type for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Video products and solutions net revenues | $ | 47,117 | $ | 60,078 | ||||
Audio products and solutions net revenues | 32,912 | 34,492 | ||||||
Products and solutions net revenues | 80,029 | 94,570 | ||||||
Services net revenues | 39,557 | 40,412 | ||||||
Total net revenues | $ | 119,586 | $ | 134,982 | ||||
Schedule of Revenues and Long-lived Assets By Geographic Areas | The following table sets forth the Company’s revenues by geographic region for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
United States | $ | 45,162 | $ | 45,079 | ||||
Other Americas | 7,549 | 14,479 | ||||||
Europe, Middle East and Africa | 49,253 | 55,424 | ||||||
Asia-Pacific | 17,622 | 20,000 | ||||||
Total net revenues | $ | 119,586 | $ | 134,982 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Information with respect to option shares granted under all the Company’s stock incentive plans for the three months ended March 31, 2015 was as follows: | |||||||||
Time-Based Shares | Performance-Based Shares | Total Shares | Weighted- | Weighted- | Aggregate | |||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Options outstanding at January 1, 2015 | 5,564,111 | — | 5,564,111 | $11.20 | ||||||
Granted | — | — | — | $— | ||||||
Exercised | (39,361 | ) | — | (39,361 | ) | $11.96 | ||||
Forfeited or canceled | (73,078 | ) | — | (73,078 | ) | $24.00 | ||||
Options outstanding at March 31, 2015 | 5,451,672 | — | 5,451,672 | $11.02 | 4.6 | $27,893 | ||||
Options vested at March 31, 2015 or expected to vest | 5,274,698 | $11.13 | 4.55 | $26,637 | ||||||
Options exercisable at March 31, 2015 | 3,773,237 | $12.38 | 4.06 | $16,193 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Information with respect to the Company’s non-vested restricted stock units for the three months ended March 31, 2015 was as follows: | |||||||||
Non-Vested Restricted Stock Units | ||||||||||
Time-Based Shares | Performance-Based Shares | Total Shares | Weighted- | Weighted- | Aggregate | |||||
Average | Average | Intrinsic | ||||||||
Grant-Date | Remaining | Value | ||||||||
Fair Value | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Non-vested at January 1, 2015 | 811,880 | — | 811,880 | $10.01 | ||||||
Granted | 369,597 | 342,697 | 712,294 | $15.17 | ||||||
Vested | (171,938 | ) | — | (171,938 | ) | $10.31 | ||||
Forfeited | — | — | — | $— | ||||||
Non-vested at March 31, 2015 | 1,009,539 | 342,697 | 1,352,236 | $12.69 | 1.05 | $20,135 | ||||
Expected to vest | 1,213,944 | $12.64 | 1 | $18,076 | ||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Cost of products revenues | $ | 95 | $ | 76 | ||||||
Cost of services revenues | 159 | 77 | ||||||||
Research and development expenses | 107 | 127 | ||||||||
Marketing and selling expenses | 690 | 292 | ||||||||
General and administrative expenses | 1,410 | 690 | ||||||||
$ | 2,461 | $ | 1,262 | |||||||
FINANCIAL_INFORMATION_Financia
FINANCIAL INFORMATION Financial Information (Details) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 12, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combination, Contingent Consideration, Liability, Current | $5.67 | ||||
Value of Business Acquired (VOBA) | 60,000,000 | ||||
Letters of Credit Outstanding, Amount | 100,000,000 | ||||
Line of Credit Facility, Interest Rate Description | The proposed term loan would bear interest, at Avidbs option, at an annual rate equal to a reference rate plus margin of 5.25% or LIBOR plus 6.50%. | ||||
Cash and Cash Equivalents, at Carrying Value | 25,491,000 | 22,244,000 | 25,056,000 | 48,203,000 | |
Net Cash Provided by (Used in) Operating Activities | $4,630,000 | ($23,992,000) |
NET_INCOME_PER_SHARE_NET_INCOM2
NET INCOME PER SHARE NET INCOME (LOSS) PER SHARE (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||
Anti-dilutive potential common shares (in thousands of shares) | 6,804 | 4,372 |
Options | ||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||
Anti-dilutive potential common shares (in thousands of shares) | 5,452 | 4,132 |
Non-vested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | ||
Anti-dilutive potential common shares (in thousands of shares) | 1,352 | 240 |
FOREIGN_CURRENCY_FORWARD_CONTR2
FOREIGN CURRENCY FORWARD CONTRACTS (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Foreign Currency Forward Contract [Member] | |||
Derivative [Line Items] | |||
Foreign currency forward contracts, average maturity (in days) | 30 days | ||
Financial liabilities: | |||
Derivative, Notional Amount | $25,400,000 | ||
Not Designated as Hedging Instrument [Member] | Marketing and Selling Expense [Member] | |||
Financial liabilities: | |||
Foreign currency forward contracts and revaluation of hedged items, net | 1,306,000 | -908,000 | |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | |||
Financial liabilities: | |||
Foreign currency forward contracts, fair value | 0 | 518,000 | |
Fair Value Hedging [Member] | |||
Financial liabilities: | |||
Derivative, Notional Amount | $100,000 | $2,800,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Deferred compensation assets | $1,756 | $1,859 |
Financial Liabilities: | ||
Foreign currency contracts | 518 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 1,199 | 1,245 |
Financial Liabilities: | ||
Foreign currency contracts | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 557 | 614 |
Financial Liabilities: | ||
Foreign currency contracts | 518 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 0 | 0 |
Financial Liabilities: | ||
Foreign currency contracts | $0 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $9,797,000 | $9,942,000 |
Work in process | 228,000 | 248,000 |
Finished Goods | 29,699,000 | 37,811,000 |
Total inventory | 39,724,000 | 48,001,000 |
Finished goods, consigned | $2,700,000 | $4,300,000 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Finite-Lived Intangible Assets | $400,000 | $600,000 | |
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 111,070,000 | 112,145,000 | |
Accumulated Amortization | -108,998,000 | -109,700,000 | |
Net | 2,072,000 | 2,445,000 | |
Future expected amortization expense, identifiable intangible assets | |||
2015 | 1,100,000 | ||
2016 | 1,000,000 | ||
Completed Technologies and Patents [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 51,277,000 | 51,950,000 | |
Accumulated Amortization | -51,277,000 | -51,950,000 | |
Net | 0 | 0 | |
Customer Relationships [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 48,864,000 | 49,216,000 | |
Accumulated Amortization | -46,792,000 | -46,771,000 | |
Net | 2,072,000 | 2,445,000 | |
Trade Names [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 5,901,000 | 5,936,000 | |
Accumulated Amortization | -5,901,000 | -5,936,000 | |
Net | 0 | 0 | |
Capitalized Software Costs [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 5,028,000 | 5,043,000 | |
Accumulated Amortization | -5,028,000 | -5,043,000 | |
Net | $0 | $0 |
OTHER_LONGTERM_LIABILITIES_OTH2
OTHER LONG-TERM LIABILITIES OTHER LONG-TERM LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred rent | $7,877 | $8,236 |
Long-term accrued restructuring | 1,200 | 1,334 |
Long-term deferred compensation | 4,569 | 4,703 |
Total long-term liabilities | $13,646 | $14,273 |
CONTINGENCIES_Details
CONTINGENCIES (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 12, 2015 | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Receivable | $2,500,000 | ||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 100,000,000 | ||
Product warranty accrual [Roll Forward] | |||
Accrual balance at beginning of year | 2,792,000 | 3,501,000 | |
Accruals for product warranties | 502,000 | 1,270,000 | |
Cost of warranty claims | -820,000 | -1,335,000 | |
Accrual balance at end of period | 2,474,000 | 3,436,000 | |
Pending Litigation [Member] | |||
Operating Lease Commitments [Abstract] | |||
Maximum exposure | 2,600,000 | ||
Standby Letters of Credit [Member] | Office Space - Burlington, Massachusetts [Member] | |||
Operating Lease Commitments [Abstract] | |||
Maximum exposure | 2,600,000 | ||
Minimum exposure | 1,200,000 | ||
Avid Technology Domestic [Member] | Standby Letters of Credit [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | $1,600,000 |
RESTRUCTURING_COSTS_AND_ACCRUA2
RESTRUCTURING COSTS AND ACCRUALS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Restructuring accrual [Roll Forward] | ||
Accrual balance at beginning of year | $2,343,000 | |
Accretion | 51,000 | |
Cash payments | -428,000 | |
Foreign exchange impact on ending balance | -44,000 | |
Accrual balance at end of period | 1,922,000 | |
Facilities-related accruals - non-current | 1,200,000 | 1,334,000 |
Non-Acquisition-Related [Member] | Employee Severance [Member] | ||
Restructuring accrual [Roll Forward] | ||
Accrual balance at beginning of year | 58,000 | |
Accretion | 0 | |
Cash payments | -52,000 | |
Foreign exchange impact on ending balance | 0 | |
Accrual balance at end of period | 6,000 | |
Non-Acquisition-Related [Member] | Facilities-Related [Member] | ||
Restructuring accrual [Roll Forward] | ||
Accrual balance at beginning of year | 2,285,000 | |
Accretion | 51,000 | |
Cash payments | -376,000 | |
Foreign exchange impact on ending balance | -44,000 | |
Accrual balance at end of period | 1,916,000 | |
Facilities-Related [Member] | ||
Restructuring accrual [Roll Forward] | ||
Facilities-related accruals - current | 700,000 | |
Facilities-related accruals - non-current | 1,200,000 | |
Facilities-Related [Member] | Restructuring Plan 2008 [Member] | ||
Restructuring accrual [Roll Forward] | ||
Facilities-related accruals - current | $1,900,000 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Product Revenues | $80,029 | $94,570 |
Services net revenues | 39,557 | 40,412 |
Total net revenues | 119,586 | 134,982 |
Revenues | 119,586 | 134,982 |
Video products and solutions net revenues [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Product Revenues | 47,117 | 60,078 |
Audio products and solutions net revenues [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Product Revenues | 32,912 | 34,492 |
United States [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total net revenues | 45,162 | 45,079 |
Revenues | 45,162 | 45,079 |
Other Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total net revenues | 7,549 | 14,479 |
Revenues | 7,549 | 14,479 |
Europe, Middle East and Africa [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total net revenues | 49,253 | 55,424 |
Revenues | 49,253 | 55,424 |
Asia-Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total net revenues | 17,622 | 20,000 |
Revenues | $17,622 | $20,000 |
CREDIT_AGREEMENT_Details
CREDIT AGREEMENT (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Oct. 02, 2010 |
Line of Credit Facility, Interest Rate Description | The proposed term loan would bear interest, at Avidbs option, at an annual rate equal to a reference rate plus margin of 5.25% or LIBOR plus 6.50%. | |
Wells Fargo Capital Finance LLC [Member] | ||
number of revolving credit facilities | 2 | |
Line of Credit Facility, Maximum Borrowing Capacity | $60 | |
Guaranteed Letters of Credit | 3.6 | |
Line of Credit Facility, Remaining Borrowing Capacity | 13.7 | |
Line of Credit Facility, Asset Restrictions | The Credit Agreement requires that Avid Technology, Inc. (bAvid Technologyb) maintain liquidity (comprised of unused availability under its portion of the credit facilities plus certain unrestricted cash and cash equivalents) of $10.0 million, at least $5.0 million of which must be from unused availability under its portion of the credit facilities. | |
Line of Credit Facility, Interest Rate Description | Interest accrues on outstanding borrowings under the credit facilities at a rate of either LIBOR plus 2.75% or a base rate (as defined in the Credit Agreement) plus 1.75%, at the option of Avid Technology or Avid Europe, as applicable. | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.63% | |
Avid Technology International BV [Member] | Wells Fargo Capital Finance LLC [Member] | ||
Guaranteed Letters of Credit | 0.5 | |
Line of Credit Facility, Remaining Borrowing Capacity | $12 | |
Line of Credit Facility, Asset Restrictions | In addition, its subsidiary, Avid Technology International B.V. (bAvid Europeb), is required to maintain liquidity (comprised of unused availability under Avid Europebs portion of the credit facilities plus certain unrestricted cash and cash equivalents) of $5.0 million, at least $2.5 million of which must be from unused availability under Avid Europebs portion of the credit facilities. |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allocated Share-based Compensation Expense | $2,461 | $1,262 | |
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Time Based Options Outstanding Number | 5,451,672 | 5,564,111 | |
Share Based Compensation Arrangement By Share Based Payment Award Performance Based Options Outstanding Number | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,451,672 | 5,564,111 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $11.02 | $11.20 | |
Share Based Compensation Arrangement by Share Based Payment Award, Time Based Options, Grants in Period, Net of Forfeitures | 0 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Options, Grants in Period, Net of Forfeitures | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Time Based Options, Exercises in Period | -39,361 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Performance Based Options, Exercises in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -39,361 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $11.96 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Time Based Options, Forfeitures and Expirations in Period | -73,078 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Performance Based Options, Forfeitures and Expirations in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -73,078 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 219 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 27,893 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,274,698 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $11.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 201 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 26,637 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 3,773,237 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $12.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 22 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 16,193 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Time Based Equity Instruments Other than Options, Nonvested, Number | 1,009,539 | 811,880 | |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Based Equity Instruments Other than Options, Nonvested, Number | 342,697 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,352,236 | 811,880 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $12.69 | $10.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value | 20,135 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Time Based Equity Instruments Other than Options, Grants in Period | 369,597 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Based Equity Instruments Other than Options, Grants in Period | 342,697 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 712,294 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Time Based Equity Instruments Other than Options, Vested in Period | -171,938 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Based Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -171,938 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $10.31 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Time Based Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Based Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Number | 1,213,944 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $12.64 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Weighted Average Remaining Contractual Term | 1 year | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Intrinsic Value | 18,076 | ||
Cost of Products Revenues [Member] | |||
Allocated Share-based Compensation Expense | 95 | 76 | |
Cost of Services Revenues [Member] | |||
Allocated Share-based Compensation Expense | 159 | 77 | |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | 107 | 127 | |
Selling and Marketing Expense [Member] | |||
Allocated Share-based Compensation Expense | 690 | 292 | |
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | $1,410 | $690 |