Document And Entity Information
Document And Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Nov. 02, 2018 | Sep. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Avid Technology, Inc. | ||
Entity Central Index Key | 896,841 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 41,852,649 | ||
Entity Public Float | $ 222,066,526 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net revenues: | ||||
Products | $ 52,133 | $ 54,319 | $ 144,922 | $ 152,980 |
Services | 51,913 | 50,946 | 155,676 | 158,765 |
Total net revenues | 104,046 | 105,265 | 300,598 | 311,745 |
Cost of revenues: | ||||
Products | 27,042 | 29,485 | 79,684 | 80,478 |
Services | 14,443 | 13,472 | 42,414 | 41,747 |
Amortization of intangible assets | 1,950 | 1,950 | 5,850 | 5,850 |
Total cost of revenues | 43,435 | 44,907 | 127,948 | 128,075 |
Gross profit | 60,611 | 60,358 | 172,650 | 183,670 |
Operating expenses: | ||||
Research and development | 15,873 | 16,025 | 47,543 | 51,904 |
Marketing and selling | 23,461 | 25,652 | 77,352 | 80,481 |
General and administrative | 13,660 | 15,193 | 41,656 | 43,268 |
Amortization of intangible assets | 363 | 362 | 1,089 | 1,088 |
Restructuring costs, net | (226) | 582 | (3,401) | (6,464) |
Total operating expenses | 53,583 | 56,650 | 171,041 | 183,205 |
Operating income | 7,028 | 3,708 | 1,609 | 465 |
Interest and other expense, net | (5,725) | (4,701) | (17,362) | (13,465) |
(Loss) income before income taxes | 1,303 | (993) | (15,753) | (13,000) |
Provision for (benefit from) income taxes | 425 | (1,065) | 824 | (326) |
Net (loss) income | $ 878 | $ 72 | $ (16,577) | $ (12,674) |
Net (loss) income per common share - basic | $ 0.02 | $ 0 | $ (0.40) | $ (0.31) |
Weighted-average common shares outstanding – basic | 41,792 | 41,133 | 41,596 | 40,954 |
Weighted-average common shares outstanding – diluted | 42,226 | 41,355 | 41,596 | 40,954 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net (loss) income | $ 878 | $ 72 | $ (16,577) | $ (12,674) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 86 | 2,014 | (970) | 6,803 |
Comprehensive (loss) income | $ 964 | $ 2,086 | $ (17,547) | $ (5,871) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 50,460 | $ 57,223 |
Restricted Cash, Current | 8,500 | 0 |
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 50,998 | 40,134 |
Inventories | 32,111 | 38,421 |
Prepaid expenses | 9,453 | 8,208 |
Contract with Customer, Asset, Gross | 17,147 | 0 |
Other current assets | 6,890 | 10,341 |
Total current assets | 175,559 | 154,327 |
Property and equipment, net | 19,350 | 21,903 |
Intangible assets, net | 6,745 | 13,682 |
Goodwill | 32,643 | 32,643 |
Long-term deferred tax assets, net | 1,282 | 1,318 |
Other long-term assets | 11,466 | 10,811 |
Total assets | 247,045 | 234,684 |
Current liabilities: | ||
Accounts payable | 33,593 | 30,160 |
Accrued compensation and benefits | 21,666 | 25,466 |
Accrued expenses and other current liabilities | 37,865 | 31,549 |
Income taxes payable | 2,182 | 1,815 |
Short-term debt | 1,401 | 5,906 |
Deferred revenues | 73,935 | 121,184 |
Total current liabilities | 170,642 | 216,080 |
Long-term debt | 229,429 | 204,498 |
Long-term deferred revenues | 14,289 | 73,429 |
Other long-term liabilities | 6,820 | 9,247 |
Total liabilities | 421,180 | 503,254 |
Contingencies (Note 7) | ||
Stockholders' deficit: | ||
Common stock | 423 | 423 |
Additional paid-in capital | 1,028,468 | 1,035,808 |
Accumulated deficit | (1,192,913) | (1,284,703) |
Treasury stock at cost | (6,717) | (17,672) |
Accumulated other comprehensive loss | (3,396) | (2,426) |
Total stockholders' deficit | (174,135) | (268,570) |
Total liabilities and stockholders' deficit | $ 247,045 | $ 234,684 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 1,268 | $ 11,142 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (16,577) | $ (12,674) |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 15,905 | 16,932 |
(Recovery) provision for doubtful accounts | 61 | (158) |
Stock-based compensation expense | 4,331 | 5,874 |
Non-cash provision for restructuring | 1,083 | 3,191 |
Non-cash interest expense | 8,697 | 7,255 |
Unrealized foreign currency transaction losses | (794) | 6,885 |
Benefit for deferred taxes | 6 | (925) |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | 10,129 | 2,877 |
Inventories | 294 | 9,542 |
Prepaid expenses and other current assets | 3,724 | (3,958) |
Accounts payable | 3,467 | 2,065 |
Accrued expenses, compensation and benefits and other liabilities | (12,453) | 543 |
Income taxes payable | 423 | (161) |
Deferred revenues | (22,544) | (31,185) |
Net cash provided by (used in) operating activities | (4,248) | 6,103 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7,540) | (6,125) |
Increase in other long-term assets | (25) | (24) |
Net cash used in investing activities | (7,565) | (6,149) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 22,688 | 912 |
Repayment of debt | (7,808) | (3,750) |
Proceeds from the issuance of common stock under employee stock plans | 266 | 219 |
Common stock repurchases for tax withholdings for net settlement of equity awards | (957) | (732) |
Net cash (used in) provided by financing activities | 14,189 | (3,351) |
Effect of exchange rate changes on cash and cash equivalents | (358) | 753 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 2,018 | (2,644) |
Cash and cash equivalents at beginning of period | 57,223 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 62,451 | 47,304 |
Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents at end of period | 50,460 | 44,094 |
Restricted Cash, Current | 8,500 | 0 |
Restricted Cash, Noncurrent | 3,491 | 3,210 |
Cash paid for income taxes, net of refunds | (2,268) | 463 |
Cash paid for interest | $ 9,024 | $ 7,406 |
FINANCIAL INFORMATION (Notes)
FINANCIAL INFORMATION (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL INFORMATION | FINANCIAL INFORMATION The accompanying condensed consolidated financial statements include the accounts of Avid Technology, Inc. and its wholly owned subsidiaries (collectively, “we” or “our”). These financial statements are unaudited. However, in the opinion of management, the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for their fair statement. Interim results are not necessarily indicative of results expected for any other interim period or a full year. We prepared the accompanying unaudited condensed consolidated financial statements in accordance with the instructions for Form 10-Q and, therefore, include all information and footnotes necessary for a complete presentation of operations, comprehensive income (loss), financial position and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated balance sheet as of December 31, 2017 was derived from our audited consolidated financial statements and does not include all disclosures required by U.S. GAAP for annual financial statements. We filed audited consolidated financial statements as of and for the year ended December 31, 2017 in our Annual Report on Form 10-K for the year ended December 31, 2017 , which included information and footnotes necessary for such presentation. The financial statements contained in this Form 10-Q should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017 . Our preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from our estimates. Subsequent Events We evaluated subsequent events through the date of issuance of these financial statements and no other subsequent events required recognition or disclosure in these financial statements. Significant Accounting Policies - Revenue Recognition We enter into contracts with customers that include various combinations of products and services, which are typically capable of being distinct and are accounted for as separate performance obligations. The Company accounts for a contract when (i) it has approval and commitment from both parties, (ii) the rights of the parties have been identified, (iii) payment terms have been identified, (iv) the contract has commercial substance and (v) collectability is probable. We recognize revenue upon transfer of control of promised products or services to customers, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts, in an amount that reflects the consideration we expect to receive in exchange for those products or services. See Note 9 for disaggregated revenue schedules and further discussion on revenue and deferred revenue performance obligations and the timing of revenue recognition. We often enter into contractual arrangements that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These arrangements may include a combination of products, support, training and professional services. We allocate the transaction price of the arrangement based on the relative estimated standalone selling price (“SSP”) of each distinct performance obligation. Our process for determining SSP for each performance obligation involves significant management judgment. In determining SSP, we maximize observable inputs and consider a number of data points, including: • the pricing of standalone sales (in the instances where available); • the pricing established by management when setting prices for deliverables that are intended to be sold on a standalone basis; • contractually stated prices for deliverables that are intended to be sold on a standalone basis; • other pricing factors, such as the geographical region in which the products are sold and expected discounts based on the customer size and type. Determining SSP for performance obligations which we never sell separately also requires significant judgment. In estimating the SSP, we consider the likely price that would have resulted from established pricing practices had the deliverable been offered separately and the prices a customer would likely be willing to pay. We only include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We reduce transaction prices for estimated returns and other allowances that represent variable consideration under Accounting Standards Codification (“ASC”) Topic 606, which we estimate based on historical return experience and other relevant factors, and record a corresponding refund liability as a component of accrued expenses and other current liabilities. Other forms of contingent revenue or variable consideration are infrequent. While not a common practice for us, in the event we grant the customer the option to acquire additional products or services in an arrangement, we consider if the option provides a material right to the customer that it would not receive without entering into the contract (e.g., an incremental discount compared to the range of discounts typically given for similar products or services). If a material right is deemed to exist, we account for the option as a distinct performance obligation and recognize revenue when those future products or services are transferred or when the option expires. We also record as revenue all amounts billed to customers for shipping and handling costs and record the actual shipping costs as a component of cost of revenues. Reimbursements received from customers for out-of-pocket expenses are recorded as revenues, with related costs recorded as cost of revenues. We present revenues net of any taxes collected from customers and remitted to government authorities. We apply the practical expedient to not adjust the transaction price for the effects of a significant financing component when we expect that the period between when we transfer a good or service to a customer and when the customer pays for that good or service will be one year or less. Payments under our contracts are typically due within in a short period from when our performance obligations are satisfied. We apply the practical expedient for the deferral of sales commissions and other contract acquisition costs, which are expensed as incurred, where the amortization period would be one year or less. Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. We recorded a net reduction to opening accumulated deficit of approximately $ 108 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606. The primary impact of ASC 606 that resulted in a significant decrease in deferred revenue is that vendor specific objective evidence of fair value is no longer required to recognize revenue for distinct software products upon delivery, which allows recognition upon delivery rather than on a ratable basis over a period of time. A summary of the changes to balance sheet line items that resulted from the adoption of ASC 606 as of January 1, 2018 is as follows (in thousands): As of January 1, 2018 As Previously Reported Impact of Adoption of Topic 606 (5)(6) As Adjusted (6) Assets: Accounts receivable, net (1) $ 40,134 $ 21,088 $ 61,222 Contract assets (2) — 6,579 6,579 Inventory (3) 38,421 (5,716 ) 32,705 Other long-term assets 10,811 865 11,676 Total assets $ 234,684 $ 22,816 $ 257,500 Liabilities: Accrued expenses and other current liabilities (1) $ 31,549 $ 11,139 $ 42,688 Deferred revenue (current portion) (4) 121,184 (41,611 ) 79,573 Long-term deferred revenue (4) 73,429 (55,079 ) 18,350 Total liabilities $ 503,254 $ (85,551 ) $ 417,703 Stockholders’ deficit: Accumulated deficit (1,284,703 ) 108,367 (1,176,336 ) Total stockholders’ deficit $ (268,570 ) $ 108,367 $ (160,203 ) (1) The increase in accounts receivable and accrued expenses and other current liabilities is due to the reclassification of allowances for sales returns, rebates and other adjustments to selling prices that are considered variable consideration under ASC 606 and are now presented as a liability on our balance sheet. Accounts receivable also increased due to advanced contractual support billings now being recorded on a gross basis in accounts receivable when it is due, rather than being net against corresponding unamortized deferred revenue. (2) For subscription contracts, we are now required under ASC 606 to record contract assets for annual and multi-year subscriptions that are billed monthly, resulting in an increase in contract assets at the date of adoption. In addition, some of our enterprise agreements have fixed payment schedules whereas the timing of the fulfillment of performance obligations under the contracts can vary, which can result in the fulfillment of performance obligations exceeding contract billings, which also results in contract assets. (3) The reduction is due to inventory and deferred costs that were directly attributable to deferred revenue transactions that were reduced or eliminated due to the adoption of ASC 606 (as described in footnote 4 below), necessitating the elimination of corresponding inventory and deferred costs associated with those deferred revenue transactions. (4) The reduction is primarily attributable to the elimination of the requirement to have vendor specific objective evidence of fair value for undelivered elements that existed under ASC 985, the prior applicable accounting guidance, for software products, which no longer precludes revenue recognition under ASC 606. (5) See Note 9 for a further description of the components of revenue and related performance obligations under ASC 606 that resulted in cumulative changes to balance sheet accounts as a result of the adoption of ASC 606. (6) The impact of the adoption of ASC 606 reported in our Form 10-Q for the three months ended March 31, 2018 has been revised in this filing to reflect an additional reduction to deferred revenue and accumulated deficit as of January 1, 2018 of $3.8 million . The adoption of Topic 606, as compared to legacy U.S. GAAP required for revenue recognition, did not have a significant impact on revenue or net loss for the three and nine months ended September 30, 2018. The impact of ASC 606 to balance sheet line items as of September 30, 2018, after reflecting the opening balance sheet adjustments described in detail above, was not material. There was no tax impact associated with the adoption because our deferred tax assets related to deferred revenue have a full valuation allowance. In March 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (“SAB”) No. 118 . The guidance amends SEC paragraphs in ASC 740, Income Taxes, to reflect and codify SAB No. 118, which provides guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Cuts and Jobs Act in the period of enactment. The ASU became effective upon issuance. We had applied SAB 118 upon the original issuance in December, 2017 prior to the codification in ASC 740. See discussion below regarding the status of our accounting for the impacts of the Tax Cuts and Jobs Act (TCJA). On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA changed many aspects of U.S. corporate income taxation and included reduction of the corporate income tax rate from 35% to 21% , implementation of a territorial tax system and imposition of a tax on deemed repatriated earnings of foreign subsidiaries. The TCJA was effective as of December 31, 2017 and at that time we made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax. As of September 30, 2018, we have completed our accounting for the tax effects of the TCJA and there were no material changes to the estimated amounts that were recorded as of December 31, 2017. The global intangible low-taxed income (GILTI) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Under U.S. GAAP, we can make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the measurement of our deferred taxes (the “deferred method”). During the quarter ended September 30, 2018 the Company has made a policy election to record tax effects of GILTI as an expense in the period incurred. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230) . The guidance reduces diversity in how certain cash receipts and cash payments are presented and classified in the Statements of Cash Flows. Certain of ASU No. 2016-15 requirements are as follows: (i) cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities, (ii) contingent consideration payments made soon after a business combination should be classified as cash outflows for investing activities and cash payment made thereafter should be classified as cash outflows for financing up to the amount of the contingent consideration liability recognized at the acquisition date with any excess classified as operating activities, (iii) cash proceeds from the settlement of insurance claims should be classified on the basis of the nature of the loss, (iv) cash proceeds from the settlement of Corporate-Owned Life Insurance, or COLI, Policies should be classified as cash inflows from investing activities and cash payments for premiums on COLI policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities and (v) cash paid to a tax authority by an employer when withholding shares from an employee's award for tax-withholding purposes should be classified as cash outflows for financing activities. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-15 had no material impact on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) . The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-16 had no impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, companies will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet is required. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-18 had no material impact on our consolidated financial statements. Restricted cash amounts, presented within the statements of financial position and cash flows, are cash collateralized letters of credit that are used as security deposits in connection with our facility leases and operations. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for costs incurred to implement a cloud computing arrangement (CCA) that is a service arrangement with ASC 350 on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted. We have been applying ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is a service contract during 2017 and 2018. The early adoption of ASU 2018-15 has no impact on our consolidated financial statements. Recent Accounting Pronouncements to be Adopted On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The guidance requires an entity to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The new guidance becomes effective for us on January 1, 2019, and early adoption is permitted upon issuance. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 (codified as ASC 842). Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842. The transition relief amendments apply to entities that have not yet adopted ASC 842. We intend to adopt the standard beginning in fiscal 2019 using the modified retrospective transition approach, specifically, using the alternative transition method provided by ASU 2018-11. While we are still in the process of evaluating the impact of this new accounting standard, we expect the impact will be material to the statement of financial position, and not material to the statements of operations and cash flows. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification , amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. The amendments are effective for all filings made on or after November 5, 2018. However, the SEC staff has provided an extended transition period for companies to comply with the new interim disclosure requirement to provide a reconciliation of changes in shareholders’ equity (either in a separate statement or note to the financial statements). The extended transition period allows us to first present the reconciliation of changes in shareholders' equity in our Form 10-Q for the first quarter ended March 31, 2019. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
NET INCOME PER SHARE Earnings P
NET INCOME PER SHARE Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET INCOME PER SHARE Net income per common share is presented for both basic income per share (“Basic EPS”) and diluted 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 share equivalents outstanding during the period. The potential common shares that were considered anti-dilutive securities were excluded from the diluted earnings per share calculations for the relevant periods either because the sum of the exercise price per share and the unrecognized compensation cost per share was greater than the average market price of our common stock for the relevant 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 our employees that vest based on performance conditions, market conditions, or a combination of performance and market conditions. The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities at September 30, 2018 and 2017 . September 30, 2018 September 30, 2017 Options 916 2,334 Non-vested restricted stock units 3,009 3,289 Anti-dilutive potential common shares 3,925 5,623 On June 15, 2015, we issued $125.0 million aggregate principal amount of our 2.00% Convertible Senior Notes due 2020, or the Notes. The Notes are convertible into cash, shares of our common stock or a combination of cash and shares of common stock, at our election, based on an initial conversion rate, subject to adjustment. In connection with the offering of the Notes, we entered into a capped call transaction, or Capped Call, with a third party. We use the treasury stock method in computing the dilutive impact of the Notes. The Notes are convertible into shares of our common stock but our stock price was less than the conversion price as of September 30, 2018 and 2017 , and, therefore, the Notes are excluded from Diluted EPS. The Capped Call is not reflected in diluted net income per share as it will always be anti-dilutive. |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets Measured at Fair Value on a Recurring Basis We measure deferred compensation investments on a recurring basis. As of September 30, 2018 and December 31, 2017 , our deferred compensation investments were classified as either Level 1 or Level 2 in the fair value hierarchy. Assets valued using quoted market prices in active markets and classified as Level 1 are money market and mutual funds. Assets valued based on other observable inputs and classified as Level 2 are insurance contracts. The following tables summarize our deferred compensation investments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,424 $ 426 $ 998 $ — Fair Value Measurements at Reporting Date Using December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,743 $ 484 $ 1,259 $ — Financial Instruments Not Recorded at Fair Value The carrying amounts of our other financial assets and liabilities including cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the relatively short period of time between their origination and their expected realization or settlement. As of September 30, 2018 , the net carrying amount of the Notes was $106.3 million , and the fair value of the Notes was approximately $105.6 million based on open market trading activity, which constitutes a Level 1 input in the fair value hierarchy. |
INVENTORIES (Notes)
INVENTORIES (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Raw materials $ 10,767 $ 11,217 Work in process 376 397 Finished goods 20,968 26,807 Total $ 32,111 $ 38,421 As of September 30, 2018 and December 31, 2017 , finished goods inventory included $1.9 million and $8.2 million , respectively, associated with products shipped to customers and deferred labor costs for arrangements where revenue recognition had not yet commenced. As discussed in Note 1, $5.7 million of inventory was eliminated upon the adoption of ASC 606 on January 1, 2018 as such inventory was directly attributable to deferred revenue transactions that were also eliminated upon adoption. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL Intangible Assets (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Amortizing identifiable intangible assets related to our acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for our products consisted of the following (in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Completed technologies and patents $ 58,425 $ (52,738 ) $ 5,687 $ 58,609 $ (47,072 ) $ 11,537 Customer relationships 54,863 (53,805 ) 1,058 54,946 (52,801 ) 2,145 Trade names 1,346 (1,346 ) — 1,346 (1,346 ) — Capitalized software costs 4,911 (4,911 ) — 4,911 (4,911 ) — Total $ 119,545 $ (112,800 ) $ 6,745 $ 119,812 $ (106,130 ) $ 13,682 Amortization expense related to all intangible assets in the aggregate was $2.3 million for both the three months ended September 30, 2018 and 2017 , and $6.9 million for both the nine months ended September 30, 2018 and 2017 . We expect amortization of acquired intangible assets to be $2.3 million for the remainder of 2018 and $4.4 million in 2019 . The acquisition of Orad in 2015 resulted in goodwill of $32.6 million as of September 30, 2018 and December 31, 2017 . |
OTHER LONG-TERM LIABILITIES Lon
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following (in thousands): September 30, 2018 December 31, 2017 Deferred rent $ 1,378 $ 2,970 Accrued restructuring 218 731 Deferred compensation 5,224 5,546 Total $ 6,820 $ 9,247 |
CONTINGENCIES (Notes)
CONTINGENCIES (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Commitments We entered into a long-term agreement to purchase a variety of information technology solutions from a third party in the second quarter of 2017, which included an unconditional commitment to purchase a minimum of $12.8 million of products and services over the initial three -year term of the agreement. We have purchased $4.0 million pursuant to this agreement as of September 30, 2018 to develop Azure certified solutions. We have letters of credit that are used as security deposits in connection with our leased Burlington, Massachusetts office space. In the event of default on the underlying leases, the landlords would, at September 30, 2018 , be eligible to draw against the letters of credit to a maximum of $1.3 million in the aggregate. The letters of credit are subject to aggregate reductions provided we are not in default under the underlying leases and meet 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. We also have letters of credit in connection with security deposits for other facility leases totaling $1.1 million in the aggregate, as well as letters of credit totaling $1.4 million that otherwise support our ongoing operations. These letters of credit have various terms and expire during 2018 and beyond, while some of the letters of credit may automatically renew based on the terms of the underlying agreements. We issued a letter of credit totaling $8.5 million to one of our sole-source suppliers in February 2018. The supplier is eligible to draw on the letter of credit in the event that we are insolvent or unable to pay on our purchase orders for certain key hardware components of our product. The letter of credit is valid for one year from its issuance date, and may automatically renew based on the terms of the underlying agreement. Contingencies Our industry is characterized by the existence of a large number of patents and frequent claims and litigation regarding patent and other intellectual property rights. In addition to the legal proceedings described below, we are involved in legal proceedings from time to time arising from the normal course of business activities, including claims of alleged infringement of intellectual property rights and contractual, commercial, employee relations, product or service performance, or other matters. We do not believe these matters will have a material adverse effect on our financial position or results of operations. However, the outcome of legal proceedings and claims brought against us is subject to significant uncertainty. Therefore, our financial position or results of operations may be negatively affected by the unfavorable resolution of one or more of these proceedings for the period in which a matter is resolved. Our results could be materially adversely affected if we are accused of, or found to be, infringing third parties’ intellectual property rights. In November 2016, a purported securities class action lawsuit was filed in the U.S. District Court for the District of Massachusetts (Mohanty v. Avid Technology, Inc. et al., No. 16-cv-12336) against us and certain of our executive officers seeking unspecified damages and other relief on behalf of a purported class of purchasers of our common stock between August 4, 2016 and November 9, 2016, inclusive. The complaint purported to state a claim for violation of federal securities laws as a result of alleged violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The complaint’s allegations relate generally to our disclosure surrounding the level of implementation of our Avid NEXIS solution product offerings. On February 7, 2017, the Court appointed a lead plaintiff and counsel in the matter. On June 14, 2017, we moved to dismiss the action. On July 31, 2017, the lead plaintiff filed an opposition to our motion to dismiss, and on August 21, 2017, we filed our reply brief. On October 13, 2017, after a mediation, the parties reached an agreement in principle to settle this litigation. The settlement was approved by the court and the settlement payment was made by our insurers in May 2018. Following the termination of our former Chairman and Chief Executive Officer on February 25, 2018, we received a notice alleging that we breached the former employee’s employment agreement. While we intend to defend any claim vigorously, when and if a claim is actually filed, we are currently unable to estimate an amount or range of any reasonably possible losses that could occur as a result of this matter. We consider all claims on a quarterly basis and based on known facts assess whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, we then evaluate disclosure requirements and whether to accrue for such claims in our condensed consolidated financial statements. We record a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. At September 30, 2018 and as of the date of filing of these condensed consolidated financial statements, we believe that, other than as set forth in this note, no provision for liability nor disclosure is required related to any claims because: (a) there is no reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim, (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. Additionally, we provide indemnification to certain customers for losses incurred in connection with intellectual property infringement claims brought by third parties with respect to our products. These indemnification provisions generally offer perpetual coverage for infringement claims based upon the products covered by the agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions is theoretically unlimited. To date, we have not incurred material costs related to these indemnification provisions; accordingly, we believe the estimated fair value of these indemnification provisions is immaterial. Further, certain of our arrangements with customers include clauses whereby we may be subject to penalties for failure to meet certain performance obligations; however, we have not recorded any related material penalties to date. We provide warranties on externally sourced and internally developed hardware. For internally developed hardware, and in cases where the warranty granted to customers for externally sourced hardware is greater than that provided by the manufacturer, we record an accrual for the related liability based on historical trends and actual material and labor costs. The following table sets forth the activity in the product warranty accrual account for the nine months ended September 30, 2018 and 2017 (in thousands): Nine Months Ended September 30, 2018 2017 Accrual balance at beginning of year $ 2,545 $ 2,518 Accruals for product warranties 1,612 1,872 Costs of warranty claims (1,802 ) (1,897 ) Accrual balance at end of period $ 2,355 $ 2,493 The warranty accrual is included in the caption “accrued expenses and other current liabilities” in our condensed consolidated balance sheet. |
RESTRUCTURING COSTS AND ACCRUAL
RESTRUCTURING COSTS AND ACCRUALS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING COSTS AND ACCRUALS | RESTRUCTURING COSTS AND ACCRUALS In February 2016, we committed to a cost efficiency program that encompassed a series of measures intended to allow us to more efficiently operate in a leaner, more directed cost structure. These included reductions in our workforce, consolidation of facilities, transfers of certain business processes to lower cost regions, and reductions in other third-party services costs. The cost efficiency program was substantially complete as of December 31, 2017. During the three and nine months ended September 30, 2018 , we recorded restructuring charges of $0.2 million and $3.4 million , respectively. The restructuring charges for the nine months ended September 30, 2018 included $1.7 million of severance costs, $0.2 million of facility restructuring accrual adjustments, and $1.1 million of leasehold improvement write-off resulting from the consolidation of our facilities in Burlington, Massachusetts, During the three and nine months ended September 30, 2017 , we recorded recoveries of $0.6 million and restructuring charges of $6.5 million , respectively. The restructuring charges for the nine months ended September 30, 2017 included $1.2 million of severance costs and $5.2 million of facility restructuring charges for the closure of certain excess facility space, including $3.2 million of leasehold improvement write-offs. Restructuring Summary The following table sets forth restructuring expenses recognized for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee $ 879 $ (1,137 ) $ 1,734 $ 1,225 Facility (895 ) 735 177 3,364 Total facility and employee charges (16 ) (402 ) 1,911 4,589 Other 242 (180 ) 1,490 1,875 Total restructuring charges, net $ 226 $ (582 ) $ 3,401 $ 6,464 The following table sets forth the activity in the restructuring accruals for the nine months ended September 30, 2018 (in thousands): Employee Facility Total Accrual balance as of December 31, 2017 $ 1,998 $ 2,479 $ 4,477 Restructuring charges and revisions 1,734 177 1,911 Accretion — 101 101 Cash payments (2,369 ) (2,257 ) (4,626 ) Foreign exchange impact on ending balance 5 1 6 Accrual balance as of September 30, 2018 $ 1,368 $ 501 $ 1,869 Less: current portion 1,368 283 1,651 Long-term accrual balance as of September 30, 2018 $ — $ 218 $ 218 The employee restructuring accrual at September 30, 2018 represents severance costs to former employees that will be paid out within 12 months, and is, therefore, included in the caption “accrued expenses and other current liabilities” in our condensed consolidated balance sheets as of September 30, 2018 . The facility restructuring accrual at September 30, 2018 represents contractual lease payments, net of actual or estimated sublease income, on space vacated as part of our restructuring actions. The leases, and payments against the amounts accrued, extend through 2026 unless we are able to negotiate earlier terminations. Of the total facility restructuring balance, $0.3 million is included in the caption “accrued expenses and other current liabilities” and $0.2 million is included in the caption “other long-term liabilities” in our condensed consolidated balance sheet as of September 30, 2018 . |
REVENUE (Notes)
REVENUE (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |
PRODUCT AND GEOGRAPHIC INFORMATION | Revenue Components and Performance Obligations Video Products and Solutions We offer a wide range of video products and solutions in connection with our sales of storage and workflow solutions, our media management solutions and our video creative tools, which include our Media Composer, NEXIS, Airspeed, Maestro and Media Central product lines that consist of software licenses or integrated hardware and software solutions. We sell these products to customers under a contract or signed quote and payment terms are generally 30 to 60 days from delivery. Each individual product sold to a customer represents a distinct performance obligation for us and revenue is recognized at the point in time when control of the product transfers, which is typically when the product is shipped to the customer or, in the case of certain software licenses, when the software license term commences and is accessible by the customer. Audio Products and Solutions We offer a wide range of audio products and solutions in connection with our sales of digital audio software and workstation solutions and our control surfaces, consoles and live-sound systems, which include our Pro Tools, Pro Tools HD, Pro Tools | S6, VENUE | S6L and Sibelius product lines that consist of software licenses or integrated hardware and software solutions. We sell these products to customers under a contract or signed quote and payment terms are generally 30 to 60 days from delivery. Each individual product sold to a customer represents a distinct performance obligation for us and revenue is recognized at the point in time when control of the product transfers, which is typically when the product is shipped to the customer or, in the case of certain software licenses, when the software license term commences and is accessible by the customer. Subscription Services We offer subscription versions of many of our software products with monthly, annual and multi-year terms. While we are beginning to offer subscription versions for most of our product portfolio in connection with our cloud strategy, current subscription sales primarily consist of our Media Composer, Pro Tools and Sibelius offerings. We sell these products to customers under standard terms and conditions and payment is due upfront, except for webstore transactions which are billed monthly. Contract assets for annual and multi-year subscriptions billed monthly are recorded on our balance sheet upon customer commitment. Subscription services have several performance obligations, including a right to use the software and stand-ready performance obligations to (i) provide unspecified bug fixes and software enhancements, or Software Updates, and (ii) call support when and if needed. The estimated SSP of the right to use the licensed software is recognized at a point in time once control has been transferred and the customer has the ability to access the software. Stand-ready performance obligations related to Software Updates and call support are satisfied over time and revenue is recognized ratably over the term of the subscription. Support Services We offer support contracts, which are typically annual, for our video and audio products. Support contracts for individual products are sold bundled with initial product offerings or as renewals once initial contracts have lapsed. Support contracts are also sold on an enterprise basis where a customer purchases support for all Avid products owned. Support contracts are provided under our standard terms and conditions and payment is due in advance of the support being provided. Support contracts include stand-ready performance obligations to provide (i) Software Updates, (ii) call support and (iii) hardware maintenance. Support contract performance obligations are satisfied over time and revenue is recognized ratably over the term of the support contract. Historically, for many of our products, we had an ongoing practice of making when-and-if-available Software Updates available to customers free of charge for a period of time after initial sales to customers. The expectation created by this practice of providing free Software Updates represents an implied obligation of a form of post-contract customer support (“Implied PCS”) which represents a performance obligation. While we have ceased providing Implied PCS on new product offerings, we continue to provide Implied PCS for older products that were predominately sold in prior years. Revenue attributable to Implied PCS performance obligations is recognized over time on a ratable basis over the period that Implied PCS is expected to be provided, which is typically six years. Professional Services, Training and Other We sell a variety of professional services, training and other services that complement product and support offerings. Professional services consist primarily of standard configuration, commissioning (i.e., setting up equipment purchased) and on-air support (i.e., monitoring a customer’s production environment available during initial system go-live, live sporting events, etc.) and providing customization services for some of our products. We also offer training and certification programs for many of our products and workflows. Other revenues include shipping and handling charges and reimbursable travel expenses. We sell professional services, training and other services under contracts, signed quote and, for larger projects, statements of work that outline the customer’s specifications and requirements. Services are primarily sold on a time and materials basis, however, fixed fee arrangements are also executed from time to time. Payments are generally billed upon completion of the service or, for larger projects, on an installment basis as services are rendered. While the nature of service deliverables can vary significantly, each service deliverable generally represents a distinct performance obligation and revenue is recognized over time, typically in proportion of the total hours incurred as a percentage of total estimated hours required to complete the project. Enterprise Agreements From time to time, we enter into enterprise wide agreements whereby the customer agrees to purchase specified products and services from us over an extended period of time, often for a single fixed contractual price. For such agreements, management identifies each performance obligation in the contract and allocates the total contract price to each performance obligation based on relative estimated SSP. Once the transaction price is allocated to individual performance obligations, the components are recognized in the respective categories of revenue above consistent with the timing of the recognition of performance obligations described therein. Disaggregated Revenue and Geography Information Through the evaluation of the discrete financial information that is regularly reviewed by the chief operating decision makers (our chief executive officer and chief financial officer), we have determined that we have one reportable segment. The following table is a summary of our revenues by type for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Video products and solutions net revenues $ 34,124 $ 27,058 $ 92,625 $ 82,585 Audio products and solutions net revenues 18,009 27,261 52,297 70,395 Products and solutions net revenues 52,133 54,319 144,922 152,980 Subscription services 8,786 6,712 25,577 14,298 Support services 35,033 38,016 104,869 123,445 Professional services, training and other services 8,094 6,218 25,230 21,022 Services net revenues 51,913 50,946 155,676 158,765 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 The following table sets forth our revenues by geographic region for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Revenues: United States $ 37,078 $ 38,624 $ 112,726 $ 121,309 Other Americas 7,466 7,377 20,216 20,581 Europe, Middle East and Africa 43,179 41,526 124,148 121,647 Asia-Pacific 16,323 17,738 43,508 48,208 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 Revenue Components and Performance Obligations Video Products and Solutions We offer a wide range of video products and solutions in connection with our sales of storage and workflow solutions, our media management solutions and our video creative tools, which include our Media Composer, NEXIS, Airspeed, Maestro and Media Central product lines that consist of software licenses or integrated hardware and software solutions. We sell these products to customers under a contract or signed quote and payment terms are generally 30 to 60 days from delivery. Each individual product sold to a customer represents a distinct performance obligation for us and revenue is recognized at the point in time when control of the product transfers, which is typically when the product is shipped to the customer or, in the case of certain software licenses, when the software license term commences and is accessible by the customer. Audio Products and Solutions We offer a wide range of audio products and solutions in connection with our sales of digital audio software and workstation solutions and our control surfaces, consoles and live-sound systems, which include our Pro Tools, Pro Tools HD, Pro Tools | S6, VENUE | S6L and Sibelius product lines that consist of software licenses or integrated hardware and software solutions. We sell these products to customers under a contract or signed quote and payment terms are generally 30 to 60 days from delivery. Each individual product sold to a customer represents a distinct performance obligation for us and revenue is recognized at the point in time when control of the product transfers, which is typically when the product is shipped to the customer or, in the case of certain software licenses, when the software license term commences and is accessible by the customer. Subscription Services We offer subscription versions of many of our software products with monthly, annual and multi-year terms. While we are beginning to offer subscription versions for most of our product portfolio in connection with our cloud strategy, current subscription sales primarily consist of our Media Composer, Pro Tools and Sibelius offerings. We sell these products to customers under standard terms and conditions and payment is due upfront, except for webstore transactions which are billed monthly. Contract assets for annual and multi-year subscriptions billed monthly are recorded on our balance sheet upon customer commitment. Subscription services have several performance obligations, including a right to use the software and stand-ready performance obligations to (i) provide unspecified bug fixes and software enhancements, or Software Updates, and (ii) call support when and if needed. The estimated SSP of the right to use the licensed software is recognized at a point in time once control has been transferred and the customer has the ability to access the software. Stand-ready performance obligations related to Software Updates and call support are satisfied over time and revenue is recognized ratably over the term of the subscription. Support Services We offer support contracts, which are typically annual, for our video and audio products. Support contracts for individual products are sold bundled with initial product offerings or as renewals once initial contracts have lapsed. Support contracts are also sold on an enterprise basis where a customer purchases support for all Avid products owned. Support contracts are provided under our standard terms and conditions and payment is due in advance of the support being provided. Support contracts include stand-ready performance obligations to provide (i) Software Updates, (ii) call support and (iii) hardware maintenance. Support contract performance obligations are satisfied over time and revenue is recognized ratably over the term of the support contract. Historically, for many of our products, we had an ongoing practice of making when-and-if-available Software Updates available to customers free of charge for a period of time after initial sales to customers. The expectation created by this practice of providing free Software Updates represents an implied obligation of a form of post-contract customer support (“Implied PCS”) which represents a performance obligation. While we have ceased providing Implied PCS on new product offerings, we continue to provide Implied PCS for older products that were predominately sold in prior years. Revenue attributable to Implied PCS performance obligations is recognized over time on a ratable basis over the period that Implied PCS is expected to be provided, which is typically six years. Professional Services, Training and Other We sell a variety of professional services, training and other services that complement product and support offerings. Professional services consist primarily of standard configuration, commissioning (i.e., setting up equipment purchased) and on-air support (i.e., monitoring a customer’s production environment available during initial system go-live, live sporting events, etc.) and providing customization services for some of our products. We also offer training and certification programs for many of our products and workflows. Other revenues include shipping and handling charges and reimbursable travel expenses. We sell professional services, training and other services under contracts, signed quote and, for larger projects, statements of work that outline the customer’s specifications and requirements. Services are primarily sold on a time and materials basis, however, fixed fee arrangements are also executed from time to time. Payments are generally billed upon completion of the service or, for larger projects, on an installment basis as services are rendered. While the nature of service deliverables can vary significantly, each service deliverable generally represents a distinct performance obligation and revenue is recognized over time, typically in proportion of the total hours incurred as a percentage of total estimated hours required to complete the project. Enterprise Agreements From time to time, we enter into enterprise wide agreements whereby the customer agrees to purchase specified products and services from us over an extended period of time, often for a single fixed contractual price. For such agreements, management identifies each performance obligation in the contract and allocates the total contract price to each performance obligation based on relative estimated SSP. Once the transaction price is allocated to individual performance obligations, the components are recognized in the respective categories of revenue above consistent with the timing of the recognition of performance obligations described therein. Disaggregated Revenue and Geography Information Through the evaluation of the discrete financial information that is regularly reviewed by the chief operating decision makers (our chief executive officer and chief financial officer), we have determined that we have one reportable segment. The following table is a summary of our revenues by type for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Video products and solutions net revenues $ 34,124 $ 27,058 $ 92,625 $ 82,585 Audio products and solutions net revenues 18,009 27,261 52,297 70,395 Products and solutions net revenues 52,133 54,319 144,922 152,980 Subscription services 8,786 6,712 25,577 14,298 Support services 35,033 38,016 104,869 123,445 Professional services, training and other services 8,094 6,218 25,230 21,022 Services net revenues 51,913 50,946 155,676 158,765 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 The following table sets forth our revenues by geographic region for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Revenues: United States $ 37,078 $ 38,624 $ 112,726 $ 121,309 Other Americas 7,466 7,377 20,216 20,581 Europe, Middle East and Africa 43,179 41,526 124,148 121,647 Asia-Pacific 16,323 17,738 43,508 48,208 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 |
REVENUE Deferred Revenue Disclo
REVENUE Deferred Revenue Disclosure (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Revenue Arrangement [Line Items] | |
Deferred Revenue Disclosure [Text Block] | Deferred Revenue Deferred revenue activity for the nine months ended September 30, 2018 was as follows (in thousands): September 30, 2018 Deferred revenue at January 1, 2018 $ 97,923 Billings deferred 59,185 Recognition of prior deferred revenue (68,884 ) Deferred revenue at September 30, 2018 $ 88,224 A summary of the significant performance obligations included in deferred revenue as of September 30, 2018 is as follows (in thousands): September 30, 2018 Product $ 6,480 Subscription 943 Support Contracts 56,903 Implied PCS 17,572 Professional services, training and other 6,326 Deferred revenue at September 30, 2018 $ 88,224 We expect deferred revenue recorded as of September 30, 2018 will be recorded as revenue within the next 12 months, except for Implied PCS performance obligations and long-term support agreements. We expect $6 million , $ 5 million , $ 3 million , and $ 1 million of Implied PCS deferred revenue recorded as of September 30, 2018 will be recognized as revenue for the years ended December 31, 2019, 2020, 2021, and 2022, respectively. We expect $1 million of long-term support deferred revenue recorded as of September 30, 2018 will be recognized for each of the years ended December 31, 2019 and 2020 respectively. |
REVENUE Revenue from Contract w
REVENUE Revenue from Contract with Customer (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Capitalized Contract Cost [Line Items] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract asset activity for the nine months ended September 30, 2018 was as follows (in thousands): September 30, 2018 Contract asset at January 1, 2018 $ 6,579 Revenue in excess of billings 20,099 Customer billings (8,133 ) Contract asset at September 30, 2018 $ 18,545 Less: long-term portion (recorded in other long-term assets) 1,398 Contract asset, current portion $ 17,147 The increase in contract assets during the nine months ended September 30, 2018 is due to (i) continued growth in our subscription offerings and (ii) the timing of payments due under our enterprise network agreements which predominately are payable annually whereas performance obligations are fulfilled on a continuous basis. |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
LONG TERM DEBT AND CREDIT AGREEMENT | LONG-TERM DEBT AND CREDIT AGREEMENT Long-term debt consisted of the following (in thousands): September 30, 2018 December 31, 2017 Term Loan, net of unamortized debt issuance costs of $2,761 at September 30, 2018 and $3,499 at December 31, 2017 $ 122,982 $ 102,751 Notes, net of unamortized original issue discount and debt issuance costs of $11,669 at September 30, 2018 and $17,026 at December 31, 2017, respectively 106,331 105,974 Other long-term debt 1,517 1,679 Total debt 230,830 210,404 Less: current portion 1,401 5,906 Total long-term debt $ 229,429 $ 204,498 The following table summarizes the maturities of our borrowing obligations as of September 30, 2018 (in thousands): Fiscal Year Term Loan Notes Other Long-Term Debt Total 2018 $ 319 $ — $ 32 $ 351 2019 1,275 — 132 1,407 2020 2,231 118,000 142 120,373 2021 4,781 — 153 4,934 2022 6,375 — 164 6,539 Thereafter 110,762 — 894 111,656 Total before unamortized discount 125,743 118,000 1,517 245,260 Less: unamortized discount and issuance costs 2,761 11,669 — 14,430 Less: current portion of long-term debt 1,275 — 126 1,401 Total long-term debt $ 121,707 $ 106,331 $ 1,391 $ 229,429 2.00% Convertible Senior Notes due 2020 On June 15, 2015, we issued $125.0 million aggregate principal amount of our Notes in an offering conducted in accordance with Rule 144A under the Securities Act of 1933. The Notes pay interest semi-annually on June 15 and December 15 of each year at an annual rate of 2.00% and mature on June 15, 2020, unless earlier converted or repurchased in accordance with their terms prior to such date. Total interest expense for the three and nine months ended September 30, 2018 was $2.2 million and $6.6 million , respectively, reflecting the coupon and accretion of the discount. On December 15, 2017, we purchased 2,000 of our 125,000 outstanding Notes and settled $2.0 million of the Notes for $1.7 million in cash. We recorded $2.0 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial loss on the extinguishment of debt. On February 8, 2018, we purchased an additional 2,000 of our 123,000 outstanding Notes and settled another $2.0 million of the Notes for $1.7 million in cash. We recorded $2.0 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial gain on the extinguishment of debt. On September 7, 2018, we purchased an additional 3,000 of our 121,000 outstanding Notes and settled another $3.0 million of the Notes for $2.7 million in cash. We recorded $3.0 million extinguishment of debt, an immaterial amount of equity reacquisition, and an immaterial gain on the extinguishment of debt. Term Loan and Credit Facility On February 26, 2016, we entered into a Financing Agreement (the “Financing Agreement”) with Cerberus Business Finance, LLC, as collateral and administrative agent, and the lenders party thereto (the “Lenders”). The Lenders originally agreed to provide us with (a) a term loan in the aggregate principal amount of $100.0 million (the “Term Loan”), and (b) a revolving credit facility (the “Credit Facility”) of up to a maximum of $5.0 million in borrowings outstanding at any time. We granted a security interest on substantially all of our assets to secure the obligations under the Term Loan and the Credit Facility. The Term Loan requires us to use 50% of excess cash flow, as defined in the Financing Agreement, to repay outstanding principal of the loans under the Financing Agreement. The Financing Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of default under which our payment obligations may be accelerated. On November 9, 2017, we entered into an amendment and extended an additional $15.0 million term loan and increased the amount available under the Credit Facility by $5.0 million . On May 10, 2018, we entered into an amendment to the Financing Agreement, which extended the maturity of the Financing Agreement to May 2023, and increased the Term Loan by $22.7 million and the amount available under the Credit Facility by $12.5 million. Under the terms of the amendment, aggregate quarterly principal repayments beginning September 30, 2018 through June 30, 2020 will be $318,750, then from July 1, 2020 through June 30, 2021 equal to $796,875, finally from July 1, 2021 through May 10, 2023 equal to $1,593,750. Following the amendment effective date, interest accrues on outstanding borrowings under the Term Loan and Credit Facility (each as defined in the Financing Agreement) at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.625% or a Reference Rate (as defined in the Financing Agreement) plus 5.625%, at our option. The amendment modified the covenant requiring us to maintain a Leverage Ratio (defined to mean the ratio of (a) the sum of indebtedness under the Term Loan and Credit Facility, capitalized leases and non-cash collateralized letters of credit to (b) consolidated EBITDA) of no greater than 3.00:1.00 for the four quarters ended June 30, 2018 through December 31, 2018, 2.50:1.00 for the four quarters ending March 31, 2019 through December 31, 2019, 2.25:1.00 for the four quarters ending March 31, 2020 through March 31, 2021, 2.00:1.00 for the four quarters ending June 30, 2021 through December 31, 2022, respectively, and thereafter declining to 1.50:1.00. The maximum available credit under the Credit Facility is $22.5 million . There were no amounts outstanding under the Credit Facility as of September 30, 2018 . We were in compliance with the Financing Agreement covenants as of September 30, 2018 . We recorded $2.9 million and $7.9 million of interest expenses on the Term Loan for the three and nine months ended September 30, 2018 , respectively. |
STOCKHOLDERS' EQUITY Share-Base
STOCKHOLDERS' EQUITY Share-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock-Based Compensation Information with respect to option shares granted under all of our stock incentive plans for the nine months ended September 30, 2018 was as follows: Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2018 2,290,017 — 2,290,017 $9.65 Granted — — — $— Exercised — — — $— Forfeited or canceled (1,373,552 ) — (1,373,552 ) $10.44 Options outstanding at September 30, 2018 916,465 — 916,465 $8.48 1.88 $— Options vested at September 30, 2018 or expected to vest 916,465 $8.48 1.88 $— Options exercisable at September 30, 2018 916,465 $8.48 1.88 $— Information with respect to our non-vested restricted stock units for the nine months ended September 30, 2018 was as follows: Non-Vested Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Non-vested at January 1, 2018 1,809,138 1,254,110 3,063,248 $5.10 Granted 1,693,728 771,124 2,464,852 $4.97 Vested (600,134 ) — (600,134 ) $5.62 Forfeited (859,458 ) (1,059,091 ) (1,918,549 ) $5.09 Non-vested at September 30, 2018 2,043,274 966,143 3,009,417 $4.90 1.11 $17,816 Expected to vest 2,689,399 $5.02 1.11 $15,921 Stock-based compensation was included in the following captions in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Cost of products revenues $ 40 $ 14 $ 83 $ 39 Cost of services revenues 55 49 139 508 Research and development expenses 236 222 439 474 Marketing and selling expenses 419 582 1,152 1,375 General and administrative expenses 1,326 1,614 2,518 3,478 $ 2,076 $ 2,481 $ 4,331 $ 5,874 |
FINANCIAL INFORMATION Subsequen
FINANCIAL INFORMATION Subsequent Events (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] |
FINANCIAL INFORMATION Significa
FINANCIAL INFORMATION Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Financial Information [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Significant Accounting Policies - Revenue Recognition We enter into contracts with customers that include various combinations of products and services, which are typically capable of being distinct and are accounted for as separate performance obligations. The Company accounts for a contract when (i) it has approval and commitment from both parties, (ii) the rights of the parties have been identified, (iii) payment terms have been identified, (iv) the contract has commercial substance and (v) collectability is probable. We recognize revenue upon transfer of control of promised products or services to customers, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts, in an amount that reflects the consideration we expect to receive in exchange for those products or services. See Note 9 for disaggregated revenue schedules and further discussion on revenue and deferred revenue performance obligations and the timing of revenue recognition. We often enter into contractual arrangements that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These arrangements may include a combination of products, support, training and professional services. We allocate the transaction price of the arrangement based on the relative estimated standalone selling price (“SSP”) of each distinct performance obligation. Our process for determining SSP for each performance obligation involves significant management judgment. In determining SSP, we maximize observable inputs and consider a number of data points, including: • the pricing of standalone sales (in the instances where available); • the pricing established by management when setting prices for deliverables that are intended to be sold on a standalone basis; • contractually stated prices for deliverables that are intended to be sold on a standalone basis; • other pricing factors, such as the geographical region in which the products are sold and expected discounts based on the customer size and type. Determining SSP for performance obligations which we never sell separately also requires significant judgment. In estimating the SSP, we consider the likely price that would have resulted from established pricing practices had the deliverable been offered separately and the prices a customer would likely be willing to pay. We only include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We reduce transaction prices for estimated returns and other allowances that represent variable consideration under Accounting Standards Codification (“ASC”) Topic 606, which we estimate based on historical return experience and other relevant factors, and record a corresponding refund liability as a component of accrued expenses and other current liabilities. Other forms of contingent revenue or variable consideration are infrequent. While not a common practice for us, in the event we grant the customer the option to acquire additional products or services in an arrangement, we consider if the option provides a material right to the customer that it would not receive without entering into the contract (e.g., an incremental discount compared to the range of discounts typically given for similar products or services). If a material right is deemed to exist, we account for the option as a distinct performance obligation and recognize revenue when those future products or services are transferred or when the option expires. We also record as revenue all amounts billed to customers for shipping and handling costs and record the actual shipping costs as a component of cost of revenues. Reimbursements received from customers for out-of-pocket expenses are recorded as revenues, with related costs recorded as cost of revenues. We present revenues net of any taxes collected from customers and remitted to government authorities. We apply the practical expedient to not adjust the transaction price for the effects of a significant financing component when we expect that the period between when we transfer a good or service to a customer and when the customer pays for that good or service will be one year or less. Payments under our contracts are typically due within in a short period from when our performance obligations are satisfied. We apply the practical expedient for the deferral of sales commissions and other contract acquisition costs, which are expensed as incurred, where the amortization period would be one year or less. |
FINANCIAL INFORMATION Recent Ac
FINANCIAL INFORMATION Recent Accounting Pronouncements To Be Adopted (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax, Policy [Policy Text Block] | In March 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (“SAB”) No. 118 . The guidance amends SEC paragraphs in ASC 740, Income Taxes, to reflect and codify SAB No. 118, which provides guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Cuts and Jobs Act in the period of enactment. The ASU became effective upon issuance. We had applied SAB 118 upon the original issuance in December, 2017 prior to the codification in ASC 740. See discussion below regarding the status of our accounting for the impacts of the Tax Cuts and Jobs Act (TCJA). On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA changed many aspects of U.S. corporate income taxation and included reduction of the corporate income tax rate from 35% to 21% , implementation of a territorial tax system and imposition of a tax on deemed repatriated earnings of foreign subsidiaries. The TCJA was effective as of December 31, 2017 and at that time we made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax. As of September 30, 2018, we have completed our accounting for the tax effects of the TCJA and there were no material changes to the estimated amounts that were recorded as of December 31, 2017. The global intangible low-taxed income (GILTI) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Under U.S. GAAP, we can make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the measurement of our deferred taxes (the “deferred method”). During the quarter ended September 30, 2018 the Company has made a policy election to record tax effects of GILTI as an expense in the period incurred. |
New Accounting Pronouncement, Early Adoption [Table Text Block] | In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230) . The guidance reduces diversity in how certain cash receipts and cash payments are presented and classified in the Statements of Cash Flows. Certain of ASU No. 2016-15 requirements are as follows: (i) cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities, (ii) contingent consideration payments made soon after a business combination should be classified as cash outflows for investing activities and cash payment made thereafter should be classified as cash outflows for financing up to the amount of the contingent consideration liability recognized at the acquisition date with any excess classified as operating activities, (iii) cash proceeds from the settlement of insurance claims should be classified on the basis of the nature of the loss, (iv) cash proceeds from the settlement of Corporate-Owned Life Insurance, or COLI, Policies should be classified as cash inflows from investing activities and cash payments for premiums on COLI policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities and (v) cash paid to a tax authority by an employer when withholding shares from an employee's award for tax-withholding purposes should be classified as cash outflows for financing activities. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-15 had no material impact on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) . The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-16 had no impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, companies will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet is required. We adopted the guidance on January 1, 2018. The adoption of ASU 2016-18 had no material impact on our consolidated financial statements. Restricted cash amounts, presented within the statements of financial position and cash flows, are cash collateralized letters of credit that are used as security deposits in connection with our facility leases and operations. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for costs incurred to implement a cloud computing arrangement (CCA) that is a service arrangement with ASC 350 on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted. We have been applying ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is a service contract during 2017 and 2018. The early adoption of ASU 2018-15 has no impact on our consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements to be Adopted On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The guidance requires an entity to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The new guidance becomes effective for us on January 1, 2019, and early adoption is permitted upon issuance. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 (codified as ASC 842). Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842. The transition relief amendments apply to entities that have not yet adopted ASC 842. We intend to adopt the standard beginning in fiscal 2019 using the modified retrospective transition approach, specifically, using the alternative transition method provided by ASU 2018-11. While we are still in the process of evaluating the impact of this new accounting standard, we expect the impact will be material to the statement of financial position, and not material to the statements of operations and cash flows. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification , amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. The amendments are effective for all filings made on or after November 5, 2018. However, the SEC staff has provided an extended transition period for companies to comply with the new interim disclosure requirement to provide a reconciliation of changes in shareholders’ equity (either in a separate statement or note to the financial statements). The extended transition period allows us to first present the reconciliation of changes in shareholders' equity in our Form 10-Q for the first quarter ended March 31, 2019. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
FINANCIAL INFORMATION Revenue,
FINANCIAL INFORMATION Revenue, Initial Application Period Cumulative Effect Transition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue from Contract with Customer [Text Block] | On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. We recorded a net reduction to opening accumulated deficit of approximately $ 108 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606. The primary impact of ASC 606 that resulted in a significant decrease in deferred revenue is that vendor specific objective evidence of fair value is no longer required to recognize revenue for distinct software products upon delivery, which allows recognition upon delivery rather than on a ratable basis over a period of time. A summary of the changes to balance sheet line items that resulted from the adoption of ASC 606 as of January 1, 2018 is as follows (in thousands): As of January 1, 2018 As Previously Reported Impact of Adoption of Topic 606 (5)(6) As Adjusted (6) Assets: Accounts receivable, net (1) $ 40,134 $ 21,088 $ 61,222 Contract assets (2) — 6,579 6,579 Inventory (3) 38,421 (5,716 ) 32,705 Other long-term assets 10,811 865 11,676 Total assets $ 234,684 $ 22,816 $ 257,500 Liabilities: Accrued expenses and other current liabilities (1) $ 31,549 $ 11,139 $ 42,688 Deferred revenue (current portion) (4) 121,184 (41,611 ) 79,573 Long-term deferred revenue (4) 73,429 (55,079 ) 18,350 Total liabilities $ 503,254 $ (85,551 ) $ 417,703 Stockholders’ deficit: Accumulated deficit (1,284,703 ) 108,367 (1,176,336 ) Total stockholders’ deficit $ (268,570 ) $ 108,367 $ (160,203 ) (1) The increase in accounts receivable and accrued expenses and other current liabilities is due to the reclassification of allowances for sales returns, rebates and other adjustments to selling prices that are considered variable consideration under ASC 606 and are now presented as a liability on our balance sheet. Accounts receivable also increased due to advanced contractual support billings now being recorded on a gross basis in accounts receivable when it is due, rather than being net against corresponding unamortized deferred revenue. (2) For subscription contracts, we are now required under ASC 606 to record contract assets for annual and multi-year subscriptions that are billed monthly, resulting in an increase in contract assets at the date of adoption. In addition, some of our enterprise agreements have fixed payment schedules whereas the timing of the fulfillment of performance obligations under the contracts can vary, which can result in the fulfillment of performance obligations exceeding contract billings, which also results in contract assets. (3) The reduction is due to inventory and deferred costs that were directly attributable to deferred revenue transactions that were reduced or eliminated due to the adoption of ASC 606 (as described in footnote 4 below), necessitating the elimination of corresponding inventory and deferred costs associated with those deferred revenue transactions. (4) The reduction is primarily attributable to the elimination of the requirement to have vendor specific objective evidence of fair value for undelivered elements that existed under ASC 985, the prior applicable accounting guidance, for software products, which no longer precludes revenue recognition under ASC 606. (5) See Note 9 for a further description of the components of revenue and related performance obligations under ASC 606 that resulted in cumulative changes to balance sheet accounts as a result of the adoption of ASC 606. (6) The impact of the adoption of ASC 606 reported in our Form 10-Q for the three months ended March 31, 2018 has been revised in this filing to reflect an additional reduction to deferred revenue and accumulated deficit as of January 1, 2018 of $3.8 million . The adoption of Topic 606, as compared to legacy U.S. GAAP required for revenue recognition, did not have a significant impact on revenue or net loss for the three and nine months ended September 30, 2018. The impact of ASC 606 to balance sheet line items as of September 30, 2018, after reflecting the opening balance sheet adjustments described in detail above, was not material. There was no tax impact associated with the adoption because our deferred tax assets related to deferred revenue have a full valuation allowance. |
NET INCOME PER SHARE Earnings_2
NET INCOME PER SHARE Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded From Computation of Net (Income) Loss Per Share | The following table sets forth (in thousands) potential common shares that were considered anti-dilutive securities at September 30, 2018 and 2017 . September 30, 2018 September 30, 2017 Options 916 2,334 Non-vested restricted stock units 3,009 3,289 Anti-dilutive potential common shares 3,925 5,623 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | The following tables summarize our deferred compensation investments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,424 $ 426 $ 998 $ — Fair Value Measurements at Reporting Date Using December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Deferred compensation assets $ 1,743 $ 484 $ 1,259 $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Raw materials $ 10,767 $ 11,217 Work in process 376 397 Finished goods 20,968 26,807 Total $ 32,111 $ 38,421 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization of identifiable intangible assets | Amortizing identifiable intangible assets related to our acquisitions or capitalized costs of internally developed or externally purchased software that form the basis for our products consisted of the following (in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Completed technologies and patents $ 58,425 $ (52,738 ) $ 5,687 $ 58,609 $ (47,072 ) $ 11,537 Customer relationships 54,863 (53,805 ) 1,058 54,946 (52,801 ) 2,145 Trade names 1,346 (1,346 ) — 1,346 (1,346 ) — Capitalized software costs 4,911 (4,911 ) — 4,911 (4,911 ) — Total $ 119,545 $ (112,800 ) $ 6,745 $ 119,812 $ (106,130 ) $ 13,682 |
OTHER LONG-TERM LIABILITIES L_2
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Long-term liabilities | Other long-term liabilities consisted of the following (in thousands): September 30, 2018 December 31, 2017 Deferred rent $ 1,378 $ 2,970 Accrued restructuring 218 731 Deferred compensation 5,224 5,546 Total $ 6,820 $ 9,247 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product warranty accrual activity | The following table sets forth the activity in the product warranty accrual account for the nine months ended September 30, 2018 and 2017 (in thousands): Nine Months Ended September 30, 2018 2017 Accrual balance at beginning of year $ 2,545 $ 2,518 Accruals for product warranties 1,612 1,872 Costs of warranty claims (1,802 ) (1,897 ) Accrual balance at end of period $ 2,355 $ 2,493 |
RESTRUCTURING COSTS AND ACCRU_2
RESTRUCTURING COSTS AND ACCRUALS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | The following table sets forth restructuring expenses recognized for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee $ 879 $ (1,137 ) $ 1,734 $ 1,225 Facility (895 ) 735 177 3,364 Total facility and employee charges (16 ) (402 ) 1,911 4,589 Other 242 (180 ) 1,490 1,875 Total restructuring charges, net $ 226 $ (582 ) $ 3,401 $ 6,464 The following table sets forth the activity in the restructuring accruals for the nine months ended September 30, 2018 (in thousands): Employee Facility Total Accrual balance as of December 31, 2017 $ 1,998 $ 2,479 $ 4,477 Restructuring charges and revisions 1,734 177 1,911 Accretion — 101 101 Cash payments (2,369 ) (2,257 ) (4,626 ) Foreign exchange impact on ending balance 5 1 6 Accrual balance as of September 30, 2018 $ 1,368 $ 501 $ 1,869 Less: current portion 1,368 283 1,651 Long-term accrual balance as of September 30, 2018 $ — $ 218 $ 218 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Revenue Arrangement [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated | Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Video products and solutions net revenues $ 34,124 $ 27,058 $ 92,625 $ 82,585 Audio products and solutions net revenues 18,009 27,261 52,297 70,395 Products and solutions net revenues 52,133 54,319 144,922 152,980 Subscription services 8,786 6,712 25,577 14,298 Support services 35,033 38,016 104,869 123,445 Professional services, training and other services 8,094 6,218 25,230 21,022 Services net revenues 51,913 50,946 155,676 158,765 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 |
Schedule of Revenues and Long-lived Assets By Geographic Areas | The following table sets forth our revenues by geographic region for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Revenues: United States $ 37,078 $ 38,624 $ 112,726 $ 121,309 Other Americas 7,466 7,377 20,216 20,581 Europe, Middle East and Africa 43,179 41,526 124,148 121,647 Asia-Pacific 16,323 17,738 43,508 48,208 Total net revenues $ 104,046 $ 105,265 $ 300,598 $ 311,745 |
REVENUE Deferred Revenue Activi
REVENUE Deferred Revenue Activity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Revenue Arrangement [Line Items] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | September 30, 2018 Product $ 6,480 Subscription 943 Support Contracts 56,903 Implied PCS 17,572 Professional services, training and other 6,326 Deferred revenue at September 30, 2018 $ 88,224 |
Deferred Revenue Disclosure [Text Block] | Deferred Revenue Deferred revenue activity for the nine months ended September 30, 2018 was as follows (in thousands): September 30, 2018 Deferred revenue at January 1, 2018 $ 97,923 Billings deferred 59,185 Recognition of prior deferred revenue (68,884 ) Deferred revenue at September 30, 2018 $ 88,224 A summary of the significant performance obligations included in deferred revenue as of September 30, 2018 is as follows (in thousands): September 30, 2018 Product $ 6,480 Subscription 943 Support Contracts 56,903 Implied PCS 17,572 Professional services, training and other 6,326 Deferred revenue at September 30, 2018 $ 88,224 We expect deferred revenue recorded as of September 30, 2018 will be recorded as revenue within the next 12 months, except for Implied PCS performance obligations and long-term support agreements. We expect $6 million , $ 5 million , $ 3 million , and $ 1 million of Implied PCS deferred revenue recorded as of September 30, 2018 will be recognized as revenue for the years ended December 31, 2019, 2020, 2021, and 2022, respectively. We expect $1 million of long-term support deferred revenue recorded as of September 30, 2018 will be recognized for each of the years ended December 31, 2019 and 2020 respectively. |
REVENUE Revenue from Contract_2
REVENUE Revenue from Contract with Customer (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Capitalized Contract Cost [Line Items] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract asset activity for the nine months ended September 30, 2018 was as follows (in thousands): September 30, 2018 Contract asset at January 1, 2018 $ 6,579 Revenue in excess of billings 20,099 Customer billings (8,133 ) Contract asset at September 30, 2018 $ 18,545 Less: long-term portion (recorded in other long-term assets) 1,398 Contract asset, current portion $ 17,147 The increase in contract assets during the nine months ended September 30, 2018 is due to (i) continued growth in our subscription offerings and (ii) the timing of payments due under our enterprise network agreements which predominately are payable annually whereas performance obligations are fulfilled on a continuous basis. |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENT Schedule of Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | debt consisted of the following (in thousands): September 30, 2018 December 31, 2017 Term Loan, net of unamortized debt issuance costs of $2,761 at September 30, 2018 and $3,499 at December 31, 2017 $ 122,982 $ 102,751 Notes, net of unamortized original issue discount and debt issuance costs of $11,669 at September 30, 2018 and $17,026 at December 31, 2017, respectively 106,331 105,974 Other long-term debt 1,517 1,679 Total debt 230,830 210,404 Less: current portion 1,401 5,906 Total long-term debt $ 229,429 $ 204,498 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Term Loan Notes Other Long-Term Debt Total 2018 $ 319 $ — $ 32 $ 351 2019 1,275 — 132 1,407 2020 2,231 118,000 142 120,373 2021 4,781 — 153 4,934 2022 6,375 — 164 6,539 Thereafter 110,762 — 894 111,656 Total before unamortized discount 125,743 118,000 1,517 245,260 Less: unamortized discount and issuance costs 2,761 11,669 — 14,430 Less: current portion of long-term debt 1,275 — 126 1,401 Total long-term debt $ 121,707 $ 106,331 $ 1,391 $ 229,429 |
STOCKHOLDERS' EQUITY Share-Ba_2
STOCKHOLDERS' EQUITY Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Information with respect to option shares granted under all of our stock incentive plans for the nine months ended September 30, 2018 was as follows: Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2018 2,290,017 — 2,290,017 $9.65 Granted — — — $— Exercised — — — $— Forfeited or canceled (1,373,552 ) — (1,373,552 ) $10.44 Options outstanding at September 30, 2018 916,465 — 916,465 $8.48 1.88 $— Options vested at September 30, 2018 or expected to vest 916,465 $8.48 1.88 $— Options exercisable at September 30, 2018 916,465 $8.48 1.88 $— |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Information with respect to our non-vested restricted stock units for the nine months ended September 30, 2018 was as follows: Non-Vested Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Non-vested at January 1, 2018 1,809,138 1,254,110 3,063,248 $5.10 Granted 1,693,728 771,124 2,464,852 $4.97 Vested (600,134 ) — (600,134 ) $5.62 Forfeited (859,458 ) (1,059,091 ) (1,918,549 ) $5.09 Non-vested at September 30, 2018 2,043,274 966,143 3,009,417 $4.90 1.11 $17,816 Expected to vest 2,689,399 $5.02 1.11 $15,921 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation was included in the following captions in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Cost of products revenues $ 40 $ 14 $ 83 $ 39 Cost of services revenues 55 49 139 508 Research and development expenses 236 222 439 474 Marketing and selling expenses 419 582 1,152 1,375 General and administrative expenses 1,326 1,614 2,518 3,478 $ 2,076 $ 2,481 $ 4,331 $ 5,874 |
FINANCIAL INFORMATION Financial
FINANCIAL INFORMATION Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory, Net | $ 32,111 | $ 38,421 |
Assets | 247,045 | 234,684 |
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 50,998 | 40,134 |
Long-term deferred revenues | 14,289 | 73,429 |
Liabilities | 421,180 | 503,254 |
Deferred Revenue, Current | 73,935 | 121,184 |
Accumulated deficit | (1,192,913) | (1,284,703) |
Stockholders' Equity Attributable to Parent | $ (174,135) | (268,570) |
Accounting Standards Update 2014-09 [Member] | ||
Inventory, Net | 32,705 | |
Assets | 257,500 | |
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 61,222 | |
Long-term deferred revenues | 18,350 | |
Liabilities | 417,703 | |
Deferred Revenue, Current | 79,573 | |
Accumulated deficit | (1,176,336) | |
Stockholders' Equity Attributable to Parent | $ (160,203) |
FINANCIAL INFORMATION Reconcili
FINANCIAL INFORMATION Reconciliation of Income Tax Provision to Statutory Rate (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Tax Year 2017 [Member] | ||
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | |
Latest Tax Year [Member] | ||
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 35.00% |
FINANCIAL INFORMATION Revenue_2
FINANCIAL INFORMATION Revenue, Initial Application Period Cumulative Effect Transition (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accrued expenses and other current liabilities | $ 37,865 | $ 31,549 | |
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 50,998 | 40,134 | |
Contract with Customer, Asset, Gross | 17,147 | 0 | |
Inventory, Net | (32,111) | (38,421) | |
Other long-term assets | 11,466 | 10,811 | |
Assets | 247,045 | 234,684 | |
Deferred Revenue, Current | (73,935) | (121,184) | |
Deferred Revenue, Noncurrent | (14,289) | (73,429) | |
Liabilities | 421,180 | 503,254 | |
Accumulated deficit | (1,192,913) | (1,284,703) | |
Stockholders' Equity Attributable to Parent | $ (174,135) | (268,570) | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accrued expenses and other current liabilities | 11,139 | ||
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 21,088 | ||
Contract with Customer, Asset, Gross | 6,579 | ||
Inventory, Net | (5,716) | ||
Other long-term assets | 865 | ||
Assets | 22,816 | ||
Deferred Revenue, Current | (41,611) | ||
Deferred Revenue, Noncurrent | (55,079) | ||
Liabilities | 85,551 | ||
Accumulated deficit | $ 3,800 | 108,367 | |
Stockholders' Equity Attributable to Parent | 108,367 | ||
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accrued expenses and other current liabilities | 42,688 | ||
Accounts receivable, net of allowances of $1,268 and $11,142 at September 30, 2018 and December 31, 2017, respectively | 61,222 | ||
Contract with Customer, Asset, Gross | 6,579 | ||
Inventory, Net | (32,705) | ||
Other long-term assets | 11,676 | ||
Assets | 257,500 | ||
Deferred Revenue, Current | (79,573) | ||
Deferred Revenue, Noncurrent | (18,350) | ||
Liabilities | 417,703 | ||
Accumulated deficit | (1,176,336) | ||
Stockholders' Equity Attributable to Parent | $ (160,203) |
NET INCOME PER SHARE Earnings_3
NET INCOME PER SHARE Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 15, 2015 | |
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | |||
Anti-dilutive potential common shares (in thousands of shares) | 3,925 | 5,623 | |
Options | |||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | |||
Anti-dilutive potential common shares (in thousands of shares) | 916 | 2,334 | |
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) | 3,009 | 3,289 | |
Convertible Debt [Member] | |||
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items] | |||
Long-term Debt, Gross | $ 125 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Liabilities: | ||
Convertible Notes, Carrying Value | $ 106,331 | $ 105,974 |
Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 1,424 | 1,743 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 426 | 484 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 998 | 1,259 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Deferred compensation assets | 0 | $ 0 |
Convertible Debt [Member] | ||
Liabilities: | ||
Convertible Notes, Fair Value Disclosure | $ 105,600 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Raw materials | $ 10,767 | $ 11,217 |
Work in process | 376 | 397 |
Finished Goods | 20,968 | 26,807 |
Total inventory | 32,111 | 38,421 |
Finished goods, consigned | $ 1,900 | 8,200 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Total inventory | $ 5,716 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Finite-Lived Intangible Assets | $ 2,300 | $ 6,900 | |
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 119,545 | 119,545 | $ 119,812 |
Accumulated Amortization | (112,800) | (112,800) | (106,130) |
Net | 6,745 | 6,745 | 13,682 |
Future expected amortization expense, identifiable intangible assets | |||
2,017 | 2,300 | 2,300 | |
2,018 | 4,400 | 4,400 | |
Carrying value of Goodwill [Abstract] | |||
Goodwill | 32,643 | 32,643 | 32,643 |
Completed Technologies and Patents [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 58,425 | 58,425 | 58,609 |
Accumulated Amortization | (52,738) | (52,738) | (47,072) |
Net | 5,687 | 5,687 | 11,537 |
Customer Relationships [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 54,863 | 54,863 | 54,946 |
Accumulated Amortization | (53,805) | (53,805) | (52,801) |
Net | 1,058 | 1,058 | 2,145 |
Trade Names [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 1,346 | 1,346 | 1,346 |
Accumulated Amortization | (1,346) | (1,346) | (1,346) |
Net | 0 | 0 | 0 |
Capitalized Software Costs [Member] | |||
Amortizing Identifiable Intangible Assets [Abstract] | |||
Gross | 4,911 | 4,911 | 4,911 |
Accumulated Amortization | (4,911) | (4,911) | (4,911) |
Net | $ 0 | $ 0 | $ 0 |
OTHER LONG-TERM LIABILITIES L_3
OTHER LONG-TERM LIABILITIES Long-Term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred rent | $ 1,378 | $ 2,970 |
Long-term accrued restructuring | 218 | 731 |
Long-term deferred compensation | 5,224 | 5,546 |
Total other long-term liabilities | $ 6,820 | $ 9,247 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Product warranty accrual [Roll Forward] | |||
Accrual balance at beginning of year | $ 2,545 | $ 2,518 | |
Accruals for product warranties | 1,612 | 1,872 | |
Cost of warranty claims | (1,802) | (1,897) | |
Accrual balance at end of period | 2,355 | $ 2,493 | |
Standby Letters of Credit [Member] | Office Space - Burlington, Massachusetts [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,300 | ||
Loss Contingency, Range Of Possible Loss, Portion Not Accrued, Minimum | 1,200 | ||
Avid Technology Domestic [Member] | Standby Letters of Credit [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 1,100 | ||
Other Operating Obligations [Member] | Standby Letters of Credit [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 1,400 | ||
Purchase Order Obligations [Member] [Member] | Standby Letters of Credit [Member] | |||
Operating Lease Commitments [Abstract] | |||
Letters of Credit Outstanding, Amount | 8,500 | ||
Research and Development Arrangement [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | $ 12,800 | ||
Long-term Purchase Commitment, Period | 3 years | ||
Research and Development Expense [Member] | |||
Loss Contingencies [Line Items] | |||
Other Inventory, Purchased Goods, Gross | $ 4,000 |
RESTRUCTURING COSTS AND ACCRU_3
RESTRUCTURING COSTS AND ACCRUALS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | $ (16) | $ (402) | $ (1,911) | $ (4,589) | |
Other Restructuring Costs | (242) | (180) | (1,490) | (1,875) | |
Restructuring accrual [Roll Forward] | |||||
New restructuring charges - operating expenses | (226) | 582 | (3,401) | (6,464) | |
Accretion | 101 | ||||
Cash payments | (4,626) | ||||
Foreign exchange impact on ending balance | 6 | ||||
Facilities-related accruals - current | 1,651 | 1,651 | |||
Facilities-related accruals - non-current | 218 | 218 | $ 731 | ||
Restructuring Charges | 226 | (582) | 3,401 | 6,464 | |
Employee Severance [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Accrual balance at beginning of year | 1,998 | ||||
New restructuring charges - operating expenses | (879) | (1,137) | (1,734) | (1,225) | |
Accretion | 0 | ||||
Cash payments | (2,369) | ||||
Foreign exchange impact on ending balance | 5 | ||||
Accrual balance at end of period | 1,368 | 1,368 | |||
Facilities-related accruals - current | 1,368 | 1,368 | |||
Facilities-related accruals - non-current | 0 | 0 | |||
Employee Severance [Member] | Acquisition-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Accrual balance at beginning of year | 4,477 | ||||
Accrual balance at end of period | 1,869 | 1,869 | |||
Facilities-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Accrual balance at beginning of year | 2,479 | ||||
New restructuring charges - operating expenses | (895) | (735) | (177) | (3,364) | |
Revisions of estimated liabilities | 200 | ||||
Non-cash write-offs | 3,200 | ||||
Accretion | 101 | ||||
Cash payments | (2,257) | ||||
Foreign exchange impact on ending balance | 1 | ||||
Accrual balance at end of period | 501 | 501 | |||
Facilities-related accruals - current | 283 | 283 | |||
Facilities-related accruals - non-current | 218 | 218 | |||
2016 Plan [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Revisions of estimated liabilities | $ 600 | ||||
Restructuring Charges | 200 | 3,400 | 6,500 | ||
2016 Plan [Member] | Employee Severance [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Restructuring Charges | 1,700 | 1,200 | |||
2016 Plan [Member] | Facilities-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Restructuring Charges | $ 5,200 | ||||
Accrued Expenses and Other Current Liabilities [Member] | Facilities-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Facilities-related accruals - current | 300 | 300 | |||
Other Noncurrent Liabilities [Member] | Facilities-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Facilities-related accruals - non-current | 200 | 200 | |||
Property, Plant and Equipment [Member] | Facilities-Related [Member] | |||||
Restructuring accrual [Roll Forward] | |||||
Facilities-related accruals - non-current | $ 1,100 | $ 1,100 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Products and solutions net revenues | $ 52,133 | $ 54,319 | $ 144,922 | $ 152,980 |
Services net revenues | 51,913 | 50,946 | 155,676 | 158,765 |
Total net revenues | 104,046 | 105,265 | 300,598 | 311,745 |
Video products and solutions net revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Products and solutions net revenues | 34,124 | 27,058 | 92,625 | 82,585 |
Audio products and solutions net revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Products and solutions net revenues | 18,009 | 27,261 | 52,297 | 70,395 |
Subscription Arrangement [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Services net revenues | 8,786 | 6,712 | 25,577 | 14,298 |
Nonsoftware Service, Support and Maintenance Arrangement [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Services net revenues | 35,033 | 38,016 | 104,869 | 123,445 |
611710 Educational Support Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Services net revenues | 8,094 | 6,218 | 25,230 | 21,022 |
United States [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 37,078 | 38,624 | 112,726 | 121,309 |
Other Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 7,466 | 7,377 | 20,216 | 20,581 |
Europe, Middle East and Africa [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 43,179 | 41,526 | 124,148 | 121,647 |
Asia-Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | $ 16,323 | $ 17,738 | $ 43,508 | $ 48,208 |
REVENUE Deferred Revenue Acti_2
REVENUE Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred Revenue | $ 88,224 | $ 88,224 | $ 97,923 | ||||
Movement in Deferred Revenue [Roll Forward] | |||||||
Deferred Revenue, Additions | 59,185 | ||||||
Deferred Revenue, Revenue Recognized | (68,884) | ||||||
Product [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation | 6,480 | 6,480 | |||||
Subscription Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation | 943 | 943 | |||||
Software Service, Support and Maintenance Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation | 56,903 | 56,903 | |||||
Revenue Recognition, New Accounting Pronouncement, Timing | 1 | ||||||
Nonsoftware Service, Support and Maintenance Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation | 17,572 | 17,572 | |||||
Revenue Recognition, New Accounting Pronouncement, Timing | 1 | 3 | 5 | 6 | |||
Software License Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue, Remaining Performance Obligation | $ 6,326 | $ 6,326 |
REVENUE Revenue from Contract_3
REVENUE Revenue from Contract with Customer (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Capitalized Contract Cost [Line Items] | ||
Contract with Customer, Asset, Net | $ 18,545 | $ 6,579 |
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 20,099 | |
Contract with Customer, Asset, Reclassified to Receivable | (8,133) | |
Contract with Customer, Asset, Net, Noncurrent | 1,398 | |
Contract with Customer, Asset, Net, Current | $ 17,147 |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosurre (Details) - USD ($) $ in Thousands | Sep. 07, 2018 | May 10, 2018 | Feb. 08, 2018 | Dec. 15, 2017 | Mar. 14, 2017 | Feb. 26, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Nov. 09, 2017 | Jun. 15, 2015 |
Debt Instrument, Periodic Payment, Principal | $ 351 | $ 351 | |||||||||||
Term Loan, net of unamortized debt issuance costs of $3,444 at June 30, 2017 and $4,042 at December 31, 2016 | 122,982 | 122,982 | $ 102,751 | ||||||||||
Notes, net of unamortized original issue discount and debt issuance costs of $20,449 at June 30, 2017 and $23,413 at December 31, 2016, respectively | 106,331 | 106,331 | 105,974 | ||||||||||
Other Long-term Debt | 1,517 | 1,517 | 1,679 | ||||||||||
Total debt | 230,830 | 230,830 | 210,404 | ||||||||||
Short-term debt | 1,401 | 1,401 | 5,906 | ||||||||||
Long-term Debt | 229,429 | 229,429 | 204,498 | ||||||||||
Line of Credit, Current | 0 | 0 | |||||||||||
Interest Expense | 5,725 | $ 4,701 | 17,362 | $ 13,465 | |||||||||
Convertible Debt Retired | 3,000 | 2,000 | 2,000 | ||||||||||
Convertible Debt Issued | 121,000,000 | 123,000,000 | 125,000,000 | ||||||||||
Extinguishment of Debt, Amount | $ 3,000 | $ 2,000 | $ 2,000 | ||||||||||
Repayments of Debt | $ 2,700 | $ 1,700 | $ 1,700 | ||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 14,430 | 14,430 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,407 | 1,407 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 120,373 | 120,373 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4,934 | 4,934 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,539 | 6,539 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 111,656 | 111,656 | |||||||||||
Total debt | 245,260 | 245,260 | |||||||||||
Other Debt Obligations [Member] | |||||||||||||
Debt Instrument, Periodic Payment, Principal | 32 | 32 | |||||||||||
Short-term debt | 126 | 126 | |||||||||||
Long-term Debt | 1,391 | 1,391 | |||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 132 | 132 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 142 | 142 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 153 | 153 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 164 | 164 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 894 | 894 | |||||||||||
Total debt | 1,517 | 1,517 | |||||||||||
Cerberus Business Finance LLC [Member] | |||||||||||||
Debt Instrument, Periodic Payment, Principal | 319 | 319 | |||||||||||
Short-term debt | 1,275 | 1,275 | |||||||||||
Long-term Debt | 121,707 | 121,707 | |||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 2,761 | 2,761 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,275 | 1,275 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,231 | 2,231 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4,781 | 4,781 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,375 | 6,375 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 110,762 | 110,762 | |||||||||||
Total debt | 125,743 | 125,743 | |||||||||||
Convertible Debt [Member] | |||||||||||||
Debt Instrument, Periodic Payment, Principal | 0 | 0 | |||||||||||
Short-term debt | 0 | 0 | |||||||||||
Long-term Debt | 106,331 | 106,331 | |||||||||||
Long-term Debt, Gross | $ 125,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||
Interest Expense | 2,200 | 6,600 | |||||||||||
Convertible Notes unamortized issue discount and debt issuance costs | 11,669 | 11,669 | 17,026 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 118,000 | 118,000 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | 0 | |||||||||||
Total debt | 118,000 | 118,000 | |||||||||||
Cerberus Business Finance LLC [Member] | |||||||||||||
Debt Instrument, Collateral | We granted a security interest on substantially all of our assets to secure the obligations under the Term Loan and the Credit Facility. | ||||||||||||
Debt Instrument, Covenant Description | On May 10, 2018, we entered into an amendment to the Financing Agreement, which extended the maturity of the Financing Agreement to May 2023, and increased the Term Loan by $22.7 million and the amount available under the Credit Facility by $12.5 million. Under the terms of the amendment, aggregate quarterly principal repayments beginning September 30, 2018 through June 30, 2020 will be $318,750, then from July 1, 2020 through June 30, 2021 equal to $796,875, finally from July 1, 2021 through May 10, 2023 equal to $1,593,750. Following the amendment effective date, interest accrues on outstanding borrowings under the Term Loan and Credit Facility (each as defined in the Financing Agreement) at a rate of either the LIBOR Rate (as defined in the Financing Agreement) plus 6.625% or a Reference Rate (as defined in the Financing Agreement) plus 5.625%, at our option. The amendment modified the covenant requiring us to maintain a Leverage Ratio (defined to mean the ratio of (a) the sum of indebtedness under the Term Loan and Credit Facility, capitalized leases and non-cash collateralized letters of credit to (b) consolidated EBITDA) of no greater than 3.00:1.00 for the four quarters ended June 30, 2018 through December 31, 2018, 2.50:1.00 for the four quarters ending March 31, 2019 through December 31, 2019, 2.25:1.00 for the four quarters ending March 31, 2020 through March 31, 2021, 2.00:1.00 for the four quarters ending June 30, 2021 through December 31, 2022, respectively, and thereafter declining to 1.50:1.00. | The Financing Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of default under which our payment obligations may be accelerated. | |||||||||||
additional long term debt | $ 15,000 | ||||||||||||
Cerberus Business Finance LLC [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,500 | $ 5,000 | |||||||||||
Cerberus Business Finance LLC [Member] | Long-term Debt [Member] | |||||||||||||
Unamortized Debt Issuance Expense | 2,761 | 2,761 | $ 3,499 | ||||||||||
Long-term Debt | $ 100,000 | ||||||||||||
Debt Instrument, Payment Terms | The Term Loan requires us to use 50% of excess cash flow, as defined in the Financing Agreement, to repay outstanding principal of the loans under the Financing Agreement. | ||||||||||||
Interest Expense, Long-term Debt | $ 2,900 | $ 7,900 | |||||||||||
Cerberus Business Finance LLC [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |
STOCKHOLDERS' EQUITY Share-Ba_3
STOCKHOLDERS' EQUITY Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Allocated Share-based Compensation Expense | $ 2,076 | $ 2,481 | $ 4,331 | $ 5,874 | |
Cost of Products Revenues [Member] | |||||
Allocated Share-based Compensation Expense | 40 | 14 | 83 | 39 | |
Cost of Services Revenues [Member] | |||||
Allocated Share-based Compensation Expense | 55 | 49 | 139 | 508 | |
Research and Development Expense [Member] | |||||
Allocated Share-based Compensation Expense | 236 | 222 | 439 | 474 | |
Selling and Marketing Expense [Member] | |||||
Allocated Share-based Compensation Expense | 419 | 582 | 1,152 | 1,375 | |
General and Administrative Expense [Member] | |||||
Allocated Share-based Compensation Expense | $ 1,326 | $ 1,614 | $ 2,518 | $ 3,478 | |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 916,465 | 916,465 | 2,290,017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.48 | $ 8.48 | $ 9.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (1,373,552) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 10.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 320 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 916,465 | 916,465 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 8.48 | $ 8.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 320 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 916,465 | 916,465 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 8.48 | $ 8.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 320 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 0 | $ 0 | |||
Employee Stock Option [Member] | Time-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 916,465 | 916,465 | 2,290,017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (1,373,552) | ||||
Employee Stock Option [Member] | Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,009,417 | 3,009,417 | 3,063,248 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.90 | $ 4.90 | $ 5.10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 40 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value | $ 17,816 | $ 17,816 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,464,852 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.97 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (600,134) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 5.62 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,918,549) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 5.09 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Number | 2,689,399 | 2,689,399 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 5.02 | $ 5.02 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected to Vest Weighted Average Remaining Contractual Term | 1 year 40 days | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Intrinsic Value | $ 15,921 | $ 15,921 | |||
Restricted Stock Units (RSUs) [Member] | Time-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,043,274 | 2,043,274 | 1,809,138 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,693,728 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (600,134) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (859,458) | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 966,143 | 966,143 | 1,254,110 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 771,124 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,059,091) |
Uncategorized Items - avid-2018
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 49,948,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 60,433,000 |