Avid Technology (AVID) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-36254
Entity Registrant Name	Avid Technology, Inc.
State of Incorporation	DE
Entity Tax Identification Number	04-2977748
Entity Address, Address Line One	75 Network Drive
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	978
Local Phone Number	640-6789
Title of Security	Common Stock, $0.01 par value
Trading Symbol	AVID
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,971,814
Entity Central Index Key	0000896841
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenues:
Revenues	$ 100,649	$ 94,364
Cost of revenues:
Total cost of revenues	33,885	32,948
Gross profit	66,764	61,416
Operating expenses:
Research and development	16,736	15,417
Marketing and selling	21,927	20,744
General and administrative	14,811	13,635
Restructuring costs, net	15	1,074
Total operating expenses	53,489	50,870
Operating income	13,275	10,546
Interest expense, net	(1,476)	(2,118)
Other expense, net	(87)	(3,555)
Income before income taxes	11,712	4,873
Provision for income taxes	1,126	482
Net income	$ 10,586	$ 4,391
Net income per common share – basic	$ 0.24	$ 0.10
Net income per common share – diluted	$ 0.23	$ 0.10
Weighted-average common shares outstanding – basic	44,817	44,559
Weighted-average common shares outstanding – diluted	45,408	46,204
Subscription
Net revenues:
Revenues	$ 32,954	$ 24,868
Cost of revenues:
Total cost of revenues	5,602	2,615
Maintenance
Net revenues:
Revenues	28,327	29,852
Cost of revenues:
Total cost of revenues	5,277	5,574
Integrated solutions & other
Net revenues:
Revenues	39,368	39,644
Cost of revenues:
Total cost of revenues	$ 23,006	$ 24,759

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 10,586	$ 4,391
Other comprehensive income (loss):
Foreign currency translation adjustments	(201)	(1,457)
Comprehensive income (loss)	$ 10,385	$ 2,934

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 41,245	$ 56,818
Restricted cash	2,013	2,416
Accounts receivable, net of allowances	57,410	77,046
Inventories	17,817	19,922
Prepaid expenses	7,137	5,464
Contract assets	25,542	18,903
Other current assets	1,896	1,953
Total current assets	153,060	182,522
Property and equipment, net	17,742	16,028
Goodwill	32,643	32,643
Right of use assets	23,242	24,143
Deferred tax assets, net	4,155	5,210
Other long-term assets	14,265	13,454
Total assets	245,107	274,000
Current liabilities:
Accounts payable	21,380	26,854
Accrued compensation and benefits	26,821	35,458
Accrued expenses and other current liabilities	36,457	37,552
Income taxes payable	145	868
Less: current portion	8,709	9,158
Deferred revenues	80,744	87,475
Total current liabilities	174,256	197,365
Long-term debt	160,889	160,806
Long-term deferred revenues	11,578	10,607
Long-term lease liabilities	22,673	23,379
Other long-term liabilities	5,730	5,917
Total liabilities	375,126	398,074
Commitments and contingencies (Note 7)
Stockholders' deficit:
Common stock, par value $0.01; authorized: 100,000 shares; issued: 46,219 shares at March 31, 2022 and 45,828 shares at December 31, 2021; outstanding: 44,991 shares at March 31, 2022 and 44,954 shares at December 31, 2021	459	455
Treasury stock	(35,906)	(25,090)
Additional paid-in capital	1,026,115	1,031,633
Accumulated deficit	(1,116,373)	(1,126,959)
Accumulated other comprehensive loss	(4,314)	(4,113)
Total stockholders' deficit	(130,019)	(124,074)
Total liabilities and stockholders' deficit	$ 245,107	$ 274,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Allowance for doubtful accounts	$ 1,298	$ 1,456
Stockholders' deficit:
Commons stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,219,000	45,828,000
Common stock, shares outstanding	44,991,000	44,954,000

CONSOLDATED STATEMENTS OF STOCK

CONSOLDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]
Balances at beginning of period (in shares) at Dec. 31, 2020		44,420,000				0
Balances at beginning of period at Dec. 31, 2020	$ (132,924)	$ 442	$ 1,036,658	$ (1,168,347)	$ (1,677)
Stock issued pursuant to employee stock plans (in shares)		592,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(7,706)	$ 6	(7,712)
Stock-based compensation	3,122		3,122
Net income	4,391			4,391
Other comprehensive income (loss)	(1,457)				(1,457)
Balances at end of period (in shares) at Mar. 31, 2021		45,012,000				0
Balances at end of period at Mar. 31, 2021	$ (134,574)	$ 448	1,032,068	(1,163,956)	(3,134)
Balances at beginning of period (in shares) at Dec. 31, 2021	44,954,000	45,828,000				(874,000)
Balances at beginning of period at Dec. 31, 2021	$ (124,074)	$ 455	1,031,633	(1,126,959)	(4,113)	$ (25,090)
Stock issued pursuant to employee stock plans (in shares)		391,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	$ (8,936)	$ 4	(8,940)
Repurchase of common stock (in shares)	(354,472)					(354,000)
Repurchase of common stock	$ (10,816)					$ (10,816)
Stock-based compensation	3,422		3,422
Net income	10,586			10,586
Other comprehensive income (loss)	$ (201)				(201)
Balances at end of period (in shares) at Mar. 31, 2022	44,991,000	46,219,000				(1,228,000)
Balances at end of period at Mar. 31, 2022	$ (130,019)	$ 459	$ 1,026,115	$ (1,116,373)	$ (4,314)	$ (35,906)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 10,586	$ 4,391
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,803	2,119
(Recovery) allowance for doubtful accounts	(135)	83
Stock-based compensation expense	3,422	3,122
Non-cash provision for restructuring	15	912
Non-cash interest expense	126	129
Loss (gain) on extinguishment of debt	0	2,579
Loss on disposal of fixed assets	548	0
Unrealized foreign currency transaction gains	(128)	(1,432)
Provision for (benefit from) deferred taxes	1,055	501
Changes in operating assets and liabilities:
Accounts receivable	19,770	19,702
Inventories	2,105	(1,048)
Prepaid expenses and other assets	(2,067)	(866)
Accounts payable	(5,473)	(2,604)
Accrued expenses, compensation and benefits and other liabilities	(9,993)	(9,887)
Income taxes payable	(723)	(259)
Deferred revenue and contract assets	(12,995)	(5,129)
Net cash provided by operating activities	7,916	12,313
Cash flows from investing activities:
Purchases of property and equipment	(3,244)	(1,254)
Net cash used in investing activities	(3,244)	(1,254)
Cash flows from financing activities:
Proceeds from long-term debt	0	180,000
Repayment of debt	0	(201,208)
Repayment of debt principal	(53)	(2,346)
Payments for repurchase of common stock	(10,562)	0
Common stock repurchases for tax withholdings for net settlement of equity awards	(8,936)	(7,706)
Prepayment penalty on extinguishment of debt	0	(1,169)
Payments for credit facility issuance costs	(440)	(2,574)
Net cash (used in) provided by financing activities	(19,991)	(35,003)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(254)	(332)
Net decrease in cash, cash equivalents and restricted cash	(15,573)	(24,276)
Cash, cash equivalents and restricted cash at beginning of period	60,556	83,638
Cash, cash equivalents and restricted cash at end of period	44,983	59,362
Supplemental information:
Cash and cash equivalents	41,245	55,624
Restricted cash	2,013	1,422
Restricted cash included in other long-term assets	1,725	2,316
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	44,983	59,362
Cash paid for income taxes	851	281
Cash paid for interest	$ 1,176	$ 3,630

FINANCIAL INFORMATION (Notes)

FINANCIAL INFORMATION (Notes)	3 Months Ended
	Mar. 31, 2022
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, financial position, changes in stockholders’ deficit, 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, 2021 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, 2021 in our Annual Report on Form 10-K for the year ended December 31, 2021, 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, 2021. The consolidated results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The Company’s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business and consumer confidence. The novel coronavirus (COVID-19) pandemic, together with the measures implemented or recommended by governmental authorities and private organizations in response to the pandemic, has had a material adverse impact to the Company's business, operating results and financial condition primarily due to reduced demand for our products and services which has led to lower net revenues. Through the first quarter of 2022, our results have continued in the same direction as our 2021 results, reflecting a gradual recovery in spending levels with the continuing positive signs of recovery from the impacts of the COVID-19 pandemic driven by vaccination and government stimulus programs, particularly in the United States. At the same time, certain countries continue to face challenges with renewed lockdowns and travel restrictions in response to new variants and there remains uncertainty relating to the ongoing spread and severity of those variants. Although we are encouraged by the trends we saw during 2021 and during the first quarter of 2022, to the extent that the pandemic continues to have negative impacts on economies, our results could be affected and uneven. Consequently, we will continue to evaluate our financial position in light of future developments, particularly those relating to COVID-19. Our operations, and the operations of our customers, are vulnerable to interruptions, delays, complications, and other impacts from natural disasters and catastrophic events, including pandemics such as the COVID-19 pandemic, as well as political unrest including armed conflicts such as the Russian invasion of Ukraine. Ongoing effects of the COVID-19 pandemic and its subsequent variants continue to complicate supply chain logistics and cause delays, and the Russian invasion of Ukraine may exacerbate supply chain issues further. 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. Reclassifications As our business continues to shift towards a subscription-based model, we have reformatted our income statement presentation to conform with this shift. We have reclassified certain prior period amounts related to revenue and cost of goods sold within our consolidated statements of operations and accompanying notes to conform to our current period presentation. These reclassifications did not affect total revenue or total cost of goods sold. Significant Accounting Policies There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We adopted ASU 2020-04 as of January 1, 2022. The Company has determined the impact of this adoption was not material to our consolidated financial statements and related disclosures.

NET INCOME PER SHARE Earnings P

NET INCOME PER SHARE Earnings Per Share (Notes)	3 Months Ended
	Mar. 31, 2022
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 periods, 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 March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Non-vested restricted stock units 783 1,040 The following table sets forth (in thousands) the basic and diluted weighted common shares outstanding for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 March 31, 2021 Weighted common shares outstanding - basic 44,817 44,559 Net effect of common stock equivalents 591 1,645 Weighted common shares outstanding - diluted 45,408 46,204

FAIR VALUE MEASUREMENTS (Notes)

FAIR VALUE MEASUREMENTS (Notes)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 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 March 31, Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 396 $ 93 $ 303 $ — Fair Value Measurements at Reporting Date Using December 31, 2021 Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 408 $ 99 $ 309 $ — 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.

INVENTORIES (Notes)

INVENTORIES (Notes)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 7,229 $ 8,519 Work in process 304 304 Finished goods 10,284 11,099 Total $ 17,817 $ 19,922

LEASES LEASES (Notes)

LEASES LEASES (Notes)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	LEASES We have entered into a number of facility leases to support our research and development activities, sales operations, and other corporate and administrative functions in North America, Europe, and Asia, which qualify as operating leases under U.S. GAAP. We also have a limited number of equipment leases that qualify as either operating or finance leases. We determine if contracts with vendors represent a lease or have a lease component under U.S. GAAP at contract inception. Our leases have remaining terms ranging from less than one year to six years. Some of our leases include options to extend or terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Operating lease right of use assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. As our leases generally do not provide an implicit rate, we use an estimated incremental borrowing rate in determining the present value of future payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular location and currency environment. As of March 31, 2022, the weighted average incremental borrowing rate was 5.9% and the weighted average remaining lease term was 5.7 years. Finance lease right of use assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Each lease agreement provides an implicit discount rate used to determine the present value of future payments. As of March 31, 2022, the weighted-average discount rate was 2.3% and the weighted average remaining lease term was 1.8 years. Lease costs for minimum lease payments is recognized on a straight-line basis over the lease term. Our total operating lease costs were $1.5 million and $1.9 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Related cash payments were $1.5 million and $2.1 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Short term lease costs were $0.6 million and $0.3 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Operating lease costs are included within research and development, marketing and selling, and general and administrative lines on the condensed consolidated statements of operations, and the related cash payments are included in the operating cash flows on the condensed consolidated statements of cash flows. Finance lease costs, variable lease costs, and sublease income are not material. The table below reconciles the undiscounted future minimum lease payments for operating and finance leases under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2022 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding three months ended March 31, 2022) $ 4,776 $ 188 2023 5,937 219 2024 5,130 72 2025 5,151 — 2026 5,163 — Thereafter 6,495 — Total future minimum lease payments $ 32,652 $ 479 Less effects of discounting (5,159) (9) Total lease liabilities $ 27,493 $ 470 Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases March 31, 2022 Right of use assets $ 23,242 Accrued expenses and other current liabilities (4,820) Long-term lease liabilities (22,673) Total lease liabilities $ (27,493) Finance Leases March 31, 2022 Other assets $ 438 Accrued expenses and other current liabilities (245) Other long-term liabilities (225) Total lease liabilities $ (470)
LEASES	LEASES We have entered into a number of facility leases to support our research and development activities, sales operations, and other corporate and administrative functions in North America, Europe, and Asia, which qualify as operating leases under U.S. GAAP. We also have a limited number of equipment leases that qualify as either operating or finance leases. We determine if contracts with vendors represent a lease or have a lease component under U.S. GAAP at contract inception. Our leases have remaining terms ranging from less than one year to six years. Some of our leases include options to extend or terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Operating lease right of use assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. As our leases generally do not provide an implicit rate, we use an estimated incremental borrowing rate in determining the present value of future payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular location and currency environment. As of March 31, 2022, the weighted average incremental borrowing rate was 5.9% and the weighted average remaining lease term was 5.7 years. Finance lease right of use assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Each lease agreement provides an implicit discount rate used to determine the present value of future payments. As of March 31, 2022, the weighted-average discount rate was 2.3% and the weighted average remaining lease term was 1.8 years. Lease costs for minimum lease payments is recognized on a straight-line basis over the lease term. Our total operating lease costs were $1.5 million and $1.9 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Related cash payments were $1.5 million and $2.1 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Short term lease costs were $0.6 million and $0.3 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Operating lease costs are included within research and development, marketing and selling, and general and administrative lines on the condensed consolidated statements of operations, and the related cash payments are included in the operating cash flows on the condensed consolidated statements of cash flows. Finance lease costs, variable lease costs, and sublease income are not material. The table below reconciles the undiscounted future minimum lease payments for operating and finance leases under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2022 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding three months ended March 31, 2022) $ 4,776 $ 188 2023 5,937 219 2024 5,130 72 2025 5,151 — 2026 5,163 — Thereafter 6,495 — Total future minimum lease payments $ 32,652 $ 479 Less effects of discounting (5,159) (9) Total lease liabilities $ 27,493 $ 470 Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases March 31, 2022 Right of use assets $ 23,242 Accrued expenses and other current liabilities (4,820) Long-term lease liabilities (22,673) Total lease liabilities $ (27,493) Finance Leases March 31, 2022 Other assets $ 438 Accrued expenses and other current liabilities (245) Other long-term liabilities (225) Total lease liabilities $ (470)

OTHER LONG-TERM LIABILITIES (No

OTHER LONG-TERM LIABILITIES (Notes)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Deferred compensation $ 4,875 $ 4,981 Finance lease liabilities 225 289 Other long-term liabilities 630 647 Total $ 5,730 $ 5,917

CONTINGENCIES (Notes)

CONTINGENCIES (Notes)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND 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 2020, which included an unconditional commitment to purchase a minimum of $32.2 million of products and services over the initial five years of the agreement. We have purchased $13.5 million of products and services pursuant to this agreement as of March 31, 2022. 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 March 31, 2022, be eligible to draw against the letters of credit to a maximum of $0.7 million. We also have letters of credit in connection with security deposits for other facility leases totaling $0.6 million in the aggregate, as well as letters of credit totaling $1.9 million that otherwise support our ongoing operations. These letters of credit have various terms and expire during 2022 and beyond, while some of the letters of credit may automatically renew based on the terms of the underlying agreements. Substantially all of our letters of credit are collateralized by restricted cash included in the caption “Restricted cash” and “Other long-term assets” on our condensed consolidated balance sheets as of March 31, 2022. 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. 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. On April 16, 2019, we received an additional notice again alleging we breached the former employee’s employment agreement. We have since been in communications with our former Chairman and Chief Executive Officer’s counsel. 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. On July 14, 2020, we sent a notice to a customer demanding sums that we believe are due to Avid pursuant to a contract. On October 7, 2020, the customer sent a notice to us denying any legal liability and demanding payment for breach of contract resulting from various alleged delays by us. 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 related to 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 and such amount is material. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. At March 31, 2022 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 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 three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Accrual balance at beginning of period $ 1,219 $ 1,095 Accruals for product warranties 321 466 Costs of warranty claims (306) (374) Accrual balance at end of period $ 1,234 $ 1,187 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)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS AND ACCRUALS	RESTRUCTURING COSTS AND ACCRUALS In October 2020, we committed to a restructuring plan in order to undergo a strategic reorganization of our business. The strategic reorganization involved significant changes in business operations to better support our strategy and overall performance. The restructuring plan related to our strategic reorganization is expected to be substantially completed in 2022. During the three months ended March 31, 2022, we recorded an immaterial amount of restructuring charges due to employee severance cost adjustments. During the three months ended March 31, 2021 , we recorded restructuring charges of $1.1 million for employee severance costs related to approximately 23 positions eliminated during the first quarter of 2021. The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2022 (in thousands): Employee Accrual balance as of December 31, 2021 $ 655 Restructuring charges and revisions 15 Cash payments (665) Foreign exchange impact on ending balance (5) Accrual balance as of March 31, 2022 $ —

REVENUE (Notes)

REVENUE (Notes)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE 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 months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Subscriptions 32,954 24,868 Maintenance 28,327 29,852 Integrated solutions & other 39,368 39,644 Total net revenues $ 100,649 $ 94,364 The following table sets forth our revenues by geographic region for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Revenues: United States $ 44,389 $ 39,471 Other Americas 4,894 5,179 Europe, Middle East and Africa 38,845 36,523 Asia-Pacific 12,521 13,191 Total net revenues $ 100,649 $ 94,364 Contract Asset Contract asset activity for the three months ended March 31, 2022 and 2021 was as follows (in thousands): March 31, 2022 March 31, 2021 Contract asset at beginning of period $ 25,397 $ 18,579 Revenue in excess of billings 9,891 14,395 Customer billings (2,657) (11,019) Contract asset at end of period $ 32,631 $ 21,955 Less: long-term portion (recorded in other long-term assets) 7,089 — Contract asset, current portion $ 25,542 $ 21,955 Deferred Revenue Deferred revenue activity for the three months ended March 31, 2022 and 2021 was as follows (in thousands): March 31, 2022 March 31, 2021 Deferred revenue at beginning of period $ 98,082 $ 99,259 Billings deferred 29,506 31,132 Recognition of prior deferred revenue (35,266) (32,885) Deferred revenue at end of period $ 92,322 $ 97,506 A summary of the significant performance obligations included in deferred revenue is as follows (in thousands): March 31, 2022 Product $ 6,210 Subscription 6,719 Maintenance contracts 71,294 Implied PCS 5,200 Professional services, training and other 2,899 Deferred revenue at March 31, 2022 $ 92,322 Remaining Performance Obligations For transaction prices allocated to remaining performance obligations, we apply practical expedients and do not disclose quantitative or qualitative information for remaining performance obligations (i) that have original expected durations of one year or less and (ii) where we recognize revenue equal to what we have the right to invoice and that amount corresponds directly with the value to the customer of our performance to date. 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. We have remaining performance obligations of $5.2 million attributable to Implied PCS recorded in deferred revenue as of March 31, 2022. We expect to recognize revenue for these remaining performance obligations of $1.6 million for the remainder of 2022 and $1.5 million, $1.1 million, $0.6 million and $0.3 million for the years ending December 31, 2023, 2024, 2025, and 2026, respectively, and $0.1 million thereafter. As of March 31, 2022, we had approximately $35.6 million of transaction price allocated to remaining performance obligations for certain enterprise agreements that have not yet been fully invoiced. Approximately $25.5 million of these performance obligations were unbilled as of March 31, 2022. Remaining performance obligations represent obligations we must deliver for specific products and services in the future where there is not yet an enforceable right to invoice the customer. Our remaining performance obligations do not include contractually committed minimum purchases that are common in our strategic purchase agreements with resellers since our specific obligations to deliver products or services is not yet known, as customers may satisfy such commitments by purchasing an unknown combination of current or future product offerings. While the timing of fulfilling individual performance obligations under the contracts can vary dramatically based on customer requirements, we expect to recognize the $35.6 million in roughly equal installments through 2027. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations due to contract breach, contract amendments, and changes in the expected timing of delivery.

LONG-TERM DEBT AND CREDIT AGREE

LONG-TERM DEBT AND CREDIT AGREEMENT (Notes)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
LONG TERM DEBT AND CREDIT AGREEMENT	LONG-TERM DEBT AND CREDIT AGREEMENT Long-term debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Term Loan, net of unamortized issuance costs and debt discount of $2,373 and $2,059 at March 31, 2022 and December 31, 2021, respectively $ 168,627 $ 168,941 Other long-term debt 971 1,023 Total debt $ 169,598 $ 169,964 Less: current portion 8,709 9,158 Total long-term debt $ 160,889 $ 160,806 The following table summarizes the contractual maturities of our borrowing obligations as of March 31, 2022 (in thousands): Fiscal Year Term Loan Other Long-Term Debt Total 2022 $ 6,413 118 $ 6,531 2023 8,550 167 8,717 2024 11,756 179 11,935 2025 16,031 192 16,223 2026 17,100 206 17,306 Thereafter 111,150 109 111,259 Total before unamortized discount 171,000 971 171,971 Less: unamortized discount and issuance costs (2,373) — (2,373) Less: current portion of long-term debt (8,550) (159) (8,709) Total long-term debt $ 160,077 $ 812 $ 160,889 Credit Agreement On January 5, 2021, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. as collateral and administrative agent, and a syndicate of banks, as lenders thereunder (the “Lenders”). Pursuant to the Credit Agreement, the Lenders agreed to provide the Company with (a) a term loan in the aggregate principal amount of $180.0 million (the “Term Loan”) and (b) a revolving credit facility (the “Credit Facility”) of up to a maximum of $70.0 million in borrowings outstanding at any time. The Credit Facility, which was undrawn at closing, can be used for working capital, other general corporate purposes and for other permitted uses. The proceeds from the Term Loan, plus available cash on hand, were used to repay outstanding borrowings of $201 million under the Company’s prior financing agreement with Cerberus Business Finance, LLC ( the “Financing Agreement”), which was then terminated. As a result of this termination, the Company incurred a loss on extinguishment of debt of $3.7 million as a result of writing off $2.6 million of remaining unamortized issuance costs as well as a $1.1 million prepayment penalty. In association with the Credit Agreement, the Company incurred $2.5 million of issuance discounts and an immaterial amount of issuance costs. The Term Loan had an initial interest rate of LIBOR plus an applicable margin of 3.00%, with a 0.25% LIBOR floor. The applicable margin on the Term Loan and the Credit Facility ranged from 2.00% to 3.25%, depending on leverage. On February 25, 2022, the Company executed an Amended and Restated Credit Agreement (the “A&R Credit Agreement) with JPMorgan Chase Bank, N.A. and the Lenders. The A&R Credit Agreement extended the term of the Term Loan by approximately one year to February 25, 2027, reduced the applicable interest rate margins by 0.25%, removed the LIBOR floor, moved the reference rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”), reset the principal amortization schedule, and eliminated the fixed charge coverage ratio. The effective interest rate for the three months ended March 31, 2022 was 2.75%. The Company granted a security interest on substantially all of its assets to secure the obligations under the Credit Facility and the Term Loan. The A&R Credit Agreement also requires the Company to maintain a total net leverage ratio of no more than 4.00 to 1.00 initially, with step downs thereafter. Other terms of the A&R Credit Agreement remain substantially the same as the Credit Agreement. We were in compliance with the Credit Agreement covenants as of March 31, 2022. In connection with the A&R Credit Agreement, the Company incurred an additional $0.4 million of issuance costs during the three months ended March 31, 2022. These additional costs and the remaining unamortized Term Loan discount and issuance costs will be amortized jointly over the amended remaining life of the A&R Credit Agreement. We recorded $1.2 million of interest expense on the Term Loan for the three months ended March 31, 2022. As of March 31, 2022, there were no amounts drawn under the Credit Facility.

STOCKHOLDERS' EQUITY (Notes)

STOCKHOLDERS' EQUITY (Notes)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Stock-Based Compensation Information with respect to the Company’s non-vested restricted stock units for the three months ended March 31, 2022 was as follows: Number of Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2022 1,061,834 $16.60 — Granted 164,405 31.22 — Vested (235,721) 11.20 (136,435) Forfeited (19,976) 17.62 — Outstanding at March 31, 2022 970,542 $20.37 0.91 $33,833 Information with respect to the Company’s non-vested performance-based restricted stock units for the three months ended March 31, 2022 was as follows: Number of Performance-based Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2022 579,364 $13.20 — Granted 296,405 22.69 — Vested (454,804) 10.19 (254,596) Forfeited (3,448) 26.38 — Non-vested at March 31, 2022 417,517 $23.11 1.46 $14,555 The following table sets forth stock-based compensation expense by award type for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Share-based compensation expense by type: Time-based Restricted Stock Units $ 2,428 $ 2,437 Performance-based Restricted Stock Units 948 656 ESPP 46 29 Total share-based compensation expense $ 3,422 $ 3,122 Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues $ 426 $ 440 Research and development expenses 350 521 Marketing and selling expenses 598 602 General and administrative expenses 2,048 1,559 Total share-based compensation expense $ 3,422 $ 3,122

FINANCIAL INFORMATION (Policies

FINANCIAL INFORMATION (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue from Contract with Customer	Significant Accounting Policies There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We adopted ASU 2020-04 as of January 1, 2022. The Company has determined the impact of this adoption was not material to our consolidated financial statements and related disclosures.

NET INCOME PER SHARE Earnings_2

NET INCOME PER SHARE Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Non-vested restricted stock units 783 1,040
Schedule of Weighted Average Number of Shares	The following table sets forth (in thousands) the basic and diluted weighted common shares outstanding for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 March 31, 2021 Weighted common shares outstanding - basic 44,817 44,559 Net effect of common stock equivalents 591 1,645 Weighted common shares outstanding - diluted 45,408 46,204

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 396 $ 93 $ 303 $ — Fair Value Measurements at Reporting Date Using December 31, 2021 Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 408 $ 99 $ 309 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 7,229 $ 8,519 Work in process 304 304 Finished goods 10,284 11,099 Total $ 17,817 $ 19,922

LEASES LEASES (Tables)

LEASES LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted future minimum lease payments for operating and finance leases under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2022 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding three months ended March 31, 2022) $ 4,776 $ 188 2023 5,937 219 2024 5,130 72 2025 5,151 — 2026 5,163 — Thereafter 6,495 — Total future minimum lease payments $ 32,652 $ 479 Less effects of discounting (5,159) (9) Total lease liabilities $ 27,493 $ 470
Finance Lease, Liability, Maturity	The table below reconciles the undiscounted future minimum lease payments for operating and finance leases under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2022 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding three months ended March 31, 2022) $ 4,776 $ 188 2023 5,937 219 2024 5,130 72 2025 5,151 — 2026 5,163 — Thereafter 6,495 — Total future minimum lease payments $ 32,652 $ 479 Less effects of discounting (5,159) (9) Total lease liabilities $ 27,493 $ 470
Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases March 31, 2022 Right of use assets $ 23,242 Accrued expenses and other current liabilities (4,820) Long-term lease liabilities (22,673) Total lease liabilities $ (27,493) Finance Leases March 31, 2022 Other assets $ 438 Accrued expenses and other current liabilities (245) Other long-term liabilities (225) Total lease liabilities $ (470)

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Long-term liabilities	Other long-term liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Deferred compensation $ 4,875 $ 4,981 Finance lease liabilities 225 289 Other long-term liabilities 630 647 Total $ 5,730 $ 5,917

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Product warranty accrual activity	The following table sets forth the activity in the product warranty accrual account for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Accrual balance at beginning of period $ 1,219 $ 1,095 Accruals for product warranties 321 466 Costs of warranty claims (306) (374) Accrual balance at end of period $ 1,234 $ 1,187

RESTRUCTURING COSTS AND ACCRU_2

RESTRUCTURING COSTS AND ACCRUALS (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table sets forth the activity in the restructuring accruals for the three months ended March 31, 2022 (in thousands): Employee Accrual balance as of December 31, 2021 $ 655 Restructuring charges and revisions 15 Cash payments (665) Foreign exchange impact on ending balance (5) Accrual balance as of March 31, 2022 $ —

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue by Type	The following table is a summary of our revenues by type for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Subscriptions 32,954 24,868 Maintenance 28,327 29,852 Integrated solutions & other 39,368 39,644 Total net revenues $ 100,649 $ 94,364
Revenue by Geographic Region	The following table sets forth our revenues by geographic region for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Revenues: United States $ 44,389 $ 39,471 Other Americas 4,894 5,179 Europe, Middle East and Africa 38,845 36,523 Asia-Pacific 12,521 13,191 Total net revenues $ 100,649 $ 94,364
Contract Asset	Contract Asset Contract asset activity for the three months ended March 31, 2022 and 2021 was as follows (in thousands): March 31, 2022 March 31, 2021 Contract asset at beginning of period $ 25,397 $ 18,579 Revenue in excess of billings 9,891 14,395 Customer billings (2,657) (11,019) Contract asset at end of period $ 32,631 $ 21,955 Less: long-term portion (recorded in other long-term assets) 7,089 — Contract asset, current portion $ 25,542 $ 21,955
Deferred Revenue	Deferred revenue activity for the three months ended March 31, 2022 and 2021 was as follows (in thousands): March 31, 2022 March 31, 2021 Deferred revenue at beginning of period $ 98,082 $ 99,259 Billings deferred 29,506 31,132 Recognition of prior deferred revenue (35,266) (32,885) Deferred revenue at end of period $ 92,322 $ 97,506 A summary of the significant performance obligations included in deferred revenue is as follows (in thousands): March 31, 2022 Product $ 6,210 Subscription 6,719 Maintenance contracts 71,294 Implied PCS 5,200 Professional services, training and other 2,899 Deferred revenue at March 31, 2022 $ 92,322

LONG-TERM DEBT AND CREDIT AGR_2

LONG-TERM DEBT AND CREDIT AGREEMENT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Term Loan, net of unamortized issuance costs and debt discount of $2,373 and $2,059 at March 31, 2022 and December 31, 2021, respectively $ 168,627 $ 168,941 Other long-term debt 971 1,023 Total debt $ 169,598 $ 169,964 Less: current portion 8,709 9,158 Total long-term debt $ 160,889 $ 160,806
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of our borrowing obligations as of March 31, 2022 (in thousands): Fiscal Year Term Loan Other Long-Term Debt Total 2022 $ 6,413 118 $ 6,531 2023 8,550 167 8,717 2024 11,756 179 11,935 2025 16,031 192 16,223 2026 17,100 206 17,306 Thereafter 111,150 109 111,259 Total before unamortized discount 171,000 971 171,971 Less: unamortized discount and issuance costs (2,373) — (2,373) Less: current portion of long-term debt (8,550) (159) (8,709) Total long-term debt $ 160,077 $ 812 $ 160,889

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	Information with respect to the Company’s non-vested restricted stock units for the three months ended March 31, 2022 was as follows: Number of Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2022 1,061,834 $16.60 — Granted 164,405 31.22 — Vested (235,721) 11.20 (136,435) Forfeited (19,976) 17.62 — Outstanding at March 31, 2022 970,542 $20.37 0.91 $33,833 Information with respect to the Company’s non-vested performance-based restricted stock units for the three months ended March 31, 2022 was as follows: Number of Performance-based Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2022 579,364 $13.20 — Granted 296,405 22.69 — Vested (454,804) 10.19 (254,596) Forfeited (3,448) 26.38 — Non-vested at March 31, 2022 417,517 $23.11 1.46 $14,555
Share-based Payment Arrangement, Expensed and Capitalized, Amount	tock-based compensation expense by award type for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Share-based compensation expense by type: Time-based Restricted Stock Units $ 2,428 $ 2,437 Performance-based Restricted Stock Units 948 656 ESPP 46 29 Total share-based compensation expense $ 3,422 $ 3,122 Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues $ 426 $ 440 Research and development expenses 350 521 Marketing and selling expenses 598 602 General and administrative expenses 2,048 1,559 Total share-based compensation expense $ 3,422 $ 3,122

NET INCOME PER SHARE Earnings_3

NET INCOME PER SHARE Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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)	783	1,040

NET INCOME PER SHARE Weighted A

NET INCOME PER SHARE Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted-average common shares outstanding – basic	44,817	44,559
Net effect of common stock equivalents	591	1,645
Weighted-average common shares outstanding – diluted	45,408	46,204

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Assets:
Deferred compensation assets	$ 396	$ 408
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Deferred compensation assets	93	99
Significant Other Observable Inputs (Level 2)
Financial Assets:
Deferred compensation assets	303	309
Significant Unobservable Inputs (Level 3)
Financial Assets:
Deferred compensation assets	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 7,229	$ 8,519
Work in process	304	304
Finished Goods	10,284	11,099
Total inventory	17,817	19,922
Finished goods, consigned	$ 1,300	$ 1,900

LEASES LEASES (Details)

LEASES LEASES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Discount Rate, Percent	5.90%
Operating Lease, Weighted Average Remaining Lease Term	5 years 8 months 12 days
Finance Lease, Weighted Average Discount Rate, Percent	2.30%
Finance Lease, Weighted Average Remaining Lease Term	1 year 9 months 18 days
Operating Lease, Cost	$ 1.5	$ 1.9
Operating Lease, Payments	1.5	2.1
Short-term Lease, Cost	$ 0.6	$ 0.3
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	6 years

LEASES Maturity Schedule (Detai

LEASES Maturity Schedule (Details) $ in Thousands	Mar. 31, 2022USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (excluding three months ended March 31, 2022)	$ 4,776
2023	5,937
2024	5,130
2025	5,151
2026	5,163
Thereafter	6,495
Total future minimum lease payments	32,652
Less effects of discounting	(5,159)
Total lease liabilities	(27,493)
Finance Lease, Liability, Payment, Due [Abstract]
2022 (excluding three months ended March 31, 2022)	188
2023	219
2024	72
2025	0
2026	0
Thereafter	0
Total future minimum lease payments	479
Less effects of discounting	(9)
Total lease liabilities	$ 470

LEASES Supplemental Balance She

LEASES Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 23,242	$ 24,143
Accrued expenses and other current liabilities	(4,820)
Long-term lease liabilities	(22,673)	(23,379)
Total lease liabilities	(27,493)
Other assets	438
Accrued expenses and other current liabilities	(245)
Other long-term liabilities	(225)	$ (289)
Total lease liabilities	$ (470)

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred compensation	$ 4,875	$ 4,981
Finance Lease, Liability, Noncurrent	225	289
Other long-term liabilities	630	647
Total	$ 5,730	$ 5,917

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Product warranty accrual [Roll Forward]
Accrual balance at beginning of year	$ 1,219	$ 1,095
Accruals for product warranties	321	466
Cost of warranty claims	(306)	(374)
Accrual balance at end of period	1,234	$ 1,187
Standby Letters of Credit [Member] | Office Space - Burlington, Massachusetts [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	700
Standby Letters of Credit [Member] | Office Space - Other Facilities [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount	600
Standby Letters of Credit [Member] | Other Operating Obligations [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount	1,900
Research and Development Arrangement [Member]
Loss Contingencies [Line Items]
Long-term Purchase Commitment, Amount	$ 32,200
Long-term Purchase Commitment, Period	5 years
Other Inventory, Purchased Goods, Gross	$ 13,500

RESTRUCTURING COSTS AND ACCRU_3

RESTRUCTURING COSTS AND ACCRUALS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)position	Mar. 31, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 15	$ 1,074
Restructuring and Related Cost, Number of Positions Eliminated | position	23
Employee Severance [Member]
Restructuring accrual [Roll Forward]
Accrual balance at beginning of year	$ 655
New restructuring charges - operating expenses	15
Cash payments	(665)
Foreign exchange impact on ending balance	(5)
Accrual balance at end of period	$ 0

REVENUE Revenue by Type (Detail

REVENUE Revenue by Type (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments	1
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 100,649	$ 94,364
Subscriptions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	32,954	24,868
Maintenance
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 28,327	$ 29,852

REVENUE Revenue by Geographic R

REVENUE Revenue by Geographic Regions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 100,649	$ 94,364
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	44,389	39,471
Other Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,894	5,179
Europe, Middle East and Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	38,845	36,523
Asia-Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 12,521	$ 13,191

REVENUE Contract Asset (Details

REVENUE Contract Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Change in Contract with Customer, Asset [Abstract]
Contract asset at beginning of period	$ 25,397	$ 18,579
Revenue in excess of billings	9,891	14,395
Customer billings	(2,657)	(11,019)
Contract asset at end of period	32,631	$ 21,955
Less: long-term portion (recorded in other long-term assets)	7,089		$ 0
Contract asset, current portion	$ 25,542		$ 21,955

REVENUE Deferred Revenue Activi

REVENUE Deferred Revenue Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Deferred Revenue [Roll Forward]
Deferred revenue at beginning of period	$ 98,082	$ 99,259
Billings deferred	29,506	31,132
Recognition of prior deferred revenue	(35,266)	(32,885)
Deferred revenue at end of period	92,322	97,506
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	35,600
Deferred Revenue	92,322	$ 97,506
Subscription
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	6,210
Subscriptions
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	6,719
Maintenance contracts
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	71,294
Implied PCS
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	5,200
Professional services, training and other
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	$ 2,899

REVENUE Remaining Performance O

REVENUE Remaining Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Revenue, Performance Obligation, Description of Timing	six years
Remaining Performance Obligation	$ 35,600
Unbilled Receivables, Not Billable	25,500
Subscription
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	6,210
Subscriptions
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	6,719
Maintenance contracts
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	71,294
Implied PCS
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	5,200
Implied PCS | Forecast [Member]
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation		$ 100	$ 300	$ 600	$ 1,100	$ 1,500	$ 1,600
Professional services, training and other
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	$ 2,899

LONG-TERM DEBT AND CREDIT AGR_3

LONG-TERM DEBT AND CREDIT AGREEMENT - SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Term Loan, net of unamortized issuance costs and debt discount of $2,373 and $2,059 at March 31, 2022 and December 31, 2021, respectively	$ 168,627	$ 168,941
Other long-term debt	971	1,023
Total debt	169,598	169,964
Less: current portion	8,709	9,158
Total long-term debt	160,889	160,806
Cerberus Business Finance LLC [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 2,373	$ 2,059

LONG-TERM DEBT AND CREDIT AGR_4

LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure (Details) - USD ($) $ in Thousands	Jan. 05, 2021	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument, Periodic Payment, Principal		$ 6,531
Long-term Debt, Maturities, Repayments of Principal in Year Two		8,717
Long-term Debt, Maturities, Repayments of Principal in Year Three		11,935
Long-term Debt, Maturities, Repayments of Principal in Year Four		16,223
Long-term Debt, Maturities, Repayments of Principal in Year Five		17,306
Long-term Debt, Maturities, Repayments of Principal after Year Five		111,259
Total debt		171,971
Convertible Notes unamortized issue discount and debt issuance costs		(2,373)
Less: current portion		(8,709)	$ (9,158)
Total long-term debt		160,889	$ 160,806
Line of Credit [Member]
Convertible Notes unamortized issue discount and debt issuance costs	$ 2,500
Line of Credit [Member] | Cerberus Business Finance LLC [Member]
Repayments of Lines of Credit	$ 201,000
Revolving Credit Facility [Member]
Debt Instrument, Periodic Payment, Principal		6,413
Long-term Debt, Maturities, Repayments of Principal in Year Two		8,550
Long-term Debt, Maturities, Repayments of Principal in Year Three		11,756
Long-term Debt, Maturities, Repayments of Principal in Year Four		16,031
Long-term Debt, Maturities, Repayments of Principal in Year Five		17,100
Long-term Debt, Maturities, Repayments of Principal after Year Five		111,150
Total debt		171,000
Convertible Notes unamortized issue discount and debt issuance costs		(2,373)
Less: current portion		(8,550)
Total long-term debt		160,077
Other Debt Obligations [Member]
Debt Instrument, Periodic Payment, Principal		118
Long-term Debt, Maturities, Repayments of Principal in Year Two		167
Long-term Debt, Maturities, Repayments of Principal in Year Three		179
Long-term Debt, Maturities, Repayments of Principal in Year Four		192
Long-term Debt, Maturities, Repayments of Principal in Year Five		206
Long-term Debt, Maturities, Repayments of Principal after Year Five		109
Total debt		971
Convertible Notes unamortized issue discount and debt issuance costs		0
Less: current portion		(159)
Total long-term debt		$ 812

LONG-TERM DEBT AND CREDIT AGR_5

LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure1 (Details) - USD ($)	Feb. 25, 2022	Jan. 05, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Other long-term debt			$ 971,000		$ 1,023,000
Total debt			169,598,000		169,964,000
Less: current portion			8,709,000		9,158,000
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction			440,000	$ 2,574,000
Loss (Gain) on Extinguishment of Debt		$ 3,700,000	0	2,579,000
Convertible Notes unamortized issue discount and debt issuance costs			(2,373,000)
Long-term Debt, Maturities, Repayments of Principal in Year Two			8,717,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			11,935,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			16,223,000
Long-term Debt, Maturities, Repayments of Principal in Year Five			17,306,000
Long-term Debt, Maturities, Repayments of Principal after Year Five			111,259,000
Write off of Deferred Debt Issuance Cost		2,600,000
Unwind capped call cash receipt		$ 1,100,000	0	$ 1,169,000
Term Loan
Debt Instrument, LIBOR Floor Rate		0.25%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan
Debt Instrument, Basis Spread on Variable Rate		3.00%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loan
Interest Expense, Long-term Debt			1,200,000
Debt Instrument, Basis Spread on Variable Rate		2.00%
Long-term Line of Credit			0
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan
Debt Instrument, Basis Spread on Variable Rate		3.25%
JPMorgan Chase | Term Loan
Line of Credit Facility, Maximum Borrowing Capacity		$ 180,000,000
JPMorgan Chase | Revolving Credit Facility [Member]
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction			$ 400,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 70,000,000
Line Of Credit Facility, Covenant Terms, Maximum Net Leverage Ratio			400.00%
Debt Instrument, Basis Spread on Variable Rate, Reduction	0.25%
Debt Instrument, Interest Rate, Effective Percentage			2.75%
Cerberus Business Finance LLC [Member] | Long-term Debt [Member]
Unamortized Debt Issuance Expense			$ 2,373,000		$ 2,059,000

STOCKHOLDERS' EQUITY Non-vested

STOCKHOLDERS' EQUITY Non-vested Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	970,542	1,061,834
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	164,405
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(235,721)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(19,976)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 20.37	$ 16.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	31.22
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	11.20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 17.62
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	10 months 28 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value	$ 33,833
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(136,435)
Performance-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	417,517	579,364
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	296,405
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(454,804)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(3,448)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 23.11	$ 13.20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	22.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	10.19
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 26.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 5 months 15 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value	$ 14,555
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(254,596)

STOCKHOLDERS' EQUITY Stock-base

STOCKHOLDERS' EQUITY Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expense	$ 3,422	$ 3,122
Restricted Stock Units (RSUs) [Member] | Time Based RSUs
Employee Benefits and Share-based Compensation	2,428	2,437
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting [Member]
Employee Benefits and Share-based Compensation	948	656
Employee Stock
Employee Benefits and Share-based Compensation	46	29
Cost of Products Revenues [Member]
Share-based Payment Arrangement, Expense	426	440
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense	350	521
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expense	598	602
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 2,048	$ 1,559

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Sep. 09, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount		$ 115,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 79,100
Stock Repurchased During Period, Shares	354,472
Stock Repurchased During Period, Value	$ 10,816
Treasury Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares	354,000
Stock Repurchased During Period, Value	$ 10,816