Avid Technology (AVID) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Blue Sky 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		44,098,790
Entity Central Index Key	0000896841
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenues:
Revenues	$ 91,009	$ 102,985	$ 297,362	$ 301,314
Cost of revenues:
Total cost of revenues	33,104	33,206	110,919	101,405
Gross profit	57,905	69,779	186,443	199,909
Operating expenses:
Research and development	19,767	17,110	59,193	49,869
Marketing and selling	23,004	24,362	71,052	69,962
General and administrative	17,582	14,066	50,216	42,241
Restructuring costs, net	(589)	158	4,873	515
Total operating expenses	59,764	55,696	185,334	162,587
Operating (loss) income	(1,859)	14,083	1,109	37,322
Interest expense, net	(5,060)	(2,741)	(12,989)	(6,161)
Other income, net	21	15	188	7
(Loss) income before income taxes	(6,898)	11,357	(11,692)	31,168
Provision for (benefit from) income taxes	436	(665)	619	1,187
Net (loss) income	$ (7,334)	$ 12,022	$ (12,311)	$ 29,981
Net (loss) income per common share – basic	$ (0.17)	$ 0.27	$ (0.28)	$ 0.67
Net (loss) income per common share – diluted	$ (0.17)	$ 0.27	$ (0.28)	$ 0.66
Weighted-average common shares outstanding – basic	44,209	44,476	44,042	44,676
Weighted-average common shares outstanding – diluted	44,209	44,703	44,042	45,107
Subscription
Net revenues:
Revenues	$ 38,018	$ 41,782	$ 121,842	$ 108,878
Cost of revenues:
Total cost of revenues	4,793	6,163	14,579	18,057
Maintenance
Net revenues:
Revenues			20,230	27,280
Cost of revenues:
Total cost of revenues	4,614	4,849
Integrated solutions & other
Net revenues:
Revenues	32,761	33,923	109,172	109,054
Cost of revenues:
Total cost of revenues	$ 23,697	$ 22,194	$ 81,915	$ 67,969

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net (loss) income	$ (7,334)	$ 12,022	$ (12,311)	$ 29,981
Other comprehensive income (loss):
Foreign currency translation adjustments	(876)	(1,416)	(647)	(3,352)
Comprehensive income (loss)	$ (8,210)	$ 10,606	$ (12,958)	$ 26,629

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 20,963	$ 35,247
Restricted cash	926	2,413
Accounts receivable, net of allowances	56,354	76,849
Inventories	28,591	20,981
Prepaid expenses	9,901	8,360
Contract assets	36,718	32,295
Other current assets	3,057	2,826
Total current assets	156,510	178,971
Property and equipment, net	30,656	23,684
Goodwill	32,643	32,643
Right of use assets	19,551	21,395
Deferred tax assets, net	15,725	15,859
Other long-term assets	18,654	14,901
Total assets	273,739	287,453
Current liabilities:
Accounts payable	39,528	45,904
Accrued compensation and benefits	16,991	22,602
Accrued expenses and other current liabilities	39,132	36,031
Income taxes payable	25	62
Less: current portion	14,242	9,710
Deferred revenues	35,863	76,308
Total current liabilities	145,781	190,617
Long-term debt	203,723	172,958
Long-term deferred revenues	24,859	17,842
Long-term lease liabilities	18,654	20,470
Other long-term liabilities	3,907	4,348
Total liabilities	396,924	406,235
Commitments and contingencies (Note 7)
Stockholders' deficit:
Common stock, par value $0.01; authorized: 100,000 shares; issued: 46,995 shares at September 30, 2023 and 46,551 shares at December 31, 2022; outstanding: 44,069 shares at September 30, 2023 and 43,771 shares at December 31, 2022	466	462
Treasury stock	(78,353)	(77,933)
Additional paid-in capital	1,045,258	1,036,287
Accumulated deficit	(1,084,029)	(1,071,718)
Accumulated other comprehensive loss	(6,527)	(5,880)
Total stockholders' deficit	(123,185)	(118,782)
Total liabilities and stockholders' deficit	$ 273,739	$ 287,453

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 430	$ 601
Stockholders' deficit:
Commons stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,995,000	46,551,000
Common stock, shares outstanding	44,069,000	43,771,000

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, Common
Balances at beginning of period (in shares) at Dec. 31, 2021		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)
Stock Repurchased During Period, Shares						(354,000)
Repurchase of common stock	10,816					$ (10,816)
Stock-based compensation	3,422		3,422
Net loss	10,586			10,586
Other comprehensive income (loss)	(201)				(201)
Balances at end of period (in shares) at Mar. 31, 2022		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)
Balances at beginning of period (in shares) at Dec. 31, 2021		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)
Net loss	29,981
Balances at end of period (in shares) at Sep. 30, 2022						(2,546,000)
Balances at end of period at Sep. 30, 2022	(141,401)	$ 461	1,031,232	(1,096,978)	(7,465)	$ (68,651)
Balances at beginning of period (in shares) at Mar. 31, 2022		46,219,000				(1,228,000)
Balances at beginning of period at Mar. 31, 2022	(130,019)	$ 459	1,026,115	(1,116,373)	(4,314)	$ (35,906)
Stock issued pursuant to employee stock plans (in shares)		189,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(1,481)	$ 2	(1,483)
Stock Repurchased During Period, Shares						(560,000)
Repurchase of common stock	14,143					$ (14,143)
Stock-based compensation	3,645		3,645
Net loss	7,373			7,373
Other comprehensive income (loss)	(1,735)				(1,735)
Balances at end of period (in shares) at Jun. 30, 2022		46,408,000				(1,788,000)
Balances at end of period at Jun. 30, 2022	(136,360)	$ 461	1,028,277	(1,109,000)	(6,049)	$ (50,049)
Stock issued pursuant to employee stock plans (in shares)		64,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(992)	$ 0	(992)
Stock Repurchased During Period, Shares						(758,000)
Repurchase of common stock	(18,602)					$ (18,602)
Stock-based compensation	3,947		3,947
Net loss	12,022			12,022
Other comprehensive income (loss)	(1,416)				(1,416)
Balances at end of period (in shares) at Sep. 30, 2022						(2,546,000)
Balances at end of period at Sep. 30, 2022	$ (141,401)	$ 461	1,031,232	(1,096,978)	(7,465)	$ (68,651)
Shares, Issued		46,472,000
Balances at beginning of period (in shares) at Dec. 31, 2022	43,771,000	46,551,000				(2,911,000)
Balances at beginning of period at Dec. 31, 2022	$ (118,782)	$ 462	1,036,287	(1,071,718)	(5,880)	$ (77,933)
Stock issued pursuant to employee stock plans (in shares)		212,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(4,840)	$ 2	(4,842)
Stock Repurchased During Period, Shares						(15,000)
Repurchase of common stock	420					$ (420)
Stock-based compensation	5,093		5,093
Net loss	(381)			(381)
Other comprehensive income (loss)	594				594
Balances at end of period (in shares) at Mar. 31, 2023		46,763,000				(2,926,000)
Balances at end of period at Mar. 31, 2023	$ (118,736)	$ 464	1,036,538	(1,072,099)	(5,286)	$ (78,353)
Balances at beginning of period (in shares) at Dec. 31, 2022	43,771,000	46,551,000				(2,911,000)
Balances at beginning of period at Dec. 31, 2022	$ (118,782)	$ 462	1,036,287	(1,071,718)	(5,880)	$ (77,933)
Net loss	$ (12,311)
Balances at end of period (in shares) at Sep. 30, 2023	44,069,000	46,995,000				(2,926,000)
Balances at end of period at Sep. 30, 2023	$ (123,185)	$ 466	1,045,258	(1,084,029)	(6,527)	$ (78,353)
Balances at beginning of period (in shares) at Mar. 31, 2023		46,763,000				(2,926,000)
Balances at beginning of period at Mar. 31, 2023	(118,736)	$ 464	1,036,538	(1,072,099)	(5,286)	$ (78,353)
Stock issued pursuant to employee stock plans (in shares)		172,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(1,199)	$ 1	(1,200)
Stock-based compensation	5,942		5,942
Net loss	(4,596)			(4,596)
Other comprehensive income (loss)	(365)				(365)
Balances at end of period (in shares) at Jun. 30, 2023		46,935,000				(2,926,000)
Balances at end of period at Jun. 30, 2023	(118,954)	$ 465	1,041,280	(1,076,695)	(5,651)	$ (78,353)
Stock issued pursuant to employee stock plans (in shares)		60,000
Stock issued pursuant to employee stock plans, net of shares withheld for employee tax obligations	(924)	$ 1	(925)
Stock-based compensation	4,903		4,903
Net loss	(7,334)			(7,334)
Other comprehensive income (loss)	$ (876)				(876)
Balances at end of period (in shares) at Sep. 30, 2023	44,069,000	46,995,000				(2,926,000)
Balances at end of period at Sep. 30, 2023	$ (123,185)	$ 466	$ 1,045,258	$ (1,084,029)	$ (6,527)	$ (78,353)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (12,311)	$ 29,981
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,601	6,023
(Recovery from) allowance for doubtful accounts	(71)	893
Stock-based compensation expense	15,938	11,014
Non-cash provision for restructuring	4,879	495
Non-cash interest expense	447	367
Loss on disposal of fixed assets	0	548
Unrealized foreign currency transaction losses (gains)	868	(2,769)
Provision for (benefit from) deferred taxes	134	1,238
Changes in operating assets and liabilities:
Accounts receivable	20,566	20,896
Inventories	(7,610)	(2,071)
Prepaid expenses and other assets	(6,839)	(5,624)
Accounts payable	(6,376)	8,050
Accrued expenses, compensation and benefits and other liabilities	(8,268)	(17,257)
Income taxes payable	(38)	(841)
Deferred revenue and contract assets	(36,735)	(25,380)
Net cash (used in) provided by operating activities	(27,815)	25,563
Cash flows from investing activities:
Purchases of property and equipment	(13,798)	(11,067)
Net cash used in investing activities	(13,798)	(11,067)
Proceeds from revolving line of credit	40,000	19,000
Cash flows from financing activities:
Repayment of debt principal	(5,150)	(4,515)
Payments for repurchase of common stock	(572)	(40,929)
Common stock repurchases for tax withholdings for net settlement of equity awards	(7,449)	(11,878)
Payments for credit facility issuance costs	0	(440)
Net cash (used in) provided by financing activities	27,315	(38,294)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,523)	(1,809)
Net decrease in cash, cash equivalents and restricted cash	(15,821)	(25,607)
Cash, cash equivalents and restricted cash at beginning of period	38,852	60,556
Cash, cash equivalents and restricted cash at end of period	23,031	34,949
Supplemental information:
Cash and cash equivalents	20,963	31,344
Restricted cash	926	2,413
Restricted cash included in other long-term assets	1,142	1,192
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	23,031	34,949
Cash paid for income taxes	1,119	1,551
Cash paid for interest	11,327	3,095
Proceeds from the issuance of common stock under employee stock plans	$ 486	$ 468

FINANCIAL INFORMATION (Notes)

FINANCIAL INFORMATION (Notes)	9 Months Ended
	Sep. 30, 2023
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, 2022 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, 2022 in our Annual Report on Form 10-K for the year ended December 31, 2022, 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, 2022. The consolidated results of operations for the three months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. The Company’s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business and consumer confidence. 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. Agreement and Plan of Merger On August 9, 2023, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Artisan Bidco, Inc., a Delaware corporation (“Parent”), and Artisan Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”), each an affiliate of STG, pursuant to which, and on the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”). Pursuant to the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (other than Excluded Shares (as defined in the Merger Agreement)) will be converted into the right to receive $27.05 in cash, without interest and less required tax withholdings. The consummation of the Merger is subject to approval by our stockholders, regulatory approvals and other customary closing conditions as set forth in the Merger Agreement. As previously disclosed by the Company, certain of these conditions have been satisfied, including the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock and the receipt of all required regulatory approvals and clearances set forth in the Merger Agreement to complete the Merger. 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 on Form 10-K for the year ended December 31, 2022.

NET INCOME PER SHARE Earnings P

NET INCOME PER SHARE Earnings Per Share (Notes)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET (LOSS) INCOME PER SHARE Net (loss) 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 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, 2023 and 2022: September 30, 2023 September 30, 2022 Non-vested restricted stock units 1,180 820 The following table sets forth (in thousands) the basic and diluted weighted common shares outstanding for the three months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted common shares outstanding - basic 44,209 44,476 44,042 44,676 Net effect of common stock equivalents — 227 — 431 Weighted common shares outstanding - diluted 44,209 44,703 44,042 45,107

FAIR VALUE MEASUREMENTS (Notes)

FAIR VALUE MEASUREMENTS (Notes)	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022, 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 assets held at fair value are included in “Other current assets” and “Other long-term assets” on our consolidated balance sheet as of September 30, 2023 and 2022. 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 Significant Significant Financial assets: Deferred compensation assets $ 225 $ 84 $ 141 $ — Fair Value Measurements at Reporting Date Using December 31, 2022 Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 376 $ 85 $ 291 $ — 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. The carrying value of the term loan is net of debt issuance costs and approximates its fair value. Cash and equivalents were classified as Level 1 and all other financial instruments were classified as Level 2 within the fair value hierarchy.

INVENTORIES (Notes)

INVENTORIES (Notes)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 7,558 $ 7,984 Work in process 244 288 Finished goods 20,789 12,709 Total $ 28,591 $ 20,981

LEASES LEASES (Notes)

LEASES LEASES (Notes)	9 Months Ended
	Sep. 30, 2023
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 five 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 September 30, 2023, the weighted average incremental borrowing rate was 6.0% and the weighted average remaining lease term was 4.5 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 September 30, 2023, the weighted-average discount rate was 0.4% and the weighted average remaining lease term was less than one year. 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 $1.4 million for the three months ended September 30, 2023 and September 30, 2022, respectively and $4.5 million and $4.3 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Related cash payments were $1.6 million and $1.5 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $4.8 million and $4.6 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Short term lease costs were $0.5 million and $0.6 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $1.6 million and $1.9 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Operating lease costs are included within costs of revenue, 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 September 30, 2023 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2023 (excluding nine months ended September 30, 2023) $ 1,568 $ 35 2024 5,814 52 2025 5,874 — 2026 5,935 — 2027 5,490 — Thereafter 2,066 — Total future minimum lease payments $ 26,747 $ 87 Less effects of discounting (3,447) — Total lease liabilities $ 23,300 $ 87 Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases September 30, 2023 Right of use assets $ 19,551 Accrued expenses and other current liabilities (4,646) Long-term lease liabilities (18,654) Total lease liabilities $ (23,300) Finance Leases September 30, 2023 Other assets $ 75 Accrued expenses and other current liabilities 87 Total lease liabilities $ 87
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 five 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 September 30, 2023, the weighted average incremental borrowing rate was 6.0% and the weighted average remaining lease term was 4.5 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 September 30, 2023, the weighted-average discount rate was 0.4% and the weighted average remaining lease term was less than one year. 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 $1.4 million for the three months ended September 30, 2023 and September 30, 2022, respectively and $4.5 million and $4.3 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Related cash payments were $1.6 million and $1.5 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $4.8 million and $4.6 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Short term lease costs were $0.5 million and $0.6 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $1.6 million and $1.9 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. Operating lease costs are included within costs of revenue, 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 September 30, 2023 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2023 (excluding nine months ended September 30, 2023) $ 1,568 $ 35 2024 5,814 52 2025 5,874 — 2026 5,935 — 2027 5,490 — Thereafter 2,066 — Total future minimum lease payments $ 26,747 $ 87 Less effects of discounting (3,447) — Total lease liabilities $ 23,300 $ 87 Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases September 30, 2023 Right of use assets $ 19,551 Accrued expenses and other current liabilities (4,646) Long-term lease liabilities (18,654) Total lease liabilities $ (23,300) Finance Leases September 30, 2023 Other assets $ 75 Accrued expenses and other current liabilities 87 Total lease liabilities $ 87

OTHER LONG-TERM LIABILITIES (No

OTHER LONG-TERM LIABILITIES (Notes)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Deferred compensation $ 3,373 $ 3,715 Finance lease liabilities — 46 Other long-term liabilities 534 587 Total $ 3,907 $ 4,348

CONTINGENCIES (Notes)

CONTINGENCIES (Notes)	9 Months Ended
	Sep. 30, 2023
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 $25.1 million of products and services pursuant to this agreement as of September 30, 2023. 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, 2023, 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 $0.4 million in the aggregate, as well as letters of credit totaling $3.4 million that otherwise support our ongoing operations. These letters of credit have various terms and expire during 2023 and beyond, while some of the letters of credit may automatically renew based on the terms of the underlying agreements. Letters of credit that are collateralized by restricted cash are included in the caption “Restricted cash” and “Other long-term assets” on our condensed consolidated balance sheets as of September 30, 2023. 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. On November 25, 2020 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 September 30, 2023 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 nine months ended September 30, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 2022 Accrual balance at beginning of period $ 941 $ 1,219 Accruals for product warranties 534 541 Costs of warranty claims (633) (784) Accrual balance at end of period $ 842 $ 976 The warranty accrual is included in the caption “accrued expenses and other current liabilities” in our condensed consolidated balance sheet.

REVENUE (Notes)

REVENUE (Notes)	9 Months Ended
	Sep. 30, 2023
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 reporting unit and operating segment. The following table sets forth our revenues by geographic region for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: United States $ 38,038 $ 46,206 $ 125,067 $ 130,755 Other Americas 5,436 6,167 20,734 19,467 Europe, Middle East and Africa 34,647 36,865 108,574 112,026 Asia-Pacific 12,888 13,747 42,987 39,066 Total net revenues $ 91,009 $ 102,985 $ 297,362 $ 301,314 The opening and closing balances of the Company's accounts receivable from contracts with customers were $76.8 million and $56.4 million for the nine months ended September 30, 2023, respectively, and $77.0 million and $55.3 million for the nine months ended September 30, 2022, respectively. Contract Asset Contract asset activity for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): September 30, 2023 September 30, 2022 Contract asset at beginning of period $ 37,765 $ 25,397 Revenue in excess of billings 63,251 51,400 Customer billings (59,944) (47,427) Contract asset at end of period $ 41,072 $ 29,370 Less: long-term portion (recorded in other long-term assets) 4,354 11,642 Contract asset, current portion $ 36,718 $ 17,728 Deferred Revenue Deferred revenue activity for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): September 30, 2023 September 30, 2022 Deferred revenue at beginning of period $ 94,150 $ 98,082 Billings deferred 55,109 57,094 Recognition of prior deferred revenue (88,537) (78,501) Deferred revenue at end of period $ 60,722 $ 76,675 A summary of the significant performance obligations included in deferred revenue is as follows (in thousands): September 30, 2023 Product $ 2,802 Subscription 15,497 Maintenance contracts 39,553 Implied PCS 2,870 Deferred revenue at September 30, 2023 $ 60,722 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 $2.9 million attributable to Implied PCS recorded in deferred revenue as of September 30, 2023. We expect to recognize revenue for these remaining performance obligations of $0.4 million for the remainder of 2023 and $1.2 million, $0.7 million, $0.4 million and $0.2 million for the years ending December 31, 2024, 2025, 2026, and 2027, respectively, and an immaterial amount thereafter. As of September 30, 2023, we had approximately $16.7 million of transaction price allocated to remaining performance obligations for certain enterprise agreements that have not yet been fully invoiced. Approximately $14.2 million of these performance obligations were unbilled as of September 30, 2023. 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 $16.7 million in roughly equal installments through 2025. 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)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
LONG TERM DEBT AND CREDIT AGREEMENT	LONG-TERM DEBT AND CREDIT AGREEMENT Long-term debt consisted of the following (in thousands): September 30, 2023 December 31, 2022 Term Loan, net of unamortized issuance costs and debt discount of $2,038 and $2,485 at September 30, 2023 and December 31, 2022, respectively $ 177,274 $ 181,853 Revolving Credit Facility 40,000 — Other long-term debt 691 815 Total debt $ 217,965 $ 182,668 Less: current portion 14,242 9,710 Total long-term debt $ 203,723 $ 172,958 The following table summarizes the contractual maturities of our borrowing obligations as of September 30, 2023 (in thousands): Fiscal Year Term Loan Revolving Credit Facility Other Long-Term Debt Total 2023 (excluding nine months ended September 30, 2023) $ 4,525 — 41 $ 4,566 2024 13,131 — 170 13,301 2025 17,906 — 182 18,088 2026 19,100 — 195 19,295 2027 124,650 40,000 103 164,753 Total before unamortized discount 179,312 40,000 691 220,003 Less: unamortized discount and issuance costs (2,038) — — (2,038) Less: current portion of long-term debt (14,075) — (167) (14,242) Total long-term debt $ 163,199 40,000 $ 524 $ 203,723 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 “Revolving Credit Facility”) of up to a maximum of $70.0 million in borrowings outstanding at any time. The Revolving Credit Facility 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 in the principal amount of $201 million under the Company’s prior financing agreement, which was then terminated. In connection with 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 connection with the Credit Agreement, the Company incurred $2.5 million of issuance discounts and an immaterial amount of issuance costs. The Term Loan discount and issuance costs are being amortized over the remaining life of the Second A&R Credit Agreement (as defined below). 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 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. In connection with the A&R Credit Agreement, the Company accounted for the amendment as a modification and 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 are being amortized jointly over the amended remaining life of the Second A&R Credit Agreement. On October 6, 2022, the Company executed a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”) with JPMorgan Chase Bank, N.A. and the Lenders. Pursuant to the Second A&R Credit Agreement, the Lenders agreed to provide the Company with (a) an additional term loan in the aggregate principal amount of $20 million (of which approximately $19 million was used to pay off the Company’s then outstanding drawings under the Revolving Credit Facility), and (b) an additional $50 million of available borrowing capacity under the Revolving Credit Facility, increasing the aggregate amount available to $120.0 million. The Second A&R Credit Agreement includes substantially similar terms as the A&R Credit Agreement and does not result in any changes to financial covenants, pricing or the maturity date of February 25, 2027. In connection with the Second A&R Credit Agreement, the Company accounted for the amendment as a modification and incurred an additional $0.5 million of issuance costs during the three months ended December 31, 2022. These additional costs and the remaining unamortized Term Loan discount and issuance costs are being amortized jointly over the amended remaining life of the Second A&R Credit Agreement. We recorded $4.7 million and $11.8 million of interest expense on the Term Loan and Revolving Credit Facility for the three and nine months ended September 30, 2023. We recorded $2.1 million and $4.6 million of interest expense on the Term Loan for the three and nine months ended September 30, 2022, respectively. The effective interest rate for the nine months ended September 30, 2023 was 7.30%. As of September 30, 2023, there was $40 million outstanding under the Revolving Credit Facility. We were in compliance with the Second A&R Credit Agreement covenants as of September 30, 2023.

STOCKHOLDERS' EQUITY (Notes)

STOCKHOLDERS' EQUITY (Notes)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Stock-Based Compensation Information with respect to the Company’s non-vested time-based restricted stock units for the nine months ended September 30, 2023 was as follows: Number of Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2023 788,217 $28.24 — Granted 607,432 30.00 — Vested (426,811) 25.00 (144,519) Forfeited (68,669) 33.04 — Non-vested at September 30, 2023 900,169 $30.60 0.95 $28,778 Information with respect to the Company’s non-vested performance-based restricted stock units for the nine months ended September 30, 2023 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, 2023 294,011 $23.20 — Granted 240,598 26.12 — Vested (254,320) 15.34 (114,881) Forfeited — — — Non-vested at September 30, 2023 280,289 $32.85 1.17 $8,961 The following table sets forth stock-based compensation expense by award type for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share-based compensation expense by type: Time-based Restricted Stock Units $ 3,705 $ 2,892 $ 12,618 $ 8,272 Performance-based Restricted Stock Units 1,153 1,007 3,175 2,598 ESPP 45 48 145 144 Total share-based compensation expense $ 4,903 $ 3,947 $ 15,938 $ 11,014 Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 722 $ 588 $ 2,135 $ 1,603 Research and development expenses 979 498 2,663 1,363 Marketing and selling expenses 886 743 2,731 2,141 General and administrative expenses 2,316 2,118 8,409 5,907 Total share-based compensation expense $ 4,903 $ 3,947 $ 15,938 $ 11,014

FINANCIAL INFORMATION (Policies

FINANCIAL INFORMATION (Policies)	9 Months Ended
	Sep. 30, 2023
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 on Form 10-K for the year ended December 31, 2022.
Recent Accounting Pronouncements

NET INCOME PER SHARE Earnings_2

NET INCOME PER SHARE Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022: September 30, 2023 September 30, 2022 Non-vested restricted stock units 1,180 820
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 September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted common shares outstanding - basic 44,209 44,476 44,042 44,676 Net effect of common stock equivalents — 227 — 431 Weighted common shares outstanding - diluted 44,209 44,703 44,042 45,107

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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 Significant Significant Financial assets: Deferred compensation assets $ 225 $ 84 $ 141 $ — Fair Value Measurements at Reporting Date Using December 31, 2022 Quoted Prices in Significant Significant Financial assets: Deferred compensation assets $ 376 $ 85 $ 291 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 7,558 $ 7,984 Work in process 244 288 Finished goods 20,789 12,709 Total $ 28,591 $ 20,981

LEASES LEASES (Tables)

LEASES LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2023 (excluding nine months ended September 30, 2023) $ 1,568 $ 35 2024 5,814 52 2025 5,874 — 2026 5,935 — 2027 5,490 — Thereafter 2,066 — Total future minimum lease payments $ 26,747 $ 87 Less effects of discounting (3,447) — Total lease liabilities $ 23,300 $ 87
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 September 30, 2023 (in thousands): Year Ending December 31, Operating Leases Finance Leases 2023 (excluding nine months ended September 30, 2023) $ 1,568 $ 35 2024 5,814 52 2025 5,874 — 2026 5,935 — 2027 5,490 — Thereafter 2,066 — Total future minimum lease payments $ 26,747 $ 87 Less effects of discounting (3,447) — Total lease liabilities $ 23,300 $ 87
Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands): Operating Leases September 30, 2023 Right of use assets $ 19,551 Accrued expenses and other current liabilities (4,646) Long-term lease liabilities (18,654) Total lease liabilities $ (23,300) Finance Leases September 30, 2023 Other assets $ 75 Accrued expenses and other current liabilities 87 Total lease liabilities $ 87

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Long-term liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Deferred compensation $ 3,373 $ 3,715 Finance lease liabilities — 46 Other long-term liabilities 534 587 Total $ 3,907 $ 4,348

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 2022 Accrual balance at beginning of period $ 941 $ 1,219 Accruals for product warranties 534 541 Costs of warranty claims (633) (784) Accrual balance at end of period $ 842 $ 976

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue by Type
Revenue by Geographic Region	The following table sets forth our revenues by geographic region for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: United States $ 38,038 $ 46,206 $ 125,067 $ 130,755 Other Americas 5,436 6,167 20,734 19,467 Europe, Middle East and Africa 34,647 36,865 108,574 112,026 Asia-Pacific 12,888 13,747 42,987 39,066 Total net revenues $ 91,009 $ 102,985 $ 297,362 $ 301,314
Contract Asset	Contract Asset Contract asset activity for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): September 30, 2023 September 30, 2022 Contract asset at beginning of period $ 37,765 $ 25,397 Revenue in excess of billings 63,251 51,400 Customer billings (59,944) (47,427) Contract asset at end of period $ 41,072 $ 29,370 Less: long-term portion (recorded in other long-term assets) 4,354 11,642 Contract asset, current portion $ 36,718 $ 17,728
Deferred Revenue	Deferred revenue activity for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): September 30, 2023 September 30, 2022 Deferred revenue at beginning of period $ 94,150 $ 98,082 Billings deferred 55,109 57,094 Recognition of prior deferred revenue (88,537) (78,501) Deferred revenue at end of period $ 60,722 $ 76,675 A summary of the significant performance obligations included in deferred revenue is as follows (in thousands): September 30, 2023 Product $ 2,802 Subscription 15,497 Maintenance contracts 39,553 Implied PCS 2,870 Deferred revenue at September 30, 2023 $ 60,722

LONG-TERM DEBT AND CREDIT AGR_2

LONG-TERM DEBT AND CREDIT AGREEMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): September 30, 2023 December 31, 2022 Term Loan, net of unamortized issuance costs and debt discount of $2,038 and $2,485 at September 30, 2023 and December 31, 2022, respectively $ 177,274 $ 181,853 Revolving Credit Facility 40,000 — Other long-term debt 691 815 Total debt $ 217,965 $ 182,668 Less: current portion 14,242 9,710 Total long-term debt $ 203,723 $ 172,958
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of our borrowing obligations as of September 30, 2023 (in thousands): Fiscal Year Term Loan Revolving Credit Facility Other Long-Term Debt Total 2023 (excluding nine months ended September 30, 2023) $ 4,525 — 41 $ 4,566 2024 13,131 — 170 13,301 2025 17,906 — 182 18,088 2026 19,100 — 195 19,295 2027 124,650 40,000 103 164,753 Total before unamortized discount 179,312 40,000 691 220,003 Less: unamortized discount and issuance costs (2,038) — — (2,038) Less: current portion of long-term debt (14,075) — (167) (14,242) Total long-term debt $ 163,199 40,000 $ 524 $ 203,723

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
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 time-based restricted stock units for the nine months ended September 30, 2023 was as follows: Number of Restricted Stock Units Weighted- Weighted- Aggregate Shares Retained to Cover Statutory Minimum Withholding Taxes Non-vested at January 1, 2023 788,217 $28.24 — Granted 607,432 30.00 — Vested (426,811) 25.00 (144,519) Forfeited (68,669) 33.04 — Non-vested at September 30, 2023 900,169 $30.60 0.95 $28,778 Information with respect to the Company’s non-vested performance-based restricted stock units for the nine months ended September 30, 2023 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, 2023 294,011 $23.20 — Granted 240,598 26.12 — Vested (254,320) 15.34 (114,881) Forfeited — — — Non-vested at September 30, 2023 280,289 $32.85 1.17 $8,961
Share-based Payment Arrangement, Expensed and Capitalized, Amount	tock-based compensation expense by award type for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share-based compensation expense by type: Time-based Restricted Stock Units $ 3,705 $ 2,892 $ 12,618 $ 8,272 Performance-based Restricted Stock Units 1,153 1,007 3,175 2,598 ESPP 45 48 145 144 Total share-based compensation expense $ 4,903 $ 3,947 $ 15,938 $ 11,014 Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 722 $ 588 $ 2,135 $ 1,603 Research and development expenses 979 498 2,663 1,363 Marketing and selling expenses 886 743 2,731 2,141 General and administrative expenses 2,316 2,118 8,409 5,907 Total share-based compensation expense $ 4,903 $ 3,947 $ 15,938 $ 11,014

NET INCOME PER SHARE Earnings_3

NET INCOME PER SHARE Earnings Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Non-vested restricted stock units
Antidilutive Securities Excluded from Computation of Net Loss Per Share [Line Items]
Anti-dilutive potential common shares (in thousands of shares)	1,180	820

NET INCOME PER SHARE Weighted A

NET INCOME PER SHARE Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted-average common shares outstanding – basic	44,209	44,476	44,042	44,676
Net effect of common stock equivalents	0	227	0	431
Weighted-average common shares outstanding – diluted	44,209	44,703	44,042	45,107

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Assets:
Deferred compensation assets	$ 225	$ 376
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Deferred compensation assets	84	85
Significant Other Observable Inputs (Level 2)
Financial Assets:
Deferred compensation assets	141	291
Significant Unobservable Inputs (Level 3)
Financial Assets:
Deferred compensation assets	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 7,558	$ 7,984
Work in process	244	288
Finished Goods	20,789	12,709
Total inventory	28,591	20,981
Finished goods, consigned	$ 3,200	$ 1,400

LEASES LEASES (Details)

LEASES LEASES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Discount Rate, Percent	6%		6%
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months		4 years 6 months
Finance Lease, Weighted Average Discount Rate, Percent	0.40%		0.40%
Operating Lease, Cost	$ 1.5	$ 1.4	$ 4.5	$ 4.3
Operating Lease, Payments	1.6	1.5	4.8	4.6
Short-term Lease, Cost	$ 0.5	$ 0.6	$ 1.6	$ 1.9
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year		1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years		5 years

LEASES Maturity Schedule (Detai

LEASES Maturity Schedule (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023 (excluding nine months ended September 30, 2023)	$ 1,568
2024	5,814
2025	5,874
2026	5,935
2027	5,490
Thereafter	2,066
Total future minimum lease payments	26,747
Less effects of discounting	(3,447)
Total lease liabilities	(23,300)
Finance Lease, Liability, Payment, Due [Abstract]
2023 (excluding nine months ended September 30, 2023)	35
2024	52
2025	0
2026	0
2027	0
Thereafter	0
Total future minimum lease payments	87
Less effects of discounting	0
Total lease liabilities	$ 87

LEASES Supplemental Balance She

LEASES Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use assets	$ 19,551	$ 21,395
Accrued expenses and other current liabilities	(4,646)
Long-term lease liabilities	(18,654)	(20,470)
Total lease liabilities	(23,300)
Other assets	75
Accrued expenses and other current liabilities	87
Other long-term liabilities	0	$ (46)
Total lease liabilities	$ 87

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred compensation	$ 3,373	$ 3,715
Finance Lease, Liability, Noncurrent	0	46
Other long-term liabilities	534	587
Total	$ 3,907	$ 4,348

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Product warranty accrual [Roll Forward]
Accrual balance at beginning of year		$ 941	$ 1,219
Accruals for product warranties		534	541
Cost of warranty claims		(633)	(784)
Accrual balance at end of period	$ 842	842	$ 976
Standby Letters of Credit [Member] | Office Space - Burlington, Massachusetts [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	700	700
Standby Letters of Credit [Member] | Office Space - Other Facilities [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount	400	400
Standby Letters of Credit [Member] | Other Operating Obligations [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount	3,400	3,400
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	$ 25,100	$ 25,100

RESTRUCTURING COSTS AND ACCRUAL

RESTRUCTURING COSTS AND ACCRUALS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) position	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (589)	$ 158	$ 4,873	$ 515
Restructuring and Related Cost, Number of Positions Eliminated | position			95
Employee Severance [Member]
Restructuring accrual [Roll Forward]
Accrual balance at beginning of year			$ 205
Cash payments			(2,645)
Foreign exchange impact on ending balance			(11)
Accrual balance at end of period	$ 2,360		2,360
New restructuring charges - operating expenses			$ 4,811

REVENUE Revenue by Type (Detail

REVENUE Revenue by Type (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments			1
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 91,009	$ 102,985	$ 297,362	$ 301,314

REVENUE Revenue by Geographic R

REVENUE Revenue by Geographic Regions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 91,009	$ 102,985	$ 297,362	$ 301,314
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	38,038	46,206	125,067	130,755
Other Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,436	6,167	20,734	19,467
Europe, Middle East and Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	34,647	36,865	108,574	112,026
Asia-Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 12,888	$ 13,747	$ 42,987	$ 39,066

REVENUE Contract Asset (Details

REVENUE Contract Asset (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Change in Contract with Customer, Asset [Abstract]
Contract asset at beginning of period	$ 37,765	$ 25,397
Revenue in excess of billings	63,251	51,400
Customer billings	(59,944)	(47,427)
Contract asset at end of period	41,072	$ 29,370
Less: long-term portion (recorded in other long-term assets)	4,354		$ 11,642
Contract asset, current portion	$ 36,718		$ 17,728

REVENUE Deferred Revenue Activi

REVENUE Deferred Revenue Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement in Deferred Revenue [Roll Forward]
Deferred revenue at beginning of period	$ 94,150	$ 98,082
Billings deferred	55,109	57,094
Recognition of prior deferred revenue	(88,537)	(78,501)
Deferred revenue at end of period	60,722	76,675
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	16,700
Deferred Revenue	60,722	$ 76,675
Subscription
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	2,802
Subscription Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	15,497
Maintenance contracts
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	39,553
Implied PCS
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	$ 2,870

REVENUE Remaining Performance O

REVENUE Remaining Performance Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Revenue, Performance Obligation, Description of Timing	six years
Remaining Performance Obligation	$ 16,700
Unbilled Receivables, Not Billable	14,200
Subscription
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	2,802
Subscription Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	15,497
Maintenance contracts
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	39,553
Implied PCS
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation	$ 2,870
Implied PCS | Forecast [Member]
Deferred Revenue Arrangement [Line Items]
Remaining Performance Obligation		$ 200	$ 400	$ 700	$ 1,200	$ 400

LONG-TERM DEBT AND CREDIT AGR_3

LONG-TERM DEBT AND CREDIT AGREEMENT - SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Term Loan, net of unamortized issuance costs and debt discount of $2,038 and $2,485 at September 30, 2023 and December 31, 2022, respectively	$ 177,274		$ 181,853
Other long-term debt			815
Total debt	217,965	$ 182,668
Less: current portion	14,242	9,710	$ 9,710
Total long-term debt	$ 203,723	$ 172,958

LONG-TERM DEBT AND CREDIT AGR_4

LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Debt Instrument, Periodic Payment, Principal	$ 4,566
Long-term Debt, Maturities, Repayments of Principal in Year Two	13,301
Long-term Debt, Maturities, Repayments of Principal in Year Three	18,088
Long-term Debt, Maturities, Repayments of Principal in Year Four	19,295
Long-term Debt, Maturities, Repayments of Principal in Year Five	164,753
Total debt	220,003
Convertible Notes unamortized issue discount and debt issuance costs	(2,038)
Less: current portion	(14,242)	$ (9,710)	$ (9,710)
Total long-term debt	203,723	$ 172,958
Revolving Credit Facility [Member]
Long-term Debt, Maturities, Repayments of Principal in Year Five	40,000
Total debt	179,312
Total long-term debt	163,199
Other Debt Obligations [Member]
Debt Instrument, Periodic Payment, Principal	41
Long-term Debt, Maturities, Repayments of Principal in Year Two	170
Long-term Debt, Maturities, Repayments of Principal in Year Three	182
Long-term Debt, Maturities, Repayments of Principal in Year Four	195
Long-term Debt, Maturities, Repayments of Principal in Year Five	103
Total debt	691
Convertible Notes unamortized issue discount and debt issuance costs	0
Less: current portion	(167)
Total long-term debt	$ 524

LONG-TERM DEBT AND CREDIT AGR_5

LONG-TERM DEBT AND CREDIT AGREEMENT Debt Disclosure1 (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Other long-term debt			$ 815
Total debt	$ 217,965	$ 217,965		$ 182,668
Less: current portion	14,242	14,242	9,710	$ 9,710
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction		0	$ 440
Convertible Notes unamortized issue discount and debt issuance costs	(2,038)	(2,038)
Long-term Debt, Maturities, Repayments of Principal in Year Two	13,301	13,301
Long-term Debt, Maturities, Repayments of Principal in Year Three	18,088	18,088
Long-term Debt, Maturities, Repayments of Principal in Year Four	19,295	19,295
Long-term Debt, Maturities, Repayments of Principal in Year Five	164,753	164,753
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | Term Loan
Interest Expense, Long-term Debt	$ 4,700	$ 11,800
JPMorgan Chase | Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.30%	7.30%

STOCKHOLDERS' EQUITY Non-vested

STOCKHOLDERS' EQUITY Non-vested Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	900,169	788,217
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	607,432
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(426,811)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(68,669)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 30.60	$ 28.24
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 33.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	11 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value	$ 28,778
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(144,519)
Performance-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	280,289	294,011
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	240,598
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(254,320)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 32.85	$ 23.20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	26.12
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	15.34
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 2 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested Restricted Stock Aggregate Intrinsic Value	$ 8,961
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(114,881)

STOCKHOLDERS' EQUITY Stock-base

STOCKHOLDERS' EQUITY Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expense	$ 4,903	$ 3,947	$ 15,938	$ 11,014
Restricted Stock Units (RSUs) [Member] | Time Based RSUs
Employee Benefits and Share-based Compensation	3,705	2,892	12,618	8,272
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting [Member]
Employee Benefits and Share-based Compensation	1,153	1,007	3,175	2,598
Employee Stock
Employee Benefits and Share-based Compensation	45	48	145	144
Cost of Products Revenues [Member]
Share-based Payment Arrangement, Expense	722	588	2,135	1,603
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense	979	498	2,663	1,363
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expense	886	743	2,731	2,141
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 2,316	$ 2,118	$ 8,409	$ 5,907

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	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					$ 36,600
Stock Repurchased During Period, Value	$ (420)	$ 18,602	$ (14,143)	$ (10,816)
Treasury Stock, Common
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares	(15)	(758)	(560)	(354)
Stock Repurchased During Period, Value	$ 420	$ 18,602	$ 14,143	$ 10,816