0001437749-23-021978 | 10-Q | XBRL Viewer

Lessee, Operating Leases and Finance Lease [Text Block]

NOTE 7.

Leases

The Company leases certain offices, computer equipment and its shared cloud platform facilities under non-cancelable operating leases for varying periods through 2028. While under the Company's lease agreements the Company has options to extend its certain leases, the Company has not included renewal options in determining the lease terms for calculating its lease liabilities, as these options are not reasonably certain of being exercised. Lease expense was $4.2 million and $3.8 million for the three months ended June 30, 2023 and 2022, respectively, and $8.2 million and $7.3 million for the six months ended June 30, 2023 and 2022, respectively.

Supplemental cash flow information related to operating leases was as follows:

	*Six Months Ended*
	*June 30,*
	*2023*		*2022*
	(in thousands)
Cash payments included in the measurement of lease liabilities	$	7,699	$	8,190
Lease liabilities arising from obtaining right-of-use assets	$	121	$	2,486

The weighted average remaining lease term and the weighted average discount rate of the Company's operating leases were as follows:

	June 30,			December 31,
	2023			2022
Weighted average remaining lease term (years)		3.4			3.7
Weighted average discount rate		5.3	%		5.2	%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

AOCI Attributable to Parent [Member]

Retained Earnings [Member]

Total

Balances (in shares) at Dec. 31, 2021

39,112

Balance at Dec. 31, 2021

$ 39

$ 477,323

$ 1,007

$ (41,655)

$ 436,714

25,410

Issuance of common stock upon exercise of stock options (in shares)

$ 0

(1,677)

Issuance of common stock upon exercise of stock options

$ 0

2,569

(368)

Issuance of common stock upon vesting of restricted stock units (in shares)

$ 0

(4,416)

(42,165)

(46,581)

Issuance of common stock upon vesting of restricted stock units

$ 0

(28)

$ 0

(3,631)

Issuance of common stock through employee stock purchase plan (in shares)

Issuance of common stock through employee stock purchase plan

$ 0

2,086

Balances (in shares) at Mar. 31, 2022

$ 0

11,745

38,875

Balance at Mar. 31, 2022

$ 39

485,676

(670)

(58,410)

426,635

Balances (in shares) at Dec. 31, 2021

39,112

Balance at Dec. 31, 2021

$ 39

477,323

1,007

(41,655)

436,714

52,006

Balances (in shares) at Jun. 30, 2022

(1,632)

38,517

Balance at Jun. 30, 2022

$ 39

493,725

(625)

(96,301)

396,838

Balances (in shares) at Mar. 31, 2022

38,875

Balance at Mar. 31, 2022

$ 39

485,676

(670)

(58,410)

426,635

26,596

Issuance of common stock upon exercise of stock options (in shares)

$ 0

146

Issuance of common stock upon exercise of stock options

$ 0

6,504

(561)

Issuance of common stock upon vesting of restricted stock units (in shares)

$ 0

(6,745)

(64,487)

(71,232)

Issuance of common stock upon vesting of restricted stock units

$ 0

(33)

$ 0

(4,530)

Balances (in shares) at Jun. 30, 2022

$ 0

12,820

38,517

Balance at Jun. 30, 2022

$ 39

493,725

(625)

(96,301)

396,838

Balances (in shares) at Dec. 31, 2022

37,362

Balance at Dec. 31, 2022

$ 37

512,486

(1,947)

(221,447)

289,129

29,105

Issuance of common stock upon exercise of stock options (in shares)

$ 0

376

Issuance of common stock upon exercise of stock options

$ 0

2,328

(584)

Issuance of common stock upon vesting of restricted stock units (in shares)

$ 0

(7,014)

(60,018)

(67,032)

108

Issuance of common stock upon vesting of restricted stock units

$ 0

(43)

$ 0

(5,105)

Issuance of common stock through employee stock purchase plan (in shares)

Issuance of common stock through employee stock purchase plan

2,988

Balances (in shares) at Mar. 31, 2023

$ 0

16,033

36,933

Balance at Mar. 31, 2023

$ 37

521,716

(1,571)

(252,360)

267,822

Balances (in shares) at Dec. 31, 2022

37,362

Balance at Dec. 31, 2022

$ 37

512,486

(1,947)

(221,447)

289,129

64,487

Issuance of common stock upon exercise of stock options (in shares)

$ 231

^[1]

162

Balances (in shares) at Jun. 30, 2023

36,746

Balance at Jun. 30, 2023

$ 37

534,010

(1,716)

(255,313)

$ 277,018

Balances (in shares) at Mar. 31, 2023

36,933

Balance at Mar. 31, 2023

$ 37

521,716

(1,571)

(252,360)

267,822

35,382

Issuance of common stock upon exercise of stock options (in shares)

$ 0

(145)

101

Issuance of common stock upon exercise of stock options

$ 0

4,820

(346)

Issuance of common stock upon vesting of restricted stock units (in shares)

$ 0

(4,157)

(38,335)

(42,492)

Issuance of common stock upon vesting of restricted stock units

$ 0

(38)

$ 0

(4,389)

Balances (in shares) at Jun. 30, 2023

$ 0

16,020

36,746

Balance at Jun. 30, 2023

$ 37

$ 534,010

$ (1,716)

$ (255,313)

$ 277,018

[1]	Included 348 thousand shares of PSOs.

Note 9 - Stockholders' Equity and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

^[1]

$ 16,005

$ 12,820

$ 32,038

$ 24,565

Cost of Sales [Member]

Research and Development Expense [Member]

1,717

1,273

3,309

2,355

Selling and Marketing Expense [Member]

5,103

3,541

10,063

6,828

General and Administrative Expense [Member]

2,897

2,305

5,351

4,334

$ 6,288

$ 5,701

$ 13,315

$ 11,048

[1]	Total stock-based compensation expense capitalized was de minimis during the three and six months ended June 30, 2023.

Note 4 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property and equipment and finance lease	$ 248,178	$ 242,869
Less: accumulated depreciation and amortization	(207,828)	(195,441)
Property and equipment and finance lease, net	40,350	47,428
Computer Equipment [Member]
Property and equipment and finance lease	177,612	173,832
Computer Software, Intangible Asset [Member]
Property and equipment and finance lease	26,024	25,808
Leasehold Improvements [Member]
Property and equipment and finance lease	20,924	21,009
Scanner Appliances [Member]
Property and equipment and finance lease	17,055	15,696
Furniture and Fixtures [Member]
Property and equipment and finance lease	$ 6,563	$ 6,524

Note 10 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 35,382	$ 29,105	$ 26,596	$ 25,410	$ 64,487	$ 52,006
Basic weighted average shares (in shares)	36,842		38,738		36,954	38,864
Stock options (in shares)	460		719		475	744
Restricted stock units (in shares)	131		230		120	233
Employee stock purchase plan (in shares)	2		2		2	3
Diluted weighted average shares (in shares)	37,435		39,689		37,551	39,844
Basic (in dollars per share)	$ 0.96		$ 0.69		$ 1.75	$ 1.34
Diluted (in dollars per share)	$ 0.95		$ 0.67		$ 1.72	$ 1.31

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Note 2 - Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Foreign currency forward contracts	$ 2,529	$ 4,679
Fair Value, Recurring [Member]
Money market funds	50,159	82,701
Commercial paper	72,750
U.S. Treasury and government agencies	86,372	156,662
Corporate bonds	41,377	63,910
Asset-backed securities	15,269	15,027
Foreign currency forward contracts	271	1,493
Total assets	266,198	320,799
Foreign currency forward contracts	2,529	4,679
Total liabilities	2,529	4,679
Foreign government		1,006
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Money market funds	50,159	82,701
Commercial paper	0
U.S. Treasury and government agencies	0	0
Corporate bonds	0	0
Asset-backed securities	0	0
Foreign currency forward contracts	0	0
Total assets	50,159	82,701
Foreign currency forward contracts	0	0
Total liabilities	0	0
Foreign government		0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Money market funds	0	0
Commercial paper	72,750
U.S. Treasury and government agencies	86,372	156,662
Corporate bonds	41,377	63,910
Asset-backed securities	15,269	15,027
Foreign currency forward contracts	271	1,493
Total assets	216,039	238,098
Foreign currency forward contracts	2,529	4,679
Total liabilities	$ 2,529	4,679
Foreign government		$ 1,006

Note 2 - Fair Value of Financial Instruments - Amounts Recognized In Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net gains (losses) from non-designated forward contracts	$ (109)	$ 3,810	$ 150	$ 4,965
Other foreign currency transactions losses	(306)	(5,520)	(731)	(7,338)
Total foreign exchange losses, net	$ (415)	$ (1,710)	$ (581)	$ (2,373)

Note 9 - Stockholders' Equity and Stock-based Compensation

6 Months Ended

Jun. 30, 2023

Shareholders' Equity and Share-Based Payments [Text Block]

NOTE 9.

Stockholders' Equity and Stock-based Compensation

Equity Incentive Plans

Restated 2012 Equity Incentive Plan

On June 8, 2022 ("Effective Date"), the Company's stockholders approved the Amended and Restated 2012 Equity Incentive Plan (the "Restated 2012 Plan"). Under the Restated 2012 Plan, the Company is authorized to grant to eligible participants incentive stock options, nonstatutory stock options, restricted stock, restricted stock units ("RSUs"), stock appreciation rights, performance units and performance shares. Pursuant to the relevant plan provisions, 3,072 thousand shares were available for grant under the Restated 2012 Plan on the Effective Date. In addition, any outstanding awards or options granted under the previous version of the 2012 Equity Incentive Plan (“Previous 2012 Plan”) will be added back to the shares available for grant under the Restated 2012 Plan if they expire unexercised or are otherwise forfeited after the Effective Date. Any remaining shares available for grant under the Previous 2012 Plan as of the Effective Date were no longer available for future grants under the Restated 2012 Plan.

As of June 30, 2023, 2,253 thousand shares were available for grant under the Restated 2012 Plan.

2021 Employee Stock Purchase Plan

On June 9, 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 600 thousand shares were authorized for issuance to eligible participating employees upon adoption of the ESPP. The ESPP provides for consecutive 6-month offering periods beginning on or about August 16 and February 16 of each year. Eligible employees who elect to participate can contribute from 1% to 15% of their eligible compensation through payroll withholding. During any offering period, contribution rates cannot be changed. However, eligible employees may withdraw from the current offering period. Any contributions made prior to each purchase date in the case of withdrawal or termination of employment will be refunded. On each purchase date, eligible participating employees will purchase the shares at a price per share equal to 85% of the lesser of (i) the fair market value of the Company's stock on the first trading day of the offering period or (ii) the fair market value of the Company's stock on the purchase date (i.e., the last trading day of the offering period).

During the six months ended June 30, 2023, 29.5 thousand shares were issued in connection with the purchase of common stock by participating employees. As of June 30, 2023, 525 thousand shares were available for future purchases.

Stock-based Compensation

The following table shows a summary of the stock-based compensation expense included in the condensed consolidated statements of operations:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Cost of revenues	$	1,717	$	1,273	$	3,309	$	2,355
Research and development		5,103		3,541		10,063		6,828
Sales and marketing		2,897		2,305		5,351		4,334
General and administrative		6,288		5,701		13,315		11,048
Total stock-based compensation, net of amounts capitalized (1)	$	16,005	$	12,820	$	32,038	$	24,565

(1) Total stock-based compensation expense capitalized was de minimis during the three and six months ended June 30, 2023.

As of June 30, 2023, the Company had unrecognized stock-based compensation expenses of $24.2 million, $73.2 million, $3.4 million, and $0.3 million related to options, RSUs, performance-based RSUs, and ESPP purchase rights, respectively, which are expected to be recognized over weighted-average periods of 2.7 years, 2.5 years, 0.9 years, and 0.1 years, respectively.

Performance-based Restricted Stock Units ("PSUs")

On April 27, 2021, the Compensation Committee granted to the Company’s current president and chief executive officer an equity award consisting of certain RSUs and a target number of 10 thousand PSUs. The PSUs are scheduled to vest at the end of the three-year performance period from January 2021 through December 2023. The actual number of the PSUs eligible to vest ranges from 0% to 200% of the target number, depending on the level of achievement of goals related to revenue growth and free cash flow per share growth during the performance period. If the Company's current president and chief executive officer is terminated (a) by reason of death or disability or (b) by the Company for reasons other than cause or good reason within 12 months following a change in control, then 100% of any unvested portions of the award will vest, with any vesting in connection with terminations due to change in control conditioned upon the effectiveness of a release of claims in favor of the Company.

On October 28, 2021, the Compensation Committee approved to certain executive officers of the Company equity awards consisting of certain RSUs and an aggregate target number of 73 thousand PSUs. The target PSUs are scheduled to vest in three equal annual installments over a three-year period from January 2022 through December 2024. Each annual installments at 200% of the annual target will be considered granted when the performance targets for the corresponding performance year are determined and approved. The actual number of the PSUs eligible to vest each year ranges from 0% to 200% of the annual target number, depending on the level of achievement of goals related to revenue growth and adjusted EBITDA margin corresponding to that year. The vesting and release of the first and second installment is capped at 100% of the target number at the end of the first and second year, respectively, with cumulative achievement over 100%, if any, to be vested and released at the end of the third year, together with the vesting of the third installment. If any of the executive officers is terminated by reason of death or disability, 100% of the target number of the unvested PSU will vest immediately, or (a) by the Company for reasons other than cause or (b) by the executive officers for good reason within 12 months following a change in control, any unvested PSUs eligible to vest pursuant to cumulative achievements over 100% for past installments along with any target number of unvested PSUs for any remaining installments will vest immediately.

On October 27, 2022, the Compensation Committee approved to certain executive officers of the Company equity awards consisting of certain RSUs and an aggregate target number of 86 thousand PSUs. The target PSUs are scheduled to vest in three equal annual installments over a three-year period from January 2023 through December 2025. Each annual installments at 200% of the annual target will be considered granted when the performance targets for the corresponding performance year are determined and approved. The actual number of the PSUs eligible to vest each year ranges from 0% to 200% of the annual target number, depending on the level of achievement of goals related to revenue growth and adjusted EBITDA margin corresponding to that year. The vesting and release of the first and second installment is capped at 100% of the target number at the end of the first and second year, respectively, with cumulative achievement over 100%, if any, to be vested and released at the end of the third year, together with the vesting of the third installment. If any of the executive officers is terminated by reason of death or disability, 100% of the target number of the unvested PSU will vest immediately, or (a) by the Company for reasons other than cause or (b) by the executive officers for good reason within 12 months following a change in control, any unvested PSUs eligible to vest pursuant to cumulative achievements over 100% for past installments along with any target number of unvested PSUs for any remaining installments will vest immediately.

On February 6, 2023, the Compensation Committee approved to an executive officer of the Company equity awards consisting of certain RSUs and an aggregate target number of 6 thousand PSUs. The target PSUs are scheduled to vest in three equal annual installments over a three-year period from January 2023 through December 2025. Each annual installments at 200% of the annual target will be considered granted when the performance targets for the corresponding performance year are determined and approved. The actual number of the PSUs eligible to vest each year ranges from 0% to 200% of the annual target number, depending on the level of achievement of goals related to revenue growth and adjusted EBITDA margin corresponding to that year. The vesting and release of the first and second installment is capped at 100% of the target number at the end of the first and second year, respectively, with cumulative achievement over 100%, if any, to be vested and released at the end of the third year, together with the vesting of the third installment. If any of the executive officers is terminated by reason of death or disability, 100% of the target number of the unvested PSU will vest immediately, or (a) by the Company for reasons other than cause or (b) by the executive officers for good reason within 12 months following a change in control, any unvested PSUs eligible to vest pursuant to cumulative achievements over 100% for past installments along with any target number of unvested PSUs for any remaining installments will vest immediately.

The Company recognized stock-based compensation expenses related to all PSUs of $1.2 million and $1.1 million during the three months ended June 30, 2023 and 2022, respectively, and $2.5 million and $1.9 million during the six months ended June 30, 2023 and 2022 respectively.

Stock Option Activity

A summary of the Company’s stock option activity is as follows:

	*Outstanding Options*			*Weighted Average Exercise Price*		*Weighted Average Remaining Contractual Life*		*Aggregate Intrinsic Value*
	(in thousands)					(Years)		(in thousands)
Balance as of December 31, 2022		1,807		$	87.59		6.5	$	58,024
Granted		192		$	118.14
Exercised		(162	)	$	44.18
Canceled		(61	)	$	123.40
Balance as of June 30, 2023		1,776		$	93.61		6.6	$	66,278
Vested and expected to vest as of June 30, 2023		1,569		$	89.42		6.3	$	64,788
Exercisable as of June 30, 2023		977		$	68.30		4.7	$	59,905

Restricted Stock Unit Activity

A summary of the Company’s RSU activity is as follows:

	*Outstanding RSUs*				*Weighted Average Grant Date Fair Value Per Share*
	(in thousands)
Balance as of December 31, 2022		1,183		(1)	$	124.42
Granted		90		(2)	$	118.99
Vested		(204	)	(3)	$	115.26
Forfeited		(123	)	(4)	$	127.50
Balance as of June 30, 2023		946		(5)	$	125.46
Outstanding and expected to vest as of June 30, 2023		744			$	123.27

(1) Included 175 thousand PSUs granted to certain executive officers in 2022 and 2021.

(2) Included 4 thousand PSUs granted to a certain executive officer in the six months ended June 30, 2023.

(3) Included 24 thousand PSUs granted to certain executive officers in 2021.

(4) Included 22 thousand PSUs granted to certain executive officers in 2022 and 2021.

(5) Included 132 thousand PSUs granted to certain executive officers in 2023, 2022 and 2021.

Share Repurchase Program

The Company's share repurchase program was authorized by the board of directors as follows:

Announcement Date	*Authorized Dollar Value*
	(in millions)
February 12, 2018	$	100.0
October 30, 2018		100.0
October 30, 2019		100.0
May 7, 2020		100.0
February 10, 2021		100.0
November 3, 2021		200.0
May 4, 2022		200.0
February 9, 2023		100.0
Total as of June 30, 2023	$	1,000.0

Shares may be repurchased from time to time on the open market in accordance with Rule 10b-18 of the Exchange Act of 1934, including pursuant to a pre-set trading plan adopted in accordance with Rule 10b5-1 under the Exchange Act. All share repurchases have been made using cash resources. Repurchased shares are retired and reclassified as authorized and unissued shares of common stock. On retirement of the repurchased shares, common stock is reduced by an amount equal to the number of shares being retired multiplied by the par value. The excess amount that is retired over its par value is first allocated as a reduction to additional paid-in capital based on the initial public offering price of the stock, with the remaining excess to accumulated deficit.

During the six months ended June 30, 2023 and 2022, the Company repurchased 930 thousand shares and 929 thousand shares of its common stock for approximately$108.8 million and $117.8 million, respectively. As of June 30, 2023, approximately $145.7 million remained available for share repurchases pursuant to the Company's share repurchase program.

On August 16, 2022, the President signed into law the Inflation Reduction Act of 2022 which contained provisions effective January 1, 2023, including a 1% excise tax on stock repurchases net of issue, which was immaterial to our financial results and cash flows for the three months and six months ended June 30, 2023 and our financial position as of June 30, 2023.

Note 9 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation, Restricted Stock and Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]
shares in Thousands

6 Months Ended

Jun. 30, 2023

$ / shares

Balance, number of shares (in shares) | shares

1,183

^[1]

Balance, weighted average grant date fair value (in dollars per share) | $ / shares

$ 124.42

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares

^[2]

Granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 118.99

Vested, number of shares (in shares) | shares

(204)

^[3]

Vested, weighted average grant date fair value (in dollars per share) | $ / shares

$ 115.26

Forfeited, number of shares (in shares) | shares

(123)

^[4]

Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares

$ 127.50

Balance, number of shares (in shares) | shares

946

^[5]

Balance, weighted average grant date fair value (in dollars per share) | $ / shares

$ 125.46

Expected to vest, number of shares (in shares) | shares

744

Expected to vest, weighted average grant date fair value (in dollars per share) | $ / shares

$ 123.27

[1]	Included 175 thousand PSUs granted to certain executive officers in 2022 and 2021.
[2]	Included 4 thousand PSUs granted to a certain executive officer in the six months ended June 30, 2023.
[3]	Included 24 thousand PSUs granted to certain executive officers in 2021.
[4]	Included 22 thousand PSUs granted to certain executive officers in 2022 and 2021.
[5]	Included 132 thousand PSUs granted to certain executive officers in 2023, 2022 and 2021.

Note 2 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	*June 30, 2023*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	50,159	$	—	$	50,159
Commercial paper		—		72,750		72,750
U.S. Treasury and government agencies		—		86,372		86,372
Corporate bonds		—		41,377		41,377
Asset-backed securities		—		15,269		15,269
Foreign currency forward contracts		—		271		271
Total assets	$	50,159	$	216,039	$	266,198
Foreign currency forward contracts	$	—	$	2,529	$	2,529
Total liabilities	$	—	$	2,529	$	2,529

	*December 31, 2022*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	82,701	$	—	$	82,701
U.S. Treasury and government agencies		—		156,662		156,662
Foreign government		—		1,006		1,006
Corporate bonds		—		63,910		63,910
Asset-backed securities		—		15,027		15,027
Foreign currency forward contracts		—		1,493		1,493
Total assets	$	82,701	$	238,098	$	320,799
Foreign currency forward contracts	$	—	$	4,679	$	4,679
Total liabilities	$	—	$	4,679	$	4,679

Cash and Cash Equivalents and Debt Securities, Available-for-sale, Amortized Cost to Fair Value [Table Text Block]

	*June 30, 2023*
	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
	(in thousands)
Cash equivalents: (1)
Money market funds	$	50,159	$	—	$	—		$	50,159
Commercial paper		13,824		—		(1	)		13,823
Total		63,983		—		(1	)		63,982
Short-term marketable securities:
Commercial paper		58,955		1		(29	)		58,927
Corporate bonds		28,115		1		(364	)		27,752
Asset-backed securities		1,663		—		(4	)		1,659
U.S. Treasury and government agencies		75,289		—		(520	)		74,769
Total		164,022		2		(917	)		163,107
Long-term marketable securities:
Corporate bonds		13,864		—		(239	)		13,625
Asset-backed securities		13,651		—		(41	)		13,610
U.S. Treasury and government agencies		11,669		—		(66	)		11,603
Total		39,184		—		(346	)		38,838
Total	$	267,189	$	2	$	(1,264	)	$	265,927

(1) Excludes cash of $122.2 million.

	*December 31, 2022*
	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
	(in thousands)
Cash equivalents: (2)
Money market funds	$	82,701	$	—	$	—		$	82,701
U.S. Treasury and government agencies		29,787		4		—			29,791
Total		112,488		4		—			112,492
Short-term marketable securities:
Corporate bonds		36,908		3		(337	)		36,574
Asset-backed securities		726		—		(2	)		724
U.S. Treasury and government agencies		110,225		—		(921	)		109,304
Foreign government		1,008		—		(2	)		1,006
Total		148,867		3		(1,262	)		147,608
Long-term marketable securities:
Corporate bonds		28,146		—		(810	)		27,336
Asset-backed securities		14,435		—		(132	)		14,303
U.S. Treasury and government agencies		18,076		—		(509	)		17,567
Total		60,657		—		(1,451	)		59,206
Total	$	322,012	$	7	$	(2,713	)	$	319,306

(2) Excludes cash of $61.2 million.

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	*June 30, 2023*
	*Less than 12 months*					*12 months or longer*					*Total*
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
	(in thousands)
Commercial paper	$	67,221	$	(30	)	$	-	$	-		$	67,221	$	(30	)
Asset-backed securities		5,863		(29	)		3,449		(16	)		9,312		(45	)
Corporate bonds		10,346		(20	)		22,949		(583	)		33,295		(603	)
U.S. Treasury and government agencies		65,001		(120	)		21,021		(466	)		86,022		(586	)
Total	$	148,431	$	(199	)	$	47,419	$	(1,065	)	$	195,850	$	(1,264	)

	*December 31, 2022*
	*Less than 12 months*					*12 months or longer*					*Total*
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
	(in thousands)
Foreign government agencies	$	998	$	(2	)	$	-	$	-		$	998	$	(2	)
Asset-backed securities		13,365		(124	)		1,652		(10	)		15,017		(134	)
Corporate bonds		33,800		(389	)		26,326		(758	)		60,126		(1,147	)
U.S. Treasury and government agencies		89,802		(1,175	)		36,833		(255	)		126,635		(1,430	)
Total	$	137,965	$	(1,690	)	$	64,811	$	(1,023	)	$	202,776	$	(2,713	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	*June 30, 2023*
	*Amortized Cost*		*Fair Value*
	(in thousands)
Due within One Year	$	226,342	$	225,429
Due after One Year through Two Years		21,633		21,332
Mature over Two Years		3,900		3,897
Asset-backed securities		15,314		15,269
Total	$	267,189	$	265,927

Schedule of Derivative Instruments [Table Text Block]

	*June 30,*		*December 31,*
	*2023*		*2022*
	(in thousands)
Assets
Foreign currency forward contracts designated as cash flow hedge	$	248	$	1,041
Foreign currency forward contracts not designated as hedging instruments		23		452
Total	$	271	$	1,493
Liabilities
Foreign currency forward contracts designated as cash flow hedge	$	2,136	$	2,634
Foreign currency forward contracts not designated as hedging instruments		393		2,045
Total	$	2,529	$	4,679

Derivative Instruments, Gain (Loss) [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Net gains (losses) from non-designated forward contracts	$	(109	)	$	3,810		$	150		$	4,965
Other foreign currency transactions losses		(306	)		(5,520	)		(731	)		(7,338	)
Total foreign exchange losses, net	$	(415	)	$	(1,710	)	$	(581	)	$	(2,373	)

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Note 4 - Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4.

Property and Equipment, Net

Property and equipment, net, consists of the following:

	*June 30,*			*December 31,*
	*2023*			*2022*
	(in thousands)
Computer equipment	$	177,612		$	173,832
Computer software		26,024			25,808
Leasehold improvements		20,924			21,009
Scanner appliances		17,055			15,696
Furniture, fixtures and equipment		6,563			6,524
Total property and equipment		248,178			242,869
Less: accumulated depreciation and amortization		(207,828	)		(195,441	)
Property and equipment, net	$	40,350		$	47,428

As of June 30, 2023 and December 31, 2022, physical scanner appliances and other computer equipment that are or will be subject to leases by customers had a net carrying value of $10.1 million and $6.7 million, respectively, including assets that had not been placed in service of $7.0 million and $4.0 million, respectively. Depreciation and amortization expenses relating to property and equipment were $6.1 million and $6.9 million for the three months ended June 30, 2023 and 2022, respectively, and $12.6 million and $14.0 million for the six months ended June 30, 2023 and 2022, respectively, which were primarily recorded in cost of revenues in the condensed consolidated statements of operations.

Note 6 - Intangible Assets, Net - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cost	$ 42,387	$ 42,387
Amortization of intangible assets	(31,169)	(29,626)
Net Book Value	11,218	12,761
Total intangible assets, net	11,258	12,801
Intangible Assets Not Subject to Amortization [Member]
Intangible assets not subject to amortization	$ 40	$ 40
Developed Technology Rights [Member]
Weighted Average Life (Year)	4 years 7 months 6 days	4 years 7 months 6 days
Weighted Average Remaining Life (Year)	1 year 2 months 12 days	1 year 4 months 24 days
Cost	$ 40,141	$ 40,141
Amortization of intangible assets	(29,263)	(27,860)
Net Book Value	$ 10,878	$ 12,281
Patents [Member]
Weighted Average Life (Year)	14 years	14 years
Weighted Average Remaining Life (Year)	1 year 2 months 12 days	1 year 8 months 12 days
Cost	$ 1,387	$ 1,387
Amortization of intangible assets	(1,271)	(1,221)
Net Book Value	$ 116	$ 166
Noncompete Agreements [Member]
Weighted Average Life (Year)	2 years	2 years
Cost	$ 500	$ 500
Amortization of intangible assets	(500)	(500)
Net Book Value	$ 0	$ 0
Assembled Workforce [Member]
Weighted Average Life (Year)	2 years	2 years
Weighted Average Remaining Life (Year)	1 year 3 months 18 days	1 year 8 months 12 days
Cost	$ 359	$ 359
Amortization of intangible assets	(135)	(45)
Net Book Value	$ 224	$ 314

Note 12 - Segment Information and Information About Geographic Area - Revenue and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues	$ 137,209	$ 119,893	$ 267,892	$ 233,313
Property and equipment, net and Operating leases - right of use asset	68,343		68,343		$ 81,180
UNITED STATES
Revenues	82,955	71,339	160,971	138,861
Property and equipment, net and Operating leases - right of use asset	51,720		51,720		58,775
INDIA
Property and equipment, net and Operating leases - right of use asset	12,829		12,829		16,057
Non-US [Member]
Revenues	54,254	$ 48,554	106,921	$ 94,452
Other Geographic Areas [Member]
Property and equipment, net and Operating leases - right of use asset	$ 3,794		$ 3,794		$ 6,348

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Note 5 - Revenue From Contracts With Customers - Revenue by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 137,209	$ 119,893	$ 267,892	$ 233,313
Sales Channel, Directly to Consumer [Member]
Revenues	78,818	70,064	153,911	136,535
Sales Channel, Through Intermediary [Member]
Revenues	$ 58,391	$ 49,829	$ 113,981	$ 96,778

Note 3 - Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income Disclosure [Text Block]

NOTE 3.

Accumulated Other Comprehensive Income (Loss)

The components and changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 were as follows:

	*Available-for-sale debt securities*			*Cash flow hedges*			*Total*
	(in thousands)
Balances at December 31, 2022	$	(2,705	)	$	758		$	(1,947	)
Change in unrealized gains (losses) during the period		1,131			(443	)		688
Amount reclassified into income during the period		-			(534	)		(534	)
Tax effect		-			222			222
Net change during the period		1,131			(755	)		376
Balances at March 31, 2023		(1,574	)		3			(1,571	)
Change in unrealized gains (losses) during the period		312			65			377
Amount reclassified into income during the period		-			(665	)		(665	)
Tax effect		-			143			143
Net change during the period		312			(457	)		(145	)
Balances at June 30, 2023	$	(1,262	)	$	(454	)	$	(1,716	)

Balances at December 31, 2021	$	(185	)	$	1,192		$	1,007
Change in unrealized gains (losses) during the period		(2,070	)		648			(1,422	)
Amount reclassified into income during the period		-			(60	)		(60	)
Tax effect		(58	)		(137	)		(195	)
Net change during the period		(2,128	)		451			(1,677	)
Balances at March 31, 2022		(2,313	)		1,643			(670	)
Change in unrealized gains (losses) during the period		(933	)		1,548			615
Amount reclassified into income during the period		-			(244	)		(244	)
Tax effect		-			(326	)		(326	)
Net change during the period		(933	)		978			45
Balances at June 30, 2022	$	(3,246	)	$	2,621		$	(625	)

The effects on income before income taxes of amounts reclassified from AOCI to the condensed consolidated statements of operations were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Reclassification of AOCI - Cash flow hedges
Revenues	$	1,061		$	269		$	2,197		$	223
Cost of revenues		(91	)		(6	)		(230	)		17
Research and development		(252	)		(16	)		(635	)		52
Sales and marketing		(16	)		(1	)		(39	)		3
General and administrative		(37	)		(2	)		(94	)		9
Total	$	665		$	244		$	1,199		$	304

There was no reclassification of AOCI to other income (expense), net related to Available-for-sale debt securities during the three months and six months ended June 30, 2023 and 2022.

Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash payments included in the measurement of lease liabilities	$ 7,699	$ 8,190
Lease liabilities arising from obtaining right-of-use assets	$ 121	$ 2,486

Note 10 - Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands, except per share data)				(in thousands, except per share data)
Numerator:
Net income	$	35,382	$	26,596	$	64,487	$	52,006
Denominator:
Basic weighted average shares		36,842		38,738		36,954		38,864
Effect of potentially dilutive shares:
Stock options		460		719		475		744
Restricted stock units		131		230		120		233
Employee stock purchase plan		2		2		2		3
Diluted weighted average shares		37,435		39,689		37,551		39,844
Net income per share:
Basic	$	0.96	$	0.69	$	1.75	$	1.34
Diluted	$	0.95	$	0.67	$	1.72	$	1.31

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Stock options		1,022		688		1,005		645
Restricted stock units		192		88		279		44
Employee stock purchase plan		—		—		7		4
Total anti-dilutive shares		1,214		776		1,291		693

Note 10 - Net Income Per Share - Anti-dilutive Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive securities (in shares)	1,214	776	1,291	693
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	1,022	688	1,005	645
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	192	88	279	44
Employee Stock Purchase Plan Shares [Member]
Antidilutive securities (in shares)	0	0	7	4

Note 1 - Description of Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 1.

Description of Business and Summary of Significant Accounting Policies

Description of Business

Qualys, Inc. (the “Company”, "we", "us", "our") was incorporated in the state of Delaware on December 30, 1999. The Company is headquartered in Foster City, California and has wholly-owned subsidiaries throughout the world. The Company is a leading provider of cloud-based information technology ("IT"), security and compliance solutions that enable organizations to identify security risks to their IT infrastructures, help protect their IT systems and applications from ever-evolving cyber-attacks and achieve compliance with internal policies and external regulations. The Company’s cloud solutions address the growing security and compliance complexities and risks that are amplified by the dissolving boundaries between internal and external IT infrastructures and web environments, the rapid adoption of cloud computing and the proliferation of geographically dispersed IT assets. Organizations can use the Company’s integrated suite of solutions delivered on its Qualys Cloud Platform to cost-effectively obtain a unified view of their security and compliance posture across globally-distributed IT infrastructures.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations expected for the entire year ending December 31, 2023 or for any other future annual or interim periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. Certain prior year amounts have been reclassified to conform to current year presentation.

Risks and Uncertainties

The uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, rising interest rates, financial institution failures and associated uncertainty, labor shortages, significant volatility of global markets, reduced spending and extended sales cycles, and geopolitical conflicts could have a material adverse effect on the Company's long-term business and could lead to further economic disruption and expose the Company to greater risk as its current and potential customers may reduce or eliminate their overall spending on IT security.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may be material to the accompanying unaudited condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements

None.

Recently Issued Accounting Pronouncements Not Yet Adopted

The Company does not believe any new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its condensed consolidated financial statements.

There have been no material changes to the Company’s significant accounting policies set forth in "Note 1" of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net income	$ 64,487	$ 52,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	14,446	17,552
Provision for credit losses	160	297
Loss on disposal of property and equipment	0	5
Loss on non-marketable securities	533	0
Stock-based compensation, net of amounts capitalized	32,038	24,565
Amortization (accretion) of premiums (discount) on marketable securities, net	(1,412)	1,158
Deferred income taxes	(9,122)	(10,861)
Changes in operating assets and liabilities:
Accounts receivable	(3,277)	11,009
Prepaid expenses and other assets	(7,450)	(1,085)
Accounts payable	(813)	917
Accrued liabilities and other noncurrent liabilities	8,736	3,830
Deferred revenues	20,002	13,458
Net cash provided by operating activities	118,328	112,851
Cash flow from investing activities:
Purchases of marketable securities	(159,392)	(177,171)
Sales and maturities of marketable securities	167,120	173,922
Purchases of property and equipment	(5,455)	(11,150)
Net cash provided by (used in) investing activities	2,273	(14,399)
Cash flow from financing activities:
Repurchase of common stock	(108,817)	(117,813)
Proceeds from exercise of stock options	7,148	9,073
Payments for taxes related to net share settlement of equity awards	(9,494)	(8,161)
Proceeds from issuance of common stock through employee stock purchase plan	2,988	2,086
Net cash used in financing activities	(108,175)	(114,815)
Net increase (decrease) in cash, cash equivalents and restricted cash	12,426	(16,363)
Cash, cash equivalents and restricted cash at beginning of period	176,419	138,528
Cash, cash equivalents and restricted cash at end of period	$ 188,845	$ 122,165

Note 7 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease, Expense	$ 4.2	$ 3.8	$ 8.2	$ 7.3

Note 11 - Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

NOTE 11.

Income Taxes

The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period.

The Company's quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company does business, tax law developments and possible outcomes of audits. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% primarily due to non-deductible stock-based compensation expense, state taxes, the benefit of U.S. federal income tax credits, mandatory capitalization of research expenses, and the foreign-derived intangible income deduction.

The Company recorded an income tax provision of $10.3 million and $5.5 million for the three months ended June 30, 2023 and 2022, respectively, resulting in an effective tax rate of 22.5% and 17.2%, respectively. The increase in income tax provision for the three months ended June 30, 2023 compared to the three months ended June 30, 2022 was primarily due to an increase in pre-tax income and lower excess tax benefits arising from stock-based compensation, partially offset by lower net capitalization of research and development expenses compared to the same period in 2022.

The Company recorded an income tax provision of $18.5 million and $13.5 million for the six months ended June 30, 2023 and 2022, respectively, resulting in an effective tax rate of 22.3% and 20.6%, respectively. The increase in income tax provision for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily due to an increase in pre-tax income and lower excess tax benefits arising from stock-based compensation, partially offset by lower net capitalization of research and development expenses compared to the same period in 2022.

As of June 30, 2023, the Company had unrecognized tax benefits of $11.0 million, of which $5.5 million, if recognized, would favorably impact the Company's effective tax rate. As of December 31, 2022, the Company had unrecognized tax benefits of $10.5 million, of which $5.3 million, if recognized, would favorably impact the Company's effective tax rate. The Company does not anticipate a material change in its unrecognized tax benefits in the next 12 months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)

Note 9 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Feb. 06, 2023

Oct. 27, 2022

Jun. 08, 2022

Oct. 28, 2021

Jun. 09, 2021

Apr. 27, 2021

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

2,253,000

Share-Based Payment Arrangement, Expense

^[1]

$ 16,005

$ 12,820

$ 32,038

$ 24,565

Stock Repurchased and Retired During Period, Shares (in shares)

930,000

929,000

Stock Repurchased and Retired During Period, Value

$ 108,800

$ 117,800

Stock Repurchase Program, Remaining Authorized Repurchase Amount

145,700

Share-Based Payment Arrangement, Option [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

24,200

$ 24,200

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 8 months 12 days

Restricted Stock Units (RSUs) [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

73,200

$ 73,200

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 6 months

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

^[2]

90,000

Restricted Stock Units (RSUs) [Member] | Performance Shares [Member]

Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger

100.00%

Performance-based Restricted Stock Units [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

3,400

$ 3,400

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

10 months 24 days

Share-Based Payment Arrangement, Expense

1,200

$ 1,100

$ 2,500

$ 1,900

Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

10,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

3 years

Performance-based Restricted Stock Units [Member] | Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

73,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

3 years

Share-Based Compensation, Percentage Of Shares That Will Vest Upon Trigger

100.00%

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

6,000

86,000

4,000

Share-based Compensation Termination Period Trigger (Month)

12 months

Performance-based Restricted Stock Units [Member] | Executive Officer 1 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

175,000

Performance-based Restricted Stock Units [Member] | Executive Officer 2 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

22,000

24,000

Performance-based Restricted Stock Units [Member] | Executive Officer 3 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

132,000

132

22,000

Performance-based Restricted Stock Units [Member] | Executive Officer 4 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

132

ESPP Shares [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 300

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

1 month 6 days

Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

0.00%

Minimum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

0.00%

Minimum [Member] | Performance-based Restricted Stock Units [Member] | Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

0.00%

Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares, Tranche Three [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

200.00%

Maximum [Member] | Performance-based Restricted Stock Units [Member] | President and Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

200.00%

Maximum [Member] | Performance-based Restricted Stock Units [Member] | Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage

200.00%

The 2012 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)

3,072,000

The 2021 Employee Stock Purchase Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)

525,000

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

600,000

Share-based Compensation Arrangement by Share-based Payment Award, Offering Period (Month)

6 months

Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent

85.00%

Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)

29,500

The 2021 Employee Stock Purchase Plan [Member] | Minimum [Member]

Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable

1.00%

The 2021 Employee Stock Purchase Plan [Member] | Maximum [Member]

Employee Stock Purchase Plan, Percentage of Eligible Compensation Contributable

15.00%

[1]	Total stock-based compensation expense capitalized was de minimis during the three and six months ended June 30, 2023.
[2]	Included 4 thousand PSUs granted to a certain executive officer in the six months ended June 30, 2023.

Note 9 - Stockholders' Equity and Stock-based Compensation - Schedule of Repurchase Agreements (Details) - USD ($) $ in Billions	Jun. 30, 2023	Feb. 09, 2023	May 04, 2022	Nov. 03, 2021	Feb. 10, 2021	May 07, 2020	Oct. 30, 2019	Oct. 30, 2018	Feb. 12, 2018
Authorized Dollar Value	$ 1.0								$ 0.1
Additional Authorized Dollar Value		$ 0.1	$ 0.2	$ 0.2	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Note 3 - Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 137,209	$ 119,893	$ 267,892	$ 233,313
Cost of revenues	26,662	25,046	53,616	49,048
Research and development	27,424	24,791	55,219	47,898
Sales and marketing	26,241	23,730	51,869	43,872
General and administrative	14,055	13,333	29,183	25,967
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenues	1,061	269	2,197	223
Cost of revenues	(91)	(6)	(230)	17
Research and development	(252)	(16)	(635)	52
Sales and marketing	(16)	(1)	(39)	3
General and administrative	(37)	(2)	(94)	9
Total	$ 665	$ 244	$ 1,199	$ 304

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Note 3 - Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Available-for-sale debt securities*			*Cash flow hedges*			*Total*
	(in thousands)
Balances at December 31, 2022	$	(2,705	)	$	758		$	(1,947	)
Change in unrealized gains (losses) during the period		1,131			(443	)		688
Amount reclassified into income during the period		-			(534	)		(534	)
Tax effect		-			222			222
Net change during the period		1,131			(755	)		376
Balances at March 31, 2023		(1,574	)		3			(1,571	)
Change in unrealized gains (losses) during the period		312			65			377
Amount reclassified into income during the period		-			(665	)		(665	)
Tax effect		-			143			143
Net change during the period		312			(457	)		(145	)
Balances at June 30, 2023	$	(1,262	)	$	(454	)	$	(1,716	)

Balances at December 31, 2021	$	(185	)	$	1,192		$	1,007
Change in unrealized gains (losses) during the period		(2,070	)		648			(1,422	)
Amount reclassified into income during the period		-			(60	)		(60	)
Tax effect		(58	)		(137	)		(195	)
Net change during the period		(2,128	)		451			(1,677	)
Balances at March 31, 2022		(2,313	)		1,643			(670	)
Change in unrealized gains (losses) during the period		(933	)		1,548			615
Amount reclassified into income during the period		-			(244	)		(244	)
Tax effect		-			(326	)		(326	)
Net change during the period		(933	)		978			45
Balances at June 30, 2022	$	(3,246	)	$	2,621		$	(625	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Reclassification of AOCI - Cash flow hedges
Revenues	$	1,061		$	269		$	2,197		$	223
Cost of revenues		(91	)		(6	)		(230	)		17
Research and development		(252	)		(16	)		(635	)		52
Sales and marketing		(16	)		(1	)		(39	)		3
General and administrative		(37	)		(2	)		(94	)		9
Total	$	665		$	244		$	1,199		$	304

Note 5 - Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Text Block]

NOTE 5.

Revenue from Contracts with Customers

The Company records deferred revenue when cash payments are received or due in advance of its performance obligations offset by revenue recognized in the period. Revenues of $86.4 million and $75.9 million were recognized during the three months ended June 30, 2023 and 2022, respectively, and $200.2 million and $175.9 million were recognized during the six months ended June 30, 2023 and 2022, respectively, which amounts were included in the deferred revenue balances of $317.2 million and $290.6 million as of December 31, 2022 and 2021, respectively.

The Company's payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not significant. In certain circumstances, based on the credit quality of the customer, the Company requires payment before the products or services are delivered to the customer.

The following table sets forth the expected revenue from all remaining performance obligations as of June 30, 2023:

	(in thousands)
2023 (remaining six months)	$	99,287
2024		135,152
2025		70,396
2026		14,208
2027		1,499
2028 and thereafter		244
Total	$	320,786

Revenues allocated to remaining performance obligations represents the transaction price of noncancelable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals. The Company applied the short-term contract exemption to exclude the remaining performance obligations that are part of a contract that has an original expected duration of one year or less.

From time to time, the Company enters into contracts with customers that extend beyond one year, with certain of its customers electing to pay for more than one year of services upon contract execution. The Company concluded that these contracts did not contain a financing component.

Revenues by sales channel are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Direct	$	78,818	$	70,064	$	153,911	$	136,535
Partner		58,391		49,829		113,981		96,778
Total	$	137,209	$	119,893	$	267,892	$	233,313

The Company utilizes partners to enable and accelerate the adoption of its cloud platform by increasing its distribution capabilities and market awareness of its cloud platform as well as by targeting geographic regions outside the reach of its direct sales force. The Company's channel partners maintain relationships with their customers throughout the territories in which they operate and provide their customers with services and third-party solutions to help meet those customers’ evolving security and compliance requirements. As such, these partners may offer the Company's IT security and compliance solutions in conjunction with one or more of their own products or services and act as a conduit through which the Company can connect with these prospective customers to offer its solutions. For sales involving a channel partner, the channel partner engages with the prospective customer directly and involves the Company's sales team as needed to assist in developing and closing an order. When a channel partner secures a sale, the Company sells the associated subscription to the channel partner who in turn resells the subscription to the customer. Sales to channel partners are made at a discount and revenues are recorded at this discounted price over the subscription terms. The Company does not have any influence or specific knowledge of its partners' selling terms with their customers. See Note 12, "Segment Information and Information about Geographic Area" for disaggregation of revenue by geographic area.

Deferred costs to obtain contracts are as follows:

	June 30,		December 31,
	2023		2022
	(in thousands)
Current	$	5,266	$	5,018
Noncurrent	$	10,338	$	10,090

For the three months ended June 30, 2023 and 2022, the Company recognized $1.5 million and $1.2 million, respectively, of amortization expense relating to deferred costs to obtain contracts in sales and marketing expense in the condensed consolidated statements of operations. For the six months ended June 30, 2023 and 2022, the Company recognized $2.9 million and $2.4 million, respectively, of amortization expenses related to deferred costs to obtain contracts in sales and marketing expense in the condensed consolidated statements of operations. During the same periods, there was no impairment loss related to the deferred costs to obtain contracts.

As of December 31, 2021, the net carrying value of the Company’s accounts receivable, deferred revenues, current and deferred revenues, noncurrent were $109.0 million, $257.9 million and $32.7 million, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 137,209	$ 119,893	$ 267,892	$ 233,313
Cost of revenues	26,662	25,046	53,616	49,048
Gross profit	110,547	94,847	214,276	184,265
Operating expenses:
Research and development	27,424	24,791	55,219	47,898
Sales and marketing	26,241	23,730	51,869	43,872
General and administrative	14,055	13,333	29,183	25,967
Total operating expenses	67,720	61,854	136,271	117,737
Income from operations	42,827	32,993	78,005	66,528
Other income (expense), net:
Interest income	3,809	839	6,206	1,357
Other income (expense), net	(959)	(1,710)	(1,175)	(2,420)
Total other income (expense), net	2,850	(871)	5,031	(1,063)
Income before income taxes	45,677	32,122	83,036	65,465
Income tax provision	10,295	5,526	18,549	13,459
Net income	$ 35,382	$ 26,596	$ 64,487	$ 52,006
Net income per share:
Basic (in dollars per share)	$ 0.96	$ 0.69	$ 1.75	$ 1.34
Diluted (in dollars per share)	$ 0.95	$ 0.67	$ 1.72	$ 1.31
Weighted average shares used in computing net income per share:
Basic (in shares)	36,842	38,738	36,954	38,864
Diluted (in shares)	37,435	39,689	37,551	39,844

Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment, Net	$ 40,350		$ 40,350		$ 47,428
Depreciation, Depletion And Amortization, Excluding Intangible Asset Amortization	6,100	$ 6,900	12,600	$ 14,000
Scanner Appliances and Other Computer Equipment Subject To Subscription [Member]
Property, Plant and Equipment, Net	10,100		10,100		6,700
Scanner Appliances and Other Computer Equipment Not Placed In Service [Member]
Property, Plant and Equipment, Net	$ 7,000		$ 7,000		$ 4,000

Note 4 - Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Table Text Block]

	*June 30,*			*December 31,*
	*2023*			*2022*
	(in thousands)
Computer equipment	$	177,612		$	173,832
Computer software		26,024			25,808
Leasehold improvements		20,924			21,009
Scanner appliances		17,055			15,696
Furniture, fixtures and equipment		6,563			6,524
Total property and equipment		248,178			242,869
Less: accumulated depreciation and amortization		(207,828	)		(195,441	)
Property and equipment, net	$	40,350		$	47,428

Note 5 - Revenue From Contracts With Customers - Capitalized Cost to Obtain Contracts, Current and Noncurrent (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current	$ 5,266	$ 5,018
Noncurrent	$ 10,338	$ 10,090

Note 3 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Nonoperating Income (Expense)	$ (959)	$ (1,710)	$ (1,175)	$ (2,420)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Other Nonoperating Income (Expense)	$ 0	$ 0	$ 0	$ 0

Note 3 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance	$ 267,822	$ 289,129	$ 426,635	$ 436,714	$ 289,129	$ 436,714
Other comprehensive income (loss), net of tax	(145)	376	45	(1,677)	231	(1,632)
Balance	277,018	267,822	396,838	426,635	277,018	396,838
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Balance	(1,574)	(2,705)	(2,313)	(185)	(2,705)	(185)
Change in unrealized gains (losses) during the period	312	1,131	(933)	(2,070)
Amount reclassified into income during the period	0	0	0	0
Tax effect	0	0	0	(58)
Other comprehensive income (loss), net of tax	312	1,131	(933)	(2,128)
Balance	(1,262)	(1,574)	(3,246)	(2,313)	(1,262)	(3,246)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	3	758	1,643	1,192	758	1,192
Change in unrealized gains (losses) during the period	65	(443)	1,548	648
Amount reclassified into income during the period	(665)	(534)	(244)	(60)
Tax effect	143	222	(326)	(137)
Other comprehensive income (loss), net of tax	(457)	(755)	978	451
Balance	(454)	3	2,621	1,643	(454)	2,621
AOCI Attributable to Parent [Member]
Balance	(1,571)	(1,947)	(670)	1,007	(1,947)	1,007
Change in unrealized gains (losses) during the period	377	688	615	(1,422)
Amount reclassified into income during the period	(665)	(534)	(244)	(60)
Tax effect	143	222	(326)	(195)
Other comprehensive income (loss), net of tax	(145)	376	45	(1,677)
Balance	$ (1,716)	$ (1,571)	$ (625)	$ (670)	$ (1,716)	$ (625)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 28
-Subparagraph (f)
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-Name Accounting Standards Codification
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Note 12 - Segment Information and Information About Geographic Area (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*June 30,*				*June 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands)				(in thousands)
United States	$	82,955	$	71,339	$	160,971	$	138,861
Foreign		54,254		48,554		106,921		94,452
Total revenues	$	137,209	$	119,893	$	267,892	$	233,313

	*June 30,*		*December 31,*
	*2023*		*2022*
	(in thousands)
United States	$	51,720	$	58,775
India		12,829		16,057
Rest of world		3,794		6,348
Total Long-lived Assets	$	68,343	$	81,180

Note 12 - Segment Information and Information About Geographic Area (Details Textual)	6 Months Ended
	Jun. 30, 2023
Number of Operating Segments	1
Number of Reportable Segments	1

Note 7 - Leases (Tables)

6 Months Ended

Jun. 30, 2023

Lessee, Operating Lease, Supplemental Cash Flow Disclosure [Table Text Block]

	*Six Months Ended*
	*June 30,*
	*2023*		*2022*
	(in thousands)
Cash payments included in the measurement of lease liabilities	$	7,699	$	8,190
Lease liabilities arising from obtaining right-of-use assets	$	121	$	2,486

Lessee, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block]

	June 30,			December 31,
	2023			2022
Weighted average remaining lease term (years)		3.4			3.7
Weighted average discount rate		5.3	%		5.2	%

Note 2 - Fair Value of Financial Instruments - Summary of Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Less than 12 Months, fair value	$ 148,431	$ 137,965
Less than 12 Months, Accumulated Loss	(199)	(1,690)
12 Months or Longer, fair value	47,419	64,811
12 Months or Longer, Accumulated Loss	(1,065)	(1,023)
Unrealized Loss Position, fair value	195,850	202,776
Unrealized Loss Position, accumulated loss	(1,264)	(2,713)
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Less than 12 Months, fair value	67,221
Less than 12 Months, Accumulated Loss	(30)
12 Months or Longer, fair value	0
12 Months or Longer, Accumulated Loss	0
Unrealized Loss Position, fair value	67,221
Unrealized Loss Position, accumulated loss	(30)
Foreign Government Agencies [Member]
Less than 12 Months, fair value		998
Less than 12 Months, Accumulated Loss		(2)
12 Months or Longer, fair value		0
12 Months or Longer, Accumulated Loss		0
Unrealized Loss Position, fair value		998
Unrealized Loss Position, accumulated loss		(2)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	5,863	13,365
Less than 12 Months, Accumulated Loss	(29)	(124)
12 Months or Longer, fair value	3,449	1,652
12 Months or Longer, Accumulated Loss	(16)	(10)
Unrealized Loss Position, fair value	9,312	15,017
Unrealized Loss Position, accumulated loss	(45)	(134)
Corporate Debt Securities [Member]
Less than 12 Months, fair value	10,346	33,800
Less than 12 Months, Accumulated Loss	(20)	(389)
12 Months or Longer, fair value	22,949	26,326
12 Months or Longer, Accumulated Loss	(583)	(758)
Unrealized Loss Position, fair value	33,295	60,126
Unrealized Loss Position, accumulated loss	(603)	(1,147)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	65,001	89,802
Less than 12 Months, Accumulated Loss	(120)	(1,175)
12 Months or Longer, fair value	21,021	36,833
12 Months or Longer, Accumulated Loss	(466)	(255)
Unrealized Loss Position, fair value	86,022	126,635
Unrealized Loss Position, accumulated loss	$ (586)	$ (1,430)

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 186,145	$ 173,719
Short-term marketable securities	163,107	147,608
Accounts receivable, net of allowance of $668 and $736 as of June 30, 2023 and December 31, 2022, respectively	124,912	121,795
Prepaid expenses and other current assets	34,017	30,216
Total current assets	508,181	473,338
Long-term marketable securities	38,838	59,206
Property and equipment, net	40,350	47,428
Operating leases - right of use asset	27,992	33,752
Deferred tax assets, net	54,891	45,412
Intangible assets, net	11,258	12,801
Goodwill	7,447	7,447
Restricted cash	2,700	2,700
Other noncurrent assets	17,927	18,857
Total assets	709,584	700,941
Current liabilities:
Accounts payable	2,160	2,808
Accrued liabilities	52,637	42,592
Deferred revenues, current	302,446	293,728
Operating lease liabilities, current	11,877	13,060
Total current liabilities	369,120	352,188
Deferred revenues, noncurrent	34,774	23,490
Operating lease liabilities, noncurrent	22,872	29,121
Other noncurrent liabilities	5,800	7,013
Total liabilities	432,566	411,812
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock: $0.001 par value; 20,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock: $0.001 par value; 1,000,000 shares authorized, 36,747 and 37,362 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	37	37
Additional paid-in capital	534,010	512,486
Accumulated other comprehensive loss	(1,716)	(1,947)
Accumulated deficit	(255,313)	(221,447)
Total stockholders’ equity	277,018	289,129
Total liabilities and stockholders’ equity	$ 709,584	$ 700,941

Note 6 - Intangible Assets, Net

6 Months Ended

Jun. 30, 2023

Intangible Assets Disclosure [Text Block]

NOTE 6.

Intangible Assets, Net

Intangible assets consist primarily of developed technology and patent licenses acquired from business or asset acquisitions. Acquired intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets.

The carrying values of intangible assets are as follows:

					*June 30, 2023*
(in thousands)	*Weighted Average Life (Years)*		*Weighted Average Remaining Life (Years)*		*Cost*		*Accumulated Amortization*			*Net Book Value*
Developed technology		4.6		1.2	$	40,141	$	(29,263	)	$	10,878
Patent licenses		14.0		1.2		1,387		(1,271	)		116
Non-compete agreements		2.0		—		500		(500	)		—
Assembled workforce		2.0		1.3		359		(135	)		224
Total intangibles subject to amortization					$	42,387	$	(31,169	)	$	11,218
Intangible assets not subject to amortization											40
Total intangible assets, net										$	11,258

					*December 31, 2022*
(in thousands)	*Weighted Average Life (Years)*		*Weighted Average Remaining Life (Years)*		*Cost*		*Accumulated Amortization*			*Net Book Value*
Developed technology		4.6		1.4	$	40,141	$	(27,860	)	$	12,281
Patent licenses		14.0		1.7		1,387		(1,221	)		166
Non-compete agreements		2.0		—		500		(500	)		—
Assembled workforce		2.0		1.7		359		(45	)		314
Total intangibles subject to amortization					$	42,387	$	(29,626	)	$	12,761
Intangible assets not subject to amortization											40
Total intangible assets, net										$	12,801

Intangible asset amortization expense was $0.8 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.5 million and $3.2 million for the six months ended June 30, 2023 and 2022. Intangible asset amortization expenses were primarily recorded in cost of revenues in the condensed consolidated statements of operations.

As of June 30, 2023, the Company expects amortization expense in future periods to be as follows:

	(in thousands)
2023 (remaining six months)	$	1,542
2024		2,904
2025		2,557
2026		2,477
2027		1,738
Total expected future amortization expense	$	11,218

Note 6 - Intangible Assets, Net - Expected Amortization Expense in Future Periods (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
2023 (remaining six months)	$ 1,542
2024	2,904
2025	2,557
2026	2,477
2027	1,738
Total expected future amortization expense	$ 11,218	$ 12,761

Note 9 - Stockholders' Equity and Stock-based Compensation - Share-based Compensation and Stock Options Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Balance (in shares) | shares

1,807

Weighted average exercise price, balance (in dollars per share) | $ / shares

$ 87.59

Weighted Average Remaining Contractual Life Balance (Year)

6 years 7 months 6 days

6 years 6 months

Aggregate intrinsic value | $

$ 66,278

$ 58,024

Granted (in shares) | shares

192

Weighted average exercise price, Granted (in dollars per share) | $ / shares

$ 118.14

Exercised (in shares) | shares

(162)

^[1]

Weighted average exercise price, Exercised (in dollars per share) | $ / shares

$ 44.18

Canceled (in shares) | shares

(61)

Weighted average exercise price, Canceled (in dollars per share) | $ / shares

$ 123.40

Balance (in shares) | shares

1,776

1,807

Weighted average exercise price, balance (in dollars per share) | $ / shares

$ 93.61

$ 87.59

Vested and expected to vest (in shares) | shares

1,569

Weighted average exercise price, Vested and expected to vest (in dollars per share) | $ / shares

$ 89.42

Vested and Expected to vest, weighted average remaining contractual life (Year)

6 years 3 months 18 days

Vested and Expected to vest, aggregate intrinsic value | $

$ 64,788

Exercisable (in shares) | shares

977

Weighted average exercise price, Exercisable (in dollars per share) | $ / shares

$ 68.30

Exercisable, weighted average remaining contractual life (Year)

4 years 8 months 12 days

Exercisable, aggregate intrinsic value | $

$ 59,905

[1]	Included 348 thousand shares of PSOs.

Item 5. Other Information

6 Months Ended

Jun. 30, 2023

Issuer Rule 10b5-1, Material Terms [Text Block]

Item 5.

Other Information

Securities Trading Plans of Directors and Executive Officers

During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Expense (Benefit)	$ 10,295	$ 5,526	$ 18,549	$ 13,459
Effective Income Tax Rate Reconciliation, Percent	22.50%	17.20%	22.30%	20.60%
Unrecognized Tax Benefits	$ 11,000		$ 11,000		$ 10,500
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,500		$ 5,500		$ 5,300

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations 2 (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Remaining performance obligations	$ 320,786
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Remaining performance obligations, period (Year)	6 months
Remaining performance obligations	$ 99,287
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations, period (Year)	1 year
Remaining performance obligations	$ 135,152
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining performance obligations, period (Year)	1 year
Remaining performance obligations	$ 70,396
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining performance obligations, period (Year)	1 year
Remaining performance obligations	$ 14,208
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Remaining performance obligations, period (Year)	1 year
Remaining performance obligations	$ 1,499
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Remaining performance obligations, period (Year)	1 year
Remaining performance obligations	$ 244

Note 9 - Stockholders' Equity and Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Cost of revenues	$	1,717	$	1,273	$	3,309	$	2,355
Research and development		5,103		3,541		10,063		6,828
Sales and marketing		2,897		2,305		5,351		4,334
General and administrative		6,288		5,701		13,315		11,048
Total stock-based compensation, net of amounts capitalized (1)	$	16,005	$	12,820	$	32,038	$	24,565

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	*Outstanding Options*			*Weighted Average Exercise Price*		*Weighted Average Remaining Contractual Life*		*Aggregate Intrinsic Value*
	(in thousands)					(Years)		(in thousands)
Balance as of December 31, 2022		1,807		$	87.59		6.5	$	58,024
Granted		192		$	118.14
Exercised		(162	)	$	44.18
Canceled		(61	)	$	123.40
Balance as of June 30, 2023		1,776		$	93.61		6.6	$	66,278
Vested and expected to vest as of June 30, 2023		1,569		$	89.42		6.3	$	64,788
Exercisable as of June 30, 2023		977		$	68.30		4.7	$	59,905

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	*Outstanding RSUs*				*Weighted Average Grant Date Fair Value Per Share*
	(in thousands)
Balance as of December 31, 2022		1,183		(1)	$	124.42
Granted		90		(2)	$	118.99
Vested		(204	)	(3)	$	115.26
Forfeited		(123	)	(4)	$	127.50
Balance as of June 30, 2023		946		(5)	$	125.46
Outstanding and expected to vest as of June 30, 2023		744			$	123.27

Share Repurchase Program [Table Text Block]

Announcement Date	*Authorized Dollar Value*
	(in millions)
February 12, 2018	$	100.0
October 30, 2018		100.0
October 30, 2019		100.0
May 7, 2020		100.0
February 10, 2021		100.0
November 3, 2021		200.0
May 4, 2022		200.0
February 9, 2023		100.0
Total as of June 30, 2023	$	1,000.0

Note 5 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Liability, Revenue Recognized	$ 86,400	$ 75,900	$ 200,200	$ 175,900
Contract with Customer, Liability	317,200		317,200			$ 290,600
Amortization of Deferred Sales Commissions	1,500	1,200	2,900	2,400
Capitalized Contract Cost, Impairment Loss	0	$ 0	0	$ 0
Accounts Receivable, after Allowance for Credit Loss						109,000
Contract with Customer, Liability, Current	302,446		302,446		$ 293,728	257,900
Contract with Customer, Liability, Noncurrent	$ 34,774		$ 34,774		$ 23,490	$ 32,700

Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Text Block]

NOTE 8.

Commitments and Contingencies

Indemnifications

The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company's bylaws, under which it must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers for liabilities arising out of their relationship, and (iii) contracts under which the Company may be required to indemnify customers or resellers from certain liabilities arising from potential infringement of intellectual property rights, as well as potential damages caused by limited product defects. To date, the Company has not incurred and has not recorded any liability in connection with such indemnifications.

The Company maintains director and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors.

Note 5 - Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Remaining performance obligations	$ 320,786

Note 2 - Fair Value of Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Foreign currency forward contracts	$ 271	$ 1,493
Foreign currency forward contracts	2,529	4,679
Designated as Hedging Instrument [Member]
Foreign currency forward contracts	248	1,041
Foreign currency forward contracts	2,136	2,634
Not Designated as Hedging Instrument [Member]
Foreign currency forward contracts	23	452
Foreign currency forward contracts	$ 393	$ 2,045

Note 2 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Text Block]

NOTE 2.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For certain of the Company’s financial instruments, including certain cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate their fair values due to the relatively short maturity of these balances.

The Company measures and reports certain cash equivalents, marketable securities, derivative foreign currency forward contracts at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities.

Level 2-Valuations based on other than quoted prices in active markets for identical assets and liabilities, including quoted prices for identical assets or liabilities in less active or inactive markets, quoted prices for similar assets or liabilities in active markets, or inputs other than quoted prices that are observable for substantially the full term of the assets or liabilities.

Level 3-Valuations based on inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.

The Company's financial instruments consist of assets and liabilities measured using Level 1 and 2 inputs. Level 1 assets include a highly liquid money market fund, which is valued using unadjusted quoted prices that are available in an active market for an identical asset. Level 2 assets include fixed-income U.S. Treasury and government agency securities, commercial paper, corporate bonds, asset-backed securities, foreign government securities and derivative financial instruments consisting of foreign currency forward contracts. The securities, bonds and commercial paper are valued using prices from independent pricing services based on quoted prices of identical instruments in less active or inactive markets, quoted prices of similar instruments in active markets, or industry models using data inputs such as interest rates and prices that can be directly observed or corroborated in active markets. The foreign currency forward contracts are valued using observable inputs, such as quotations on forward foreign exchange points and foreign interest rates.

The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis:

	*June 30, 2023*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	50,159	$	—	$	50,159
Commercial paper		—		72,750		72,750
U.S. Treasury and government agencies		—		86,372		86,372
Corporate bonds		—		41,377		41,377
Asset-backed securities		—		15,269		15,269
Foreign currency forward contracts		—		271		271
Total assets	$	50,159	$	216,039	$	266,198
Foreign currency forward contracts	$	—	$	2,529	$	2,529
Total liabilities	$	—	$	2,529	$	2,529

	*December 31, 2022*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	82,701	$	—	$	82,701
U.S. Treasury and government agencies		—		156,662		156,662
Foreign government		—		1,006		1,006
Corporate bonds		—		63,910		63,910
Asset-backed securities		—		15,027		15,027
Foreign currency forward contracts		—		1,493		1,493
Total assets	$	82,701	$	238,098	$	320,799
Foreign currency forward contracts	$	—	$	4,679	$	4,679
Total liabilities	$	—	$	4,679	$	4,679

There were no transfers between Level 1, Level 2 and Level 3 categories during the three months and six months ended June 30, 2023 and 2022.

Cash equivalent and investments

The Company's cash equivalents and marketable securities consist of the following:

	*June 30, 2023*
	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
	(in thousands)
Cash equivalents: (1)
Money market funds	$	50,159	$	—	$	—		$	50,159
Commercial paper		13,824		—		(1	)		13,823
Total		63,983		—		(1	)		63,982
Short-term marketable securities:
Commercial paper		58,955		1		(29	)		58,927
Corporate bonds		28,115		1		(364	)		27,752
Asset-backed securities		1,663		—		(4	)		1,659
U.S. Treasury and government agencies		75,289		—		(520	)		74,769
Total		164,022		2		(917	)		163,107
Long-term marketable securities:
Corporate bonds		13,864		—		(239	)		13,625
Asset-backed securities		13,651		—		(41	)		13,610
U.S. Treasury and government agencies		11,669		—		(66	)		11,603
Total		39,184		—		(346	)		38,838
Total	$	267,189	$	2	$	(1,264	)	$	265,927

(1) Excludes cash of $122.2 million.

	*December 31, 2022*
	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
	(in thousands)
Cash equivalents: (2)
Money market funds	$	82,701	$	—	$	—		$	82,701
U.S. Treasury and government agencies		29,787		4		—			29,791
Total		112,488		4		—			112,492
Short-term marketable securities:
Corporate bonds		36,908		3		(337	)		36,574
Asset-backed securities		726		—		(2	)		724
U.S. Treasury and government agencies		110,225		—		(921	)		109,304
Foreign government		1,008		—		(2	)		1,006
Total		148,867		3		(1,262	)		147,608
Long-term marketable securities:
Corporate bonds		28,146		—		(810	)		27,336
Asset-backed securities		14,435		—		(132	)		14,303
U.S. Treasury and government agencies		18,076		—		(509	)		17,567
Total		60,657		—		(1,451	)		59,206
Total	$	322,012	$	7	$	(2,713	)	$	319,306

(2) Excludes cash of $61.2 million.

The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time:

	*June 30, 2023*
	*Less than 12 months*					*12 months or longer*					*Total*
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
	(in thousands)
Commercial paper	$	67,221	$	(30	)	$	-	$	-		$	67,221	$	(30	)
Asset-backed securities		5,863		(29	)		3,449		(16	)		9,312		(45	)
Corporate bonds		10,346		(20	)		22,949		(583	)		33,295		(603	)
U.S. Treasury and government agencies		65,001		(120	)		21,021		(466	)		86,022		(586	)
Total	$	148,431	$	(199	)	$	47,419	$	(1,065	)	$	195,850	$	(1,264	)

	*December 31, 2022*
	*Less than 12 months*					*12 months or longer*					*Total*
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
	(in thousands)
Foreign government agencies	$	998	$	(2	)	$	-	$	-		$	998	$	(2	)
Asset-backed securities		13,365		(124	)		1,652		(10	)		15,017		(134	)
Corporate bonds		33,800		(389	)		26,326		(758	)		60,126		(1,147	)
U.S. Treasury and government agencies		89,802		(1,175	)		36,833		(255	)		126,635		(1,430	)
Total	$	137,965	$	(1,690	)	$	64,811	$	(1,023	)	$	202,776	$	(2,713	)

The Company had the ability and intent to hold all marketable securities that were in an unrealized loss position until recovery of the amortized cost basis. The Company considered the extent to which fair value was less than amortized cost basis and conditions related to security’s industry and geography and changes to the ratings, if any, and concluded the decline in fair value compared to carrying value was not related to credit loss.

The following summarizes the fair value of cash equivalents and marketable securities by contractual maturity:

	*June 30, 2023*
	*Amortized Cost*		*Fair Value*
	(in thousands)
Due within One Year	$	226,342	$	225,429
Due after One Year through Two Years		21,633		21,332
Mature over Two Years		3,900		3,897
Asset-backed securities		15,314		15,269
Total	$	267,189	$	265,927

Non-Marketable Securities

During the fiscal year ended December 31, 2018, the Company invested $2.5 million in preferred stock of a privately-held company. The fair value of the investment is not readily available, and there are no quoted market prices for the investment. The Company accounts for the investment at cost less impairment and will measure the investment at fair value when the Company identifies observable price changes. The investment is assessed for impairment whenever events or changes in circumstances indicate that the fair value of the investment is less than carrying value. During the three months ended June 30, 2023, the Company identified an observable price change in the investment and recognized an immaterial unrealized loss in other income (expense), net of the condensed consolidated statement of operations. The investment is included in other noncurrent assets on the condensed consolidated balance sheets. The Company has not received any dividends from the investment.

Derivative Financial Instruments

Designated cash flow hedges

The Company enters into foreign currency forward contracts to reduce the risk of variability in future cash flow due to foreign currency exchange rate fluctuation from certain forecasted subscription revenue orders billed in British Pound ("GBP") and Euro ("EUR") and operating expenses incurred in Indian Rupee ("INR"), which are designated as cash flow hedges. Hedge effectiveness is assessed at inception and at each reporting period utilizing regression analysis. Unrealized foreign exchange gains or losses related to those designated cash flow hedge contracts are recorded in accumulated other comprehensive income ("AOCI") and will be reclassified into revenues or operating expenses, respectively, in the same periods when the hedged transactions are recognized in earnings.

As of June 30, 2023, the Company had designated cash flow hedge forward contracts with notional amounts of €38.7 million, £12.3 million and Rs.3,742.0 million. As of December 31, 2022, the Company had designated cash flow hedge forward contracts with notional amounts of €37.4 million, £10.4 million and Rs.3,411.0 million.

As of June 30, 2023, a de minimis net amount of unrealized gains before tax on the foreign currency forward contracts for GBP and Euro reported in AOCI is expected to be reclassified into revenue within the next 12 months. As of June 30, 2023, a de minimis net amount of unrealized gains before tax on the foreign currency forward contracts for INR reported in AOCI is expected to be reclassified into operating expenses within the next 12 months.

Non-designated forward contracts

The Company also uses foreign currency forward contracts to hedge certain foreign currency denominated assets or liabilities, which are not designated as cash flow hedges. Unrealized foreign exchange gain or losses related to the non-designated forward contracts are recorded in other income (expenses), net and offset the foreign exchange gain or loss on the underlying net monetary assets or liabilities.

As of June 30, 2023, the Company had non-designated forward contracts with notional amounts of €9.1 million, £2.5 million, Rs.945.0 million, and Canadian Dollar ("C$" or "CAD") 2.4 million. As of December 31, 2022, the Company had non-designated forward contracts with notional amounts of €40.2 million, £16.2 million, Rs.484 million, and C$3.8 million.

The following summarizes the fair value of derivative financial instruments as of June 30, 2023 and December 31, 2022:

	*June 30,*		*December 31,*
	*2023*		*2022*
	(in thousands)
Assets
Foreign currency forward contracts designated as cash flow hedge	$	248	$	1,041
Foreign currency forward contracts not designated as hedging instruments		23		452
Total	$	271	$	1,493
Liabilities
Foreign currency forward contracts designated as cash flow hedge	$	2,136	$	2,634
Foreign currency forward contracts not designated as hedging instruments		393		2,045
Total	$	2,529	$	4,679

The Company presents its derivative assets and derivative liabilities at gross fair values in the condensed consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. The potential offset to both assets and liabilities under the right of set-off associated with the Company's foreign currency exchange contracts are immaterial as of June 30, 2023 and December 31, 2022. The derivatives held by the Company are not subject to any credit contingent features negotiated with its counterparties. The Company is not required to pledge nor is entitled to receive cash collateral related to the above contracts. The counterparties to these derivatives are large, global financial institutions that the Company believes are creditworthy, and therefore, it does not consider the risk of counterparty nonperformance to be material.

The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Net gains (losses) from non-designated forward contracts	$	(109	)	$	3,810		$	150		$	4,965
Other foreign currency transactions losses		(306	)		(5,520	)		(731	)		(7,338	)
Total foreign exchange losses, net	$	(415	)	$	(1,710	)	$	(581	)	$	(2,373	)

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Description Of Business Policy [Policy Text Block]	*Description of Business* Qualys, Inc. (the “Company”, "we", "us", "our") was incorporated in the state of Delaware on December 30, 1999. The Company is headquartered in Foster City, California and has wholly-owned subsidiaries throughout the world. The Company is a leading provider of cloud-based information technology ("IT"), security and compliance solutions that enable organizations to identify security risks to their IT infrastructures, help protect their IT systems and applications from ever-evolving cyber-attacks and achieve compliance with internal policies and external regulations. The Company’s cloud solutions address the growing security and compliance complexities and risks that are amplified by the dissolving boundaries between internal and external IT infrastructures and web environments, the rapid adoption of cloud computing and the proliferation of geographically dispersed IT assets. Organizations can use the Company’s integrated suite of solutions delivered on its Qualys Cloud Platform to cost-effectively obtain a unified view of their security and compliance posture across globally-distributed IT infrastructures.
Basis of Accounting, Policy [Policy Text Block]	*Basis of Presentation* The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations expected for the entire year ending December 31, 2023 or for any other future annual or interim periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. Certain prior year amounts have been reclassified to conform to current year presentation.
Risk and Uncertainties, Policy [Policy Text Block]	*Risks and Uncertainties* The uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, rising interest rates, financial institution failures and associated uncertainty, labor shortages, significant volatility of global markets, reduced spending and extended sales cycles, and geopolitical conflicts could have a material adverse effect on the Company's long-term business and could lead to further economic disruption and expose the Company to greater risk as its current and potential customers may reduce or eliminate their overall spending on IT security.
Use of Estimates, Policy [Policy Text Block]	*Use of Estimates* The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may be material to the accompanying unaudited condensed consolidated financial statements.
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Adopted Accounting Pronouncements* None. **Recently Issued Accounting Pronouncements Not* Yet Adopted*** The Company does not believe any new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its condensed consolidated financial statements. There have been no material changes to the Company’s significant accounting policies set forth in "Note 1" of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Note 2 - Fair Value of Financial Instruments - Summary of the Fair Value of Marketable Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Due within One Year, Amortized Cost	$ 226,342
Due within One Year	225,429
Due after One Year through Two Years, Amortized Cost	21,633
Due after One Year through Two Years	21,332
Mature over Two Years, Amortized Cost	3,900
Mature over Two Years	3,897
Amortized Cost	267,189
Available-for-Sale, Total	265,927
Asset-Backed Securities [Member]
Amortized Cost	15,314
Available-for-Sale, Total	$ 15,269

Item 5. Other Information (Details Textual) Pure in Thousands	3 Months Ended
	Jun. 30, 2023
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers	0

Note 12 - Segment Information and Information About Geographic Area

6 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

NOTE 12.

Segment Information and Information about Geographic Area

Under ASC 280 Segment Reporting, operating segments are defined as components of an entity about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one segment and has only one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. All of the Company’s principal operations and decision-making functions are located in the United States.

Revenue by geographic area, based on the customer's billing address, is as follows:

	*Three Months Ended*				*Six Months Ended*
	*June 30,*				*June 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands)				(in thousands)
United States	$	82,955	$	71,339	$	160,971	$	138,861
Foreign		54,254		48,554		106,921		94,452
Total revenues	$	137,209	$	119,893	$	267,892	$	233,313

Long-lived assets, which consist of Property and equipment, net and Operating leases - right of use asset, by geographic area, are as follows:

	*June 30,*		*December 31,*
	*2023*		*2022*
	(in thousands)
United States	$	51,720	$	58,775
India		12,829		16,057
Rest of world		3,794		6,348
Total Long-lived Assets	$	68,343	$	81,180

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Note 6 - Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

					*June 30, 2023*
(in thousands)	*Weighted Average Life (Years)*		*Weighted Average Remaining Life (Years)*		*Cost*		*Accumulated Amortization*			*Net Book Value*
Developed technology		4.6		1.2	$	40,141	$	(29,263	)	$	10,878
Patent licenses		14.0		1.2		1,387		(1,271	)		116
Non-compete agreements		2.0		—		500		(500	)		—
Assembled workforce		2.0		1.3		359		(135	)		224
Total intangibles subject to amortization					$	42,387	$	(31,169	)	$	11,218
Intangible assets not subject to amortization											40
Total intangible assets, net										$	11,258

					*December 31, 2022*
(in thousands)	*Weighted Average Life (Years)*		*Weighted Average Remaining Life (Years)*		*Cost*		*Accumulated Amortization*			*Net Book Value*
Developed technology		4.6		1.4	$	40,141	$	(27,860	)	$	12,281
Patent licenses		14.0		1.7		1,387		(1,221	)		166
Non-compete agreements		2.0		—		500		(500	)		—
Assembled workforce		2.0		1.7		359		(45	)		314
Total intangibles subject to amortization					$	42,387	$	(29,626	)	$	12,761
Intangible assets not subject to amortization											40
Total intangible assets, net										$	12,801

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	(in thousands)
2023 (remaining six months)	$	1,542
2024		2,904
2025		2,557
2026		2,477
2027		1,738
Total expected future amortization expense	$	11,218

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 35,382	$ 26,596	$ 64,487	$ 52,006
Other comprehensive income (loss), net of tax
Net change in unrealized gains (losses) on available-for-sale debt securities, net of tax	312	(933)	1,443	(3,061)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	(457)	978	(1,212)	1,429
Other comprehensive income (loss), net of tax	(145)	45	231	(1,632)
Comprehensive income	$ 35,237	$ 26,641	$ 64,718	$ 50,374

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 5 - Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

	(in thousands)
2023 (remaining six months)	$	99,287
2024		135,152
2025		70,396
2026		14,208
2027		1,499
2028 and thereafter		244
Total	$	320,786

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Direct	$	78,818	$	70,064	$	153,911	$	136,535
Partner		58,391		49,829		113,981		96,778
Total	$	137,209	$	119,893	$	267,892	$	233,313

Contract With Customer, Commission Asset Balances [Table Text Block]

	June 30,		December 31,
	2023		2022
	(in thousands)
Current	$	5,266	$	5,018
Noncurrent	$	10,338	$	10,090

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 27, 2023
Document Information [Line Items]
Entity Central Index Key	0001107843
Entity Registrant Name	QUALYS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35662
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0534145
Entity Address, Address Line One	919 E. Hillsdale Boulevard, 4th Floor
Entity Address, City or Town	Foster City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94404
City Area Code	650
Local Phone Number	801-6100
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	QLYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,712,075

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivable	$ 668	$ 736
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	36,747	37,362
Common stock, shares outstanding (in shares)	36,747	37,362

Note 2 - Fair Value of Financial Instruments - Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

$ 63,983

$ 112,488

(1)

Short-term marketable securities, amortization cost

63,982

112,492

164,022

148,867

(917)

(1,262)

163,107

147,608

39,184

60,657

(346)

(1,451)

Cash and cash equivalents and marketable securities, amortization cost

38,838

59,206

267,189

322,012

Unrealized gains, securities

Unrealized loss, securities

(1,264)

(2,713)

Cash and cash equivalents and short-term and long-term Marketable Securities, fair value

265,927

319,306

63,983

112,488

Commercial Paper, Not Included with Cash and Cash Equivalents [Member]

Short-term marketable securities, amortization cost

58,955

(29)

Corporate Debt Securities [Member]

58,927

Short-term marketable securities, amortization cost

28,115

36,908

(364)

(337)

27,752

36,574

13,864

28,146

(239)

(810)

Asset-Backed Securities [Member]

13,625

27,336

Short-term marketable securities, amortization cost

1,663

726

(4)

(2)

1,659

724

13,651

14,435

(41)

(132)

US Government Agencies Debt Securities [Member]

13,610

14,303

Short-term marketable securities, amortization cost

75,289

110,225

(520)

(921)

74,769

109,304

11,669

18,076

(66)

(509)

Foreign Government Agencies [Member]

11,603

17,567

Short-term marketable securities, amortization cost

1,008

(2)

1,006

Money Market Funds [Member]

50,159

^[1]

82,701

^[2]

50,159

82,701

50,159

^[1]

82,701

^[2]

Commercial Paper [Member]

(0)

13,824

(1)

13,823

13,824

US Government Corporations and Agencies Securities [Member]

$ 1

29,787

29,791

29,787

$ 0

[1]	Excludes cash of $160.0 million.
[2]	Excludes cash of $61.2 million.

Note 6 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization of Intangible Assets	$ 0.8	$ 1.5	$ 1.5	$ 3.2

Note 7 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Weighted average remaining lease term (Year)	3 years 4 months 24 days	3 years 8 months 12 days
Weighted average discount rate	5.30%	5.20%

Note 10 - Net Income Per Share

6 Months Ended

Jun. 30, 2023