Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 9. Stockholders’ Equity

Stock Repurchases

From time to time, the Company’s Board of Directors has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Under the authorizations, the timing and actual number of shares subject to repurchase are at the discretion of management and are contingent on a number of factors, such as levels of cash generation from operations, cash requirements for acquisitions and the price of the Company’s common stock. During the six months ended June 30, 2024, the Company repurchased and retired, reported based on trade date, approximately 1.6 million shares of common stock, at a cost of approximately $21.4 million under the repurchase authorization. The Company did not repurchase any shares of common stock during the six months ended July 2, 2023. As of June 30, 2024, approximately 0.9 million shares remained authorized for repurchase under the repurchase program. On July 16, 2024, the Board of Directors authorized management to repurchase up to 3.0 million shares of the Company’s outstanding common stock, incremental to the remaining shares under the Company’s previous repurchase program.

The Company repurchased, reported based on trade date, approximately 197,000 and 147,000 shares of common stock, at a cost of approximately $2.9 million and $2.1 million, during the six months ended June 30, 2024 and July 2, 2023, respectively, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs.

These shares were retired upon repurchase. The Company’s policy related to repurchases of its common stock is to charge the excess of cost over par value to retained earnings. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) (“AOCI”) by component:

(In thousands)	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
Balance as of December 31, 2023	$	126		$	7		$	3		$	136
Other comprehensive income (loss) before reclassifications		(219	)		(186	)		37			(368	)
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			(162	)		34			(128	)
Net current period other comprehensive income (loss)		(219	)		(24	)		3			(240	)
Balance as of June 30, 2024	$	(93	)	$	(17	)	$	6		$	(104	)
(In thousands)	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
Balance as of December 31, 2022	$	(322	)	$	(338	)	$	125		$	(535	)
Other comprehensive income (loss) before reclassifications		191			1,836			(383	)		1,644
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			1,262			(265	)		997
Net current period other comprehensive income (loss)		191			574			(118	)		647
Balance as of July 2, 2023	$	(131	)	$	236		$	7		$	112

The following table provides details about significant amounts reclassified out of each component of AOCI:

	Three Months Ended						Six Months Ended
(In thousands)	June 30, 2024			July 2, 2023			June 30, 2024			July 2, 2023
Amount Reclassified from AOCI
Gains (losses) on cash flow hedge:
Foreign currency forward contracts
Affected line item in the statement of operations
Net revenue	$	(130	)	$	762		$	(209	)	$	1,451
Cost of revenue		—			(1	)		—			(2	)
Research and development		(1	)		(18	)		(2	)		(26	)
Sales and marketing		33			(59	)		42			(142	)
General and administrative		(1	)		(3	)		7			(19	)
Total before tax		(99	)		681			(162	)		1,262
Tax impact		21			(143	)		34			(265	)
Total, net of tax	$	(78	)	$	538		$	(128	)	$	997