Stockholders' Equity

12 Months Ended

Dec. 31, 2021

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. On October 24, 2021, the Board of Directors authorized the 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. As of December 31, 2021, 3.5 million shares remained authorized for repurchase under the repurchase program. The Company repurchased, reported based on trade date, approximately 2.1 million, 0.9 million and 2.4 million shares of common stock at a cost of approximately $75.0 million, $23.8 million and $75.9 million, during the years ended December 31, 2021, 2020 and 2019, respectively.

The Company repurchased, reported based on trade date, approximately 204,000, 198,000 and 198,000 shares of common stock at a cost of approximately $7.7 million, $5.1 million and $6.5 million, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs during the years ended December 31, 2021, 2020 and 2019, respectively.

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 table sets forth the changes in accumulated other comprehensive income (loss) (“AOCI”) by component:

	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
	(In thousands)
Balance as of December 31, 2018	$	(18	)	$	(8	)	$	11		$	(15	)
Other comprehensive income (loss) before reclassifications		16			1,565			(332	)		1,249
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			1,535			(322	)		1,213
Net current period other comprehensive income (loss)		16			30			(10	)		36
Balance as of December 31, 2019	$	(2	)	$	22		$	1		$	21
Other comprehensive income (loss) before reclassifications		—			(856	)		174			(682	)
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			(792	)		166			(626	)
Net current period other comprehensive income (loss)		—			(64	)		8			(56	)
Balance as of December 31, 2020	$	(2	)	$	(42	)	$	9		$	(35	)
Other comprehensive income (loss) before reclassifications		—			668			(126	)		542
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			453			(95	)		358
Net current period other comprehensive income (loss)		—			215			(31	)		184
Balance as of December 31, 2021	$	(2	)	$	173		$	(22	)	$	149

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

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Amount Reclassified from AOCI
Gains (losses) on cash flow hedge:
Foreign currency forward contracts
Affected line item in the statement of operations
Net revenue	$	459		$	(954	)	$	1,929
Cost of revenue		(2	)		2			(12	)
Research and development		31			9			(57	)
Sales and marketing		(30	)		124			(284	)
General and administrative		(5	)		27			(41	)
Total before tax		453			(792	)		1,535
Tax impact		(95	)		166			(322	)
Total, net of tax	$	358		$	(626	)	$	1,213