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Revision of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2020
Revision of Previously Issued Financial Statements |
Revision of Previously Issued Financial Statments | Note 3 – Revision of Previously Issued Financial Statements We have revised amounts reported in previously issued financial statements for the periods presented in this Annual Report on Form 10-K related to immaterial errors. The errors relate to certain contracts with customers involving term-based software licenses and related maintenance and support services. The net contract assets that originated from a portion of these contracts in prior periods were not properly accounted for in subsequent periods, which caused overstatements of revenue in prior periods. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2019 and 2018, or for any quarterly periods included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020. The following tables present the effects of the aforementioned revisions on our consolidated balance sheet as of December 31, 2019 and our consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the years ended December 31, 2020 and 2019. Consolidated Balance Sheet ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
in thousands |  | As Previously Reported |  | Adjustments | ​ | As Revised
Contract assets | ​ | $ | 7,058 | ​ | $ | (1,818) | ​ | $ | 5,240
Total current assets | ​ | ​ | 211,619 | ​ | ​ | (1,818) | ​ | ​ | 209,801
Contract assets - non-current | ​ | ​ | 3,565 | ​ | ​ | (210) | ​ | ​ | 3,355
Total assets | ​ | ​ | 384,570 | ​ | ​ | (2,028) | ​ | ​ | 382,542
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term income taxes payable | ​ | ​ | 7,711 | ​ | ​ | (301) | ​ | ​ | 7,410
Total current liabilities | ​ | ​ | 74,113 | ​ | ​ | (301) | ​ | ​ | 73,812
Total liabilities | ​ | ​ | 120,549 | ​ | ​ | (301) | ​ | ​ | 120,248
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ | ​ | 181,167 | ​ | ​ | (1,727) | ​ | ​ | 179,440
Total stockholders' equity | ​ | ​ | 264,021 | ​ | ​ | (1,727) | ​ | ​ | 262,294
Total liabilities and stockholders' equity | ​ | ​ | 384,570 | ​ | ​ | (2,028) | ​ | ​ | 382,542
​ Consolidated Statements of Operations ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 | ​ | Year Ended December 31, 2018
in thousands |  | As Previously Reported |  | Adjustments | ​ | As Revised |  | As Previously Reported |  | Adjustments | ​ | As Revised
Revenue |  | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |
Product and license | ​ | $ | 184,173 | ​ | $ | (860) | ​ | $ | 183,313 | ​ | $ | 152,977 | ​ | $ | (923) | ​ | $ | 152,054
Services and other | ​ |  | 70,397 | ​ | ​ | (226) | ​ |  | 70,171 | ​ |  | 59,303 | ​ | ​ | (21) | ​ |  | 59,282
Total revenue | ​ |  | 254,570 | ​ | ​ | (1,086) | ​ |  | 253,484 | ​ |  | 212,280 | ​ | ​ | (944) | ​ |  | 211,336
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross Profit | ​ |  | 172,608 | ​ | ​ | (1,086) | ​ |  | 171,522 | ​ |  | 147,467 | ​ | ​ | (944) | ​ |  | 146,523
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ |  | 15,275 | ​ | ​ | (1,086) | ​ |  | 14,189 | ​ |  | 24 | ​ | ​ | (944) | ​ |  | (920)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ |  | 15,495 | ​ | ​ | (1,086) | ​ |  | 14,409 | ​ |  | 3,553 | ​ | ​ | (944) | ​ |  | 2,609
Provision for income taxes | ​ |  | 6,706 | ​ | ​ | (161) | ​ |  | 6,545 | ​ |  | (293) | ​ | ​ | (142) | ​ |  | (435)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | ​ | 8,789 | ​ | ​ | (925) | ​ | ​ | 7,864 | ​ | ​ | 3,846 | ​ | ​ | (802) | ​ | ​ | 3,044
​ Consolidated Statements of Comprehensive Loss ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 | ​ | Year Ended December 31, 2018
in thousands | ​ | As Previously Reported |  | Adjustments | ​ | As Revised |  | As Previously Reported |  | Adjustments | ​ | As Revised
Net income | ​ | $ | 8,789 | ​ | $ | (925) | ​ | $ | 7,864 | ​ | $ | 3,846 | ​ | $ | (802) | ​ | $ | 3,044
Comprehensive income (loss) | ​ | ​ | 8,781 | ​ | ​ | (925) | ​ | ​ | 7,856 | ​ | ​ | (873) | ​ | ​ | (802) | ​ | ​ | (1,675)
​ Consolidated Statements of Stockholders’ Equity ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total Stockholders' Equity
in thousands |  | As Previously Reported |  | Adjustments | ​ | As Revised
Balance at December 31, 2017 | ​ | $ | 237,930 | ​ | $ | N/A | ​ | $ | N/A
Net income (loss) | ​ | ​ | 3,846 | ​ | ​ | (802) | ​ | ​ | 3,044
Balance at December 31, 2018 | ​ | $ | 252,441 | ​ | $ | (802) | ​ | $ | 251,639
Net income (loss) | ​ | ​ | 8,789 | ​ | ​ | (925) | ​ | ​ | 7,864
Balance at December 31, 2019 | ​ | $ | 264,021 | ​ | $ | (1,727) | ​ | $ | 262,294
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Consolidated Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2019 | ​ | Year ended December 31, 2018
in thousands | ​ | As Previously Reported |  | Adjustments | ​ | As Revised | ​ | As Previously Reported |  | Adjustments | ​ | As Revised
Cash flows from operating activities: |  | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  |  | ​ |  | ​ | ​ | ​
Net income | ​ | $ | 8,789 | ​ | $ | (925) | ​ | $ | 7,864 | ​ | $ | 3,846 | ​ | $ | (802) | ​ | $ | 3,044
Changes in operating assets and liabilities: | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |
Contract assets | ​ |  | 655 | ​ |  | 1,085 | ​ |  | 1,740 | ​ |  | (3,110) | ​ |  | 943 | ​ |  | (2,167)
Income taxes payable | ​ | ​ | 318 | ​ | ​ | (160) | ​ | ​ | 158 | ​ | ​ | (2,541) | ​ | ​ | (141) | ​ | ​ | (2,682)
Net cash provided by operating activities | ​ |  | 18,244 | ​ |  | — | ​ |  | 18,244 | ​ |  | 1,226 | ​ |  | — | ​ |  | 1,226
​

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