$OSPN
OneSpan Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516671410 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $54.29M $65.39M
YoY Change -16.97% 37.22%
Cost Of Revenue $17.74M $26.90M
YoY Change -34.03% 61.7%
Gross Profit $36.55M $37.74M
YoY Change -3.15% 21.66%
Gross Profit Margin 67.32% 57.71%
Selling, General & Admin $24.72M $17.09M
YoY Change 44.68% 0.25%
% of Gross Profit 67.63% 45.28%
Research & Development $6.242M $4.538M
YoY Change 37.55% -12.76%
% of Gross Profit 17.08% 12.02%
Depreciation & Amortization $2.660M $1.460M
YoY Change 82.19% -8.75%
% of Gross Profit 7.28% 3.87%
Operating Expenses $33.17M $21.99M
YoY Change 50.85% -5.94%
Operating Profit $3.386M $15.75M
YoY Change -78.51% 106.03%
Interest Expense $100.0K $100.0K
YoY Change 0.0% -300.0%
% of Operating Profit 2.95% 0.63%
Other Income/Expense, Net $252.0K $273.0K
YoY Change -7.69% 9.64%
Pretax Income $3.804M $16.12M
YoY Change -76.41% 103.96%
Income Tax $979.0K $2.257M
% Of Pretax Income 25.74% 14.0%
Net Earnings $2.825M $13.85M
YoY Change -79.61% 101.16%
Net Earnings / Revenue 5.2% 21.18%
Basic Earnings Per Share $0.07 $0.35
Diluted Earnings Per Share $0.07 $0.35
COMMON SHARES
Basic Shares Outstanding 39.71M shares 39.58M shares
Diluted Shares Outstanding 39.77M shares 39.74M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.8M $157.0M
YoY Change -13.5% 27.33%
Cash & Equivalents $35.58M $82.11M
Short-Term Investments $100.2M $74.90M
Other Short-Term Assets $4.380M $1.067M
YoY Change 310.5% -35.41%
Inventory $17.92M $30.29M
Prepaid Expenses $3.296M $2.355M
Receivables $32.69M $39.15M
Other Receivables $300.0K $300.0K
Total Short-Term Assets $194.4M $230.9M
YoY Change -15.8% 29.14%
LONG-TERM ASSETS
Property, Plant & Equipment $4.074M $2.769M
YoY Change 47.13% -13.25%
Goodwill
YoY Change
Intangibles $33.47M $10.66M
YoY Change 213.93% -30.28%
Long-Term Investments
YoY Change
Other Assets $11.26M $5.950M
YoY Change 89.29% -30.1%
Total Long-Term Assets $119.7M $40.65M
YoY Change 194.55% -20.95%
TOTAL ASSETS
Total Short-Term Assets $194.4M $230.9M
Total Long-Term Assets $119.7M $40.65M
Total Assets $314.1M $271.5M
YoY Change 15.69% 17.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.929M $5.984M
YoY Change 32.5% -42.24%
Accrued Expenses $15.50M $12.40M
YoY Change 25.0% -9.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $58.46M $39.01M
YoY Change 49.86% -10.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $59.00K $43.00K
YoY Change 37.21% -78.5%
Total Long-Term Liabilities $59.00K $43.00K
YoY Change 37.21% -78.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.46M $39.01M
Total Long-Term Liabilities $59.00K $43.00K
Total Liabilities $59.54M $39.15M
YoY Change 52.08% -11.21%
SHAREHOLDERS EQUITY
Retained Earnings $173.1M $153.4M
YoY Change 12.84% 49.2%
Common Stock $87.75M $83.76M
YoY Change 4.76% 209300.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.6M $232.4M
YoY Change
Total Liabilities & Shareholders Equity $314.1M $271.5M
YoY Change 15.69% 17.95%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $2.825M $13.85M
YoY Change -79.61% 101.16%
Depreciation, Depletion And Amortization $2.660M $1.460M
YoY Change 82.19% -8.75%
Cash From Operating Activities $11.74M $7.470M
YoY Change 57.16% -52.48%
INVESTING ACTIVITIES
Capital Expenditures -$540.0K -$450.0K
YoY Change 20.0% -30.77%
Acquisitions
YoY Change
Other Investing Activities -$45.37M -$30.00K
YoY Change 151133.33% -99.9%
Cash From Investing Activities -$45.91M -$470.0K
YoY Change 9668.09% -98.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -580.0K 20.00K
YoY Change -3000.0% -77.78%
NET CHANGE
Cash From Operating Activities 11.74M 7.470M
Cash From Investing Activities -45.91M -470.0K
Cash From Financing Activities -580.0K 20.00K
Net Change In Cash -34.75M 7.020M
YoY Change -595.01% -143.49%
FREE CASH FLOW
Cash From Operating Activities $11.74M $7.470M
Capital Expenditures -$540.0K -$450.0K
Free Cash Flow $12.28M $7.920M
YoY Change 55.05% -51.62%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Accounting for Leases</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> All of our leases are operating leases. Rent expense on facility leases is charged evenly over the life of the lease, regardless of the timing of actual payments.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Estimates and Assumptions</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"> <b>Note 11 &#x2013; Contingencies</b></p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"> During the second quarter of 2015, our management became aware that certain of our products which were sold by our European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties whose property and interests in property may be blocked pursuant to Executive Order 13224, Executive Order 13382 or that may be identified under Section&#xA0;560.304 of 31 C.F.R. Part 560 as the &#x201C;Government of Iran&#x201D;.</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> We ceased shipping to such distributor. In addition, the Audit Committee of the Company&#x2019;s Board of Directors initiated an internal review of this matter with the assistance of outside counsel. As a precautionary matter, concurrent initial notices of voluntary disclosure were submitted on June&#xA0;25, 2015 to each of the U.S. Department of the Treasury, Office of Foreign Assets Control (&#x201C;OFAC&#x201D;), and the U.S. Department of Commerce, Bureau of Industry and Security (&#x201C;BIS&#x201D;).</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> The Audit Committee with the assistance of outside counsel has completed their review. On December&#xA0;15, 2015, we filed a letter with BIS (Office of Export Enforcement) with the conclusion that the products supplied to the distributor were not subject to United States Export Control jurisdiction. The Office of Export Enforcement issued a &#x201C;no action&#x201D; letter, concluding the voluntary self-disclosure process under the Export Administration Regulations.</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> On January&#xA0;13, 2016, we filed a letter with OFAC, with the conclusions that VASCO and its subsidiaries made no direct sales to Iran or any party listed by OFAC as a Specially Designated National over the five-year period under review (i.e., June&#xA0;1, 2010 to June&#xA0;30, 2015). The letter further noted that the investigation did not identify any involvement on the part of senior management officials of VASCO, and to the contrary, noted that VASCO executive management officials had sought to implement procedures and provided notices to VASCO&#x2019;s sales personnel to prevent the diversion of VASCO products to unauthorized destinations and end users.</p> <p style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"> &#xA0;</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> We have not received any response to the letter to OFAC and we cannot predict when OFAC will conclude their review of our voluntary self-disclosures. Based upon the OFAC guidelines for monetary penalties, in the fourth quarter of 2015, we accrued $900 for potential penalties if they are assessed by OFAC. Ultimately no penalty may be assessed or the penalty may be less or greater than the accrual, but in any event we do not believe that the final settlement will have a material adverse impact on our business.</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> On July&#xA0;28, 2015 a putative class action complaint was filed in the United States District Court for the Northern District of Illinois, captioned Linda J. Rossbach v. Vasco Data Security International, Inc., et al., case number 1:15-cv-06605, naming VASCO and certain of its current and former executive officers&#xA0;as defendants and alleging violations under the Securities Exchange Act of 1934, as amended.&#xA0;The suit was purportedly filed on behalf of a putative class of investors who purchased VASCO securities between February&#xA0;18, 2014 and July&#xA0;21, 2015, and seeks to recover damages allegedly caused by the defendants&#x2019; alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.&#xA0;The complaint seeks certification as a class action and unspecified compensatory damages plus interest and attorneys&#x2019; fees.&#xA0;Pursuant to a September&#xA0;1, 2015 scheduling order entered by the court, the lead plaintiff, once appointed, will have sixty days to file an amended complaint or notify the defendants that the lead plaintiff intends to rely on the current complaint.&#xA0;The defendants will then have sixty days to answer or otherwise respond to the operative complaint.&#xA0;To date, the court has not made any rulings with respect to the appointment of the lead plaintiff. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend against the action vigorously.</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> On October&#xA0;9, 2015, a derivative complaint was filed in the United States District Court for the Northern District of Illinois, captioned Elizabeth Herrera v. Hunt, et al., case number 1:15-cv-08937, naming VASCO&#x2019;s Board of Directors and certain of its current and former executive officers as individual defendants and the Company as a nominal defendant.&#xA0;Two additional derivative complaints, captioned Beth Seltzer v. Hunt, et al., case number 2015-ch-15541 and William Hooper v. Hunt, et al., case number 2016-ch-04054, were filed on October&#xA0;22, 2015 and March&#xA0;22, 2016, respectively, in the Circuit Court of Cook County, Illinois naming the same defendants.</p> <p style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"> The complaints assert, among other things, that the individual defendants breached their fiduciary duties by making material misstatements in, and omitting material information from, the Company&#x2019;s public disclosures and by failing to maintain adequate internal controls and properly manage the Company. Among other things, the complaints seek unspecified compensatory damages and injunctive relief.&#xA0;On February&#xA0;23, 2016, the court in Herrera granted a stay of the action pending the resolution of a certain motion to dismiss that the parties anticipate to be filed in Rossbach. On October&#xA0;29, 2015, a defendant removed the Seltzer action to the United States District Court for the Northern District of Illinois. Thereafter, the plaintiff led a motion to remand the action back to the Circuit Court of Cook County, Illinois, which was denied on February&#xA0;3, 2016. On February&#xA0;9, 2016, the court granted an agreed motion for voluntary dismissal of the Seltzer action, which dismissed the action with prejudice as to the named plaintiff&#x2019;s individual claims. As for the Hooper action, the court granted a stay on June&#xA0;8, 2016 on the same terms governing the stay in the Herrera action.</p> </div>
dei Trading Symbol
TradingSymbol
VDSI
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26 pure
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1793000
us-gaap Net Income Loss
NetIncomeLoss
5024000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1000000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
5025000
us-gaap Sales Revenue Net
SalesRevenueNet
101059000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
12000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
275000
us-gaap Operating Income Loss
OperatingIncomeLoss
6500000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2699000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1000
us-gaap Gross Profit
GrossProfit
72453000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
615000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3065000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4591000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-159000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-14000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
262000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
70096000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7390000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1000000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
83000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-433000
us-gaap Goodwill Subsequent Recognition Of Deferred Tax Asset
GoodwillSubsequentRecognitionOfDeferredTaxAsset
9146000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2365000
us-gaap Share Based Compensation
ShareBasedCompensation
2943000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-7000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5889000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30731000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-42944000
us-gaap Operating Expenses
OperatingExpenses
65953000
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
0
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-944000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-57108000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-770000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13403000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-953000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3878000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
14876000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17392000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1310000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
0
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
271000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
us-gaap Finite Lived Intangible Assets Translation Adjustments
FiniteLivedIntangibleAssetsTranslationAdjustments
-72000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4427000
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
0
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
935000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-891000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5275000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-2726000
us-gaap Restricted Stock Expense
RestrictedStockExpense
2943000
us-gaap Cost Of Revenue
CostOfRevenue
28606000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8000
vdsi Product Warranty Accrual Provision For Claims
ProductWarrantyAccrualProvisionForClaims
24000
CY2015Q2 us-gaap Gross Profit
GrossProfit
38498000
vdsi Increase Decrease In Value Added Tax Receivable
IncreaseDecreaseInValueAddedTaxReceivable
-165000
vdsi Us Foreign Tax Credit Carryforward Expiration Dates
USForeignTaxCreditCarryforwardExpirationDates
2023
vdsi Duration Of Cash And Cash Equivalents
DurationOfCashAndCashEquivalents
Cash equivalents are high-quality short term money market instruments and commercial paper, with original maturities of three months or less.
vdsi Expected Annualized Tax Rate
ExpectedAnnualizedTaxRate
0.26 pure
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.35
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39738000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39580000 shares
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.35
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
13852000
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
13866000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
65393000
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
97000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
15753000
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-14000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4538000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1391000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7105000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1120000
CY2015Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
509000
CY2015Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
882000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
273000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
15134000
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-151000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16123000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1282000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2257000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9982000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
22745000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
26895000
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
67000
CY2015Q2 vdsi Product Warranty Accrual Provision For Claims
ProductWarrantyAccrualProvisionForClaims
32000
CY2015Q2 vdsi Expected Annualized Tax Rate
ExpectedAnnualizedTaxRate
0.14 pure
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.07
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39769000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39710000 shares
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.07
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
2825000
CY2016Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
2826000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
54293000
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
166000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3386000
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1000
CY2016Q2 us-gaap Gross Profit
GrossProfit
38525000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
253000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1578000
CY2016Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
64000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3805000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1247000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
979000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16766000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
35139000
CY2016Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
0
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7105000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1845000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9065000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2203000
CY2016Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
449000
CY2016Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
1396000
CY2016Q2 us-gaap Cost Of Revenue
CostOfRevenue
15768000
CY2016Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7000
CY2016Q2 vdsi Product Warranty Accrual Provision For Claims
ProductWarrantyAccrualProvisionForClaims
4000

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