Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EDGW | |
Entity Registrant Name | EDGEWATER TECHNOLOGY INC/DE/ | |
Entity Central Index Key | 1,017,968 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,394,076 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,442 | $ 15,398 |
Accounts receivable, net of allowance of $150 | 24,561 | 22,218 |
Prepaid expenses and other current assets | 2,983 | 2,075 |
Total current assets | 35,986 | 39,691 |
Property and equipment, net | 424 | 409 |
Intangible assets, net | 5,015 | 5,575 |
Goodwill | 29,983 | 29,983 |
Other assets | 210 | 216 |
Total assets | 71,618 | 75,874 |
Current liabilities: | ||
Accounts payable | 978 | 767 |
Accrued liabilities | 13,747 | 14,984 |
Deferred revenue | 2,301 | 2,140 |
Revolving credit facility | 5,000 | 5,000 |
Total liabilities | 22,026 | 22,891 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; 2,000 shares authorized, no shares issued or outstanding | ||
Common stock, $.01 par value; 48,000 shares authorized, 29,736 shares issued as of March 31, 2018 and December 31, 2017, 14,363 and 14,046 shares outstanding as of March 31, 2018 and December 31, 2017, respectively | 297 | 297 |
Paid-in capital | 200,818 | 202,749 |
Treasury stock, at cost, 15,373 and 15,690 shares at March 31, 2018 and December 31, 2017, respectively | (95,894) | (98,684) |
Accumulated other comprehensive loss | (613) | (582) |
Retained deficit | (55,016) | (50,797) |
Total stockholders' equity | 49,592 | 52,983 |
Total liabilities and stockholders' equity | $ 71,618 | $ 75,874 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 150 | $ 150 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 29,736,000 | 29,736,000 |
Common stock, shares outstanding | 14,363,000 | 14,046,000 |
Treasury stock, shares | 15,373,000 | 15,690,000 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Service revenue | $ 22,480 | $ 25,135 |
Software revenue | 1,325 | 2,531 |
Reimbursable expenses | 1,324 | 1,464 |
Total revenue | 25,129 | 29,130 |
Cost of revenue: | ||
Project and personnel costs | 15,530 | 16,286 |
Software costs | 1,392 | |
Reimbursable expenses | 1,324 | 1,464 |
Total cost of revenue | 16,854 | 19,142 |
Gross profit | 8,275 | 9,988 |
Operating expenses: | ||
Selling, general and administrative | 10,415 | 9,938 |
Merger related transaction costs | 1,278 | |
Named executive officer severance | 3,371 | |
Consent solicitation expense | 666 | |
Change in fair value of contingent earnout consideration | 604 | |
Depreciation and amortization | 636 | 808 |
Total operating expenses | 12,329 | 15,387 |
Operating loss | (4,054) | (5,399) |
Other expense, net | 34 | 233 |
Loss before income taxes | (4,088) | (5,632) |
Tax provision (benefit) | 131 | (2,945) |
Net loss | (4,219) | (2,687) |
Comprehensive loss: | ||
Currency translation adjustments | (31) | (2) |
Total comprehensive loss | $ (4,250) | $ (2,689) |
Net loss per share: | ||
Basic net loss per share of common stock | $ (0.30) | $ (0.21) |
Diluted net loss per share of common stock | $ (0.30) | $ (0.21) |
Shares used in computing basic net loss per share of common stock | 14,137 | 12,971 |
Shares used in computing diluted net loss per share of common stock | 14,137 | 12,971 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,219) | $ (2,687) |
Adjustments to reconcile net loss to net cash used in operating activities, excluding the impact of acquisitions: | ||
Depreciation and amortization | 636 | 811 |
Share-based compensation expense | 202 | 510 |
Deferred income taxes | (3,204) | |
Accretion of contingent earnout consideration | 236 | |
Change in fair value of contingent earnout consideration | 604 | |
Changes in operating accounts, net of acquisition: | ||
Accounts receivable | (2,388) | 275 |
Prepaid expenses and other current assets | (387) | (572) |
Accounts payable | 209 | (47) |
Accrued liabilities and other liabilities | (1,128) | 220 |
Deferred revenue | 161 | 111 |
Net cash used in operating activities | (6,914) | (3,743) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (91) | (19) |
Net cash used in investing activities | (91) | (19) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from employee stock plans and stock option exercises | 982 | 1,730 |
Repurchase of common stock | (948) | |
Net cash provided by financing activities | 34 | 1,730 |
Effects of exchange rates on cash | 15 | 13 |
Net decrease in cash and cash equivalents | (6,956) | (2,019) |
CASH AND CASH EQUIVALENTS, beginning of period | 15,398 | 19,693 |
CASH AND CASH EQUIVALENTS, end of period | 8,442 | 17,674 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 42 | 40 |
Issuance of restricted stock awards | $ 0 | $ 0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION: Edgewater Technology, Inc. helps the C-suite Classic consulting disciplines (such as business advisory, process improvement, organizational change management, M&A due diligence, and domain expertise) are blended with technical services (such as digital transformation, technical roadmaps, data and analytics services, custom development and system integration) to help organizations leverage investments in legacy IT assets to create new digital business models. The Company delivers product based consulting in both the Enterprise Performance Management (“EPM”) and Enterprise Resource Planning (“ERP”) areas both on premise and in the cloud. Within the EPM offering, our Oracle channel, Edgewater Ranzal, provides Business Analytics solutions leveraging Oracle EPM, Business Intelligence (“BI”) and Big Data technologies. Within the ERP offering, our Microsoft channel, Edgewater Fullscope, delivers Dynamics AX ERP, Business Intelligence and CRM solutions primarily in the manufacturing space. In this Quarterly Report on Form 10-Q “Form 10-Q”), Form 10-K, Form 10-K”). On March 15, 2018, Edgewater Technology, Inc. (the “Company”) entered into an Arrangement Agreement (the “Arrangement Agreement”) with 9374-8572 Québec Inc., a newly-formed Québec corporation (“CanCo Parent”), Alithya Group Inc., a Québec private corporation (“Alithya”), which now conducts a digital technology and consulting business, and 9374-8572 Delaware Inc., a newly-formed wholly-owned Delaware subsidiary of CanCo Parent (“U.S. Merger Sub”). Under the terms of the Arrangement Agreement, (a) CanCo Parent will acquire Alithya pursuant to a plan of arrangement under the laws of Québec, Canada, and (b) U.S. Merger Sub will merge with and into the Company (the “Merger”), with the Company as the surviving corporation (together, the “Arrangement”). As a result of the Arrangement, both the Company and Alithya will become wholly-owned subsidiaries of CanCo Parent. The Arrangement Agreement is subject to approval by the respective shareholders of the Company and Alithya. In order to solicit such approval, the Company and Alithya will jointly prepare a management proxy circular and other documents required by applicable laws for the Alithya shareholders and a prospectus/proxy statement for the Company shareholders. That prospectus/proxy statement will be included in a registration statement on Form F-4 The closing of the Arrangement (the “Closing”) is now expected to occur in the third quarter of 2018. However, the Company cannot predict with certainty when, or if, the Arrangement will close because such closing is subject to conditions beyond the Company’s control. The Arrangement Agreement provides that, upon the terms and subject to the conditions set forth therein, the following will occur on or prior to the effective time of the Arrangement (the “Effective Time”): (i) in connection with the Merger, CanCo Parent will issue CanCo Parent Shares to the Company’s shareholders based upon an exchange ratio of 1.3118 CanCo Parent Share for each Company common share, but subject to potential adjustment if the volume weighted average trading price of the Company’s common shares on NASDAQ during the 10 consecutive trading days preceding the Closing (the “VWAP”) shall be less than U.S.$5.25; (ii) in connection with the acquisition of Alithya, CanCo Parent will issue CanCo Parent Shares to those shareholders of Alithya which now hold Alithya common shares and, to those Alithya shareholders which now hold Alithya multiple voting shares, equivalent CanCo Parent Multiple Voting Shares, based upon an exchange ratio of one CanCo Parent Share or one CanCo Parent Multiple Voting Share for each Alithya common share or Alithya multiple voting share, respectively; (iii) CanCo Parent will change its name to Alithya Group, Inc. and its headquarters to the current headquarters of Alithya in Montreal, Québec; (iv) CanCo Parent’s board of directors will consist of nine directors, of whom six will be nominated by Alithya’s current board and three by the Company’s current board, and Paul Raymond (Alithya’s current chief executive officer), Claude Rousseau (Alithya’s current chief operating officer), and Mathieu Lupien (Alithya’s current chief financial officer) will become, respectively, CanCo Parent’s chief executive officer, chief operating officer and chief financial officer; and in addition to the right of the Company shareholders to receive CanCo Parent Shares, the Company will pay, immediately prior to the Closing, to the Company’s shareholders and option holders a special dividend equal to U.S.$20.5 million (approximately $1.54 per currently outstanding Company share), provided that (i) the total amount of such dividend shall proportionately increase or decrease to the extent, if any, the Company’s “Net Cash” (as defined in the Arrangement Agreement) shall then be greater or less than U.S.$8.5 million and (ii) such dividend shall be payable either in cash (for the Company’s shareholders) or an adjustment (for the Company’s option holders) to the exercise price of such options. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION: The accompanying unaudited condensed consolidated financial statements have been prepared by Edgewater pursuant to the rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to ensure the information presented is not misleading. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (which were of a normal, recurring nature) that, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows as of and for the interim periods presented. All intercompany transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2017 Form 10-K. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for any future period or the full fiscal year. Our revenue and earnings may fluctuate from quarter-to-quarter Other comprehensive loss consists of net loss plus or minus any currency translation adjustments. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION: As of January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASC 606”) We evaluate our revenue contracts with customers based on the five-step model under ASC 606: (1) Identify the contract with the customer; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to separate performance obligations; and (5) Recognize revenue when (or as) each performance obligation is satisfied. The Company’s contracts with customers contain performance obligations related to the performance of professional services (in the form of time and materials, fixed fee or retainer based contracts), the delivery of software and/or the performance of maintenance services. The Company separately evaluates all performance obligations and allocates revenue based upon stand-alone selling price of the individual performance obligations. We generate the majority of our revenues by providing consulting services to our clients. Our consulting service contracts are based on one of the following types of arrangements: • Time and expense arrangements require the client to pay us based on the number of hours worked at contractually agreed-upon rates. We recognize revenue for these arrangements over time based on hours incurred and contracted rates. Revenue recognition over time is based on the enforceable right to payment. • Fixed fee arrangements require the client to pay a pre-established fee in exchange for a predetermined set of professional services. We recognize revenue for these arrangements over time based on the proportional performance (using a hours-based input method) related to individual performance obligations within each arrangement. Revenue recognition over time is based on the enforceable right to payment. • Retainer based arrangements require the client to pay a recurring fee in exchange for a monthly recurring service (typically support). We recognize revenue for these arrangements over time (using a hours-based input method). Revenue recognition over time is based on customer simultaneously receiving and consuming the benefit of the services provided. We generate software revenue from the resale of certain third-party off-the-shelf software and maintenance. The majority of the software sold by the Company is delivered electronically. For software that is delivered electronically, we consider transfer of control to have occurred when the customer either (a) takes possession of the software via a download (that is, when the customer takes possession of the electronic data on its hardware), or (b) has been provided with access codes that allow the customer to take immediate possession of the software on its hardware pursuant to an agreement or purchase order for the software. In all instances, the resale of third-party software and maintenance is recorded on a net basis. Company created software, and the associated maintenance, is reported on a gross basis, however it is immaterial in all periods presented. Third party software and maintenance revenue are recognized upon delivery of the software, as all related warranty and maintenance is performed by the primary software vendor and not the Company. The Company enters into arrangements with multiple performance obligations which typically include software, post-contract support (or maintenance), and consulting services. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis. The Company has determined standalone selling price for each of the performance obligations in connection with our evaluation of arrangements with multiple performance obligations. The Company has established standalone selling price for consulting services based on a stated and consistent rate per hour range in standalone transactions. The Company has established standalone selling price for software through consistent stated rates for software components. The Company has established standalone selling price for maintenance based on observable prices for standalone renewals. Unfulfilled performance obligations represent the remaining contract transaction prices allocated to the performance obligations that are unsatisfied, or partially unsatisfied, and therefore revenues have not yet been recorded. Unfulfilled performance obligations primarily consist of the remaining fees not yet recognized under our proportional performance method for our fixed fee arrangements. The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2018 was $382 thousand and is expected to be recognized within the next twelve months. For time and expense arrangements, the Company has elected the practical expedient not to disclose transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations for which we recognize revenue in accordance with paragraph 606-10-55-18. Revenue from these performance obligations is expected to be recognized within the next twelve months. Contract liabilities are defined as liabilities incurred when we have received consideration from a client but have not yet performed the agreed upon services. This may occur when we receive advance billings before the performance of a support contract, billings in advance of service performed in connection with a fixed price arrangement, or occasional pre-billing of services to be performed under a time and materials contract. The contract liability balance was $2.3 million and $2.1 million as of March 31, 2018 and December 31, 2017, respectively. The Company’s standard payment terms are 30 days from invoice date. Customer prepayments, even if nonrefundable, are deferred (classified as deferred revenue) and recognized over future periods as services are performed. The Company routinely assesses the exposure associated with the potential for returns and refunds. Historic results support the conclusion that returns and refunds are insignificant, however should such concessions be deemed necessary the reserve would be established in the period in which the item was identified. The following tables further depict the disaggregation of revenue for the three-month periods ended March 31, 2018 and 2017. The information included in the disaggregation of revenue tables below have been presented in accordance with the standards set forth in ASC 606 for the three-month period ended March 31, 2018. Three-Months Ended March 31, 2018 Service (1) Software Total Revenue by Reporting Unit: ERP $ 11,820 $ 1,325 $ 13,145 EPM 10,949 — 10,949 Classic Consulting 1,035 — 1,035 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 Revenue by Contract Type: Time and materials 19,373 — 19,373 Fixed price 1,878 — 1,878 Retainer 1,229 — 1,229 Software — 1,325 1,325 Expense 1,324 — 1,324 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 Revenue Recognition Point in time — 1,325 1,325 Over time 23,804 — 23,804 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 (1) Service revenue includes both service and the corresponding reimbursable expense revenue. Adoption of the new revenue recognition standard did not have a meaningful impact on the Company’s consolidated balance sheet. The Company has not made any significant changes to the outstanding contracts. The Company has not changed the method of recording or presenting accounts receivable or deferred revenue. The Company did not incur or capitalize any amounts in connection with the cost to obtain customer contracts nor did the Company record any contract assets in connection with our contracts with customers. During the three-month period ended March 31, 2018, the Company recognized $1.0 million of service revenue that was recorded and presented as deferred revenue in prior periods. The Company, under the standards set forth in ASC 606 has presented software revenue on a net basis for the three-month period ended March 31, 2018. This represents a change from the presentation basis on the previous revenue recognition guidance. There have been no meaningful changes to the structure of the software contracts during the current quarter, however the assessment of gross versus net now relies heavily on the concept of control and therefore the Company has concluded that net presentation is appropriate. The table below presents software revenue in accordance with ASC 605 for the three-month period ended March 31, 2018. No other financials statement line items were affected by the adoption of ASC 606. Comparable Software Revenue: Three-month period Software Revenue $ 2,595 Software Expense 1,270 Software Gross Margin $ 1,325 The Company has elected to make the following accounting policy elections through the adoption of the following practical expedients: Right to Invoice Significant Financing Component – There are also certain considerations related to internal control over financial reporting that are associated with implementing Topic 606. The Company has evaluated its internal control framework over revenue recognition and designed and implemented the appropriate internal controls to enable the preparation of financial information and obtain and disclose the information required under Topic 606. This evaluation did not result in any material changes to the Company’s existing internal control framework over revenue recognition. |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation | 4. SHARE-BASED COMPENSATION: Share-based compensation expense under all of the Company’s share-based plans was $202 thousand and $510 thousand for the three-month periods ended March 31, 2018 and 2017, respectively. Cash received from the employee stock purchase plan (“ESPP”) and through stock option exercises was $982 thousand and $1.7 million during the three-month periods ended March 31, 2018 and 2017, respectively. As of March 31, 2018, unrecognized compensation expense, net of estimated forfeitures, related to the unvested portion of all share-based compensation arrangements was approximately $188 thousand and is expected to be recognized over a weighted-average period of 1.41 years. The Company intends to use previously purchased treasury shares for shares issued for options, restricted share awards and ESPP purchases. Shares may also be issued from authorized but unissued share reserves. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. INCOME TAXES: The Company recorded tax provisions (benefits) of $131 thousand and $(2.9) million for the three-month periods ended March 31, 2018 and 2017, respectively. The reported tax provision (benefit) for the three-month periods ended March 31, 2018 and 2017, are based upon estimated annual effective tax rates of 3.2% and 52.3%, respectively. The effective tax rate, in the three-month period ended March 31, 2018, reflected our foreign income tax provisions. The effective tax rate, in the three-month period ended March 31, 2017, reflected our combined Federal and state income tax rates, foreign income tax provisions and the recognition of U.S. deferred tax liabilities for differences between the book and tax basis of goodwill. We assess the realizability of our deferred tax assets and assess the need for a valuation allowance on an ongoing basis. The periodic assessment of the net carrying value of our deferred tax assets under the applicable accounting rules is highly judgmental. We are required to consider all available positive and negative evidence in evaluating the likelihood that we will be able to realize the benefit of our deferred tax assets in the future. Such evidence includes scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and the results of recent operations. Since this evaluation requires consideration of events that may occur some years into the future, there is significant judgment involved, and our conclusion could be materially different should certain of our expectations not transpire. When assessing all available evidence, we consider the extent to which we have generated pre-tax Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. This policy has been consistently applied in all periods. No such amounts were recognized in the three-month periods ended March 31, 2018 or 2017. We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. We have identified no uncertain tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the twelve months ending March 31, 2019. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction. The Company adopted the Accounting Standards Update related to stock-based compensation during the three-month period ended March 31, 2017. This adoption had an impact on the tax treatment for stock option exercises during the quarter ended March 31, 2017 (as well as a cumulative adjustment for prior period activity). In connection with the adoption of this standard, all excess tax benefits and tax deficiencies will be recognized in the statement of comprehensive income in the period in which they occur. The Company recognized $111 thousand and $241 thousand of tax expense related to stock option exercises in the three-month periods ended March 31, 2018 and 2017, respectively, however, because the Company is in a full valuation allowance position, no benefit was taken in the consolidated financial statements. During the three-month period ended March 31, 2017, the Company recorded a $1.4 million cumulative adjustment to retained earnings to present the impact of prior period activity in accordance with the adopted standard. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. GOODWILL AND INTANGIBLE ASSETS: There have been no changes to the Company’s goodwill balance. Our annual goodwill and intangible assets measurement date is December 2. The Company has determined that no triggering events have occurred during the three-month period ended March 31, 2018. We amortize our intangible assets that have finite lives using either the straight-line method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized. Amortization expense was $561 thousand and $698 thousand during the three-month periods ended March 31, 2018 and 2017, respectively. This amortization expense relates to certain non-competition Estimated annual amortization expense of our intangible assets for the current year and the following four years ending December 31, is as follows: Amortization (In Thousands) 2018 $ 2,240 2019 $ 1,713 2020 $ 1,057 2021 $ 565 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 7. ACCRUED EXPENSES AND OTHER LIABILITIES: Accrued liabilities as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 (In Thousands) Accrued bonuses $ 4,218 $ 5,590 Accrued payroll related liabilities 1,888 3,277 Accrued vacation 2,952 2,497 Accrued commissions 722 825 Accrued software expense 463 675 Accrued contractor fees 341 346 Accrued professional service fees 1,511 341 Deferred rent 60 64 Income tax related accruals 531 189 Other accrued expenses 1,061 1,180 Total $ 13,747 $ 14,984 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. NET LOSS PER SHARE: A reconciliation of net loss and weighted average shares used in computing basic and diluted net loss per share is as follows: Three Months Ended 2018 2017 Basic net loss per share: Net loss applicable to common shares $ (4,219 ) $ (2,687 ) Weighted average common shares outstanding 14,137 12,971 Basic net loss per share of common stock $ (0.30 ) $ (0.21 ) Diluted net loss per share: Net loss applicable to common shares $ (4,219 ) $ (2,687 ) Weighted average common shares outstanding 14,137 12,971 Dilutive effects of stock options — — Weighted average common shares, assuming dilutive effect of stock options 14,137 12,971 Diluted net loss per share of common stock $ (0.30 ) $ (0.21 ) Share-based awards, inclusive of all grants made under the Company’s equity plans, for which either the stock option exercise price or the fair value of the restricted share award exceeds the average market price over the period, have an anti-dilutive effect on earnings per share, and accordingly, are excluded from the diluted computations for all periods presented. Had such shares been included, shares for the diluted computation would have increased by approximately 551 thousand and 194 thousand in the three-month periods ended March 31, 2018 and 2017, respectively. As of March 31, 2018 and 2017, there were approximately 1.0 million and 2.5 million share-based awards outstanding, respectively, under the Company’s equity plans. Options to purchase 323 thousand and 1.7 million shares of common stock that were outstanding during the three months ended March 31, 2018 and 2017, respectively, were not included in the computation of diluted net loss per share due to the reported periodic loss. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stock Repurchase Program | 9. STOCK REPURCHASE PROGRAM: In December 2007, our Board of Directors (the “Board”) authorized a stock repurchase program for up to $5.0 million of common stock on the open market or through privately negotiated transactions from time-to-time The timing and amount of the purchases will be based upon market conditions, securities law considerations and other factors. The Stock Repurchase Program does not obligate the Company to acquire a specific number of shares in any period and may be modified, suspended, extended or discontinued at any time, without prior notice. The Company repurchased 151 thousand shares at an aggregate price of $948 thousand during the three-month period ended March 31, 2018. The Company did not repurchase any shares of common stock during the three-month period ended March 31, 2017. As of March 31, 2018, the Company had $6.5 million of purchase authorization remaining under the plan. |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | 10. REVOLVING LINE OF CREDIT: In September 2013, the Company entered into a secured revolving credit facility (the “Credit Facility”). The Credit Facility was modified through an amendment in December 2015, which increased the borrowing base to $15 million (from the previous $10 million) with an additional accordion feature that allows the Company to request an additional $5.0 million as needed, extending the total credit facility borrowing capacity to $20 million over its three-year term. The Credit Facility is collateralized by substantially all assets of the Company and its domestic subsidiaries, and is subject to normal financial covenants. The Company was not in compliance with one of its loan covenants as of March 31, 2018. Subsequent to quarter-end, |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Geographic Information | 11. GEOGRAPHIC INFORMATION Total revenue to unaffiliated customers by geographic area were as follows: For the Three- 2018 2017 United States $ 21,767 $ 25,100 Canada 2,155 2,876 Other International 1,207 1,154 Total Revenue $ 25,129 $ 29,130 Substantially all of the Company’s long-lived assets are located within the United States. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 12. SEGMENT INFORMATION In accordance with the provisions of Topic 280, Segment Reporting to the FASB ASC (“ASC 280”), the Company determined that it has three operating segments (Enterprise Performance Management (“EPM”), Enterprise Resource Planning (“ERP”) and Classic Consulting). The EPM segment provides Business Analytics solutions leveraging Oracle EPM, BI and Big Data technologies. The ERP segment delivers Dynamics AX ERP, Business Intelligence and CRM solutions, primarily in the manufacturing space. The Classic Consulting segment provides business advisory services that are blended with technical services to help organizations leverage investments in legacy IT assets to create new digital business models. The Company’s chief operating decision maker evaluates performance using several factors, of which the primary financial measures are revenue and operating segment operating income. The accounting policies of the operating segments are the same as those described in Note 2 “Summary of Significant Accounting Policies”. Segment information for the three-month periods ended March 31, 2018 and 2017 were as follows: EPM ERP Classic Consulting Corporate Consolidated (In Thousands) March 31, 2018 Total revenue $ 10,949 $ 13,145 $ 1,035 $ — $ 25,129 Operating income (loss) $ (628 ) $ 1,595 $ (677 ) $ (4,344 ) $ (4,054 ) Depreciation and amortization expense $ 448 $ 172 $ — $ 16 $ 636 March 31, 2017 Total revenue $ 14,307 $ 11,350 $ 3,473 $ — $ 29,130 Operating income (loss) $ 899 $ 929 $ (25 ) $ (7,202 ) $ (5,399 ) Depreciation and amortization expense $ 562 $ 198 $ 3 $ 48 $ 811 The Company is not disclosing total assets for each of its reportable segments, as total assets by reportable segment is not a key metric provided to the Company’s chief operating decision maker. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Disaggregation of Revenue | The following tables further depict the disaggregation of revenue for the three-month periods ended March 31, 2018 and 2017. The information included in the disaggregation of revenue tables below have been presented in accordance with the standards set forth in ASC 606 for the three-month period ended March 31, 2018. Three-Months Ended March 31, 2018 Service (1) Software Total Revenue by Reporting Unit: ERP $ 11,820 $ 1,325 $ 13,145 EPM 10,949 — 10,949 Classic Consulting 1,035 — 1,035 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 Revenue by Contract Type: Time and materials 19,373 — 19,373 Fixed price 1,878 — 1,878 Retainer 1,229 — 1,229 Software — 1,325 1,325 Expense 1,324 — 1,324 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 Revenue Recognition Point in time — 1,325 1,325 Over time 23,804 — 23,804 Consolidated revenue $ 23,804 $ 1,325 $ 25,129 (1) Service revenue includes both service and the corresponding reimbursable expense revenue. |
Accounting Standards Update 2014-09 [Member] | |
Summary of Disaggregation of Revenue | The table below presents software revenue in accordance with ASC 605 for the three-month period ended March 31, 2018. No other financials statement line items were affected by the adoption of ASC 606. Comparable Software Revenue: Three-month period Software Revenue $ 2,595 Software Expense 1,270 Software Gross Margin $ 1,325 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Annual Amortization Expense | Estimated annual amortization expense of our intangible assets for the current year and the following four years ending December 31, is as follows: Amortization (In Thousands) 2018 $ 2,240 2019 $ 1,713 2020 $ 1,057 2021 $ 565 |
Accrued Expenses and Other Li20
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued liabilities as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 (In Thousands) Accrued bonuses $ 4,218 $ 5,590 Accrued payroll related liabilities 1,888 3,277 Accrued vacation 2,952 2,497 Accrued commissions 722 825 Accrued software expense 463 675 Accrued contractor fees 341 346 Accrued professional service fees 1,511 341 Deferred rent 60 64 Income tax related accruals 531 189 Other accrued expenses 1,061 1,180 Total $ 13,747 $ 14,984 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Loss and Weighted Average Shares used in Computing Basic and Diluted Net Loss Per Share | A reconciliation of net loss and weighted average shares used in computing basic and diluted net loss per share is as follows: Three Months Ended 2018 2017 Basic net loss per share: Net loss applicable to common shares $ (4,219 ) $ (2,687 ) Weighted average common shares outstanding 14,137 12,971 Basic net loss per share of common stock $ (0.30 ) $ (0.21 ) Diluted net loss per share: Net loss applicable to common shares $ (4,219 ) $ (2,687 ) Weighted average common shares outstanding 14,137 12,971 Dilutive effects of stock options — — Weighted average common shares, assuming dilutive effect of stock options 14,137 12,971 Diluted net loss per share of common stock $ (0.30 ) $ (0.21 ) |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Geographic Information | Total revenue to unaffiliated customers by geographic area were as follows: For the Three- 2018 2017 United States $ 21,767 $ 25,100 Canada 2,155 2,876 Other International 1,207 1,154 Total Revenue $ 25,129 $ 29,130 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Segment information for the three-month periods ended March 31, 2018 and 2017 were as follows: EPM ERP Classic Consulting Corporate Consolidated (In Thousands) March 31, 2018 Total revenue $ 10,949 $ 13,145 $ 1,035 $ — $ 25,129 Operating income (loss) $ (628 ) $ 1,595 $ (677 ) $ (4,344 ) $ (4,054 ) Depreciation and amortization expense $ 448 $ 172 $ — $ 16 $ 636 March 31, 2017 Total revenue $ 14,307 $ 11,350 $ 3,473 $ — $ 29,130 Operating income (loss) $ 899 $ 929 $ (25 ) $ (7,202 ) $ (5,399 ) Depreciation and amortization expense $ 562 $ 198 $ 3 $ 48 $ 811 |
Organization - Additional Infor
Organization - Additional Information (Detail) - CanCo Parent [Member] $ / shares in Units, $ in Millions | Mar. 15, 2018USD ($)$ / shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Share exchange ratio | 1.3118 |
Number of trading days used for calculation share price | 10 days |
Special dividend | $ | $ 20.5 |
Dividend per share | $ / shares | $ 1.54 |
Net cash | $ | $ 8.5 |
Maximum [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Share price | $ / shares | $ 5.25 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenue from Contract with Customers [Line Items] | |||
Transaction price expected to be recognized within the next twelve months | $ 382 | ||
Contract liability | 2,300 | $ 2,100 | |
Service revenue | 22,480 | $ 25,135 | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue from Contract with Customers [Line Items] | |||
Service revenue | $ 1,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | $ 25,129 |
ERP [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 13,145 |
EPM [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 10,949 |
Classic Consulting [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,035 |
Time and materials [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 19,373 |
Fixed Price [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,878 |
Retainer [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,229 |
Software [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,325 |
Expense [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,324 |
Point in Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,325 |
Over Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 23,804 |
Service [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 23,804 |
Service [Member] | ERP [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 11,820 |
Service [Member] | EPM [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 10,949 |
Service [Member] | Classic Consulting [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,035 |
Service [Member] | Time and materials [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 19,373 |
Service [Member] | Fixed Price [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,878 |
Service [Member] | Retainer [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,229 |
Service [Member] | Expense [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,324 |
Service [Member] | Over Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 23,804 |
Softwares [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,325 |
Softwares [Member] | ERP [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,325 |
Softwares [Member] | Software [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | 1,325 |
Softwares [Member] | Point in Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Consolidated revenue | $ 1,325 |
Revenue Recognition - Summary27
Revenue Recognition - Summary of Software Revenue (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Software revenue | $ 1,325,000 | $ 2,531,000 |
Software Expense | $ 1,392,000 | |
Accounting Standards Update 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Software revenue | 2,595 | |
Software Expense | 1,270 | |
Software Gross Margin | $ 1,325 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation [Abstract] | ||
Stock-based compensation expense under share based plans | $ 202 | $ 510 |
Proceeds from employee stock purchase plans and stock option exercises | 982 | $ 1,730 |
Unrecognized compensation expense | $ 188 | |
Expected weighted-average recognition period for unrecognized compensation expense | 1 year 4 months 28 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Benefit [Line Items] | |||
Tax provisions (benefits) | $ 131,000 | $ (2,945,000) | |
Effective tax rate | 3.20% | 52.30% | |
Deferred tax asset valuation allowance | $ 21,700,000 | $ 21,700,000 | |
Interest and penalties related to unrecognized tax benefits | 0 | $ 0 | |
Uncertain tax portions | 0 | ||
Cumulative adjustment to retained earnings | 1,400,000 | ||
Stock Option Exercises [Member] | |||
Income Tax Benefit [Line Items] | |||
Tax provisions (benefits) | $ 111,000 | $ 241,000 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in goodwill balance | $ 0 | |
Amortization expense of intangible assets | $ 561,000 | $ 698,000 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets - Estimated Annual Amortization Expense (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,018 | $ 2,240 |
2,019 | 1,713 |
2,020 | 1,057 |
2,021 | $ 565 |
Accrued Expenses and Other Li32
Accrued Expenses and Other Liabilities - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Components of accrued liabilities | ||
Accrued bonuses | $ 4,218 | $ 5,590 |
Accrued payroll related liabilities | 1,888 | 3,277 |
Accrued vacation | 2,952 | 2,497 |
Accrued commissions | 722 | 825 |
Accrued software expense | 463 | 675 |
Accrued contractor fees | 341 | 346 |
Accrued professional service fees | 1,511 | 341 |
Deferred rent | 60 | 64 |
Income tax related accruals | 531 | 189 |
Other accrued expenses | 1,061 | 1,180 |
Total | $ 13,747 | $ 14,984 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation of Net Income (Loss) and Weighted Average Shares used in Computing Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic net loss per share: | ||
Net loss applicable to common shares | $ (4,219) | $ (2,687) |
Weighted average common shares outstanding | 14,137 | 12,971 |
Basic net loss per share of common stock | $ (0.30) | $ (0.21) |
Diluted net loss per share: | ||
Net loss applicable to common shares | $ (4,219) | $ (2,687) |
Weighted average common shares outstanding | 14,137 | 12,971 |
Dilutive effects of stock options | 0 | 0 |
Weighted average common shares, assuming dilutive effect of stock options | 14,137 | 12,971 |
Diluted net loss per share of common stock | $ (0.30) | $ (0.21) |
Net loss Per Share - Additional
Net loss Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Diluted computation increased | 551 | 194 |
Share-based awards outstanding under equity plans | 1,000 | 2,500 |
Option Plans [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Diluted computation increased | 323 | 1,700 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2008 | Dec. 31, 2007 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program | $ 23,100,000 | $ 5,000,000 | ||
Stock repurchase program expiration date | Sep. 22, 2017 | |||
Repurchase of common stock | 151,000 | 0 | ||
Aggregate purchase price common stock | $ 948,000 | |||
Remaining authorized repurchase amount | $ 6,500,000 | |||
Prior Stock Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program expiration date | Sep. 21, 2018 |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | May 22, 2018 | May 21, 2018 | Dec. 31, 2015 | Sep. 30, 2013 | |
Line of Credit Facility [Line Items] | |||||
Additional borrowing credit facility | $ 5,000,000 | ||||
Total credit facility borrowing capacity | 20,000,000 | ||||
Revolving credit facility period | 3 years | ||||
Variable interest rate | The LIBOR Rate plus 1.5% | ||||
LIBOR Rate plus | 1.50% | ||||
Annual commitment fee | 0.15% | ||||
Due date of amounts outstanding under credit facility | Dec. 21, 2018 | ||||
Amount drawn under credit facility | $ 5,000,000 | ||||
Borrowing credit facility | $ 15,000,000 | $ 10,000,000 | |||
Debt covenant terms and compliance | The Company was not in compliance with one of its loan covenants as of March 31, 2018. Subsequent to quarter-end, the Company has received a waiver of compliance for the period ending March 31, 2018 related to the failure to meet the Minimum Interest Coverage covenant. In connection with this waiver, the Company is required to maintain a minimum cash balance in the amount of $4 million through May 21, 2018, at which point in time the minimum cash balance required increases to $5 million. | ||||
Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Minimum cash balance requirement | $ 5,000,000 | $ 4,000,000 |
Geographic Information - Schedu
Geographic Information - Schedule of Geographic Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 25,129 | $ 29,130 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 21,767 | 25,100 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 2,155 | 2,876 |
Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 1,207 | $ 1,154 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Statement of Income Components [Line Items] | ||
Total revenue | $ 25,129 | $ 29,130 |
Operating income (loss) | (4,054) | (5,399) |
Depreciation and amortization expense | 636 | 811 |
EPM [Member] | ||
Schedule of Statement of Income Components [Line Items] | ||
Total revenue | 10,949 | 14,307 |
Operating income (loss) | (628) | 899 |
Depreciation and amortization expense | 448 | 562 |
ERP [Member] | ||
Schedule of Statement of Income Components [Line Items] | ||
Total revenue | 13,145 | 11,350 |
Operating income (loss) | 1,595 | 929 |
Depreciation and amortization expense | 172 | 198 |
Classic Consulting [Member] | ||
Schedule of Statement of Income Components [Line Items] | ||
Total revenue | 1,035 | 3,473 |
Operating income (loss) | (677) | (25) |
Depreciation and amortization expense | 3 | |
Corporate [Member] | ||
Schedule of Statement of Income Components [Line Items] | ||
Operating income (loss) | (4,344) | (7,202) |
Depreciation and amortization expense | $ 16 | $ 48 |