Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 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 | REIS | |
Entity Registrant Name | Reis, Inc. | |
Entity Central Index Key | 1,038,222 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,569,692 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 16,251,856 | $ 19,670,613 |
Accounts receivable, net | 7,568,405 | 9,744,513 |
Prepaid and other assets | 1,050,791 | 681,039 |
Total current assets | 24,871,052 | 30,096,165 |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,044,557 and $1,891,684, respectively | 4,713,308 | 4,919,230 |
Intangible assets, net of accumulated amortization of $50,898,989 and $48,892,725, respectively | 19,417,841 | 19,474,411 |
Deferred tax asset, net | 11,544,895 | 12,072,118 |
Goodwill | 54,824,648 | 54,824,648 |
Other assets | 3,240,929 | 217,161 |
Total assets | 118,612,673 | 121,603,733 |
Current liabilities: | ||
Current portion of debt | 0 | 0 |
Accrued expenses and other liabilities | 3,782,494 | 4,149,363 |
Deferred revenue | 24,111,992 | 26,533,983 |
Total current liabilities | 27,894,486 | 30,683,346 |
Other long-term liabilities | 2,563,142 | 2,447,037 |
Total liabilities | 30,457,628 | 33,130,383 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,569,692 and 11,470,565 shares issued and outstanding, respectively | 231,394 | 229,411 |
Additional paid in capital | 109,929,344 | 109,361,540 |
Retained earnings (deficit) | (22,005,693) | (21,117,601) |
Total stockholders' equity | 88,155,045 | 88,473,350 |
Total liabilities and stockholders' equity | $ 118,612,673 | $ 121,603,733 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of furniture, fixtures and equipment | $ 2,044,557 | $ 1,891,684 |
Accumulated amortization of intangible assets | $ 50,898,989 | $ 48,892,725 |
Common stock, par value | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 101,000,000 | 101,000,000 |
Common stock, shares issued | 11,569,692 | 11,470,565 |
Common stock, shares outstanding | 11,569,692 | 11,470,565 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Subscription revenue | $ 11,557,155 | $ 11,579,362 |
Other revenue | 222,500 | 546,592 |
Total revenue | 11,779,655 | 12,125,954 |
Cost of sales | 3,377,363 | 3,366,351 |
Gross profit | 8,402,292 | 8,759,603 |
Operating expenses: | ||
Sales and marketing | 2,998,559 | 3,328,048 |
Product development | 1,289,042 | 1,166,671 |
General and administrative expenses | 4,479,524 | 4,120,484 |
Total operating expenses | 8,767,125 | 8,615,203 |
Other income (expenses): | ||
Interest and other income | 966 | 576 |
Interest expense | (32,234) | (32,234) |
Total other income (expenses) | (31,268) | (31,658) |
(Loss) income before income taxes | (396,101) | 112,742 |
Income tax (benefit) expense | (44,000) | (422,000) |
Net (loss) income | $ (352,101) | $ 534,742 |
Net (loss) income per common share: | ||
Basic | $ (0.03) | $ 0.05 |
Diluted | $ (0.03) | $ 0.05 |
Weighted average number of common shares outstanding: | ||
Basic | 11,527,521 | 11,447,309 |
Diluted | 11,527,521 | 11,776,375 |
Dividends declared per common share | $ 0.19 | $ 0.17 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) | Total | Common Shares | Paid in Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2017 | $ 88,473,350 | $ 229,411 | $ 109,361,540 | $ (21,117,601) |
Balance, shares at Dec. 31, 2017 | 11,470,565 | |||
Cumulative effect change in accounting principle (as described in Note 2) at Dec. 31, 2017 | 1,680,319 | 1,680,319 | ||
Adjusted balance at Dec. 31, 2017 | 90,153,669 | $ 229,411 | 109,361,540 | (19,437,282) |
Shares issued for vested employee restricted stock units | $ 2,023 | (2,023) | ||
Shares issued for vested employee restricted stock units, shares | 101,127 | |||
Stock based compensation, net | 605,409 | 605,409 | ||
Dividends | (2,216,310) | (2,216,310) | ||
Stock repurchases | $ (35,622) | $ (40) | (35,582) | |
Stock repurchases, shares | (2,000) | (2,000) | ||
Net (loss) | $ (352,101) | (352,101) | ||
Balance at Mar. 31, 2018 | $ 88,155,045 | $ 231,394 | $ 109,929,344 | $ (22,005,693) |
Balance, shares at Mar. 31, 2018 | 11,569,692 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (352,101) | $ 534,742 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Deferred tax (benefit) provision | (61,000) | (613,000) |
Depreciation | 256,192 | 235,955 |
Amortization of intangible assets | 2,006,264 | 1,672,459 |
Stock based compensation charges | 605,409 | 534,717 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 2,176,108 | 1,956,500 |
Prepaid and other assets | (283,048) | (279,131) |
Accrued expenses and other liabilities | (1,067,970) | 255,699 |
Deferred revenue | (2,446,715) | (848,777) |
Net cash provided by operating activities | 833,139 | 3,449,164 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Website and database development costs | (1,949,694) | (2,128,640) |
Furniture, fixtures and equipment additions | (50,270) | (423,211) |
Net cash (used in) investing activities | (1,999,964) | (2,551,851) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends | (2,216,310) | (1,970,843) |
Proceeds from option exercises | 2,626,000 | |
Stock repurchases | (35,622) | (1,507,076) |
Net cash (used in) financing activities | (2,251,932) | (851,919) |
Net (decrease) increase in cash and cash equivalents | (3,418,757) | 45,394 |
Cash and cash equivalents, beginning of period | 19,670,613 | 21,490,586 |
Cash and cash equivalents, end of period | 16,251,856 | 21,535,980 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid during the period for interest | 12,778 | 12,778 |
Cash paid during the period for income taxes | 21,671 | |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Accrual for furniture, fixtures and equipment additions | 218,760 | |
Shares issued for vested employee restricted stock units | 2,023 | 1,771 |
Shares issued for option exercises | $ 5,050 | |
Disposal of fully depreciated furniture, fixtures and equipment | $ 103,319 |
Organization and Business
Organization and Business | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business Reis, Inc. is a Maryland corporation. When we refer to “Reis” or the “Company,” we are referring to Reis, Inc. and its consolidated subsidiaries. The Company provides commercial real estate market information and analytical tools to real estate professionals, through its Reis Services subsidiary. For disclosure and financial reporting purposes, this business is referred to as Reis Services. Reis Services, including its predecessors, was founded in 1980. Reis Services The Company provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers. The Company’s product portfolio features Reis SE mid-sized Reis Portfolio CRE non-bank ReisReports Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings, property valuation estimates and property level tax information. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q Rule 10-01 Regulation S-X Form 10-K Estimates The preparation of financial statements in conformity with GAAP 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 revenues and expenses during the reporting period. Significant estimates related to the adoption of the new revenue recognition standard (as described below) include the amortization period for capitalized commissions and the allocation of the transaction price when a contract includes multiple performance obligations. See “Recently Adopted Accounting Pronouncements” below and Note 4 for additional information. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 11. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers 340-40 Other Assets and Deferred Costs Contracts with Customers 2014-09” 2014-09. In addition to modifying the accounting for revenue recognition, the new standard modifies the accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions, which is the most impactful aspect of the new standard on the Company’s accounting. ASU 2014-09 The cumulative effect adjustments resulting from the adoption of the new standard, including income tax implications, as of January 1, 2018 were as follows: Balance at Adjustments due to ASU 2014-09 Adoption Balance at Balance Sheet Assets Deferred tax asset, net $ 12,072,118 $ (588,223 ) $ 11,483,895 Other assets $ 217,161 $ 3,110,472 $ 3,327,633 Total assets $ 121,603,733 $ 2,522,249 $ 124,125,982 Liabilities Accrued expenses and other liabilities $ 4,149,363 $ 683,291 $ 4,832,654 Deferred revenue $ 26,533,983 $ 24,724 $ 26,558,707 Other long-term liabilities $ 2,447,037 $ 133,915 $ 2,580,952 Total liabilities $ 33,130,383 $ 841,930 $ 33,972,313 Equity Retained earnings (deficit) $ (21,117,601 ) $ 1,680,319 $ (19,437,282 ) Total stockholders’ equity $ 88,473,350 $ 1,680,319 $ 90,153,669 The impact of the new standard on the Company’s consolidated statement of operations and balance sheet as of and for the period ended March 31, 2018 was as follows: For the Three Months Ended March 31, 2018 As Reported Balances ASU 2014-09 Effect of Change Statement of Operations Data Revenue Subscription revenue $ 11,557,155 $ 11,579,153 $ (21,998 ) Other revenue 222,500 222,500 — Total revenue $ 11,779,655 $ 11,801,653 $ (21,998 ) Operating expenses Sales and marketing $ 2,998,559 $ 2,922,829 $ 75,730 Income (loss) before income taxes $ (396,101 ) $ (298,373 ) $ (97,728 ) Income tax (benefit) expense (44,000 ) (19,000 ) (25,000 ) Net (loss) $ (352,101 ) $ (279,373 ) $ (72,728 ) Net (loss) per common share $ (0.03 ) $ (0.02 ) As of March 31, 2018 As reported Balances ASU 2014-09 Effect of change Balance Sheet Data Assets Deferred tax asset, net $ 11,544,895 $ 12,106,118 $ (561,223 ) Other assets $ 3,240,929 $ 197,428 $ 3,043,501 Liabilities Accrued expenses and other liabilities $ 3,782,494 $ 3,118,433 $ 664,061 Deferred revenue $ 24,111,992 $ 24,053,270 $ 58,722 Other long-term liabilities $ 2,563,142 $ 2,401,238 $ 161,904 Equity Retained earnings (deficit) $ (22,005,693 ) $ (20,408,102 ) $ (1,597,591 ) (A) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. See Note 4 for further information regarding the Company’s revenue recognition policies and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01 Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”) . 2016-02 right-of-use 2016-02 2016-02 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 2016-13 2016-13 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 3. Segment Information The Company is organized into separately managed segments as follows: the Reis Services segment and the Other segment. The following tables present condensed balance sheet and operating data for these segments: (amounts in thousands) Condensed Balance Sheet Data March 31, 2018 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 15,662 $ 590 $ 16,252 Accounts receivable, net 7,568 — 7,568 Prepaid and other assets 919 132 1,051 Total current assets 24,149 722 24,871 Furniture, fixtures and equipment, net 4,713 — 4,713 Intangible assets, net 19,418 — 19,418 Deferred tax asset, net (303 ) 11,848 11,545 Goodwill 57,203 (2,378 ) 54,825 Other assets 3,241 — 3,241 Total assets $ 108,421 $ 10,192 $ 118,613 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,056 727 3,783 Deferred revenue 24,112 — 24,112 Total current liabilities 27,168 727 27,895 Other long-term liabilities 2,563 — 2,563 Deferred tax liability, net 36,214 (36,214 ) — Total liabilities 65,945 (35,487 ) 30,458 Total stockholders’ equity 42,476 45,679 88,155 Total liabilities and stockholders’ equity $ 108,421 $ 10,192 $ 118,613 Condensed Balance Sheet Data December 31, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,990 $ 681 $ 19,671 Accounts receivable, net 9,745 — 9,745 Prepaid and other assets 502 179 681 Total current assets 29,237 860 30,097 Furniture, fixtures and equipment, net 4,919 — 4,919 Intangible assets, net 19,474 — 19,474 Deferred tax asset, net 285 11,787 12,072 Goodwill 57,203 (2,378 ) 54,825 Other assets 217 — 217 Total assets $ 111,335 $ 10,269 $ 121,604 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,421 729 4,150 Deferred revenue 26,534 — 26,534 Total current liabilities 29,955 729 30,684 Other long-term liabilities 2,447 — 2,447 Deferred tax liability, net 34,862 (34,862 ) — Total liabilities 67,264 (34,133 ) 33,131 Total stockholders’ equity 44,071 44,402 88,473 Total liabilities and stockholders’ equity $ 111,335 $ 10,269 $ 121,604 (A) Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Three Months Ended March 31, 2018 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,557 $ — $ 11,557 Other revenue 223 — 223 Total revenue 11,780 — 11,780 Cost of sales 3,378 — 3,378 Gross profit 8,402 — 8,402 Operating expenses: Sales and marketing 2,999 — 2,999 Product development 1,289 — 1,289 General and administrative expenses 3,041 1,438 4,479 Total operating expenses 7,329 1,438 8,767 Other income (expenses): Interest and other income — 1 1 Interest expense (32 ) — (32 ) Total other income (expenses) (32 ) 1 (31 ) Income (loss) before income taxes $ 1,041 $ (1,437 ) $ (396 ) Condensed Operating Data for the Three Months Ended March 31, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,579 $ — $ 11,579 Other revenue 547 — 547 Total revenue 12,126 — 12,126 Cost of sales 3,366 — 3,366 Gross profit 8,760 — 8,760 Operating expenses: Sales and marketing 3,328 — 3,328 Product development 1,167 — 1,167 General and administrative expenses 2,884 1,236 4,120 Total operating expenses 7,379 1,236 8,615 Other income (expenses): Interest and other income 1 — 1 Interest expense (33 ) — (33 ) Total other income (expenses) (32 ) — (32 ) Income (loss) before income taxes $ 1,349 $ (1,236 ) $ 113 (A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. Reis Services See Note 1 for a description of Reis Services’s business and products at March 31, 2018. Concentrations The Company’s largest individual customer accounted for 5.8% and 4.3% of total revenue for the three months ended March 31, 2018 and 2017, respectively. The following table presents the accounts receivable balances at March 31, 2018 and December 31, 2017: March 31, December 31, Accounts receivable $ 7,752,000 $ 9,937,000 Allowance for doubtful accounts (184,000 ) (192,000 ) Accounts receivable, net $ 7,568,000 $ 9,745,000 Twenty-three subscribers accounted for an aggregate of approximately 54.9% of Reis Services’s accounts receivable at March 31, 2018, including two subscribers individually in excess of 4.0%, with the largest representing 5.3%. Through April 30, 2018, the Company received payments of approximately $3,714,000, or 47.9%, against the March 31, 2018 accounts receivable balance. At March 31, 2018, the largest individual subscriber accounted for 4.3% of deferred revenue and 8.5% of aggregate revenue under contract (see Note 4 for further discussion). |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue The Company recognizes revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Multiple contracts executed with one customer at or near the same time are combined and accounted for as a single arrangement. Contracts are generally invoiced annually or quarterly at the beginning of the contract term, and the term between invoicing and when payment is due is not significant. A small number of contracts contain variable consideration, which is immaterial. Services are provided “as is” with no rights of return or refund. Sales, value add, and other taxes the Company collects in connection with revenue-producing activities are excluded from revenue. The Company disaggregates revenue by major source: subscription revenue and other revenue. All of the Company’s revenue is included in the Reis Services segment. Subscription Revenue The Company’s subscription revenue is derived principally from subscriptions to its web-based Reis SE Reis Portfolio CRE ReisReports Other Revenue The Company’s other revenue includes non-subscription (1) non-subscription (2) one-time non-subscription Performance Obligations and Contract Balances The majority of the Company’s contracts include a single performance obligation consisting of a subscription to its web-based one-time one-time Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized that the Company also refers to as “Aggregate Revenue Under Contract,” which is the sum of deferred revenue and future revenue under non-cancellable Deferred revenue is recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, is recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at March 31, 2018 and December 31, 2017, respectively. March 31, 2018 December 31, 2017 Deferred revenue (GAAP basis) $ 24,112,000 $ 26,534,000 Amounts under non-cancellable 24,539,000 25,470,000 Aggregate Revenue Under Contract $ 48,651,000 $ 52,004,000 (A) Amounts are billable in future periods and represent (i) non-cancellable non-cancellable Included in Aggregate Revenue Under Contract at March 31, 2018 was approximately $34,578,000 related to amounts under contract for the forward twelve-month period through March 31, 2019. The remainder reflects amounts under contract beyond March 31, 2019. The decrease in the Company’s net deferred revenue balance for the three months ended March 31, 2018 was primarily due to the timing difference between revenue recognized and amounts billed during the period. The decrease in Aggregate Revenue Under Contract during the three months ended March 31, 2018 was due to revenue recognized in the period in excess of contracts booked in the period. During the three months ended March 31, 2018, the Company recognized revenue of $10,539,000 and $10,948,000 that was included in deferred revenue and Aggregate Revenue Under Contract, respectively, at the beginning of the period. Accounts receivable, net, are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectibility of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. Contract Costs The Company’s direct incremental costs of obtaining a contract, which consist of sales commissions and related payroll taxes, are capitalized and amortized over the contract term for renewal contracts or approximately four years for the incremental commission costs associated with acquiring a new customer, if renewals are expected and the renewal commission is not commensurate with the initial commission. Judgment is required in estimating the commission rates used to calculate sales commissions, as the rates may vary throughout the year and in future years based on the achievement of sales quotas and other factors. The period of benefit for commissions on new customer contracts is estimated by taking into consideration the Company’s technology and customer renewal rates, which represents a significant judgment. Capitalized commissions are included in other assets on the consolidated balance sheet in 2018 and totaled approximately $3,110,000 and $3,044,000 as of January 1, 2018 and March 31, 2018, respectively. During the three months ended March 31, 2018, the Company capitalized additional commissions of $497,000 and recorded $563,000 of amortization expense related to capitalized commissions, which expense is included in sales and marketing expense in the accompanying consolidated statements of operations. The Company’s future amortization expense related to the net capitalized commission asset balance at March 31, 2018 follows: For the Year Ended December 31, Amount 2018 (April 1, 2018 to December 31, 2018) $ 1,411,000 2019 1,061,000 2020 457,000 2021 115,000 Total $ 3,044,000 Cost of sales of subscription revenue principally consists of salaries and related expenses for the Company’s researchers who collect, analyze and maintain the commercial real estate data that is the basis for the Company’s information services. Additionally, cost of sales includes expenses from the amortization of the database intangible asset. The Company concluded that no other costs it incurs meet the capitalization criteria for costs to fulfill a contract. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows: March 31, December 31, Database $ 34,736,000 $ 33,538,000 Accumulated amortization (24,755,000 ) (23,705,000 ) Database, net 9,981,000 9,833,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (10,408,000 ) (10,182,000 ) Customer relationships, net 3,692,000 3,918,000 Website 21,480,000 20,729,000 Accumulated amortization (15,735,000 ) (15,006,000 ) Website, net 5,745,000 5,723,000 Intangibles, net $ 19,418,000 $ 19,474,000 The Company capitalized approximately $1,198,000 and $1,248,000 to the database intangible asset and $751,000 and $880,000 to the website intangible asset during the three months ended March 31, 2018 and 2017, respectively. Amortization expense for intangible assets aggregated approximately $2,006,000 for the three months ended March 31, 2018, of which approximately $1,050,000 related to the database, which is charged to cost of sales, approximately $227,000 related to customer relationships, which is charged to sales and marketing expense and approximately $729,000 related to website development, which is charged to product development expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,673,000 for the three months ended March 31, 2017, of which approximately $872,000 related to the database, approximately $231,000 related to customer relationships and approximately $570,000 related to website development. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The Company had no debt outstanding at March 31, 2018 and December 31, 2017. In October 2012, Reis Services, as borrower, and the Company, as guarantor, entered into a loan and security agreement with Capital One, National Association, as lender (“Capital One”), for a $10,000,000 revolving credit facility (the “2012 Revolver”). The 2012 Revolver had a three-year term scheduled to expire on October 16, 2015; however, the expiration date was extended to January 31, 2016. In January 2016, Reis Services and Capital One executed an amended and restated loan and security agreement for a $20,000,000 revolving credit facility with terms substantially similar to the 2012 Revolver (as amended, the “2016 Revolver,” and collectively with the 2012 Revolver, the “Revolver”). The 2016 Revolver expires on January 28, 2019. Any borrowings on the Revolver bear interest at a rate of LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans). Capital One charges an unused facility fee of 0.25% per annum. The Revolver is secured by a security interest in substantially all of the tangible and intangible assets of Reis Services, all copyrights of the Company and a pledge by the Company of its membership interests in Reis Services. The Revolver also contains customary affirmative and negative covenants, including minimum financial covenants, as defined in the amended and restated revolving loan credit agreement; all of the covenants were met at March 31, 2018 and December 31, 2017. No borrowings were made on the Revolver during the three months ended March 31, 2018 and during the year ended December 31, 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2018 2017 Current Federal expense $ — $ 19,000 Current state and local tax expense 17,000 172,000 Deferred Federal tax (benefit) expense (A) (34,000 ) (473,000 ) Deferred state and local tax (benefit) expense (27,000 ) (140,000 ) Income tax (benefit) expense (B) $ (44,000 ) $ (422,000 ) (A) Includes an alternative minimum tax (“AMT”) deferred expense (benefit) of $— and $(19,000) in 2018 and 2017. (B) The income tax expense in 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the 2017 first quarter. Due to the amount of its NOL and credit carryforwards, the Company does not anticipate paying Federal income taxes for a number of years. The Company expects, in the future, that it will be subject to cash payments for state and local taxes where the Company has established nexus and there are no available NOLs, and for a portion of its state and local income taxes for New York State and New York City due to laws enacted in March 2014 and April 2015, respectively, which limit the amount of existing NOLs which could be used each year. On December 22, 2017, the Federal government of the United States enacted the U.S. Tax Cuts and Jobs Act (“the Tax Act”) which significantly changed existing U.S. tax laws, including a reduction in the Federal corporate income tax rate from 35% to 21%, repeal of corporate Federal AMT and a refund of certain existing AMT credits over several years, introduction of a capital investment deduction, limitation of the interest deduction, limitation of the use of net operating losses incurred on or after January 1, 2018 to offset future taxable income, limitation of the deduction for compensation paid to certain executive officers and extensive changes to the U.S. international tax system, as well as other changes. These changes generally took effect on January 1, 2018. The U.S. Treasury department is expected to release regulations implementing the Tax Act and the U.S. tax laws may be further amended in the future. The Company’s Federal net operating losses that have been incurred prior to December 31, 2017 will continue to have a 20-year Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset was approximately $11,545,000 and $12,072,000 at March 31, 2018 and December 31, 2017, respectively, all of which was classified as non-current. The Company had Federal NOL carryforwards aggregating approximately $37,859,000 at December 31, 2017, as well as significant state and local NOL carryforwards. Approximately $5,140,000 of these Federal NOLs are subject to an annual Internal Revenue Code Section 382 limitation of $2,779,000, whereas the remaining balance of approximately $32,719,000 is not subject to the limitation. The enactment of a 2014 New York State law and a 2015 New York City law limit the amount of existing NOLs which could be used each year in those jurisdictions; however, all such NOLs are expected to be fully utilized in the future. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity On August 30, 2016, the Company’s Board of Directors (the “Board”) authorized a repurchase program of shares of the Company’s common stock up to an aggregate of $5,000,000. Purchases under the program may be made from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, these purchases may be commenced or suspended at any time, or from time to time, without prior notice and may be expanded without prior notice. The Company may make purchases pursuant to a trading plan under Securities Exchange Act Rule 10b5-1, During the three months ended March 31, 2018, the Company purchased an aggregate of 2,000 shares of common stock, for approximately $36,000, or an average price of $17.81 per share. From the inception of the share repurchase program in August 2016 through March 31, 2018, the Company purchased an aggregate of 238,204 shares of common stock for approximately $4,601,000, or an average price of $19.31 per share. During the three months ended March 31, 2017, the Company purchased an aggregate of 78,440 shares of common stock for approximately $1,507,000. The Company declared and paid a quarterly cash dividend of $0.19 and $0.17 per common share for the three months ended March 31, 2018 and 2017, respectively. Dividend payments aggregated approximately $2,216,000 and $1,971,000 for the three months ended March 31, 2018 and 2017, respectively. |
Stock Plans and Other Incentive
Stock Plans and Other Incentives | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans and Other Incentives | 9. Stock Plans and Other Incentives The Company has adopted certain incentive plans for the purpose of attracting and retaining the Company’s directors, officers and employees by having the ability to issue options, restricted stock units (“RSUs”), or stock awards. Awards granted under the Company’s incentive plans expire ten years from the date of grant and vest over periods ranging generally from three to five years for employees. Stock Plans and Other Incentives (continued) Option Awards The following table presents option activity and other plan data for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Options Weighted- Options Weighted- Outstanding at beginning of period 245,000 $ 8.88 530,000 $ 9.64 Granted — $ — — $ — Exercised — $ — (252,500 ) $ (10.40 ) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 245,000 $ 8.88 277,500 $ 8.96 Options exercisable at end of period 237,000 $ 8.56 265,500 $ 8.52 RSU Awards The following table presents the changes in RSUs outstanding for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Outstanding at beginning of period 318,412 281,320 Granted 149,673 133,178 Common stock delivered (A) (101,127 ) (88,543 ) Forfeited (2,212 ) (2,810 ) Outstanding at end of period 364,476 323,145 Intrinsic value (B) $ 7,818,000 $ 5,784,000 (A) In the 2018 and 2017 period, all of the vested RSUs were issued as shares. (B) For purposes of this calculation, the Company’s closing stock prices were $21.45 and $17.90 per share on March 31, 2018 and 2017, respectively. In the three months ended March 31, 2018, an aggregate of 148,005 RSUs were granted to employees, which RSUs vest one-third one-third During the three months ended March 31, 2018 and 2017, an aggregate of 1,668 RSUs and 1,548 RSUs, respectively, were granted to non-employee non-employee non-employee Option and RSU Expense Information The Company recorded non-cash non-employee |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 10. Earnings Per Common Share Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: For the Three Months Ended March 31, 2018 2017 Numerator: Net (loss) income for basic calculation $ (352,101 ) $ 534,742 Adjustments to net income for the impact of dilutive securities — — Net (loss) income for dilution calculation $ (352,101 ) $ 534,742 Denominator: Weighted average common shares – basic 11,527,521 11,447,309 Effect of dilutive securities: RSUs — 135,689 Stock options — 193,377 Weighted average common shares – diluted 11,527,521 11,776,375 Net (loss) income per common share: Basic $ (0.03 ) $ 0.05 Diluted $ (0.03 ) $ 0.05 Potentially dilutive securities include all stock-based awards. For the three months ended March 31, 2018 and 2017, certain equity awards were antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 12. Fair Value of Financial Instruments At March 31, 2018 and December 31, 2017, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments were not materially different from their recorded values at March 31, 2018 and December 31, 2017. The Company had no debt outstanding at March 31, 2018 and December 31, 2017. See Note 6 for additional information about the Company’s debt. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. |
Quarterly Reporting | Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q Rule 10-01 Regulation S-X Form 10-K |
Estimates | Estimates The preparation of financial statements in conformity with GAAP 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 revenues and expenses during the reporting period. Significant estimates related to the adoption of the new revenue recognition standard (as described below) include the amortization period for capitalized commissions and the allocation of the transaction price when a contract includes multiple performance obligations. See “Recently Adopted Accounting Pronouncements” below and Note 4 for additional information. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 11. |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers 340-40 Other Assets and Deferred Costs Contracts with Customers 2014-09” 2014-09. In addition to modifying the accounting for revenue recognition, the new standard modifies the accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions, which is the most impactful aspect of the new standard on the Company’s accounting. ASU 2014-09 The cumulative effect adjustments resulting from the adoption of the new standard, including income tax implications, as of January 1, 2018 were as follows: Balance at Adjustments due to ASU 2014-09 Adoption Balance at Balance Sheet Assets Deferred tax asset, net $ 12,072,118 $ (588,223 ) $ 11,483,895 Other assets $ 217,161 $ 3,110,472 $ 3,327,633 Total assets $ 121,603,733 $ 2,522,249 $ 124,125,982 Liabilities Accrued expenses and other liabilities $ 4,149,363 $ 683,291 $ 4,832,654 Deferred revenue $ 26,533,983 $ 24,724 $ 26,558,707 Other long-term liabilities $ 2,447,037 $ 133,915 $ 2,580,952 Total liabilities $ 33,130,383 $ 841,930 $ 33,972,313 Equity Retained earnings (deficit) $ (21,117,601 ) $ 1,680,319 $ (19,437,282 ) Total stockholders’ equity $ 88,473,350 $ 1,680,319 $ 90,153,669 The impact of the new standard on the Company’s consolidated statement of operations and balance sheet as of and for the period ended March 31, 2018 was as follows: For the Three Months Ended March 31, 2018 As Reported Balances ASU 2014-09 Effect of Change Statement of Operations Data Revenue Subscription revenue $ 11,557,155 $ 11,579,153 $ (21,998 ) Other revenue 222,500 222,500 — Total revenue $ 11,779,655 $ 11,801,653 $ (21,998 ) Operating expenses Sales and marketing $ 2,998,559 $ 2,922,829 $ 75,730 Income (loss) before income taxes $ (396,101 ) $ (298,373 ) $ (97,728 ) Income tax (benefit) expense (44,000 ) (19,000 ) (25,000 ) Net (loss) $ (352,101 ) $ (279,373 ) $ (72,728 ) Net (loss) per common share $ (0.03 ) $ (0.02 ) As of March 31, 2018 As reported Balances ASU 2014-09 Effect of change Balance Sheet Data Assets Deferred tax asset, net $ 11,544,895 $ 12,106,118 $ (561,223 ) Other assets $ 3,240,929 $ 197,428 $ 3,043,501 Liabilities Accrued expenses and other liabilities $ 3,782,494 $ 3,118,433 $ 664,061 Deferred revenue $ 24,111,992 $ 24,053,270 $ 58,722 Other long-term liabilities $ 2,563,142 $ 2,401,238 $ 161,904 Equity Retained earnings (deficit) $ (22,005,693 ) $ (20,408,102 ) $ (1,597,591 ) (A) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. See Note 4 for further information regarding the Company’s revenue recognition policies and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01 Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”) . 2016-02 right-of-use 2016-02 2016-02 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 2016-13 2016-13 |
Subscription Revenue | Subscription Revenue The Company’s subscription revenue is derived principally from subscriptions to its web-based Reis SE Reis Portfolio CRE ReisReports |
Other Revenue | Other Revenue The Company’s other revenue includes non-subscription (1) non-subscription (2) one-time non-subscription |
Performance Obligations and Contract Balances | Performance Obligations and Contract Balances The majority of the Company’s contracts include a single performance obligation consisting of a subscription to its web-based one-time one-time Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized that the Company also refers to as “Aggregate Revenue Under Contract,” which is the sum of deferred revenue and future revenue under non-cancellable Deferred revenue is recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, is recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at March 31, 2018 and December 31, 2017, respectively. March 31, 2018 December 31, 2017 Deferred revenue (GAAP basis) $ 24,112,000 $ 26,534,000 Amounts under non-cancellable 24,539,000 25,470,000 Aggregate Revenue Under Contract $ 48,651,000 $ 52,004,000 (A) Amounts are billable in future periods and represent (i) non-cancellable non-cancellable Included in Aggregate Revenue Under Contract at March 31, 2018 was approximately $34,578,000 related to amounts under contract for the forward twelve-month period through March 31, 2019. The remainder reflects amounts under contract beyond March 31, 2019. The decrease in the Company’s net deferred revenue balance for the three months ended March 31, 2018 was primarily due to the timing difference between revenue recognized and amounts billed during the period. The decrease in Aggregate Revenue Under Contract during the three months ended March 31, 2018 was due to revenue recognized in the period in excess of contracts booked in the period. During the three months ended March 31, 2018, the Company recognized revenue of $10,539,000 and $10,948,000 that was included in deferred revenue and Aggregate Revenue Under Contract, respectively, at the beginning of the period. Accounts receivable, net, are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectibility of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Cumulative Effect Adjustments Resulting from Adoption of New Standard, Including Income Tax Implications | Balance at Adjustments due to ASU 2014-09 Adoption Balance at Balance Sheet Assets Deferred tax asset, net $ 12,072,118 $ (588,223 ) $ 11,483,895 Other assets $ 217,161 $ 3,110,472 $ 3,327,633 Total assets $ 121,603,733 $ 2,522,249 $ 124,125,982 Liabilities Accrued expenses and other liabilities $ 4,149,363 $ 683,291 $ 4,832,654 Deferred revenue $ 26,533,983 $ 24,724 $ 26,558,707 Other long-term liabilities $ 2,447,037 $ 133,915 $ 2,580,952 Total liabilities $ 33,130,383 $ 841,930 $ 33,972,313 Equity Retained earnings (deficit) $ (21,117,601 ) $ 1,680,319 $ (19,437,282 ) Total stockholders’ equity $ 88,473,350 $ 1,680,319 $ 90,153,669 |
Summary of Impact of New Standard on Consolidated Statement of Operations and Balance Sheet | The impact of the new standard on the Company’s consolidated statement of operations and balance sheet as of and for the period ended March 31, 2018 was as follows: For the Three Months Ended March 31, 2018 As Reported Balances ASU 2014-09 Effect of Change Statement of Operations Data Revenue Subscription revenue $ 11,557,155 $ 11,579,153 $ (21,998 ) Other revenue 222,500 222,500 — Total revenue $ 11,779,655 $ 11,801,653 $ (21,998 ) Operating expenses Sales and marketing $ 2,998,559 $ 2,922,829 $ 75,730 Income (loss) before income taxes $ (396,101 ) $ (298,373 ) $ (97,728 ) Income tax (benefit) expense (44,000 ) (19,000 ) (25,000 ) Net (loss) $ (352,101 ) $ (279,373 ) $ (72,728 ) Net (loss) per common share $ (0.03 ) $ (0.02 ) As of March 31, 2018 As reported Balances ASU 2014-09 Effect of change Balance Sheet Data Assets Deferred tax asset, net $ 11,544,895 $ 12,106,118 $ (561,223 ) Other assets $ 3,240,929 $ 197,428 $ 3,043,501 Liabilities Accrued expenses and other liabilities $ 3,782,494 $ 3,118,433 $ 664,061 Deferred revenue $ 24,111,992 $ 24,053,270 $ 58,722 Other long-term liabilities $ 2,563,142 $ 2,401,238 $ 161,904 Equity Retained earnings (deficit) $ (22,005,693 ) $ (20,408,102 ) $ (1,597,591 ) (A) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Condensed Balance Sheet and Operating Data for Segments | The Company is organized into separately managed segments as follows: the Reis Services segment and the Other segment. The following tables present condensed balance sheet and operating data for these segments: (amounts in thousands) Condensed Balance Sheet Data March 31, 2018 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 15,662 $ 590 $ 16,252 Accounts receivable, net 7,568 — 7,568 Prepaid and other assets 919 132 1,051 Total current assets 24,149 722 24,871 Furniture, fixtures and equipment, net 4,713 — 4,713 Intangible assets, net 19,418 — 19,418 Deferred tax asset, net (303 ) 11,848 11,545 Goodwill 57,203 (2,378 ) 54,825 Other assets 3,241 — 3,241 Total assets $ 108,421 $ 10,192 $ 118,613 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,056 727 3,783 Deferred revenue 24,112 — 24,112 Total current liabilities 27,168 727 27,895 Other long-term liabilities 2,563 — 2,563 Deferred tax liability, net 36,214 (36,214 ) — Total liabilities 65,945 (35,487 ) 30,458 Total stockholders’ equity 42,476 45,679 88,155 Total liabilities and stockholders’ equity $ 108,421 $ 10,192 $ 118,613 Condensed Balance Sheet Data December 31, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,990 $ 681 $ 19,671 Accounts receivable, net 9,745 — 9,745 Prepaid and other assets 502 179 681 Total current assets 29,237 860 30,097 Furniture, fixtures and equipment, net 4,919 — 4,919 Intangible assets, net 19,474 — 19,474 Deferred tax asset, net 285 11,787 12,072 Goodwill 57,203 (2,378 ) 54,825 Other assets 217 — 217 Total assets $ 111,335 $ 10,269 $ 121,604 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,421 729 4,150 Deferred revenue 26,534 — 26,534 Total current liabilities 29,955 729 30,684 Other long-term liabilities 2,447 — 2,447 Deferred tax liability, net 34,862 (34,862 ) — Total liabilities 67,264 (34,133 ) 33,131 Total stockholders’ equity 44,071 44,402 88,473 Total liabilities and stockholders’ equity $ 111,335 $ 10,269 $ 121,604 (A) Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Three Months Ended March 31, 2018 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,557 $ — $ 11,557 Other revenue 223 — 223 Total revenue 11,780 — 11,780 Cost of sales 3,378 — 3,378 Gross profit 8,402 — 8,402 Operating expenses: Sales and marketing 2,999 — 2,999 Product development 1,289 — 1,289 General and administrative expenses 3,041 1,438 4,479 Total operating expenses 7,329 1,438 8,767 Other income (expenses): Interest and other income — 1 1 Interest expense (32 ) — (32 ) Total other income (expenses) (32 ) 1 (31 ) Income (loss) before income taxes $ 1,041 $ (1,437 ) $ (396 ) Condensed Operating Data for the Three Months Ended March 31, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,579 $ — $ 11,579 Other revenue 547 — 547 Total revenue 12,126 — 12,126 Cost of sales 3,366 — 3,366 Gross profit 8,760 — 8,760 Operating expenses: Sales and marketing 3,328 — 3,328 Product development 1,167 — 1,167 General and administrative expenses 2,884 1,236 4,120 Total operating expenses 7,379 1,236 8,615 Other income (expenses): Interest and other income 1 — 1 Interest expense (33 ) — (33 ) Total other income (expenses) (32 ) — (32 ) Income (loss) before income taxes $ 1,349 $ (1,236 ) $ 113 (A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. |
Accounts Receivable Balances | The following table presents the accounts receivable balances at March 31, 2018 and December 31, 2017: March 31, December 31, Accounts receivable $ 7,752,000 $ 9,937,000 Allowance for doubtful accounts (184,000 ) (192,000 ) Accounts receivable, net $ 7,568,000 $ 9,745,000 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Reconciliation of Deferred Revenue to Aggregate Revenue Under Contract | The following table reconciles deferred revenue to Aggregate Revenue Under Contract at March 31, 2018 and December 31, 2017, respectively. March 31, 2018 December 31, 2017 Deferred revenue (GAAP basis) $ 24,112,000 $ 26,534,000 Amounts under non-cancellable 24,539,000 25,470,000 Aggregate Revenue Under Contract $ 48,651,000 $ 52,004,000 (A) Amounts are billable in future periods and represent (i) non-cancellable non-cancellable |
Summary of Amortization Expense Related to Net Capitalized Commission Asset | The Company’s future amortization expense related to the net capitalized commission asset balance at March 31, 2018 follows: For the Year Ended December 31, Amount 2018 (April 1, 2018 to December 31, 2018) $ 1,411,000 2019 1,061,000 2020 457,000 2021 115,000 Total $ 3,044,000 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Identified Intangible Assets | The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows: March 31, December 31, Database $ 34,736,000 $ 33,538,000 Accumulated amortization (24,755,000 ) (23,705,000 ) Database, net 9,981,000 9,833,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (10,408,000 ) (10,182,000 ) Customer relationships, net 3,692,000 3,918,000 Website 21,480,000 20,729,000 Accumulated amortization (15,735,000 ) (15,006,000 ) Website, net 5,745,000 5,723,000 Intangibles, net $ 19,418,000 $ 19,474,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2018 2017 Current Federal expense $ — $ 19,000 Current state and local tax expense 17,000 172,000 Deferred Federal tax (benefit) expense (A) (34,000 ) (473,000 ) Deferred state and local tax (benefit) expense (27,000 ) (140,000 ) Income tax (benefit) expense (B) $ (44,000 ) $ (422,000 ) (A) Includes an alternative minimum tax (“AMT”) deferred expense (benefit) of $— and $(19,000) in 2018 and 2017. (B) The income tax expense in 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the 2017 first quarter. |
Stock Plans and Other Incenti25
Stock Plans and Other Incentives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Activity and Other Plan Data | The following table presents option activity and other plan data for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Options Weighted- Options Weighted- Outstanding at beginning of period 245,000 $ 8.88 530,000 $ 9.64 Granted — $ — — $ — Exercised — $ — (252,500 ) $ (10.40 ) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 245,000 $ 8.88 277,500 $ 8.96 Options exercisable at end of period 237,000 $ 8.56 265,500 $ 8.52 |
Changes in RSUs | The following table presents the changes in RSUs outstanding for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Outstanding at beginning of period 318,412 281,320 Granted 149,673 133,178 Common stock delivered (A) (101,127 ) (88,543 ) Forfeited (2,212 ) (2,810 ) Outstanding at end of period 364,476 323,145 Intrinsic value (B) $ 7,818,000 $ 5,784,000 (A) In the 2018 and 2017 period, all of the vested RSUs were issued as shares. (B) For purposes of this calculation, the Company’s closing stock prices were $21.45 and $17.90 per share on March 31, 2018 and 2017, respectively. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Details of Computation of Earnings per Common Share, Basic and Diluted | The following table details the computation of earnings per common share, basic and diluted: For the Three Months Ended March 31, 2018 2017 Numerator: Net (loss) income for basic calculation $ (352,101 ) $ 534,742 Adjustments to net income for the impact of dilutive securities — — Net (loss) income for dilution calculation $ (352,101 ) $ 534,742 Denominator: Weighted average common shares – basic 11,527,521 11,447,309 Effect of dilutive securities: RSUs — 135,689 Stock options — 193,377 Weighted average common shares – diluted 11,527,521 11,776,375 Net (loss) income per common share: Basic $ (0.03 ) $ 0.05 Diluted $ (0.03 ) $ 0.05 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Summary of Cumulative Effect Adjustments Resulting from Adoption of New Standard, Including Income Tax Implications (Detail) - USD ($) | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
ASSETS | |||
Deferred tax asset, net | $ 11,544,895 | $ 11,483,895 | $ 12,072,118 |
Other assets | 3,240,929 | 3,327,633 | 217,161 |
Total assets | 118,612,673 | 124,125,982 | 121,603,733 |
Liabilities | |||
Accrued expenses and other liabilities | 3,782,494 | 4,832,654 | 4,149,363 |
Deferred revenue | 24,111,992 | 26,558,707 | 26,533,983 |
Other long-term liabilities | 2,563,142 | 2,580,952 | 2,447,037 |
Total liabilities | 30,457,628 | 33,972,313 | 33,130,383 |
Equity | |||
Retained earnings (deficit) | (22,005,693) | (19,437,282) | (21,117,601) |
Total stockholders' equity | $ 88,155,045 | $ 90,153,669 | 88,473,350 |
ASU 2014-09 [Member] | |||
ASSETS | |||
Deferred tax asset, net | (588,223) | ||
Other assets | 3,110,472 | ||
Total assets | 2,522,249 | ||
Liabilities | |||
Accrued expenses and other liabilities | 683,291 | ||
Deferred revenue | 24,724 | ||
Other long-term liabilities | 133,915 | ||
Total liabilities | 841,930 | ||
Equity | |||
Retained earnings (deficit) | 1,680,319 | ||
Total stockholders' equity | $ 1,680,319 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Summary of Impact of New Standard on Consolidated Statement of Operations and Balance Sheet (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue | ||||
Subscription revenue | $ 11,557,155 | $ 11,579,362 | ||
Other revenue | 222,500 | 546,592 | ||
Total revenue | 11,779,655 | 12,125,954 | ||
Operating expenses | ||||
Sales and marketing | 2,998,559 | 3,328,048 | ||
Income (loss) before income taxes | (396,101) | 112,742 | ||
Income tax (benefit) expense | (44,000) | (422,000) | ||
Net (loss) | $ (352,101) | $ 534,742 | ||
Net (loss) per common share | $ (0.03) | |||
ASSETS | ||||
Deferred tax asset, net | $ 11,544,895 | $ 11,483,895 | $ 12,072,118 | |
Other assets | 3,240,929 | 3,327,633 | 217,161 | |
Liabilities | ||||
Accrued expenses and other liabilities | 3,782,494 | 4,832,654 | 4,149,363 | |
Deferred revenue | 24,111,992 | 26,558,707 | 26,533,983 | |
Other long-term liabilities | 2,563,142 | 2,580,952 | 2,447,037 | |
Equity | ||||
Retained earnings (deficit) | (22,005,693) | $ (19,437,282) | (21,117,601) | |
Balances Without Adoption of ASU 2014-09 [Member] | ||||
Revenue | ||||
Subscription revenue | 11,579,153 | |||
Other revenue | 222,500 | |||
Total revenue | 11,801,653 | |||
Operating expenses | ||||
Sales and marketing | 2,922,829 | |||
Income (loss) before income taxes | (298,373) | |||
Income tax (benefit) expense | (19,000) | |||
Net (loss) | $ (279,373) | |||
Net (loss) per common share | $ (0.02) | |||
ASSETS | ||||
Deferred tax asset, net | $ 12,106,118 | |||
Other assets | 197,428 | |||
Liabilities | ||||
Accrued expenses and other liabilities | 3,118,433 | |||
Deferred revenue | 24,053,270 | |||
Other long-term liabilities | 2,401,238 | |||
Equity | ||||
Retained earnings (deficit) | (20,408,102) | |||
ASU 2014-09 [Member] | ||||
ASSETS | ||||
Deferred tax asset, net | (588,223) | |||
Other assets | 3,110,472 | |||
Liabilities | ||||
Accrued expenses and other liabilities | 683,291 | |||
Deferred revenue | 24,724 | |||
Other long-term liabilities | 133,915 | |||
Equity | ||||
Retained earnings (deficit) | $ 1,680,319 | |||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Revenue | ||||
Subscription revenue | (21,998) | |||
Total revenue | (21,998) | |||
Operating expenses | ||||
Sales and marketing | 75,730 | |||
Income (loss) before income taxes | (97,728) | |||
Income tax (benefit) expense | (25,000) | |||
Net (loss) | (72,728) | |||
ASSETS | ||||
Deferred tax asset, net | (561,223) | |||
Other assets | 3,043,501 | |||
Liabilities | ||||
Accrued expenses and other liabilities | 664,061 | |||
Deferred revenue | 58,722 | |||
Other long-term liabilities | 161,904 | |||
Equity | ||||
Retained earnings (deficit) | $ (1,597,591) |
Segment Information - Condensed
Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($) | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | |||||
Cash and cash equivalents | $ 16,251,856 | $ 19,670,613 | $ 21,535,980 | $ 21,490,586 | |
Accounts receivable, net | 7,568,405 | 9,744,513 | |||
Prepaid and other assets | 1,050,791 | 681,039 | |||
Total current assets | 24,871,052 | 30,096,165 | |||
Furniture, fixtures and equipment, net | 4,713,308 | 4,919,230 | |||
Intangible assets, net | 19,417,841 | 19,474,411 | |||
Deferred tax asset, net | 11,544,895 | $ 11,483,895 | 12,072,118 | ||
Goodwill | 54,824,648 | 54,824,648 | |||
Other assets | 3,240,929 | 3,327,633 | 217,161 | ||
Total assets | 118,612,673 | 124,125,982 | 121,603,733 | ||
Current liabilities: | |||||
Current portion of debt | 0 | 0 | |||
Accrued expenses and other liabilities | 3,782,494 | 4,832,654 | 4,149,363 | ||
Deferred revenue | 24,111,992 | 26,558,707 | 26,533,983 | ||
Total current liabilities | 27,894,486 | 30,683,346 | |||
Other long-term liabilities | 2,563,142 | 2,580,952 | 2,447,037 | ||
Total liabilities | 30,457,628 | 33,972,313 | 33,130,383 | ||
Total stockholders' equity | 88,155,045 | $ 90,153,669 | 88,473,350 | ||
Total liabilities and stockholders' equity | 118,612,673 | 121,603,733 | |||
Reis Services [Member] | |||||
Current assets: | |||||
Accounts receivable, net | 7,568,000 | 9,745,000 | |||
Reis Services [Member] | Operating Segments [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 15,662,000 | 18,990,000 | |||
Accounts receivable, net | 7,568,000 | 9,745,000 | |||
Prepaid and other assets | 919,000 | 502,000 | |||
Total current assets | 24,149,000 | 29,237,000 | |||
Furniture, fixtures and equipment, net | 4,713,000 | 4,919,000 | |||
Intangible assets, net | 19,418,000 | 19,474,000 | |||
Deferred tax asset, net | (303,000) | 285,000 | |||
Goodwill | 57,203,000 | 57,203,000 | |||
Other assets | 3,241,000 | 217,000 | |||
Total assets | 108,421,000 | 111,335,000 | |||
Current liabilities: | |||||
Current portion of debt | 0 | 0 | |||
Accrued expenses and other liabilities | 3,056,000 | 3,421,000 | |||
Deferred revenue | 24,112,000 | 26,534,000 | |||
Total current liabilities | 27,168,000 | 29,955,000 | |||
Other long-term liabilities | 2,563,000 | 2,447,000 | |||
Deferred tax liability, net | 36,214,000 | 34,862,000 | |||
Total liabilities | 65,945,000 | 67,264,000 | |||
Total stockholders' equity | 42,476,000 | 44,071,000 | |||
Total liabilities and stockholders' equity | 108,421,000 | 111,335,000 | |||
Other [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 590,000 | 681,000 | |||
Prepaid and other assets | 132,000 | 179,000 | |||
Total current assets | 722,000 | 860,000 | |||
Deferred tax asset, net | 11,848,000 | 11,787,000 | |||
Goodwill | (2,378,000) | (2,378,000) | |||
Total assets | 10,192,000 | 10,269,000 | |||
Current liabilities: | |||||
Current portion of debt | 0 | 0 | |||
Accrued expenses and other liabilities | 727,000 | 729,000 | |||
Total current liabilities | 727,000 | 729,000 | |||
Deferred tax liability, net | (36,214,000) | (34,862,000) | |||
Total liabilities | (35,487,000) | (34,133,000) | |||
Total stockholders' equity | 45,679,000 | 44,402,000 | |||
Total liabilities and stockholders' equity | $ 10,192,000 | $ 10,269,000 |
Segment Information - Condens30
Segment Information - Condensed Operating Data for Segments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Subscription revenue | $ 11,557,155 | $ 11,579,362 |
Other revenue | 222,500 | 546,592 |
Total revenue | 11,779,655 | 12,125,954 |
Cost of sales | 3,377,363 | 3,366,351 |
Gross profit | 8,402,292 | 8,759,603 |
Operating expenses: | ||
Sales and marketing | 2,998,559 | 3,328,048 |
Product development | 1,289,042 | 1,166,671 |
General and administrative expenses | 4,479,524 | 4,120,484 |
Total operating expenses | 8,767,125 | 8,615,203 |
Other income (expenses): | ||
Interest and other income | 966 | 576 |
Interest expense | (32,234) | (32,234) |
Total other income (expenses) | (31,268) | (31,658) |
Income (loss) before income taxes | (396,101) | 112,742 |
Operating Segments [Member] | Reis Services [Member] | ||
Revenue: | ||
Subscription revenue | 11,557,000 | 11,579,000 |
Other revenue | 223,000 | 547,000 |
Total revenue | 11,780,000 | 12,126,000 |
Cost of sales | 3,378,000 | 3,366,000 |
Gross profit | 8,402,000 | 8,760,000 |
Operating expenses: | ||
Sales and marketing | 2,999,000 | 3,328,000 |
Product development | 1,289,000 | 1,167,000 |
General and administrative expenses | 3,041,000 | 2,884,000 |
Total operating expenses | 7,329,000 | 7,379,000 |
Other income (expenses): | ||
Interest and other income | 1,000 | |
Interest expense | (32,000) | (33,000) |
Total other income (expenses) | (32,000) | (32,000) |
Income (loss) before income taxes | 1,041,000 | 1,349,000 |
Other [Member] | ||
Operating expenses: | ||
General and administrative expenses | 1,438,000 | 1,236,000 |
Total operating expenses | 1,438,000 | 1,236,000 |
Other income (expenses): | ||
Interest and other income | 1,000 | |
Total other income (expenses) | 1,000 | |
Income (loss) before income taxes | $ (1,437,000) | $ (1,236,000) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Reis Services [Member] | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2018USD ($) | Mar. 31, 2018Subscriber | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Percentage of Reis Service's revenue by major customer | 5.80% | 4.30% | |
Number of subscribers contributing largest share among accounts receivable | 23 | ||
Aggregate percentage of subscribers contributing largest share among accounts receivable | 54.90% | ||
Number of subscribers individually accounted for more than 4% of accounts receivable | 2 | ||
Percentage of deferred revenue by major subscriber | 4.30% | ||
Subsequent Event [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments received against accounts receivable | $ | $ 3,714,000 | ||
Percentage collected from trade accounts receivable | 47.90% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of aggregate revenue under contract | 8.50% | ||
Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Reis Service's accounts receivable by major subscriber | 5.30% |
Segment Information - Accounts
Segment Information - Accounts Receivable Balances (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 7,568,405 | $ 9,744,513 |
Reis Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 7,752,000 | 9,937,000 |
Allowance for doubtful accounts | (184,000) | (192,000) |
Accounts receivable, net | $ 7,568,000 | $ 9,745,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 31, 2018 | |
Deferred Revenue [Abstract] | |||
Percentage of subscription in revenue | 98.10% | 95.50% | |
Aggregate revenue under contract | $ 34,578,000 | ||
Aggregate revenue recognized | 10,948,000 | ||
Revenue | $ 10,539,000 | ||
Capitalized contract cost amortization period | 4 years | ||
Capitalized commissions | $ 3,044,000 | $ 3,110,000 | |
Capitalized additional commissions | 497,000 | ||
Capitalized commission amortization expense | $ 563,000 |
Revenue - Reconciliation of Def
Revenue - Reconciliation of Deferred Revenue to Aggregate Revenue Under Contract (Detail) - USD ($) | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred Revenue [Abstract] | |||
Deferred revenue (GAAP basis) | $ 24,111,992 | $ 26,558,707 | $ 26,533,983 |
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end | 24,539,000 | 25,470,000 | |
Aggregate Revenue Under Contract | $ 48,651,000 | $ 52,004,000 |
Revenue - Summary of Amortizati
Revenue - Summary of Amortization Expense Related to Net Capitalized Commission Asset (Detail) | Mar. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
2018 (April 1, 2018 to December 31, 2018) | $ 1,411,000 |
2,019 | 1,061,000 |
2,020 | 457,000 |
2,021 | 115,000 |
Total | $ 3,044,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (50,898,989) | $ (48,892,725) |
Intangible assets, net | 19,417,841 | 19,474,411 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 34,736,000 | 33,538,000 |
Accumulated amortization | (24,755,000) | (23,705,000) |
Intangible assets, net | 9,981,000 | 9,833,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,100,000 | 14,100,000 |
Accumulated amortization | (10,408,000) | (10,182,000) |
Intangible assets, net | 3,692,000 | 3,918,000 |
Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 21,480,000 | 20,729,000 |
Accumulated amortization | (15,735,000) | (15,006,000) |
Intangible assets, net | $ 5,745,000 | $ 5,723,000 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense for intangible assets | $ 2,006,264 | $ 1,672,459 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount capitalized to intangible asset | 1,198,000 | 1,248,000 |
Amortization expense for intangible assets | 1,050,000 | 872,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense for intangible assets | 227,000 | 231,000 |
Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount capitalized to intangible asset | 751,000 | 880,000 |
Amortization expense for intangible assets | $ 729,000 | $ 570,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Jan. 28, 2016 | Oct. 31, 2012 | |
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 0 | $ 0 | ||
Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, interest rate description | LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans). | |||
Unused credit facility fee | 0.25% | |||
Borrowings under revolver | $ 0 | $ 0 | ||
Revolver [Member] | LIBOR Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, interest rate description | LIBOR + 2.00% per annum (for LIBOR loans) | |||
Spread on variable rate | 2.00% | |||
Revolver [Member] | Base Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, interest rate description | The greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans) | |||
Base rate | 1.00% | |||
Spread on variable rate | 0.50% | |||
2012 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of revolving credit facility | $ 10,000,000 | |||
Expiry period of revolver | 3 years | |||
Date of expiry | Oct. 16, 2015 | |||
2012 Revolver [Member] | Extended Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Date of expiry | Jan. 31, 2016 | |||
2016 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of revolving credit facility | $ 20,000,000 | |||
Date of expiry | Jan. 28, 2019 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense ( benefit) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Current Federal expense | $ 19,000 | |
Current state and local tax expense | $ 17,000 | 172,000 |
Deferred Federal tax (benefit) expense | (34,000) | (473,000) |
Deferred state and local tax (benefit) expense | (27,000) | (140,000) |
Income tax (benefit) expense | $ (44,000) | $ (422,000) |
Income Taxes - Components of 40
Income Taxes - Components of Income Tax Expense ( benefit) (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Deferred Federal alternative minimum tax ("AMT") expense (benefit) | $ 0 | $ (19,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal corporate income tax rate | 21.00% | 35.00% |
Net operating loss carryforwards, expiration | The Company’s Federal net operating losses that have been incurred prior to December 31, 2017 will continue to have a 20-year carryforward limitation applied and will need to be evaluated for recoverability in the future as such. Net operating losses incurred after December 31, 2017 will have an indefinite life, but usage will be limited to 80% of taxable income in any given year. | |
Percentage of net operating loss carryforwards, limitation | 80.00% | |
Net deferred tax asset | $ 11,545 | $ 12,072 |
Aggregate Federal NOL carryforwards | 37,859 | |
Federal NOLs subject to an annual limitation | 5,140 | |
Federal NOLs not subject to an annual limitation | 32,719 | |
Federal NOLs annual limitation | $ 2,779 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 20 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Aug. 30, 2016 | |
Equity [Abstract] | ||||
Common stock repurchase authorized | $ 5,000,000 | |||
Repurchase of common stock, shares | 2,000 | 78,440 | 238,204 | |
Repurchase of common stock, value | $ 35,622 | $ 1,507,000 | $ 4,601,000 | |
Common stock repurchase, average price per share | $ 17.81 | $ 19.31 | ||
Dividends declared, per share | 0.19 | $ 0.17 | ||
Dividends paid, per share | $ 0.19 | $ 0.17 | ||
Dividend payments, amount | $ 2,216,310 | $ 1,971,000 |
Stock Plans and Other Incenti43
Stock Plans and Other Incentives - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period of the awards granted under the company's incentive plans | 10 years | |
Non-cash compensation expense | $ 605,409 | $ 534,717 |
RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 149,673 | 133,178 |
Vesting rights | RSUs vest one-third a year over three years | |
RSU [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 148,005 | 131,630 |
Weighted average grant date fair value | $ 17.28 | $ 18.67 |
RSU [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 1,668 | 1,548 |
Weighted average grant date fair value | $ 20.65 | $ 22.25 |
Number of months after the termination of service, RSUs delivered to non-employee directors | 6 months | |
Non-cash compensation expense | $ 34,500 | $ 34,500 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period for incentive plans | 3 years | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period for incentive plans | 5 years |
Stock Plans and Other Incenti44
Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding at beginning of period, Options | 245,000 | 530,000 |
Granted, Options | 0 | 0 |
Exercised, Options | (252,500) | |
Forfeited/cancelled/expired, Options | 0 | 0 |
Outstanding at end of period, Options | 245,000 | 277,500 |
Options exercisable at end of period, Options | 237,000 | 265,500 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 8.88 | $ 9.64 |
Granted, Weighted-Average Exercise Price | 0 | 0 |
Exercised, Weighted-Average Exercise Price | (10.40) | |
Forfeited/cancelled/expired, Weighted-Average Exercise Price | 0 | 0 |
Outstanding at end of period, Weighted-Average Exercise Price | 8.88 | 8.96 |
Options exercisable at end of period, Weighted-Average Exercise Price | $ 8.56 | $ 8.52 |
Stock Plans and Other Incenti45
Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period | 318,412 | 281,320 |
Granted | 149,673 | 133,178 |
Common stock delivered | (101,127) | (88,543) |
Forfeited | (2,212) | (2,810) |
Outstanding at end of period | 364,476 | 323,145 |
Intrinsic value | $ 7,818,000 | $ 5,784,000 |
Stock Plans and Other Incenti46
Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Closing stock price | $ 21.45 | $ 17.90 |
Earnings Per Common Share - Det
Earnings Per Common Share - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net (loss) income for basic calculation | $ (352,101) | $ 534,742 |
Adjustments to net income for the impact of dilutive securities | 0 | 0 |
Net (loss) income for dilution calculation | $ (352,101) | $ 534,742 |
Denominator: | ||
Weighted average common shares - basic | 11,527,521 | 11,447,309 |
Effect of dilutive securities: | ||
RSUs | 135,689 | |
Stock options | 193,377 | |
Weighted average common shares - diluted | 11,527,521 | 11,776,375 |
Net (loss) income per common share: | ||
Basic | $ (0.03) | $ 0.05 |
Diluted | $ (0.03) | $ 0.05 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Debt outstanding | $ 0 | $ 0 |