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 | |
Trading Symbol | PFSW | |
Entity Registrant Name | PFSWEB INC | |
Entity Central Index Key | 1,095,315 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,147,369 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 16,646 | $ 19,078 |
Restricted cash | 214 | 214 |
Accounts receivable, net of allowance for doubtful accounts of $375 and $373 at March 31, 2018 and December 31, 2017, respectively | 50,004 | 72,062 |
Inventories, net of reserves of $250 and $342 at March 31, 2018 and December 31, 2017, respectively | 6,660 | 5,326 |
Other receivables | 4,754 | 5,366 |
Prepaid expenses and other current assets | 6,893 | 6,633 |
Total current assets | 85,171 | 108,679 |
PROPERTY AND EQUIPMENT: | ||
Cost | 116,953 | 120,403 |
Less: accumulated depreciation | (93,833) | (96,225) |
PROPERTY AND EQUIPMENT | 23,120 | 24,178 |
IDENTIFIABLE INTANGIBLES, net | 2,956 | 3,371 |
GOODWILL | 45,961 | 45,698 |
OTHER ASSETS | 3,742 | 3,861 |
Total assets | 160,950 | 185,787 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 32,038 | 45,070 |
Accrued expenses | 24,388 | 29,074 |
Current portion of long-term debt and capital lease obligations | 6,017 | 9,460 |
Deferred revenues | 5,969 | 7,405 |
Performance-based contingent payments | 4,000 | 3,967 |
Total current liabilities | 72,412 | 94,976 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion | 36,685 | 37,866 |
DEFERRED REVENUES, less current portion | 2,846 | 4,034 |
DEFERRED RENT | 5,263 | 5,464 |
OTHER LIABILITIES | 2,045 | 2,150 |
Total liabilities | 119,251 | 144,490 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued or outstanding | ||
Common stock, $0.001 par value; 35,000,000 shares authorized; 19,154,332 and 19,058,685 shares issued at March 31, 2018 and December 31, 2017, respectively; and 19,120,865 and 19,025,218 outstanding at March 31, 2018 and December 31, 2017, respectively | 19 | 19 |
Additional paid-in capital | 151,032 | 150,614 |
Accumulated deficit | (109,754) | (109,281) |
Accumulated other comprehensive income | 527 | 70 |
Treasury stock at cost, 33,467 shares | (125) | (125) |
Total shareholders’ equity | 41,699 | 41,297 |
Total liabilities and shareholders’ equity | $ 160,950 | $ 185,787 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 375 | $ 373 |
Inventories reserves | $ 250 | $ 342 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 19,154,332 | 19,058,685 |
Common stock, shares outstanding | 19,120,865 | 19,025,218 |
Treasury stock, shares | 33,467 | 33,467 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
REVENUES: | ||
Service fee revenue | $ 56,487 | $ 57,265 |
Product revenue, net | 9,765 | 11,318 |
Pass-through revenue | 12,169 | 10,185 |
Total revenues | 78,421 | 78,768 |
COSTS OF REVENUES: | ||
Cost of service fee revenue | 35,608 | 39,584 |
Cost of product revenue | 9,316 | 10,725 |
Cost of pass-through revenue | 12,169 | 10,185 |
Total costs of revenues | 57,093 | 60,494 |
Gross profit | 21,328 | 18,274 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 20,659 | 21,718 |
Income (loss) from operations | 669 | (3,444) |
INTEREST EXPENSE, net | 605 | 637 |
Income (loss) before income taxes | 64 | (4,081) |
INCOME TAX EXPENSE, net | 813 | 775 |
NET LOSS | $ (749) | $ (4,856) |
NET LOSS PER SHARE: | ||
Basic | $ (0.04) | $ (0.26) |
Diluted | $ (0.04) | $ (0.26) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||
Basic | 19,145 | 18,736 |
Diluted | 19,145 | 18,736 |
COMPREHENSIVE LOSS: | ||
Net loss | $ (749) | $ (4,856) |
Foreign currency translation adjustment | 457 | 296 |
TOTAL COMPREHENSIVE LOSS | $ (292) | $ (4,560) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (749) | $ (4,856) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,978 | 3,907 |
Amortization of debt issuance costs | 37 | 37 |
Provision for doubtful accounts | (9) | |
Provision for excess and obsolete inventory | 59 | 20 |
Loss on disposal of fixed assets | 27 | |
Deferred income taxes | (33) | 175 |
Stock-based compensation expense | 646 | 524 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 22,480 | 19,739 |
Inventories | (1,390) | (1,433) |
Prepaid expenses, other receivables and other assets | 490 | 1,779 |
Deferred rent | (198) | (162) |
Accounts payable, deferred revenues, accrued expenses and other liabilities | (18,335) | (19,812) |
Net cash provided by (used in) operating activities | 6,012 | (91) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (927) | (666) |
Proceeds from sale of property and equipment | 54 | |
Net cash used in investing activities | (873) | (666) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock | 59 | 2 |
Taxes paid on behalf of employees for withheld shares | (287) | |
Payments on capital lease obligations, net | (531) | (892) |
Payments on term loan | (750) | (563) |
Payments on revolving loan | (32,133) | (28,346) |
Borrowings on revolving loan | 28,099 | 22,021 |
Payments on other debt | (2,205) | (589) |
Net cash used in financing activities | (7,748) | (8,367) |
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 177 | 339 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (2,432) | (8,785) |
Cash and cash equivalents, beginning of period | 19,078 | 24,425 |
Restricted cash, beginning of period | 214 | 215 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 19,292 | 24,640 |
Cash and cash equivalents, end of period | 16,646 | 15,640 |
Restricted cash, end of period | 214 | 215 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 16,860 | 15,855 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for income taxes | 157 | 47 |
Cash paid for interest | 491 | 561 |
Non-cash investing and financing activities: | ||
Property and equipment acquired under long-term debt and capital leases | $ 894 | $ 769 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of PFSweb, Inc. and its subsidiaries (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), . Certain information and note disclosures normally included in annual financial statements prepared in accordance with |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies For a complete set of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Changes in significant accounting policies during the three months ended March 31, 2018 are described below. Revenue and Cost Recognition We derive revenue primarily from services provided under contractual arrangements with our clients or from the sale of products under our distributor agreements. The majority of our revenue is derived from contracts and projects that can span from a few months to three to five years. Revenue is recognized when (or as) we satisfy performance obligations by transferring a promised good or service, an asset, to a client or customer. An asset is transferred to a client or customer when, or as, the client or customer obtains control over that asset. The transaction price includes fixed and, in certain contracts, variable consideration. Variable consideration contained within our contracts includes discounts, rebates, incentives, penalties and other similar items. When a contract includes variable consideration, we estimate the variable consideration to determine whether any of it needs to be constrained. We include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We estimate variable consideration and constraints based on our review of the contract terms and conditions. Variable consideration and constraint amounts are the most likely amounts based on our history with the customer. If no history is available, then we will book the most likely amount based on the range of possible consideration amounts. Variable consideration was not significant for the three-month period ended March 31, 2018 or any other reporting period presented. Variable consideration and constraints are updated at each reporting date. We evaluate our contractual arrangements to determine whether or not they include multiple performance obligations. Revenue recognition is determined for each distinct performance obligation of the contract in accordance with Accounting Standard Codification (“ASC”) 606 (“ASC 606”). We allocate revenue to each performance obligation based on the transaction price which is the total amount of consideration to which we will be entitled to under the contract. Incremental contract costs (such as sales commissions) are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. When losses are expected to be incurred on a contract, we recognize the entire anticipated loss in the accounting period when the loss becomes evident to the extent the project has been completed. The loss is recognized when the current estimate of the consideration we expect to receive, modified to include unconstrained variable consideration instead of constrained variable consideration, is less than the current estimate of total costs for the contract. We did not recognize any significant contract losses, and we did not have any significant incremental contract costs that needed to be capitalized in the three months ended March 31, 2018. Service Fee Revenue Our service fee revenue includes activities that relate to our PFS Operations and Live Area Professional Services business units. PFS Operations primarily includes distribution, customer care, order management and payment services. Live Area Professional Services primarily includes commerce and digital experience strategy consulting, creative website design and marketing support, and technology platform integration services. We typically charge our service fee revenue on either a time and materials, fixed price, cost-plus, a percent of shipped revenue, or retainer basis for our professional services, or a per transaction basis, such as a per item basis for fulfillment services or a per labor hour basis for web-enabled customer contact center services. Additional fees are billed for other services. Distribution services relate primarily to inventory management, product receiving, warehousing and fulfillment (i.e., picking, packing and shipping product on our clients’ behalf). Order management and customer care services relate primarily to taking customer orders for our clients’ products via various channels such as telephone call-center, electronic or facsimile. These services also entail addressing customer questions related to orders, as well as merchandising activities. These performance obligations typically include related set-up and integration services in preparation of performing such activities. Professional services relate primarily to design, implementation and support of eCommerce platforms, website solutions and quality control for our clients. Additionally, the Company provides digital agency services that enable client marketing programs to attract new customers, convert buyers and increase website value. We recognize revenue as services are rendered and costs as they are incurred. We perform front-end set-up and integration services to support client eCommerce platforms and websites. These front-end set-up and integration services do not meet the criteria for recognition as a separate performance obligation, and as such, we recognize them with other design work, typically through time and material arrangements. We recognize revenue as services are rendered and costs as they are incurred. Most of our fixed price, professional services contracts require the customer to pay us for all costs plus a margin for work performed up until termination date, regardless of which party terminates. For these contracts, revenue is recognized based on input methods, generally hours expended. The input method measures progress toward the satisfaction of the performance obligation by multiplying the transaction price of the performance obligation by the percentage of hours incurred to total estimated hours as of the balance sheet date after giving effect to the most current estimates. If reasonable and reliable costs estimates cannot be made, we recognize revenue when the uncertainty is resolved or at completion of the project. Our billings for reimbursement of out-of-pocket expenses, including travel and certain third-party vendor expenses such as shipping and handling costs and telecommunication charges, are included in pass-through revenue. The related reimbursable costs are reflected as cost of pass-through revenue. Product Revenue Depending on the terms of the customer arrangement, product revenue and product cost is recognized at the point the customer gains control of the asset. The specific point in time when control transfers depends on the contract with the customer. We permit our customers to return product. Product revenue is reported net of estimated returns and allowances, which are estimated based upon historical return information. Management also considers any other current information and trends in making estimates. In instances where revenue is derived from product sales from a third-party, we record revenue on a gross basis when we are a principal to the transaction and net of costs when we are acting as an agent between the customer or client and the vendor. We consider several factors to determine whether we are a principal or an agent, most notably whether we are the primary obligor to the vendor or customer, have established our own pricing and have inventory and credit risks, if applicable. Impact of Recently Issued Accounting Standards Pronouncements Recently Adopted In May 2014, the FASB issued ASC 606, “Revenue from Contracts with Customers”, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, provides companies with a single revenue recognition model for recognizing revenue from contracts with clients and customers and significantly expands the disclosure requirements for revenue arrangements. The new standard, as amended, became effective for the Company for interim and annual reporting periods beginning on January 1, 2018. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application with disclosure of results under the new and old standards for the first year of adoption. On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method applied to the contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, “Revenue Recognition”. Practical expedients The standard allows entities to use several practical expedients. The standard requires public entities to disclose their use of practical expedients — the practical expedient associated with the determination of whether a significant financing component exists and the expedient for recording an immediate expense for certain incremental costs of obtaining a contract with a client or customer. Contracts of less than a year with a financing component will be expensed in that period as a practical expedient. Our current contracts do not have a financing component. Commissions on contracts of less than one year will be expensed as a practical expedient. Commissions will be capitalized on contracts over one year. As of March 31, 2018, our commission structure did not include commissions in excess of one year. We have elected the practical expedient to exclude from our disclosure contracts that involve projects with variable consideration, and contracts of one year or less. We also present our revenues net of tax as a practical expedient. We recorded a net increase to opening retained earnings of $0.3 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to our adjustments to deferred revenues and costs. We recorded a reduction of $0.7 million to deferred revenue, a reduction of $0.4 million to deferred costs, and a contract liability of $0.1 million. The impact of applying ASC 606 for the three months ended March 31, 2018 was a decrease of $0.1 million to revenues and a decrease of $0.1 million In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force” In November 2016, the FASB issued an ASU No. 2016-18, “ Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. the three-month period ended March 31, 2018 the Company’s consolidated financial statements In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” In May 2017, the FASB issued ASU No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting” In March 2018, the FASB issued ASU 2018-05, “ Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” . Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial statements, but does expect the adoption to have a material impact to the balance sheet through the addition of an ROU asset and corresponding lease liability. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill impairment” |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the client or customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our performance obligations can be separated as PFS Operations, which includes distribution, customer care, order management and payment services, and Live Area Professional Services, which includes commerce strategy consulting, creative design and marketing support, and technology platform integration services. For contracts with multiple performance obligations, we base transaction price to each performance obligation using the most likely sales amount for the distinct good or service in the contract. The primary method used to calculate the most likely sales amount is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. Implementation services related to setup costs for PFS Operations are not distinct within the context of the contract because of the inter-dependence of the integrating services with other services promised in the contract into a bundle of services that represent the combined output for which the customer has contracted. Therefore, these are not separate performance obligations. These implementation revenues and costs are amortized from one month after go live through the end of the contract period. Transaction based fees are generally charged monthly based on volume and contract price. Substantially all of our professional services are satisfied over time, as the clients or customers simultaneously receive and consume the benefits provided by our service as we perform. Substantially all of our Operations Services, including Product Revenue, are recognized at a point in time, with the exception of initial integration services, which are deferred. The transaction price for each performance obligation is based on the consideration specified in the contract with the client or customer and contains fixed and/or variable consideration. Additionally, Remaining performance obligations represent the transaction price of firm orders for which work has not been performed. As of March 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $43.8 million. The Company expects to recognize revenue on approximately 35% of the remaining performance obligations in 2018, 64% through 2019, and the remaining recognized thereafter. Contract Estimates A number of factors relating to our business affect the recognition of contract revenue. We typically structure our professional services contract pricing as time and materials, fixed-price or a cost plus fixed fee. We believe that our operating results should be evaluated over a time period during which major contracts are in progress, and change orders, cost recoveries and other claims are negotiated and realized. For fixed-price arrangements, we typically recognize revenue based on the input method, generally hours expended over time proportionately, based on actual hours to budgeted hours during the period, provided reliable cost estimates for a project can made. We use this method because we consider effort incurred to date to be the best available measure of progress on contract in progress. If we cannot reasonably estimate project costs or margin, we recognize revenue as costs are incurred as our contracts contain an enforceable right to payment for performance completed to date. Provisions for estimated losses on uncompleted contracts, if any, are made in the period in which such losses are determined. The loss is recognized, to the extent the loss has been incurred, based on actual hours incurred versus budgeted hours. We did not recognize any significant contract losses for the three months ended March 31, 2018. Contract modifications are routine in the performance of our contracts. Change orders that result from modification of an original contract are taken into consideration for revenue recognition when they result in a change of total contract value and are approved by our clients. In most instances, contract modifications are for services that are not distinct, and therefore, are accounted for as part of the existing contract. If the contract has significant scope changes, of non-interrelated and non-interdependent products or services, then it will be viewed as a separate contract and accounted for separately. Contract Assets and Contract Liabilities Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to the receivables when the rights become unconditional. The contract liabilities primarily relate to the advance consideration received from customers for customer contracts. In certain of our arrangements, billing occurs subsequent to revenue recognition, resulting in unbilled accounts receivable. However, the Company sometimes receives advances or deposits from our customers prior to revenue being recognized which results in contract liabilities. The Company’s payment terms vary by the type and location of our customers and the type of services offered. The term between invoicing and when payment is due is generally not significant. Contract balances consisted of the following (in thousands) March 31, January 1, 2018 2018 Accounts Receivable Trade Accounts Receivable, net $ 48,881 $ 70,923 Unbilled Accounts Receivable 1,604 172 Total Accounts Receivable $ 50,485 $ 71,095 Contract Liabilities Accrued Contract Liabilities $ 666 $ 583 Deferred Revenue 8,815 10,697 Total Contract Liabilities $ 9,481 $ 11,280 Changes in contract liabilities during the period was a decrease of $2.5 million in our net contract liabilities from December 31, 2017 to March 31, 2018, primarily due to a decrease of $2.6 million in deferred revenue due to amortization and recognition of revenue in the three months ended March 31, 2018, as well as the impact of the cumulative effect of the adoption of ASC 606. We have no contract assets at March 31, 2018. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits (contract liabilities) on the consolidated balance sheet. These assets/liabilities are reported on the consolidated balance sheet on a contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the three-month period ended March 31, 2018 were not materially impacted by any other factors. PFS Operations revenue is primarily recognized at a point in time, based on the transaction volumes. LiveArea Professional Services revenue is primarily recognized over time, typically based on time and materials. The following table presents our revenues, excluding sales and usage-based taxes, disaggregated by revenue source for the three months ended March 31, 2018 (in thousands): PFS Operations LiveArea Professional Services Total Revenues: Service fee revenue $ 34,922 $ 21,565 $ 56,487 Product revenue, net 9,765 - 9,765 Pass-through revenue 11,800 369 12,169 Total revenues $ 56,487 $ 21,934 $ 78,421 |
Inventory Financing
Inventory Financing | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Inventory Financing | 4. Inventory Financing Supplies Distributors has a short-term credit facility with IBM Credit LLC (“IBM Credit Facility”) to finance its purchase and distribution of products of Ricoh Company Limited and Ricoh USA, Inc., a strategic business unit within the Ricoh Family Group of Companies (collectively hereafter referred to as “Ricoh”), in the United States, providing financing for eligible Ricoh inventory and certain receivables. In January 2018, Supplies Distributors entered into Amendment No. 19 to the IBM Credit Facility. The Amended IBM Credit Facility adjusted the maximum borrowing under the facility from $13.0 million to $11.0 million and lowered the minimum PFS Subordinated Note receivable PFSweb is required to maintain from $2.5 million to $1.0 million. Given the structure of this facility and as outstanding balances, which represent inventory purchases, are repaid within twelve months, the Company has classified the outstanding amounts under this facility, which were $5.1 million |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Capital Lease Obligations | 5. Debt and Capital Lease Obligations Outstanding debt and capital lease obligations consist of the following (in thousands): March 31, December 31, 2018 2017 U.S. Credit Agreement Revolver $ 9,200 $ 13,234 Term loan 26,250 27,000 Equipment loan 3,974 4,205 Debt issuance costs (342 ) (376 ) Master lease agreements 3,498 3,135 Other 122 128 Total 42,702 47,326 Less current portion of long-term debt 6,017 9,460 Long-term debt, less current portion $ 36,685 $ 37,866 U.S. Credit Agreement As of March 31, 2018, the Company had $23.3 million , |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share Basic net loss per common share was computed by dividing net loss by the weighted-average number of common shares outstanding for the reporting period. The below outstanding common stock equivalents were excluded from the calculation of net loss per share because their effect would have been anti-dilutive due to our net loss for the three months ended March 31, 2018 and 2017 (shares in thousands): As of March 31, 2018 2017 Stock options 1,048 1,228 Performance shares and restricted stock units 423 138 Deferred stock units 199 133 Total anti-dilutive stock options, performance shares and deferred stock units 1,670 1,499 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 7. Segment Information Prior to January 1, 2018, the Company’s operations were organized into two reportable segments: PFSweb and Business and Retail Connect. In accordance with ASC 280, Segment Reporting (“ASC 280”), an operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. Effective January 1, 2018, we changed our organizational structure in an effort to create more effective and efficient operations and to improve client and service focus. In that regard, we revised the information that our chief executive officer and chief financial officer, who are also our Chief Operating Decision Makers, regularly review for purposes of allocating resources and assessing performance. As a result, beginning January 1, 2018, we now report our financial performance based on our new reportable segments. These segments are comprised of strategic businesses that are defined by the service offerings they provide and consist of PFS Operations (which provides client services in relation to the customer physical experience, such as order management (OMS), order fulfillment, customer care and financial services) provides client services in relation to the digital shopping experience of shopping online, such as strategic commerce consulting, strategy, design and digital marketing services and technology services) The CODM evaluates segment performance using business unit direct contribution, which is defined as business unit revenues less costs of fees and direct selling, general and administrative expenses, including depreciation and amortization. Direct contribution does not include any allocated Corporate expenses nor does it include stock-based compensation. The CODM does not routinely review assets by segment. The balance sheet by segment is not prepared and, therefore, we do not present segment assets below. Corporate operations is a non-operating segment that develops and implements strategic initiatives and supports the Company’s operations by centralizing certain administrative functions such as finance, treasury, information technology and human resources. All prior period segment information has been restated to conform to the 2018 presentation. The changes in the reportable segments have no effect on the consolidated balance sheets, statements of operations or cash flows for the periods presented. Subsequent to change in the Company’s operating segments, the Company’s reporting units changed. We now have two The following table discloses segment information for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Revenues: PFS Operations $ 56,487 $ 58,236 LiveArea Professional Services 21,934 20,532 Eliminations - - Total revenues $ 78,421 $ 78,768 Business unit direct contribution: PFS Operations $ 6,333 $ 5,405 LiveArea Professional Services 2,968 2,331 Total business unit direct contribution $ 9,301 $ 7,736 Unallocated corporate expenses (8,632 ) (11,180 ) Income (loss) from operations $ 669 $ (3,444 ) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company received municipal tax abatements in certain locations. In prior years, the Company received notice from a municipality that it did not satisfy certain criteria necessary to maintain the abatements and that the municipal authority planned to make an adjustment to the Company’s tax abatement. The Company disputed the adjustment and such dispute has been settled with the municipality. However, the amount of additional property taxes to be assessed against the Company and the timing of the related payments has not been finalized. As of March 31, 2018, the Company believes it has adequately accrued for the expected assessment. |
Significant Accounting Polici14
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of PFSweb, Inc. and its subsidiaries (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), . Certain information and note disclosures normally included in annual financial statements prepared in accordance with |
Revenue and Cost Recognition | Revenue and Cost Recognition We derive revenue primarily from services provided under contractual arrangements with our clients or from the sale of products under our distributor agreements. The majority of our revenue is derived from contracts and projects that can span from a few months to three to five years. Revenue is recognized when (or as) we satisfy performance obligations by transferring a promised good or service, an asset, to a client or customer. An asset is transferred to a client or customer when, or as, the client or customer obtains control over that asset. The transaction price includes fixed and, in certain contracts, variable consideration. Variable consideration contained within our contracts includes discounts, rebates, incentives, penalties and other similar items. When a contract includes variable consideration, we estimate the variable consideration to determine whether any of it needs to be constrained. We include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We estimate variable consideration and constraints based on our review of the contract terms and conditions. Variable consideration and constraint amounts are the most likely amounts based on our history with the customer. If no history is available, then we will book the most likely amount based on the range of possible consideration amounts. Variable consideration was not significant for the three-month period ended March 31, 2018 or any other reporting period presented. Variable consideration and constraints are updated at each reporting date. We evaluate our contractual arrangements to determine whether or not they include multiple performance obligations. Revenue recognition is determined for each distinct performance obligation of the contract in accordance with Accounting Standard Codification (“ASC”) 606 (“ASC 606”). We allocate revenue to each performance obligation based on the transaction price which is the total amount of consideration to which we will be entitled to under the contract. Incremental contract costs (such as sales commissions) are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. When losses are expected to be incurred on a contract, we recognize the entire anticipated loss in the accounting period when the loss becomes evident to the extent the project has been completed. The loss is recognized when the current estimate of the consideration we expect to receive, modified to include unconstrained variable consideration instead of constrained variable consideration, is less than the current estimate of total costs for the contract. We did not recognize any significant contract losses, and we did not have any significant incremental contract costs that needed to be capitalized in the three months ended March 31, 2018. Service Fee Revenue Our service fee revenue includes activities that relate to our PFS Operations and Live Area Professional Services business units. PFS Operations primarily includes distribution, customer care, order management and payment services. Live Area Professional Services primarily includes commerce and digital experience strategy consulting, creative website design and marketing support, and technology platform integration services. We typically charge our service fee revenue on either a time and materials, fixed price, cost-plus, a percent of shipped revenue, or retainer basis for our professional services, or a per transaction basis, such as a per item basis for fulfillment services or a per labor hour basis for web-enabled customer contact center services. Additional fees are billed for other services. Distribution services relate primarily to inventory management, product receiving, warehousing and fulfillment (i.e., picking, packing and shipping product on our clients’ behalf). Order management and customer care services relate primarily to taking customer orders for our clients’ products via various channels such as telephone call-center, electronic or facsimile. These services also entail addressing customer questions related to orders, as well as merchandising activities. These performance obligations typically include related set-up and integration services in preparation of performing such activities. Professional services relate primarily to design, implementation and support of eCommerce platforms, website solutions and quality control for our clients. Additionally, the Company provides digital agency services that enable client marketing programs to attract new customers, convert buyers and increase website value. We recognize revenue as services are rendered and costs as they are incurred. We perform front-end set-up and integration services to support client eCommerce platforms and websites. These front-end set-up and integration services do not meet the criteria for recognition as a separate performance obligation, and as such, we recognize them with other design work, typically through time and material arrangements. We recognize revenue as services are rendered and costs as they are incurred. Most of our fixed price, professional services contracts require the customer to pay us for all costs plus a margin for work performed up until termination date, regardless of which party terminates. For these contracts, revenue is recognized based on input methods, generally hours expended. The input method measures progress toward the satisfaction of the performance obligation by multiplying the transaction price of the performance obligation by the percentage of hours incurred to total estimated hours as of the balance sheet date after giving effect to the most current estimates. If reasonable and reliable costs estimates cannot be made, we recognize revenue when the uncertainty is resolved or at completion of the project. Our billings for reimbursement of out-of-pocket expenses, including travel and certain third-party vendor expenses such as shipping and handling costs and telecommunication charges, are included in pass-through revenue. The related reimbursable costs are reflected as cost of pass-through revenue. Product Revenue Depending on the terms of the customer arrangement, product revenue and product cost is recognized at the point the customer gains control of the asset. The specific point in time when control transfers depends on the contract with the customer. We permit our customers to return product. Product revenue is reported net of estimated returns and allowances, which are estimated based upon historical return information. Management also considers any other current information and trends in making estimates. In instances where revenue is derived from product sales from a third-party, we record revenue on a gross basis when we are a principal to the transaction and net of costs when we are acting as an agent between the customer or client and the vendor. We consider several factors to determine whether we are a principal or an agent, most notably whether we are the primary obligor to the vendor or customer, have established our own pricing and have inventory and credit risks, if applicable. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards Pronouncements Recently Adopted In May 2014, the FASB issued ASC 606, “Revenue from Contracts with Customers”, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, provides companies with a single revenue recognition model for recognizing revenue from contracts with clients and customers and significantly expands the disclosure requirements for revenue arrangements. The new standard, as amended, became effective for the Company for interim and annual reporting periods beginning on January 1, 2018. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application with disclosure of results under the new and old standards for the first year of adoption. On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method applied to the contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, “Revenue Recognition”. Practical expedients The standard allows entities to use several practical expedients. The standard requires public entities to disclose their use of practical expedients — the practical expedient associated with the determination of whether a significant financing component exists and the expedient for recording an immediate expense for certain incremental costs of obtaining a contract with a client or customer. Contracts of less than a year with a financing component will be expensed in that period as a practical expedient. Our current contracts do not have a financing component. Commissions on contracts of less than one year will be expensed as a practical expedient. Commissions will be capitalized on contracts over one year. As of March 31, 2018, our commission structure did not include commissions in excess of one year. We have elected the practical expedient to exclude from our disclosure contracts that involve projects with variable consideration, and contracts of one year or less. We also present our revenues net of tax as a practical expedient. We recorded a net increase to opening retained earnings of $0.3 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to our adjustments to deferred revenues and costs. We recorded a reduction of $0.7 million to deferred revenue, a reduction of $0.4 million to deferred costs, and a contract liability of $0.1 million. The impact of applying ASC 606 for the three months ended March 31, 2018 was a decrease of $0.1 million to revenues and a decrease of $0.1 million In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force” In November 2016, the FASB issued an ASU No. 2016-18, “ Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. the three-month period ended March 31, 2018 the Company’s consolidated financial statements In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” In May 2017, the FASB issued ASU No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting” In March 2018, the FASB issued ASU 2018-05, “ Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” . Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial statements, but does expect the adoption to have a material impact to the balance sheet through the addition of an ROU asset and corresponding lease liability. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill impairment” |
Revenue from Contracts with C15
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Contract Balances | Contract balances consisted of the following (in thousands) March 31, January 1, 2018 2018 Accounts Receivable Trade Accounts Receivable, net $ 48,881 $ 70,923 Unbilled Accounts Receivable 1,604 172 Total Accounts Receivable $ 50,485 $ 71,095 Contract Liabilities Accrued Contract Liabilities $ 666 $ 583 Deferred Revenue 8,815 10,697 Total Contract Liabilities $ 9,481 $ 11,280 |
Summary of Revenues Disaggregated by Revenue Source | PFS Operations revenue is primarily recognized at a point in time, based on the transaction volumes. LiveArea Professional Services revenue is primarily recognized over time, typically based on time and materials. The following table presents our revenues, excluding sales and usage-based taxes, disaggregated by revenue source for the three months ended March 31, 2018 (in thousands): PFS Operations LiveArea Professional Services Total Revenues: Service fee revenue $ 34,922 $ 21,565 $ 56,487 Product revenue, net 9,765 - 9,765 Pass-through revenue 11,800 369 12,169 Total revenues $ 56,487 $ 21,934 $ 78,421 |
Debt and Capital Lease Obliga16
Debt and Capital Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt and Capital Lease Obligations | Outstanding debt and capital lease obligations consist of the following (in thousands): March 31, December 31, 2018 2017 U.S. Credit Agreement Revolver $ 9,200 $ 13,234 Term loan 26,250 27,000 Equipment loan 3,974 4,205 Debt issuance costs (342 ) (376 ) Master lease agreements 3,498 3,135 Other 122 128 Total 42,702 47,326 Less current portion of long-term debt 6,017 9,460 Long-term debt, less current portion $ 36,685 $ 37,866 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Common Stock Excluded from Calculation of Net Loss per Share | The below outstanding common stock equivalents were excluded from the calculation of net loss per share because their effect would have been anti-dilutive due to our net loss for the three months ended March 31, 2018 and 2017 (shares in thousands): As of March 31, 2018 2017 Stock options 1,048 1,228 Performance shares and restricted stock units 423 138 Deferred stock units 199 133 Total anti-dilutive stock options, performance shares and deferred stock units 1,670 1,499 |
Segment and Geographic Informat
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following table discloses segment information for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Revenues: PFS Operations $ 56,487 $ 58,236 LiveArea Professional Services 21,934 20,532 Eliminations - - Total revenues $ 78,421 $ 78,768 Business unit direct contribution: PFS Operations $ 6,333 $ 5,405 LiveArea Professional Services 2,968 2,331 Total business unit direct contribution $ 9,301 $ 7,736 Unallocated corporate expenses (8,632 ) (11,180 ) Income (loss) from operations $ 669 $ (3,444 ) |
Significant Accounting Polici19
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||||
Accumulated deficit | $ (109,754) | $ (109,281) | ||
Deferred revenue | 8,815 | $ 10,697 | ||
Contract liability | $ 9,481 | 11,280 | ||
Revenue, practical expedient, financing component [true/false] | false | |||
Operating profits | $ 669 | $ (3,444) | ||
Accounting Standards Update 2014-09 | ||||
Significant Accounting Policies [Line Items] | ||||
Impact on adoption of accounting standards update | The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application with disclosure of results under the new and old standards for the first year of adoption. | |||
Deferred revenue | $ (700) | |||
Deferred costs | 400 | |||
Contract liability | 100 | |||
Revenues | (100) | |||
Operating profits | $ (100) | |||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
Significant Accounting Policies [Line Items] | ||||
Accumulated deficit | $ 300 | |||
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Project contract period | 3 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Project contract period | 5 years | |||
Amortization period of assets recognized | 1 year |
Revenue from Contracts with C20
Revenue from Contracts with Customers - Additional Information1 (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Percentage of remaining performance obligations revenue expected to be recognized | 35.00% |
Remaining performance obligations period expected to be recognized | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Percentage of remaining performance obligations revenue expected to be recognized | 64.00% |
Remaining performance obligations period expected to be recognized | 1 year |
Revenue from Contracts with C21
Revenue from Contracts with Customers - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Aggregate amount of transaction price allocated to remaining performance obligation | $ 43,800,000 |
Contract assets | 0 |
Accounting Standards Update 2014-09 | |
Disaggregation Of Revenue [Line Items] | |
Changes in net contract liabilities | 2,500,000 |
Decrease in contract liabilities | $ (2,600,000) |
Revenue from Contracts with C22
Revenue from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 |
Accounts Receivable | ||
Trade Accounts Receivable, net | $ 48,881 | $ 70,923 |
Unbilled Accounts Receivable | 1,604 | 172 |
Total Accounts Receivable | 50,485 | 71,095 |
Contract Liabilities | ||
Accrued Contract Liabilities | 666 | 583 |
Deferred revenue | 8,815 | 10,697 |
Total Contract Liabilities | $ 9,481 | $ 11,280 |
Revenue from Contracts with C23
Revenue from Contracts with Customers - Summary of Revenues Disaggregated by Revenue Source (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenues: | |
Disaggregated revenue | $ 78,421 |
PFS Operations | |
Revenues: | |
Disaggregated revenue | 56,487 |
LiveArea Professional Services | |
Revenues: | |
Disaggregated revenue | 21,934 |
Service fee revenue | |
Revenues: | |
Disaggregated revenue | 56,487 |
Service fee revenue | PFS Operations | |
Revenues: | |
Disaggregated revenue | 34,922 |
Service fee revenue | LiveArea Professional Services | |
Revenues: | |
Disaggregated revenue | 21,565 |
Product revenue, net | |
Revenues: | |
Disaggregated revenue | 9,765 |
Product revenue, net | PFS Operations | |
Revenues: | |
Disaggregated revenue | 9,765 |
Pass-through revenue | |
Revenues: | |
Disaggregated revenue | 12,169 |
Pass-through revenue | PFS Operations | |
Revenues: | |
Disaggregated revenue | 11,800 |
Pass-through revenue | LiveArea Professional Services | |
Revenues: | |
Disaggregated revenue | $ 369 |
Inventory Financing - Additiona
Inventory Financing - Additional Information (Details) - Short Term Credit Facility - United States - IBM Credit LLC - Supplies Distributors - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | |
Line Of Credit Facility [Line Items] | |||
Minimum borrowing under facility | $ 11,000,000 | $ 13,000,000 | |
Subordinated note outstanding, minimum limit | $ 1,000,000 | 2,500,000 | |
Outstanding borrowing | $ 5,100,000 | $ 7,100,000 | |
Available credit | $ 2,100,000 | ||
Weighted average interest rate on outstanding borrowings | 5.00% | 4.75% | |
Prime Rate | |||
Line Of Credit Facility [Line Items] | |||
Percentage points added to the reference rate to compute the variable rate on the debt instrument | 0.50% |
Debt and Capital Lease Obliga25
Debt and Capital Lease Obligations - Summary of Outstanding Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Master lease agreements | $ 3,498 | $ 3,135 |
Other | 122 | 128 |
Debt and capital lease obligation | 42,702 | 47,326 |
Current portion of long-term debt and capital lease obligations | 6,017 | 9,460 |
Long-term debt, less current portion | 36,685 | 37,866 |
U.S. Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt issuance costs | (342) | (376) |
U.S. Credit Agreement | Revolver | ||
Debt Instrument [Line Items] | ||
Credit facility | 9,200 | 13,234 |
U.S. Credit Agreement | Term Loan | ||
Debt Instrument [Line Items] | ||
Credit facility | 26,250 | 27,000 |
U.S. Credit Agreement | Equipment Loan | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 3,974 | $ 4,205 |
Debt and Capital Lease Obliga26
Debt and Capital Lease Obligations - U.S. Credit Agreement - Additional Information (Details) - Regions Bank - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Revolving Loan Facility | ||
Line Of Credit Facility [Line Items] | ||
Available credit under credit agreement | $ 23.3 | |
Weighted average interest rate on outstanding borrowings | 5.07% | 4.65% |
Term Loan Facility | ||
Line Of Credit Facility [Line Items] | ||
Weighted average interest rate on outstanding borrowings | 4.43% | 4.05% |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Outstanding Common Stock Excluded from Calculation of Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive stock options, performance shares and deferred stock units | 1,670 | 1,499 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive stock options, performance shares and deferred stock units | 1,048 | 1,228 |
Performance Shares and Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive stock options, performance shares and deferred stock units | 423 | 138 |
Deferred Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive stock options, performance shares and deferred stock units | 199 | 133 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)Segment | Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | ||
Number of reportable segments | Segment | 2 | 2 |
Goodwill impairment | $ | $ 0 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Summary of product revenue by segments | ||
Revenues | $ 78,421 | $ 78,768 |
Business unit direct contribution by segments | ||
Business unit direct contribution | 9,301 | 7,736 |
Unallocated corporate expenses | (8,632) | (11,180) |
Income (loss) from operations | 669 | (3,444) |
Operating Segments | PFS Operations | ||
Summary of product revenue by segments | ||
Revenues | 56,487 | 58,236 |
Business unit direct contribution by segments | ||
Business unit direct contribution | 6,333 | 5,405 |
Operating Segments | LiveArea Professional Services | ||
Summary of product revenue by segments | ||
Revenues | 21,934 | 20,532 |
Business unit direct contribution by segments | ||
Business unit direct contribution | $ 2,968 | $ 2,331 |