Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36331 | ||
Entity Registrant Name | Quotient Technology Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0485123 | ||
Entity Address, Address Line One | 400 Logue Avenue | ||
Entity Address, City or Town | Mountain View | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94043 | ||
City Area Code | 650 | ||
Local Phone Number | 605-4600 | ||
Security12b Title | Common Stock, $0.00001 par value per share | ||
Trading Symbol | QUOT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 625.1 | ||
Entity Common Stock, Shares Outstanding | 92,578,728 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2020. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001115128 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 222,752 | $ 224,764 |
Accounts receivable, net of allowance for credit losses of $2,070 and $2,021 at December 31, 2020 and 2019, respectively | 137,649 | 125,304 |
Prepaid expenses and other current assets | 18,547 | 22,026 |
Total current assets | 378,948 | 372,094 |
Property and equipment, net | 17,268 | 13,704 |
Operating lease right-of-use assets | 16,222 | 7,211 |
Intangible assets, net | 44,898 | 69,752 |
Goodwill | 128,427 | 128,427 |
Other assets | 1,029 | 750 |
Total assets | 586,792 | 591,938 |
Current liabilities: | ||
Accounts payable | 15,959 | 19,116 |
Accrued compensation and benefits | 14,368 | 15,232 |
Other current liabilities | 70,620 | 50,032 |
Deferred revenues | 12,027 | 10,903 |
Contingent consideration related to acquisitions | 8,524 | 27,000 |
Total current liabilities | 121,498 | 122,283 |
Other non-current liabilities | 18,314 | 7,119 |
Contingent consideration related to acquisitions | 20,930 | 9,220 |
Convertible senior notes, net | 177,168 | 166,157 |
Deferred tax liabilities | 1,853 | 1,937 |
Total liabilities | 339,763 | 306,716 |
Commitments and contingencies (Note 15) | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value—10,000,000 shares authorized and no shares issued or outstanding at December 31, 2020 and 2019 | 0 | 0 |
Common stock, $0.00001 par value—250,000,000 shares authorized; 91,743,302 and 89,371,199 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1 | 1 |
Additional paid-in capital | 698,333 | 671,060 |
Accumulated other comprehensive loss | (1,001) | (916) |
Accumulated deficit | (450,304) | (384,923) |
Total stockholders’ equity | 247,029 | 285,222 |
Total liabilities and stockholders’ equity | $ 586,792 | $ 591,938 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,070 | $ 2,021 |
Preferred stock, par value (in USD per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 91,743,302 | 89,371,199 |
Common stock, shares outstanding (in shares) | 91,743,302 | 89,371,199 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 142,529 | $ 121,116 | $ 83,455 | $ 98,787 | $ 118,532 | $ 114,830 | $ 104,691 | $ 98,107 | $ 445,887 | $ 436,160 | $ 386,958 |
Cost of revenues | 92,469 | 73,603 | 50,731 | 61,111 | 72,219 | 70,458 | 64,106 | 56,823 | 277,914 | 263,606 | 206,230 |
Gross margin | 50,060 | 47,513 | 32,724 | 37,676 | 46,313 | 44,372 | 40,585 | 41,284 | 167,973 | 172,554 | 180,728 |
Operating expenses: | |||||||||||
Sales and marketing | 31,124 | 24,555 | 23,814 | 25,034 | 27,541 | 24,310 | 23,870 | 25,523 | 104,527 | 101,244 | 90,086 |
Research and development | 11,358 | 9,744 | 8,621 | 10,593 | 10,771 | 9,236 | 8,699 | 10,370 | 40,316 | 39,076 | 46,873 |
General and administrative | 14,720 | 12,099 | 12,268 | 15,090 | 14,227 | 17,643 | 12,835 | 13,623 | 54,177 | 58,328 | 49,805 |
Change in fair value of escrowed shares and contingent consideration, net | 14,446 | 1,562 | 3,766 | 460 | 519 | 999 | (3,009) | 3,062 | 20,234 | 1,571 | 13,190 |
Total operating expenses | 71,648 | 47,960 | 48,469 | 51,177 | 53,058 | 52,188 | 42,395 | 52,578 | 219,254 | 200,219 | 199,954 |
Loss from operations | (21,588) | (447) | (15,745) | (13,501) | (6,745) | (7,816) | (1,810) | (11,294) | (51,281) | (27,665) | (19,226) |
Interest expense | (3,691) | (3,646) | (3,610) | (3,574) | (3,539) | (3,507) | (3,470) | (3,439) | (14,521) | (13,955) | (13,411) |
Other income, net | 432 | (59) | 187 | 580 | 1,009 | 1,175 | 1,508 | 1,531 | 1,140 | 5,223 | 4,801 |
Loss before income taxes | (24,847) | (4,152) | (19,168) | (16,495) | (9,275) | (10,148) | (3,772) | (13,202) | (64,662) | (36,397) | (27,836) |
Provision for income taxes | 458 | 66 | (35) | 230 | 285 | 215 | 134 | 26 | 719 | 660 | 482 |
Net loss | $ (25,305) | $ (4,218) | $ (19,133) | $ (16,725) | $ (9,560) | $ (10,363) | $ (3,906) | $ (13,228) | $ (65,381) | $ (37,057) | $ (28,318) |
Net loss per share, basic and diluted (in USD per share) | $ (0.28) | $ (0.05) | $ (0.21) | $ (0.19) | $ (0.11) | $ (0.12) | $ (0.04) | $ (0.14) | $ (0.72) | $ (0.41) | $ (0.30) |
Weighted-average number of common shares used in computing net loss per share, basic and diluted (in shares) | 91,300 | 90,585 | 90,112 | 89,638 | 89,123 | 88,789 | 92,558 | 94,263 | 90,412 | 91,163 | 93,676 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (65,381) | $ (37,057) | $ (28,318) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (85) | (72) | (144) |
Comprehensive loss | $ (65,466) | $ (37,129) | $ (28,462) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative-effect of accounting change | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit | Accumulated DeficitCumulative-effect of accounting change |
Beginning balance (in shares) at Dec. 31, 2017 | 93,199,718 | 0 | ||||||
Beginning balance at Dec. 31, 2017 | $ 398,041 | $ 105 | $ 1 | $ 686,025 | $ 0 | $ (700) | $ (287,285) | $ 105 |
Exercise of employee stock options (in shares) | 1,329,361 | 1,329,361 | ||||||
Exercise of employee stock options | $ 4,028 | 4,028 | ||||||
Vesting of restricted stock units (in shares) | 2,287,008 | |||||||
Issuance of common stock, stock purchase plan (in shares) | 323,439 | |||||||
Issuance of common stock, stock purchase plan | 3,467 | 3,467 | ||||||
Payments for taxes related to net share settlement of equity awards (in shares) | (880,262) | |||||||
Payments for taxes related to net share settlement of equity awards | (11,658) | (11,658) | ||||||
Repurchases of common stock (in shares) | 1,264,053 | 1,264,053 | ||||||
Repurchases of common stock | (15,843) | $ (15,843) | ||||||
Retirement of treasury stock | 0 | (9,248) | $ 15,843 | (6,595) | ||||
Retirement of treasury stock (in shares) | (1,264,053) | |||||||
Stock-based compensation | 31,479 | 31,479 | ||||||
Change in fair value of escrowed shares related to a services and data agreement | (1,070) | (1,070) | ||||||
Other comprehensive loss | (144) | (144) | ||||||
Net loss | (28,318) | (28,318) | ||||||
Ending balance (in shares) at Dec. 31, 2018 | 94,995,211 | 0 | ||||||
Ending balance at Dec. 31, 2018 | $ 380,087 | $ 1 | 703,023 | $ 0 | (844) | (322,093) | ||
Exercise of employee stock options (in shares) | 433,762 | 433,762 | ||||||
Exercise of employee stock options | $ 2,337 | 2,337 | ||||||
Vesting of restricted stock units (in shares) | 2,735,184 | |||||||
Issuance of common stock, stock purchase plan (in shares) | 300,949 | |||||||
Issuance of common stock, stock purchase plan | 2,680 | 2,680 | ||||||
Payments for taxes related to net share settlement of equity awards (in shares) | (1,004,914) | |||||||
Payments for taxes related to net share settlement of equity awards | (9,838) | (9,838) | ||||||
Repurchases of common stock (in shares) | 8,088,993 | 8,088,993 | ||||||
Repurchases of common stock | (85,539) | $ (85,539) | ||||||
Retirement of treasury stock | 0 | (59,766) | $ 85,539 | (25,773) | ||||
Retirement of treasury stock (in shares) | (8,088,993) | |||||||
Stock-based compensation | 32,624 | 32,624 | ||||||
Other comprehensive loss | (72) | (72) | ||||||
Net loss | (37,057) | (37,057) | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 89,371,199 | 0 | ||||||
Ending balance at Dec. 31, 2019 | $ 285,222 | $ 1 | 671,060 | $ 0 | (916) | (384,923) | ||
Exercise of employee stock options (in shares) | 331,007 | 331,007 | ||||||
Exercise of employee stock options | $ 2,714 | 2,714 | ||||||
Vesting of restricted stock units (in shares) | 2,293,593 | |||||||
Issuance of common stock for services provided (in shares) | 117,210 | |||||||
Issuance of common stock for services provided | $ 689 | 689 | ||||||
Issuance of common stock, stock purchase plan (in shares) | 1,924,414 | 474,178 | ||||||
Issuance of common stock, stock purchase plan | $ 2,289 | 2,289 | ||||||
Payments for taxes related to net share settlement of equity awards (in shares) | (843,885) | |||||||
Payments for taxes related to net share settlement of equity awards | (7,203) | (7,203) | ||||||
Stock-based compensation | 28,784 | 28,784 | ||||||
Other comprehensive loss | (85) | (85) | ||||||
Net loss | (65,381) | (65,381) | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 91,743,302 | 0 | ||||||
Ending balance at Dec. 31, 2020 | $ 247,029 | $ 1 | $ 698,333 | $ 0 | $ (1,001) | $ (450,304) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (65,381) | $ (37,057) | $ (28,318) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 36,352 | 31,437 | 25,041 |
Stock-based compensation | 28,371 | 32,137 | 31,386 |
Amortization of debt discount and issuance cost | 11,011 | 10,438 | 9,898 |
Restructuring charge related to facility exit costs | 0 | 0 | 1,057 |
Allowance for credit losses | 888 | 1,227 | 509 |
Deferred income taxes | 719 | 660 | 482 |
Change in fair value of escrowed shares and contingent consideration, net | 20,234 | 1,571 | 13,190 |
Impairment of capitalized software development costs | 0 | 3,579 | 0 |
Other non-cash expenses | 3,275 | 2,392 | 207 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (13,232) | (7,142) | (26,032) |
Prepaid expenses and other current assets | 3,164 | (11,145) | (861) |
Accounts payable and other current liabilities | 15,554 | (62) | 6,449 |
Payments for contingent consideration | (15,418) | 0 | (9,700) |
Accrued compensation and benefits | (197) | 1,567 | (1,287) |
Deferred revenues | 1,125 | 2,216 | 27 |
Net cash provided by operating activities | 26,465 | 31,818 | 22,048 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (8,351) | (9,021) | (6,077) |
Purchases of intangible assets | (3,018) | (14,811) | (20,545) |
Acquisitions, net of cash acquired | 0 | (13,730) | (33,661) |
Purchases of short-term investments | 0 | 0 | (75,120) |
Proceeds from maturities of short-term investment | 0 | 20,738 | 114,284 |
Net cash used in investing activities | (11,369) | (16,824) | (21,119) |
Cash flows from financing activities: | |||
Proceeds from issuances of common stock under stock plans | 5,002 | 5,017 | 7,495 |
Payments for taxes related to net share settlement of equity awards | (7,203) | (9,838) | (11,658) |
Repurchases and retirement of common stock under share repurchase program | 0 | (87,097) | (14,285) |
Principal payments on promissory note and finance lease obligations | (391) | (317) | (310) |
Payments of contingent consideration | (14,582) | 0 | (14,800) |
Net cash used in financing activities | (17,174) | (92,235) | (33,558) |
Effect of exchange rates on cash and cash equivalents | 66 | (23) | 22 |
Net decrease in cash and cash equivalents | (2,012) | (77,264) | (32,607) |
Cash and cash equivalents at beginning of period | 224,764 | 302,028 | 334,635 |
Cash and cash equivalents at end of period | 222,752 | 224,764 | 302,028 |
Cash paid for income taxes | |||
Cash paid for income taxes | 220 | 352 | 246 |
Cash paid for interest | 3,510 | 3,517 | 3,655 |
Supplemental disclosures of noncash investing and financing activities | |||
Repurchase of common stock not settled | 0 | 0 | 1,558 |
Intangible asset acquisitions not yet paid | 1,250 | 1,000 | 14,548 |
Fixed asset purchases not yet paid | 1,757 | 783 | 1,253 |
Computer equipment acquired under promissory note | $ 1,107 | $ 0 | $ 0 |
Background
Background | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | Background Description of Business Quotient Technology Inc. (together with its subsidiaries, the “Company”), is an industry leading digital media and promotions company that creates cohesive omnichannel brand-building and sales-driving marketing campaigns for CPGs and retailers throughout the path to purchase. These programs are delivered across the Company’s broad network of digital properties to drive measurable sales results and customer loyalty. The Company's network includes the digital properties of retail partners and CPG customers, social media platforms, third-party properties, its flagship consumer brand Coupons.com properties and DOOH properties. This network provides the Company with proprietary and licensed data, including retailers’ in-store POS shopper data, purchase intent and online behavior, location intelligence, and to deliver more valuable outcomes for CPGs, retailers, and consumers. Customers and partners use Quotient to leverage shopper data, and insights, consumers via digital channels, integrate marketing and merchandising programs, and leverage consumer data and insights to drive measurable sales results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Such management estimates include, but are not limited to, revenue recognition, collectability of accounts receivable, coupon code sales return reserve, valuation of assets acquired and liabilities assumed in a business combination, useful lives of intangible assets, estimates related to recoverability of long-lived assets and goodwill, stock-based compensation, measurement of contingent consideration, restructuring accruals, debt discounts, deferred income tax assets and associated valuation allowances and distribution fee commitments. These estimates generally require judgments, may involve the analysis of historical and prediction of future trends, and are subject to change from period to period. Actual results may differ from the Company’s estimates, and such differences may be material to the accompanying consolidated financial statements. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s advertising business, and adversely impact the Company’s results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. The Company classifies all cash equivalents as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive (loss) income in stockholders’ equity. Realized gains and losses are included in other income (expense), net. Accounts Receivable , Net of Allowance for Credit Losses Trade and other receivables are included in accounts receivables and primarily comprised of trade receivables that are recorded at invoiced amounts, net of an allowance for credit losses and do not bear interest. Other receivables included unbilled receivables related to digital media and promotions advertising contracts with customers. The Company generally does not require collateral and performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. The Company maintains an allowance for credit losses based upon the expected collectability of its accounts receivable. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company reviewed credit profiles of its customers, contractual terms and conditions, current economic trends, reasonable and supportable forecasts of future economic conditions, and historical payment experience. Property and Equipment, net Property and equipment, net, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three years for computer equipment and software and five years for all other asset categories except leasehold improvements, which are amortized over the shorter of the lease term or the expected useful life of the improvements. Internal-Use Software Development Costs For costs incurred for computer software developed or obtained for internal use, the Company begins to capitalize its costs to develop software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. These costs are amortized to cost of revenues over the estimated useful life of the related asset, generally estimated to be three years. Costs related to preliminary project activities and post implementation activities, including training and maintenance are expensed as incurred and recorded in research and development expense on the Company’s consolidated statements of operations. Leases The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company has elected the practical expedient not to recognize ROU assets and lease liabilities for short-term leases with terms of twelve months or less. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the rate implicit in each lease is not readily determinable, the Company uses an incremental borrowing rate to determine the present value of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company accounts for lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. Operating ROU assets and lease liabilities are included on the Company’s consolidated balance sheet. Operating ROU assets are included as operating lease right-of-use assets. The current portion of the operating lease liabilities is included in other current liabilities and the long-term portion is included in other non-current liabilities on the Company’s consolidated balance sheet . Business Combinations The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. Under the acquisition method of accounting, the total consideration is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the consideration transferred over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Acquisition related costs are not considered part of the consideration, and are expensed as general and administrative expense as incurred. Contingent consideration, if any, is measured at fair value initially on the acquisition date as well as subsequently at the end of each reporting period, typically based on the expected achievement of certain financial metrics, until, the assessment period is over and it is finally settled. Goodwill and Intangible Assets Intangible assets with a finite life are amortized over their estimated useful lives. Goodwill is not subject to amortization but is tested for impairment at least annually, and more frequently upon the occurrence of certain events that may indicate that the carrying value of goodwill may not be recoverable. The Company completes its annual impairment test during the fourth quarter of each year, at the reporting unit level, which is at the company level as a whole, since the Company operates in one single reporting segment. There was no impairment of goodwill for the years ended December 31, 2020, 2019 and 2018. Long-Lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company evaluates intangible assets for potential impairment indicators at least quarterly and more frequently upon the occurrence of events that could impact prior conclusions. Judgment regarding the existence of impairment indicators is based on market conditions and as well as the operational performance of its businesses. Additionally, future events could cause the Company to conclude that impairment indicators exist, and therefore long-lived assets could be impaired. The Company considers the following to be some examples of indicators that may trigger an impairment review: (i) actual undiscounted cash flows significantly below historical or projected future undiscounted cash flows for the associated assets; (ii) significant changes in the manner or use of the assets or in our overall strategy with respect to the manner or use of the acquired assets or changes in its overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; and (v) a significant decline in its stock price for a sustained period of time. Once the Company determines that a potential impairment indicator exists, it performs the test for recoverability by comparing the estimated future undiscounted cash flows associated with the intangible assets with the intangible asset’s carrying amount. Where the carrying value of the intangible asset exceeds the future undiscounted cash flows associated with the intangible assets, it is determined that the value of those intangible assets cannot be recovered. For an intangible asset failing the recoverability test, an impairment charge is recorded for the difference between the carrying value and the estimated fair value. The key assumptions used in the Company's estimates of projected cash flow of its intangible assets deal largely with forecasts of sales levels, gross margins, and operating costs. These forecasts are typically based on historical trends and take into account recent developments as well as its plans and intentions. Any material change in the Company's assumptions could significantly impact projected future cash flows of the intangible assets and these factors are considered in evaluating impairment. Other factors, such as increased competition or a decrease in the desirability of our products, could lead to lower projected sales levels, which would adversely impact cash flows. A significant decrease in cash flows in the future could result in an impairment of long-lived assets. There was no material impairment of intangible assets for the years ended December 31, 2020 2019 and 2018. Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued compensation and benefits, and other current liabilities, approximate fair value due to their short-term nature. The Company records money market funds, short-term investments and contingent consideration at fair value. See Note 3 (Fair Value Measurements) . Convertible Senior Notes In November 2017, the Company issued $200.0 million aggregate principal amount of 1.75% convertible senior notes due 2022 (the “notes”). In accounting for the issuance of the notes, the Company separated the notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes as a whole. This difference represents a debt discount that is amortized to interest expense over the terms of the notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the notes, the Company allocated the total amount incurred to the liability and equity components. Issuance costs attributable to the liability components are being amortized to expense over the contractual term of the notes, and issuance costs attributable to the equity component were netted with the equity component in additional paid-in capital. Revenue Recognition The Company primarily generates revenue by providing digital media and promotions solutions to its customers and partners. Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation The Company provides digital promotions, including digital coupons, and/or media programs to its customers which consists of CPG customers, retail partners and advertising agencies whereby it uses its proprietary technology platforms to create, target, deliver and analyze these programs. The Company typically generates revenue from its customers through the use of these programs on a cost-per-click, cost-per-impression, or cost-per-acquisition basis. Programs usually include a limit on the number of clicks and/or impressions and are billed monthly. The pricing of digital promotions programs typically includes both promotion setup fees and promotion campaign fees. Promotion setup fees are related to the creation of digital promotions and set up of the underlying campaign on Quotient’s proprietary platforms for tracking of the related clicks. The Company recognizes revenues related to promotion setup fees over time, proportionally, on a per click basis, using the number of authorized clicks, per insertion order, commencing on the date of the first click. A click refers to the consumers action of activating a digital promotion through the Company’s proprietary technology platforms by either saving it to a retailer’s loyalty account for automatic digital redemption, or printing it for physical redemption at a retailer. Promotion campaign fees are usually determined on a per click basis. The Company typically recognizes revenues for digital promotion campaign fees as clicks occur. The Company’s media programs enable CPGs and retailers to distribute digital media to promote their brands and products on its retailers' websites, and mobile applications, and through a network of affiliate publishers and non-publisher third parties that display its media offerings on their websites or mobile applications. Pricing for media campaigns is usually determined on a cost-per-impression, cost-per-click or cost-per-acquisition basis. The Company recognizes revenue each time a digital media ad is displayed or each time a user clicks on the media ad displayed on the Company’s websites, mobile applications or on third-party websites. Digital promotion programs also include the Company’s Specialty Retail business, in which specialty stores including clothing, electronics, home improvement and many others offer coupon codes that we distribute. Each time a consumer makes a purchase using a coupon code, delivered through our platform, we earn a distribution fee. The Company usually generates revenues when a consumer makes a purchase using a coupon code from its platform and completion of the order is reported to the Company. In the same period that the Company recognizes revenues for the delivery of coupon codes, it also estimates and records a reserve, based upon historical experience, to provide for end-user cancellations or product returns which may not be reported until a subsequent date. Gross versus Net Revenue Reporting In the normal course of business and through its distribution network, the Company delivers digital media and promotions on retailers’ websites through retailers’ loyalty programs, and on the websites of digital publishers. In these situations, the Company evaluates whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). The Company reports certain digital promotion and media advertising revenues for campaigns placed on third-party owned properties on a gross basis, that is, the amounts billed to its customers are recorded as revenues, and distribution fees paid to retailers or digital publishers are recorded as cost of revenues. The Company is the principal because it controls the digital promotion and media advertising inventory before it is transferred to its customers. The Company’s control is evidenced by its sole ability to monetize the digital coupon and media advertising inventory, being primarily responsible to its customers, having discretion in establishing pricing for the delivery of the digital coupons and media, or a combination of these. In other cases, the Company reports certain digital media advertising revenues on a net basis, that is, the costs for digital advertising inventory and third-party data paid to suppliers are deducted from gross revenues to arrive at net revenues. The Company’s performance obligation in these arrangements is to provide the use of its platforms that enables customers to bid on digital advertising inventory, which is determined based on real-time bidding, use of data and other add-on features in designing and executing their campaigns. The Company charges its customers a platform fee based on a percentage of the digital advertising inventory and data costs purchased through the use of its platforms. The platform fee is not contingent on the results of a digital media advertising campaign. The Company has determined that it’s an agent in these arrangements because it does not have control of the digital advertising inventory before it is transferred to the customer and does not set prices agreed upon within the auction marketplace. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines its best estimate of its standalone selling prices based on its overall pricing objectives, taking into consideration market conditions and other factors, including the value of its contracts and characteristics of targeted customers. Deferred Revenues Deferred revenues primarily relate to cash received or billings to customers associated with promotion setup fees, promotion campaign fees and digital media fees that are expected to be recognized upon click, or delivery of media impressions, which generally occur within the next twelve months. The Company records deferred revenues, including amounts which are refundable, when cash payments are received or become due in advance of the Company satisfying its performance obligations. The increase in the deferred revenue balance for year ended December 31, 2020 is primarily driven by cash payments received or due in advance of satisfying our performance obligations of $30.0 million, partially offset by $28.8 million of recognized revenue. The Company’s payment terms vary by the type and size of its customers. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Disaggregated Revenue The following table presents the Company’s revenues disaggregated by type of services (in thousands). The majority of the Company’s revenue is generated from sales within the United States. Year Ended December 31, 2020 2019 2018 Promotion $ 237,385 $ 246,479 $ 245,493 Media 208,502 189,681 141,465 Total Revenue $ 445,887 $ 436,160 $ 386,958 Practical Expedients and Exemptions The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue for an amount where it has the right to invoice for services performed. Cost of Revenues Cost of revenues consist primarily of distribution fees, personnel costs, depreciation related to data center equipment, and amortization expense related to capitalized internal use software, acquisition related intangible assets and purchased intangible assets, data center costs, third-party service fees including traffic acquisition costs and purchase of third-party data. Distribution fees consist of payments to partners within the Company’s network for their digital coupon publishing services. Personnel costs include salaries, bonuses, stock-based awards and employee benefits and are primarily attributable to individuals maintaining the Company’s data centers and operations, which initiate, sets up and deliver digital coupon media campaigns. Sales Commissions The Company generally incurs and expenses sales commissions upon recognition of revenue for related goods and services, which typically occurs within one year or less. Sales commissions earned related to revenues for initial contracts are commensurate with sales commissions related to renewal contracts. These costs are included in sales and marketing expenses within the consolidated statements of operations. Research and Development Expense The Company expenses the cost of research and development as incurred. Research and development expense consists primarily of personnel and related headcount costs and costs of professional services associated with the ongoing development of the Company’s technology. Stock-Based Compensation The Company accounts for stock-based compensation for all stock-based awards made to employees and directors, including stock options, restricted stock units, performance-based restricted stock units, and employee stock purchase plan using the fair value method. This method requires the Company to measure the stock-based compensation based on the grant-date fair value of the awards and recognize the compensation expense over the requisite service period. The fair values of stock options and shares pursuant to Employee Stock Purchase Plan (“ESPP”) are estimated at the date of grant using the Black-Scholes-Merton option pricing model, which includes assumptions for the dividend yield, expected volatility, risk-free interest rate, and expected life. The fair values of restricted stock and restricted stock units are determined based upon the fair value of the underlying common stock at the date of grant. The Company expenses stock-based compensation using the straight-line method over the vesting term of all awards except for performance-based restricted stock units, which are expensed using the accelerated attribution method. Advertising Expense Advertising costs are expensed when incurred and are included in sales and marketing expense on the accompanying consolidated statements of operations. The Company incurred $2.0 million, $1.6 million and $0.3 million of advertising costs during the years ended December 31, 2020, 2019 and 2018, respectively. Advertising costs consist primarily of online marketing costs, such as sponsored search, advertising on social networking sites, e-mail marketing campaigns, loyalty programs, and affiliate programs. Income Taxes The Company accounts for income taxes in accordance with authoritative guidance, which requires the use of the liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based upon a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty, no benefit is recognized in the consolidated financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company accounts for any applicable interest and penalties as a component of income tax expense. Foreign Currency Foreign currency denominated assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. Dollars using the exchange rates in effect at the balance sheet dates, and income and expenses are translated using average exchange rates during the period. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss, a component of stockholders’ equity. Gains and losses from foreign currency transactions are included in other income (expense), net in the accompanying consolidated statements of operations. Foreign currency transaction gains (losses) were immaterial for all the periods presented in the accompanying consolidated financial statements. Other Comprehensive Income (Loss) Other comprehensive income (loss) consists of foreign currency translation adjustments. Net Income (Loss) per Share The Company’s basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share is computed by giving effect to all potentially dilutive common share equivalents outstanding during the period. The dilutive effect of dilutive common share equivalents is reflected in diluted net income (loss) per share by application of the treasury stock method. Since the Company intends to settle the principal amount of its outstanding convertible senior notes in cash, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The effects of options to purchase common stock, RSUs, certain shares held in escrow, and convertible senior notes are excluded from the computation of diluted net loss per share attributable to common stockholders because their effect is antidilutive. Segments The Company’s chief operating decision maker (“CODM”), who is the Chief Executive Officer, reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. There are no segment managers who are held accountable by the CODM, or anyone else, for operations, operating results, and planning for levels or components below the consolidated unit level. Accordingly, the Company has determined that it operates in one single reporting segment. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. For cash, cash equivalents and short-term investments, the Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. The Company does not require collateral for accounts receivable. Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 on January 1, 2020 and the impact of the adoption was not material to the Company’s condensed consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies an issuer's accounting for convertible debt instruments and its application of the derivatives scope |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for similar assets or liabilities in active or inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 104,964 — — $ 104,964 Total $ 104,964 $ — $ — $ 104,964 Liabilities: Contingent consideration related to acquisitions — — 29,454 29,454 Total $ — $ — $ 29,454 $ 29,454 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 124,303 — — $ 124,303 U.S. Treasury Bills 15,120 — — 15,120 Total $ 139,423 $ — $ — $ 139,423 Liabilities: Contingent consideration related to acquisitions — — 36,220 36,220 Total $ — $ — $ 36,220 $ 36,220 The valuation technique used to measure the fair value of money market funds and U.S. Treasury Bills includes using quoted prices in active markets. The money market funds have a fixed net asset value (NAV) of $1.0. The contingent consideration as of December 31, 2020 and 2019 relates to the acquisition of MLW Squared Inc. (“Ahalogy”), Elevaate Ltd. (“Elevaate”) and Ubimo, Ltd. (“Ubimo”). The fair values of contingent consideration are based on the expected achievement of certain financial metrics as defined under the acquisition agreements and was estimated using an option pricing method with significant inputs that are not observable in the market, thus classified as a Level 3 instrument. The inputs included the expected achievement of certain financial metrics over the contingent consideration period, volatility and discount rate. The fair-value of the contingent consideration is classified as a liability and is re-measured each reporting period. Refer to Note 6 for further details related to the acquisitions. The following table represents the change in the contingent consideration (in thousands): Ubimo Elevaate Ahalogy Crisp Level 3 Level 3 Level 3 Level 3 Total Balance as of December 31, 2017 — — — 18,500 18,500 Addition related to acquisition — 6,121 14,582 — 20,703 Change in fair value during the period — — 8,260 6,000 14,260 Payments made during the period — — — (24,500) (24,500) Balance as of December 31, 2018 — 6,121 22,842 — 28,963 Addition related to acquisition 5,686 — — — 5,686 Change in fair value during the period — (2,587) 4,158 — 1,571 Balance as of December 31, 2019 5,686 3,534 27,000 — 36,220 Change in fair value during the period 15,244 4,990 — — 20,234 Payments made during the period — — (27,000) (27,000) Balance as of December 31, 2020 $ 20,930 $ 8,524 $ — $ — $ 29,454 During the years ended December 31, 2020, 2019, and 2018, the Company recorded a charge of $20.2 million, $1.6 million, and $14.3 million, respectively, for the re-measurement of the fair values of contingent consideration related to acquisitions, as a component of operating expenses in the accompanying consolidated statements of operations. During the year ended December 31, 2020, the Company paid $27.0 million related to Ahalogy’s achievement of financial metrics, and as a result, no liability exists as of December 31, 2020. Out of the total consideration paid, $14.6 million was originally measured and recorded on the acquisition date as part of consideration transferred and $12.4 million was recorded subsequent to the acquisition date through changes in fair value of contingent consideration within the consolidated statements of operations. During the year ended December 31, 2018, the Company paid $24.5 million related to Crisp’s achievement of financial metrics, and as a result, no liability existed as of December 31, 2018. Out of the total consideration paid, $14.8 million was originally measured and recorded on the acquisition date as part of consideration transferred and $9.7 million was recorded subsequent to the acquisition date through changes in fair value of contingent consideration within the consolidated statements of operations. Fair Value Measurements of Other Financial Instruments As of December 31, 2020 and 2019, the fair value of the 1.75% convertible senior notes due 2022 was $196.5 million and $195.4 million, respectively. The fair value was determined based on a quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period. Accordingly, these convertible senior notes are classified within Level 2 in the fair value hierarchy. Refer to Note 9 for additional information related to the Company’s convertible debt. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The summary of activities in the allowance for credit losses is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 2,021 $ 1,200 $ 786 Additions related to acquisitions — 377 32 Provision for expected credit losses 888 1,227 509 Write-offs charged against the allowance (839) (783) (127) Balance at end of period $ 2,070 $ 2,021 $ 1,200 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment consist of the following (in thousands): December 31, 2020 2019 Software $ 47,357 $ 41,876 Computer equipment 23,912 25,773 Leasehold improvements 6,197 5,883 Furniture and fixtures 2,533 2,449 Total 79,999 75,981 Accumulated depreciation and amortization (65,959) (63,543) Projects in process 3,228 1,266 Property and equipment, net $ 17,268 $ 13,704 Depreciation and amortization expense of property and equipment was $7.2 million, $7.5 million and $7.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company capitalized internal use software development costs of $7.5 million, $5.8 million, and $2.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company had $3.4 million, $2.5 million and $1.3 million, respectively, in amortization expense related to internal use software, which is included in property and equipment depreciation and amortization expense and recorded as cost of revenues. The unamortized capitalized internal use software development costs were $8.6 million and $5.8 million as of December 31, 2020 and 2019, respectively and included as part of software costs. Accrued Compensation and Benefits Accrued compensation and benefits consist of the following (in thousands): December 31, 2020 2019 Commissions $ 7,247 $ 5,996 Bonus 3,150 5,997 Payroll and related expenses 3,116 2,533 Vacation 855 706 Accrued compensation and benefits $ 14,368 $ 15,232 Other Current Liabilities Other current liabilities consist of the following (in thousands): December 31, 2020 2019 Distribution fees $ 36,245 $ 20,360 Traffic acquisition cost 9,756 5,278 Operating lease liabilities 3,650 3,168 Prefunded Liability 3,067 5,429 Marketing expenses 2,251 2,164 Liability related to purchased intangible asset 1,250 1,000 Interest payable 282 282 Other 14,119 12,351 Other current liabilities $ 70,620 $ 50,032 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Ubimo On November 19, 2019, the Company acquired all outstanding shares of Ubimo, a leading data and media activation company. The total preliminary acquisition consideration of $20.7 million consisted of $15.0 million in cash and contingent consideration of up to $24.8 million payable in cash with an estimated fair value of $5.7 million as of the acquisition date. The contingent consideration payout is based on Ubimo achieving certain financial metrics between the date of the acquisition through December 31, 2021. The acquisition date fair value was determined using an option pricing model. The fair value of the contingent consideration will be remeasured through earnings every reporting period. Refer to Note 3 for the fair value of contingent consideration at December 31, 2020. Acquisition of Elevaate On October 26, 2018, the Company acquired all the outstanding shares of Elevaate, a sponsored search company for retail partners and CPG brands. The total preliminary acquisition consideration of $13.3 million consisted of $7.2 million in cash and contingent consideration of up to $18.5 million payable in cash with an estimated fair value of $6.1 million as of the acquisition date. The contingent consideration payout is based on Elevaate achieving certain financial metrics between February 1, 2019 through January 31, 2021. Refer to Note 3 for the fair value of contingent consideration at December 31, 2020. Acquisition of SavingStar, Inc. On August 27, 2018, the Company acquired all the outstanding shares of SavingStar, Inc. (“SavingStar”), a digital promotions company with a CRM platform designed to help brands build and track loyalty programs with their consumers. The total preliminary acquisition consideration at closing consisted of $7.5 million in cash. In addition, SavingStar may receive potential contingent consideration of up to $10.6 million payable in all cash, subject to achieving certain financial metrics between closing through February 29, 2020. At the date of acquisition, the contingent consideration’s fair value was determined to be zero using an option pricing model. As of February 29, 2020, the date that the contingent consideration period ended, SavingStar did not achieve certain financial metrics for payout and the fair value was concluded to be zero. Accordingly, the Company determined that no payout was required when the contingent consideration period ended. Acquisition of Ahalogy On June 1, 2018, the Company acquired all the outstanding shares of Ahalogy, an influencer marketing firm that delivers premium content across social media channels for CPG brands. The acquisition enhances the Company’s performance media solutions for CPGs and retailers, adding social media expertise and a roster of influencers. The total preliminary acquisition consideration of $36.4 million consisted of $21.8 million in cash and contingent consideration of up to $30.0 million payable in all cash with an estimated fair value of $14.6 million as of the acquisition date. The contingent consideration payout was based on Ahalogy achieving certain financial metrics between closing through December 31, 2019. The acquisition date fair value of the contingent consideration was determined by using an option pricing model. The fair value of the contingent consideration was remeasured every reporting period. As of December 31, 2019, the date that the contingent consideration period ended, Ahalogy earned the full payout of the contingent consideration by achieving certain financial metrics.The Company paid out $30.0 million during the year ended December 31, 2020, of which $27.0 million related to contingent consideration and $3.0 million related to certain bonuses; and as a result, no liability exists as of December 31, 2020. Of the total $30.0 million that was paid, $14.6 million is classified within financing activity and the remaining $15.4 million is classified within operating activity on the Company’s consolidated statements of cash flows. Each of these acquisitions were accounted for as a business combination. Accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date when control was obtained. The Company expensed all transaction costs in the period in which they were incurred. The Company acquired various intangible assets resulting from these acquisitions, such as, customer relationships, vendor relationships, developed technologies and trade names. The fair value of the customer relationships was determined by using a discounted cash flow model. The fair value of the vendor relationships was determined by using a cost approach. The fair value of developed technologies was determined by using the relief from royalty method or the with-and-without method. The fair value of trade names was determined by using the relief from royalty method. The excess of the consideration paid over the fair value of the net tangible assets and liabilities and identifiable intangible assets acquired is recorded as goodwill. The goodwill arising from the acquisitions are largely attributable to the synergies expected to be realized. None of the goodwill recorded from the acquisitions will be deductible for income tax purposes. For each of these acquisitions, the fair value of the consideration transferred and the assets acquired and liabilities assumed was determined by the Company and in doing so management engaged a third-party valuation specialist to measure the fair value of identifiable intangible assets and obligations related to deferred revenue and contingent consideration. The estimated fair value of the identifiable assets acquired and liabilities assumed in the relevant acquisition is based on management’s best estimates. The following table summarizes the consideration paid for each acquisition and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Net Identifiable Goodwill Goodwill Acquisition Ubimo $ 20,740 $ 384 $ 10,750 $ 9,606 Not Deductible $ 579 Elevaate $ 13,346 $ (60) $ 3,781 $ 9,625 Not Deductible $ 549 SavingStar $ 7,485 $ (1,126) $ 2,577 $ 6,034 Not Deductible $ 556 Ahalogy $ 36,432 $ 2,196 $ 11,580 $ 22,656 Not Deductible $ 684 $ 78,003 $ 1,394 $ 28,688 $ 47,921 $ 2,368 (1) Expensed as general and administrative The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions: (in thousands): Ubimo Estimated Elevaate Estimated SavingStar Estimated Ahalogy Estimated Developed technologies $ 7,100 4.0 $ 3,307 5.0 $ 1,476 3.0 $ 3,100 4.0 Customer relationships 3,400 2.0 379 5.0 1,040 3.0 6,210 6.0 Trade names 250 4.0 95 3.0 61 1.5 650 4.0 Vendor relationships — — — — — — 1,620 2.0 Total identifiable $ 10,750 $ 3,781 $ 2,577 $ 11,580 The financial results of the acquired companies are included in the Company’s consolidated statements of operations from their respective acquisition dates and were insignificant to the Company’s operating results. The pro forma impact of these acquisitions on consolidated revenues, income (loss) from operations and net loss was not material. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill: Goodwill represents the excess of the consideration paid over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The changes in the carrying value of goodwill are as follows (in thousands): Goodwill Balance as of December 31, 2018 $ 118,821 Acquisition of Ubimo 9,606 Balance as of December 31, 2019 128,427 Acquisitions — Balance as of December 31, 2020 $ 128,427 Intangible Assets: The following table summarizes the gross carrying amount and accumulated amortization for the intangible assets (in thousands): December 31, 2020 Gross Accumulated Net Weighted Media service rights $ 35,934 $ (25,688) $ 10,246 1.4 Promotion service rights 33,566 (17,234) 16,332 1.9 Developed technologies 27,170 (18,511) 8,659 2.5 Customer relationships 22,690 (16,105) 6,585 2.7 Data access rights 10,801 (8,420) 2,381 1.0 Domain names 5,948 (5,596) 352 0.0 Trade names 2,823 (2,546) 277 0.6 Vendor relationships 2,510 (2,510) — 0.0 Patents 975 (909) 66 1.8 Registered users 420 (420) — 0.0 $ 142,837 $ (97,939) $ 44,898 2.0 December 31, 2019 Gross Accumulated Net Weighted Media service rights $ 34,684 $ (16,098) $ 18,586 2.2 Promotion service rights 30,548 (10,682) 19,866 3.6 Developed technologies 27,170 (12,790) 14,380 3.2 Customer relationships 22,690 (12,267) 10,423 3.3 Data access rights 10,801 (6,415) 4,386 2.3 Domain names 5,948 (5,540) 408 0.8 Trade names 2,823 (1,560) 1,263 2.2 Vendor relationships 2,510 (2,172) 338 0.4 Patents 975 (873) 102 2.8 Registered users 420 (420) — 0.0 $ 138,569 $ (68,817) $ 69,752 3.0 As of December 31, 2020 and 2019, the Company has a domain name with a gross value of $0.4 million with an indefinite useful life that is not subject to amortization. Intangible assets subject to amortization are amortized over their useful lives as shown in the table above. Amortization expense related to intangible assets subject to amortization was $29.1 million, $24.0 million and $17.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated future amortization expense related to intangible assets as of December 31, 2020 is as follows (in thousands): Total 2021 $ 25,211 2022 15,193 2023 3,583 2024 559 2025 — Thereafter — Total estimated amortization expense $ 44,546 As of December 31, 2020, the Company performed an analysis of the impact of recent events, including business and market disruption caused by COVID-19, on the fair values of its intangible assets, and determined that an impairment does not exist. However, there can be no assurances that intangible assets will not be impaired in future periods and the Company will continue to monitor the operating results, cash flow forecasts and challenges from declines in current market conditions, as well as impacts of COVID-19 for these intangible assets. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring ChargesThe Company has carried out certain restructuring activities to further drive operational efficiencies and to align its resources with its business strategies. Restructuring charges include facility exit costs related to future contractual lease payments recorded in general and administrative expense on the consolidated statements of operations and severance and benefit costs related to headcount reduction recorded on the consolidated statement of operations based on the impacted employees function. During the years ended December 31, 2020, 2019, and 2018, the Company recognized restructuring expense of $1.5 million, $4.3 million, and $4.4 million, respectively. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations2017 Convertible Senior Notes In November 2017, the Company issued $200.0 million aggregate principal amount of 1.75% convertible senior notes due 2022 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, (the “notes”). The notes are unsecured obligations of the Company and bear interest at a fixed rate of 1.75% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2018. The total net proceeds from the debt offering, after deducting transaction costs, were approximately $193.8 million. The conversion rate for the notes will initially be 57.6037 shares of the Company’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $17.36 per share of common stock, subject to adjustment upon the occurrence of specified events. Holders of the notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2022, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2018 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the notes on each such trading day; (3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after September 1, 2022, holders may convert all or any portion of their notes at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The Company intends to settle the principal amount of the notes with cash. The Company may not redeem the notes prior to December 5, 2020. It may redeem for cash all or any portion of the notes, at its option, on or after December 5, 2020 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than three trading days preceding the date on which it provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the notes. If the Company undergoes a fundamental change prior to the maturity date, holders may require the Company to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In accounting for the issuance of the notes, the Company separated the notes into liability and equity components. The carrying amount of the liability component of $149.3 million was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component of $50.7 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the notes. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the notes at an effective interest rate of 5.8%. The Company allocated the total debt issuance costs incurred of $6.2 million to the liability and equity components of the notes in proportion to the respective values. Issuance costs attributable to the liability component of $4.6 million are being amortized to interest expense using the effective interest method over the contractual terms of the notes. Issuance costs attributable to the equity component of $1.6 million were netted with the equity component in additional paid-in capital. The net carrying amount of the liability component of the notes recorded in convertible senior notes, net on the consolidated balance sheets was as follows (in thousands): December 31, 2020 December 31, 2019 Principal $ 200,000 $ 200,000 Unamortized debt discount (21,046) (31,132) Unamortized debt issuance costs (1,786) (2,711) Net carrying amount of the liability component $ 177,168 $ 166,157 The net carrying amount of the equity component of the notes recorded in additional paid-in capital on the consolidated balance sheets was $49.1 million, net of debt issuance costs of $1.6 million as of December 31, 2020 and 2019. The following table sets forth the interest expense related to the notes recognized in interest expense on the consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Contractual interest expense $ 3,500 $ 3,500 $ 3,500 Amortization of debt discount 10,086 9,518 8,981 Amortization of debt issuance costs 925 921 917 Total interest expense related to the Notes $ 14,511 $ 13,939 $ 13,398 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-based Compensation 2013 Equity Incentive Plan In October 2013, the Company adopted the 2013 Equity Incentive Plan (the “2013 Plan”), which became effective in March 2014 and serves as the successor to the Company’s 2006 Stock Plan (the “2006 Plan”). Pursuant to the 2013 Plan, 4,000,000 shares of common stock were initially reserved for grant, plus (1) any shares that were reserved and available for issuance under the 2006 Plan at the time the 2013 Plan became effective, and (2) any shares that become available upon forfeiture or repurchase by the Company under the 2006 Plan and (3) any shares added to the 2013 Plan pursuant to the next paragraph. Under the 2013 Plan, the Company may grant stock options, stock appreciation rights, restricted stock and restricted stock units ("RSUs"), performance-based stock and units to employees, directors and consultants. The shares available will be increased at the beginning of each year by lesser of (i) 4% of outstanding common stock on the last day of the immediately preceding year, or (ii) such number determined by the Board of Directors and subject to additional restrictions relating to the maximum number of shares issuable pursuant to incentive stock options. Under the 2013 Plan, both the ISOs and NSOs are granted at a price per share not less than 100% of the fair market value on the effective date of the grant. The Board of Directors determines the vesting period for each option award on the grant date, and the options generally expire 10 years from the grant date or such shorter term as may be determined by the Board of Directors. Stock Options The fair value of each option was estimated using Black-Scholes model on the date of grant for the periods presented using the following assumptions: Year Ended December 31, 2020 2019 2018 Expected life (in years) 6.02 6.02 - 6.08 6.02 Risk-free interest rate 0.96% 1.42% - 2.66% 2.66 % Volatility 50 % 50 % 50 % Dividend yield — — — The weighted-average grant-date fair value of options granted was $4.26, $4.33 and $6.59 per share during the years ended December 31, 2020, 2019, and 2018, respectively. Restricted Stock Units and Performance-Based Restricted Stock Units The fair value of RSUs equals the market value of the Company’s common stock on the date of grant. The RSUs are excluded from issued and outstanding shares until they are vested. A summary of the Company’s stock option and RSUs award activity under the Plans is as follows: Options Outstanding RSUs Outstanding Shares Number of Shares Weighted Weighted Aggregate Number of Weighted Balance as of December 31, 2017 4,425,155 7,412,228 $ 10.36 6.09 $ 25,415 5,194,292 12.26 Increase in shares authorized 3,727,989 — — — — — — Options granted (801,000) 801,000 $ 13.10 — — — — Options exercised — (1,329,361) $ 3.03 — $ 13,821 — — Options canceled or expired 261,861 (261,861) $ 11.38 — — — — RSUs and PSUs granted (2,838,879) — — — — 2,838,879 13.12 RSUs released — — — — — (2,287,045) 12.97 RSUs canceled or expired 841,965 — — — — (841,965) 11.99 RSUs vested and withheld for taxes 880,262 — — — — — — Balance as of December 31, 2018 6,497,353 6,622,006 $ 12.12 5.96 $ 9,987 4,904,161 12.48 Increase in shares authorized 3,799,808 — — — — — — Options granted (2,799,855) 2,799,855 $ 8.74 — — — — Options exercised — (433,762) $ 5.39 — $ 2,406 — — Options canceled or expired 387,658 (387,658) $ 11.37 — — — — RSUs granted (4,015,504) — — — — 4,015,504 9.49 RSUs released — — — — — (2,735,184) 11.79 RSUs canceled or expired 1,161,806 — — — — (1,161,806) 11.67 RSUs vested and withheld for taxes 1,004,914 — — — — — — Balance as of December 31, 2019 6,036,180 8,600,441 $ 11.40 5.16 $ 8,811 5,022,675 10.66 Increase in shares authorized 3,574,847 — — — — — — Options granted (1,150,178) 1,150,178 $ 8.95 — — — — Options exercised — (331,007) $ 8.20 — $ 463 — — Options canceled or expired 1,259,391 (1,259,391) $ 11.22 — — — — RSUs granted (3,340,532) — — — — 3,340,532 8.33 RSUs released — — — — — (2,410,803) 10.41 RSUs canceled or expired 1,243,550 — — — — (1,243,550) 10.83 RSUs vested and withheld for taxes 843,885 — — — — — — Balance as of December 31, 2020 8,467,143 8,160,221 $ 11.21 5.03 $ 7,100 4,708,854 9.09 Vested and exercisable as of December 31, 2020 5,978,237 $ 12.13 3.68 $ 4,913 The aggregate intrinsic value disclosed in the table above is based on the difference between the exercise price of the options and the fair value of the Company’s common stock. The aggregate total fair value of shares vested during the years ended December 31, 2020, 2019, and 2018 was $7.5 million, $6.3 million and $6.7 million, respectively. Additional information for options outstanding and exercisable as of December 31, 2020 is as follows: Options Outstanding Options Exercisable Exercise Prices Number of Weighted Average Remaining Contractual Term (Years) Weighted Number of Weighted $3.68 - $7.34 1,675,201 6.42 $ 6.45 900,251 $ 5.68 $8.51 -$8.65 1,658,497 3.08 8.59 1,658,497 8.59 $8.66 - $9.96 2,002,915 7.70 9.22 722,248 9.50 $10.53 - $16.25 2,023,608 3.68 13.81 1,897,241 13.87 $ 25.00 800,000 2.87 $ 25.00 800,000 $ 25.00 8,160,221 5,978,237 Employee Stock Purchase Plan The Company’s Board of Directors adopted the 2013 Employee Stock Purchase Plan (“ESPP”), which became effective in March 2014, pursuant to which 1,200,000 shares of common stock were reserved for future issuance. In addition, ESPP provides for annual increases in the number of shares available for issuance on the first day of each year equal to the least of (i) 0.5% of the outstanding shares of common stock on the last day of the immediately preceding year, (ii) 400,000 shares or (iii) such other amount as may be determined by the Board of Directors. Eligible employees can enroll and elect to contribute up to 15% of their base compensation through payroll withholdings in each offering period, subject to certain limitations. Each offering period is six months in duration. The purchase price of the stock is the lower of 85% of the fair market value on (a) the first day of the offering period or (b) the purchase date. The fair value of the option feature is estimated using the Black-Scholes model for the period presented based on the following assumptions: Year Ended December 31, 2020 2019 2018 Expected life (in years) 0.5 0.5 0.5 Risk-free interest rate 0.12% - 1.59% 1.59% - 2.50% 1.42% - 2.50% Volatility 55% - 60% 35% - 55% 35% - 40% Dividend yield — — — During the year ended December 31, 2020, a total of 1,924,414 shares of common stock were issued under the 2013 Employee Stock Purchase Plan (“ESPP”), since inception of the plan. As of December 31, 2020, a total of 1,675,586 shares are available for issuance under the ESPP. Stock-based Compensation Expense The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Cost of revenues $ 1,743 $ 2,193 $ 2,315 Sales and marketing 5,311 6,812 6,596 Research and development 3,831 4,804 6,137 General and administrative 17,486 18,328 16,338 Total stock-based compensation expense $ 28,371 $ 32,137 $ 31,386 During the years ended December 31, 2020, 2019, and 2018 the Company capitalized stock-based compensation cost of $0.4 million, $0.5 million, and $0.1 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets. As of December 31, 2020, there was $47.9 million unrecognized stock-based compensation expense of which $9.3 million is related to stock options and ESPP and $38.6 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2020 will be amortized over a weighted-average period of 2.57 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2020 will be amortized over a weighted-average period of 2.74 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Amended and Restated Certificate of Incorporation In March 2014, the Company filed an amended and restated certificate of incorporation, which became effective immediately following the completion of the Company’s IPO. Under the restated certificate of incorporation, the authorized capital stock consists of 250,000,000 shares of common stock and 10,000,000 shares of preferred stock. Common Stock . The rights, preferences and privileges of the holders of common stock are subject to the rights of the holders of shares of any series of preferred stock which the Company may issue in the future. Subject to the foregoing, for as long as such stock is outstanding, the holders of common stock are entitled to receive ratably any dividends as may be declared by the Board of Directors out of funds legally available for dividends. Holders of common stock are entitled to one vote per share on any matter to be voted upon by stockholders. The amended and restated certificate of incorporation establishes a classified Board of Directors that is divided into three classes with staggered three years terms. Only the directors in one class will be subject to election at each annual meeting of stockholders, with the directors in other classes continuing for the remainder of their three Preferred Stock . The Board of Directors is authorized to issue undesignated preferred stock in one or more series without stockholder approval and to determine for each such series of preferred stock the voting powers, designations, preferences, and special rights, qualifications, limitations, or restrictions as permitted by law, in each case without further vote of action by the stockholders. The Board of Directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders. The Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of common stock. Amendment . The amendment of the provisions in the restated certificate requires approval by holders of at least 66 2/3% of the Company’s outstanding capital stock entitled to vote generally in the election of directors. Common Stock Repurchases The Board of Directors has approved programs for the Company to repurchase shares of its common stock. In August 2019, the Company’s Board of Directors authorized a one-year share repurchase program (the “August 2019 Program”) for the Company to repurchase up to $50.0 million of its common stock from August 2019 through August 2020. During the year ended December 31, 2020, the Company did not repurchase any shares of its common stock, and the program expired in August 2020. Additionally, in February 2021, the Company’s Board of Directors authorized the 2021 Program for the Company to repurchase up to $50.0 million of its common stock from February 2021 through February 2022. Stock repurchases may be made from time to time in open market transactions or privately negotiated transactions, and the Company may use a plan that is intended to meet the requirements of SEC Rule 10b5-1 to enable stock repurchases to occur during periods when the trading window would otherwise be closed. The Company may suspend, modify or terminate the 2021 Program at any time without prior notice. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the Company’s loss before provision for income taxes were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Domestic $ 44,237 $ 39,102 $ 26,813 Foreign 20,425 (2,705) 1,023 Total $ 64,662 $ 36,397 $ 27,836 The components of the provision for (benefit from) income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 133 $ (14) $ — State 34 219 147 Foreign 642 342 390 Total current income tax expense 809 547 537 Deferred: Federal 93 93 120 State 10 39 102 Foreign (193) (19) (277) Total deferred income tax expense (benefit) (90) 113 (55) Total $ 719 $ 660 $ 482 A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal tax (21.00) % (21.00) % (21.00) % State income tax, net of federal tax benefit 0.07 % 0.70 % 0.91 % Tax credits (0.78) % (2.20) % (4.55) % Stock-based compensation 4.31 % 2.42 % 0.44 % Foreign income taxes at other than U.S. rates (2.15) % (0.92) % (0.85) % Acquisition related costs 0.02 % 0.43 % 1.10 % Contingent consideration related to acquisitions — % 2.35 % 10.90 % 162(m) 1.39 % 3.73 % 1.31 % GILTI Inclusion — % 1.05 % — % Other 0.44 % 1.26 % 1.69 % Tax Cuts and Jobs Act — % — % — % Valuation allowance, net 18.81 % 13.96 % 11.82 % Effective tax rate 1.11 % 1.78 % 1.77 % The Company recorded a provision for income taxes of $0.7 million, $0.7 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The provision for income taxes for the year ended December 31, 2020, 2019 and 2018 was primarily attributable to the impact of the indefinite lived deferred tax liabilities related to tax deductible goodwill, change in the geographical mix of earnings in foreign jurisdictions and state taxes. As a result of meeting certain employment and capital investment actions under Section 10AA of the Indian Income Tax Act, the Company’s Indian subsidiary is wholly exempt from income tax for tax years beginning April 1, 2014 through March 31, 2019 and partially exempt from income tax for tax years beginning April 1, 2019 through March 31, 2024. The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Credits and net operating loss carryforward $ 116,119 $ 107,163 Accrued compensation 280 174 Deferred revenues 271 199 Stock-based compensation 5,638 6,819 Property and equipment 746 79 Purchased intangible assets 4,411 38 Operating lease 4,536 1,969 Other deferred tax assets 1,682 1,056 Total deferred tax assets 133,683 117,497 Valuation allowance (121,927) (107,161) Deferred tax liabilities: Basis difference on purchased intangible assets 2,969 3,308 Operating lease 3,683 1,297 Other deferred tax liabilities 5,157 7,668 Tax deductible goodwill 1,800 — Total deferred tax liabilities 13,609 12,273 Net deferred tax liabilities $ (1,853) $ (1,937) Other deferred tax assets and liabilities are primarily comprised of the tax effects of charitable contributions, allowance for credit losses, and other miscellaneous accruals. As of December 31, 2020 and 2019, the Company had gross deferred tax assets of $133.7 million and $117.5 million, respectively. The Company also had deferred tax liabilities of $13.6 million and $12.3 million as of December 31, 2020 and 2019, respectively. Realization of the deferred tax assets is dependent upon the generation of future taxable income, if any, the amount and timing of which is uncertain. Based on the available objective evidence, and historical operating performance, management believes that it is more likely than not that all U.S. and certain foreign deferred tax assets are not realizable. Accordingly, the net deferred tax assets have been fully offset with a valuation allowance. The net valuation allowance increased by approximately $14.8 million and $11.9 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the Company had federal net operating loss carryforwards of approximately $287.3 million which will begin to expire in the year 2021. The Company had state net and foreign operating loss carryforwards of approximately $277.1 million and $50.2 million, respectively. As of December 31, 2020, the Company has research credit carryforwards for federal income tax purposes of approximately $16.7 million which will begin to expire in the year 2032. The Company also had state net research credit carryforwards for income tax purposes of approximately $19.3 million which can be carried forward indefinitely. The Company also had MAT credit carry forwards for Indian income tax purposes of approximately $0.7 million which will begin to expire in the year 2030. A reconciliation of the gross unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Unrecognized tax benefit - beginning balance $ 8,840 $ 8,217 $ 7,527 Decreases for tax positions taken in prior years — — (242) Increases for tax positions taken in current year 420 623 932 Unrecognized tax benefit - ending balance $ 9,260 $ 8,840 $ 8,217 The unrecognized tax benefits, if recognized, would not impact the Company's effective tax rate as the recognition of these tax benefits would be offset by changes in the Company's valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax benefits over the next twelve months. As of December 31, 2020 and 2019, the Company had no accrued interest or penalties related to uncertain tax positions. Due to the Company’s historical loss position, all tax years from inception through December 31, 2020 remain open due to unutilized net operating losses. The Company files income tax returns in the United States and various states and foreign jurisdictions and is subject to examination by various taxing authorities including major jurisdiction like the United States. As such, all its net operating loss and research credit carryforwards that may be used in future years are subject to adjustment, if and when utilized. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) per Share Net Loss per Share Attributable to Common Stockholders The computation of the Company’s basic and diluted net loss per share is as follows (in thousands, except per share data): Year Ended December 31, 2020 2019 2018 Net loss $ (65,381) $ (37,057) $ (28,318) Weighted-average number of shares used to 90,412 91,163 93,676 Net loss per share, basic and diluted $ (0.72) $ (0.41) $ (0.30) Basic and diluted net loss per share is the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The outstanding common equivalent shares excluded from the computation of the diluted net loss per share for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Stock options and ESPP 8,229 8,642 6,664 Restricted stock units 4,709 5,023 4,904 Shares related to convertible senior notes 11,521 11,521 11,521 24,459 25,186 23,089 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company has entered into operating leases primarily for office facilities. These leases have terms which typically range from 1 year to 5 years, and often include options to renew. These renewal terms can extend the lease term up to 6 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. Effective January 1, 2019, these operating leases are included as right-of-use assets in other assets on the consolidated balance sheets, as a result of the adoption of the new leasing standard as discussed under Note 2 to the consolidated financial statements, and represent the Company’s right to use the underlying asset for the lease term. The present value of the Company’s obligation to make lease payments are included in other current liabilities and other non-current liabilities on the consolidated balance sheets. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized 1) right-of-use assets of $8.5 million, adjusted for deferred rent and lease incentives as of the adoption date, and 2) lease liabilities for operating leases of $11.5 million on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. The Company has entered into short-term leases primarily for office facilities with an initial term of twelve months or less, and a professional sports team suite with a 20-year term, which it uses for sales and marketing purposes. The effective lease term for the professional sports team suite is based on the cumulative days available for use throughout the 20-year contractual term, which is less than twelve months and therefore is classified as a short-term lease. As of December 31, 2020, the Company’s lease commitment of $5.4 million, relating to the professional sports team suite, expires in 2034, and does not reflect short-term lease costs. These leases are not recorded on the Company's consolidated balance sheet due to the accounting policy election as discussed under Note 2 to the consolidated financial statements. All operating lease expense is recognized on a straight-line basis over the lease term. During the year ended December 31, 2020, the Company recognized $5.3 million in total lease costs, which is comprised of $4.4 million in operating lease costs for right-of-use assets and $0.9 million in short-term lease costs related to short-term operating leases. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for office facilities which may contain lease and non-lease components which it has elected to be treated as a single lease component due to the accounting policy election as discussed under Note 2 to the consolidated financial statements. Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for operating lease liabilities $ 3,940 $ 5,581 Right-of-use assets obtained in exchange for lease obligations 12,297 14,287 Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): December 31, 2020 December 31, 2019 Operating right-of-use assets reported as: Operating lease right-of-use assets $ 16,222 $ 7,211 Operating lease liabilities reported as: Other current liabilities $ 3,650 $ 3,168 Other non-current liabilities 15,956 6,692 Total operating lease liabilities $ 19,606 $ 9,860 Weighted average remaining lease term (in years) 7.2 3.9 Weighted average discount rate 5.8 % 7.9 % Maturities of operating lease liabilities were as follows (in thousands): Operating Leases 2021 $ 4,636 2022 3,555 2023 3,459 2024 2,845 2025 2,241 2026 and thereafter 7,967 Total lease payments $ 24,703 Less: Imputed Interest (5,097) Total $ 19,606 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations The Company has unconditional purchase commitments, primarily related to distribution fees, software license fees and marketing services, of $37.8 million as of December 31, 2020. Some of our agreements with retailers include certain prepaid or guaranteed distribution fees which, in some cases, may apply to multiple annual periods. If the adoption and usage of our platforms do not meet projections or minimums, these prepaid or guaranteed distribution fees may not be recoverable and any shortfall may be payable by us at the end of the applicable period. We considered various factors in our assessment including our historical experience with the transaction volumes through the retailer and comparative retailers, ongoing communications with the retailer to increase its marketing efforts to promote the digital platform, as well as the projected revenues, and associated revenue share payments. For example, in 2020, implementation with a retailer of one of the Company’s solutions resulted in slower than expected adoption due to a variety of factors, including the spread of COVID-19 and a dispute related to the retailer's failure to perform certain obligations under the agreement. In light of these factors, the Company was not able to meet the contractual minimum under such arrangement at the end of the applicable period, which was originally scheduled to end in October 2020. In order to resolve a disagreement regarding the parties' respective obligations under the agreement with respect to such applicable period, the Company recognized a loss of $8.8 million to settle such matter. This loss is included in cost of revenues on our consolidated statements of operations. Indemnification In the normal course of business, to facilitate transactions related to the Company’s operations, the Company indemnifies certain parties, including CPGs, advertising agencies and other third parties. The Company has agreed to hold certain parties harmless against losses arising from claims of intellectual property infringement or other liabilities relating to or arising from our products, services or other contractual infringement. The term of these indemnity provisions generally survive termination or expiration of the applicable agreement. To date, the Company has not recorded any liabilities related to these agreements. In accordance with our bylaws and/or pursuant to indemnification agreements entered into with directors, officers and certain employees, we have indemnification obligations to our directors, officers and employees for claims brought against these persons arising out of certain events or occurrences while they are serving at our request in such a capacity. We maintain a director and officer liability insurance coverage to reduce our exposure to such obligations, and payments made under these agreements. To date, there have been no indemnification claims by these directors, officers and employees. We maintain various insurance coverages, subject to policy limits, that enable us to recover a portion of any amounts paid by us in connection with our obligation to indemnify our customers and vendors. However, because our maximum liability associated with such indemnification obligations generally is not stated explicitly in the related agreements, and further because many states prohibit limitations of liability for such indemnified claims, the maximum potential amount of future payments we could be required to make under these indemnification provisions could significantly exceed insurance policy limits. Litigation In the ordinary course of business, the Company may be involved in lawsuits, claims, investigations, and proceedings consisting of intellectual property, commercial, employment, and other matters. The Company records a provision for these claims when it is both probable that a liability has been incurred and the amount of the loss, or a range of the potential loss, can be reasonably estimated. These provisions are reviewed regularly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information or events pertaining to a particular case. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results, or financial condition. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company maintains a defined-contribution plan in United States that is intended to qualify under Section 401(k) of the Internal Revenue Code. The 401(k) plan provides retirement benefits for eligible employees. Eligible employees may elect to contribute to the 401(k) plan. The Company provides a match of up to the lesser of 3% of each employee’s annual salary or $6,000, which vests immediately for employees with tenure of over a year of continuous employment. The Company’s matching contribution expense was $2.2 million, $1.7 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations As of December 31, 2020 and 2019, there was no customer with an accounts receivable balance greater than 10% of total accounts receivable. For the year ended December 31, 2020, there was no customer that accounted for revenues greater than 10% of revenues. For the year ended December 31, 2019, there was one customer that accounted for revenues greater than 10% of total revenues. For the year ended December 31, 2018, there was no customer that accounted for revenues greater than 10% of total revenues. |
Information About Geographic Ar
Information About Geographic Areas | 12 Months Ended |
Dec. 31, 2020 | |
Segments, Geographical Areas [Abstract] | |
Information About Geographic Areas | Information About Geographic AreasRevenues generated outside of the United States were insignificant for all periods presented. Additionally, as the Company’s assets are primarily located in the United States, information regarding geographical location is not presented, as such amounts are immaterial to these consolidated financial statements taken as a whole. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables set forth our quarterly unaudited consolidated statements of operations for each of the eight quarters in the years ended December 31, 2020 and 2019 (in thousands, except per share data): Year Ended December 31, 2020 Year Ended December 31, 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenues $ 142,529 $ 121,116 $ 83,455 $ 98,787 $ 118,532 $ 114,830 $ 104,691 $ 98,107 Cost of revenues 92,469 73,603 50,731 61,111 72,219 70,458 64,106 56,823 Gross margin 50,060 47,513 32,724 37,676 46,313 44,372 40,585 41,284 Operating expenses: Sales and marketing 31,124 24,555 23,814 25,034 27,541 24,310 23,870 25,523 Research and development 11,358 9,744 8,621 10,593 10,771 9,236 8,699 10,370 General and administrative 14,720 12,099 12,268 15,090 14,227 17,643 12,835 13,623 Change in fair value contingent 14,446 1,562 3,766 460 519 999 (3,009) 3,062 Total operating expenses 71,648 47,960 48,469 51,177 53,058 52,188 42,395 52,578 Loss from operations (21,588) (447) (15,745) (13,501) (6,745) (7,816) (1,810) (11,294) Interest expense (3,691) (3,646) (3,610) (3,574) (3,539) (3,507) (3,470) (3,439) Other income (expense), net 432 (59) 187 580 1,009 1,175 1,508 1,531 Loss before income taxes (24,847) (4,152) (19,168) (16,495) (9,275) (10,148) (3,772) (13,202) Provision for (benefit from) 458 66 (35) 230 285 215 134 26 Net loss $ (25,305) $ (4,218) $ (19,133) $ (16,725) $ (9,560) $ (10,363) $ (3,906) $ (13,228) Net loss per share, basic and diluted $ (0.28) $ (0.05) $ (0.21) $ (0.19) $ (0.11) $ (0.12) $ (0.04) $ (0.14) Weighted-average number of 91,300 90,585 90,112 89,638 89,123 88,789 92,558 94,263 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn February 2021, the Company’s Board of Directors authorized the 2021 Program for the Company to repurchase up to $50.0 million of its common stock from February 2021 through February 2022. Stock repurchases may be made from time to time in open market transactions or privately negotiated transactions, and the Company may use a plan that is intended to meet the requirements of SEC Rule 10b5-1 to enable stock repurchases to occur during periods when the trading window would otherwise be closed. The Company may suspend, modify or terminate the 2021 Program at any time without prior notice.In February 2021, the Company entered into an Office Lease (“Lease”) with approximately 25,610 rentable square feet, for office facilities located in Salt Lake City, Utah. The lease term is approximately eight years with total lease payments of $6.7 million over the lease term. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Such management estimates include, but are not limited to, revenue recognition, collectability of accounts receivable, coupon code sales return reserve, valuation of assets acquired and liabilities assumed in a business combination, useful lives of intangible assets, estimates related to recoverability of long-lived assets and goodwill, stock-based compensation, measurement of contingent consideration, restructuring accruals, debt discounts, deferred income tax assets and associated valuation allowances and distribution fee commitments. These estimates generally require judgments, may involve the analysis of historical and prediction of future trends, and are subject to change from period to period. Actual results may differ from the Company’s estimates, and such differences may be material to the accompanying consolidated financial statements. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s advertising business, and adversely impact the Company’s results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. The Company classifies all cash equivalents as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive (loss) income in stockholders’ equity. Realized gains and losses are included in other income (expense), net. |
Accounts Receivable, Net of Allowance for Credit Losses | Accounts Receivable , Net of Allowance for Credit Losses Trade and other receivables are included in accounts receivables and primarily comprised of trade receivables that are recorded at invoiced amounts, net of an allowance for credit losses and do not bear interest. |
Property and Equipment, Net | Property and Equipment, net Property and equipment, net, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three years for computer equipment and software and five years for all other asset categories except leasehold improvements, which are amortized over the shorter of the lease term or the expected useful life of the improvements. |
Internal-Use Software Development Costs | Internal-Use Software Development Costs For costs incurred for computer software developed or obtained for internal use, the Company begins to capitalize its costs to develop software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. These costs are amortized to cost of revenues over the estimated useful life of the related asset, generally estimated to be three years. Costs related to preliminary project activities and post implementation activities, including training and maintenance are expensed as incurred and recorded in research and development expense on the Company’s consolidated statements of operations. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company has elected the practical expedient not to recognize ROU assets and lease liabilities for short-term leases with terms of twelve months or less. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the rate implicit in each lease is not readily determinable, the Company uses an incremental borrowing rate to determine the present value of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company accounts for lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. Operating ROU assets and lease liabilities are included on the Company’s consolidated balance sheet. Operating ROU assets are included as operating lease right-of-use assets. The current portion of the operating lease liabilities is included in other current liabilities and the long-term portion is included in other non-current liabilities on the Company’s consolidated balance sheet . |
Business Combinations | Business Combinations The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. Under the acquisition method of accounting, the total consideration is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the consideration transferred over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Acquisition related costs are not considered part of the consideration, and are expensed as general and administrative expense as incurred. Contingent consideration, if any, is measured at fair value initially on the acquisition date as well as subsequently at the end of each reporting period, typically based on the expected achievement of certain financial metrics, until, the assessment period is over and it is finally settled. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets with a finite life are amortized over their estimated useful lives. Goodwill is not subject to amortization but is tested for impairment at least annually, and more frequently upon the occurrence of certain events that may indicate that the carrying value of goodwill may not be recoverable. The Company completes its annual impairment test during the fourth quarter of each year, at the reporting unit level, which is at the company level as a whole, since the Company operates in one single reporting segment. There was no impairment of goodwill for the years ended December 31, 2020, 2019 and 2018. Long-Lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company evaluates intangible assets for potential impairment indicators at least quarterly and more frequently upon the occurrence of events that could impact prior conclusions. Judgment regarding the existence of impairment indicators is based on market conditions and as well as the operational performance of its businesses. Additionally, future events could cause the Company to conclude that impairment indicators exist, and therefore long-lived assets could be impaired. The Company considers the following to be some examples of indicators that may trigger an impairment review: (i) actual undiscounted cash flows significantly below historical or projected future undiscounted cash flows for the associated assets; (ii) significant changes in the manner or use of the assets or in our overall strategy with respect to the manner or use of the acquired assets or changes in its overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; and (v) a significant decline in its stock price for a sustained period of time. Once the Company determines that a potential impairment indicator exists, it performs the test for recoverability by comparing the estimated future undiscounted cash flows associated with the intangible assets with the intangible asset’s carrying amount. Where the carrying value of the intangible asset exceeds the future undiscounted cash flows associated with the intangible assets, it is determined that the value of those intangible assets cannot be recovered. For an intangible asset failing the recoverability test, an impairment charge is recorded for the difference between the carrying value and the estimated fair value. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued compensation and benefits, and other current liabilities, approximate fair value due to their short-term nature. The Company records money market funds, short-term investments and contingent consideration at fair value. See Note 3 (Fair Value Measurements) . |
Convertible Senior Notes | Convertible Senior Notes In November 2017, the Company issued $200.0 million aggregate principal amount of 1.75% convertible senior notes due 2022 (the “notes”). In accounting for the issuance of the notes, the Company separated the notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes as a whole. This difference represents a debt discount that is amortized to interest expense over the terms of the notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the notes, the Company allocated the total amount incurred to the liability and equity components. Issuance costs attributable to the liability components are being amortized to expense over the contractual term of the notes, and issuance costs attributable to the equity component were netted with the equity component in additional paid-in capital. |
Revenue Recognition | Revenue Recognition The Company primarily generates revenue by providing digital media and promotions solutions to its customers and partners. Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation The Company provides digital promotions, including digital coupons, and/or media programs to its customers which consists of CPG customers, retail partners and advertising agencies whereby it uses its proprietary technology platforms to create, target, deliver and analyze these programs. The Company typically generates revenue from its customers through the use of these programs on a cost-per-click, cost-per-impression, or cost-per-acquisition basis. Programs usually include a limit on the number of clicks and/or impressions and are billed monthly. The pricing of digital promotions programs typically includes both promotion setup fees and promotion campaign fees. Promotion setup fees are related to the creation of digital promotions and set up of the underlying campaign on Quotient’s proprietary platforms for tracking of the related clicks. The Company recognizes revenues related to promotion setup fees over time, proportionally, on a per click basis, using the number of authorized clicks, per insertion order, commencing on the date of the first click. A click refers to the consumers action of activating a digital promotion through the Company’s proprietary technology platforms by either saving it to a retailer’s loyalty account for automatic digital redemption, or printing it for physical redemption at a retailer. Promotion campaign fees are usually determined on a per click basis. The Company typically recognizes revenues for digital promotion campaign fees as clicks occur. The Company’s media programs enable CPGs and retailers to distribute digital media to promote their brands and products on its retailers' websites, and mobile applications, and through a network of affiliate publishers and non-publisher third parties that display its media offerings on their websites or mobile applications. Pricing for media campaigns is usually determined on a cost-per-impression, cost-per-click or cost-per-acquisition basis. The Company recognizes revenue each time a digital media ad is displayed or each time a user clicks on the media ad displayed on the Company’s websites, mobile applications or on third-party websites. Digital promotion programs also include the Company’s Specialty Retail business, in which specialty stores including clothing, electronics, home improvement and many others offer coupon codes that we distribute. Each time a consumer makes a purchase using a coupon code, delivered through our platform, we earn a distribution fee. The Company usually generates revenues when a consumer makes a purchase using a coupon code from its platform and completion of the order is reported to the Company. In the same period that the Company recognizes revenues for the delivery of coupon codes, it also estimates and records a reserve, based upon historical experience, to provide for end-user cancellations or product returns which may not be reported until a subsequent date. Gross versus Net Revenue Reporting In the normal course of business and through its distribution network, the Company delivers digital media and promotions on retailers’ websites through retailers’ loyalty programs, and on the websites of digital publishers. In these situations, the Company evaluates whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). The Company reports certain digital promotion and media advertising revenues for campaigns placed on third-party owned properties on a gross basis, that is, the amounts billed to its customers are recorded as revenues, and distribution fees paid to retailers or digital publishers are recorded as cost of revenues. The Company is the principal because it controls the digital promotion and media advertising inventory before it is transferred to its customers. The Company’s control is evidenced by its sole ability to monetize the digital coupon and media advertising inventory, being primarily responsible to its customers, having discretion in establishing pricing for the delivery of the digital coupons and media, or a combination of these. In other cases, the Company reports certain digital media advertising revenues on a net basis, that is, the costs for digital advertising inventory and third-party data paid to suppliers are deducted from gross revenues to arrive at net revenues. The Company’s performance obligation in these arrangements is to provide the use of its platforms that enables customers to bid on digital advertising inventory, which is determined based on real-time bidding, use of data and other add-on features in designing and executing their campaigns. The Company charges its customers a platform fee based on a percentage of the digital advertising inventory and data costs purchased through the use of its platforms. The platform fee is not contingent on the results of a digital media advertising campaign. The Company has determined that it’s an agent in these arrangements because it does not have control of the digital advertising inventory before it is transferred to the customer and does not set prices agreed upon within the auction marketplace. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines its best estimate of its standalone selling prices based on its overall pricing objectives, taking into consideration market conditions and other factors, including the value of its contracts and characteristics of targeted customers. Deferred Revenues Deferred revenues primarily relate to cash received or billings to customers associated with promotion setup fees, promotion campaign fees and digital media fees that are expected to be recognized upon click, or delivery of media impressions, which generally occur within the next twelve months. The Company records deferred revenues, including amounts which are refundable, when cash payments are received or become due in advance of the Company satisfying its performance obligations. The increase in the deferred revenue balance for year ended December 31, 2020 is primarily driven by cash payments received or due in advance of satisfying our performance obligations of $30.0 million, partially offset by $28.8 million of recognized revenue. The Company’s payment terms vary by the type and size of its customers. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Practical Expedients and Exemptions The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue for an amount where it has the right to invoice for services performed. Sales Commissions The Company generally incurs and expenses sales commissions upon recognition of revenue for related goods and services, which typically occurs within one year or less. Sales commissions earned related to revenues for initial contracts are commensurate with sales commissions related to renewal contracts. These costs are included in sales and marketing expenses within the consolidated statements of operations. |
Cost of Revenues | Cost of Revenues Cost of revenues consist primarily of distribution fees, personnel costs, depreciation related to data center equipment, and amortization expense related to capitalized internal use software, acquisition related intangible assets and purchased intangible assets, data center costs, third-party service fees including traffic acquisition costs and purchase of third-party data. Distribution fees consist of payments to partners within the Company’s network for their digital coupon publishing services. Personnel costs include salaries, bonuses, stock-based awards and |
Research and Development Expense | Research and Development Expense The Company expenses the cost of research and development as incurred. Research and development expense consists primarily of personnel and related headcount costs and costs of professional services associated with the ongoing development of the Company’s technology. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation for all stock-based awards made to employees and directors, including stock options, restricted stock units, performance-based restricted stock units, and employee stock purchase plan using the fair value method. This method requires the Company to measure the stock-based compensation based on the grant-date fair value of the awards and recognize the compensation expense over the requisite service period. The fair values of stock options and shares pursuant to Employee Stock Purchase Plan (“ESPP”) are estimated at the date of grant using the Black-Scholes-Merton option pricing model, which includes assumptions for the dividend yield, expected volatility, risk-free interest rate, and expected life. The fair values of restricted stock and restricted stock units are determined based upon the fair value of the underlying common stock at the date of grant. The Company expenses stock-based compensation using the straight-line method over the vesting term of all awards except for performance-based restricted stock units, which are expensed using the accelerated attribution method. |
Advertising Expense | Advertising Expense Advertising costs are expensed when incurred and are included in sales and marketing expense on the accompanying consolidated statements of operations. The Company incurred $2.0 million, $1.6 million and $0.3 million of advertising costs during the years ended December 31, 2020, 2019 and 2018, respectively. Advertising costs consist primarily of online marketing costs, such as sponsored search, advertising on social networking sites, e-mail marketing campaigns, loyalty programs, and affiliate programs. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with authoritative guidance, which requires the use of the liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based upon a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty, no benefit is recognized in the consolidated financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company accounts for any applicable interest and penalties as a component of income tax expense. |
Foreign Currency | Foreign Currency Foreign currency denominated assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. Dollars using the exchange rates in effect at the balance sheet dates, and income and expenses are translated using average exchange rates during the period. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss, a component of stockholders’ equity. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) consists of foreign currency translation adjustments. |
Net Income (Loss) per Share | Net Income (Loss) per Share The Company’s basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share is computed by giving effect to all potentially dilutive common share equivalents outstanding during the period. The dilutive effect of dilutive common share equivalents is reflected in diluted net income (loss) per share by application of the treasury stock method. Since the Company intends to settle the principal amount of its outstanding convertible senior notes in cash, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The effects of options to purchase common stock, RSUs, certain shares held in escrow, and convertible senior notes are excluded from the computation of diluted net loss per share attributable to common stockholders because their effect is antidilutive. |
Segments | Segments The Company’s chief operating decision maker (“CODM”), who is the Chief Executive Officer, reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. There are no segment managers who are held accountable by the CODM, or anyone else, for operations, operating results, and planning for levels or components below the consolidated unit level. Accordingly, the Company has determined that it operates in one single reporting segment. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. For cash, cash equivalents and short-term investments, the Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. The Company does not require collateral for accounts receivable. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of a broader range of information to estimate credit losses. The Company adopted ASU 2016-13 on January 1, 2020 and the impact of the adoption was not material to the Company’s condensed consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies an issuer's accounting for convertible debt instruments and its application of the derivatives scope |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Revenues Disaggregated by Type of Services | The following table presents the Company’s revenues disaggregated by type of services (in thousands). The majority of the Company’s revenue is generated from sales within the United States. Year Ended December 31, 2020 2019 2018 Promotion $ 237,385 $ 246,479 $ 245,493 Media 208,502 189,681 141,465 Total Revenue $ 445,887 $ 436,160 $ 386,958 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 104,964 — — $ 104,964 Total $ 104,964 $ — $ — $ 104,964 Liabilities: Contingent consideration related to acquisitions — — 29,454 29,454 Total $ — $ — $ 29,454 $ 29,454 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 124,303 — — $ 124,303 U.S. Treasury Bills 15,120 — — 15,120 Total $ 139,423 $ — $ — $ 139,423 Liabilities: Contingent consideration related to acquisitions — — 36,220 36,220 Total $ — $ — $ 36,220 $ 36,220 |
Summary of Changes in Contingent Consideration | The following table represents the change in the contingent consideration (in thousands): Ubimo Elevaate Ahalogy Crisp Level 3 Level 3 Level 3 Level 3 Total Balance as of December 31, 2017 — — — 18,500 18,500 Addition related to acquisition — 6,121 14,582 — 20,703 Change in fair value during the period — — 8,260 6,000 14,260 Payments made during the period — — — (24,500) (24,500) Balance as of December 31, 2018 — 6,121 22,842 — 28,963 Addition related to acquisition 5,686 — — — 5,686 Change in fair value during the period — (2,587) 4,158 — 1,571 Balance as of December 31, 2019 5,686 3,534 27,000 — 36,220 Change in fair value during the period 15,244 4,990 — — 20,234 Payments made during the period — — (27,000) (27,000) Balance as of December 31, 2020 $ 20,930 $ 8,524 $ — $ — $ 29,454 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Credit Losses | The summary of activities in the allowance for credit losses is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 2,021 $ 1,200 $ 786 Additions related to acquisitions — 377 32 Provision for expected credit losses 888 1,227 509 Write-offs charged against the allowance (839) (783) (127) Balance at end of period $ 2,070 $ 2,021 $ 1,200 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Property and Equipment, Net | Property and equipment consist of the following (in thousands): December 31, 2020 2019 Software $ 47,357 $ 41,876 Computer equipment 23,912 25,773 Leasehold improvements 6,197 5,883 Furniture and fixtures 2,533 2,449 Total 79,999 75,981 Accumulated depreciation and amortization (65,959) (63,543) Projects in process 3,228 1,266 Property and equipment, net $ 17,268 $ 13,704 |
Accrued Compensation and Benefits | Accrued compensation and benefits consist of the following (in thousands): December 31, 2020 2019 Commissions $ 7,247 $ 5,996 Bonus 3,150 5,997 Payroll and related expenses 3,116 2,533 Vacation 855 706 Accrued compensation and benefits $ 14,368 $ 15,232 |
Other Current Liabilities | Other current liabilities consist of the following (in thousands): December 31, 2020 2019 Distribution fees $ 36,245 $ 20,360 Traffic acquisition cost 9,756 5,278 Operating lease liabilities 3,650 3,168 Prefunded Liability 3,067 5,429 Marketing expenses 2,251 2,164 Liability related to purchased intangible asset 1,250 1,000 Interest payable 282 282 Other 14,119 12,351 Other current liabilities $ 70,620 $ 50,032 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Consideration Paid for Each Acquisition and Related Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for each acquisition and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Net Identifiable Goodwill Goodwill Acquisition Ubimo $ 20,740 $ 384 $ 10,750 $ 9,606 Not Deductible $ 579 Elevaate $ 13,346 $ (60) $ 3,781 $ 9,625 Not Deductible $ 549 SavingStar $ 7,485 $ (1,126) $ 2,577 $ 6,034 Not Deductible $ 556 Ahalogy $ 36,432 $ 2,196 $ 11,580 $ 22,656 Not Deductible $ 684 $ 78,003 $ 1,394 $ 28,688 $ 47,921 $ 2,368 (1) Expensed as general and administrative |
Component of Identifiable Intangible Assets | The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions: (in thousands): Ubimo Estimated Elevaate Estimated SavingStar Estimated Ahalogy Estimated Developed technologies $ 7,100 4.0 $ 3,307 5.0 $ 1,476 3.0 $ 3,100 4.0 Customer relationships 3,400 2.0 379 5.0 1,040 3.0 6,210 6.0 Trade names 250 4.0 95 3.0 61 1.5 650 4.0 Vendor relationships — — — — — — 1,620 2.0 Total identifiable $ 10,750 $ 3,781 $ 2,577 $ 11,580 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Value of Goodwill | The changes in the carrying value of goodwill are as follows (in thousands): Goodwill Balance as of December 31, 2018 $ 118,821 Acquisition of Ubimo 9,606 Balance as of December 31, 2019 128,427 Acquisitions — Balance as of December 31, 2020 $ 128,427 |
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Intangible Assets | The following table summarizes the gross carrying amount and accumulated amortization for the intangible assets (in thousands): December 31, 2020 Gross Accumulated Net Weighted Media service rights $ 35,934 $ (25,688) $ 10,246 1.4 Promotion service rights 33,566 (17,234) 16,332 1.9 Developed technologies 27,170 (18,511) 8,659 2.5 Customer relationships 22,690 (16,105) 6,585 2.7 Data access rights 10,801 (8,420) 2,381 1.0 Domain names 5,948 (5,596) 352 0.0 Trade names 2,823 (2,546) 277 0.6 Vendor relationships 2,510 (2,510) — 0.0 Patents 975 (909) 66 1.8 Registered users 420 (420) — 0.0 $ 142,837 $ (97,939) $ 44,898 2.0 December 31, 2019 Gross Accumulated Net Weighted Media service rights $ 34,684 $ (16,098) $ 18,586 2.2 Promotion service rights 30,548 (10,682) 19,866 3.6 Developed technologies 27,170 (12,790) 14,380 3.2 Customer relationships 22,690 (12,267) 10,423 3.3 Data access rights 10,801 (6,415) 4,386 2.3 Domain names 5,948 (5,540) 408 0.8 Trade names 2,823 (1,560) 1,263 2.2 Vendor relationships 2,510 (2,172) 338 0.4 Patents 975 (873) 102 2.8 Registered users 420 (420) — 0.0 $ 138,569 $ (68,817) $ 69,752 3.0 |
Estimated Amortization of Intangible Assets | Estimated future amortization expense related to intangible assets as of December 31, 2020 is as follows (in thousands): Total 2021 $ 25,211 2022 15,193 2023 3,583 2024 559 2025 — Thereafter — Total estimated amortization expense $ 44,546 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amount of Liability Component | The net carrying amount of the liability component of the notes recorded in convertible senior notes, net on the consolidated balance sheets was as follows (in thousands): December 31, 2020 December 31, 2019 Principal $ 200,000 $ 200,000 Unamortized debt discount (21,046) (31,132) Unamortized debt issuance costs (1,786) (2,711) Net carrying amount of the liability component $ 177,168 $ 166,157 |
Schedule of Interest Expense | The following table sets forth the interest expense related to the notes recognized in interest expense on the consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Contractual interest expense $ 3,500 $ 3,500 $ 3,500 Amortization of debt discount 10,086 9,518 8,981 Amortization of debt issuance costs 925 921 917 Total interest expense related to the Notes $ 14,511 $ 13,939 $ 13,398 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumptions Used to Estimate the Fair Value of Stock Options | The fair value of each option was estimated using Black-Scholes model on the date of grant for the periods presented using the following assumptions: Year Ended December 31, 2020 2019 2018 Expected life (in years) 6.02 6.02 - 6.08 6.02 Risk-free interest rate 0.96% 1.42% - 2.66% 2.66 % Volatility 50 % 50 % 50 % Dividend yield — — — |
Summary of Stock Option and Restricted Stock Units Award Activity | A summary of the Company’s stock option and RSUs award activity under the Plans is as follows: Options Outstanding RSUs Outstanding Shares Number of Shares Weighted Weighted Aggregate Number of Weighted Balance as of December 31, 2017 4,425,155 7,412,228 $ 10.36 6.09 $ 25,415 5,194,292 12.26 Increase in shares authorized 3,727,989 — — — — — — Options granted (801,000) 801,000 $ 13.10 — — — — Options exercised — (1,329,361) $ 3.03 — $ 13,821 — — Options canceled or expired 261,861 (261,861) $ 11.38 — — — — RSUs and PSUs granted (2,838,879) — — — — 2,838,879 13.12 RSUs released — — — — — (2,287,045) 12.97 RSUs canceled or expired 841,965 — — — — (841,965) 11.99 RSUs vested and withheld for taxes 880,262 — — — — — — Balance as of December 31, 2018 6,497,353 6,622,006 $ 12.12 5.96 $ 9,987 4,904,161 12.48 Increase in shares authorized 3,799,808 — — — — — — Options granted (2,799,855) 2,799,855 $ 8.74 — — — — Options exercised — (433,762) $ 5.39 — $ 2,406 — — Options canceled or expired 387,658 (387,658) $ 11.37 — — — — RSUs granted (4,015,504) — — — — 4,015,504 9.49 RSUs released — — — — — (2,735,184) 11.79 RSUs canceled or expired 1,161,806 — — — — (1,161,806) 11.67 RSUs vested and withheld for taxes 1,004,914 — — — — — — Balance as of December 31, 2019 6,036,180 8,600,441 $ 11.40 5.16 $ 8,811 5,022,675 10.66 Increase in shares authorized 3,574,847 — — — — — — Options granted (1,150,178) 1,150,178 $ 8.95 — — — — Options exercised — (331,007) $ 8.20 — $ 463 — — Options canceled or expired 1,259,391 (1,259,391) $ 11.22 — — — — RSUs granted (3,340,532) — — — — 3,340,532 8.33 RSUs released — — — — — (2,410,803) 10.41 RSUs canceled or expired 1,243,550 — — — — (1,243,550) 10.83 RSUs vested and withheld for taxes 843,885 — — — — — — Balance as of December 31, 2020 8,467,143 8,160,221 $ 11.21 5.03 $ 7,100 4,708,854 9.09 Vested and exercisable as of December 31, 2020 5,978,237 $ 12.13 3.68 $ 4,913 |
Summary of Option Outstanding and Exercisable | Additional information for options outstanding and exercisable as of December 31, 2020 is as follows: Options Outstanding Options Exercisable Exercise Prices Number of Weighted Average Remaining Contractual Term (Years) Weighted Number of Weighted $3.68 - $7.34 1,675,201 6.42 $ 6.45 900,251 $ 5.68 $8.51 -$8.65 1,658,497 3.08 8.59 1,658,497 8.59 $8.66 - $9.96 2,002,915 7.70 9.22 722,248 9.50 $10.53 - $16.25 2,023,608 3.68 13.81 1,897,241 13.87 $ 25.00 800,000 2.87 $ 25.00 800,000 $ 25.00 8,160,221 5,978,237 |
Summary of Assumptions Used to Estimate the Fair Value of Employee Stock Purchase Plan | The fair value of the option feature is estimated using the Black-Scholes model for the period presented based on the following assumptions: Year Ended December 31, 2020 2019 2018 Expected life (in years) 0.5 0.5 0.5 Risk-free interest rate 0.12% - 1.59% 1.59% - 2.50% 1.42% - 2.50% Volatility 55% - 60% 35% - 55% 35% - 40% Dividend yield — — — |
Schedule of Stock Based Compensation Expense | The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Cost of revenues $ 1,743 $ 2,193 $ 2,315 Sales and marketing 5,311 6,812 6,596 Research and development 3,831 4,804 6,137 General and administrative 17,486 18,328 16,338 Total stock-based compensation expense $ 28,371 $ 32,137 $ 31,386 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Loss Before Provision for Income Taxes | The components of the Company’s loss before provision for income taxes were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Domestic $ 44,237 $ 39,102 $ 26,813 Foreign 20,425 (2,705) 1,023 Total $ 64,662 $ 36,397 $ 27,836 |
Components of Provision for (Benefit from) Income Taxes | The components of the provision for (benefit from) income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 133 $ (14) $ — State 34 219 147 Foreign 642 342 390 Total current income tax expense 809 547 537 Deferred: Federal 93 93 120 State 10 39 102 Foreign (193) (19) (277) Total deferred income tax expense (benefit) (90) 113 (55) Total $ 719 $ 660 $ 482 |
Reconciliation of Statutory Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal tax (21.00) % (21.00) % (21.00) % State income tax, net of federal tax benefit 0.07 % 0.70 % 0.91 % Tax credits (0.78) % (2.20) % (4.55) % Stock-based compensation 4.31 % 2.42 % 0.44 % Foreign income taxes at other than U.S. rates (2.15) % (0.92) % (0.85) % Acquisition related costs 0.02 % 0.43 % 1.10 % Contingent consideration related to acquisitions — % 2.35 % 10.90 % 162(m) 1.39 % 3.73 % 1.31 % GILTI Inclusion — % 1.05 % — % Other 0.44 % 1.26 % 1.69 % Tax Cuts and Jobs Act — % — % — % Valuation allowance, net 18.81 % 13.96 % 11.82 % Effective tax rate 1.11 % 1.78 % 1.77 % |
Components of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Credits and net operating loss carryforward $ 116,119 $ 107,163 Accrued compensation 280 174 Deferred revenues 271 199 Stock-based compensation 5,638 6,819 Property and equipment 746 79 Purchased intangible assets 4,411 38 Operating lease 4,536 1,969 Other deferred tax assets 1,682 1,056 Total deferred tax assets 133,683 117,497 Valuation allowance (121,927) (107,161) Deferred tax liabilities: Basis difference on purchased intangible assets 2,969 3,308 Operating lease 3,683 1,297 Other deferred tax liabilities 5,157 7,668 Tax deductible goodwill 1,800 — Total deferred tax liabilities 13,609 12,273 Net deferred tax liabilities $ (1,853) $ (1,937) |
Unrecognized Tax Benefits and Effect on Effective Income Tax Rate | A reconciliation of the gross unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Unrecognized tax benefit - beginning balance $ 8,840 $ 8,217 $ 7,527 Decreases for tax positions taken in prior years — — (242) Increases for tax positions taken in current year 420 623 932 Unrecognized tax benefit - ending balance $ 9,260 $ 8,840 $ 8,217 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The computation of the Company’s basic and diluted net loss per share is as follows (in thousands, except per share data): Year Ended December 31, 2020 2019 2018 Net loss $ (65,381) $ (37,057) $ (28,318) Weighted-average number of shares used to 90,412 91,163 93,676 Net loss per share, basic and diluted $ (0.72) $ (0.41) $ (0.30) |
Schedule of Outstanding Common Equivalent Shares Excluded from Computation of Diluted Net Loss Per Share | The outstanding common equivalent shares excluded from the computation of the diluted net loss per share for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Stock options and ESPP 8,229 8,642 6,664 Restricted stock units 4,709 5,023 4,904 Shares related to convertible senior notes 11,521 11,521 11,521 24,459 25,186 23,089 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for operating lease liabilities $ 3,940 $ 5,581 Right-of-use assets obtained in exchange for lease obligations 12,297 14,287 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): December 31, 2020 December 31, 2019 Operating right-of-use assets reported as: Operating lease right-of-use assets $ 16,222 $ 7,211 Operating lease liabilities reported as: Other current liabilities $ 3,650 $ 3,168 Other non-current liabilities 15,956 6,692 Total operating lease liabilities $ 19,606 $ 9,860 Weighted average remaining lease term (in years) 7.2 3.9 Weighted average discount rate 5.8 % 7.9 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows (in thousands): Operating Leases 2021 $ 4,636 2022 3,555 2023 3,459 2024 2,845 2025 2,241 2026 and thereafter 7,967 Total lease payments $ 24,703 Less: Imputed Interest (5,097) Total $ 19,606 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Unaudited Consolidated Statements of Operations | The following tables set forth our quarterly unaudited consolidated statements of operations for each of the eight quarters in the years ended December 31, 2020 and 2019 (in thousands, except per share data): Year Ended December 31, 2020 Year Ended December 31, 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenues $ 142,529 $ 121,116 $ 83,455 $ 98,787 $ 118,532 $ 114,830 $ 104,691 $ 98,107 Cost of revenues 92,469 73,603 50,731 61,111 72,219 70,458 64,106 56,823 Gross margin 50,060 47,513 32,724 37,676 46,313 44,372 40,585 41,284 Operating expenses: Sales and marketing 31,124 24,555 23,814 25,034 27,541 24,310 23,870 25,523 Research and development 11,358 9,744 8,621 10,593 10,771 9,236 8,699 10,370 General and administrative 14,720 12,099 12,268 15,090 14,227 17,643 12,835 13,623 Change in fair value contingent 14,446 1,562 3,766 460 519 999 (3,009) 3,062 Total operating expenses 71,648 47,960 48,469 51,177 53,058 52,188 42,395 52,578 Loss from operations (21,588) (447) (15,745) (13,501) (6,745) (7,816) (1,810) (11,294) Interest expense (3,691) (3,646) (3,610) (3,574) (3,539) (3,507) (3,470) (3,439) Other income (expense), net 432 (59) 187 580 1,009 1,175 1,508 1,531 Loss before income taxes (24,847) (4,152) (19,168) (16,495) (9,275) (10,148) (3,772) (13,202) Provision for (benefit from) 458 66 (35) 230 285 215 134 26 Net loss $ (25,305) $ (4,218) $ (19,133) $ (16,725) $ (9,560) $ (10,363) $ (3,906) $ (13,228) Net loss per share, basic and diluted $ (0.28) $ (0.05) $ (0.21) $ (0.19) $ (0.11) $ (0.12) $ (0.04) $ (0.14) Weighted-average number of 91,300 90,585 90,112 89,638 89,123 88,789 92,558 94,263 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2017USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of assets | 3 years | |||
Number of reporting segment | segment | 1 | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | |
Deferred revenue due to performance obligations | 30,000,000 | |||
Deferred revenue, revenue recognized | 28,800,000 | |||
Advertising Cost | $ 2,000,000 | $ 1,600,000 | $ 300,000 | |
1.75% Convertible Senior Notes Due 2022 | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument aggregate principal amount | $ 200,000,000 | |||
Debt instrument fixed interest rate per annum | 1.75% | |||
Computer Equipment and Software | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of assets | 3 years | |||
All Other Asset | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of assets | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Revenues Disaggregated by Type of Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue | $ 142,529 | $ 121,116 | $ 83,455 | $ 98,787 | $ 118,532 | $ 114,830 | $ 104,691 | $ 98,107 | $ 445,887 | $ 436,160 | $ 386,958 |
Promotion | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue | 237,385 | 246,479 | 245,493 | ||||||||
Media | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue | $ 208,502 | $ 189,681 | $ 141,465 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Total assets fair value | $ 104,964 | $ 139,423 |
Liabilities: | ||
Contingent consideration related to acquisitions | 29,454 | 36,220 |
Total liabilities fair value | 29,454 | 36,220 |
Money market funds | ||
Assets: | ||
Cash equivalents fair value | 104,964 | 124,303 |
U.S. Treasury Bills | ||
Assets: | ||
Cash equivalents fair value | 15,120 | |
Level 1 | ||
Assets: | ||
Total assets fair value | 104,964 | 139,423 |
Liabilities: | ||
Contingent consideration related to acquisitions | 0 | 0 |
Total liabilities fair value | 0 | 0 |
Level 1 | Money market funds | ||
Assets: | ||
Cash equivalents fair value | 104,964 | 124,303 |
Level 1 | U.S. Treasury Bills | ||
Assets: | ||
Cash equivalents fair value | 15,120 | |
Level 2 | ||
Assets: | ||
Total assets fair value | 0 | 0 |
Liabilities: | ||
Contingent consideration related to acquisitions | 0 | 0 |
Total liabilities fair value | 0 | 0 |
Level 2 | Money market funds | ||
Assets: | ||
Cash equivalents fair value | 0 | 0 |
Level 2 | U.S. Treasury Bills | ||
Assets: | ||
Cash equivalents fair value | 0 | |
Level 3 | ||
Assets: | ||
Total assets fair value | 0 | 0 |
Liabilities: | ||
Contingent consideration related to acquisitions | 29,454 | 36,220 |
Total liabilities fair value | 29,454 | 36,220 |
Level 3 | Money market funds | ||
Assets: | ||
Cash equivalents fair value | $ 0 | 0 |
Level 3 | U.S. Treasury Bills | ||
Assets: | ||
Cash equivalents fair value | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 01, 2018 | May 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Nov. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Charge (benefit) related to changes in fair value of contingent consideration | $ 20,200,000 | $ 1,600,000 | $ 14,300,000 | |||||
Contingent consideration paid out | 30,000,000 | |||||||
Contingent consideration, fair value | $ 20,930,000 | $ 9,220,000 | $ 20,930,000 | |||||
1.75% Convertible Senior Notes Due 2022 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt instrument fixed interest rate per annum | 1.75% | |||||||
1.75% Convertible Senior Notes Due 2022 | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt instrument fixed interest rate per annum | 1.75% | 1.75% | 1.75% | |||||
Fair value of convertible senior notes | $ 196,500,000 | $ 195,400,000 | $ 196,500,000 | |||||
Ahalogy | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration paid out | $ 14,600,000 | 27,000,000 | 12,400,000 | |||||
Contingent consideration, fair value | $ 14,600,000 | $ 0 | 0 | $ 0 | $ 0 | |||
Crisp | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration paid out | $ 14,800,000 | $ 24,500,000 | $ 9,700,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at the beginning of period | $ 36,220 | $ 28,963 | $ 18,500 |
Addition related to acquisition (initial measurement) | 5,686 | 20,703 | |
Change in fair value during the period | 20,234 | 1,571 | 14,260 |
Payments made during the period | (27,000) | (24,500) | |
Balance at the end of period | 29,454 | 36,220 | 28,963 |
Level 3 | Ubimo | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at the beginning of period | 5,686 | 0 | 0 |
Addition related to acquisition (initial measurement) | 5,686 | 0 | |
Change in fair value during the period | 15,244 | 0 | 0 |
Payments made during the period | 0 | 0 | |
Balance at the end of period | 20,930 | 5,686 | 0 |
Level 3 | Elevaate | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at the beginning of period | 3,534 | 6,121 | 0 |
Addition related to acquisition (initial measurement) | 0 | 6,121 | |
Change in fair value during the period | 4,990 | (2,587) | 0 |
Payments made during the period | 0 | 0 | |
Balance at the end of period | 8,524 | 3,534 | 6,121 |
Level 3 | Ahalogy | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at the beginning of period | 27,000 | 22,842 | 0 |
Addition related to acquisition (initial measurement) | 0 | 14,582 | |
Change in fair value during the period | 0 | 4,158 | 8,260 |
Payments made during the period | (27,000) | 0 | |
Balance at the end of period | 0 | 27,000 | 22,842 |
Level 3 | Crisp | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at the beginning of period | 0 | 0 | 18,500 |
Addition related to acquisition (initial measurement) | 0 | 0 | |
Change in fair value during the period | 0 | 0 | 6,000 |
Payments made during the period | (24,500) | ||
Balance at the end of period | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 2,021 | $ 1,200 | $ 786 |
Additions related to acquisitions | 0 | 377 | 32 |
Provision for expected credit losses | 888 | 1,227 | 509 |
Write-offs charged against the allowance | (839) | (783) | (127) |
Balance at end of period | $ 2,070 | $ 2,021 | $ 1,200 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 79,999 | $ 75,981 |
Accumulated depreciation and amortization | (65,959) | (63,543) |
Projects in process | 3,228 | 1,266 |
Property and equipment, net | 17,268 | 13,704 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | 47,357 | 41,876 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | 23,912 | 25,773 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | 6,197 | 5,883 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 2,533 | $ 2,449 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 7.2 | $ 7.5 | $ 7.2 |
Capitalized costs | 7.5 | 5.8 | 2.9 |
Amortization expense | 3.4 | 2.5 | $ 1.3 |
Unamortized costs | $ 8.6 | $ 5.8 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Commissions | $ 7,247 | $ 5,996 |
Bonus | 3,150 | 5,997 |
Payroll and related expenses | 3,116 | 2,533 |
Vacation | 855 | 706 |
Accrued compensation and benefits | $ 14,368 | $ 15,232 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Distribution fees | $ 36,245 | $ 20,360 |
Traffic acquisition cost | 9,756 | 5,278 |
Operating lease liabilities | 3,650 | 3,168 |
Prefunded Liability | 3,067 | 5,429 |
Marketing expenses | 2,251 | 2,164 |
Liability related to purchased intangible asset | 1,250 | 1,000 |
Interest payable | 282 | 282 |
Other | 14,119 | 12,351 |
Other current liabilities | $ 70,620 | $ 50,032 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | Nov. 19, 2019 | Oct. 26, 2018 | Aug. 27, 2018 | Jun. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||||
Contingent consideration, fair value | $ 20,930,000 | $ 9,220,000 | $ 20,930,000 | |||||
Contingent consideration liability | 8,524,000 | 27,000,000 | 8,524,000 | |||||
Contingent consideration paid out | 30,000,000 | |||||||
Contingent consideration paid out, financing outflow | 14,582,000 | 0 | $ 14,800,000 | |||||
Contingent consideration paid out, operating outflow | 15,418,000 | $ 0 | 9,700,000 | |||||
Goodwill deductible for income tax purposes | 0 | 0 | ||||||
Ubimo | ||||||||
Business Acquisition [Line Items] | ||||||||
Total preliminary acquisition consideration | $ 20,700,000 | |||||||
Cash payments for purchase of assets | 15,000,000 | |||||||
Contingent consideration payable in cash | 24,800,000 | |||||||
Contingent consideration, fair value | $ 5,700,000 | |||||||
Elevaate | ||||||||
Business Acquisition [Line Items] | ||||||||
Total preliminary acquisition consideration | $ 13,300,000 | |||||||
Cash payments for purchase of assets | 7,200,000 | |||||||
Contingent consideration payable in cash | 18,500,000 | |||||||
Contingent consideration, fair value | $ 6,100,000 | |||||||
SavingStar | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payments for purchase of assets | $ 7,500,000 | |||||||
Contingent consideration payable in cash | 10,600,000 | |||||||
Contingent consideration, fair value | $ 0 | |||||||
Ahalogy | ||||||||
Business Acquisition [Line Items] | ||||||||
Total preliminary acquisition consideration | $ 36,400,000 | |||||||
Cash payments for purchase of assets | 21,800,000 | |||||||
Contingent consideration payable in cash | 30,000,000 | |||||||
Contingent consideration, fair value | 14,600,000 | 0 | $ 0 | 0 | ||||
Contingent consideration paid out including certain bonuses | 30,000,000 | |||||||
Contingent consideration liability | 27,000,000 | 0 | 0 | |||||
Other current liabilities related to acquisition | 3,000,000 | |||||||
Contingent consideration paid out | $ 14,600,000 | 27,000,000 | $ 12,400,000 | |||||
Contingent consideration paid out, financing outflow | 14,600,000 | |||||||
Contingent consideration paid out, operating outflow | $ 15,400,000 |
Acquisitions - Summary of Consi
Acquisitions - Summary of Consideration Paid for Each Acquisition and Related Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Nov. 19, 2019 | Oct. 26, 2018 | Aug. 27, 2018 | Jun. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 78,003 | $ 78,003 | |||||
Net Tangible Assets Acquired/ (Liabilities Assumed) | 1,394 | 1,394 | |||||
Identifiable Intangible Assets | 28,688 | 28,688 | |||||
Goodwill | 47,921 | ||||||
Acquisition Related Expenses | $ 2,368 | ||||||
Ubimo | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 20,740 | ||||||
Net Tangible Assets Acquired/ (Liabilities Assumed) | 384 | ||||||
Identifiable Intangible Assets | 10,750 | ||||||
Goodwill | $ 9,606 | $ 0 | $ 9,606 | ||||
Goodwill Deductible for Taxes | Not Deductible | ||||||
Acquisition Related Expenses | $ 579 | ||||||
Elevaate | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 13,346 | ||||||
Net Tangible Assets Acquired/ (Liabilities Assumed) | (60) | ||||||
Identifiable Intangible Assets | 3,781 | ||||||
Goodwill | $ 9,625 | ||||||
Goodwill Deductible for Taxes | Not Deductible | ||||||
Acquisition Related Expenses | $ 549 | ||||||
SavingStar | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 7,485 | ||||||
Net Tangible Assets Acquired/ (Liabilities Assumed) | (1,126) | ||||||
Identifiable Intangible Assets | 2,577 | ||||||
Goodwill | $ 6,034 | ||||||
Goodwill Deductible for Taxes | Not Deductible | ||||||
Acquisition Related Expenses | $ 556 | ||||||
Ahalogy | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 36,432 | ||||||
Net Tangible Assets Acquired/ (Liabilities Assumed) | 2,196 | ||||||
Identifiable Intangible Assets | 11,580 | ||||||
Goodwill | $ 22,656 | ||||||
Goodwill Deductible for Taxes | Not Deductible | ||||||
Acquisition Related Expenses | $ 684 |
Acquisitions - Component of Ide
Acquisitions - Component of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 19, 2019 | Oct. 26, 2018 | Aug. 27, 2018 | Jun. 01, 2018 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 28,688 | ||||
Estimated Useful Life (in Years) | 3 years | ||||
Ubimo | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 10,750 | ||||
Elevaate | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 3,781 | ||||
SavingStar | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 2,577 | ||||
Ahalogy | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 11,580 | ||||
Developed technologies | Ubimo | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 7,100 | ||||
Estimated Useful Life (in Years) | 4 years | ||||
Developed technologies | Elevaate | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 3,307 | ||||
Estimated Useful Life (in Years) | 5 years | ||||
Developed technologies | SavingStar | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 1,476 | ||||
Estimated Useful Life (in Years) | 3 years | ||||
Developed technologies | Ahalogy | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 3,100 | ||||
Estimated Useful Life (in Years) | 4 years | ||||
Customer relationships | Ubimo | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 3,400 | ||||
Estimated Useful Life (in Years) | 2 years | ||||
Customer relationships | Elevaate | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 379 | ||||
Estimated Useful Life (in Years) | 5 years | ||||
Customer relationships | SavingStar | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 1,040 | ||||
Estimated Useful Life (in Years) | 3 years | ||||
Customer relationships | Ahalogy | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 6,210 | ||||
Estimated Useful Life (in Years) | 6 years | ||||
Trade names | Ubimo | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 250 | ||||
Estimated Useful Life (in Years) | 4 years | ||||
Trade names | Elevaate | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 95 | ||||
Estimated Useful Life (in Years) | 3 years | ||||
Trade names | SavingStar | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 61 | ||||
Estimated Useful Life (in Years) | 1 year 6 months | ||||
Trade names | Ahalogy | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 650 | ||||
Estimated Useful Life (in Years) | 4 years | ||||
Vendor relationships | Ahalogy | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Identifiable intangible assets | $ 1,620 | ||||
Estimated Useful Life (in Years) | 2 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | Nov. 19, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Goodwill [Line Items] | ||||
Beginning Balance | $ 128,427 | $ 118,821 | ||
Acquisitions | $ 47,921 | |||
Ending Balance | 128,427 | 128,427 | $ 128,427 | |
Acquisition of Ubimo | ||||
Goodwill [Line Items] | ||||
Acquisitions | $ 9,606 | $ 0 | $ 9,606 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 142,837 | $ 138,569 |
Accumulated Amortization | (97,939) | (68,817) |
Net | $ 44,898 | $ 69,752 |
Weighted Average Amortization Period (Years) | 2 years | 3 years |
Media service rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 35,934 | $ 34,684 |
Accumulated Amortization | (25,688) | (16,098) |
Net | $ 10,246 | $ 18,586 |
Weighted Average Amortization Period (Years) | 1 year 4 months 24 days | 2 years 2 months 12 days |
Promotion service rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 33,566 | $ 30,548 |
Accumulated Amortization | (17,234) | (10,682) |
Net | $ 16,332 | $ 19,866 |
Weighted Average Amortization Period (Years) | 1 year 10 months 24 days | 3 years 7 months 6 days |
Developed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 27,170 | $ 27,170 |
Accumulated Amortization | (18,511) | (12,790) |
Net | $ 8,659 | $ 14,380 |
Weighted Average Amortization Period (Years) | 2 years 6 months | 3 years 2 months 12 days |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 22,690 | $ 22,690 |
Accumulated Amortization | (16,105) | (12,267) |
Net | $ 6,585 | $ 10,423 |
Weighted Average Amortization Period (Years) | 2 years 8 months 12 days | 3 years 3 months 18 days |
Data access rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 10,801 | $ 10,801 |
Accumulated Amortization | (8,420) | (6,415) |
Net | $ 2,381 | $ 4,386 |
Weighted Average Amortization Period (Years) | 1 year | 2 years 3 months 18 days |
Domain names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 5,948 | $ 5,948 |
Accumulated Amortization | (5,596) | (5,540) |
Net | $ 352 | $ 408 |
Weighted Average Amortization Period (Years) | 0 years | 9 months 18 days |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,823 | $ 2,823 |
Accumulated Amortization | (2,546) | (1,560) |
Net | $ 277 | $ 1,263 |
Weighted Average Amortization Period (Years) | 7 months 6 days | 2 years 2 months 12 days |
Vendor relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,510 | $ 2,510 |
Accumulated Amortization | (2,510) | (2,172) |
Net | $ 0 | $ 338 |
Weighted Average Amortization Period (Years) | 0 years | 4 months 24 days |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 975 | $ 975 |
Accumulated Amortization | (909) | (873) |
Net | $ 66 | $ 102 |
Weighted Average Amortization Period (Years) | 1 year 9 months 18 days | 2 years 9 months 18 days |
Registered users | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 420 | $ 420 |
Accumulated Amortization | (420) | (420) |
Net | $ 0 | $ 0 |
Weighted Average Amortization Period (Years) | 0 years | 0 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 29.1 | $ 24 | $ 17.8 |
Domain names | |||
Goodwill And Intangible Assets [Line Items] | |||
Indefinite lived intangible, gross value | $ 0.4 | $ 0.4 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Amortization of Intangible Assets (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 25,211 |
2022 | 15,193 |
2023 | 3,583 |
2024 | 559 |
2025 | 0 |
Thereafter | 0 |
Total estimated amortization expense | $ 44,546 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring expense | $ 1.5 | $ 4.3 | $ 4.4 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) - 1.75% Convertible Senior Notes Due 2022 | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017USD ($)d$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||
Debt instrument aggregate principal amount | $ 200,000,000 | |||
Debt instrument fixed interest rate per annum | 1.75% | |||
Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument aggregate principal amount | $ 200,000,000 | |||
Debt instrument fixed interest rate per annum | 1.75% | |||
Net proceeds from the debt offering, after deducting transaction costs | $ 193,800,000 | |||
Convertible notes, conversion ratio | 0.0576037 | |||
Convertible notes, initial conversion price (in USD per share) | $ / shares | $ 17.36 | |||
Convertible notes, percentage of conversion price | 130.00% | |||
Convertible notes, redemption percentage | 100.00% | |||
Convertible notes, sinking fund | $ 0 | |||
Carrying amount of the liability component | 149,300,000 | |||
Carrying amount of the equity component | $ 50,700,000 | |||
Convertible notes, effective interest rate | 5.80% | |||
Debt issuance costs | $ 6,200,000 | |||
Amortization of interest expense | 4,600,000 | $ 925,000 | $ 921,000 | $ 917,000 |
Adjustments to additional paid in capital, equity component of debt issuance costs | $ 1,600,000 | 1,600,000 | 1,600,000 | |
Additional Paid-In Capital | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Carrying amount of the equity component | $ 49,100,000 | $ 49,100,000 | ||
98% Applicable Conversion Price | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Convertible notes, consecutive trading days | d | 5 | |||
Convertible notes, threshold consecutive trading days | d | 5 | |||
130% Applicable Conversion Price | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Convertible notes, consecutive trading days | d | 20 | |||
Convertible notes, threshold consecutive trading days | d | 30 | |||
Convertible notes, trading days preceding notice of redemption | d | 3 | |||
Convertible notes, redemption percentage | 100.00% | |||
Minimum | 130% Applicable Conversion Price | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Convertible notes, consecutive trading days | d | 20 | |||
Maximum | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Convertible notes, percentage of last reported sale price of common stock | 98.00% | |||
Maximum | 130% Applicable Conversion Price | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Convertible notes, threshold consecutive trading days | d | 30 |
Debt Obligations - Schedule of
Debt Obligations - Schedule of Net Carrying Amount of Liability Component (Details) - 1.75% Convertible Senior Notes Due 2022 - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Principal | $ 200,000 | $ 200,000 |
Unamortized debt discount | (21,046) | (31,132) |
Unamortized debt issuance costs | (1,786) | (2,711) |
Net carrying amount of the liability component | $ 177,168 | $ 166,157 |
Debt Obligations - Schedule o_2
Debt Obligations - Schedule of Interest Expense (Details) - 1.75% Convertible Senior Notes Due 2022 - Senior Notes - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||
Contractual interest expense | $ 3,500 | $ 3,500 | $ 3,500 | |
Amortization of debt discount | 10,086 | 9,518 | 8,981 | |
Amortization of debt issuance costs | $ 4,600 | 925 | 921 | 917 |
Total interest expense related to the Notes | $ 14,511 | $ 13,939 | $ 13,398 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in USD per share) | $ 4.26 | $ 4.33 | $ 6.59 |
Issuance of common stock, stock purchase plan (in shares) | 1,924,414 | ||
Shares available for issuance (in shares) | 1,675,586 | ||
Stock-based compensation | $ 28,371 | $ 32,137 | $ 31,386 |
Property and Equipment | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 400 | 500 | 100 |
2013 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 4,000,000 | ||
Percentage of outstanding stock | 4.00% | ||
Options expiration period | 10 years | ||
2013 Equity Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted price per share percent | 100.00% | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of options vested, total | $ 7,500 | $ 6,300 | $ 6,700 |
Unrecognized stock based compensation | $ 38,600 | ||
Unrecognized stock based compensation, amortized weighted average period | 2 years 8 months 26 days | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 1,200,000 | ||
Percentage of outstanding stock | 0.50% | ||
Annual increases in number of shares available for issuance (in shares) | 400,000 | ||
2013 Employee Stock Purchase Plan ("ESPP") | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum contribution of base compensation for employee stock purchase plan | 15.00% | ||
Offering period of employee stock purchase plan | 6 months | ||
Purchase price of common stock percentage of fair market value | 85.00% | ||
Stock Based Compensation Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock based compensation | $ 47,900 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock based compensation | $ 9,300 | ||
Unrecognized stock based compensation, amortized weighted average period | 2 years 6 months 25 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions Used to Estimate the Fair Value of Stock Options and Employee Stock Purchase Plan (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 7 days | 6 years 7 days | |
Risk-free interest rate | 96.00% | 2.66% | |
Volatility | 50.00% | 50.00% | 50.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 months | 6 months | 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 7 days | ||
Risk-free interest rate | 0.0142% | ||
Minimum | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.0012% | 0.0159% | 0.0142% |
Volatility | 55.00% | 35.00% | 35.00% |
Maximum | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 29 days | ||
Risk-free interest rate | 0.0266% | ||
Maximum | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.0159% | 0.00025% | 0.00025% |
Volatility | 60.00% | 55.00% | 40.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option and Restricted Stock Units Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares Available for Grant | ||||
Beginning balance (in shares) | 6,036,180 | 6,497,353 | 4,425,155 | |
Increase in shares authorized (in shares) | 3,574,847 | 3,799,808 | 3,727,989 | |
Options granted (in shares) | (1,150,178) | (2,799,855) | (801,000) | |
Options canceled or expired (in shares) | 1,259,391 | 387,658 | 261,861 | |
RSUs and PSUs granted (in shares) | (3,340,532) | (4,015,504) | (2,838,879) | |
RSUs canceled or expired (in shares) | 1,243,550 | 1,161,806 | 841,965 | |
RSUs vested and withheld for taxes (in shares) | 843,885 | 1,004,914 | 880,262 | |
Ending balance (in shares) | 8,467,143 | 6,036,180 | 6,497,353 | 4,425,155 |
Options Outstanding, Number of Shares | ||||
Beginning balance (in shares) | 8,600,441 | 6,622,006 | 7,412,228 | |
Options granted (in shares) | (1,150,178) | (2,799,855) | (801,000) | |
Options exercised (in shares) | (331,007) | (433,762) | (1,329,361) | |
Options canceled or expired (in shares) | (1,259,391) | (387,658) | (261,861) | |
Ending balance (in shares) | 8,160,221 | 8,600,441 | 6,622,006 | 7,412,228 |
Vested and exercisable at the end of period (in shares) | 5,978,237 | |||
Options Outstanding, Weighted Average Exercise Price | ||||
Beginning balance (in USD per share) | $ 11.40 | $ 12.12 | $ 10.36 | |
Options granted (in USD per share) | 8.95 | 8.74 | 13.10 | |
Options exercised (in USD per share) | 8.20 | 5.39 | 3.03 | |
Options canceled or expired (in USD per share) | 11.22 | 11.37 | 11.38 | |
Ending balance (in USD per share) | 11.21 | $ 11.40 | $ 12.12 | $ 10.36 |
Vested and exercisable at the end of period (in USD per share) | $ 12.13 | |||
Weighted Average Remaining Contractual Term (Years) / Aggregate Intrinsic Value | ||||
Weighted Average Remaining Contractual Term (Years) | 5 years 10 days | 5 years 1 month 28 days | 5 years 11 months 15 days | 6 years 1 month 2 days |
Vested and exercisable at the end of period | 3 years 8 months 4 days | |||
Aggregate Intrinsic Value | $ 7,100 | $ 8,811 | $ 9,987 | $ 25,415 |
Aggregate Intrinsic Value, Options exercised | 463 | $ 2,406 | $ 13,821 | |
Aggregate Intrinsic Value, Vested and exercisable at the end of period | $ 4,913 | |||
Restricted Stock Units, Number of Shares | ||||
RSUs and PSUs granted (in shares) | 3,340,532 | 4,015,504 | 2,838,879 | |
RSUs canceled or expired (in shares) | (1,243,550) | (1,161,806) | (841,965) | |
RSUs Outstanding | ||||
Shares Available for Grant | ||||
RSUs and PSUs granted (in shares) | (3,340,532) | (4,015,504) | (2,838,879) | |
RSUs canceled or expired (in shares) | 1,243,550 | 1,161,806 | 841,965 | |
Restricted Stock Units, Number of Shares | ||||
Beginning balance (in shares) | 5,022,675 | 4,904,161 | 5,194,292 | |
RSUs and PSUs granted (in shares) | 3,340,532 | 4,015,504 | 2,838,879 | |
RSUs released (in shares) | (2,410,803) | (2,735,184) | (2,287,045) | |
RSUs canceled or expired (in shares) | (1,243,550) | (1,161,806) | (841,965) | |
Ending balance (in shares) | 4,708,854 | 5,022,675 | 4,904,161 | 5,194,292 |
Restricted Stock Units, Weighted Average Grant Date Fair Value | ||||
Beginning balance (in USD per share) | $ 10.66 | $ 12.48 | $ 12.26 | |
RSUs and PSUs granted (in USD per share) | 8.33 | 9.49 | 13.12 | |
RSUs released (in USD per share) | 10.41 | 11.79 | 12.97 | |
RSUs canceled or expired (in USD per share) | 10.83 | 11.67 | 11.99 | |
Ending balance (in USD per share) | $ 9.09 | $ 10.66 | $ 12.48 | $ 12.26 |
Stock-Based Compensation - Bala
Stock-Based Compensation - Balance of Outstanding and Exercisable Stock Options (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 8,160,221 | 8,600,441 | 6,622,006 | 7,412,228 |
Options Exercisable, Number of Shares (in shares) | 5,978,237 | |||
$3.68 - $7.34 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Prices | $ 3.68 | |||
Exercise Prices | $ 7.34 | |||
Options Outstanding, Number of Shares (in shares) | 1,675,201 | |||
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 6 years 5 months 1 day | |||
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $ 6.45 | |||
Options Exercisable, Number of Shares (in shares) | 900,251 | |||
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $ 5.68 | |||
$8.51 -$8.65 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Prices | 8.51 | |||
Exercise Prices | $ 8.65 | |||
Options Outstanding, Number of Shares (in shares) | 1,658,497 | |||
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 3 years 29 days | |||
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $ 8.59 | |||
Options Exercisable, Number of Shares (in shares) | 1,658,497 | |||
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $ 8.59 | |||
$8.66 - $9.96 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Prices | 8.66 | |||
Exercise Prices | $ 9.96 | |||
Options Outstanding, Number of Shares (in shares) | 2,002,915 | |||
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 7 years 8 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $ 9.22 | |||
Options Exercisable, Number of Shares (in shares) | 722,248 | |||
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $ 9.50 | |||
$10.53 - $16.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Prices | 10.53 | |||
Exercise Prices | $ 16.25 | |||
Options Outstanding, Number of Shares (in shares) | 2,023,608 | |||
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 3 years 8 months 4 days | |||
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $ 13.81 | |||
Options Exercisable, Number of Shares (in shares) | 1,897,241 | |||
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $ 13.87 | |||
25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Prices | $ 25 | |||
Options Outstanding, Number of Shares (in shares) | 800,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 2 years 10 months 13 days | |||
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $ 25 | |||
Options Exercisable, Number of Shares (in shares) | 800,000 | |||
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $ 25 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | $ 28,371 | $ 32,137 | $ 31,386 |
Cost of revenues | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 1,743 | 2,193 | 2,315 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 5,311 | 6,812 | 6,596 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 3,831 | 4,804 | 6,137 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | $ 17,486 | $ 18,328 | $ 16,338 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2019USD ($) | Dec. 31, 2020classvoteshares | Feb. 22, 2021USD ($) | Dec. 31, 2019shares | Mar. 31, 2014shares | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||
Number of votes per common stock | vote | 1 | ||||
Number of classes of Board of Directors | class | 3 | ||||
Board of Directors term | 3 years | ||||
Board of Directors classes subject to election each year | class | 1 | ||||
Share Repurchase Program ("August 2019 Program") | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program duration | 1 year | ||||
Authorized repurchase of common stock | $ | $ 50 | ||||
Number of shares repurchased (in shares) | 0 | ||||
February 2021 Share Repurchase Program | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Authorized repurchase of common stock | $ | $ 50 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 44,237 | $ 39,102 | $ 26,813 | ||||||||
Foreign | 20,425 | (2,705) | 1,023 | ||||||||
Total | $ 24,847 | $ 4,152 | $ 19,168 | $ 16,495 | $ 9,275 | $ 10,148 | $ 3,772 | $ 13,202 | $ 64,662 | $ 36,397 | $ 27,836 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Federal | $ 133 | $ (14) | $ 0 | ||||||||
State | 34 | 219 | 147 | ||||||||
Foreign | 642 | 342 | 390 | ||||||||
Total current income tax expense | 809 | 547 | 537 | ||||||||
Deferred: | |||||||||||
Federal | 93 | 93 | 120 | ||||||||
State | 10 | 39 | 102 | ||||||||
Foreign | (193) | (19) | (277) | ||||||||
Total deferred income tax expense (benefit) | (90) | 113 | (55) | ||||||||
Total | $ 458 | $ 66 | $ (35) | $ 230 | $ 285 | $ 215 | $ 134 | $ 26 | $ 719 | $ 660 | $ 482 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal tax | (21.00%) | (21.00%) | (21.00%) |
State income tax, net of federal tax benefit | 0.07% | 0.70% | 0.91% |
Tax credits | (0.78%) | (2.20%) | (4.55%) |
Stock-based compensation | 4.31% | 2.42% | 0.44% |
Foreign income taxes at other than U.S. rates | (2.15%) | (0.92%) | (0.85%) |
Acquisition related costs | 0.02% | 0.43% | 1.10% |
Contingent consideration related to acquisitions | 0.00% | 2.35% | 10.90% |
162(m) | 1.39% | 3.73% | 1.31% |
GILTI Inclusion | 0.00% | 1.05% | 0.00% |
Other | 0.44% | 1.26% | 1.69% |
Tax Cuts and Jobs Act | 0.00% | 0.00% | 0.00% |
Valuation allowance, net | 18.81% | 13.96% | 11.82% |
Effective tax rate | 1.11% | 1.78% | 1.77% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||||||||||
Provision for income taxes | $ 458,000 | $ 66,000 | $ (35,000) | $ 230,000 | $ 285,000 | $ 215,000 | $ 134,000 | $ 26,000 | $ 719,000 | $ 660,000 | $ 482,000 |
Deferred tax assets | 133,700,000 | 117,500,000 | 133,700,000 | 117,500,000 | |||||||
Deferred tax liabilities | 13,609,000 | 12,273,000 | 13,609,000 | 12,273,000 | |||||||
Increase in valuation allowance | 14,800,000 | 11,900,000 | |||||||||
Income tax penalties and interest accrued | 0 | $ 0 | $ 0 | $ 0 | |||||||
India Taxing Authority | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Tax credit carryforwards expiration year | 2030 | ||||||||||
Tax credit carryforwards | 700,000 | $ 700,000 | |||||||||
Federal | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Operating loss carryforwards | 287,300,000 | $ 287,300,000 | |||||||||
Operating loss carryforwards expiration year | 2021 | ||||||||||
Federal | Research | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Tax credit carryforwards | 16,700,000 | $ 16,700,000 | |||||||||
Tax credit carryforwards expiration year | 2032 | ||||||||||
State | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Operating loss carryforwards | 277,100,000 | $ 277,100,000 | |||||||||
State | Research | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Tax credit carryforwards | 19,300,000 | 19,300,000 | |||||||||
Foreign | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Operating loss carryforwards | $ 50,200,000 | $ 50,200,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Credits and net operating loss carryforward | $ 116,119 | $ 107,163 |
Accrued compensation | 280 | 174 |
Deferred revenues | 271 | 199 |
Stock-based compensation | 5,638 | 6,819 |
Property and equipment | 746 | 79 |
Purchased intangible assets | 4,411 | 38 |
Operating lease | 4,536 | 1,969 |
Other deferred tax assets | 1,682 | 1,056 |
Total deferred tax assets | 133,683 | 117,497 |
Valuation allowance | (121,927) | (107,161) |
Deferred tax liabilities: | ||
Basis difference on purchased intangible assets | 2,969 | 3,308 |
Operating lease | 3,683 | 1,297 |
Other deferred tax liabilities | 5,157 | 7,668 |
Tax deductible goodwill | 1,800 | 0 |
Total deferred tax liabilities | 13,609 | 12,273 |
Net deferred tax liabilities | $ (1,853) | $ (1,937) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits and Effect on Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit - beginning balance | $ 8,840 | $ 8,217 | $ 7,527 |
Decreases for tax positions taken in prior years | 0 | 0 | (242) |
Increases for tax positions taken in current year | 420 | 623 | 932 |
Unrecognized tax benefit - ending balance | $ 9,260 | $ 8,840 | $ 8,217 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ (25,305) | $ (4,218) | $ (19,133) | $ (16,725) | $ (9,560) | $ (10,363) | $ (3,906) | $ (13,228) | $ (65,381) | $ (37,057) | $ (28,318) |
Weighted-average number of shares used to compute net loss per share, basic and diluted (in shares) | 91,300 | 90,585 | 90,112 | 89,638 | 89,123 | 88,789 | 92,558 | 94,263 | 90,412 | 91,163 | 93,676 |
Net loss per share, basic and diluted (in USD per share) | $ (0.28) | $ (0.05) | $ (0.21) | $ (0.19) | $ (0.11) | $ (0.12) | $ (0.04) | $ (0.14) | $ (0.72) | $ (0.41) | $ (0.30) |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Schedule of Outstanding Common Equivalent Shares Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding common equivalent shares (in shares) | 24,459 | 25,186 | 23,089 |
Stock options and ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding common equivalent shares (in shares) | 8,229 | 8,642 | 6,664 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding common equivalent shares (in shares) | 4,709 | 5,023 | 4,904 |
Shares related to convertible senior notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding common equivalent shares (in shares) | 11,521 | 11,521 | 11,521 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 16,222 | $ 7,211 | |
Operating lease, liability | 19,606 | $ 9,860 | |
Operating leases future minimum monthly rental payments due | 24,703 | ||
Total lease costs | 5,300 | ||
Operating lease costs for right-of-use assets | 4,400 | ||
Short-term lease costs related to short-term operating leases | $ 900 | ||
ASU 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 8,500 | ||
Operating lease, liability | $ 11,500 | ||
Professional Sports Team Suite | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of contract | 20 years | ||
Operating leases future minimum monthly rental payments due | $ 5,400 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of contract | 5 years | ||
Operating lease, renewal term | 6 years |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 3,940 | $ 5,581 |
Right-of-use assets obtained in exchange for lease obligations | $ 12,297 | $ 14,287 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 16,222 | $ 7,211 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Other current liabilities | $ 3,650 | $ 3,168 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Other non-current liabilities | $ 15,956 | $ 6,692 |
Total operating lease liabilities | $ 19,606 | $ 9,860 |
Weighted average remaining lease term (in years) | 7 years 2 months 12 days | 3 years 10 months 24 days |
Weighted average discount rate | 5.80% | 7.90% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 4,636 | |
2022 | 3,555 | |
2023 | 3,459 | |
2024 | 2,845 | |
2025 | 2,241 | |
2026 and thereafter | 7,967 | |
Total lease payments | 24,703 | |
Less: Imputed Interest | (5,097) | |
Total | $ 19,606 | $ 9,860 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |
Loss on contract settlement | $ 8.8 |
Open Purchase Commitments | |
Commitments And Contingencies [Line Items] | |
Distribution fees, software license fees and marketing services | $ 37.8 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Rate at which the company matches employee contribution | 3.00% | ||
Maximum contribution amount | $ 6,000 | ||
Matching contribution expense | $ 2,200,000 | $ 1,700,000 | $ 1,900,000 |
Concentrations - Additional Inf
Concentrations - Additional Information (Details) - Customer Concentration Risk - customer | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Number of customers accounted greater than 10% concentration risk | 0 | ||
Revenues | |||
Concentration Risk [Line Items] | |||
Number of customers accounted greater than 10% concentration risk | 0 | 1 | 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Quarterly Unaudited Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 142,529 | $ 121,116 | $ 83,455 | $ 98,787 | $ 118,532 | $ 114,830 | $ 104,691 | $ 98,107 | $ 445,887 | $ 436,160 | $ 386,958 |
Cost of revenues | 92,469 | 73,603 | 50,731 | 61,111 | 72,219 | 70,458 | 64,106 | 56,823 | 277,914 | 263,606 | 206,230 |
Gross margin | 50,060 | 47,513 | 32,724 | 37,676 | 46,313 | 44,372 | 40,585 | 41,284 | 167,973 | 172,554 | 180,728 |
Operating expenses: | |||||||||||
Sales and marketing | 31,124 | 24,555 | 23,814 | 25,034 | 27,541 | 24,310 | 23,870 | 25,523 | 104,527 | 101,244 | 90,086 |
Research and development | 11,358 | 9,744 | 8,621 | 10,593 | 10,771 | 9,236 | 8,699 | 10,370 | 40,316 | 39,076 | 46,873 |
General and administrative | 14,720 | 12,099 | 12,268 | 15,090 | 14,227 | 17,643 | 12,835 | 13,623 | 54,177 | 58,328 | 49,805 |
Change in fair value of escrowed shares and contingent consideration, net | 14,446 | 1,562 | 3,766 | 460 | 519 | 999 | (3,009) | 3,062 | 20,234 | 1,571 | 13,190 |
Total operating expenses | 71,648 | 47,960 | 48,469 | 51,177 | 53,058 | 52,188 | 42,395 | 52,578 | 219,254 | 200,219 | 199,954 |
Loss from operations | (21,588) | (447) | (15,745) | (13,501) | (6,745) | (7,816) | (1,810) | (11,294) | (51,281) | (27,665) | (19,226) |
Interest expense | (3,691) | (3,646) | (3,610) | (3,574) | (3,539) | (3,507) | (3,470) | (3,439) | (14,521) | (13,955) | (13,411) |
Other income, net | 432 | (59) | 187 | 580 | 1,009 | 1,175 | 1,508 | 1,531 | 1,140 | 5,223 | 4,801 |
Loss before income taxes | (24,847) | (4,152) | (19,168) | (16,495) | (9,275) | (10,148) | (3,772) | (13,202) | (64,662) | (36,397) | (27,836) |
Provision for income taxes | 458 | 66 | (35) | 230 | 285 | 215 | 134 | 26 | 719 | 660 | 482 |
Net loss | $ (25,305) | $ (4,218) | $ (19,133) | $ (16,725) | $ (9,560) | $ (10,363) | $ (3,906) | $ (13,228) | $ (65,381) | $ (37,057) | $ (28,318) |
Net loss per share: | |||||||||||
Net loss per share, basic and diluted (in USD per share) | $ (0.28) | $ (0.05) | $ (0.21) | $ (0.19) | $ (0.11) | $ (0.12) | $ (0.04) | $ (0.14) | $ (0.72) | $ (0.41) | $ (0.30) |
Weighted-average number of common shares used in computing net loss per share: | |||||||||||
Weighted-average number of common shares used in computing net loss per share, basic and diluted (in shares) | 91,300 | 90,585 | 90,112 | 89,638 | 89,123 | 88,789 | 92,558 | 94,263 | 90,412 | 91,163 | 93,676 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 2 Months Ended | |
Feb. 22, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Subsequent Event [Line Items] | ||
Operating leases future minimum monthly rental payments due | $ 24,703 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Operating lease office space rentable square feet | ft² | 25,610 | |
Operating lease, term of contract | 8 years | |
Operating leases future minimum monthly rental payments due | $ 6,700 | |
February 2021 Share Repurchase Program | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Authorized repurchase of common stock | $ 50,000 |