Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document And Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'COUP | ' |
Entity Registrant Name | 'COUPONS.COM INCORPORATED | ' |
Entity Central Index Key | '0001115128 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 77,524,671 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $220,825 | $38,972 |
Accounts receivable, net of allowance for doubtful accounts of $347 and $332 at March 31, 2014 and December 31, 2013, respectively | 39,580 | 42,185 |
Prefunded coupons cash deposits | 1,180 | 920 |
Prepaid expenses and other current assets | 4,750 | 3,100 |
Total current assets | 266,335 | 85,177 |
Property and equipment, net | 29,086 | 29,942 |
Intangible assets, net | 3,835 | 1,813 |
Goodwill | 17,864 | 9,887 |
Deferred tax assets | 975 | 195 |
Other assets | 3,839 | 7,222 |
Total assets | 321,934 | 134,236 |
Current liabilities: | ' | ' |
Accounts payable | 6,846 | 5,589 |
Accrued compensation and benefits | 7,378 | 13,721 |
Other current liabilities | 16,133 | 13,699 |
Prefunded coupons cash obligations | 1,180 | 920 |
Deferred revenues | 6,617 | 6,751 |
Debt obligations | 7,500 | 7,500 |
Debt obligations, related party | 15,787 | 15,577 |
Total current liabilities | 61,441 | 63,757 |
Other non-current liabilities | 804 | 1,046 |
Deferred rent | 1,085 | 1,222 |
Deferred tax liabilities | 975 | 195 |
Total liabilities | 64,305 | 66,220 |
Commitments and contingencies (Note 14) | ' | ' |
Redeemable convertible preferred stock, $0.00001 par value—no shares authorized, issued and outstanding, and aggregate liquidation preference of $0 at March 31, 2014; 50,437,000 shares authorized and 41,529,721 shares issued and outstanding, and aggregate liquidation preference of $282,990 at December 31,2013 | ' | 270,262 |
Stockholders’ equity (deficit): | ' | ' |
Preferred stock, $0.00001 par value—10,000,000 shares authorized and no shares issued or outstanding at March 31, 2014; no shares authorized, issued or outstanding at December 31, 2013 | ' | ' |
Common stock, $0.00001 par value—250,000,000 shares authorized and 77,522,238 shares issued and outstanding at March 31, 2014; 96,000,000 shares authorized and 21,089,300 shares issued and outstanding at December 31, 2013 | 1 | ' |
Additional paid-in capital | 502,307 | 28,403 |
Treasury stock, at cost | -61,935 | -61,935 |
Accumulated other comprehensive income (loss) | 49 | 37 |
Accumulated deficit | -182,793 | -168,751 |
Total stockholders’ equity (deficit) | 257,629 | -202,246 |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $321,934 | $134,236 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $347 | $332 |
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 0 | 50,437,000 |
Redeemable convertible preferred stock, shares issued | 0 | 41,529,721 |
Redeemable convertible preferred stock, shares outstanding | 0 | 41,529,721 |
Redeemable convertible preferred stock, liquidation preference | $0 | $282,990 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 96,000,000 |
Common stock, shares issued | 77,522,238 | 21,089,300 |
Common stock, shares outstanding | 77,522,238 | 21,089,300 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $51,501 | $36,490 |
Costs and expenses: | ' | ' |
Cost of revenues | 20,519 | 12,801 |
Sales and marketing | 19,511 | 14,903 |
Research and development | 16,267 | 10,953 |
General and administrative | 9,050 | 5,896 |
Total costs and expenses | 65,347 | 44,553 |
Loss from operations | -13,846 | -8,063 |
Interest expense | -302 | -206 |
Other income (expense), net | -138 | 29 |
Loss before benefit from income taxes | -14,286 | -8,240 |
Benefit from income taxes | -244 | 0 |
Net loss | ($14,042) | ($8,240) |
Net loss per share attributable to common stockholders, basic and diluted | ($0.41) | ($0.45) |
Weighted-average number of common shares used in computing net loss per share attributable to common stockholders, basic and diluted | 34,535 | 18,341 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net loss | ($14,042) | ($8,240) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustments | 12 | -129 |
Comprehensive loss | ($14,030) | ($8,369) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($14,042) | ($8,240) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 3,172 | 1,685 |
Stock-based compensation | 14,592 | 1,486 |
Accretion of debt discount | 56 | 56 |
Loss on disposal of property and equipment | ' | 1 |
Provision for doubtful accounts | 14 | 50 |
Benefit from deferred income taxes | -244 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,779 | -1,512 |
Prepaid expenses and other current assets | -1,456 | -1,279 |
Accounts payable and other current liabilities | 2,317 | -1,386 |
Accrued compensation and benefits | -6,345 | -4,857 |
Deferred revenues | -145 | 316 |
Other | 155 | 148 |
Net cash provided by (used in) operating activities | 853 | -13,532 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -2,914 | -9,382 |
Business acquisition, net of acquired cash | 859 | ' |
Purchases of intangible assets | ' | 1 |
Net cash used in investing activities | -2,055 | -9,381 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 2,922 | 448 |
Proceeds from initial public offering, net of offering costs | 178,539 | ' |
Exercise of warrant | 1,610 | ' |
Principal payments on capital lease obligations | -14 | -9 |
Net cash provided by financing activities | 183,057 | 439 |
Effect of exchange rates on cash and cash equivalents | -2 | 3 |
Net increase (decrease) in cash and cash equivalents | 181,853 | -22,471 |
Cash and cash equivalents at beginning of period | 38,972 | 58,395 |
Cash and cash equivalents at end of period | $220,825 | $35,924 |
Description_of_Business
Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Description of Business | ' |
1. Description of Business | |
Coupons.com Incorporated (the “Company”) operates a leading digital promotion platform that connects great brands and retailers with consumers. Many brands from leading consumer packaged goods companies (“CPGs”) and grocery, drug and mass merchandise retailers use the Company’s promotion platform to engage consumers at the critical moments when they are choosing which products they will buy and where they will shop. The Company delivers digital coupons, including coupons and coupon codes, through its platform which includes web, mobile and social channels, as well as those of the Company’s CPGs, retailers and its extensive network of publishers. Consumers select coupons by either printing them for physical redemption at retailers or saving them to retailer online accounts for automatic digital redemption. The Company also delivers integrated advertising through its platform. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Summary of Significant Accounting Policies | ' | |
2. Summary of Significant Accounting Policies | ||
Basis of Presentation and Consolidation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 7, 2014 (“Prospectus”). | ||
The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2014. | ||
There have been no changes to our significant accounting policies described in the Prospectus that have had a material impact on our condensed consolidated financial statements and related notes. | ||
Initial Public Offering | ||
In March 2014, the Company completed its initial public offering (“IPO”) in which it issued and sold 12,075,000 shares of common stock at a public offering price of $16.00 per share. The Company received net proceeds of $179.7 million after deducting underwriting discounts and commissions of $13.5 million, but before deducting offering expenses of $5.4 million. In addition, in connection with the IPO: | ||
— | All of the Company’s outstanding redeemable convertible preferred stock converted into 41,580,507 shares of common stock. | |
— | The Company recognized stock-based compensation expense of $13.1 million during the three months ended March 31, 2014 associated with restricted stock units (“RSUs”). Please see Note 9 (Stock-based Compensation) for further discussion. | |
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. Actual results may differ from the Company’s estimates, and such differences may be material to the accompanying condensed consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
3. Fair Value Measurements | ||||||||||||||||
The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis is as follows (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 14,920 | $ | — | $ | — | $ | 14,920 | ||||||||
Total | $ | 14,920 | $ | — | $ | — | $ | 14,920 | ||||||||
Included in cash and cash equivalents | $ | 14,920 | ||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 14,918 | $ | — | $ | — | $ | 14,918 | ||||||||
Total | $ | 14,918 | $ | — | $ | — | $ | 14,918 | ||||||||
Included in cash and cash equivalents | $ | 14,918 | ||||||||||||||
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 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 identical or similar assets or liabilities in 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. | ||||||||||||||||
Valuation techniques used to measure the fair value of money market funds were derived from quoted prices in active markets for identical assets or liabilities. |
Provision_for_Doubtful_Account
Provision for Doubtful Accounts | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Provision for Doubtful Accounts | ' | |||||||
4. Provision for Doubtful Accounts | ||||||||
The summary of activity in the allowance for doubtful accounts is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 332 | $ | 270 | ||||
Bad debt expense | 14 | 50 | ||||||
Recoveries (write-offs), net | 1 | (29 | ) | |||||
Balance at end of period | $ | 347 | $ | 291 | ||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Balance Sheet Components | ' | |||||||
5. Balance Sheet Components | ||||||||
Property and Equipment, Net | ||||||||
Property and equipment consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Computer equipment | $ | 14,511 | $ | 15,172 | ||||
Software | 28,530 | 5,294 | ||||||
Furniture and fixtures | 1,594 | 1,611 | ||||||
Leasehold improvements | 2,243 | 2,211 | ||||||
Total | 46,878 | 24,288 | ||||||
Accumulated depreciation and amortization | (19,175 | ) | (17,491 | ) | ||||
Projects in process | 1,383 | 23,145 | ||||||
Property and equipment, net | $ | 29,086 | $ | 29,942 | ||||
Depreciation and amortization expense of property and equipment was $2,867,000 and $1,492,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
During the quarter ended March 31, 2014, the Company’s internally developed next generation integrated point of sale digital coupon delivery solution was ready for its intended use and, accordingly, $23,130,000 was reclassified from projects in process to software within property and equipment, net on the accompanying condensed consolidated balance sheets. The Company recognized $1,431,000 amortization expense in cost of revenues related to the capitalized new software platform during the quarter ended March 31, 2014. | ||||||||
Accrued Compensation and Benefits | ||||||||
Accrued compensation and benefits consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Bonus | $ | 1,873 | $ | 5,949 | ||||
Payroll and related expenses | 394 | 1,131 | ||||||
Commissions | 2,197 | 4,297 | ||||||
Vacation | 2,914 | 2,344 | ||||||
Accrued compensation and benefits | $ | 7,378 | $ | 13,721 | ||||
Other Current Liabilities | ||||||||
Other current liabilities consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Legal and professional fees | $ | 2,357 | $ | 1,742 | ||||
Marketing expenses | 1,747 | 1,492 | ||||||
Distribution fees | 5,996 | 5,628 | ||||||
Accrued property and equipment | 1,172 | 1,252 | ||||||
Deferred rent | 468 | 453 | ||||||
Other | 4,393 | 3,132 | ||||||
Other current liabilities | $ | 16,133 | $ | 13,699 | ||||
Acquisition_of_Yub_Inc
Acquisition of Yub, Inc. | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Acquisition of Yub, Inc. | ' | |||||||
6. Acquisition of Yub, Inc. | ||||||||
On January 2, 2014, the Company acquired all the outstanding shares of Yub, Inc. (“Yub”), a company that allows consumers to link digital offers and promotions to payment cards for savings when they use the cards for in-store purchases. The total acquisition consideration of $10.1 million, which consisted of 1,000,040 shares of the Company’s common stock, was based on the fair value of the Company’s common stock of $10.05 per share. The acquisition of YUB provides the Company with developed technologies and enhanced workforce. The fair values of identifiable intangible assets were determined using discounted cash flow models. The excess of the consideration paid over the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill, which is not deductible for tax purposes. The goodwill is attributable to expected synergies from combined operations and acquired company’s knowhow. | ||||||||
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): | ||||||||
Amount | ||||||||
Cash | $ | 859 | ||||||
Other assets and (liabilities), net | (1,100 | ) | ||||||
Intangible assets | 2,320 | |||||||
Goodwill | 7,971 | |||||||
Total net assets acquired | $ | 10,050 | ||||||
Acquisition related costs of $376,000 were expensed as general and administrative expense in the accompanying condensed consolidated statement of operations. The results of operations of Yub have been included in our condensed consolidated statements of operations from the acquisition date. The pro forma impact of this acquisition on consolidated revenues, loss from operations and net loss was immaterial. | ||||||||
The Company amortizes intangible assets on a straight-line basis over their respective estimated useful lives. The following table presents the details of the identifiable intangible assets acquired in connection with the Yub acquisition (in thousands): | ||||||||
Amount | Estimated | |||||||
Useful Life | ||||||||
(in Years) | ||||||||
Customer relationships | $ | 176 | 5 | |||||
Vendor relationships | 890 | 4 | ||||||
Developed technologies | 692 | 5 | ||||||
Domain names | 487 | 5 | ||||||
Patents | 75 | 5 | ||||||
Total identifiable intangible assets | $ | 2,320 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||
7. Goodwill and Intangible Assets | ||||||||||||||||||
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, 2013 | $ | 9,887 | ||||||||||||||||
Acquisition of Yub | 7,971 | |||||||||||||||||
Foreign currency translation | 6 | |||||||||||||||||
Balance as of March 31, 2014 | $ | 17,864 | ||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||
March 31, | Accumulated | Foreign | March 31, | Weighted | ||||||||||||||
2014 | Amortization | Currency | 2014 | Average | ||||||||||||||
Gross | Translation | Net | Amortization | |||||||||||||||
Period | ||||||||||||||||||
(Years) | ||||||||||||||||||
Domain names | $ | 3,125 | $ | (2,455 | ) | $ | — | $ | 670 | 4 | ||||||||
Patents | 975 | (495 | ) | — | 480 | 7 | ||||||||||||
Customer relationships | 2,228 | (1,325 | ) | 57 | 960 | 3 | ||||||||||||
Vendor relationships | 890 | (56 | ) | — | 834 | 4 | ||||||||||||
Developed Technologies | 1,288 | (471 | ) | — | 817 | 4 | ||||||||||||
Trade names | 167 | (99 | ) | 6 | 74 | 2 | ||||||||||||
$ | 8,673 | $ | (4,901 | ) | $ | 63 | $ | 3,835 | 4 | |||||||||
December 31, | Accumulated | Foreign | December 31, | Weighted | ||||||||||||||
2013 | Amortization | Currency | 2013 | Average | ||||||||||||||
Gross | Translation | Net | Amortization | |||||||||||||||
Period | ||||||||||||||||||
(Years) | ||||||||||||||||||
Domain names | $ | 2,638 | $ | (2,376 | ) | $ | — | $ | 262 | 1 | ||||||||
Patents | 900 | (470 | ) | — | 430 | 7 | ||||||||||||
Customer relationships | 2,052 | (1,239 | ) | 51 | 864 | 3 | ||||||||||||
Developed Technologies | 596 | (420 | ) | — | 176 | 3 | ||||||||||||
Trade names | 167 | (91 | ) | 5 | 81 | 3 | ||||||||||||
$ | 6,353 | $ | (4,596 | ) | $ | 56 | $ | 1,813 | 4 | |||||||||
Amortization expense related to intangible assets subject to amortization was $305,000 and $193,000 for the three months ended March 31, 2014 and 2013, respectively. Estimated future amortization expense of intangible assets as of March 31, 2014 is as follows (in thousands): | ||||||||||||||||||
Total | ||||||||||||||||||
2014, remaining nine months | $ | 877 | ||||||||||||||||
2015 | 1,028 | |||||||||||||||||
2016 | 910 | |||||||||||||||||
2017 | 555 | |||||||||||||||||
2018 | 321 | |||||||||||||||||
2019 and beyond | 144 | |||||||||||||||||
Total estimated amortization expense | $ | 3,835 | ||||||||||||||||
Debt_Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2014 | |
Debt Obligations | ' |
8. Debt Obligations | |
2013 Credit and Security Agreement | |
In September 2013, the Company entered into an agreement with a commercial bank to establish an accounts receivable based revolving line of credit. The maximum amount available for borrowing under the revolving credit facility is the lesser of $25,000,000 (which can be increased to $30,000,000 if certain conditions are met) or an amount equal to 85% of certain eligible accounts, which excludes accounts that are over 60 days outstanding from the original due date. The revolving line of credit has a maturity date of September 30, 2016 and may be repaid and redrawn at any time prior to the maturity date. Interest is charged at a floating interest rate based on the daily three month LIBOR, plus a 2.75% applicable margin. Interest was 3.0% at March 31, 2014. The Company is also required to pay a commitment fee on the unused portion of the revolving credit facility equal to 0.25% per annum. As of March 31, 2014 and December 31, 2013, $7,500,000 was outstanding under the revolving line of credit. The revolving credit facility is secured by substantially all of the Company’s assets, and is subject to certain financial and non-financial covenants, including financial reporting at certain specified intervals. As of March 31, 2014, the Company was in compliance with the financial and non-financial covenants under the credit and security agreement. | |
2012 Note Payable, Related Party | |
In October 2012, the Company borrowed $15,000,000 from one of its stockholders by entering into a subordinated note arrangement. The note is subordinated to other senior debt. The note has a stated interest rate of 4.00% per annum, and the principal and accrued interest are due in a lump-sum payment on October 5, 2014. Accrued interest related to the related party debt obligation is included in debt obligations, related party on the accompanying condensed consolidated balance sheets. | |
In connection with the note, the Company issued a warrant to purchase 400,000 shares of Company’s common stock at an exercise price of $4.03 per share. In February 2014, the warrant to purchase 400,000 shares of common stock was exercised. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||||||
9. 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 us under the 2006 Plan and 2000 Plan. Under the 2013 Plan, the Company may grant stock options, stock appreciation rights, restricted stock and restricted stock units, performance shares and units to employees, directors and consultants. | ||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||
The fair value of each stock option is estimated on the date of grant for the periods presented using the Black-Scholes model based on the following assumptions: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Expected life (in years) | 6.08 | 6.08 | ||||||||||||||||||||||||||
Risk-free interest rate | 2.33% | 1.09% | ||||||||||||||||||||||||||
Volatility | 55% | 51% | ||||||||||||||||||||||||||
Dividend yield | — | — | ||||||||||||||||||||||||||
The weighted-average grant-date fair value of options granted was $8.60 and $1.80 per share during the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
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 have a contractual term of seven years and vest upon the satisfaction of both a service condition and a liquidity-event condition. The service condition is satisfied as to 25% of the RSUs on each of the first four anniversaries of the vesting commencement date. The liquidity-event condition is satisfied upon the earlier of (i) six months after the effective date of the IPO or (ii) March 15 of the calendar year following the year in which the IPO was declared effective; and (iii) the time immediately prior to the consummation of a change in control. The vesting condition that will be satisfied six months following the Company’s IPO does not affect the expense attribution period for the RSUs for which the service condition has been met as of the date of the Company’s IPO. This six-month period is not a substantive service condition and, accordingly, beginning on the effectiveness of the Company’s IPO in March 2014, we recognized a cumulative stock-based compensation expense for the portion of the RSUs that had met the service condition as of the date of the Company’s IPO. | ||||||||||||||||||||||||||||
A summary of the Company’s stock option and RSUs award activity under the Plan is as follows: | ||||||||||||||||||||||||||||
Options Outstanding | RSUs Outstanding | |||||||||||||||||||||||||||
Shares | Number of | Weighted | Weighted | Aggregate | Number of | Weighted | ||||||||||||||||||||||
Available | Shares | Average | Average | Intrinsic | Shares | Average | ||||||||||||||||||||||
for Grant | Exercise | Remaining | Value | Grant | ||||||||||||||||||||||||
Price | Contractual | (in thousands) | Date Fair | |||||||||||||||||||||||||
Term (Years) | Value | |||||||||||||||||||||||||||
Balance as of December 31, 2013 | 2,035,282 | 12,635,707 | $ | 5.87 | 7.02 | $ | 68,944 | 4,521,191 | $ | 5.59 | ||||||||||||||||||
Increase in shares authorized | 4,000,000 | |||||||||||||||||||||||||||
Options granted | (46,875 | ) | 46,875 | 16 | ||||||||||||||||||||||||
Options exercised | — | (1,377,391 | ) | 2.12 | 11,036 | |||||||||||||||||||||||
Options canceled or expired | 7,600 | (7,600 | ) | 9.48 | ||||||||||||||||||||||||
RSUs granted | — | — | — | |||||||||||||||||||||||||
RSUs canceled or expired | 29,351 | (29,351 | ) | 5.82 | ||||||||||||||||||||||||
Balance as of March 31, 2014 | 6,025,358 | 11,297,591 | 6.36 | 7.04 | 206,861 | 4,491,840 | 5.59 | |||||||||||||||||||||
Vested and expected to vest as of | 10,550,838 | 6.08 | 6.93 | 196,126 | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Vested and exercisable as of | 6,817,435 | 3.14 | 5.86 | 146,622 | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
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 which vested during the three months ended March 31, 2014 and 2013 was $1,005,000 and $1,584,000, respectively. | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||||
The Company’s Board of Directors adopted the 2014 Employee Stock Purchase Plan (“ESPP”), which became effective in March 2014, pursuant to which 1,200,000 shares of common stock have been reserved for future issuance. 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, with the exception of the initial offering period which commenced in March 2014 and ends in November 2014. 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: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Expected life (in years) | 0.62 | |||||||||||||||||||||||||||
Risk-free interest rate | 0.08% | |||||||||||||||||||||||||||
Volatility | 55% | |||||||||||||||||||||||||||
Dividend yield | — | |||||||||||||||||||||||||||
Stock-based Compensation Expense | ||||||||||||||||||||||||||||
The following table sets forth the total stock-based compensation expense resulting from RSUs, stock options and ESPP included in the Company’s condensed consolidated statements of operations (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Cost of revenues | $ | 1,577 | $ | 86 | ||||||||||||||||||||||||
Sales and marketing | 4,117 | 382 | ||||||||||||||||||||||||||
Research and development | 5,510 | 300 | ||||||||||||||||||||||||||
General and administrative | 3,388 | 718 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 14,592 | $ | 1,486 | ||||||||||||||||||||||||
As of March 31, 2014, there was $19,195,000 of unrecognized stock-based compensation expense (net of estimated forfeitures), of which $11,310,000 is related to stock options and ESPP shares and $7,885,000 is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of March 31, 2014 will be amortized over a weighted-average period of 2.8 years. The total unrecognized stock-based compensation expense related to RSUs as of March 31, 2014 will be amortized over a weighted-average period of 2.9 years. | ||||||||||||||||||||||||||||
The amount of stock-based compensation cost capitalized in property and equipment, net on the accompanying condensed consolidated balance sheets was immaterial for all periods presented. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2014 | |
Redeemable Convertible Preferred Stock | ' |
10. Redeemable Convertible Preferred Stock | |
Immediately prior to the completion of the Company’s IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 41,580,507 shares of common stock. |
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity (Deficit) | ' |
11. Stockholders’ Equity (Deficit) | |
Reverse Stock Split | |
In February 2014, the Company’s board approved an amendment to the restated certificate of incorporation to effect a 2.5-for-1 reverse stock split of its capital stock. All share and per share information for all periods presented has been adjusted to reflect the effect of such reverse stock split. | |
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 year 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 year terms. Upon liquidation, dissolution or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. | |
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. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
12. Income Taxes | |
The Company recorded a net income tax benefit of $244,000, and $0 during the three months ended March 31, 2014 and 2013, respectively. The benefit from income taxes during the first quarter of 2014 is due to acquired net deferred tax liabilities as part of the Yub acquisition. These additional deferred tax liabilities create a new source of taxable income, which requires the release of a portion of the Company’s deferred tax asset valuation allowance with a related reduction in income tax expense. |
Net_Loss_per_Share
Net Loss per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Net Loss per Share | ' | |||||||
13. Net Loss per Share | ||||||||
The computation of the Company’s basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net loss | $ | (14,042 | ) | $ | (8,240 | ) | ||
Weighted-average number of common shares used in computing | 34,535 | 18,341 | ||||||
net loss per share attributable to common stockholders, basic and diluted | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.41 | ) | $ | (0.45 | ) | ||
The outstanding common equivalent shares excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Redeemable convertible preferred stock | — | 41,581 | ||||||
Stock options and ESPP | 11,424 | 12,721 | ||||||
Restricted stock units | 4,492 | 3,595 | ||||||
Warrants | — | 698 | ||||||
15,916 | 58,595 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies | ' | |||||||
14. Commitments and Contingencies | ||||||||
Leases | ||||||||
The Company leases office space under noncancelable operating leases with lease terms ranging from one to five years. Additionally, the Company leases certain equipment under noncancelable operating leases at its facilities and its leased data center operations. | ||||||||
Aggregate Future Contractual Obligations and Lease Commitments | ||||||||
As of March 31, 2014, the Company’s minimum payments under its noncancelable operating and capital leases are as follows (in thousands): | ||||||||
Operating Leases | Capital Leases | |||||||
2014, remaining nine months | $ | 2,323 | $ | 50 | ||||
2015 | 3,149 | 66 | ||||||
2016 | 2,987 | 50 | ||||||
2017 | 111 | 21 | ||||||
2018 | 33 | 17 | ||||||
2019 and thereafter | — | — | ||||||
Total minimum payments | $ | 8,603 | $ | 204 | ||||
Less: Amount representing interest | 17 | |||||||
Present value of capital lease obligations | 187 | |||||||
Less: Current portion | 58 | |||||||
Capital lease obligation, net of current portion | $ | 129 | ||||||
Other Future Commitments | ||||||||
The Company has long-term commitments related to technology development and support for the years 2014 to 2016 in the amount of $8,598,000. | ||||||||
The Company also has other long-term commitments for the years 2014 to 2034 in the amount of $7,629,000 for marketing arrangements. | ||||||||
During 2013, the Company entered into service agreements under which the Company is obligated to prepay non-refundable payments up to $19,000,000 over three years or earlier upon achievement of certain milestones. During the year ended December 31, 2013, the Company made payments of $3,250,000. | ||||||||
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 will record 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. | ||||||||
The Company believes that liabilities associated with any claims are not probable and any reasonably possible range of losses cannot be estimated at this time, therefore the Company has not recorded any accrual for claims as of March 31, 2014 and December 31, 2013. |
Information_About_Geographic_A
Information About Geographic Areas | 3 Months Ended |
Mar. 31, 2014 | |
Information About Geographic Areas | ' |
15. Information About Geographic Areas | |
Revenues 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 condensed consolidated financial statements taken as a whole. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis of Presentation and Consolidation | ' | |
Basis of Presentation and Consolidation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 7, 2014 (“Prospectus”). | ||
The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2014. | ||
There have been no changes to our significant accounting policies described in the Prospectus that have had a material impact on our condensed consolidated financial statements and related notes. | ||
Initial Public Offering | ' | |
Initial Public Offering | ||
In March 2014, the Company completed its initial public offering (“IPO”) in which it issued and sold 12,075,000 shares of common stock at a public offering price of $16.00 per share. The Company received net proceeds of $179.7 million after deducting underwriting discounts and commissions of $13.5 million, but before deducting offering expenses of $5.4 million. In addition, in connection with the IPO: | ||
— | All of the Company’s outstanding redeemable convertible preferred stock converted into 41,580,507 shares of common stock. | |
— | The Company recognized stock-based compensation expense of $13.1 million during the three months ended March 31, 2014 associated with restricted stock units (“RSUs”). Please see Note 9 (Stock-based Compensation) for further discussion. | |
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. Actual results may differ from the Company’s estimates, and such differences may be material to the accompanying condensed consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis is as follows (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 14,920 | $ | — | $ | — | $ | 14,920 | ||||||||
Total | $ | 14,920 | $ | — | $ | — | $ | 14,920 | ||||||||
Included in cash and cash equivalents | $ | 14,920 | ||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 14,918 | $ | — | $ | — | $ | 14,918 | ||||||||
Total | $ | 14,918 | $ | — | $ | — | $ | 14,918 | ||||||||
Included in cash and cash equivalents | $ | 14,918 | ||||||||||||||
Provision_for_Doubtful_Account1
Provision for Doubtful Accounts (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Summary of Activity in Allowance for Doubtful Accounts | ' | |||||||
The summary of activity in the allowance for doubtful accounts is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 332 | $ | 270 | ||||
Bad debt expense | 14 | 50 | ||||||
Recoveries (write-offs), net | 1 | (29 | ) | |||||
Balance at end of period | $ | 347 | $ | 291 | ||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property and Equipment, Net | ' | |||||||
Property and equipment consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Computer equipment | $ | 14,511 | $ | 15,172 | ||||
Software | 28,530 | 5,294 | ||||||
Furniture and fixtures | 1,594 | 1,611 | ||||||
Leasehold improvements | 2,243 | 2,211 | ||||||
Total | 46,878 | 24,288 | ||||||
Accumulated depreciation and amortization | (19,175 | ) | (17,491 | ) | ||||
Projects in process | 1,383 | 23,145 | ||||||
Property and equipment, net | $ | 29,086 | $ | 29,942 | ||||
Accrued Compensation and Benefits | ' | |||||||
Accrued compensation and benefits consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Bonus | $ | 1,873 | $ | 5,949 | ||||
Payroll and related expenses | 394 | 1,131 | ||||||
Commissions | 2,197 | 4,297 | ||||||
Vacation | 2,914 | 2,344 | ||||||
Accrued compensation and benefits | $ | 7,378 | $ | 13,721 | ||||
Other Current Liabilities | ' | |||||||
Other current liabilities consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Legal and professional fees | $ | 2,357 | $ | 1,742 | ||||
Marketing expenses | 1,747 | 1,492 | ||||||
Distribution fees | 5,996 | 5,628 | ||||||
Accrued property and equipment | 1,172 | 1,252 | ||||||
Deferred rent | 468 | 453 | ||||||
Other | 4,393 | 3,132 | ||||||
Other current liabilities | $ | 16,133 | $ | 13,699 | ||||
Acquisition_of_Yub_Inc_Tables
Acquisition of Yub, Inc. (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ' | |||||||
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): | ||||||||
Amount | ||||||||
Cash | $ | 859 | ||||||
Other assets and (liabilities), net | (1,100 | ) | ||||||
Intangible assets | 2,320 | |||||||
Goodwill | 7,971 | |||||||
Total net assets acquired | $ | 10,050 | ||||||
Identifiable Intangible Assets | ' | |||||||
The Company amortizes intangible assets on a straight-line basis over their respective estimated useful lives. The following table presents the details of the identifiable intangible assets acquired in connection with the Yub acquisition (in thousands): | ||||||||
Amount | Estimated | |||||||
Useful Life | ||||||||
(in Years) | ||||||||
Customer relationships | $ | 176 | 5 | |||||
Vendor relationships | 890 | 4 | ||||||
Developed technologies | 692 | 5 | ||||||
Domain names | 487 | 5 | ||||||
Patents | 75 | 5 | ||||||
Total identifiable intangible assets | $ | 2,320 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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, 2013 | $ | 9,887 | ||||||||||||||||
Acquisition of Yub | 7,971 | |||||||||||||||||
Foreign currency translation | 6 | |||||||||||||||||
Balance as of March 31, 2014 | $ | 17,864 | ||||||||||||||||
Intangible Assets | ' | |||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||
March 31, | Accumulated | Foreign | March 31, | Weighted | ||||||||||||||
2014 | Amortization | Currency | 2014 | Average | ||||||||||||||
Gross | Translation | Net | Amortization | |||||||||||||||
Period | ||||||||||||||||||
(Years) | ||||||||||||||||||
Domain names | $ | 3,125 | $ | (2,455 | ) | $ | — | $ | 670 | 4 | ||||||||
Patents | 975 | (495 | ) | — | 480 | 7 | ||||||||||||
Customer relationships | 2,228 | (1,325 | ) | 57 | 960 | 3 | ||||||||||||
Vendor relationships | 890 | (56 | ) | — | 834 | 4 | ||||||||||||
Developed Technologies | 1,288 | (471 | ) | — | 817 | 4 | ||||||||||||
Trade names | 167 | (99 | ) | 6 | 74 | 2 | ||||||||||||
$ | 8,673 | $ | (4,901 | ) | $ | 63 | $ | 3,835 | 4 | |||||||||
December 31, | Accumulated | Foreign | December 31, | Weighted | ||||||||||||||
2013 | Amortization | Currency | 2013 | Average | ||||||||||||||
Gross | Translation | Net | Amortization | |||||||||||||||
Period | ||||||||||||||||||
(Years) | ||||||||||||||||||
Domain names | $ | 2,638 | $ | (2,376 | ) | $ | — | $ | 262 | 1 | ||||||||
Patents | 900 | (470 | ) | — | 430 | 7 | ||||||||||||
Customer relationships | 2,052 | (1,239 | ) | 51 | 864 | 3 | ||||||||||||
Developed Technologies | 596 | (420 | ) | — | 176 | 3 | ||||||||||||
Trade names | 167 | (91 | ) | 5 | 81 | 3 | ||||||||||||
$ | 6,353 | $ | (4,596 | ) | $ | 56 | $ | 1,813 | 4 | |||||||||
Estimated Amortization of Intangible Assets | ' | |||||||||||||||||
Estimated future amortization expense of intangible assets as of March 31, 2014 is as follows (in thousands): | ||||||||||||||||||
Total | ||||||||||||||||||
2014, remaining nine months | $ | 877 | ||||||||||||||||
2015 | 1,028 | |||||||||||||||||
2016 | 910 | |||||||||||||||||
2017 | 555 | |||||||||||||||||
2018 | 321 | |||||||||||||||||
2019 and beyond | 144 | |||||||||||||||||
Total estimated amortization expense | $ | 3,835 | ||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Summary of Assumptions Used to Estimate the Fair Value of Stock Options | ' | |||||||||||||||||||||||||||
The fair value of each stock option is estimated on the date of grant for the periods presented using the Black-Scholes model based on the following assumptions: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Expected life (in years) | 6.08 | 6.08 | ||||||||||||||||||||||||||
Risk-free interest rate | 2.33% | 1.09% | ||||||||||||||||||||||||||
Volatility | 55% | 51% | ||||||||||||||||||||||||||
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 Plan is as follows: | ||||||||||||||||||||||||||||
Options Outstanding | RSUs Outstanding | |||||||||||||||||||||||||||
Shares | Number of | Weighted | Weighted | Aggregate | Number of | Weighted | ||||||||||||||||||||||
Available | Shares | Average | Average | Intrinsic | Shares | Average | ||||||||||||||||||||||
for Grant | Exercise | Remaining | Value | Grant | ||||||||||||||||||||||||
Price | Contractual | (in thousands) | Date Fair | |||||||||||||||||||||||||
Term (Years) | Value | |||||||||||||||||||||||||||
Balance as of December 31, 2013 | 2,035,282 | 12,635,707 | $ | 5.87 | 7.02 | $ | 68,944 | 4,521,191 | $ | 5.59 | ||||||||||||||||||
Increase in shares authorized | 4,000,000 | |||||||||||||||||||||||||||
Options granted | (46,875 | ) | 46,875 | 16 | ||||||||||||||||||||||||
Options exercised | — | (1,377,391 | ) | 2.12 | 11,036 | |||||||||||||||||||||||
Options canceled or expired | 7,600 | (7,600 | ) | 9.48 | ||||||||||||||||||||||||
RSUs granted | — | — | — | |||||||||||||||||||||||||
RSUs canceled or expired | 29,351 | (29,351 | ) | 5.82 | ||||||||||||||||||||||||
Balance as of March 31, 2014 | 6,025,358 | 11,297,591 | 6.36 | 7.04 | 206,861 | 4,491,840 | 5.59 | |||||||||||||||||||||
Vested and expected to vest as of | 10,550,838 | 6.08 | 6.93 | 196,126 | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Vested and exercisable as of | 6,817,435 | 3.14 | 5.86 | 146,622 | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Schedule of Stock Based Compensation Expense | ' | |||||||||||||||||||||||||||
The following table sets forth the total stock-based compensation expense resulting from RSUs, stock options and ESPP included in the Company’s condensed consolidated statements of operations (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Cost of revenues | $ | 1,577 | $ | 86 | ||||||||||||||||||||||||
Sales and marketing | 4,117 | 382 | ||||||||||||||||||||||||||
Research and development | 5,510 | 300 | ||||||||||||||||||||||||||
General and administrative | 3,388 | 718 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 14,592 | $ | 1,486 | ||||||||||||||||||||||||
Employee Stock Purchase Plan | ' | |||||||||||||||||||||||||||
Summary of Assumptions Used to Estimate the Fair Value of Stock Options | ' | |||||||||||||||||||||||||||
The fair value of the option feature is estimated using the Black-Scholes model for the period presented based on the following assumptions: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Expected life (in years) | 0.62 | |||||||||||||||||||||||||||
Risk-free interest rate | 0.08% | |||||||||||||||||||||||||||
Volatility | 55% | |||||||||||||||||||||||||||
Dividend yield | — | |||||||||||||||||||||||||||
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | ' | |||||||
The computation of the Company’s basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net loss | $ | (14,042 | ) | $ | (8,240 | ) | ||
Weighted-average number of common shares used in computing | 34,535 | 18,341 | ||||||
net loss per share attributable to common stockholders, basic and diluted | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.41 | ) | $ | (0.45 | ) | ||
Schedule of Outstanding Common Equivalent Shares Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders | ' | |||||||
The outstanding common equivalent shares excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Redeemable convertible preferred stock | — | 41,581 | ||||||
Stock options and ESPP | 11,424 | 12,721 | ||||||
Restricted stock units | 4,492 | 3,595 | ||||||
Warrants | — | 698 | ||||||
15,916 | 58,595 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Minimum Payments Under Noncancelable Operating and Capital Leases | ' | |||||||
As of March 31, 2014, the Company’s minimum payments under its noncancelable operating and capital leases are as follows (in thousands): | ||||||||
Operating Leases | Capital Leases | |||||||
2014, remaining nine months | $ | 2,323 | $ | 50 | ||||
2015 | 3,149 | 66 | ||||||
2016 | 2,987 | 50 | ||||||
2017 | 111 | 21 | ||||||
2018 | 33 | 17 | ||||||
2019 and thereafter | — | — | ||||||
Total minimum payments | $ | 8,603 | $ | 204 | ||||
Less: Amount representing interest | 17 | |||||||
Present value of capital lease obligations | 187 | |||||||
Less: Current portion | 58 | |||||||
Capital lease obligation, net of current portion | $ | 129 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ' |
Common stock, shares, issued | 12,075,000 |
Common stock, price per share | $16 |
Proceeds from issuance initial public offering | $179.70 |
Underwriting discounts and commissions | 13.5 |
Offering expenses | 5.4 |
Reclassification to common stock from redeemable preferred stock in connection with tender offer (Shares) | 41,580,507 |
Share based compensation expenses, recognized | $13.10 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets Measured at Fair Value on Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Assets fair value | $14,920 | $14,918 |
Assets fair value, included in cash and cash equivalents | 14,920 | 14,918 |
Money Market Funds | ' | ' |
Financial Assets: | ' | ' |
Assets fair value | 14,920 | 14,918 |
Level 1 | ' | ' |
Financial Assets: | ' | ' |
Assets fair value | 14,920 | 14,918 |
Level 1 | Money Market Funds | ' | ' |
Financial Assets: | ' | ' |
Assets fair value | $14,920 | $14,918 |
Provision_for_Doubtful_Account2
Provision for Doubtful Accounts - Summary of Activity in the Allowance for Doubtful Accounts (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Balance at beginning of period | $332 | $270 |
Bad debt expense | 14 | 50 |
Recoveries (write-offs), net | 1 | -29 |
Balance at end of period | $347 | $291 |
Balance_Sheet_Components_Prope
Balance Sheet Components - Property and Equipment, Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, Total | $46,878 | $24,288 |
Accumulated depreciation and amortization | -19,175 | -17,491 |
Projects in process | 1,383 | 23,145 |
Property and equipment, net | 29,086 | 29,942 |
Computer Equipment | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, Total | 14,511 | 15,172 |
Software | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, Total | 28,530 | 5,294 |
Furniture and Fixtures | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, Total | 1,594 | 1,611 |
Leasehold Improvements | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, Total | $2,243 | $2,211 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property Plant And Equipment [Line Items] | ' | ' |
Depreciation and amortization | $3,172,000 | $1,685,000 |
Reclassified amount from project in process to software | 23,130,000 | ' |
Property and Equipment | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Depreciation and amortization | 2,867,000 | 1,492,000 |
Capitalized New Software | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Amortization expense recognized | $1,431,000 | ' |
Balance_Sheet_Components_Accru
Balance Sheet Components - Accrued Compensation and Benefits (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Compensation And Benefits [Line Items] | ' | ' |
Bonus | $1,873 | $5,949 |
Payroll and related expenses | 394 | 1,131 |
Commissions | 2,197 | 4,297 |
Vacation | 2,914 | 2,344 |
Accrued compensation and benefits | $7,378 | $13,721 |
Balance_Sheet_Components_Other
Balance Sheet Components - Other Current Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Line Items] | ' | ' |
Legal and professional fees | $2,357 | $1,742 |
Marketing expenses | 1,747 | 1,492 |
Distribution fees | 5,996 | 5,628 |
Accrued property and equipment | 1,172 | 1,252 |
Deferred rent | 468 | 453 |
Other | 4,393 | 3,132 |
Other current liabilities | $16,133 | $13,699 |
Acquisition_of_Yub_Inc_Additio
Acquisition of Yub, Inc. - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended |
Jan. 02, 2014 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | ' | ' |
Total acquisition consideration | $10,100,000 | ' |
Total acquisition consideration (Shares) | 1,000,040 | ' |
Business acquisition, common stock per share | $10.05 | ' |
Acquisition related costs | ' | $376,000 |
Acquisition_of_Yub_Inc_Fair_Va
Acquisition of Yub, Inc. - Fair Value of Assets Acquired and Liabilities Assumed (Details) (USD $) | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Cash | ' | $859 | ' |
Other assets and (liabilities), net | ' | -1,100 | ' |
Intangible assets | 2,320 | 2,320 | ' |
Goodwill | 17,864 | 7,971 | 9,887 |
Total net assets acquired | ' | $10,050 | ' |
Acquisition_of_Yub_Inc_Identif
Acquisition of Yub, Inc. - Identifiable Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Customer Relationships | Vendor Relationships | Developed Technologies | Domain Names | Patents | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Identifiable Intangible Assets, Amount | $2,320 | $2,320 | $176 | $890 | $692 | $487 | $75 |
Estimated useful life of asset | ' | ' | '5 years | '4 years | '5 years | '5 years | '5 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jan. 02, 2014 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $9,887 | $7,971 |
Acquisition of Yub | 7,971 | ' |
Foreign currency translation | 6 | ' |
Ending Balance | $17,864 | $7,971 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | $8,673 | $6,353 |
Accumulated Amortization | -4,901 | -4,596 |
Foreign Currency Translation | 63 | 56 |
Net | 3,835 | 1,813 |
Weighted Average Amortization Period (Years) | '4 years | '4 years |
Domain Names | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 3,125 | 2,638 |
Accumulated Amortization | -2,455 | -2,376 |
Net | 670 | 262 |
Weighted Average Amortization Period (Years) | '4 years | '1 year |
Patents | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 975 | 900 |
Accumulated Amortization | -495 | -470 |
Net | 480 | 430 |
Weighted Average Amortization Period (Years) | '7 years | '7 years |
Customer Relationships | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 2,228 | 2,052 |
Accumulated Amortization | -1,325 | -1,239 |
Foreign Currency Translation | 57 | 51 |
Net | 960 | 864 |
Weighted Average Amortization Period (Years) | '3 years | '3 years |
Vendor Relationships | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 890 | ' |
Accumulated Amortization | -56 | ' |
Net | 834 | ' |
Weighted Average Amortization Period (Years) | '4 years | ' |
Developed Technologies | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 1,288 | 596 |
Accumulated Amortization | -471 | -420 |
Net | 817 | 176 |
Weighted Average Amortization Period (Years) | '4 years | '3 years |
Trade Names | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 167 | 167 |
Accumulated Amortization | -99 | -91 |
Foreign Currency Translation | 6 | 5 |
Net | $74 | $81 |
Weighted Average Amortization Period (Years) | '2 years | '3 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Amortization expense of intangible assets | $305,000 | $193,000 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Estimated Amortization of Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets [Line Items] | ' | ' |
2014, remaining nine months | $877 | ' |
2015 | 1,028 | ' |
2016 | 910 | ' |
2017 | 555 | ' |
2018 | 321 | ' |
2019 and beyond | 144 | ' |
Total estimated amortization expense | $3,835 | $1,813 |
Debt_Obligations_Additional_In
Debt Obligations - Additional Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | ||
Feb. 28, 2014 | Oct. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
2012 Note Payable, Related Party | 2012 Note Payable, Related Party | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |
LIBOR | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Current maximum amount available for borrowing | ' | ' | $25,000,000 | ' | ' |
Increased maximum amount available for borrowing | ' | ' | 30,000,000 | ' | ' |
Line of credit Facility, alternative maximum amount available for borrowing conditions | ' | ' | 'an amount equal to 85% of certain eligible accounts, which excludes accounts that are over 60 days outstanding from the original due date | ' | ' |
Maturity date of line of credit | ' | ' | 30-Sep-16 | ' | ' |
Floating interest rate based on the daily three month LIBOR, plus applicable margin | ' | ' | ' | ' | 2.75% |
Line of credit facility interest at end of the period | ' | ' | 3.00% | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | 'Interest is charged at a floating interest rate based on the daily three month LIBOR, plus a 2.75% applicable margin. Interest was 3.0% at March 31, 2014. | ' | ' |
Commitment fee on the unused portion of the revolving credit facility, percentage | ' | ' | 0.25% | ' | ' |
Amount outstanding under the revolving line of credit | ' | ' | 7,500,000 | 7,500,000 | ' |
Borrowings from stockholders | ' | $15,000,000 | ' | ' | ' |
Stated interest rate of subordinated note | ' | 4.00% | ' | ' | ' |
Warrants issued to purchase common stock | ' | 400,000 | ' | ' | ' |
Warrants exercise price per share | ' | $4.03 | ' | ' | ' |
Warrants exercised during period | 400,000 | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Weighted average grant date fair value | $8.60 | $1.80 |
Employee Stock Purchase Plan | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Common stock reserved for future issuance | 1,200,000 | ' |
Maximum contribution of base compensation for employee stock purchase plan | 15.00% | ' |
Offering period of employee stock purchase plan | '6 months | ' |
Initial offering period | 'initial offering period which commenced in March 2014 and ends in November 2014 | ' |
Purchase price of common stock percentage of fair market value | 85.00% | ' |
2013 Equity Incentive Plan | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Common stock reserved for future issuance | 4,000,000 | ' |
Restricted Stock Units | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Percentage of service condition and liquidity event condition | 25.00% | ' |
Fair value of shares vested, total | $1,005,000 | $1,584,000 |
Unrecognized stock based compensation, net of forfeitures | 7,885,000 | ' |
Unrecognized stock based compensation, amortized weighted average period | '2 years 10 months 24 days | ' |
Stock Based Compensation Expense | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Unrecognized stock based compensation, net of forfeitures | 19,195,000 | ' |
Stock Options | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Unrecognized stock based compensation, net of forfeitures | $11,310,000 | ' |
Unrecognized stock based compensation, amortized weighted average period | '2 years 9 months 18 days | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Assumptions Used to Estimate the Fair Value of Stock Options (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Expected life (in years) | '6 years 29 days | '6 years 29 days |
Risk-free interest rate | 2.33% | 1.09% |
Volatility | 55.00% | 51.00% |
Dividend yield | ' | ' |
Employee Stock Purchase Plan | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Expected life (in years) | '7 months 13 days | ' |
Risk-free interest rate | 0.08% | ' |
Volatility | 55.00% | ' |
Dividend yield | ' | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option and Restricted Stock Units Award Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Shares Available for Grant | ' | ' |
Beginning balance | 2,035,282 | ' |
Increase in shares authorized | 4,000,000 | ' |
Options granted | -46,875 | ' |
Options canceled or expired | 7,600 | ' |
RSUs granted | ' | ' |
RSUs canceled or expired | 29,351 | ' |
Ending balance | 6,025,358 | 2,035,282 |
Number of Shares | ' | ' |
Beginning balance | 12,635,707 | ' |
Options granted | 46,875 | ' |
Options exercised | -1,377,391 | ' |
Options canceled or expired | -7,600 | ' |
Ending balance | 11,297,591 | 12,635,707 |
Vested and expected to vest at the end of period | 10,550,838 | ' |
Vested and exercisable at the end of period | 6,817,435 | ' |
Weighted Average Exercise Price | ' | ' |
Beginning balance | $5.87 | ' |
Options granted | $16 | ' |
Options exercised | $2.12 | ' |
Options canceled or expired | $9.48 | ' |
Ending balance | $6.36 | $5.87 |
Vested and expected to vest at the end of period | $6.08 | ' |
Vested and exercisable at the end of period | $3.14 | ' |
Weighted Average Remaining Contractual Term (Years) | ' | ' |
Balance | '7 years 15 days | '7 years 7 days |
Vested and expected to vest at the end of period | '6 years 11 months 5 days | ' |
Vested and exercisable at the end of period | '5 years 10 months 10 days | ' |
Aggregate Intrinsic Value | ' | ' |
Beginning balance | $68,944 | ' |
Options exercised | 11,036 | ' |
Ending balance | 206,861 | 68,944 |
Vested and expected to vest at the end of period | 196,126 | ' |
Vested and exercisable at the end of period | $146,622 | ' |
Restricted Stock Units, Number of Shares | ' | ' |
Beginning balance | 4,521,191 | ' |
RSUs granted | ' | ' |
RSUs canceled or expired | -29,351 | ' |
Ending balance | 4,491,840 | 4,521,191 |
Weighted Average Grant Date Fair Value | ' | ' |
Beginning balance | $5.59 | ' |
RSUs granted | ' | ' |
RSUs canceled or expired | $5.82 | ' |
Ending balance | $5.59 | $5.59 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Stock-based compensation | $14,592 | $1,486 |
Cost of Revenues | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Stock-based compensation | 1,577 | 86 |
Sales and Marketing | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Stock-based compensation | 4,117 | 382 |
Research and Development | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Stock-based compensation | 5,510 | 300 |
General and Administrative | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Stock-based compensation | $3,388 | $718 |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock - Additional Information (Details) | Mar. 31, 2014 |
Temporary Equity [Line Items] | ' |
Preferred stock converted into shares of common stock | 41,580,507 |
Stockholders_Equity_Deficit_Ad
Stockholders' Equity (Deficit) - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Reverse stock split of capital stock description | '2.5-for-1 | ' |
Stockholders equity reverse stock split conversion ratio | 2.5 | ' |
Common stock, shares authorized | 250,000,000 | 96,000,000 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Common stock, voting rights | '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. | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Line Items] | ' | ' |
Benefit from income taxes | ($244) | $0 |
Net_Loss_per_Share_Schedule_of
Net Loss per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net loss | ($14,042) | ($8,240) |
Weighted-average number of common shares used in computing net loss per share attributable to common stockholders, basic and diluted | 34,535 | 18,341 |
Net loss per share attributable to common stockholders, basic and diluted | ($0.41) | ($0.45) |
Net_Loss_per_Share_Schedule_of1
Net Loss per Share - Schedule of Outstanding Common Equivalent Shares Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Outstanding common equivalent shares | 15,916 | 58,595 |
Redeemable Convertible Preferred Stock | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Outstanding common equivalent shares | ' | 41,581 |
Stock Options and ESSP | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Outstanding common equivalent shares | 11,424 | 12,721 |
Restricted Stock Units | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Outstanding common equivalent shares | 4,492 | 3,595 |
Warrant | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Outstanding common equivalent shares | ' | 698 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Technology | Marketing Arrangements | Service Agreements | Minimum | Maximum | |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Term of noncancelable operating lease | ' | ' | ' | '1 year | '5 years |
Long-term commitments | $8,598,000 | $7,629,000 | ' | ' | ' |
Period of long-term commitments | '2014 to 2016 | '2014 to 2034 | ' | ' | ' |
Total future service agreements payment to be made | ' | ' | 19,000,000 | ' | ' |
Initial non-refundable payments under service agreements | ' | ' | $3,250,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Payments Under Noncancelable Operating and Capital Leases (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases | ' |
2014, remaining nine months | $2,323 |
2015 | 3,149 |
2016 | 2,987 |
2017 | 111 |
2018 | 33 |
2019 and thereafter | ' |
Total minimum payments | 8,603 |
Capital Leases | ' |
2014, remaining nine months | 50 |
2015 | 66 |
2016 | 50 |
2017 | 21 |
2018 | 17 |
2019 and thereafter | ' |
Total minimum payments | 204 |
Less: Amount representing interest | 17 |
Present value of capital lease obligations | 187 |
Less: Current portion | 58 |
Capital lease obligation, net of current portion | $129 |