Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 03, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ELLIE MAE INC | |
Entity Central Index Key | 1,122,388 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,989,281 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 28,540 | $ 34,396 |
Short-term investments | 43,122 | 48,975 |
Accounts receivable, net of allowances for doubtful accounts of $141 and $124 as of March 31, 2016 and December 31, 2015, respectively | 39,474 | 28,568 |
Prepaid expenses and other current assets | 11,472 | 9,874 |
Total current assets | 122,608 | 121,813 |
Property and equipment, net | 96,673 | 81,360 |
Long-term investments | 42,292 | 55,473 |
Intangible assets, net | 21,353 | 22,810 |
Deposits and other assets | 9,281 | 8,888 |
Goodwill | 74,547 | 74,547 |
Total assets | 366,754 | 364,891 |
Current liabilities: | ||
Accounts payable | 8,910 | 9,911 |
Accrued and other current liabilities | 22,107 | 37,307 |
Deferred revenue | 17,009 | 15,864 |
Total current liabilities | 48,026 | 63,082 |
Leases payable, net of current portion | 571 | 685 |
Other long-term liabilities | 11,206 | 10,273 |
Total liabilities | $ 59,803 | $ 74,040 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value per share; 140,000,000 authorized shares, 29,971,612 and 29,566,511 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 3 | $ 3 |
Additional paid-in capital | 298,607 | 285,342 |
Accumulated other comprehensive income (loss) | 71 | (257) |
Retained earnings | 8,270 | 5,763 |
Total stockholders' equity | 306,951 | 290,851 |
Total liabilities and stockholders' equity | $ 366,754 | $ 364,891 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances for doubtful accounts | $ 141 | $ 124 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 29,971,612 | 29,566,511 |
Common stock, shares outstanding | 29,971,612 | 29,566,511 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | $ 73,625 | $ 54,189 |
Cost of revenues | 26,631 | 17,350 |
Gross profit | 46,994 | 36,839 |
Operating expenses: | ||
Sales and marketing | 15,287 | 9,760 |
Research and development | 12,453 | 8,297 |
General and administrative | 15,731 | 12,302 |
Total operating expenses | 43,471 | 30,359 |
Income from operations | 3,523 | 6,480 |
Other income, net | 199 | 132 |
Income before income taxes | 3,722 | 6,612 |
Income tax provision | 1,216 | 3,028 |
Net income | $ 2,506 | $ 3,584 |
Net income per share of common stock: | ||
Basic | $ 0.09 | $ 0.12 |
Diluted | $ 0.08 | $ 0.12 |
Weighted average common shares used in computing net income per share of common stock: | ||
Basic | 29,471,214 | 28,768,144 |
Diluted | 31,080,314 | 30,442,163 |
Other comprehensive income, net of taxes: | ||
Net income | $ 2,506 | $ 3,584 |
Unrealized gain on investments | 328 | 171 |
Comprehensive income | $ 2,834 | $ 3,755 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,506,000 | $ 3,584,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,954,000 | 1,767,000 |
Provision for uncollectible accounts receivable | 33,000 | 38,000 |
Amortization of intangible assets | 1,457,000 | 1,332,000 |
Stock-based compensation expense | 6,690,000 | 5,007,000 |
Excess tax benefit from stock-based compensation | 0 | (2,906,000) |
Deferred income taxes | 1,172,000 | 0 |
Loss on disposal of property and equipment | 5,000 | 0 |
Amortization of investment premium | 239,000 | 275,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (10,939,000) | (5,188,000) |
Prepaid expenses and other current assets | (1,598,000) | 3,007,000 |
Deposits and other assets | (1,565,000) | 0 |
Accounts payable | 625,000 | 379,000 |
Accrued, other current and other liabilities | (13,817,000) | 846,000 |
Deferred revenue | 1,178,000 | 2,805,000 |
Net cash provided by (used in) operating activities | (10,060,000) | 10,946,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (13,298,000) | (10,253,000) |
Acquisition of internal-use software | (7,112,000) | (5,762,000) |
Purchases of investments | (18,971,000) | (15,816,000) |
Maturities of investments | 18,094,000 | 15,665,000 |
Sale of investments | 20,000,000 | 0 |
Net cash used in investing activities | (1,287,000) | (16,166,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of capital lease obligations | (868,000) | (1,320,000) |
Proceeds from issuance of common stock under employee stock plans | 6,719,000 | 5,071,000 |
Payments for repurchase of common stock | 0 | (2,520,000) |
Tax payments related to shares withheld for vested restricted stock units | (360,000) | (320,000) |
Excess tax benefit from stock-based compensation | 0 | 2,906,000 |
Net cash provided by financing activities | 5,491,000 | 3,817,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,856,000) | (1,403,000) |
CASH AND CASH EQUIVALENTS, Beginning of period | 34,396,000 | 26,756,000 |
CASH AND CASH EQUIVALENTS, End of period | 28,540,000 | 25,353,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 79,000 | 33,000 |
Cash paid for income taxes | 97,000 | 50,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Fixed asset purchases accrued but not paid | 2,036,000 | 2,628,000 |
Stock-based compensation capitalized to property and equipment | 488,000 | 207,000 |
Acquisition of property and equipment under capital leases | $ 0 | $ 5,996,000 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Ellie Mae, Inc. (“Ellie Mae,” “the Company,” “we,” “our” or “us”) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry in the United States . The Company’s Encompass all-in-one mortgage management solution provides one system of record that allows banks, credit unions, and mortgage lenders to originate and fund mortgages and improve compliance, loan quality, and efficiency . |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ U.S. GAAP ”) and applicable rules and regulations of the Securities and Exchange Commission (“ SEC ”) regarding interim financial reporting. Certain information and note disclosures included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , which was filed with the SEC on February 25, 2016 (“ 2015 Form 10-K ”). The condensed consolidated balance sheet as of December 31, 2015 , included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes required by U.S. GAAP . In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial positions, results of operations and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2016 or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of condensed consolidated 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 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates estimates on a regular basis including those relating to revenue recognition, allowance for doubtful accounts, goodwill, intangible assets, valuation of deferred income taxes, stock-based compensation, and unrecognized tax benefits, among others. Actual results could differ from those estimates and such differences may have a material impact on the Company’s condensed consolidated financial statements and footnotes. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements in its 2015 Form 10-K . There have been no significant changes to these policies during the three months ended March 31, 2016 . Comprehensive Income Comprehensive income consists of net income and other comprehensive income . Other comprehensive income includes certain changes in equity that are excluded from net income, specifically unrealized gains on available-for-sale investments. Except for net realized gain on investments which was not significant, there were no reclassifications out of accumulated other comprehensive income that affected net income during the three months ended March 31, 2016 and 2015 . Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) No. 2014-09, Revenue from Contracts with Customers (“ ASU 2014-09 ”), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard also requires significantly expanded disclosures about revenue recognition. In August 2015, the FASB deferred the effective date of this standard by one year. The new effective date for public entities will be for fiscal years, and interim periods within those years, beginning after December 15, 2017, but entities will be permitted to early adopt the standard as of the original effective date. The Company has not yet developed an expectation of the impact that adoption will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ ASU 2015-05 ”), which clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The company adopted ASU 2015-05 on January 1, 2016, which did not impact the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) (“ASU 2016-09”). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. |
Net Income (Loss) Per Share of
Net Income (Loss) Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share of Common Stock | Net income per share of common stock is calculated by dividing net income by the weighted average shares of common stock outstanding during the period. Diluted net income per share of common stock is calculated by dividing net income by the weighted average shares of common stock outstanding and potential shares of common stock during the period. Potential shares of common stock include dilutive shares attributable to the assumed exercise of stock options, restricted stock unit awards (“ RSU s”), performance-vesting RSUs, performance share awards (“ Performance Awards ”), and Employee Stock Purchase Plan (“ ESPP ”) shares using the treasury stock method, if dilutive. The components of net income per share of common stock were as follows: Three Months ended March 31, 2016 2015 (in thousands, except share and per share amounts) Net income $ 2,506 $ 3,584 Basic shares: Weighted average common shares outstanding 29,471,214 28,768,144 Diluted shares: Weighted average shares used to compute basic net income per share 29,471,214 28,768,144 Effect of potentially dilutive securities: Employee stock options, RSUs, performance-vesting RSUs, Performance Awards and ESPP shares 1,609,100 1,674,019 Weighted average shares used to compute diluted net income per share 31,080,314 30,442,163 Net income per share: Basic $ 0.09 $ 0.12 Diluted $ 0.08 $ 0.12 The following potential weighted average common shares were excluded from the computation of diluted net income per share, as their effect would have been anti-dilutive: Three Months ended March 31, 2016 2015 Employee stock options and awards 224,366 346,256 Performance-vesting RSUs and Performance Awards are included in the diluted shares outstanding for each period if the established performance criteria have been met at the end of the respective periods. However, if none of the required performance criteria have been met for such awards, the Company includes the number of shares that would be issuable if the end of the reporting period were the end of the contingency period. Accordingly, in addition to the employee stock options and awards noted above, 13,776 and 157,491 shares underlying performance-vesting RSUs and Performance Awards were excluded from the dilutive shares outstanding for each of the three months ended March 31, 2016 and 2015 , respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations based on 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 — Valuations based on inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the assets or liabilities. The following tables set forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis, according to the valuation techniques the Company used to determine their values: Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 4,639 $ 4,639 $ — $ — Certificates of deposit 9,481 — 9,481 — Corporate notes and obligations 30,670 — 30,670 — Municipal obligations 3,655 — 3,655 — U.S. government and government agency obligations 41,608 12,359 29,249 — $ 90,053 $ 16,998 $ 73,055 $ — Fair Value at Fair Value Measurements Using Inputs Considered as December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 6,788 $ 6,788 $ — $ — Certificates of deposit 12,928 — 12,928 — Corporate notes and obligations 28,205 — 28,205 — Municipal obligations 2,648 — 2,648 — U.S. government and government agency obligations 60,667 19,429 41,238 — $ 111,236 $ 26,217 $ 85,019 $ — Financial instruments include cash, cash equivalents, and investments including investment-grade interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper, corporate bonds, municipal and government agency obligations, and guaranteed obligations of the U.S. government . The Company classifies its money market funds that are specifically backed by debt securities and U.S. government obligations as Level 1 instruments, due to the use of observable market prices for identical securities that are traded in active markets . When the Company uses observable market prices for identical securities that are traded in less active markets , the Company classifies its marketable financial instruments as Level 2. When observable market prices for identical securities are not available , the Company prices its marketable financial instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs . The Company corroborates non-binding market consensus prices with observable market data as such data exists . At March 31, 2016 and December 31, 2015 , the Company did not have any assets or liabilities that were valued using Level 3 inputs. For the three months ended March 31, 2016 and 2015 , there were no transfers of financial instruments among Level 1, Level 2 or Level 3 classifications. For the three months ended March 31, 2016 and 2015 , the Company recognized interest income from financial instruments of $0.2 million and $0.2 million , respectively. Gross realized gains and gross realized losses from the sale of investments were not significant during the three months ended March 31, 2016 and 2015 . At March 31, 2016 , $47.8 million of the Company's investments had a contractual maturity of one year or less and $42.3 million had a contractual maturity of one to three years. The carrying amounts, gross unrealized gains and losses and estimated fair value of cash and cash equivalents and both short-term and long-term investments consisted of the following: March 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Carrying or Fair Value (in thousands) Cash and cash equivalents: Cash $ 23,901 $ — $ — $ 23,901 Money market funds 4,639 — — 4,639 $ 28,540 $ — $ — $ 28,540 Investments: Corporate notes and obligations $ 30,649 $ 42 $ (21 ) $ 30,670 Certificates of deposit 9,467 16 (2 ) 9,481 Municipal obligations 3,648 7 — 3,655 U.S. government and government agency obligations 41,579 39 (10 ) 41,608 $ 85,343 $ 104 $ (33 ) $ 85,414 December 31, 2015 Amortized Cost Unrealized Gains Unrealized Losses Carrying or Fair Value (in thousands) Cash and cash equivalents: Cash $ 27,608 $ — $ — $ 27,608 Money market funds 6,788 — — 6,788 $ 34,396 $ — $ — $ 34,396 Investments: Corporate notes and obligations $ 28,314 $ 1 $ (110 ) $ 28,205 Certificates of deposit 12,945 5 (22 ) 12,928 Municipal obligations 2,647 1 — 2,648 U.S. government and government agency obligations 60,799 10 (142 ) 60,667 $ 104,705 $ 17 $ (274 ) $ 104,448 The following table shows the gross unrealized losses and the related fair values of the Company’s investments that have been in a continuous unrealized loss position. The Company did not identify any investments as other-than-temporarily impaired at March 31, 2016 or December 31, 2015. March 31, 2016 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate notes and obligations $ 10,728 $ (21 ) $ 421 $ — $ 11,149 $ (21 ) Certificates of deposit 1,576 (1 ) 200 (1 ) 1,776 (2 ) U.S. government, government agency, and municipal obligations 11,722 (8 ) 1,113 (2 ) 12,835 (10 ) $ 24,026 $ (30 ) $ 1,734 $ (3 ) $ 25,760 $ (33 ) December 31, 2015 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate notes and obligations $ 23,969 $ (99 ) $ 2,514 $ (11 ) $ 26,483 $ (110 ) Certificates of deposit 9,284 (22 ) — — 9,284 (22 ) U.S. government, government agency, and municipal obligations 48,394 (139 ) 1,793 (3 ) 50,187 (142 ) $ 81,647 $ (260 ) $ 4,307 $ (14 ) $ 85,954 $ (274 ) The following table summarizes the maturities of the Company’s investments at March 31, 2016 : Carrying or Fair Value (in thousands) Remainder of 2016 $ 31,669 2017 33,007 2018 18,269 2019 2,091 Thereafter 378 Total $ 85,414 Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. |
Balance Sheet Components (Notes
Balance Sheet Components (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Balance Sheet Disclosures [Text Block] | Property and Equipment Property and equipment, net, consisted of the following: March 31, December 31, 2016 2015 (in thousands) Computer equipment and software (1) $ 62,646 $ 55,928 Furniture and fixtures 6,287 5,292 Leasehold improvements 18,116 14,405 Property and equipment 87,049 75,625 Accumulated depreciation and amortization (1) (32,485 ) (28,552 ) Net property and equipment 54,564 47,073 Internal-use software and other assets not placed in service 42,109 34,287 $ 96,673 $ 81,360 ________________ (1) Includes computer equipment and software under capital leases: March 31, December 31, 2016 2015 (in thousands) Computer equipment $ 8,715 $ 8,715 Software 1,517 1,517 Accumulated amortization (4,211 ) (3,371 ) Net computer equipment and software under capital leases $ 6,021 $ 6,861 Depreciation expense for the three months ended March 31, 2016 and 2015 was $4.0 million and $1.8 million , respectively. Amortization of assets under capital leases which is included in depreciation expense for the three months ended March 31, 2016 and 2015 was $0.8 million and $0.2 million , respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: March 31, December 31, 2016 2015 (in thousands) Accrued payroll and related expenses $ 10,786 $ 23,938 Accrued commissions 1,068 1,993 Accrued professional fees 578 223 Accrued royalties 2,434 1,546 Sales and other taxes 1,901 1,536 Current portion of leases payable 3,092 3,845 Other accrued expenses 2,248 4,226 $ 22,107 $ 37,307 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | The carrying value of goodwill at March 31, 2016 was $74.5 million . There were no changes in the carrying value of goodwill during the three months ended March 31, 2016 . Other intangible assets, net, consisted of the following: March 31, 2016 Gross Carrying Accumulated Net Intangibles Weighted Average Remaining Useful Life (in thousands) (in years) Assets subject to amortization: Developed technology $ 11,535 $ (6,370 ) $ 5,165 3.0 Trade names 331 (314 ) 17 0.6 Customer relationships 19,400 (7,597 ) 11,803 4.6 Order backlog 370 (41 ) 329 3.6 Total assets subject to amortization: 31,636 (14,322 ) 17,314 4.1 Assets not subject to amortization: Trade name 4,039 — 4,039 $ 35,675 $ (14,322 ) $ 21,353 December 31, 2015 Gross Carrying Accumulated Net Intangibles Weighted Average Remaining Useful Life (in thousands) (in years) Assets subject to amortization: Developed technology $ 11,535 $ (5,668 ) $ 5,867 3.1 Trade names 331 (307 ) 24 0.8 Customer relationships 19,400 (6,875 ) 12,525 4.8 Order backlog 370 (15 ) 355 3.8 Total assets subject to amortization: 31,636 (12,865 ) 18,771 4.2 Assets not subject to amortization: Trade name 4,039 — 4,039 $ 35,675 $ (12,865 ) $ 22,810 Amortization expense associated with intangible assets for the three months ended March 31, 2016 and 2015 was $1.5 million and $1.3 million , respectively. Minimum future amortization expense for intangible assets at March 31, 2016 was as follows: Amortization (in thousands) Remainder of 2016 $ 4,064 2017 4,294 2018 3,443 2019 3,166 2020 1,778 2021 314 Thereafter 255 $ 17,314 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The estimated annual effective tax rate as of March 31, 2016 and 2015 was 37.9% and 47.8% , respectively. The Company computes its interim provision for income taxes by applying the estimated annual effective tax rate to the year-to-date income from recurring operations and adjusts the provision for discrete tax items recorded in the period. The Company evaluates and updates its estimated annual effective income tax rate on a quarterly basis. The difference between the federal statutory rate of 35% and the Company’s estimated effective tax rate for the three months ended March 31, 2016 was primarily due to the Company’s state income tax provision, non-deductible stock-based compensation expenses, and R&D credits. The Company accounts for stock-based compensation pursuant to ASC 718 and uses ASC 740 ordering when determining when excess tax benefits have been realized. The Company did not record a tax benefit for the three months ended March 31, 2016 related to the exercise of employee stock options and the vesting of RSUs, performance-vesting RSUs and Performance Awards. The Company realized a tax benefit of $2.9 million for the three months ended March 31, 2015 related to the exercise of employee stock options and the vesting of RSUs, performance-vesting RSUs and Performance Awards. The net income tax benefit in excess of the expenses recorded for financial reporting purposes has been recorded as an increase to additional paid-in capital and is reflected as a financing cash inflow in the condensed consolidated statements of cash flows. The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions. The Company accounts for uncertain tax positions and believes that it has provided adequate reserves for its unrecognized tax benefits for all tax years still open for assessment. The Company also believes that it does not have any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company has a policy to classify accrued interest and penalties associated with uncertain tax positions together with the related liability in the balance sheet, and to include the expenses incurred related to such accruals in the provision for income taxes. There were no interest or penalties included in the provision for income taxes during the three months ended March 31, 2016 and 2015 , respectively. The Company is currently under examination by the U.S. Internal Revenue Service for the 2013 tax year. At this time, the Company is not able to estimate the potential impact that the examination may have on income tax expense. If the examination is resolved unfavorably, it may have a negative impact on the Company’s results of operations. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Leases As of March 31, 2016 , the Company leased eight facilities under operating lease arrangements. The lease expiration dates range from September 2016 to December 2024 . Certain leases contain escalation clauses calling for increased rents. The Company recognizes rent expense on a straight-line basis over the lease period and has recorded deferred rent for the difference between rent payments and rent expense recognized. Pursuant to the expiration of the Company’s Irvine office lease, in February 2016, the Company entered into a new lease agreement for approximately 4,600 square feet of office space in Irvine, California. The term of the lease is scheduled to commence on May 1, 2016 with an initial term of 60 months, with payments ranging from $ 12,800 per month to $ 15,000 per month. Legal Proceedings From time to time, the Company is involved in litigation that it believes is of the type common to companies engaged in the Company’s line of business, including commercial and employment disputes. As of the date of this Quarterly Report on Form 10-Q, the Company is not involved in any pending legal proceedings whose outcome the Company expects to have a material adverse effect on its financial position, results of operations or cash flows. However, litigation is unpredictable and excessive verdicts, both in the form of monetary damages and injunctions, could occur. In the future, litigation could result in substantial costs and diversion of resources and the Company could incur judgments or enter into settlements of claims that could have a material adverse effect on its business. |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | The Company recognized stock-based compensation related to awards granted under its 2009 Stock Option and Incentive Plan (the “2009 Plan”), 2011 Equity Incentive Award Plan (the “ 2011 Plan ”), and ESPP . Total stock-based compensation expense recognized consisted of: Three Months ended March 31, 2016 2015 (in thousands) Cost of revenues $ 970 $ 615 Sales and marketing 878 517 Research and development 1,504 1,147 General and administrative 3,338 2,728 $ 6,690 $ 5,007 2009 Stock Option and Incentive Plan and 2011 Equity Incentive Award Plan Stock Options The following table summarizes the Company’s stock option activity under the 2009 Plan and 2011 Plan : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at January 1, 2016 2,515,329 $ 24.40 7.14 $ 90,818 Granted 14,506 59.78 Exercised (220,646 ) 17.43 Forfeited or expired (11,501 ) 44.94 Outstanding at March 31, 2016 2,297,688 $ 25.19 6.98 $ 150,378 Ending vested and expected to vest at March 31, 2016 2,249,491 $ 24.88 6.95 $ 147,928 Exercisable at March 31, 2016 1,415,853 $ 17.38 6.19 $ 103,730 Stock options granted during the three months ended March 31, 2016 were made under the 2011 Plan. There were no grants under the 2009 Plan during the three months ended March 31, 2016 . Intrinsic value of an option is the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price to be paid. The aggregate intrinsic value for options outstanding at March 31, 2016 in the table above represents the total intrinsic value, based on the Company’s closing stock price of $90.64 as of March 31, 2016 , which would have been received by option holders had all option holders exercised their in-the-money options as of that date. Options outstanding that are expected to vest are net of estimated future option forfeitures. Following is additional information pertaining to the Company’s stock option activity: Three Months ended March 31, 2016 2015 (in thousands, except per option amounts) Weighted average fair value per option granted $ 27.57 $ 21.66 Grant-date fair value of options vested $ 2,511 $ 1,729 Intrinsic value of options exercised $ 12,926 $ 12,829 Proceeds received from options exercised $ 3,846 $ 3,349 As of March 31, 2016 , total unrecognized stock-based compensation expense related to unvested stock options, adjusted for estimated forfeitures, was $13.9 million and is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock Units, Performance-Vesting Restricted Stock Units, and Performance Awards The Performance Awards granted represent the right to receive shares of the Company’s common stock, contingent upon the achievement of certain of the Company’s performance metrics during the performance period. On a date subsequent to the performance period, the Compensation Committee of the Board of Directors (the “ Compensation Committee ”) determines and approves the achievement of the performance goals (the “ Determination Date ”) and the earned shares are issued, with 25% of the shares vested upon issuance and the remaining shares to vest 25% on each of the first three anniversaries of the Determination Date , subject to the continuous employment of the participant through such dates. In December 2014, the Company granted Sigmund Anderman, then Chief Executive Officer and current Chairman of the Board of Directors of the Company, an option to purchase 76,648 shares of Company common stock and 37,203 performance-vesting RSUs . In January 2015, the Company granted Mr. Anderman an option to purchase 71,648 shares of Company common stock and 34,714 performance-vesting RSUs . On the Determination Date in February 2016, the Compensation Committee determined that 143,834 shares of common stock had been earned in connection with the performance-based RSUs. In February 2015 and March 2015 , the Company granted 24,766 and 10,324 Performance Awards to designated participants under the 2011 Plan with a performance period of January 1, 2015 through December 31, 2015. On the Determination Date in February 2016, the Compensation Committee determined that 70,180 shares of common stock had been earned in connection with the Performance Awards. In October 2015, in connection with the acquisition of Mortgage Returns, the Company agreed to pay up to 29,006 of performance-vesting RSUs for a total value of $2.0 million to the former Chief Executive Officer of Mortgage Returns. The performance-vesting RSUs granted represent the right to receive shares of the Company’s common stock upon achievement of certain performance criteria and a service requirement during the performance period of October 23, 2015 through October 23, 2019. The performance-vesting RSUs will vest annually based on the achievement of the performance criteria and the service requirement. In February 2016, the Company granted Mr. Anderman an option to purchase 14,506 shares of Company common stock and 6,692 performance-vesting RSUs . Mr. Anderman may earn between zero and 2.0 shares of common stock for each performance-vesting RSU. As of March 31, 2016 , the Company expects that each of these performance-vesting RSUs will convert to 1.05 shares of common stock on the Determination Date. Additionally, in February 2016, the Company granted 64,449 Performance Awards with a performance period of January 1, 2016 through December 31, 2016 to designated participants under the 2011 Plan. The designated participants may earn between zero and 2.0 shares of common stock for each Performance Award. As of March 31, 2016, the Company expects that each of these Performance Awards will convert to 1.3 shares of common stock on the Determination Date in 2017. The following table summarizes the Company’s RSU , Performance Award and performance-vesting RSU activity: RSUs Performance Awards and Performance-Vesting RSUs Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2016 748,688 $ 45.52 508,282 $ 34.68 Granted 109,704 66.22 90,810 59.78 Released (34,622 ) 32.42 (109,219 ) 32.44 Forfeited or expired (16,298 ) 57.03 — — Outstanding at March 31, 2016 807,472 $ 48.66 489,873 $ 39.83 Ending vested and expected to vest at March 31, 2016 731,053 489,873 RSU s, performance-vesting RSUs and Performance Awards that are expected to vest are presented net of estimated future forfeitures. RSU s released during the three months ended March 31, 2016 and 2015 had an aggregate intrinsic value of $2.6 million and $1.6 million , respectively, and had an aggregate grant-date fair value of $1.1 million and $0.8 million , respectively. Performance-vesting RSUs and Performance Awards released during the three months ended March 31, 2016 had an aggregate intrinsic value of $9.3 million and had an aggregate grant-date fair value of $3.5 million . Performance-vesting RSUs and Performance Awards released during the three months ended March 31, 2015 had an aggregate intrinsic value of $1.6 million and had an aggregate grant-date fair value of $0.6 million . The number of RSU s released includes shares that the Company withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. As of March 31, 2016 , total unrecognized compensation expense related to unvested RSU s, performance-vesting RSUs and Performance Awards was $39.7 million and is expected to be recognized over a weighted average period of 2.5 years. Employee Stock Purchase Plan For the three months ended March 31, 2016 and 2015 , employees purchased 47,819 shares and 58,239 shares, respectively, under the ESPP for a total of $2.9 million and $1.7 million , respectively. As of March 31, 2016 , unrecognized compensation expense related to the current ESPP period, which ends on August 31, 2016 , was $1.1 million and is expected to be recognized over five months. Valuation Information The fair value of stock options and stock purchase rights granted under the 2009 Plan, the 2011 Plan , and the ESPP were estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions: Three Months ended March 31, 2016 2015 Stock option plans: Risk-free interest rate 1.38 % 1.75 % Expected life of options (in years) 6.08 6.08 Expected dividend yield — % — % Volatility 47 % 48 % Employee Stock Purchase Plan: Risk-free interest rate 0.36 % 0.13 % Expected life of options (in years) 0.50 0.50 Expected dividend yield — % — % Volatility 46 % 35 % Common Stock The following numbers of shares of common stock were reserved and available for future issuance at March 31, 2016 : Reserved Shares Options and awards outstanding under stock option plans 3,595,033 Shares available for future grant under the 2011 Equity Incentive Award Plan 4,202,280 Shares available under the Employee Stock Purchase Plan 1,452,840 Total 9,250,153 In February 2016 , 295,665 additional shares were reserved under the ESPP and 1,478,325 additional shares were reserved under the 2011 Plan , pursuant to the automatic increase provisions in the plan. Stock Repurchase Program In May 2014 , the Company’s board of directors approved a stock repurchase program under which the Company is authorized to repurchase up to $75.0 million of its common stock , which expires in May 2017 . All shares are retired upon repurchase. The Company did not repurchase any shares during the three months ended March 31, 2016 . As of March 31, 2016 , $43.5 million remained available for future repurchases under the program. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | The Company operates in one industry—mortgage-related software and services. The Company’s chief operating decision maker is its chief executive officer, who makes decisions about resource allocation and reviews financial information presented on a consolidated basis. Accordingly, the Company has determined that it has a single reporting segment and operating unit structure, specifically technology-enabled solutions to help streamline and automate the residential mortgage origination process for its network participants. The Company is organized primarily on the basis of service lines. Supplemental disclosure of revenues by type is as follows: Three Months ended March 31, 2016 2015 (in thousands) On-demand revenues (1) $ 73,099 $ 52,972 On-premise revenues (1) 526 1,217 $ 73,625 $ 54,189 ________________ (1) Certain reclassifications of prior period amounts have been made to conform to the current period presentation, such reclassification did not materially change previously reported consolidated financial statements. On-demand revenue is generated from company-hosted software subscriptions that customers access through the Internet and from customers that pay fees based on a per closed loan, or success, basis subject to monthly base fees, which the Company refers to as Success-Based Pricing. Additionally, on-demand revenue is comprised of software services sold both as subscriptions and transactionally; Ellie Mae Network fees; education and training, loan product, and guideline data and analytics services under the AllRegs brand ; and professional services which include consulting, implementation, and training services. On-premise revenue is generated from maintenance services, sales of customer-hosted software licenses, and related professional services. |
Basis of Presentation and Sig16
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated 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 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates estimates on a regular basis including those relating to revenue recognition, allowance for doubtful accounts, goodwill, intangible assets, valuation of deferred income taxes, stock-based compensation, and unrecognized tax benefits, among others. Actual results could differ from those estimates and such differences may have a material impact on the Company’s condensed consolidated financial statements and footnotes. |
Significant Accounting Policies [Text Block] | Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements in its 2015 Form 10-K . There have been no significant changes to these policies during the three months ended March 31, 2016 . |
Comprehensive Income [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income . Other comprehensive income includes certain changes in equity that are excluded from net income, specifically unrealized gains on available-for-sale investments. Except for net realized gain on investments which was not significant, there were no reclassifications out of accumulated other comprehensive income that affected net income during the three months ended March 31, 2016 and 2015 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) No. 2014-09, Revenue from Contracts with Customers (“ ASU 2014-09 ”), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard also requires significantly expanded disclosures about revenue recognition. In August 2015, the FASB deferred the effective date of this standard by one year. The new effective date for public entities will be for fiscal years, and interim periods within those years, beginning after December 15, 2017, but entities will be permitted to early adopt the standard as of the original effective date. The Company has not yet developed an expectation of the impact that adoption will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ ASU 2015-05 ”), which clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The company adopted ASU 2015-05 on January 1, 2016, which did not impact the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) (“ASU 2016-09”). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company has not yet developed an expectation of the impact that adoption may have on its consolidated financial statements. |
Net Income (Loss) Per Share o17
Net Income (Loss) Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Components of net income (loss) per share of common stock | The components of net income per share of common stock were as follows: Three Months ended March 31, 2016 2015 (in thousands, except share and per share amounts) Net income $ 2,506 $ 3,584 Basic shares: Weighted average common shares outstanding 29,471,214 28,768,144 Diluted shares: Weighted average shares used to compute basic net income per share 29,471,214 28,768,144 Effect of potentially dilutive securities: Employee stock options, RSUs, performance-vesting RSUs, Performance Awards and ESPP shares 1,609,100 1,674,019 Weighted average shares used to compute diluted net income per share 31,080,314 30,442,163 Net income per share: Basic $ 0.09 $ 0.12 Diluted $ 0.08 $ 0.12 |
Common shares excluded from computation of diluted net income (loss) per share | The following potential weighted average common shares were excluded from the computation of diluted net income per share, as their effect would have been anti-dilutive: Three Months ended March 31, 2016 2015 Employee stock options and awards 224,366 346,256 |
Financial Instruments and Fai18
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The carrying amounts, gross unrealized gains and losses and estimated fair value of cash and cash equivalents and both short-term and long-term investments consisted of the following: March 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Carrying or Fair Value (in thousands) Cash and cash equivalents: Cash $ 23,901 $ — $ — $ 23,901 Money market funds 4,639 — — 4,639 $ 28,540 $ — $ — $ 28,540 Investments: Corporate notes and obligations $ 30,649 $ 42 $ (21 ) $ 30,670 Certificates of deposit 9,467 16 (2 ) 9,481 Municipal obligations 3,648 7 — 3,655 U.S. government and government agency obligations 41,579 39 (10 ) 41,608 $ 85,343 $ 104 $ (33 ) $ 85,414 December 31, 2015 Amortized Cost Unrealized Gains Unrealized Losses Carrying or Fair Value (in thousands) Cash and cash equivalents: Cash $ 27,608 $ — $ — $ 27,608 Money market funds 6,788 — — 6,788 $ 34,396 $ — $ — $ 34,396 Investments: Corporate notes and obligations $ 28,314 $ 1 $ (110 ) $ 28,205 Certificates of deposit 12,945 5 (22 ) 12,928 Municipal obligations 2,647 1 — 2,648 U.S. government and government agency obligations 60,799 10 (142 ) 60,667 $ 104,705 $ 17 $ (274 ) $ 104,448 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following table shows the gross unrealized losses and the related fair values of the Company’s investments that have been in a continuous unrealized loss position. The Company did not identify any investments as other-than-temporarily impaired at March 31, 2016 or December 31, 2015. March 31, 2016 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate notes and obligations $ 10,728 $ (21 ) $ 421 $ — $ 11,149 $ (21 ) Certificates of deposit 1,576 (1 ) 200 (1 ) 1,776 (2 ) U.S. government, government agency, and municipal obligations 11,722 (8 ) 1,113 (2 ) 12,835 (10 ) $ 24,026 $ (30 ) $ 1,734 $ (3 ) $ 25,760 $ (33 ) December 31, 2015 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate notes and obligations $ 23,969 $ (99 ) $ 2,514 $ (11 ) $ 26,483 $ (110 ) Certificates of deposit 9,284 (22 ) — — 9,284 (22 ) U.S. government, government agency, and municipal obligations 48,394 (139 ) 1,793 (3 ) 50,187 (142 ) $ 81,647 $ (260 ) $ 4,307 $ (14 ) $ 85,954 $ (274 ) |
Fair value hierarchy of Company's financial assets on recurring basis | The following tables set forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis, according to the valuation techniques the Company used to determine their values: Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 4,639 $ 4,639 $ — $ — Certificates of deposit 9,481 — 9,481 — Corporate notes and obligations 30,670 — 30,670 — Municipal obligations 3,655 — 3,655 — U.S. government and government agency obligations 41,608 12,359 29,249 — $ 90,053 $ 16,998 $ 73,055 $ — Fair Value at Fair Value Measurements Using Inputs Considered as December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 6,788 $ 6,788 $ — $ — Certificates of deposit 12,928 — 12,928 — Corporate notes and obligations 28,205 — 28,205 — Municipal obligations 2,648 — 2,648 — U.S. government and government agency obligations 60,667 19,429 41,238 — $ 111,236 $ 26,217 $ 85,019 $ — |
Summary of the maturities of the Company's investments | The following table summarizes the maturities of the Company’s investments at March 31, 2016 : Carrying or Fair Value (in thousands) Remainder of 2016 $ 31,669 2017 33,007 2018 18,269 2019 2,091 Thereafter 378 Total $ 85,414 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Table Text Block] | Property and equipment, net, consisted of the following: March 31, December 31, 2016 2015 (in thousands) Computer equipment and software (1) $ 62,646 $ 55,928 Furniture and fixtures 6,287 5,292 Leasehold improvements 18,116 14,405 Property and equipment 87,049 75,625 Accumulated depreciation and amortization (1) (32,485 ) (28,552 ) Net property and equipment 54,564 47,073 Internal-use software and other assets not placed in service 42,109 34,287 $ 96,673 $ 81,360 ________________ (1) Includes computer equipment and software under capital leases: March 31, December 31, 2016 2015 (in thousands) Computer equipment $ 8,715 $ 8,715 Software 1,517 1,517 Accumulated amortization (4,211 ) (3,371 ) Net computer equipment and software under capital leases $ 6,021 $ 6,861 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued and other current liabilities consisted of the following: March 31, December 31, 2016 2015 (in thousands) Accrued payroll and related expenses $ 10,786 $ 23,938 Accrued commissions 1,068 1,993 Accrued professional fees 578 223 Accrued royalties 2,434 1,546 Sales and other taxes 1,901 1,536 Current portion of leases payable 3,092 3,845 Other accrued expenses 2,248 4,226 $ 22,107 $ 37,307 |
Goodwill and Other Intangible20
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other intangible assets, net | intangible assets, net, consisted of the following: March 31, 2016 Gross Carrying Accumulated Net Intangibles Weighted Average Remaining Useful Life (in thousands) (in years) Assets subject to amortization: Developed technology $ 11,535 $ (6,370 ) $ 5,165 3.0 Trade names 331 (314 ) 17 0.6 Customer relationships 19,400 (7,597 ) 11,803 4.6 Order backlog 370 (41 ) 329 3.6 Total assets subject to amortization: 31,636 (14,322 ) 17,314 4.1 Assets not subject to amortization: Trade name 4,039 — 4,039 $ 35,675 $ (14,322 ) $ 21,353 December 31, 2015 Gross Carrying Accumulated Net Intangibles Weighted Average Remaining Useful Life (in thousands) (in years) Assets subject to amortization: Developed technology $ 11,535 $ (5,668 ) $ 5,867 3.1 Trade names 331 (307 ) 24 0.8 Customer relationships 19,400 (6,875 ) 12,525 4.8 Order backlog 370 (15 ) 355 3.8 Total assets subject to amortization: 31,636 (12,865 ) 18,771 4.2 Assets not subject to amortization: Trade name 4,039 — 4,039 $ 35,675 $ (12,865 ) $ 22,810 |
Minimum future amortization expense for intangible assets | Minimum future amortization expense for intangible assets at March 31, 2016 was as follows: Amortization (in thousands) Remainder of 2016 $ 4,064 2017 4,294 2018 3,443 2019 3,166 2020 1,778 2021 314 Thereafter 255 $ 17,314 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | Total stock-based compensation expense recognized consisted of: Three Months ended March 31, 2016 2015 (in thousands) Cost of revenues $ 970 $ 615 Sales and marketing 878 517 Research and development 1,504 1,147 General and administrative 3,338 2,728 $ 6,690 $ 5,007 |
Summary of Company's stock option activities | The following table summarizes the Company’s stock option activity under the 2009 Plan and 2011 Plan : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at January 1, 2016 2,515,329 $ 24.40 7.14 $ 90,818 Granted 14,506 59.78 Exercised (220,646 ) 17.43 Forfeited or expired (11,501 ) 44.94 Outstanding at March 31, 2016 2,297,688 $ 25.19 6.98 $ 150,378 Ending vested and expected to vest at March 31, 2016 2,249,491 $ 24.88 6.95 $ 147,928 Exercisable at March 31, 2016 1,415,853 $ 17.38 6.19 $ 103,730 Stock options granted during the three months ended March 31, 2016 were made under the 2011 Plan. There were no grants under the 2009 Plan during the three months ended March 31, 2016 . |
Stock options activity, additional information | Following is additional information pertaining to the Company’s stock option activity: Three Months ended March 31, 2016 2015 (in thousands, except per option amounts) Weighted average fair value per option granted $ 27.57 $ 21.66 Grant-date fair value of options vested $ 2,511 $ 1,729 Intrinsic value of options exercised $ 12,926 $ 12,829 Proceeds received from options exercised $ 3,846 $ 3,349 |
Summary of RSU activities | The following table summarizes the Company’s RSU , Performance Award and performance-vesting RSU activity: RSUs Performance Awards and Performance-Vesting RSUs Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2016 748,688 $ 45.52 508,282 $ 34.68 Granted 109,704 66.22 90,810 59.78 Released (34,622 ) 32.42 (109,219 ) 32.44 Forfeited or expired (16,298 ) 57.03 — — Outstanding at March 31, 2016 807,472 $ 48.66 489,873 $ 39.83 Ending vested and expected to vest at March 31, 2016 731,053 489,873 |
Schedule of Stock Options and Employee Stock Purchase Plan Valuation Assumptions | The fair value of stock options and stock purchase rights granted under the 2009 Plan, the 2011 Plan , and the ESPP were estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions: Three Months ended March 31, 2016 2015 Stock option plans: Risk-free interest rate 1.38 % 1.75 % Expected life of options (in years) 6.08 6.08 Expected dividend yield — % — % Volatility 47 % 48 % Employee Stock Purchase Plan: Risk-free interest rate 0.36 % 0.13 % Expected life of options (in years) 0.50 0.50 Expected dividend yield — % — % Volatility 46 % 35 % |
ScheduleOfSharesOfCommonStockAvailableForFutureIssuanceUnderStockOptionPlansTextBlock [Table Text Block] | The following numbers of shares of common stock were reserved and available for future issuance at March 31, 2016 : Reserved Shares Options and awards outstanding under stock option plans 3,595,033 Shares available for future grant under the 2011 Equity Incentive Award Plan 4,202,280 Shares available under the Employee Stock Purchase Plan 1,452,840 Total 9,250,153 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Supplemental disclosure of revenue by service type | Supplemental disclosure of revenues by type is as follows: Three Months ended March 31, 2016 2015 (in thousands) On-demand revenues (1) $ 73,099 $ 52,972 On-premise revenues (1) 526 1,217 $ 73,625 $ 54,189 |
Net Income (Loss) Per Share o23
Net Income (Loss) Per Share of Common Stock (Details Table) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Components of net income (loss) per share | ||
Net income | $ 2,506 | $ 3,584 |
Basic shares: | ||
Weighted average common shares outstanding | 29,471,214 | 28,768,144 |
Diluted shares: | ||
Weighted average common shares outstanding | 29,471,214 | 28,768,144 |
Effect of potentially dilutive securities: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,609,100 | 1,674,019 |
Weighted average shares used to compute diluted net income per share | 31,080,314 | 30,442,163 |
Net income (loss) per share: | ||
Basic | $ 0.09 | $ 0.12 |
Diluted | $ 0.08 | $ 0.12 |
Net Income (Loss) Per Share o24
Net Income (Loss) Per Share of Common Stock (Details Table 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income | $ 2,506 | $ 3,584 |
Employee Stock Options and Awards [Member] | ||
Antidilutive securities excluded from computation of earning per share | ||
Anti-dilutive securities excluded from computation of earnings per share amount | 224,366 | 346,256 |
Net Income (Loss) Per Share o25
Net Income (Loss) Per Share of Common Stock (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Performance-Based Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share amount | 13,776 | 157,491 |
Financial Instruments and Fai26
Financial Instruments and Fair Value Measurements (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | $ 0 | $ 0 | |
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 90,053 | $ 111,236 | |
Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 16,998 | 26,217 | |
Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 73,055 | 85,019 | |
Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Money market funds [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 4,639 | 6,788 | |
Money market funds [Member] | Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 4,639 | 6,788 | |
Money market funds [Member] | Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Money market funds [Member] | Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Certificates of Deposit [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 9,481 | 12,928 | |
Certificates of Deposit [Member] | Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Certificates of Deposit [Member] | Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 9,481 | 12,928 | |
Certificates of Deposit [Member] | Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 30,670 | 28,205 | |
Corporate Debt Securities [Member] | Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Corporate Debt Securities [Member] | Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 30,670 | 28,205 | |
Corporate Debt Securities [Member] | Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Municipal Bonds [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 3,655 | 2,648 | |
Municipal Bonds [Member] | Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
Municipal Bonds [Member] | Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 3,655 | 2,648 | |
Municipal Bonds [Member] | Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 0 | 0 | |
US Government and Governmental agency obligations [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 41,608 | 60,667 | |
US Government and Governmental agency obligations [Member] | Level 1 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 12,359 | 19,429 | |
US Government and Governmental agency obligations [Member] | Level 2 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | 29,249 | 41,238 | |
US Government and Governmental agency obligations [Member] | Level 3 [Member] | |||
Fair value hierarchy of Company's financial assets on recurring basis | |||
Assets, Fair Value | $ 0 | $ 0 |
Financial Instruments and Fai27
Financial Instruments and Fair Value Measurements (Carrying Amounts and Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | $ 0 | $ 0 | ||
Assets, Fair Value Disclosure | 90,053 | $ 111,236 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 24,026 | 81,647 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 30 | 260 | ||
Cash and Cash Equivalents, at Carrying Value | 28,540 | $ 25,353 | 34,396 | $ 26,756 |
Available-for-sale Securities, Amortized Cost Basis | 85,343 | 104,705 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Gain, Before Tax | 104 | 17 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Loss, Before Tax | (33) | (274) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,734 | 4,307 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 14 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,760 | 85,954 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 33 | 274 | ||
Available-for-sale Securities | 85,414 | 104,448 | ||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets, Fair Value Disclosure | 3,655 | 2,648 | ||
US Government and Government Agencies and Authorities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets, Fair Value Disclosure | 41,608 | 60,667 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,722 | 48,394 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 139 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,113 | 1,793 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,835 | 50,187 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 10 | 142 | ||
Certificates of Deposit [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets, Fair Value Disclosure | 9,481 | 12,928 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,576 | 9,284 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 22 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 200 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,776 | 9,284 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | 22 | ||
Corporate Note Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,728 | 23,969 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21 | 99 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 421 | 2,514 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 11 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,149 | 26,483 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 21 | 110 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash | 23,901 | 27,608 | ||
Money market funds | 4,639 | 6,788 | ||
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 3,648 | 2,647 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Gain, Before Tax | 7 | 1 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | ||
Available-for-sale Securities | 3,655 | 2,648 | ||
Fair Value, Measurements, Recurring [Member] | US Government and Government Agencies and Authorities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 41,579 | 60,799 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Gain, Before Tax | 39 | 10 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Loss, Before Tax | (10) | (142) | ||
Available-for-sale Securities | 41,608 | 60,667 | ||
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 9,467 | 12,945 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Gain, Before Tax | 16 | 5 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Loss, Before Tax | (2) | (22) | ||
Available-for-sale Securities | 9,481 | 12,928 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Note Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 30,649 | 28,314 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Gain, Before Tax | 42 | 1 | ||
Available-For-Sale Securities, Accumulated Gross Unrealized Loss, Before Tax | (21) | (110) | ||
Available-for-sale Securities | $ 30,670 | $ 28,205 |
Financial Instruments and Fai28
Financial Instruments and Fair Value Measurements (Summary of Investment Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 47,800 | |
Available For Sale Securities Debt Maturities after One Through Three Years Fair Value | 42,300 | |
Maturities of the Company's investments | ||
Available-for-sale Securities, Debt Maturities, Remainder of Fiscal Year, Fair Value | 31,669 | |
Available For Sale Securities, Debt Maturities, Next Fiscal Year, Fair Value | 33,007 | |
Available For Sale Securities, Debt Maturities, In Two Years, Fair Value | 18,269 | |
Available For Sale Securities, Debt Maturities, In Three Years, Fair Value | 2,091 | |
Available For Sale Securities, Debt Maturities, Thereafter, Fair Value | 378 | |
Total | $ 85,414 | $ 104,448 |
Financial Instruments and Fai29
Financial Instruments and Fair Value Measurements Investment income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Investment Income [Line Items] | ||
Interest and Dividend Income, Securities, Operating | $ 216 | $ 159 |
Balance Sheet Components Proper
Balance Sheet Components Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 87,049 | $ 75,625 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 32,485 | 28,552 | |
Depreciable Property, Plant Equipment | 54,564 | 47,073 | |
Internal-use Software and Other Assets Not Placed in Service | 42,109 | 34,287 | |
Property, Plant and Equipment, Net | 96,673 | 81,360 | |
Depreciation, Depletion and Amortization, Nonproduction | 3,954 | $ 1,767 | |
Capital Leases, Income Statement, Amortization Expense | 800 | $ 200 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 6,021 | 6,861 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Leased Assets, Gross | 8,715 | 8,715 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 6,287 | 5,292 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 18,116 | 14,405 | |
Computer Software, Intangible Asset [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Leased Assets, Gross | 1,517 | 1,517 | |
Computer Equipment And Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 4,211 | 3,371 | |
Property, Plant and Equipment, Gross | $ 62,646 | $ 55,928 |
Balance Sheet Components Accrue
Balance Sheet Components Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued and Other Current Liabilities [Line Items] | ||
Employee-related Liabilities, Current | $ 10,786 | $ 23,938 |
Accrued Sales Commission, Current | 1,068 | 1,993 |
Accrued Professional Fees, Current | 578 | 223 |
Accrued Royalties, Current | 2,434 | 1,546 |
Sales and Excise Tax Payable, Current | 1,901 | 1,536 |
Capital Lease Obligations, Current | 3,092 | 3,845 |
Other Accrued Liabilities, Current | 2,248 | 4,226 |
Accrued and other current liabilities | $ 22,107 | $ 37,307 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill | $ 74,547,000 | $ 74,547,000 |
Goodwill, Transfers | $ 0 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Intangible Assets Gross and Net Balances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other Intangible Net | ||
Gross Carrying Amount | $ 31,636 | $ 31,636 |
Accumulated Amortization | (14,322) | (12,865) |
Finite-Lived Intangible Assets, Net | 17,314 | 18,771 |
Net Intangibles | $ 21,353 | $ 22,810 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 49 months 3 days | 50 months 29 days |
Intangible Assets, Gross (Excluding Goodwill) | $ 35,675 | $ 35,675 |
Developed technology [Member] | ||
Other Intangible Net | ||
Gross Carrying Amount | 11,535 | 11,535 |
Accumulated Amortization | (6,370) | (5,668) |
Net Intangibles | $ 5,165 | $ 5,867 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 35 months 19 days | 36 months 24 days |
Customer Relationships and Contracts [Member] | ||
Other Intangible Net | ||
Gross Carrying Amount | $ 19,400 | $ 19,400 |
Accumulated Amortization | (7,597) | (6,875) |
Net Intangibles | $ 11,803 | $ 12,525 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 55 months 6 days | 57 months 26 days |
Trade Names [Member] | ||
Other Intangible Net | ||
Gross Carrying Amount | $ 331 | $ 331 |
Accumulated Amortization | (314) | (307) |
Net Intangibles | $ 17 | $ 24 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 months | 10 months |
Order or Production Backlog [Member] | ||
Other Intangible Net | ||
Gross Carrying Amount | $ 370 | $ 370 |
Accumulated Amortization | (41) | 15 |
Net Intangibles | $ 329 | $ 355 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 43 months | 46 months |
Trade Names [Member] | ||
Other Intangible Net | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 4,039 | $ 4,039 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Intangible Assets Future Amortization) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Minimum future amortization expense for intangible assets | ||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 4,064 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Fiscal Year | 4,294 | |
Finite-Lived Intangible Assets, Amortization Expense, in Two Years | 3,443 | |
Finite-Lived Intangible Assets, Amortization Expense, in Three Years | 3,166 | |
Finite-Lived Intangible Assets, Amortization Expense, in Four Years | 1,778 | |
Finite-Lived Intangible Assets, Amortization Expense, in Five Years | 314 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 255 | |
Finite-Lived Intangible Assets, Net | $ 17,314 | $ 18,771 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 1,457 | $ 1,332 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Annual effective tax rate | 37.90% | 47.80% |
Federal statutory tax rate | 35.00% | 35.00% |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 0 | $ 2,906,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual1) | Mar. 31, 2016USD ($)Facilities |
Operating Leased Assets [Line Items] | |
Property Subject to or Available for Operating Lease, Number of Units | Facilities | 8 |
Office Space - Irvine, CA | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 12,800 |
Office Space - Irvine, CA | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 15,000 |
Stock Incentive Plans (Details
Stock Incentive Plans (Details Table 3) (Stock-based compensation allocation) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 29, 2016 | Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-based compensation expense | |||||
Stock-based compensation by financial statement line item | $ 6,690,000 | $ 5,007,000 | |||
Cost of Sales [Member] | |||||
Stock-based compensation expense | |||||
Stock-based compensation by financial statement line item | 970,000 | 615,000 | |||
Selling and Marketing Expense [Member] | |||||
Stock-based compensation expense | |||||
Stock-based compensation by financial statement line item | 878,000 | 517,000 | |||
Research and Development Expense [Member] | |||||
Stock-based compensation expense | |||||
Stock-based compensation by financial statement line item | 1,504,000 | 1,147,000 | |||
General and Administrative Expense [Member] | |||||
Stock-based compensation expense | |||||
Stock-based compensation by financial statement line item | $ 3,338,000 | $ 2,728,000 | |||
Performance-vesting RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,714 | 37,203 | |||
Sig Anderman [Member] | Performance-vesting RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,692 | ||||
Stock-based compensation expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 143,834 |
Stock Incentive Plans (Detail39
Stock Incentive Plans (Details Table) (Stock Option Activity) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at January 1, 2016 | 2,515,329 | |||
Granted | 71,648 | 76,648 | 14,506 | |
Exercised | (220,646) | |||
Forfeited or expired | (11,501) | |||
Outstanding at March 31, 2016 | 2,297,688 | 2,515,329 | ||
Ending vested and expected to vest at March 31, 2016 | 2,249,491 | |||
Exercisable at March 31, 2016 | 1,415,853 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at Beg of Period, weighted average exercise price, Beginning Balance | $ 24.40 | |||
Options granted, weighted average exercise price | 59.78 | |||
Options exercised, weighted average exercise price | 17.43 | |||
Options forfeited or expired, weighted average exercise price | 44.94 | |||
Outstanding at End of Period, weighted average exercise price, Ending Balance | 25.19 | $ 24.40 | ||
Ending vested and expected to vest, Weighted Average Exercise Price at End of Period | 24.88 | |||
Stock option exercisable at End of Period, weighted average exercise price, Ending Balance | $ 17.38 | |||
Weighted average remaining contractual term at End of Period | 6 years 358 days | |||
Ending vested and expected to vest, Weighted Average Remaining Contractual Term at End of Period | 6 years 347 days | |||
Stock option exercisable, weighted average remaining Contractual term, Ending balance | 6 years 69 days | 7 years 51 days | ||
Aggregate Intrinsic value at End of Period | $ 150,378 | |||
Ending vested and expected to vest, Aggregate Intrinsic Value at End of Period | 147,928 | |||
Exercisable aggregate Intrinsic Value | $ 103,730 | $ 90,818 |
Stock Incentive Plans (Detail40
Stock Incentive Plans (Details Table 1) (Stock Option Additional Information) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock options activity, additional information | ||
Weighted average fair value per option granted | $ 27.57 | $ 21.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,511 | $ 1,729 |
Intrinsic value of options exercised | 12,926 | 12,829 |
Proceeds received from options exercised | $ 3,846 | $ 3,349 |
Stock Incentive Plans (Detail41
Stock Incentive Plans (Details Table 2) (RSU and Performance Award activity) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||
Feb. 29, 2016 | Oct. 31, 2015 | Mar. 31, 2015 | Feb. 27, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 71,648 | 76,648 | 14,506 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,249,491 | |||||||
Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Performance Shares granted | 34,714 | 37,203 | ||||||
RSUs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 2,600,000 | $ 1,600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 731,053 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Outstanding at January 1, 2016 | 748,688 | |||||||
Granted | 109,704 | |||||||
Released | (34,622) | |||||||
Forfeited or expired | 16,298 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 57.03 | |||||||
Outstanding at March 31, 2016 | 807,472 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 45.52 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 66.22 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 32.42 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 48.66 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ (1,100,000) | (800,000) | ||||||
Performance Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 9,300,000 | 1,600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 489,873 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Outstanding at January 1, 2016 | 508,282 | |||||||
Granted | 90,810 | |||||||
Released | (109,219) | |||||||
Forfeited or expired | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||||||
Outstanding at March 31, 2016 | 489,873 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 34.68 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 59.78 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 32.44 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.83 | |||||||
Performance Shares granted | 10,324 | 24,766 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ (3,500,000) | $ (600,000) | ||||||
Former CEO of Mortgage Returns [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Performance Shares granted | 29,006 | |||||||
Performance shares value | $ 2,000,000 | |||||||
Sig Anderman [Member] | Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 14,506 | |||||||
Sig Anderman [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Performance Shares granted | 6,692 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ (143,834) | |||||||
Sig Anderman [Member] | Upon Issuance [Domain] | December 2014 Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Estimated Performance Share Conversion Rate | 1.05 | |||||||
Other grantees [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Performance Shares granted | 64,449 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ (70,180) | |||||||
Other grantees [Member] | Upon Issuance [Domain] | December 2014 Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Estimated Performance Share Conversion Rate | 1.3 | |||||||
Maximum [Member] | Sig Anderman [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares of Common Stock Issuable Per Award | 2 | |||||||
Maximum [Member] | Other grantees [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares of Common Stock Issuable Per Award | 2 | |||||||
Minimum [Member] | Sig Anderman [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares of Common Stock Issuable Per Award | 0 | |||||||
Minimum [Member] | Other grantees [Member] | Performance-vesting RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares of Common Stock Issuable Per Award | 0 |
Stock Incentive Plans (Detail42
Stock Incentive Plans (Details Table 4) (Fair Value Assumptions) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Option [Member] | ||
Schedule of Stock Options and Employee Stock Purchase Plan Valuation Assumptions | ||
Risk-free interest rate | 1.38% | 1.75% |
Expected Life of options (in years) | 6 years 29 days | 6 years 29 days |
Expected dividend yield | 0.00% | 0.00% |
Volatility | 47.00% | 48.00% |
Employee Stock Purchase Plan [Member] | ||
Schedule of Stock Options and Employee Stock Purchase Plan Valuation Assumptions | ||
Risk-free interest rate | 0.36% | 0.13% |
Expected Life of options (in years) | 6 months | 6 months |
Expected dividend yield | 0.00% | 0.00% |
Volatility | 46.00% | 35.00% |
Stock Incentive Plans (Detail43
Stock Incentive Plans (Details Table 5) (Reserved Shares) | Mar. 31, 2016shares |
Class of Stock [Line Items] | |
Reserved Shares | 9,250,153 |
Options and Awards Outstanding [Member] | |
Class of Stock [Line Items] | |
Reserved Shares | 3,595,033 |
Shares Available for Future Grant [Member] | |
Class of Stock [Line Items] | |
Reserved Shares | 4,202,280 |
Shares Available Under Employee Stock Purchase Plan [Member] | |
Class of Stock [Line Items] | |
Reserved Shares | 1,452,840 |
Stock Incentive Plans (Detail44
Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2015 | Feb. 27, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | Feb. 29, 2016 | May. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation capitalized to property and equipment | $ 488 | $ 207 | |||||||
Stock Repurchase Program, Authorized Amount | $ 75,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 43,500 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual Automatic Increase in Shares Reserved for Issuance, Shares | 295,665 | ||||||||
Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 71,648 | 76,648 | 14,506 | ||||||
Share Price | $ 90.64 | ||||||||
Unrecognized Compensation Cost Related to unvested Stock option | $ 13,900 | ||||||||
Expected to be recognized over a weighted average period | 2 years 91 days | ||||||||
Annual Automatic Increase in Shares Reserved for Issuance, Shares | 1,478,325 | ||||||||
Performance-vesting RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,714 | 37,203 | |||||||
RSUs [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 2,600 | 1,600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,100 | 800 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 34,622 | ||||||||
Performance Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 9,300 | 1,600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,500 | $ 600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,324 | 24,766 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 109,219 | ||||||||
Restricted Stock Units and Performance Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized Compensation Cost Related to unvested Stock option | $ 39,700 | ||||||||
Expected to be recognized over a weighted average period | 2 years 168 days | ||||||||
2009 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||||
Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares purchased under ESPP | 47,819 | 58,239 | |||||||
Purchase price of ESPP shares | $ 2,900 | $ 1,700 | |||||||
Unrecognized compensation cost related to employee stock purchase plan | $ 1,100 | ||||||||
Expected recognized period under employee stock purchase plan | 5 months | ||||||||
Upon Issuance [Domain] | Performance Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||
First Anniversary [Member] | Performance Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Segment Information (Details Ta
Segment Information (Details Table) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information Revenue | ||
Revenues | $ 73,625 | $ 54,189 |
On Demand Revenues [Member] | ||
Segment Reporting Information Revenue | ||
Revenues | 73,099 | 52,972 |
On Premise Revenues [Member] | ||
Segment Reporting Information Revenue | ||
Revenues | $ 526 | $ 1,217 |