Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 03, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ssni | |
Entity Registrant Name | SILVER SPRING NETWORKS INC | |
Entity Central Index Key | 1,180,079 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,897,623 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 68,411 | $ 65,264 |
Short-term investments | 56,958 | 59,181 |
Accounts receivable | 43,821 | 47,813 |
Inventory | 4,074 | 4,545 |
Deferred cost of revenue | 219,158 | 196,868 |
Prepaid expenses and other current assets | 11,291 | 10,835 |
Total current assets | 403,713 | 384,506 |
Property and equipment, net | 19,475 | 14,106 |
Goodwill and intangible assets | 13,969 | 14,390 |
Deferred cost of revenue, non-current | 25,328 | 38,882 |
Deferred tax assets, non-current | 1,070 | 1,069 |
Other long-term assets | 2,073 | 4,772 |
Total assets | 465,628 | 457,725 |
Current liabilities: | ||
Accounts payable | 31,635 | 30,623 |
Deferred revenue | 352,485 | 305,471 |
Accrued and other liabilities | 39,603 | 42,751 |
Total current liabilities | 423,723 | 378,845 |
Deferred revenue, non-current | 69,502 | 96,342 |
Other liabilities | 18,270 | 16,403 |
Total liabilities | $ 511,495 | $ 491,590 |
Commitments and contingencies (Note 12) | ||
Stockholders’ deficit: | ||
Common stock, $0.001 par value; 1,000,000 shares authorized; 50,897 and 50,621 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 600,723 | $ 594,352 |
Accumulated other comprehensive loss | (1,631) | (1,772) |
Accumulated deficit | (644,959) | (626,445) |
Total stockholders’ deficit | (45,867) | (33,865) |
Total liabilities and stockholders’ deficit | $ 465,628 | $ 457,725 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 50,897,000 | 50,621,000 |
Common stock, shares outstanding | 50,897,000 | 50,621,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Product revenue | $ 32,852 | $ 105,035 |
Service revenue | 15,768 | 38,605 |
Total revenue, net | 48,620 | 143,640 |
Cost of revenue: | ||
Product cost of revenue | 15,980 | 56,617 |
Service cost of revenue | 15,643 | 15,568 |
Total cost of revenue | 31,623 | 72,185 |
Gross profit | 16,997 | 71,455 |
Operating expenses: | ||
Research and development | 15,485 | 15,694 |
Sales and marketing | 9,550 | 9,297 |
General and administrative | 10,846 | 12,129 |
Restructuring | 39 | 194 |
Total operating expenses | 35,920 | 37,314 |
Operating (loss) income | (18,923) | 34,141 |
Other income, net | 441 | 288 |
(Loss) income before income taxes | (18,482) | 34,429 |
Provision (benefit) for income taxes | 32 | (476) |
Net (loss) income | $ (18,514) | $ 34,905 |
Net (loss) income per share | ||
Basic | $ (0.36) | $ 0.71 |
Diluted | $ (0.36) | $ 0.69 |
Weighted average shares used to compute net (loss) income per share | ||
Basic | 50,760 | 49,306 |
Diluted | 50,760 | 50,899 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (18,514) | $ 34,905 |
Other comprehensive income (loss): | ||
Change in foreign currency translation - net of adjustment | (85) | (948) |
Net unrealized gain on available for sale investments (net of tax effect of $0 and $0) | 226 | 178 |
Other comprehensive income (loss) | 141 | (770) |
Comprehensive (loss) income | $ (18,373) | $ 34,135 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net unrealized gain (loss) on available for sale investments, tax effect | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows provided by (used in) operating activities: | ||
Net (loss) income | $ (18,514) | $ 34,905 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Deferred taxes | (890) | |
Depreciation and amortization | 2,132 | 1,949 |
Stock-based compensation | 6,900 | 7,023 |
Other non-cash adjustments | 60 | 53 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,976 | 7,301 |
Inventory | 470 | (604) |
Prepaid expenses and other current assets | 2,208 | (904) |
Contingent payments related to Detectent acquisition, held in escrow | (4,000) | |
Deferred cost of revenue | (8,804) | 32,516 |
Accounts payable | 669 | 2,878 |
Customer deposits | (5) | (200) |
Deferred revenue | 20,054 | (80,561) |
Accrued and other liabilities | (7,755) | 79 |
Net cash provided by (used in) operating activities | 1,391 | (455) |
Cash flows provided by (used in) investing activities: | ||
Business acquisition, net of cash acquired | (7,098) | |
Proceeds from sales of available-for-sale investments | 4,833 | |
Proceeds from maturities of available-for-sale investments | 1,000 | 4,000 |
Purchases of available-for-sale investments | (3,439) | (4,056) |
Purchases of property and equipment | (2,146) | (1,374) |
Net cash provided by (used in) investing activities | 248 | (8,528) |
Cash flows provided by (used in) financing activities: | ||
Payments on capital lease obligations | (144) | (410) |
Proceeds from issuance of common stock, net of repurchases | 1,888 | 1,905 |
Taxes paid related to net share settlement of equity awards | (334) | (2,057) |
Net cash provided by (used in) financing activities | 1,410 | (562) |
Effect of exchange rate changes on cash and cash equivalents | 98 | (217) |
Net increase (decrease) in cash and cash equivalents | 3,147 | (9,762) |
Cash and cash equivalents—beginning of period | 65,264 | 60,457 |
Cash and cash equivalents—end of period | 68,411 | 50,695 |
Supplemental cash flow information—cash paid for income taxes | 3,527 | 970 |
Supplemental cash flow information—cash paid for interest | 4 | 20 |
Non-cash investing and financing activities: | ||
Unpaid purchases of property and equipment | $ 5,465 | $ 376 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Silver Spring Networks, Inc. (the “Company”, “we”, “us” and “our”) have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, for interim financial information as well as the instructions to Form 10-Q and applicable rules and regulations of the U.S. Securities and Exchange Commission, or SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, or any future period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” “Quantitative and Qualitative Disclosures About Market Risk,” and the Consolidated Financial Statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015. The preparation of unaudited condensed consolidated financial statements necessarily requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the condensed consolidated balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates under different assumptions or conditions. As a result, the quarterly results may not be indicative of the full year results. The condensed consolidated financial statements include the accounts of Silver Spring Networks, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Significant Accounting Policies
Significant Accounting Policies and Estimates | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Estimates | 2. Significant Accounting Policies and Estimates There have been no material changes to our significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or Revenue Recognition |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 3. Net income (loss) per share Basic net income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share applicable to common stockholders is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding plus dilutive potential shares of common stock outstanding during the period. Dilutive consist of common shares issuable upon issuances of shares pursuant to the Employee Stock Purchase Plan, or ESPP, vesting of and contingently issuable We include the common shares underlying PSUs in the calculation of diluted net income (loss) per share when they become contingently issuable and exclude such shares when they are not contingently issuable. Certain potential shares of common stock were excluded from the computation of diluted net income (loss) per share because their effect would be anti-dilutive The following table sets forth the computation of historical basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Net (loss) income $ (18,514 ) $ 34,905 Net (loss) income per share Basic $ (0.36 ) $ 0.71 Diluted $ (0.36 ) $ 0.69 Weighted average shares used to compute net (loss) income per share Basic 50,760 49,306 Diluted 50,760 50,899 The following potential common shares outstanding were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive (in thousands): Three Months Ended March 31, 2016 2015 Employee equity awards 7,177 4,405 |
Cash, Cash Equivalents, and Sho
Cash, Cash Equivalents, and Short-Term Investments | 3 Months Ended |
Mar. 31, 2016 | |
Cash Cash Equivalents And Short Term Investments [Abstract] | |
Cash, Cash Equivalents, and Short-Term Investments | 4. Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents, and short-term investments consisted of the following as of March 31, 2016 (in thousands): Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Current assets: Cash $ 61,161 $ — $ — $ 61,161 Cash equivalents: Commercial Paper 1,249 — — 1,249 Money market mutual funds 6,001 — — 6,001 Total cash and cash equivalents 68,411 — — 68,411 Short-term fixed income securities: U.S. government and agency obligations 33,530 39 (1 ) 33,568 U.S. and foreign corporate debt securities 17,921 34 (6 ) 17,949 Foreign governments and multi-national agency obligations 2,000 — (1 ) 1,999 Commercial Paper 3,442 — — 3,442 Total short-term investments 56,893 73 (8 ) 56,958 Total cash, cash equivalents and short-term investments $ 125,304 $ 73 $ (8 ) $ 125,369 Cash, cash equivalents, and short-term investments consisted of the following as of December 31, 2015 (in thousands): Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Current assets: Cash $ 59,263 $ — $ — $ 59,263 Cash equivalents: Money market mutual funds 6,001 — — 6,001 Total cash and cash equivalents 65,264 — — 65,264 Short-term fixed income securities: U.S. government and agency obligations 38,396 4 (110 ) 38,290 U.S. and foreign corporate debt securities 18,945 2 (52 ) 18,895 Foreign governments and multi-national agency obligations 2,000 — (4 ) 1,996 Total short-term investments 59,341 6 (166 ) 59,181 Total cash, cash equivalents and short-term investments $ 124,605 $ 6 $ (166 ) $ 124,445 As of March 31, 2016, approximately 84% and 10% of our cash, cash equivalents, and short-term investments were held with two financial institutions, respectively. As of December 31, 2015, approximately 84% and 11% of our cash, cash equivalents, and short-term investments were held with two financial institutions, respectively. Contractual Maturities The contractual maturities of cash equivalents and short-term investments consisted of the following (in thousands): As of March 31, 2016 As of December 31, 2015 Amortized Aggregate Amortized Aggregate Cost Basis Fair Value Cost Basis Fair Value Due within one year $ 44,347 $ 44,377 $ 25,183 $ 25,163 Due from 1 year through 3 years 19,797 19,832 40,159 40,019 Total cash equivalents and short-term investments $ 64,144 $ 64,209 $ 65,342 $ 65,182 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2016 and December 31, 2015, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2016 As of December 31, 2015 Total (Less Than 12 Months) Total (Less Than 12 Months) Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. and foreign corporate debt securities $ 6,680 $ (6 ) $ 15,894 $ (52 ) Foreign governments and multi-national agency obligations 2,000 (1 ) 1,996 (4 ) U.S. government and agency obligations 4,005 (1 ) 31,792 (110 ) Total $ 12,684 $ (8 ) $ 49,682 $ (166 ) As of March 31, 2016 and December 31, 2015, there were no investments with unrealized losses for a period in excess of 12 months. We periodically review our marketable debt securities for other-than-temporary impairment. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. We also consider whether it is more likely than not that we will be required to (i) sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. As of March 31, 2016, we anticipate that we will recover the entire amortized cost basis of such available-for-sale debt securities and have determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the three months ended March 31, 2016 and 2015. There were insignificant gross realized gains or losses from available-for-sale securities during the three months ended March 31, 2016 and 2015. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements We determine the fair values of our financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. Under ASC Topic 820, Fair Value Measurement and Disclosures Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. Level 1 measurements are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 measurements are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. We did not have any transfers of financial instruments between valuation levels during the three months ended March 31, 2016 and year ended December 31, 2015. Assets Measured at Fair Value on a Recurring Basis As of March 31, 2016, financial assets recorded at fair value on a recurring basis were determined using the following inputs (in thousands): Fair Value Measurement Using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Instruments Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money-market funds $ 6,001 $ — $ — $ 6,001 Commercial paper — 1,249 — 1,249 Total cash equivalents 6,001 1,249 — 7,250 Short-term investments: U.S. Government and agency obligations — 33,568 — 33,568 U.S. and foreign corporate debt securities — 17,949 — 17,949 Foreign governments and multi-national agency obligations — 1,999 — 1,999 Commercial paper — 3,442 — 3,442 Total short-term investments — 56,958 — 56,958 Total assets measured at fair value $ 6,001 $ 58,207 $ — $ 64,208 As of December 31, 2015, financial assets recorded at fair value on a recurring basis were determined using the following inputs (in thousands): Fair Value Measurement Using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Instruments Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money-market funds $ 6,001 $ — $ — $ 6,001 Total cash equivalents 6,001 — — 6,001 Short-term investments: U.S. Government and agency obligations — 38,290 — 38,290 U.S. and foreign corporate debt securities — 18,895 — 18,895 Foreign governments and multi-national agency obligations — 1,996 — 1,996 Total short-term investments — 59,181 — 59,181 Total assets measured at fair value $ 6,001 $ 59,181 $ — $ 65,182 As of March 31, 2016 and December 31, 2015, there were no liabilities that are measured and recorded at fair value on a recurring basis. As of March 31, 2016 and December 31, 2015, there were no assets and liabilities that are measured and recorded at fair value on a nonrecurring basis except for assets and liabilities valued on the date of acquisition for business acquired during 2015. Assets and Liabilities Not Measured at Fair Value The carrying amounts of our accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisitions | 6. Business Acquisition On January 16, 2015, we completed the acquisition of Detectent, Inc., or Detectent, a privately held corporation that provides customer intelligence solutions for utilities leveraging its data analytics platform, and paid $7.6 million in cash consideration. The acquisition of Detectent was accounted for under the acquisition method of accounting. Detectent’s SaaS, subscription, and software solutions help improve advanced metering infrastructure and utility grid operations, ensure revenue protection, and deliver enhanced customer engagement programs. We recorded goodwill of $4.5 million and intangible assets of $3.8 million, consisted primarily of developed technology, customer relationships, non-compete agreements and order backlog, at the time of acquisition. The goodwill arising from the Detectent acquisition was largely attributable to the synergies expected to be realized and was not deductible for U.S. federal income tax purposes. In addition, we paid and held $4.0 million of deferred cash consideration, or contingent payments, in an escrow account, to be released over a two-year period subject to the retention of key employees of Detectent, or retention period. Contingent payments associated with future employment conditions are being recorded as compensation expense over the retention period. During the first quarter of 2016, we released $1.0 million from the escrow account in connection with the satisfaction of the retention terms of the acquisition agreement. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill: As of March 31, 2016 and December 31, 2015, the gross amount of goodwill was $8.8 million. Intangible Assets: The following table summarizes the gross carrying amount and accumulated amortization for the intangible assets resulting from acquisitions (in thousands): As of March 31, 2016 As of December 31, 2015 Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology 4-6 years $ 4,865 $ 2,349 $ 2,516 $ 4,865 $ 2,180 $ 2,685 Customer relationships 4-7 years 3,640 1,206 2,434 3,640 973 2,667 Trade name 6 years 369 122 247 369 103 266 Total $ 8,874 $ 3,677 $ 5,197 $ 8,874 $ 3,256 $ 5,618 Intangible assets subject to amortization are amortized over their useful lives as shown in the table above. The following table illustrates the amortization expense included in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, Amortization of purchased intangible assets: 2016 2015 Cost of revenue $ 169 $ 262 Sales and marketing 244 140 General and administrative 8 7 Total $ 421 $ 409 The estimated future amortization expense of purchased intangible assets with definite lives for the next five years is as follows (in thousands): Year Ended 2016 (remaining nine months) $ 1,126 2017 1,501 2018 1,195 2019 1,005 2020 259 2021 and thereafter 111 $ 5,197 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Equity Incentive Plan and Employee Stock Purchase Plan Our Board of Directors adopted the 2012 Equity Incentive Plan, or 2012 Plan, which became effective on March 12, 2013 and serves as the successor to our 2003 Stock Option Plan, or 2003 Plan. Pursuant to the 2012 Plan, 3,400,000 shares of our common stock were initially reserved for grant, plus (1) any shares that were reserved and available for issuance under the 2003 Plan at the time the 2012 Plan became effective, and (2) any shares that become available upon forfeiture or repurchase by us under the 2003 Plan and a stock option plan assumed in connection with a previous acquisition, will be reserved for issuance. In addition, the number of shares of our common stock available for grant and issuance shall be increased on January 1 of each calendar year during the term of the Plan by the lesser of (i) four percent (4%) of the number of shares of our common stock issued and outstanding on each December 31 immediately prior to the date of increase, or (ii) such number of shares determined by the Board of Directors. Under the 2012 Plan, we may grant both incentive and non-statutory stock options, restricted stock, restricted stock units, and performance stock units to employees, directors and service providers. We may grant options to purchase shares of common stock to employees, directors and service providers at prices not less than the fair market value on the date of grant for both Incentive Stock Options, or ISOs, and Nonqualified Stock Options. ISOs granted to a person who, at the time of the grant, owns more than 10% of the voting power of all classes of stock must be at no less than 110% of the fair market value and expire five years from the date of grant. All other options generally have a contractual term of 10 years. Options generally vest over four years. RSUs generally vest between two to four years. PSUs generally vest over three years. On January 1, 2016, the total shares reserved for issuance under the 2012 Plan was automatically increased by 2,024,828 shares. Our Board of Directors adopted the 2012 Employee Stock Purchase Plan, or ESPP, which became effective on March 12, 2013, pursuant to which 400,000 shares of our common stock have been reserved for future issuance. In addition, on each January 1 for the first ten calendar years after the first Offering Date, the aggregate number of shares of our common stock reserved for issuance under the ESPP shall be increased automatically by the number of shares equal to 1% of the total number of outstanding shares of our common stock on the immediately preceding December 31 subject to restrictions defined in the ESPP. Eligible employees can enroll and elect to contribute up to 15% of their compensation through payroll withholdings in each offering period, subject to certain limitations. Each offering period is six months in duration. The purchase price of the stock is the lower of 85% of the fair market value on (a) the first day of the offering period or (b) the purchase date. On January 1, 2016, the total shares reserved for issuance under the ESPP was automatically increased by 506,207 shares. As of March 31, 2016 and December 31, 2015, there were 7.6 million and 4.9 million shares, respectively, of common stock reserved for future grants under our ESPP and our 2012 Plan. Stock Option Activities The following table summarizes our stock option activity and related information for the three months ended March 31, 2016 as follows (in thousands, except per share data): Options Outstanding Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price per Contractual Intrinsic Shares Share Term (years) Value Balance at December 31, 2015 4,432 $ 11.99 5.36 $ 17,290 Options granted — — Options exercised (43 ) 3.75 Options cancelled or expired (332 ) 16.90 Balance at March 31, 2016 4,057 $ 11.68 5.48 $ 17,430 As of March 31, 2016: Options vested and expected to vest 4,030 $ 11.66 5.47 $ 17,378 Options exercisable 3,069 $ 11.16 4.50 $ 15,363 The aggregate intrinsic value disclosed above represents the total intrinsic value (the difference between the fair value of our common stock as of March 31, 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. This amount is subject to change based on changes to the fair value of our common stock. Restricted Stock Units Activities The following table summarizes our restricted stock units activity and related information for the three months ended March 31, 2016 as follows (in thousands, except per share data): Restricted Stock Units Outstanding Weighted Weighted Average Average Grant Remaining Aggregate Number of Date Fair Value Contractual Intrinsic Shares per Share Term Value Balance at December 31, 2015 3,086 $ 11.11 1.73 $ 44,473 Restricted stock units granted 75 10.68 Restricted stock units vested (73 ) 16.16 Restricted stock units cancelled (54 ) 12.26 Balance at March 31, 2016 3,034 $ 10.95 1.55 $ 44,748 Stock-based Compensation We recorded stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 1,328 $ 1,723 Research and development 2,025 2,180 Sales and marketing 831 1,238 General and administrative 2,716 1,882 Stock-based compensation expense $ 6,900 $ 7,023 Of the total stock-based compensation, we recorded $2.1 million and $1.5 million as stock-based compensation related to our corporate bonus incentive plan during the three months ended March 31, 2016 and 2015, respectively, and we recorded these amounts under accrued liabilities in our consolidated balance sheets. The following table presents unrecognized compensation cost, adjusted for estimated forfeitures, recognized over a weighted-average period related to unvested stock options, ESPP, RSUs, and PSUs as of March 31, 2016: Weighted Unrecognized Average Compensation Period Cost (Years) Stock options $ 6,094 2.4 ESPP, RSUs, and PSUs $ 22,116 2.3 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Our income tax provision and benefit for income taxes for the three months ended March 31, 2016 and 2015 reflects an effective tax rate of (0.2%) and (1.4%), respectively. Our income tax expense for the three months ended March 31, 2016 consists primarily of an income tax from foreign jurisdictions. Our benefit for income taxes for the three months ended March 31, 2015 consists primarily of a net benefit of $0.9 million, which was due to the deferred income tax benefits related to the Detectent acquisition. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information We operate in one reportable segment. Our chief operating decision makers are our Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO, who review consolidated operating results to make decisions about allocating resources and assessing performance for the entire company. Revenue by geography is based on the billing address of the customer. The following table presents revenue by geographic region (in thousands): Three Months Ended March 31, 2016 2015 Revenue: United States $ 45,222 $ 122,582 Australia 2,136 19,176 All Other 1,262 1,882 Total $ 48,620 $ 143,640 Substantially all of our long-lived assets are located in the United States. |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Balance Sheet Details | 11. Inventory Inventory consisted of the following (in thousands): March 31, December 31, 2016 2015 Component parts $ 1,302 1,201 Finished goods 2,772 3,344 Inventory $ 4,074 4,545 Accrued and Other Liabilities Accrued and other liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued payroll and related expenses $ 17,443 $ 14,249 Accrued operating expenses 2,924 5,937 Warranty obligations, current 7,597 8,601 Sales, property and income taxes 1,057 4,850 Current portion of capital lease obligation — 285 Other deferred revenue 10,023 8,326 Other 559 503 Accrued and other liabilities $ 39,603 $ 42,751 Other Liabilities Other liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Warranty obligations, non-current $ 2,419 $ 2,898 Other deferred revenue 11,130 11,099 Deferred rent, non-current 4,171 944 Other 550 1,462 Other liabilities $ 18,270 $ 16,403 Product Warranty Product warranty activity is as follows (in thousands): Three Months Ended March 31, 2016 Warranty obligation—beginning of period $ 11,499 Warranty expense for new warranties issued 79 Utilization of warranty obligation (990 ) Changes in estimates for pre-existing warranties (572 ) Warranty obligation—end of period $ 10,016 Accumulated Other Comprehensive (Loss) Income (AOCI), Net of Tax The components of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2016 are as follows (in thousands): Unrealized Gains Foreign Currency (Losses) on Available Adjustment for Sale Securities Total Balance as of December 31, 2015 $ (1,561 ) $ (211 ) $ (1,772 ) Other comprehensive (loss) income before reclassification (85 ) 228 143 Amounts reclassified from AOCI — (2 ) (2 ) Other comprehensive (loss) income (85 ) 226 141 Balance as of March 31, 2016 $ (1,646 ) $ 15 $ (1,631 ) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | SILVER SPRING NETWORKS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ( Unaudited) 12. Commitments and contingencies Operating and Capital Leases Our primary operating lease commitment as of March 31, 2016, related to our new headquarters in San Jose, California, requires monthly lease payments through September 2026, and our current headquarters in Redwood City, California, requires monthly lease payments through May 2016. We recognize rent expense on a straight-line basis over the lease period. Where leases contain escalation clauses, rent abatements, or concessions, such as rent holidays and landlord or tenant incentives or allowances, we apply them in the determination of straight-line rent expense over the lease term. Rent expense for all facility leases was $2.3 million and $1.2 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the future minimum commitments under our operating leases were as follows (in thousands): Operating Leases 2016 (remaining nine months) $ 2,523 2017 4,695 2018 5,755 2019 6,354 2020 6,367 2021 and thereafter 40,006 Net minimum lease payments $ 65,700 Legal Contingencies EON Patent Litigation . In June 2011, EON Corp. IP Holdings, LLC, a non-producing entity, or EON, filed suit in United States District Court for the Eastern District of Texas, Tyler Division against us and a number of smart grid providers. The lawsuit alleges infringement of United States Patent Nos. 5,388,101, 5,481,546, and 5,592,491, or the EON Patents, by certain networking technology and services that we and the other defendants provide. Other defendants included Landis+Gyr AG (which was acquired by Toshiba Corporation), Aclara Power-Line Systems Inc., Elster Solutions, LLC, Itron, Inc. and Trilliant Networks Inc., all of which settled with EON prior to trial. We filed answers, affirmative defenses and counterclaims denying the plaintiff’s allegations and asserting that the plaintiff’s patents are invalid. A trial was held in June 2014. After the trial, the jury determined that we had infringed certain, but not all, of the claims under the EON Patents, and returned a verdict against us in the amount of $18.8 million. Following post-trial motions by both parties, the court reduced the damage award to approximately $13.0 million, and in December 2014, entered a final judgment in that amount plus approximately $1.5 million in pre-judgment interest. The court subsequently revised the final judgment to include additional costs of about $0.2 million and entered an amended final judgment in December 2014. All of the EON Patents have expired and therefore EON is not seeking, and EON may not recover, any additional sums as royalties for our sales of products going forward. In December 2014, we filed a notice of appeal with the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. In order to stay the execution of the final judgment pending the appeal, in December 2014 we filed a surety bond in the amount of $17.6 million, which includes an additional 20% of the final judgment for post-judgment interest and expenses expected to be incurred during the appeal process, in accordance with court rules. The bond was issued by Zurich Insurance and is collateralized with a standby letter of credit in the amount of $13.0 million, the amount of the damage award, as described below in “ Customer Performance and Other Commitments.” en banc Linex Patent Litigation . In March 2013, Linex Technologies, Inc., a non-producing entity, or Linex, filed suit against us in United States District Court for the Southern District of Florida. Linex alleged that certain of our networking technology infringes United States Patent Nos. 6,493,377 and 7,167,503. We filed an answer in May 2013. In January 2014, the court granted the plaintiff’s request for a stay of the matter, pending reexamination of the patents at issue by the USPTO. In September 2014, Linex amended certain patent claims and canceled certain other patent claims based upon the USPTO’s completed reexaminations, and in October 2014, the court lifted the stay of the matter. In January 2015, Linex filed an amended complaint to incorporate facts related to the completed reexaminations, and we filed an answer responding to the complaint and raising additional defenses. In June 2015, the court stayed the action pending the USPTO’s completion of further ex parte reexaminations of the patents at issue. We believe that we have meritorious defenses to Linex’s allegations and intend to continue vigorously defending against the action. Atlas/ComEd & Exelon and Atlas/PG&E Patent Litigation . In November 2015, Atlas IP, LLC filed separate suits against our customers Commonwealth Edison Company, or ComEd, and Pacific Gas and Electric Co., or PG&E, alleging infringement of United States Patent No. 5,371,734 by communications between smart meters and access points over a neighborhood area network using wireless communication modules and networking equipment supplied by us. We have agreed to assume the defense in both suits. ComEd & Exelon . The suit against ComEd was filed in the Northern District of Illinois and also named Exelon Corp., or Exelon, as a defendant. In January 2016, we filed a motion to dismiss the ComEd complaint and to remove Exelon as a defendant. In February 2016, the court granted our motion to dismiss the complaint, and dismissed Exelon from the case with prejudice. In March 2016, Atlas IP filed an amended complaint against ComEd, which we moved to dismiss. The court has not yet issued a ruling on our motion. PG&E. The suit against PG&E was filed in the Northern District of California. We filed a motion to dismiss the PG&E complaint in January 2016, which the court granted in March 2016. Atlas IP filed an amended complaint against PG&E, which we moved to dismiss in March 2016. The court has not yet issued a ruling on our motion. We believe that we have meritorious defenses to Atlas IP’s allegations in both matters, and intend to continue vigorously defending the actions. In addition to the matters described above, from time to time we may be subject to other legal proceedings and claims in the ordinary course of business. We have received, and may in the future continue to receive, claims from third parties asserting infringement of their intellectual property rights. We may, from time to time, also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, or investigations related to warranty, refund, breach of contract, employment, intellectual property, government regulation, compliance or other matters. Future litigation may be necessary to defend ourselves and our customers by determining the scope, enforceability and validity of third-party rights or to establish our rights. There can be no assurance with respect to the outcome of any current or future litigation brought against us or pursuant to which we have indemnification obligations and the outcome could have a material adverse impact on our business, operating results and financial condition. We have not recorded any amounts for contingent losses associated with the matters described above based on our belief that losses, while reasonably possible, are not probable. Unless otherwise stated, we are currently unable to predict the final outcome of these lawsuits and therefore cannot determine the likelihood of loss nor estimate a range of possible loss. We are directly involved with various unresolved legal actions and claims, and are indirectly involved with proceedings by administrative bodies such as public utility commissions, arising in the ordinary course of business. We do not believe that any liability from any reasonably foreseeable disposition of such legal actions and claims, individually or in the aggregate, would have a material effect on our consolidated financial statements. There are many uncertainties associated with any litigation or claim, and we cannot be certain that these actions or other third-party claims will be resolved without costly litigation, fines and/or substantial settlement payments. If that occurs, our business, financial condition and results of operations could be materially and adversely affected. If information becomes available that causes us to determine that a loss in any of our pending litigation matters, claims or settlements is probable, and a reasonable estimate of the loss associated with such events can be made, we will record the estimated loss at that time. Customer Performance and Other Commitments Certain customer agreements require us to obtain letters of credit or surety bonds in support of our obligations under such arrangements. These letters of credit or surety bonds typically provide a guarantee to the customer for future performance, which usually covers the deployment phase of a contract and may on occasion cover the operations and maintenance phase of service contracts. As of March 31, 2016 and December 31, 2015, we had a total of $23.0 million and $22.7 million, respectively, including $13.0 million related to the EON Patent Litigation mentioned above, of standby letters of credit issued under the Credit Facility with a financial institution. As of March 31, 2016 and December 31, 2015, $4.7 million (AUD$6.1 million) and $4.4 million (AUD$6.2 million) of these standby letter of credit were denominated in Australian dollars, respectively. In accordance with the terms of our Credit Facility, increases or decreases in the exchange rate between the Australian dollar and the U.S. dollar will increase or decrease the amount available to us under the Credit Facility. See Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Provision (Benefit) for Income Taxes for more informatio As of March 31, 2016, we had a $20.3 million unsecured surety bond. The surety bond provides a financial guarantee to support performance obligations under certain customer agreements. In the event any such letters of credit or surety bonds are called, we would be obligated to reimburse the issuer of the letters of credit or surety bond. We do not believe there will be any claims against currently outstanding letters of credit or surety bonds. Indemnification Commitments Directors, Officers and Employees . In accordance with our bylaws and/or pursuant to indemnification agreements we have entered into with directors, officers and certain employees, we have indemnification obligations to our directors, officers and employees for claims brought against these persons arising out of certain events or occurrences while they are serving at our request in such a capacity. We maintain a director and officer liability insurance coverage to reduce our exposure to such obligations, and payments made under these agreements. To date, there have been no indemnification claims by these directors, officers and employees . Customers and Third Party Device Manufacturers . Refer to the discussion above under the heading Legal Contingencies for a description of our indemnification obligations. Our contracts with customers and third party device manufacturers typically provide indemnification for claims filed by third parties alleging that our products and services sold to the customer or manufacturer infringe or misappropriate any patent, copyright, trademark or other intellectual property right. In our customer contracts, we also typically provide an indemnification for third-party claims resulting from death, personal injury or property damage caused by the negligence or willful misconduct of our employees and agents in connection with the performance of certain contracts. Under our customer and third party device manufacturer indemnities, we typically agree to defend the utility customer or third party device manufacturer, as the case may be, from such claims, and pay any resulting costs, damages and attorneys’ fees awarded against the indemnified party with respect to such claims, provided that (a) the indemnified party promptly notifies us in writing of the claim, (b) the indemnified party provides reasonable assistance to us at our expense, and (c) we have sole control of the defense and all related settlement negotiations. |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or Revenue Recognition |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Historical Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of historical basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Net (loss) income $ (18,514 ) $ 34,905 Net (loss) income per share Basic $ (0.36 ) $ 0.71 Diluted $ (0.36 ) $ 0.69 Weighted average shares used to compute net (loss) income per share Basic 50,760 49,306 Diluted 50,760 50,899 |
Common Shares Outstanding were Excluded from Computation of Diluted Net Loss Per Share | The following potential common shares outstanding were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive (in thousands): Three Months Ended March 31, 2016 2015 Employee equity awards 7,177 4,405 |
Cash, Cash Equivalents, and S22
Cash, Cash Equivalents, and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash Cash Equivalents And Short Term Investments [Abstract] | |
Cash, Cash Equivalents, and Short-Term Investments | Cash, cash equivalents, and short-term investments consisted of the following as of March 31, 2016 (in thousands): Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Current assets: Cash $ 61,161 $ — $ — $ 61,161 Cash equivalents: Commercial Paper 1,249 — — 1,249 Money market mutual funds 6,001 — — 6,001 Total cash and cash equivalents 68,411 — — 68,411 Short-term fixed income securities: U.S. government and agency obligations 33,530 39 (1 ) 33,568 U.S. and foreign corporate debt securities 17,921 34 (6 ) 17,949 Foreign governments and multi-national agency obligations 2,000 — (1 ) 1,999 Commercial Paper 3,442 — — 3,442 Total short-term investments 56,893 73 (8 ) 56,958 Total cash, cash equivalents and short-term investments $ 125,304 $ 73 $ (8 ) $ 125,369 Cash, cash equivalents, and short-term investments consisted of the following as of December 31, 2015 (in thousands): Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Current assets: Cash $ 59,263 $ — $ — $ 59,263 Cash equivalents: Money market mutual funds 6,001 — — 6,001 Total cash and cash equivalents 65,264 — — 65,264 Short-term fixed income securities: U.S. government and agency obligations 38,396 4 (110 ) 38,290 U.S. and foreign corporate debt securities 18,945 2 (52 ) 18,895 Foreign governments and multi-national agency obligations 2,000 — (4 ) 1,996 Total short-term investments 59,341 6 (166 ) 59,181 Total cash, cash equivalents and short-term investments $ 124,605 $ 6 $ (166 ) $ 124,445 |
Contractual Maturities of Cash Equivalents and Short-Term Investments | The contractual maturities of cash equivalents and short-term investments consisted of the following (in thousands): As of March 31, 2016 As of December 31, 2015 Amortized Aggregate Amortized Aggregate Cost Basis Fair Value Cost Basis Fair Value Due within one year $ 44,347 $ 44,377 $ 25,183 $ 25,163 Due from 1 year through 3 years 19,797 19,832 40,159 40,019 Total cash equivalents and short-term investments $ 64,144 $ 64,209 $ 65,342 $ 65,182 |
Schedule of Gross Unrealized Losses and Fair Values of Investments | The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2016 and December 31, 2015, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2016 As of December 31, 2015 Total (Less Than 12 Months) Total (Less Than 12 Months) Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. and foreign corporate debt securities $ 6,680 $ (6 ) $ 15,894 $ (52 ) Foreign governments and multi-national agency obligations 2,000 (1 ) 1,996 (4 ) U.S. government and agency obligations 4,005 (1 ) 31,792 (110 ) Total $ 12,684 $ (8 ) $ 49,682 $ (166 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets Recorded on Recurring Basis | As of March 31, 2016, financial assets recorded at fair value on a recurring basis were determined using the following inputs (in thousands): Fair Value Measurement Using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Instruments Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money-market funds $ 6,001 $ — $ — $ 6,001 Commercial paper — 1,249 — 1,249 Total cash equivalents 6,001 1,249 — 7,250 Short-term investments: U.S. Government and agency obligations — 33,568 — 33,568 U.S. and foreign corporate debt securities — 17,949 — 17,949 Foreign governments and multi-national agency obligations — 1,999 — 1,999 Commercial paper — 3,442 — 3,442 Total short-term investments — 56,958 — 56,958 Total assets measured at fair value $ 6,001 $ 58,207 $ — $ 64,208 As of December 31, 2015, financial assets recorded at fair value on a recurring basis were determined using the following inputs (in thousands): Fair Value Measurement Using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Instruments Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money-market funds $ 6,001 $ — $ — $ 6,001 Total cash equivalents 6,001 — — 6,001 Short-term investments: U.S. Government and agency obligations — 38,290 — 38,290 U.S. and foreign corporate debt securities — 18,895 — 18,895 Foreign governments and multi-national agency obligations — 1,996 — 1,996 Total short-term investments — 59,181 — 59,181 Total assets measured at fair value $ 6,001 $ 59,181 $ — $ 65,182 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table summarizes the gross carrying amount and accumulated amortization for the intangible assets resulting from acquisitions (in thousands): As of March 31, 2016 As of December 31, 2015 Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology 4-6 years $ 4,865 $ 2,349 $ 2,516 $ 4,865 $ 2,180 $ 2,685 Customer relationships 4-7 years 3,640 1,206 2,434 3,640 973 2,667 Trade name 6 years 369 122 247 369 103 266 Total $ 8,874 $ 3,677 $ 5,197 $ 8,874 $ 3,256 $ 5,618 |
Schedule of Amortization Expense | The following table illustrates the amortization expense included in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, Amortization of purchased intangible assets: 2016 2015 Cost of revenue $ 169 $ 262 Sales and marketing 244 140 General and administrative 8 7 Total $ 421 $ 409 |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense of purchased intangible assets with definite lives for the next five years is as follows (in thousands): Year Ended 2016 (remaining nine months) $ 1,126 2017 1,501 2018 1,195 2019 1,005 2020 259 2021 and thereafter 111 $ 5,197 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes our stock option activity and related information for the three months ended March 31, 2016 as follows (in thousands, except per share data): Options Outstanding Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price per Contractual Intrinsic Shares Share Term (years) Value Balance at December 31, 2015 4,432 $ 11.99 5.36 $ 17,290 Options granted — — Options exercised (43 ) 3.75 Options cancelled or expired (332 ) 16.90 Balance at March 31, 2016 4,057 $ 11.68 5.48 $ 17,430 As of March 31, 2016: Options vested and expected to vest 4,030 $ 11.66 5.47 $ 17,378 Options exercisable 3,069 $ 11.16 4.50 $ 15,363 |
Summary of Restricted Stock Units Activity | The following table summarizes our restricted stock units activity and related information for the three months ended March 31, 2016 as follows (in thousands, except per share data): Restricted Stock Units Outstanding Weighted Weighted Average Average Grant Remaining Aggregate Number of Date Fair Value Contractual Intrinsic Shares per Share Term Value Balance at December 31, 2015 3,086 $ 11.11 1.73 $ 44,473 Restricted stock units granted 75 10.68 Restricted stock units vested (73 ) 16.16 Restricted stock units cancelled (54 ) 12.26 Balance at March 31, 2016 3,034 $ 10.95 1.55 $ 44,748 |
Stock-Based Compensation Expense | We recorded stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 1,328 $ 1,723 Research and development 2,025 2,180 Sales and marketing 831 1,238 General and administrative 2,716 1,882 Stock-based compensation expense $ 6,900 $ 7,023 |
Schedule of Unrecognized Compensation Cost recognized over Weighted Average Period | Weighted Unrecognized Average Compensation Period Cost (Years) Stock options $ 6,094 2.4 ESPP, RSUs, and PSUs $ 22,116 2.3 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Region | The following table presents revenue by geographic region (in thousands): Three Months Ended March 31, 2016 2015 Revenue: United States $ 45,222 $ 122,582 Australia 2,136 19,176 All Other 1,262 1,882 Total $ 48,620 $ 143,640 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Balance Sheet Component Details [Abstract] | |
Components of Inventory | Inventory consisted of the following (in thousands): March 31, December 31, 2016 2015 Component parts $ 1,302 1,201 Finished goods 2,772 3,344 Inventory $ 4,074 4,545 |
Schedule of Accrued and Other Liabilities | Accrued and other liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued payroll and related expenses $ 17,443 $ 14,249 Accrued operating expenses 2,924 5,937 Warranty obligations, current 7,597 8,601 Sales, property and income taxes 1,057 4,850 Current portion of capital lease obligation — 285 Other deferred revenue 10,023 8,326 Other 559 503 Accrued and other liabilities $ 39,603 $ 42,751 |
Schedule of Other Liabilities | Other liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Warranty obligations, non-current $ 2,419 $ 2,898 Other deferred revenue 11,130 11,099 Deferred rent, non-current 4,171 944 Other 550 1,462 Other liabilities $ 18,270 $ 16,403 |
Schedule of Product Warranty Activity | Product warranty activity is as follows (in thousands): Three Months Ended March 31, 2016 Warranty obligation—beginning of period $ 11,499 Warranty expense for new warranties issued 79 Utilization of warranty obligation (990 ) Changes in estimates for pre-existing warranties (572 ) Warranty obligation—end of period $ 10,016 |
Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2016 are as follows (in thousands): Unrealized Gains Foreign Currency (Losses) on Available Adjustment for Sale Securities Total Balance as of December 31, 2015 $ (1,561 ) $ (211 ) $ (1,772 ) Other comprehensive (loss) income before reclassification (85 ) 228 143 Amounts reclassified from AOCI — (2 ) (2 ) Other comprehensive (loss) income (85 ) 226 141 Balance as of March 31, 2016 $ (1,646 ) $ 15 $ (1,631 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Commitments Under Operating Leases | As of March 31, 2016, the future minimum commitments under our operating leases were as follows (in thousands): Operating Leases 2016 (remaining nine months) $ 2,523 2017 4,695 2018 5,755 2019 6,354 2020 6,367 2021 and thereafter 40,006 Net minimum lease payments $ 65,700 |
Net Income (Loss) Per Share (Co
Net Income (Loss) Per Share (Computation of Basic and Diluted Net (Loss) Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (18,514) | $ 34,905 |
Net (loss) income per share | ||
Basic | $ (0.36) | $ 0.71 |
Diluted | $ (0.36) | $ 0.69 |
Weighted average shares used to compute net (loss) income per share | ||
Basic | 50,760 | 49,306 |
Diluted | 50,760 | 50,899 |
Net Income (Loss) Per Share (30
Net Income (Loss) Per Share (Common Shares Outstanding were Excluded from Computation of Diluted Net Loss Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee equity awards [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 7,177 | 4,405 |
Cash, Cash Equivalents, and S31
Cash, Cash Equivalents, and Short-Term Investments (Cash, Cash Equivalents, and Short-Term Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash, amortized cost and estimated fair value | $ 61,161 | $ 59,263 | ||
Cash and cash equivalents | 68,411 | 65,264 | $ 50,695 | $ 60,457 |
Total short-term investments, unrealized gains | 73 | 6 | ||
Total short-term investments, unrealized losses | (8) | (166) | ||
Total cash, cash equivalents and short-term investments, amortized cost | 125,304 | 124,605 | ||
Total cash, cash equivalents and short-term investments, estimated fair value | 125,369 | 124,445 | ||
U.S. Government And Agency Obligations [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, estimated fair value | 33,568 | 38,290 | ||
U.S. And Foreign Corporate Debt Securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, estimated fair value | 17,949 | 18,895 | ||
Foreign Governments And Multi-National Agency Obligations [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, estimated fair value | 1,999 | 1,996 | ||
Short-Term Fixed Income Securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, amortized cost | 56,893 | 59,341 | ||
Total short-term investments, unrealized gains | 73 | 6 | ||
Total short-term investments, unrealized losses | (8) | (166) | ||
Total short-term investments, estimated fair value | 56,958 | 59,181 | ||
Short-Term Fixed Income Securities [Member] | U.S. Government And Agency Obligations [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, amortized cost | 33,530 | 38,396 | ||
Total short-term investments, unrealized gains | 39 | 4 | ||
Total short-term investments, unrealized losses | (1) | (110) | ||
Total short-term investments, estimated fair value | 33,568 | 38,290 | ||
Short-Term Fixed Income Securities [Member] | U.S. And Foreign Corporate Debt Securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, amortized cost | 17,921 | 18,945 | ||
Total short-term investments, unrealized gains | 34 | 2 | ||
Total short-term investments, unrealized losses | (6) | (52) | ||
Total short-term investments, estimated fair value | 17,949 | 18,895 | ||
Short-Term Fixed Income Securities [Member] | Foreign Governments And Multi-National Agency Obligations [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Total short-term investments, amortized cost | 2,000 | 2,000 | ||
Total short-term investments, unrealized losses | (1) | (4) | ||
Total short-term investments, estimated fair value | 1,999 | 1,996 | ||
Commercial Paper [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 1,249 | |||
Total short-term investments, amortized cost | 3,442 | |||
Total short-term investments, estimated fair value | 3,442 | |||
Money market mutual funds [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | $ 6,001 | $ 6,001 |
Cash, Cash Equivalents, and S32
Cash, Cash Equivalents, and Short-Term Investments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)FinancialInstitution | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)FinancialInstitution | |
Cash and Cash Equivalents [Line Items] | |||
Number of financial institutions | FinancialInstitution | 2 | 2 | |
Investments with unrealized losses for a period in excess of 12 months | $ 0 | $ 0 | |
Other-than-temporary impairments | $ 0 | $ 0 | |
Financial Institution One [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Percentage of cash, cash equivalents, and short-term investments held in financial institutions | 84.00% | 84.00% | |
Financial Institution Two [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Percentage of cash, cash equivalents, and short-term investments held in financial institutions | 10.00% | 11.00% |
Cash, Cash Equivalents, and S33
Cash, Cash Equivalents, and Short-Term Investments (Contractual Maturities of Cash Equivalents and Short-Term Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Due within one year, Amortized Cost Basis | $ 44,347 | $ 25,183 |
Due from 1 year through 3 years, Amortized Cost Basis | 19,797 | 40,159 |
Total cash equivalents and short-term investments, Amortized Cost Basis | 64,144 | 65,342 |
Due within one year, Aggregate Fair Value | 44,377 | 25,163 |
Due from 1 year through 3 years, Aggregate Fair Value | 19,832 | 40,019 |
Total cash equivalents and short-term investments, Aggregate Fair Value | $ 64,209 | $ 65,182 |
Cash, Cash Equivalents, and S34
Cash, Cash Equivalents, and Short-Term Investments (Schedule of Gross Unrealized Losses and Fair Values of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Total (Less Than 12 Months) | $ 12,684 | $ 49,682 |
Unrealized Loss Total (Less Than 12 Months) | (8) | (166) |
U.S. And Foreign Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Total (Less Than 12 Months) | 6,680 | 15,894 |
Unrealized Loss Total (Less Than 12 Months) | (6) | (52) |
Foreign Governments And Multi-National Agency Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Total (Less Than 12 Months) | 2,000 | 1,996 |
Unrealized Loss Total (Less Than 12 Months) | (1) | (4) |
U.S. Government And Agency Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Total (Less Than 12 Months) | 4,005 | 31,792 |
Unrealized Loss Total (Less Than 12 Months) | $ (1) | $ (110) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 64,208 | $ 65,182 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 3,442 | |
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 6,001 | 6,001 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 58,207 | 59,181 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 3,442 | |
U.S. Government And Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 33,568 | 38,290 |
U.S. Government And Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 33,568 | 38,290 |
U.S. And Foreign Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 17,949 | 18,895 |
U.S. And Foreign Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 17,949 | 18,895 |
Foreign Governments And Multi-National Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 1,999 | 1,996 |
Foreign Governments And Multi-National Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 1,999 | 1,996 |
Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 7,250 | 6,001 |
Cash Equivalents [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 6,001 | 6,001 |
Cash Equivalents [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,249 | |
Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 6,001 | 6,001 |
Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 6,001 | 6,001 |
Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,249 | |
Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,249 | |
Short-Term Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 56,958 | 59,181 |
Short-Term Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 56,958 | 59,181 |
Short-Term Fixed Income Securities [Member] | U.S. Government And Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 33,568 | 38,290 |
Short-Term Fixed Income Securities [Member] | U.S. And Foreign Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | 17,949 | 18,895 |
Short-Term Fixed Income Securities [Member] | Foreign Governments And Multi-National Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments, estimated fair value | $ 1,999 | $ 1,996 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Financial Assets Recorded on Recurring Basis) (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Financial liabilities recorded at fair value on recurring basis | $ 0 | $ 0 |
Financial assets recorded at fair value on nonrecurring basis | 0 | 0 |
Financial liabilities recorded at fair value on nonrecurring basis | $ 0 | $ 0 |
Business Acquisitions (Narrativ
Business Acquisitions (Narrative) (Details) - Detectent Inc. [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Jan. 16, 2015 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Cash consideration | $ 7.6 | ||
Goodwill | 4.5 | ||
Intangible assets | $ 3.8 | ||
Contingent payments | $ 4 | $ 4 | |
Retention period | 2 years | ||
Escrow account in connection with the satisfaction of retention terms of the agreement | $ 1 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill acquired during the period | $ 8.8 | $ 8.8 |
Goodwill And Intangible Asset39
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Intangible Assets [Line Items] | ||
Purchased intangible assets with finite lives, Gross Carrying Amount | $ 8,874 | $ 8,874 |
Purchased intangible assets with finite lives, Accumulated Amortization | 3,677 | 3,256 |
Purchased intangible assets with finite lives, Net Book Value | 5,197 | 5,618 |
Purchased Technology [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Purchased intangible assets with finite lives, Gross Carrying Amount | 4,865 | 4,865 |
Purchased intangible assets with finite lives, Accumulated Amortization | 2,349 | 2,180 |
Purchased intangible assets with finite lives, Net Book Value | $ 2,516 | 2,685 |
Purchased Technology [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Useful Lives (in years) | 4 years | |
Purchased Technology [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Useful Lives (in years) | 6 years | |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Purchased intangible assets with finite lives, Gross Carrying Amount | $ 3,640 | 3,640 |
Purchased intangible assets with finite lives, Accumulated Amortization | 1,206 | 973 |
Purchased intangible assets with finite lives, Net Book Value | $ 2,434 | 2,667 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Useful Lives (in years) | 4 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Useful Lives (in years) | 7 years | |
Trade Name [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Useful Lives (in years) | 6 years | |
Purchased intangible assets with finite lives, Gross Carrying Amount | $ 369 | 369 |
Purchased intangible assets with finite lives, Accumulated Amortization | 122 | 103 |
Purchased intangible assets with finite lives, Net Book Value | $ 247 | $ 266 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 421 | $ 409 |
Total Cost Of Revenue [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | 169 | 262 |
Sales And Marketing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | 244 | 140 |
General and Administrative [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 8 | $ 7 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets (Schedule of Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2016 (remaining nine months) | $ 1,126 | |
2,017 | 1,501 | |
2,018 | 1,195 | |
2,019 | 1,005 | |
2,020 | 259 | |
2021 and thereafter | 111 | |
Purchased intangible assets with finite lives, Net Book Value | $ 5,197 | $ 5,618 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 12, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 6,900 | $ 7,023 | |||
2012 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares reserved for issuance | 3,400,000 | ||||
Shares available for grant increase percent | 4.00% | ||||
Increase in shares reserved for issuance | 2,024,828 | ||||
2012 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares reserved for issuance | 7,600,000 | 4,900,000 | 400,000 | ||
Purchase price of the stock as a percent of price of common stock | 85.00% | ||||
Increase in shares reserved for issuance | 506,207 | ||||
Expected term of options reserved | 10 years | ||||
Number of shares to be increased as percent of total number of shares outstanding | 1.00% | ||||
Maximum employees contribution | 15.00% | ||||
Offering period | 6 months | ||||
Corporate Bonus Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 2,100 | $ 1,500 | |||
Stock Options [Member] | 2012 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Contractual term | 10 years | ||||
Vesting period | 4 years | ||||
Restricted stock units [Member] | 2012 Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 2 years | ||||
Restricted stock units [Member] | 2012 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Performance Stock Units [Member] | 2012 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Principal Owner [Member] | Stock Options [Member] | 2012 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percent of voting power | 10.00% | ||||
Purchase price of the stock as a percent of price of common stock | 110.00% | ||||
Contractual term | 5 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Beginning balance | 4,432 | |
Number of Shares, Options exercised | (43) | |
Number of Shares, Options cancelled or expired | (332) | |
Number of Shares, Ending balance | 4,057 | 4,432 |
Number of Shares, Options vested and expected to vest | 4,030 | |
Number of Shares, Options exercisable | 3,069 | |
Weighted Average Exercise Price per Share, Beginning balance | $ 11.99 | |
Weighted Average Exercise Price per Share, Options exercised | 3.75 | |
Weighted Average Exercise Price per Share, Options cancelled or expired | 16.90 | |
Weighted Average Exercise Price per Share, Ending balance | 11.68 | $ 11.99 |
Weighted Average Exercise Price per Share, Options vested and expected to vest | 11.66 | |
Weighted Average Exercise Price per Share, Options exercisable | $ 11.16 | |
Weighted Average Remaining Contractual Term (years), Ending balance | 5 years 5 months 23 days | 5 years 4 months 10 days |
Weighted Average Remaining Contractual Term (years), Options vested and expected to vest | 5 years 5 months 19 days | |
Weighted Average Remaining Contractual Term (years), Options exercisable | 4 years 6 months | |
Aggregate Intrinsic Value, Ending balance | $ 17,430 | $ 17,290 |
Aggregate Intrinsic Value, Options vested and expected to vest | 17,378 | |
Aggregate Intrinsic Value, Option exercisable | $ 15,363 |
Stock-Based Compensation (Sum44
Stock-Based Compensation (Summary of Restricted Stock Units Activity) (Details) - Restricted stock units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 3,086 | |
Number of Shares, Restricted stock units granted | 75 | |
Number of Shares, Restricted stock units vested | (73) | |
Number of Shares, Restricted stock units cancelled | (54) | |
Number of Shares, Ending balance | 3,034 | 3,086 |
Weighted Average Grant Date Fair Value per Share, Beginning balance | $ 11.11 | |
Weighted Average Grant Date Fair Value per Share, Restricted stock units granted | 10.68 | |
Weighted Average Grant Date Fair Value per Share, Restricted stock units vested | 16.16 | |
Weighted Average Grant Date Fair Value per Share, Restricted stock units cancelled | 12.26 | |
Weighted Average Grant Date Fair Value per Share, Ending balance | $ 10.95 | $ 11.11 |
Weighted Average Remaining Contractual Term (years), Ending balance | 1 year 6 months 18 days | 1 year 8 months 23 days |
Aggregate Intrinsic Value, Ending balance | $ 44,748 | $ 44,473 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 6,900 | $ 7,023 |
Total cost of revenue [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,328 | 1,723 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 2,025 | 2,180 |
Sales And Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 831 | 1,238 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,716 | $ 1,882 |
Stock-Based Compensation - Unre
Stock-Based Compensation - Unrecognized Compensation Cost, Recognized over a Weighted Average Period (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 6,094 |
Weighted Average Period | 2 years 4 months 24 days |
ESPP, RSUs, and PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 22,116 |
Weighted Average Period | 2 years 3 months 18 days |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Line Items] | ||
Effective tax rate | (0.20%) | (1.40%) |
Detectent Inc. [Member] | ||
Income Taxes [Line Items] | ||
Deferred income tax benefits | $ 0.9 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Total revenue, net | $ 48,620 | $ 143,640 |
United States [Member] | ||
Revenue: | ||
Total revenue, net | 45,222 | 122,582 |
Australia [Member] | ||
Revenue: | ||
Total revenue, net | 2,136 | 19,176 |
All Other [Member] | ||
Revenue: | ||
Total revenue, net | $ 1,262 | $ 1,882 |
Balance Sheet Details (Schedule
Balance Sheet Details (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Component parts | $ 1,302 | $ 1,201 |
Finished goods | 2,772 | 3,344 |
Inventory | $ 4,074 | $ 4,545 |
Balance Sheet Details (Schedu51
Balance Sheet Details (Schedule of Accrued and Other Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related expenses | $ 17,443 | $ 14,249 |
Accrued operating expenses | 2,924 | 5,937 |
Warranty obligations, current | 7,597 | 8,601 |
Sales, property and income taxes | 1,057 | 4,850 |
Current portion of capital lease obligation | 285 | |
Other deferred revenue | 10,023 | 8,326 |
Other | 559 | 503 |
Accrued and other liabilities | $ 39,603 | $ 42,751 |
Balance Sheet Details (Schedu52
Balance Sheet Details (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Warranty obligations, non-current | $ 2,419 | $ 2,898 |
Other deferred revenue | 11,130 | 11,099 |
Deferred rent, non-current | 4,171 | 944 |
Other | 550 | 1,462 |
Other liabilities | $ 18,270 | $ 16,403 |
Balance Sheet Details (Schedu53
Balance Sheet Details (Schedule of Product Warranty Activity) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Product Warranties Disclosures [Abstract] | |
Warranty obligation—beginning of period | $ 11,499 |
Warranty expense for new warranties issued | 79 |
Utilization of warranty obligation | (990) |
Changes in estimates for pre-existing warranties | (572) |
Warranty obligation—end of period | $ 10,016 |
Balance Sheet Details (Accumula
Balance Sheet Details (Accumulated Other Comprehensive (Loss) Income) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning balance | $ (1,772) |
Other comprehensive (loss) income before reclassification | 143 |
Amounts reclassified from AOCI | (2) |
Other comprehensive (loss) income | 141 |
Ending balance | (1,631) |
Foreign Currency Adjustment [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning balance | (1,561) |
Other comprehensive (loss) income before reclassification | (85) |
Other comprehensive (loss) income | (85) |
Ending balance | (1,646) |
Unrealized Gains (Losses) On Available For Sale Securities [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning balance | (211) |
Other comprehensive (loss) income before reclassification | 228 |
Amounts reclassified from AOCI | (2) |
Other comprehensive (loss) income | 226 |
Ending balance | $ 15 |
Commitments and Contingencies55
Commitments and Contingencies (Narrative) (Details) AUD in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016AUD | Dec. 31, 2015USD ($) | Dec. 31, 2015AUD | |
Commitments And Contingencies [Line Items] | |||||||
Rent expense facility leases | $ 2.3 | $ 1.2 | |||||
Standby letters of credit | 23 | $ 22.7 | |||||
Surety Bond [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Financial guarantee | 20.3 | ||||||
Australian Dollars [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Standby letters of credit | 4.7 | AUD 6.1 | $ 4.4 | AUD 6.2 | |||
EON Patent Litigation [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Litigation settlement amount | $ 13 | $ 18.8 | |||||
Pre-judgment interest | 1.5 | ||||||
Additional costs | 0.2 | ||||||
Surety bond | $ 17.6 | ||||||
Surety bond percent of final judgment | 20.00% | ||||||
Standby letters of credit | $ 13 | ||||||
EON Patent Litigation [Member] | Standby Letter of Credit [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Standby letters of credit | $ 13 |
Commitments and Contingencies56
Commitments and Contingencies (Future Minimum Commitments Under Operating Leases) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating Leases, 2016 (remaining nine months) | $ 2,523 |
Operating Leases, 2017 | 4,695 |
Operating Leases, 2018 | 5,755 |
Operating Leases, 2019 | 6,354 |
Operating Leases, 2020 | 6,367 |
Operating Leases, 2021 and thereafter | 40,006 |
Net minimum operating lease payments | $ 65,700 |