Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 |
Document Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'REALPAGE INC | ' | ' |
Entity Central Index Key | '0001286225 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RP | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 78,124,539 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $909,738 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $34,502 | $33,804 |
Restricted cash | 71,941 | 35,202 |
Accounts receivable, less allowance for doubtful accounts of $914 and $1,087 at December 31, 2013 and 2012, respectively | 66,635 | 51,937 |
Deferred tax asset | 3,284 | 0 |
Other current assets | 7,453 | 6,541 |
Total current assets | 183,815 | 127,484 |
Property, equipment and software, net | 54,775 | 32,487 |
Goodwill | 152,422 | 134,025 |
Identified intangible assets, net | 108,815 | 104,640 |
Other assets | 3,386 | 3,561 |
Total assets | 503,213 | 402,197 |
Current liabilities: | ' | ' |
Accounts payable | 11,978 | 9,805 |
Accrued expenses and other current liabilities | 23,122 | 19,246 |
Current portion of deferred revenue | 66,085 | 60,633 |
Deferred tax liability | 0 | 2 |
Customer deposits held in restricted accounts | 71,910 | 35,171 |
Total current liabilities | 173,095 | 124,857 |
Deferred revenue | 5,671 | 9,446 |
Deferred tax liability | 1,379 | 10 |
Revolving credit facility | 0 | 10,000 |
Other long-term liabilities | 8,564 | 2,813 |
Total liabilities | 188,709 | 147,126 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.001 par value: 10,000,000 shares authorized and zero shares issued and outstanding at December 31, 2013 and 2012, respectively | 0 | 0 |
Common stock, $0.001 par value: 125,000,000 shares authorized, 80,511,791 and 77,012,925 shares issued and 78,433,626 and 75,826,615 shares outstanding at December 31, 2013 and 2012, respectively | 81 | 77 |
Additional paid-in capital | 390,854 | 347,203 |
Treasury stock, at cost: 2,078,165 and 1,186,310 shares at December 31, 2013 and 2012, respectively | -11,183 | -6,323 |
Accumulated deficit | -65,086 | -85,778 |
Accumulated other comprehensive loss | -162 | -108 |
Total stockholders’ equity | 314,504 | 255,071 |
Total liabilities and stockholders’ equity | $503,213 | $402,197 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $914 | $1,087 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 80,511,791 | 77,012,925 |
Common stock, shares outstanding | 78,433,626 | 75,826,615 |
Treasury stock, shares | 2,078,165 | 1,186,310 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue: | ' | ' | ' | |||
On demand | $362,312 | $306,400 | $239,436 | |||
On premise | 3,691 | 5,216 | 6,581 | |||
Professional and other | 11,019 | 10,556 | 11,962 | |||
Total revenue | 377,022 | 322,172 | 257,979 | |||
Cost of revenue | 148,321 | [1] | 128,562 | [1] | 108,155 | [1] |
Gross profit | 228,701 | 193,610 | 149,824 | |||
Operating expense: | ' | ' | ' | |||
Product development | 50,638 | [1] | 48,177 | [1] | 43,441 | [1] |
Sales and marketing | 95,894 | [1] | 76,992 | [1] | 63,775 | [1] |
General and administrative | 60,610 | [1] | 56,993 | [1] | 40,798 | [1] |
Total operating expense | 207,142 | 182,162 | 148,014 | |||
Operating income | 21,559 | 11,448 | 1,810 | |||
Interest expense and other, net | -1,077 | -2,046 | -3,251 | |||
Income (loss) before income taxes | 20,482 | 9,402 | -1,441 | |||
Income tax expense (benefit) | -210 | 4,219 | -210 | |||
Net income (loss) | 20,692 | 5,183 | -1,231 | |||
Net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Basic (in dollars per share) | $0.28 | $0.07 | ($0.02) | |||
Diluted (in dollars per share) | $0.27 | $0.07 | ($0.02) | |||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Basic (in shares) | 74,962 | 71,838 | 68,480 | |||
Diluted (in shares) | 76,187 | 74,002 | 68,480 | |||
Cost of revenue | ' | ' | ' | |||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Stock-based compensation expense | 3,111 | 2,806 | 1,655 | |||
Product development | ' | ' | ' | |||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Stock-based compensation expense | 4,788 | 4,391 | 4,594 | |||
Sales and marketing | ' | ' | ' | |||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Stock-based compensation expense | 10,993 | 4,790 | 12,017 | |||
General and administrative | ' | ' | ' | |||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders | ' | ' | ' | |||
Stock-based compensation expense | $10,805 | $6,191 | $4,352 | |||
[1] | Includes stock-based compensation expense as follows: Year Ended December 31, 2013 2012 2011Cost of revenue $3,111$2,806$1,655Product development 4,7884,3914,594Sales and marketing 10,9934,79012,017General and administrative 10,8056,1914,352 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $20,692 | $5,183 | ($1,231) |
Other comprehensive loss – foreign currency translation adjustment | -54 | -51 | -41 |
Comprehensive income (loss) | $20,638 | $5,132 | ($1,272) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Treasury Shares |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $172,584 | $69 | $263,219 | ($16) | ($89,730) | ($958) |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | -68,703,000 | ' | ' | ' | -213,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 3,117,058 | 3,118,000 | ' | ' | ' | ' |
Exercise of stock options | 12,727 | 3 | 12,724 | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 1,295,000 | ' | ' | ' | ' |
Issuance of restricted stock | 18,514 | 1 | 18,513 | ' | ' | ' |
Treasury stock purchased, at cost (in shares) | ' | ' | ' | ' | ' | -201,000 |
Treasury stock purchased, at cost | -2,180 | ' | ' | ' | ' | -2,180 |
Excess tax benefit from stock options | -110 | ' | -110 | ' | ' | ' |
Stock-based compensation | 22,618 | ' | 22,618 | ' | ' | ' |
Foreign currency translation | -41 | ' | ' | -41 | ' | ' |
Net (income) loss | -1,231 | ' | ' | ' | -1,231 | ' |
Ending Balance at Dec. 31, 2011 | 222,881 | 73 | 316,964 | -57 | -90,961 | -3,138 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | -73,116,000 | ' | ' | ' | -414,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 2,389,704 | 2,389,000 | ' | ' | ' | ' |
Exercise of stock options | 12,065 | 4 | 12,061 | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 1,508,000 | ' | ' | ' | ' |
Issuance of restricted stock | 0 | ' | 0 | ' | ' | ' |
Treasury stock purchased, at cost (in shares) | ' | ' | ' | ' | ' | -772,000 |
Treasury stock purchased, at cost | -3,185 | ' | ' | ' | ' | -3,185 |
Stock-based compensation | 18,178 | ' | 18,178 | ' | ' | ' |
Foreign currency translation | -51 | ' | ' | -51 | ' | ' |
Net (income) loss | 5,183 | ' | ' | ' | 5,183 | ' |
Ending Balance at Dec. 31, 2012 | 255,071 | 77 | 347,203 | -108 | -85,778 | -6,323 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | -77,013,000 | ' | ' | ' | -1,186,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 1,556,865 | 1,557,000 | ' | ' | ' | ' |
Exercise of stock options | 10,604 | 0 | 10,604 | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 1,847,000 | ' | ' | ' | ' |
Issuance of restricted stock | 4 | 4 | ' | ' | ' | ' |
Treasury stock purchased, at cost (in shares) | ' | ' | ' | ' | ' | -892,000 |
Treasury stock purchased, at cost | -4,860 | ' | ' | ' | ' | -4,860 |
Issuance of common stock (in shares) | ' | 95,000 | ' | ' | ' | ' |
Issuance of common stock | 3,350 | ' | 3,350 | ' | ' | ' |
Stock-based compensation | 29,697 | ' | 29,697 | ' | ' | ' |
Foreign currency translation | -54 | ' | ' | -54 | ' | ' |
Net (income) loss | 20,692 | ' | ' | ' | 20,692 | ' |
Ending Balance at Dec. 31, 2013 | $314,504 | $81 | $390,854 | ($162) | ($65,086) | ($11,183) |
Ending Balance (in shares) at Dec. 31, 2013 | ' | -80,512,000 | ' | ' | ' | -2,078,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $20,692 | $5,183 | ($1,231) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 31,745 | 32,469 | 29,147 |
Deferred tax expense (benefit) | -2,503 | 2,624 | 524 |
Stock-based compensation | 29,697 | 18,178 | 22,618 |
Excess tax benefit from stock options | 0 | 0 | 161 |
Loss on disposal of assets | 72 | 390 | 398 |
Impairment of assets | 242 | 178 | 0 |
Acquisition-related contingent consideration | 1,284 | -722 | -410 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ' | ' | ' |
Accounts receivable | -13,669 | -7,681 | -11,101 |
Customer deposits | 0 | 50 | 12 |
Other current assets | -341 | 3,775 | 342 |
Other assets | -330 | -359 | -930 |
Accounts payable | 1,765 | -2,763 | 4,224 |
Accrued compensation, taxes and benefits | -1,259 | 2,505 | -1,186 |
Deferred revenue | 969 | 3,977 | 7,810 |
Other current and long-term liabilities | 845 | 608 | -1,152 |
Net cash provided by operating activities | 69,209 | 58,412 | 49,226 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, equipment and software | -32,952 | -18,774 | -16,147 |
Acquisition of businesses, net of cash acquired | -28,229 | -10,627 | -89,749 |
Intangible asset additions | -927 | -3,375 | -1,850 |
Net cash used by investing activities | -62,108 | -32,776 | -107,746 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from public offerings, net of underwriting discount and offering costs | 0 | 0 | -775 |
Payments on notes payable | 0 | 0 | -58,086 |
Proceeds from revolving credit facility | 0 | 0 | 50,312 |
Payments on revolving credit facility | -10,000 | -40,312 | -7,953 |
Payments on capital lease obligations | -548 | -65 | -525 |
Payments of deferred acquisition-related consideration | -1,549 | -11,557 | -1,482 |
Issuance of common stock | 10,608 | 12,065 | 12,674 |
Excess tax benefit from stock options | 0 | 0 | -161 |
Purchase of treasury stock | -4,860 | -3,185 | -2,180 |
Net cash used by financing activities | -6,349 | -43,054 | -8,176 |
Net increase (decrease) in cash and cash equivalents | 752 | -17,418 | -66,696 |
Effect of exchange rate on cash | -54 | -51 | -41 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of period | 33,804 | 51,273 | 118,010 |
End of period | 34,502 | 33,804 | 51,273 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid for interest | 974 | 1,584 | 2,498 |
Cash paid for income taxes, net of refunds | $525 | $510 | $1,024 |
The_Company
The Company | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company | ' |
The Company | |
RealPage, Inc., a Delaware corporation, and its subsidiaries, (the “Company” or “we” or “us”) is a provider of property management solutions that enable owners and managers of single-family and a wide variety of multi-family rental property types to manage their marketing, pricing, screening, leasing, accounting, purchasing and other property operations. Our on demand software solutions are delivered through an integrated software platform that provides a single point of access and a shared repository of prospect, resident and property data. By integrating and streamlining a wide range of complex processes and interactions among the rental housing ecosystem of owners, managers, prospects, residents and service providers, our platform optimizes the property management process and improves the experience for all of these constituents. Our solutions enable property owners and managers to optimize revenues and reduce operating costs through higher occupancy, improved pricing methodologies, new sources of revenue from ancillary services, improved collections and more integrated and centralized processes. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Summary of Significant Accounting Policies | |||||||||
Basis of Presentation | |||||||||
The accompanying consolidated balance sheets as of December 31, 2013 and 2012 and the accompanying consolidated statements of operations and cash flows for each of the three years ended December 31, 2013, 2012, and 2011 represent our financial position, results of operations and cash flows as of and for the periods then ended. The consolidated financial statements include the accounts of RealPage, Inc. and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Segment and Geographic Information | |||||||||
Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a company-wide basis. As a result, we determined that the Company has a single reporting segment and operating unit structure. | |||||||||
Principally, all of our revenue for the years ended December 31, 2013, 2012, and 2011 was earned in North America. | |||||||||
Net long-lived assets held were $51.5 million and $29.9 million in North America, and $3.3 million and $2.6 million in our international subsidiaries at December 31, 2013 and 2012, respectively. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires our management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allowance for doubtful accounts; the useful lives of intangible assets and the recoverability or impairment of tangible and intangible asset values; fair value measurements; purchase accounting allocations and contingent consideration; revenue and deferred revenue and related reserves; stock-based compensation; and our effective income tax rate and the recoverability of deferred tax assets, which are based upon our expectations of future taxable income and allowable deductions. Actual results could differ from these estimates. | |||||||||
In the second quarter of 2013, we revised our estimated useful lives of our data processing equipment and internally developed software to more accurately reflect our use of these assets. The result of the change for the year ended December 31, 2013 was a $3.5 million increase in operating income, a $1.9 million increase in net income and an increase in basic and diluted earnings per share of $0.03. During the third quarter of 2013, we revised the length of our expected customer benefit of our license fees billed at the initial order date. The result of the change for the year ended December 31, 2013 was a $2.8 million increase in operating income, a $1.5 million increase in net income and an increase in basic and diluted earnings per share of $0.02. | |||||||||
Cash Equivalents | |||||||||
We consider all highly liquid investments with a maturity date, when purchased, of three months or less to be cash equivalents. | |||||||||
Concentrations of Credit Risk | |||||||||
Our cash accounts are maintained at various financial institutions and may, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||||||||
Concentrations of credit risk with respect to accounts receivable result from substantially all of our customers being in the multi-family rental housing market. Our customers, however, are dispersed across different geographic areas. We do not require collateral from customers. We maintain an allowance for losses based upon the expected collectability of accounts receivable. Accounts receivable are written off upon determination of non-collectability following established Company policies based on the aging from the accounts receivable invoice date. | |||||||||
No single customer accounted for 4% or more of our revenue or accounts receivable for the years ended December 31, 2013, 2012 or 2011. | |||||||||
Fair Value of Financial Instruments | |||||||||
Financial assets and liabilities with carrying amounts approximating fair value include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. The carrying amount of our other long-term liabilities approximates their fair value. | |||||||||
Fair Value Measurements | |||||||||
We measure certain financial assets and liabilities at fair value pursuant to a fair value hierarchy based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: | |||||||||
Level 1 | — | Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||
Level 2 | — | Inputs are 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, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | |||||||
Level 3 | — | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | |||||||
As discussed in Footnote 3, we record the fair value of certain contingent consideration arrangements on a quarterly basis based on Level 3 inputs. | |||||||||
Accounts Receivable | |||||||||
For several of our solutions, we invoice customers prior to the period in which service is provided. Accounts receivable represent trade receivables from customers when we have invoiced for software solutions and/or services and we have not yet received payment. We present accounts receivable net of an allowance for doubtful accounts. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments, or the customer cancelling prior to the service being rendered. In doing so, we consider the current financial condition of the customer, the specific details of the customer account, the age of the outstanding balance, the current economic environment and historical credit trends. As a result, a portion of our allowance is for services not yet rendered and, therefore, is classified as an offset to deferred revenue, which does not have an effect on the statement of operations. Any change in the assumptions used in analyzing a specific account receivable might result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. For certain transactions, we have met the requirements to recognize income in advance of physically invoicing the customer. In these instances, we record unbilled receivables for the amount that will be due from the customer upon invoicing. | |||||||||
Property, Equipment and Software | |||||||||
Property, equipment and software are recorded at cost less accumulated depreciation and amortization, which are computed using the straight-line method over the following estimated useful lives: | |||||||||
Leasehold improvements | 1-10 years | ||||||||
Data processing and communications equipment | 1-10 years | ||||||||
Furniture, fixtures and other equipment | 1- 5 years | ||||||||
Software | 1- 5 years | ||||||||
Software includes purchased software and internally developed software. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful lives of the assets. Gains and losses from asset disposals are classified as general and administrative expenses in our statement of operations. | |||||||||
Business Combinations | |||||||||
When we acquire businesses, we allocate the total consideration paid to the fair value of the tangible assets, liabilities, and identifiable intangible assets acquired. Any residual purchase consideration is recorded as goodwill. The allocation of the purchase price requires our management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, in particular with respect to identified intangible assets. These estimates are based on the application of valuation models using historical experience and information obtained from the management of the acquired companies. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. In addition, unanticipated events and circumstances may occur which may affect the accuracy or validity of these estimates. We include the fair value of contingent consideration to be paid within the total consideration allocated to the fair value of the assets acquired and liabilities assumed. This requires us to make estimates regarding the fair value of the amounts to be paid. Additionally, we, at times, provide for the payment of additional cash consideration to the extent certain targets are achieved in the future. The fair value of this contingent consideration is based on significant estimates and is initially recorded as purchase price. The the extent the fair value changes prior to distribution, these changes are reflected in the Statement of Operations. We expense acquisition-related costs as incurred rather than including as a component of purchase price. | |||||||||
Impairment of Long-Lived Assets | |||||||||
We perform an impairment review of long-lived assets held and used whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors we consider important that could trigger an impairment review include, but are not limited to, significant under-performance relative to projected future operating results, significant changes in the manner of our use of the acquired assets or our overall business and/or product strategies. When we determine that the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of these indicators, we determine the recoverability by comparing the carrying amount of the asset or asset group to net future undiscounted cash flows that the asset or assets are expected to generate. We would then recognize an impairment charge equal to the amount by which the carrying amount exceeds the fair market value of the asset or assets. | |||||||||
Goodwill and Other Intangible Assets with Indefinite Lives | |||||||||
We test goodwill and other intangible assets with indefinite lives for impairment separately on an annual basis in the fourth quarter of each year. Additionally, we will test goodwill and other intangible assets with indefinite lives in the interim if events and circumstances indicate that goodwill and other intangible assets with indefinite lives may be impaired. The events and circumstances that we consider include significant under-performance relative to projected future operating results and significant changes in our overall business and/or product strategies. We evaluate impairment of goodwill by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the two-step goodwill impairment test. The first step involves a comparison of the fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, the second step involves a comparison of the implied fair value and carrying amount of the goodwill of that reporting unit to determine the impairment charge, if any. We quantitatively evaluate other intangible assets with indefinite lives by estimating the fair value of those assets based on estimated future earnings derived from the assets using the income approach model. For those intangible assets with indefinite lives that have been determined to be inseparable due to their interchangeable use, we have grouped these assets into single units of accounting for purposes of testing for impairment. If the carrying amount of the other intangible assets with indefinite lives exceeds the fair value, we would recognize an impairment loss equal to the excess of carrying value over fair value. If an event or circumstance occurs that would cause us to revise our estimates and assumptions used in analyzing the value of our goodwill and other intangible assets with indefinite lives, the revision could result in a non-cash impairment charge that could have a material impact on our financial results. There was no impairment of goodwill or intangible assets with indefinite lives in 2013, 2012 or 2011. | |||||||||
Intangible Assets | |||||||||
Intangible assets consist of acquired developed product technologies, acquired customer relationships, vendor relationships, non-competition agreements and tradenames. We record intangible assets at fair value and amortize those with finite lives over the shorter of the contractual life or the estimated useful life. We estimate the useful lives of acquired developed product technologies and customer relationships based on factors that include the planned use of each developed product technology and the expected pattern of future cash flows to be derived from each developed product technology and existing customer relationships. We include amortization of acquired developed product technologies in cost of revenue, amortization of acquired customer relationships in sales and marketing expenses and amortization of vendor relationships and non-competition agreements in general and administrative expenses in our consolidated statements of operations. | |||||||||
Income Taxes | |||||||||
Income taxes are provided based on the liability method, which results in income tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on current and accumulated deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. | |||||||||
We may recognize a tax benefit from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. There are no identified tax benefits that were considered uncertain positions at December 31, 2013 and 2012. | |||||||||
We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. We evaluate the need for, and the adequacy of, valuation allowances based on the expected realization of our deferred tax assets. The factors used to assess the likelihood of realization include historical earnings, our latest forecast of taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. | |||||||||
Revenue Recognition | |||||||||
We derive our revenue from three primary sources: our on demand software solutions; our on premise software solutions; and professional and other services. We commence revenue recognition when all of the following conditions are met: | |||||||||
• | there is persuasive evidence of an arrangement; | ||||||||
• | the solution and/or service has been provided to the customer; | ||||||||
• | the collection of the fees is probable; and | ||||||||
• | the amount of fees to be paid by the customer is fixed or determinable. | ||||||||
If the fees are not fixed or determinable, we recognize revenues when these criteria are met, which could be as payments become due from customers, or when amounts owed are collected. Accordingly, this may materially affect the timing of our revenue recognition and results of operations. | |||||||||
For multi-element arrangements that include multiple software solutions and/or services, we allocate arrangement consideration to all deliverables that have stand-alone value based on their relative selling prices. In such circumstances, we utilize the following hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: | |||||||||
• | Vendor specific objective evidence (VSOE), if available. The price at which we sell the element in a separate stand-alone transaction; | ||||||||
• | Third-party evidence of selling price (TPE), if VSOE of selling price is not available. Evidence from us or other companies of the value of a largely interchangeable element in a transaction; and | ||||||||
• | Estimated selling price (ESP), if neither VSOE nor TPE of selling price is available. Our best estimate of the stand-alone selling price of an element in a transaction. | ||||||||
Our process for determining ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors primarily considered in developing ESP include prices charged by us for similar offerings when sold separately, pricing policies and approvals from standard pricing and other business objectives. | |||||||||
From time to time, we sell on demand software solutions with professional services. In such cases, as each element has stand alone value, we allocate arrangement consideration based on our ESP of the on demand software solution and VSOE of the selling price of the professional services. | |||||||||
Taxes collected from customers and remitted to governmental authorities are presented on a net basis. | |||||||||
On Demand Revenue | |||||||||
Our on demand revenue consists of license and subscription fees, transaction fees related to certain of our software-enabled value-added services and commissions derived from us selling certain risk mitigation services. | |||||||||
License and subscription fees are comprised of a charge billed at the initial order date and monthly or annual subscription fees for accessing our on demand software solutions. The license fee billed at the initial order date is recognized as revenue on a straight-line basis over the longer of the contractual term or the period in which the customer is expected to benefit, which we consider to be three years. Recognition starts once the product has been activated. Revenue from monthly and annual subscription fees is recognized on a straight-line basis over the access period. | |||||||||
We recognize revenue from transaction fees derived from certain of our software-enabled value-added services as the related services are performed. | |||||||||
As part of our risk mitigation services to the rental housing industry, we act as an insurance agent and derive commission revenue from the sale of insurance products to individuals. The commissions are based upon a percentage of the premium that the insurance company charges to the policyholder and are subject to forfeiture in instances where a policyholder cancels prior to the end of the policy. If the policy is cancelled, our commissions are forfeited as a percent of the unearned premium. As a result, we recognize the commissions related to these services ratably over the policy term as the associated premiums are earned. Our contract with our underwriting partner provides for contingent commissions to be paid to us in accordance with the agreement. This agreement provides for a calculation that considers, on the policies sold by us, earned premiums less i) earned agent commissions; ii) a percent of premium retained by our underwriting partner; iii) incurred losses; and iv) profit retained by our underwriting partner during the time period. Our estimate of contingent commission revenue considers historical loss experience on the policies sold by us. | |||||||||
On Premise Revenue | |||||||||
Revenue from our on premise software solutions is comprised of an annual term license, which includes maintenance and support. Customers can renew their annual term license for additional one-year terms at renewal price levels. We recognize the annual term license on a straight-line basis over the contract term. | |||||||||
In addition, we have arrangements that include perpetual licenses with maintenance and other services to be provided over a fixed term. We allocate and defer revenue equivalent to the VSOE of fair value for the undelivered elements and recognize the difference between the total arrangement fee and the amount deferred for the undelivered elements as revenue. We have determined that we do not have VSOE of fair value for our customer support and professional services in these specific arrangements. As a result, the elements within our multiple-element sales agreements do not qualify for treatment as separate units of accounting. Accordingly, we account for fees received under multiple-element arrangements with customer support or other professional services as a single unit of accounting and recognize the entire arrangement ratably over the longer of the customer support period or the period during which professional services are rendered. | |||||||||
Professional and Other Revenue | |||||||||
Professional & other revenue is recognized as the services are rendered for time and material contracts. Training revenues are recognized after the services are performed. | |||||||||
Deferred Revenue | |||||||||
Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from our subscription service described above and is recognized as the revenue recognition criteria are met. For several of our solutions, we invoice our customers in annual, monthly or quarterly installments in advance of the commencement of the service period. Accordingly, the deferred revenue balance does not represent the total contract value of annual subscription agreements. | |||||||||
Cost of Revenue | |||||||||
Cost of revenue consists primarily of salaries and related personnel expenses of our operations and support personnel, including training and implementation services, expenses related to the operation of our data center, fees paid to third-party providers, allocations of facilities overhead costs and depreciation, amortization of acquired technologies and amortization of capitalized software. | |||||||||
Customer Acquisition Costs | |||||||||
The costs of obtaining new customers are expensed as incurred. | |||||||||
Share-Based Compensation | |||||||||
We record stock-based compensation expense for options granted to employees based on the estimated fair value for the awards, using the Black-Scholes option pricing model on the date of grant. We recognize expense over the requisite service period, which is generally the vesting period, on a straight-line basis. | |||||||||
At each stock option grant date, we utilize peer group data to calculate our expected volatility. Expected volatility is based on historical volatility rates of publicly traded peers combined with our historical volatility rates. Expected life is computed using the mid-point between the vesting period and contractual life of the options granted. The risk-free rate is based on the treasury yield rate with a maturity corresponding to the expected option life assumed at the grant date. Forfeiture rates are estimated using historical and expected future trends. | |||||||||
Changes to the underlying assumptions may have a significant impact on the underlying value of the stock options, which could have a material impact on our consolidated financial statements. | |||||||||
We have granted stock options at exercise prices believed to be equal to the fair market value of our common stock, as of the grant date. | |||||||||
The fair value of our time-based restricted stock awards is based on the closing price on the date of grant. We recognize expense over the requisite service period, which is generally the vesting period, on a straight-line basis. For our performance-based restricted stock awards, we recognize compensation expense over the requisite service period when it becomes probable the performance condition will be achieved. | |||||||||
Capitalized Product Development Costs | |||||||||
We capitalize specific product development costs, including costs to develop software products or the software components of our solutions to be marketed to external users, as well as software programs to be used solely to meet our internal needs. The costs incurred in the preliminary stages of development related to research, project planning, training, maintenance and general and administrative activities, and overhead costs are expensed as incurred. The costs of relatively minor upgrades and enhancements to the software are also expensed as incurred. Once an application has reached the development stage, internal and external costs incurred in the performance of application development stage activities, including costs of materials, services and payroll and payroll-related costs for employees, are capitalized, if direct and incremental, until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. We also capitalize costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized costs are recorded as part of property and equipment. Internal use software is amortized on a straight-line basis over its estimated useful life, generally three to five years. We capitalized $7.6 million and $3.4 million of product development costs during the years ended December 31, 2013 and 2012, respectively, and recognized amortization expense of $1.0 million, $1.2 million and $1.8 million during the years ended December 31, 2013, 2012 and 2011, respectively, included as a component of cost of revenue. Unamortized product development cost was $12.6 million and $5.9 million at December 31, 2013 and 2012, respectively. Our management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. There were no impairments to internal use software during the years ended December 31, 2013, 2012 or 2011. | |||||||||
Advertising Expenses | |||||||||
Advertising costs are expensed as incurred and totaled $11.4 million, $10.2 million and $8.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accrued compensation, payroll taxes and benefits | $ | 8,145 | $ | 9,101 | |||||
Capital leases | 562 | — | |||||||
Current portion of liabilities related to acquisitions | 4,216 | 2,056 | |||||||
Other current liabilities | 10,199 | 8,089 | |||||||
Total accrued expenses and other current liabilities | $ | 23,122 | $ | 19,246 | |||||
Other Long-Term Liabilities | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Capital leases | $ | 866 | $ | — | |||||
Long-term liabilities related to acquisitions, less current portion | 3,736 | 786 | |||||||
Other long-term liabilities | 3,962 | 2,027 | |||||||
Total other long-term liabilities | $ | 8,564 | $ | 2,813 | |||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Acquisitions | ' | ||||||||||||||||||||
Acquisitions | |||||||||||||||||||||
2013 Acquisitions | |||||||||||||||||||||
In February 2013, we acquired certain assets of Seniors for Living, Inc. (“SFL”). SFL is a leading performance-based marketing company that provides senior housing communities and home care companies with industry-leading referral and marketing services to help them achieve their occupancy goals. We have integrated SFL with our existing senior living software solutions. We acquired SFL for a preliminary purchase price of $2.7 million, which consisted of a cash payment of $2.3 million and additional cash payments of $0.2 million each due 6 months and 12 months after the acquisition date. The first cash payment of $0.2 million was paid in October 2013. This acquisition was financed from proceeds from cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of five years which will be amortized proportionately to the expected discounted cash flows derived from the asset. Direct acquisition costs were less than $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. | |||||||||||||||||||||
In March 2013, we acquired certain assets from Yield Technologies, Inc., including RentSentinel and RentSocial (together, “RentSentinel”). The RentSentinel software-as-a-service platform is a fully featured apartment marketing management solution for the multi-family industry. RentSocial is an apartment search service that simplifies and incorporates the social marketing platform into the process of finding an apartment. We have integrated RentSentinel with our existing LeaseStar product family. We acquired RentSentinel for a preliminary purchase price of $10.5 million, which consisted of a cash payment of $7.6 million, an issuance of 72,500 shares of our common stock and two traunches of 36,250 shares of our common stock which are issuable 12 months and 24 months after the acquisition date, respectively. This acquisition was financed from proceeds from cash flows from operations and our common stock. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of nine years which will be amortized proportionately to the expected discounted cash flows derived from the asset. Direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. | |||||||||||||||||||||
In October 2013, we acquired substantially all of the operating assets of Windsor Compliance Services, Inc. (“Windsor Compliance”) for a preliminary purchase price of $2.7 million, which included a cash payment of $1.3 million at closing and additional cash payments of $1.0 million and $0.5 million due 12 months and 24 months after the acquisition date, respectively, which are contingent on Windsor Compliance providing services to a specified number of units on or before those dates. The initial fair value of the cash payments was $1.3 million. The fair value was based on management’s estimate of the fair value of the cash payment using a probability weighted discount model on the achievement of the servicing targets discussed above. Windsor Compliance is a firm specializing in compliance with tax credits and regulations for the affordable housing industry. We plan to integrate Windsor Compliance with our other affordable HUD products. This acquisition was financed from cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. Direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. | |||||||||||||||||||||
In October 2013, we acquired all of the issued and outstanding capital stock of MyBuilding Inc. ("MyBuilding") for a preliminary purchase price of $6.9 million, consisting of a cash payment of $4.5 million at closing, a deferred cash payment of up to $1.5 million payable over two years after the acquisition date and additional cash payments totaling up to $1.1 million if certain revenue targets are met for the years ended December 31, 2014 and December 31, 2015. The initial fair value of the deferred cash payment and the contingent cash payments was $1.4 million and $0.3 million, respectively. The fair value was based on management’s estimate of the fair value of the cash payment using a probability weighted discount model on the achievement of certain revenue targets. MyBuilding provides software-as-a-service solutions that facilitate the creation of online communities that connect residents to multifamily property managers, local vendors, and other residents. We plan to integrate MyBuilding with our existing LeaseStar software solutions. This acquisition was financed from cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. The trade name acquired has an indefinite useful life as we do not plan to cease using the trade names in the marketplace. Direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. | |||||||||||||||||||||
In October 2013, we acquired all of the membership interests of Active Building, LLC ("Active Building") for a preliminary purchase price of $14.4 million, consisting of a cash payment of $11.3 million at closing, a deferred cash payment of up to $2.0 million payable over three years after the acquisition date, and additional cash payments totaling up to $6.5 million if certain revenue targets are met for the years ended December 31, 2014 and December 31, 2015. The initial fair value of the deferred cash payment and the contingent cash payments was $1.7 million and $1.3 million, respectively. The fair value was based on management’s estimate of the fair value of the cash payment using a probability weighted discount model on the achievement of certain revenue targets. Active Building provides software-as-a-service solutions that facilitate the creation of online communities that connect residents to multifamily property managers, local vendors, and other residents. We plan to integrate Active Building with our existing LeaseStar software solutions. This acquisition was financed from cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. The trade name acquired has an indefinite useful life as we do not plan to cease using the trade names in the marketplace. Direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. | |||||||||||||||||||||
We preliminarily allocated the purchase price for SFL, RentSentinel, Windsor Compliance, MyBuilding and Active Building as follows: | |||||||||||||||||||||
SFL | RentSentinel | Windsor Compliance | MyBuilding | Active Building | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 1,406 | $ | 4,238 | $ | — | $ | 1,450 | $ | 3,850 | |||||||||||
Customer relationships | 161 | 2,390 | 1,230 | 1,000 | 2,650 | ||||||||||||||||
Tradenames | — | — | — | 328 | 597 | ||||||||||||||||
Goodwill | 1,035 | 3,633 | 1,302 | 5,043 | 7,198 | ||||||||||||||||
Deferred revenue | — | (304 | ) | (107 | ) | (258 | ) | — | |||||||||||||
Net deferred taxes | — | 226 | — | (813 | ) | — | |||||||||||||||
Net other assets | 88 | 313 | 226 | 111 | 76 | ||||||||||||||||
Total purchase price, net of cash acquired | $ | 2,690 | $ | 10,496 | $ | 2,651 | $ | 6,861 | $ | 14,371 | |||||||||||
2012 Acquisitions | |||||||||||||||||||||
In January 2012, we acquired substantially all of the operating assets of Vigilan, Incorporated (“Vigilan”). A provider of assisted living software-as-a-service solutions, Vigilan products allow assisted living communities to monitor and schedule detailed care, manage labor costs, provide accurate billing and maintain regulatory compliance through its comprehensive compliance module. This asset acquisition allowed us to integrate Vigilan with existing senior living software solutions to further expand the RealPage Senior Living product solutions. We acquired Vigilan for a purchase price of $5.0 million consisting of a cash payment of $4.0 million and two additional cash payments of up to $0.5 million each due 12 months and 24 months after the acquisition date. The $1.0 million withheld from the purchase consideration was subject to a downward adjustment if certain revenue targets were not met for the six months ended June 30, 2012. Revenue targets were met and the amount was not adjusted. As of December 31, 2013, the first installment of payments has been made. This acquisition was financed from proceeds from cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. All direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. | |||||||||||||||||||||
In July 2012, we acquired all of the issued and outstanding shares of Rent Mine Online, Inc. (“RMO”). The acquisition of RMO expanded our resident referral capabilities into the multifamily residential rental housing market. We acquired RMO for a purchase price consisting of a cash payment of $5.5 million at closing, a deferred cash payment of up to $3.5 million and a contingent deferred earn out payment of up to 300,000 shares of our common stock, payable based on the achievement of certain revenue targets on or before December 31, 2014. In addition, the purchase agreement included a conversion option on the contingent common shares, in which the seller can elect to receive, in lieu of common shares, an amount per share equal to the lesser of the average market price or an established threshold, up to one half of the common shares earned. The $3.5 million withheld from the purchase price is subject to a downward adjustment if certain revenue targets were not met as of March 31, 2013. The initial fair value for the future cash payment and the common shares and conversion option were $0.2 million and $0.3 million, respectively. These fair values were based on management’s estimate of the fair value of the cash, common shares and conversion option using a probability weighted discount model on the achievement of certain revenue targets. As of December 31, 2013, 22,000 shares have been issued and a payment of $0.7 million has been made. As of December 31, 2013, our remaining obligation was $0.7 million due in 2014. This acquisition was financed using cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions determined by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. Direct acquisition costs were $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangible assets are not deductible for tax purposes. As of December 31, 2013, we recognized a loss of $1.3 million due to changes in the estimated fair value of the cash acquisition-related contingent consideration. As of December 31, 2013, we recognized no income or expense and expense of $0.3 million due to changes in the common shares and the conversion option, respectively. | |||||||||||||||||||||
We allocated the purchase price for RMO and Vigilan as follows: | |||||||||||||||||||||
RMO | Vigilan | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 2,460 | $ | 1,430 | |||||||||||||||||
Customer relationships | 1,770 | 1,150 | |||||||||||||||||||
Goodwill | 3,439 | 2,454 | |||||||||||||||||||
Net deferred taxes | (1,502 | ) | — | ||||||||||||||||||
Net other assets | (410 | ) | (34 | ) | |||||||||||||||||
Total purchase price, net of cash acquired | $ | 5,757 | $ | 5,000 | |||||||||||||||||
2011 Acquisitions | |||||||||||||||||||||
In May 2011, we acquired substantially all of the assets of Compliance Depot, LLC (“Compliance Depot”) for approximately $22.5 million which included a cash payment of $19.2 million at closing and three deferred payments of $1.1 million each payable six, twelve and eighteen months after the acquisition date. As of December 31, 2013, all deferred amounts have been paid. The acquisition of Compliance Depot expands our ability to provide vendor risk management and compliance software solutions for the rental housing industry. This acquisition was financed from proceeds from our initial public offering and cash flows from operations. Acquired intangibles were recorded at fair value based on assumptions made by us. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of nine years which will be amortized proportionately to the expected discounted cash flows derived from the asset. The trade names acquired have an indefinite useful life as we do not plan to cease using the trade names in the marketplace. All direct acquisition costs were less than $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. | |||||||||||||||||||||
In July 2011, we acquired Senior-Living.com, Inc., operating under the name SeniorLiving.net (“SLN”), pursuant to an Agreement and Plan of Merger. The acquisition of SLN expands our lead generation capabilities into the senior living rental housing market. The purchase price consisted of a cash payment of $4.0 million at closing, additional cash payments of $0.5 million, half of which is due on each of the first and second anniversaries of the acquisition date, an estimated cash payment payable (acquisition-related contingent consideration) and up to 400,000 shares of our common stock, in each case payable based on the achievement of certain revenue targets as defined in the purchase agreement. As of December 31, 2013, 214,833 shares have been issued and both installments of cash payments have been made. This acquisition was financed from proceeds from cash flows from operations. At the acquisition date, we recorded a liability for the estimated fair value of the acquisition-related contingent consideration of $0.3 million. In addition, we recorded the fair value of the common shares of $8.4 million. These fair values were based on management’s estimate of the fair value of the cash and the restricted common shares using a probability weighted discounted cash flow model on the achievement of certain revenue targets. The cash payment has a maximum value of $0.5 million. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. The trade names acquired have an indefinite useful life as we do not plan to cease using the trade names in the marketplace. All direct acquisition costs were approximately $0.1 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. The liability established for the acquisition-related contingent consideration will continue to be re-evaluated and recorded at an estimated fair value based on the probabilities, as determined by management, of achieving the related targets. This evaluation will be performed until all of the targets have been met or terms of the agreement expire. As of December 31, 2013, our liability for the estimated cash payment was $0.2 million. As of December 31, 2013, we recognized income of less than $0.1 million due to changes in the estimated fair value of the cash acquisition-related contingent consideration. | |||||||||||||||||||||
In August 2011, we acquired Multifamily Technology Solutions, Inc. (“MTS”), which owns the Internet listing service for rental properties called MyNewPlace, pursuant to an Agreement and Plan of Merger. MTS continued as the surviving corporation of the Merger and a wholly owned subsidiary of RealPage. The acquisition of MTS adds an Internet listing service for rental properties and expands our syndication and organic lead generation capabilities. This acquisition was financed from proceeds from our initial public offering, cash flows from operations and issuance of restricted common stock. The purchase price consisted of a cash payment of $64.0 million, including amount placed in escrow, net of cash acquired, 294,770 shares of RealPage restricted common stock and the assumption of MTS stock options exercisable for 349,693 shares of RealPage common stock. In addition, the purchase agreement included a put option on the restricted common shares, in which, if the average market price of our common shares falls below an established threshold, we will pay the difference between the average market price and the established threshold in cash. We established a liability of $1.2 million for the put option which was based on its estimated fair value at the acquisition date. The fair value of the put option was based on the Black-Scholes option pricing model using inputs consistent with those used in the valuation of our stock options. The liability established for the put option on the restricted common shares was re-evaluated and recorded at an estimated fair value based on the changes in market prices of our common stock (a level 2 input) until its expiration on July 31, 2013. We also recorded the fair value of the restricted common shares and the assumed stock options of $6.3 million and $3.6 million, respectively. The fair value of the restricted common shares was based on management’s estimate of the fair value of restricted common shares using a probability weighted discounted cash flow model. The fair values of the assumed stock options and the put option were based on the Black-Scholes option pricing model using inputs consistent with those used in the valuation of our stock options. The acquired developed product technologies have a useful life of three years amortized on a straight-line basis. Acquired customer relationships have a useful life of ten years which will be amortized proportionately to the expected discounted cash flows derived from the asset. The trade names acquired have an indefinite useful life as we do not plan to cease using the trade names in the marketplace. All direct acquisition costs were approximately $0.8 million and expensed as incurred. We included the results of operations of this acquisition in our consolidated financial statements from the effective date of the acquisition. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. The liability established for the put option on the restricted common shares was re-evaluated and recorded at an estimated fair value based on the changes in market prices of our common stock (a level 2 input) until its expiration on July 31, 2013. We recognized income of $0.2 million and $0.3 million during the twelve months ended December 31, 2013 and 2012 due to changes in the estimated fair value of the put option for restricted common shares. One of the minority shareholders of MTS is our customer. In connection with the distribution of the purchase price, we paid this customer for their proportionate share of the purchase price. This transaction was at arm’s length and is not related to the ongoing relationship with us. | |||||||||||||||||||||
The purchase agreement also included a portion of the cash and restricted common shares consideration to be placed into escrow. As such, we placed $14.0 million in cash and 65,873 restricted common shares into an escrow account on the date of acquisition. One half of the amounts were released from escrow twelve months after the acquisition date. The remaining amounts were released eighteen months after the acquisition date. | |||||||||||||||||||||
In November 2013, the balance of the cash and restricted common shares were released from escrow. We received $1.7 million in cash in settlement of outstanding claims. | |||||||||||||||||||||
We allocated the purchase price for MTS, SLN and Compliance Depot as follows: | |||||||||||||||||||||
MTS | SLN | Compliance | |||||||||||||||||||
Depot | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 2,280 | $ | 1,200 | $ | 382 | |||||||||||||||
Customer relationships | 27,600 | 2,630 | 9,030 | ||||||||||||||||||
Tradenames | 24,800 | 2,560 | 2,230 | ||||||||||||||||||
Goodwill | 33,795 | 8,356 | 13,349 | ||||||||||||||||||
Deferred revenue | (164 | ) | — | (2,380 | ) | ||||||||||||||||
Net deferred taxes | (15,574 | ) | (1,347 | ) | — | ||||||||||||||||
Net other assets | 2,210 | (224 | ) | (110 | ) | ||||||||||||||||
Total purchase price, net of cash acquired | $ | 74,947 | $ | 13,175 | $ | 22,501 | |||||||||||||||
Pro Forma Results of Acquisitions | |||||||||||||||||||||
The following table presents unaudited pro forma results of operations for 2013 and 2012 as if the aforementioned acquisitions had occurred at the beginning of each period presented. The pro forma financial information as of December 31, 2013 and 2012, respectively, includes the business combination accounting effects resulting from these acquisitions including $2.5 million and $5.2 million of amortization charges from acquired intangible assets. We prepared the pro forma financial information for the combined entities for comparative purposes only, and it is not indicative of what actual results would have been if the acquisitions had taken place at the beginning of the periods presented, or of future results. | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Pro Forma | Pro Forma | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||
On demand | $ | 367,544 | $ | 318,414 | |||||||||||||||||
On premise | 3,691 | 5,216 | |||||||||||||||||||
Professional and other | 11,019 | 10,556 | |||||||||||||||||||
Total revenue | 382,254 | 334,186 | |||||||||||||||||||
Net income | 18,748 | 512 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.25 | $ | 0.01 | |||||||||||||||||
Diluted | $ | 0.25 | $ | 0.01 | |||||||||||||||||
Property_Equipment_and_Softwar
Property, Equipment and Software | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Equipment and Software | ' | ||||||||
Property, Equipment and Software | |||||||||
Property, equipment and software consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Leasehold improvements | $ | 18,756 | $ | 11,859 | |||||
Data processing and communications equipment | 47,719 | 43,562 | |||||||
Furniture, fixtures and other equipment | 11,266 | 11,638 | |||||||
Software | 36,750 | 38,710 | |||||||
114,491 | 105,769 | ||||||||
Less: Accumulated depreciation and amortization | (59,716 | ) | (73,282 | ) | |||||
Property, equipment and software, net | $ | 54,775 | $ | 32,487 | |||||
Depreciation and amortization expense for property, equipment and software was $15.1 million, $14.2 million and $12.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. This includes depreciation for assets acquired through capital leases. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The change in the carrying amount of goodwill is as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 129,292 | |||||||||||||||||||||||
Goodwill acquired | 5,893 | ||||||||||||||||||||||||
Other | (1,160 | ) | |||||||||||||||||||||||
Balance at December 31, 2012 | 134,025 | ||||||||||||||||||||||||
Goodwill acquired | 18,211 | ||||||||||||||||||||||||
Other | 186 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 152,422 | |||||||||||||||||||||||
Other intangible assets consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Amortization | Carrying | Accumulated | Net | Carrying | Accumulated | Net | |||||||||||||||||||
Period | Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||
Developed technologies | 3 years | $ | 45,014 | $ | (29,952 | ) | $ | 15,062 | $ | 32,983 | $ | (23,215 | ) | $ | 9,768 | ||||||||||
Customer relationships | 1-10 years | 85,823 | (33,503 | ) | 52,320 | 77,847 | (24,151 | ) | 53,696 | ||||||||||||||||
Vendor relationships | 7 years | 5,650 | (4,709 | ) | 941 | 5,650 | (4,052 | ) | 1,598 | ||||||||||||||||
Total finite-lived intangible assets | 136,487 | (68,164 | ) | 68,323 | 116,480 | (51,418 | ) | 65,062 | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
Trade names | 40,492 | — | 40,492 | 39,578 | — | 39,578 | |||||||||||||||||||
Total intangible assets | $ | 176,979 | $ | (68,164 | ) | $ | 108,815 | $ | 156,058 | $ | (51,418 | ) | $ | 104,640 | |||||||||||
There was no impairment of goodwill or trade names indicated during 2013, 2012 or 2011. In 2013 and 2012, we paid $0.9 million and $0.4 million to acquire domain names and other intangible assets. Amortization of finite-lived intangible assets was $16.6 million, $18.3 million and $16.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
As of December 31, 2013, the following table sets forth the estimated amortization of intangible assets for the years ending December 31: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | $ | 18,232 | |||||||||||||||||||||||
2015 | 14,759 | ||||||||||||||||||||||||
2016 | 10,443 | ||||||||||||||||||||||||
2017 | 7,142 | ||||||||||||||||||||||||
2018 | 5,897 | ||||||||||||||||||||||||
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
We have a secured revolving credit facility in an aggregate principal amount of up to $150.0 million subject to a borrowing formula, with a sublimit of $10.0 million for the issuance of letters of credit on our behalf. At our option, borrowings accrue interest at a per annum rate equal to either LIBOR or Wells Fargo’s prime rate (or, if greater, the federal funds rate plus 0.50% or three month LIBOR plus 1.00%), in each case plus a margin ranging from 2.50% to 3.00%, in the case of LIBOR loans, and 0.0% to 0.25% in the case of prime rate loans, based upon our senior leverage ratio. The interest is due and payable monthly, in arrears, for loans bearing interest at the prime rate and at the end of the applicable 1-, 2-, or 3-month interest period in the case of loans bearing interest as the adjusted LIBOR rate. The facility matures on December 30, 2015. Advances under the credit facility may be voluntarily prepaid, and must be prepaid with the proceeds of certain dispositions, extraordinary receipts and indebtedness and in full upon a change in control. | |
In September 2012, we entered into an amendment to the credit facility. Under the terms of the amendment, the LIBOR rate margin ranges from 2.00% to 2.50%, based on our senior leverage ratio. All other interest rates and maturity periods remain consistent with the facility. Additionally, our capital expenditure limitations were expanded in the amendment. | |
As of December 31, 2013 and 2012, we had $0.0 million and $10.0 million outstanding under our revolving line of credit, which approximates its fair value. As of December 31, 2013, $150.0 million was available under our revolving line of credit and $10.0 million was available for the issuance of letters of credit. We had unamortized debt issuance costs of $0.3 million and $0.8 million at December 31, 2013 and 2012, respectively. As of December 31, 2013, we were in compliance with our debt covenants. |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Share-based Compensation | ' | |||||||||||||||||||||||
Share-based Compensation | ||||||||||||||||||||||||
Our Amended and Restated 1998 Stock Incentive Plan (“Stock Incentive Plan”) and 2010 Equity Incentive Plan provide for awards which may be granted in the form of incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and performance restricted stock. Our board of directors periodically approves increases to the number of shares of common stock reserved for issuance under our 2010 Equity Incentive Plan. | ||||||||||||||||||||||||
Stock Option Plan | ||||||||||||||||||||||||
Stock options generally vest ratably over four years following the date of grant and expire ten years from the date of the grant. We also grant awards to our directors, generally in the form of stock options, in accordance with the Board of Directors Policy (“Board Plan”). The options generally vest immediately and have a four-year term. Should a director leave the board, we have the right to repurchase shares as if the options vested on a pro rata basis. In 2009, we began issuing options that vest over four years with 75% vesting ratably over 15 quarters and the remaining 25% vesting on the 16th quarter. All outstanding options were granted at exercise prices equal to or exceeding our estimate of the fair market value of our common stock at the date of grant. | ||||||||||||||||||||||||
In connection with our acquisition of MTS, on August 24, 2011, we assumed 349,693 nonqualified and incentive stock options granted from MTS’s 2005 Equity Incentive Plan (“MTS Plan”) for 96 employees. Assumed options were converted to equivalent share-based awards of RealPage based on the ratio of our fair market value of stock to the fair market value of MTS’s stock on the acquisition date. The number of shares and ratio of exercise price to market price were equitably adjusted to preserve the intrinsic value of the award as of immediately prior to the acquisition. The conversion was accounted for as a modification which did not result in an incremental increase in the fair value of the assumed option awards. The majority of assumed options vest over a four-year period at a rate of 25% or 20% after one year and then monthly on a straight-line basis thereafter while others vest ratably over a four-year period. Options granted generally are exercisable up to 10 years. No further options will be granted under the MTS Plan. | ||||||||||||||||||||||||
The following table summarizes stock option transactions under our 2010 Equity Plan, Stock Incentive Plan, MTS Plan and Board Plan: | ||||||||||||||||||||||||
Number of | Range of | Weighted | ||||||||||||||||||||||
Shares | Exercise | Average | ||||||||||||||||||||||
Prices | Exercise | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 9,131,494 | $ | 2 | – | 27.18 | $ | 6.05 | |||||||||||||||||
Granted | 1,477,250 | 19.73 | – | 29.5 | 24.09 | |||||||||||||||||||
Assumed MTS Plan | 349,693 | 0.91 | – | 23.29 | 4.39 | |||||||||||||||||||
Exercised | (3,117,058 | ) | 0.91 | – | 27.18 | 4.07 | ||||||||||||||||||
Forfeited/cancelled | (547,969 | ) | 4.28 | – | 29.5 | 12.94 | ||||||||||||||||||
Expired | (1,379 | ) | 4.28 | – | 6 | 5.26 | ||||||||||||||||||
Balance, December 31, 2011 | 7,292,031 | $ | 0.91 | – | 29.5 | $ | 9.95 | |||||||||||||||||
Granted | 1,641,470 | 17.67 | – | 24.64 | 20.09 | |||||||||||||||||||
Exercised | (2,389,704 | ) | 0.91 | – | 27.18 | 5.05 | ||||||||||||||||||
Forfeited/cancelled | (684,154 | ) | 0.94 | – | 29.5 | 17.04 | ||||||||||||||||||
Expired | (1,030 | ) | 0.94 | – | 27.18 | 2.73 | ||||||||||||||||||
Balance, December 31, 2012 | 5,858,613 | $ | 0.91 | – | 29.5 | $ | 13.97 | |||||||||||||||||
Granted | 2,421,124 | 19.78 | – | 25.7 | 22.2 | |||||||||||||||||||
Exercised | (1,556,865 | ) | 0.91 | – | 25.24 | 6.81 | ||||||||||||||||||
Forfeited/cancelled | (800,470 | ) | 4.28 | – | 29.5 | 18.71 | ||||||||||||||||||
Expired | (7,600 | ) | 24.03 | – | 24.64 | 24.35 | ||||||||||||||||||
Balance, December 31, 2013 | 5,914,802 | $ | 0.91 | – | 29.5 | $ | 18.56 | |||||||||||||||||
The weighted average grant-date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $10.37, $9.78 and $11.87, respectively. The aggregate intrinsic value of stock options exercised in the years ended December 31, 2013, 2012 and 2011 was $23.3 million, $42.7 million and $68.6 million, respectively. The aggregate intrinsic value of outstanding stock options was $32.1 million and $49.9 million as of December 31, 2013 and 2012, respectively. The aggregate intrinsic value of options exercisable was $18.8 million and $29.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The following table summarizes outstanding stock options that are vested and expected to vest, non-vested and stock options that are currently exercisable. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Fully Vested | Non-Vested | Exercisable | Fully Vested | Non-Vested | Exercisable | |||||||||||||||||||
and | and | |||||||||||||||||||||||
Expected to | Expected to | |||||||||||||||||||||||
Vest | Vest | |||||||||||||||||||||||
Number of shares outstanding | 5,864,340 | 3,930,330 | 1,984,472 | 5,821,461 | 3,491,204 | 2,367,409 | ||||||||||||||||||
Weighted average remaining contractual life | 7.94 | 8.66 | 6.58 | 7.47 | 8.4 | 6.17 | ||||||||||||||||||
Weighted average price per share | $ | 18.53 | $ | 20.66 | $ | 14.42 | $ | 13.93 | $ | 16.98 | $ | 9.52 | ||||||||||||
As of December 31, 2013 and 2012, the total future compensation cost related to non-vested stock options to be recognized in the consolidated statement of operations was $35.4 million and $28.0 million, respectively, with a weighted average period over which these awards are expected to be recognized of 2.8 years and 2.7 years, respectively. | ||||||||||||||||||||||||
The total number of stock options that vested during the year ended December 31, 2013 and 2012 was 1,295,116 and 1,349,016, respectively. The fair value of these options was $30.3 million and $29.1 million, respectively. | ||||||||||||||||||||||||
Stock Option Valuation Assumptions | ||||||||||||||||||||||||
We have utilized the Black-Scholes option pricing model as the appropriate model for determining the fair value of stock-based awards. The awards granted during the years presented were valued using the following assumptions: | ||||||||||||||||||||||||
Risk-free interest rates | 0.8-2.5% | |||||||||||||||||||||||
Expected option life (in years) | 6-May | |||||||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||||||||
Expected volatility | 48-53% | |||||||||||||||||||||||
Risk-free interest rate. This is the average U.S. Treasury rate (having a term that most closely approximates the expected life of the option) for the period in which the option was granted. | ||||||||||||||||||||||||
Expected life of the options. This is the period of time that the options granted are expected to remain outstanding. | ||||||||||||||||||||||||
Dividend yield. We have never declared or paid dividends on our common stock and do not anticipate paying dividends in the foreseeable future. | ||||||||||||||||||||||||
Expected volatility. Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. We arrived at a volatility rate after considering our expected and historical volatility rates and the volatility rates of publicly traded peers. | ||||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||
Restricted stock is an award that entitles the holder to receive shares of our common stock as the award vests. The fair value of each restricted stock award is based on the closing common stock price on the date of grant. Our time-based restricted stock awards generally vest ratably over four years following the date of grant. Compensation expense for time-based restricted stock awards is recognized over the vesting period on a straight-line basis. We have also granted certain employees performance-based restricted stock awards. These shares vest dependent upon attainment of various levels of performance that equal or exceed targeted levels and generally vest in their entirety two years from the date of grant. Compensation expense for performance-based restricted stock awards is recognized based on the probability of achievement of the performance condition. As of December 31, 2013, there was $40.5 million and $0.0 million of unrecognized compensation cost related to time-based restricted stock awards and performance-based restricted stock awards, respectively. That cost is expected to be recognized over a weighted-average period of 2.6 years and 0.0 years, respectively. | ||||||||||||||||||||||||
A summary of time-based restricted share awards’ activity is presented in the table below. | ||||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 321,700 | $ | 20.54 | |||||||||||||||||||||
Granted | 1,063,085 | 23.92 | ||||||||||||||||||||||
Vested | (197,990 | ) | 21.48 | |||||||||||||||||||||
Forfeited/cancelled | (187,837 | ) | 21.6 | |||||||||||||||||||||
Balance at December 31, 2011 | 998,958 | $ | 24.54 | |||||||||||||||||||||
Granted | 1,022,609 | 19.93 | ||||||||||||||||||||||
Vested | (426,675 | ) | 23.08 | |||||||||||||||||||||
Forfeited/cancelled | (233,945 | ) | 23.34 | |||||||||||||||||||||
Balance at December 31, 2012 | 1,360,947 | $ | 21.58 | |||||||||||||||||||||
Granted | 1,747,501 | 22.09 | ||||||||||||||||||||||
Vested | (712,434 | ) | 21.3 | |||||||||||||||||||||
Forfeited/cancelled | (305,211 | ) | 21.58 | |||||||||||||||||||||
Balance at December 31, 2013 | 2,090,803 | $ | 22.1 | |||||||||||||||||||||
A summary of performance-based restricted share awards’ activity is presented in the table below. | ||||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 722,027 | $ | 22.33 | |||||||||||||||||||||
Granted | 20,646 | 25.77 | ||||||||||||||||||||||
Vested | (209,086 | ) | 19.97 | |||||||||||||||||||||
Forfeited/cancelled | — | — | ||||||||||||||||||||||
Balance at December 31, 2011 | 533,587 | $ | 23.39 | |||||||||||||||||||||
Granted | 270,000 | 22.93 | ||||||||||||||||||||||
Vested | (132,791 | ) | 12.87 | |||||||||||||||||||||
Forfeited/cancelled | (395,539 | ) | 27.26 | |||||||||||||||||||||
Balance at December 31, 2012 | 275,257 | $ | 22.46 | |||||||||||||||||||||
Granted | 100,000 | 21.6 | ||||||||||||||||||||||
Vested | (31,902 | ) | 17.99 | |||||||||||||||||||||
Forfeited/cancelled | (273,355 | ) | 23.4 | |||||||||||||||||||||
Balance at December 31, 2013 | 70,000 | $ | 18.1 | |||||||||||||||||||||
The aggregate intrinsic value of time-based and performance-based restricted stock awards was $48.9 million and $1.6 million as of December 31, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
Commitments and Contingencies | |||||||||
Lease Commitments | |||||||||
We lease office space and equipment under capital and operating leases that expire at various times through 2020. We recognize lease expense for these leases on a straight-line basis over the lease terms. | |||||||||
The assets under capital lease are as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Data processing and communications equipment | $ | — | $ | — | |||||
Software | 1,474 | — | |||||||
1,474 | — | ||||||||
Less: Accumulated depreciation and amortization | 46 | — | |||||||
Assets under capital lease, net | $ | 1,428 | $ | — | |||||
Aggregate annual rental commitments at December 31, 2013, under operating leases with initial or remaining non-cancelable lease terms greater than one year are as follows: | |||||||||
Capital Leases | Operating Leases | ||||||||
(in thousands) | |||||||||
2014 | $ | 588 | $ | 10,596 | |||||
2015 | 587 | 9,678 | |||||||
2016 | 294 | 7,540 | |||||||
2017 | — | 3,090 | |||||||
2018 | — | 2,502 | |||||||
Thereafter | — | 3,308 | |||||||
Total minimum lease payments | $ | 1,469 | $ | 36,714 | |||||
Less amount representing average interest of 2.2% | (41 | ) | |||||||
1,428 | |||||||||
Less current portion | (562 | ) | |||||||
Long-term portion | $ | 866 | |||||||
Rent expense was $9.7 million, $8.4 million and $7.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Guarantor Arrangements | |||||||||
We have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a director and officer insurance policy that limits our exposure and enables us to recover a portion of any future amounts paid. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal. Accordingly, we had no liabilities recorded for these agreements as of December 31, 2013 or 2012. | |||||||||
In the ordinary course of our business, we enter into standard indemnification provisions in our agreements with our customers. Pursuant to these provisions, we indemnify our customers for losses suffered or incurred in connection with third-party claims that our products infringed upon any U.S. patent, copyright, trademark or other intellectual property right. Where applicable, we generally limit such infringement indemnities to those claims directed solely to our products and not in combination with other software or products. With respect to our products, we also generally reserve the right to resolve such claims by designing a non-infringing alternative, by obtaining a license on reasonable terms, or by terminating our relationship with the customer and refunding the customer’s fees. | |||||||||
The potential amount of future payments to defend lawsuits or settle indemnified claims under these indemnification provisions is unlimited in certain agreements; however, we believe the estimated fair value of these indemnity provisions is minimal, and, accordingly, we had no liabilities recorded for these agreements as of December 31, 2013 or 2012. | |||||||||
Litigation | |||||||||
From time to time, in the normal course of our business, we are a party to litigation matters and claims. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and our view of these matters may change in the future as the litigation and events related thereto unfold. We expense legal fees as incurred. Insurance recoveries associated with legal costs incurred are recorded when they are deemed probable of recovery. | |||||||||
We review the status of each matter and record a provision for a liability when we consider both that it is probable that a liability has been incurred and that the amount of the loss can be reasonably estimated. These provisions are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses beyond those already accrued, may be incurred. If there is a reasonable possibility that a material loss (or additional material loss in excess of any existing accrual) may be incurred, we disclose an estimate of the amount of loss or range of losses, either individually or in the aggregate, as appropriate, if such an estimate can be made, or disclose that an estimate of loss cannot be made. An unfavorable outcome in any legal matter, if material, could have an adverse effect on our operations, financial position, liquidity and results of operations. | |||||||||
On January 24, 2011, Yardi Systems, Inc. filed a lawsuit in the U.S. District Court for the Central District of California against RealPage, Inc. and DC Consulting, Inc. (the “Yardi Lawsuit”). We answered and filed counterclaims against Yardi, and on July 1, 2012, the Company and Yardi entered into a settlement agreement (the “Settlement Agreement”) resolving all outstanding litigation between the parties. The Settlement Agreement also includes a license of certain Yardi intellectual property to the Company and a license of certain of our intellectual property to Yardi. | |||||||||
The Settlement Agreement is a multiple element arrangement for accounting purposes. The Company identified each element of the arrangement and determined when those elements should be recognized. The Company allocated the consideration to each element using the estimated fair value of the elements. The Company considered several factors in determining the accounting fair value of the elements of the Settlement Agreement. The inputs and assumptions used in this valuation were from a market participant perspective and included projected revenue, estimated discount rates, useful lives and income tax rates, among others. The development of a number of these inputs and assumptions in the model requires a significant amount of management judgment and is based upon a number of factors. Changes in any number of these assumptions may have had a substantial impact on the fair value as assigned to each element. These inputs and assumptions represent management’s best estimates at the time of the transaction. Based on the estimated fair value, we have recognized the following: $3.0 million for the license from Yardi, which was capitalized as an intangible asset upon execution of the Settlement Agreement and amortized as a cost of revenue over its estimated useful life, beginning in July 2012; $1.0 million for the license sold to Yardi, which will be recognized as revenue over the estimated useful life of the technology, beginning in July 2012; and $8.5 million inclusive of the settlement and other related legal costs, which were expensed in the second quarter of 2012. | |||||||||
In connection with the Yardi Lawsuit, the Company made claims for reimbursement against each of its primary and excess layer general liability and errors and omissions liability insurance carriers. Each of our primary and excess layer errors and omissions liability insurance carriers other than Homeland Insurance of New York (“Homeland”) reimbursed the Company up to each of its policy limits. On July 19, 2012, we became aware of assertions by one of our primary layer errors and omissions insurance carriers, Ace European Group, Ltd. d/b/a Ace European Group, Barbican Syndicate 1995 at Lloyds’s (“Ace”), that Ace no longer considered the previously reimbursed $5.0 million payment covered under such policy, and that Ace demanded reimbursement of the $5.0 million payment that it had previously reimbursed to us. On August 12, 2012, our first excess layer errors and omissions insurance carrier, Axis Surplus Insurance Company (“Axis”), informed us that if Ace’s policy is deemed void, then Axis’ first excess layer policy was void on the same basis which would result in the Company’s obligation to reimburse to Axis $5.0 million in payments that Axis had previously reimbursed to us. The Company disputes these assertions by these carriers and intends to vigorously protect its coverage. Accordingly, on August 14, 2012, the Company filed a lawsuit in the U.S. District Court for the Eastern District of Texas against Ace and Axis (the “Ace Lawsuit”) seeking a declaration by the court that Ace and Axis have no right to, and no lawful reason to demand reimbursement of, the amounts paid to the Company’s counsel in connection with the Yardi Lawsuit. On September 5, 2012, Ace filed a motion to dismiss the Ace Lawsuit and on September 6, 2012, defendant Axis filed a motion to dismiss the Ace Lawsuit. On September 24, 2012, the Company filed our opposition to the motions to dismiss and separately filed our motion for partial summary judgment on the basis that each of Ace’s and Axis’ notice of rescission was untimely under applicable statutory law. On May 20, 2013, the court entered an order directing the parties to engage in the alternative dispute resolution procedure set forth in the policies at issue, and staying the lawsuit until such procedure has been completed. The court did not rule on the substance of Company’s motion for summary judgment, denying that motion with leave to re-file if the court-ordered non-binding dispute resolution procedures do not result in a settlement of the action. On February 25, 2014, RealPage and Axis entered into a confidential settlement and mutual release of claims, as a result of which Axis was dismissed from the Ace Lawsuit. On February 28, 2014, the Company filed a motion for partial summary judgment and another related motion against Ace. We intend to continue to pursue coverage and other appropriate relief in connection with the Ace insurance policies. We believe that it is remote that we will have a material loss in connection with the settlement or the reimbursement demands. | |||||||||
We are involved in other litigation matters not listed above but we believe that any reasonably possible adverse outcome of these matters would not be material either individually or in the aggregate at this time. Our view of the matters not listed may change in the future as the litigation and events related thereto unfold. |
Funds_Held_for_Others
Funds Held for Others | 12 Months Ended |
Dec. 31, 2013 | |
Funds Held for Others [Abstract] | ' |
Funds Held for Others | ' |
Funds Held for Others | |
In connection with our payment processing services, we collect tenant funds and subsequently remit these tenant funds to our customers after varying holding periods. These funds are settled through our Originating Depository Financial Institution (“ODFI”) custodial accounts at major banks. The ODFI custodial account balances were $70.1 million and $34.4 million at December 31, 2013 and 2012, respectively. The ODFI custodial account balances are included in our consolidated balance sheets as restricted cash. The corresponding liability for these custodial balances is reflected as customer deposits. In connection with the timing of our payment processing services, we are exposed to credit risk in the event of nonperformance by other parties, such as returned checks. We utilize credit analysis and other controls to manage the credit risk exposure. We have not experienced any credit losses to date. Any expected losses are included in our accounts receivable allowances on our consolidated balance sheet. | |
The ODFI custodial accounts are in the name of, RealPage Payment Processing Services, Inc. (“RPPS”), a bankruptcy-remote, special-purpose entity, that is a wholly owned subsidiary of the Company. RPPS handles all ACH transaction processing responsibilities to RPPS. We provide processing and administrative services to RPPS through a services agreement. | |
The obligations of RPPS under the ODFI custodial account agreement are guaranteed by us. | |
In connection with our resident insurance products, we collect premiums from policy holders and subsequently remit the premium, net of our commission, to the underwriter. We maintain separate accounts for these transactions. We had $1.5 million and $0.8 million in restricted cash for the periods ended December 31, 2013 and 2012, respectively, and $1.5 million and $0.7 million in customer deposits related to these insurance products for periods ended December 31, 2013 and 2012, respectively. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
Net Income (Loss) Per Share | |||||||||||||
Basic net income (loss) per share was computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share was computed by using the weighted average number of common shares outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding stock options and restricted stock using the treasury stock method. Weighted average shares from common share equivalents in the amount of 1,058,334, 644,299 and 3,180,852 shares were excluded from the dilutive shares outstanding because their effect was anti-dilutive for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
The following table presents the calculation of basic and diluted net income per share attributable to common stockholders: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 20,692 | $ | 5,183 | $ | (1,231 | ) | ||||||
Denominator: | |||||||||||||
Basic: | |||||||||||||
Weighted average common shares used in computing basic net income (loss) per share | 74,962 | 71,838 | 68,480 | ||||||||||
Diluted: | |||||||||||||
Weighted average common shares used in computing basic net income (loss) per share | 74,962 | 71,838 | 68,480 | ||||||||||
Add weighted average effect of dilutive securities: | |||||||||||||
Stock options and restricted stock | 1,225 | 2,164 | — | ||||||||||
Weighted average common shares used in computing diluted net income (loss) per share | 76,187 | 74,002 | 68,480 | ||||||||||
Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.28 | $ | 0.07 | $ | (0.02 | ) | ||||||
Diluted | $ | 0.27 | $ | 0.07 | $ | (0.02 | ) | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The domestic and foreign components of income (loss) before provision for income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Domestic | $ | 19,230 | $ | 9,151 | $ | (926 | ) | ||||||
Foreign | 1,252 | 251 | (515 | ) | |||||||||
Total | $ | 20,482 | $ | 9,402 | $ | (1,441 | ) | ||||||
Our provision (benefit) for income taxes consisted of the following components: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 1,886 | 1,568 | 225 | ||||||||||
Foreign | 421 | 27 | 70 | ||||||||||
Total current taxes | 2,307 | 1,595 | 295 | ||||||||||
Deferred: | |||||||||||||
Federal | (1,832 | ) | 3,192 | 299 | |||||||||
State | (619 | ) | (574 | ) | (626 | ) | |||||||
Foreign | (66 | ) | 6 | (178 | ) | ||||||||
Total deferred taxes | (2,517 | ) | 2,624 | (505 | ) | ||||||||
Total income tax provision (benefit) | $ | (210 | ) | $ | 4,219 | $ | (210 | ) | |||||
The reconciliation of our income tax expense (benefit) computed at the U.S. federal statutory tax rate to the actual income tax expense (benefit) is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Expense derived by applying the Federal income tax rate to income (loss) before taxes | $ | 7,169 | $ | 3,291 | $ | (504 | ) | ||||||
State income tax, net of federal benefit | 607 | 445 | 146 | ||||||||||
Foreign income tax | (170 | ) | (55 | ) | 215 | ||||||||
Change in valuation allowance | (9,087 | ) | — | (660 | ) | ||||||||
Benefits of assets not previously recognized | — | — | (97 | ) | |||||||||
Nondeductible expenses | 644 | 612 | 674 | ||||||||||
Fair value adjustment on stock acquisition | 487 | (251 | ) | — | |||||||||
Stock-based compensation | 139 | 171 | 137 | ||||||||||
Tax credits | — | — | 53 | ||||||||||
Changes in tax rates | — | — | (138 | ) | |||||||||
Other | 1 | 6 | (36 | ) | |||||||||
$ | (210 | ) | $ | 4,219 | $ | (210 | ) | ||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Reserves, deferred revenue and accrued liabilities | $ | 6,303 | $ | 7,215 | |||||||||
Stock-based compensation | 10,873 | 7,401 | |||||||||||
Net operating loss carryforwards | 16,106 | 23,139 | |||||||||||
Total gross deferred tax assets | 33,282 | 37,755 | |||||||||||
Deferred tax asset valuation allowance | (43 | ) | (9,216 | ) | |||||||||
Total deferred tax assets | 33,239 | 28,539 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, equipment and software | (5,408 | ) | (3,820 | ) | |||||||||
Other | (2,055 | ) | (1,711 | ) | |||||||||
Intangible assets | (23,871 | ) | (23,020 | ) | |||||||||
Total deferred tax liabilities | (31,334 | ) | (28,551 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 1,905 | $ | (12 | ) | ||||||||
Our management periodically evaluates the realizability of the deferred tax assets and, if it is determined that it is more likely than not that the deferred tax assets are realizable, adjusts the valuation allowance accordingly. During 2013, we were able to conclude that given our performance, the realization of our deferred tax assets was more likely than not and accordingly reversed valuation allowances of approximately $9.2 million and recorded the reduction in valuation allowances as a tax benefit for the period. The determination of the level of valuation allowance at December 31, 2013 is based on an estimated forecast of future taxable income which includes many judgments and assumptions. Accordingly, it is at least reasonably possible that future changes in one or more assumptions may lead to a change in judgment regarding the level of valuation allowance required in future periods. | |||||||||||||
The acquisition of the stock of RentSentinel resulted in an additional net deferred tax asset of $0.2 million. This net asset includes a deferred tax liability of $1.8 million related to intangibles that are not amortizable for tax purposes, a deferred tax asset of $2.1 million related to net operating loss carryforwards and other miscellaneous deferred tax liabilities of $0.1 million. | |||||||||||||
The acquisition of the stock of My Building resulted in an additional net deferred tax liability of $0.8 million. This net liability includes a deferred tax liability of $1.2 million related to intangibles that are not amortizable for tax purposes, a deferred tax asset of $0.3 million related to net operating loss carryforwards and other miscellaneous deferred tax assets of $0.1 million. | |||||||||||||
Our largest deferred tax assets are our federal and state net operating loss carryforwards of $174.0 million and $6.9 million respectively. The federal net operating losses will begin to expire in 2020 and the state net operating losses will begin to expire in 2014. Of the total net operating loss carryforwards, approximately $136.6 million is attributable to deductions originating from the exercise of non-qualified employee stock options, the benefit of which will be credited to paid-in capital. | |||||||||||||
In connection with our acquisition of MTS on August 24, 2011, we assumed incentive stock options (“ISOs”) granted from the MTS Plan. No tax benefit is recognized for stock-based compensation attributable to ISOs until there is a disqualifying disposition, if any, for income tax purposes. A portion of our stock-based compensation is attributable to ISO shares; therefore, our effective tax rate is subject to fluctuation. | |||||||||||||
A cumulative change in ownership among material shareholders, as defined in Section 382 of the Internal Revenue Code, during a three-year period may limit utilization of the federal net operating loss carryforwards. Based on available information, the Company believes it is not currently subject to the Section 382 limitation; however certain net operating losses generated by subsidiaries prior to their acquisition by the Company are subject to the Section 382 limitation. The limitation on these pre-acquisition net operating loss carryforwards will fully expire in 2028. | |||||||||||||
Our current state tax liability of $1.9 million is comprised of current tax liabilities in jurisdictions where tax is considered an income tax for financial reporting purposes but is assessed on adjusted gross revenue rather than adjusted pre-tax income and where we have current year income for financial reporting purposes that cannot be offset by net operating loss carryforwards until those carryforwards reduce our cash tax liability. | |||||||||||||
Our subsidiary in Hyderabad, India benefited from a tax holiday granted under the Software Technology Parks of India program upon commencement of business operations in 2008 through March 31, 2011. During this holiday period we were required to pay a minimum alternative tax which was available to reduce our post-holiday tax liability. Effective July 8, 2013, this subsidiary benefits from a tax holiday under the Special Economic Zone program. This benefit applies to a portion of our operations in this location. The expiration of this tax holiday will increase our effective income tax rate. | |||||||||||||
Our subsidiary in Manila, Philippines currently benefits from income tax holiday incentives in the Philippines pursuant to the registrations with the Philippine Economic Zone Authority, or PEZA. Under such PEZA registrations, the income tax holiday of our PEZA-registered project in the Philippines expires in 2015. The expiration of this tax holiday will increase our effective income tax rate. | |||||||||||||
No provision has been made for U.S federal and state income taxes on the undistributed earnings of approximately $1.6 million relating to our foreign subsidiaries as such earnings are expected to be reinvested and are considered permanent in duration. If these earnings were ultimately distributed to the U.S. in the form of dividends or otherwise, or if the shares of the subsidiaries were sold or transferred, we would likely be subject to additional U.S. income taxes, net of the impact of any available foreign tax credits. It is not practicable to estimate the additional income taxes related to permanently reinvested earnings in the subsidiaries. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
At December 31, 2013 and 2012, we had no unrecognized tax benefits. Our policy is to include interest and penalties related to unrecognized tax benefits in income tax expense, and as of December 31, 2013 and 2012, there were no accrued interest and penalties. | |||||||||||||
We file consolidated and separate tax returns in the U.S. federal jurisdiction, numerous state jurisdictions and two foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations for years before 2010 and are no longer subject to state and local income tax examinations by tax authorities for years before 2009. However, net operating losses from all years continue to be subject to examinations and adjustments for at least three years following the year in which the attributes are used. We are not currently under audit for federal, state or any foreign jurisdictions. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
In 1998, our board of directors approved a defined contribution plan that provides retirement benefits under the provisions of Section 401(k) of the Internal Revenue Code. Our 401(k) Plan (“Plan”) covers substantially all employees who meet a minimum service requirement. Under the Plan, we can elect to make voluntary contributions. Contributions of $0.9 million, $0.9 million and $0.7 million were made by us for the years ended December 31, 2013, 2012 and 2011, respectively. |
Related_Party
Related Party | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party | ' |
Related Party | |
Beginning in 2012, Scott S. Ingraham began serving on our board of directors. He is an investor in Zuma Capital Greenville LLC (“ZCG”), which is a minority member of the parent entity of the entities from which we acquired certain assets relating to the LevelOne business in November 2010. Pursuant to the LevelOne acquisition agreement, we held back a portion of the purchase price for a period of time in order to ensure payment for any claims that arose post-acquisition, which amount, net of claims and adjustments, was paid in May 2012. ZCG’s interest in this pay-out, based on its ownership percentage of such parent entity, was $0.5 million and Mr. Ingraham’s interest in this pay-out was approximately $0.2 million. Mr. Ingraham also serves on the Board of Trust Managers of Camden Property Trust, one of our larger customers. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) | ' | |||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended, | ||||||||||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
On demand | $ | 92,081 | $ | 94,084 | $ | 90,825 | $ | 85,322 | $ | 81,771 | $ | 78,973 | $ | 74,938 | $ | 70,718 | ||||||||||||||||
On premise | 892 | 838 | 1,011 | 950 | 1,313 | 1,226 | 1,261 | 1,416 | ||||||||||||||||||||||||
Professional and other | 2,546 | 3,149 | 2,615 | 2,709 | 2,640 | 3,040 | 2,593 | 2,283 | ||||||||||||||||||||||||
Total revenue | 95,519 | 98,071 | 94,451 | 88,981 | 85,724 | 83,239 | 78,792 | 74,417 | ||||||||||||||||||||||||
Gross profit | 58,013 | 59,960 | 57,111 | 53,617 | 52,520 | 50,342 | 46,944 | 43,804 | ||||||||||||||||||||||||
Net income (loss) | 2,178 | 12,886 | 4,610 | 1,018 | 3,722 | 2,113 | (2,372 | ) | 1,720 | |||||||||||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic and Diluted | 0.03 | 0.17 | 0.06 | 0.01 | 0.05 | 0.03 | (0.03 | ) | 0.02 | |||||||||||||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
In January 2014, we acquired substantially all of the operating assets of Bookt LLC. ("Bookt") for a purchase price of $14.0 million, which consisted of a cash payment of $6.0 million at closing, a deferred cash payment of up to $1.0 million payable over two years after the acquisition date, and additional cash payments totaling $7.0 million if certain revenue targets are met for the twelve month periods ended March 31, 2015 and March 31, 2016. A provider of software-as-a-service solutions, Bookt's InstaManager product facilitates vacation rental bookings and enables us to enter the vacation rental market. Due to the timing of this acquisition, the purchase price allocation was not complete as of the date of this filing due to the pending completion of the valuation of intangible assets. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
REALPAGE, INC. | ||||||||||||||
December 31, 2013 | ||||||||||||||
(in thousands) | ||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||
Description | Balance at | Additions | Deduction(1) | Balance at | ||||||||||
Beginning | Charged to | End of | ||||||||||||
of Year | Costs and | Year | ||||||||||||
Expenses | ||||||||||||||
Year ended December 31: | ||||||||||||||
2011 | $ | 1,370 | 1,677 | (2,068 | ) | 979 | ||||||||
2012 | $ | 979 | 1,794 | (1,686 | ) | 1,087 | ||||||||
2013 | $ | 1,087 | 3,661 | (3,834 | ) | 914 | ||||||||
-1 | Uncollectible accounts written off, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Presentation | ' | ||||
Basis of Presentation | |||||
The accompanying consolidated balance sheets as of December 31, 2013 and 2012 and the accompanying consolidated statements of operations and cash flows for each of the three years ended December 31, 2013, 2012, and 2011 represent our financial position, results of operations and cash flows as of and for the periods then ended. The consolidated financial statements include the accounts of RealPage, Inc. and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||||
Segment and Geographic Information | ' | ||||
Segment and Geographic Information | |||||
Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a company-wide basis. As a result, we determined that the Company has a single reporting segment and operating unit structure. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires our management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allowance for doubtful accounts; the useful lives of intangible assets and the recoverability or impairment of tangible and intangible asset values; fair value measurements; purchase accounting allocations and contingent consideration; revenue and deferred revenue and related reserves; stock-based compensation; and our effective income tax rate and the recoverability of deferred tax assets, which are based upon our expectations of future taxable income and allowable deductions. Actual results could differ from these estimates. | |||||
Cash Equivalents | ' | ||||
Cash Equivalents | |||||
We consider all highly liquid investments with a maturity date, when purchased, of three months or less to be cash equivalents. | |||||
Concentrations of Credit Risk | ' | ||||
Concentrations of Credit Risk | |||||
Our cash accounts are maintained at various financial institutions and may, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||||
Concentrations of credit risk with respect to accounts receivable result from substantially all of our customers being in the multi-family rental housing market. Our customers, however, are dispersed across different geographic areas. We do not require collateral from customers. We maintain an allowance for losses based upon the expected collectability of accounts receivable. Accounts receivable are written off upon determination of non-collectability following established Company policies based on the aging from the accounts receivable invoice date. | |||||
Fair Value of Financial Instruments | ' | ||||
Fair Value of Financial Instruments | |||||
Financial assets and liabilities with carrying amounts approximating fair value include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. The carrying amount of our other long-term liabilities approximates their fair value. | |||||
Fair Value Measurements | ' | ||||
Fair Value Measurements | |||||
We measure certain financial assets and liabilities at fair value pursuant to a fair value hierarchy based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: | |||||
Level 1 | — | Inputs are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | — | Inputs are 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, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | |||
Level 3 | — | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | |||
Accounts Receivable | ' | ||||
Accounts Receivable | |||||
For several of our solutions, we invoice customers prior to the period in which service is provided. Accounts receivable represent trade receivables from customers when we have invoiced for software solutions and/or services and we have not yet received payment. We present accounts receivable net of an allowance for doubtful accounts. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments, or the customer cancelling prior to the service being rendered. In doing so, we consider the current financial condition of the customer, the specific details of the customer account, the age of the outstanding balance, the current economic environment and historical credit trends. As a result, a portion of our allowance is for services not yet rendered and, therefore, is classified as an offset to deferred revenue, which does not have an effect on the statement of operations. Any change in the assumptions used in analyzing a specific account receivable might result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. For certain transactions, we have met the requirements to recognize income in advance of physically invoicing the customer. In these instances, we record unbilled receivables for the amount that will be due from the customer upon invoicing. | |||||
Property, Equipment and Software | ' | ||||
Property, Equipment and Software | |||||
Property, equipment and software are recorded at cost less accumulated depreciation and amortization, which are computed using the straight-line method over the following estimated useful lives: | |||||
Leasehold improvements | 1-10 years | ||||
Data processing and communications equipment | 1-10 years | ||||
Furniture, fixtures and other equipment | 1- 5 years | ||||
Software | 1- 5 years | ||||
Software includes purchased software and internally developed software. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful lives of the assets. Gains and losses from asset disposals are classified as general and administrative expenses in our statement of operations. | |||||
Business Combinations | ' | ||||
Business Combinations | |||||
When we acquire businesses, we allocate the total consideration paid to the fair value of the tangible assets, liabilities, and identifiable intangible assets acquired. Any residual purchase consideration is recorded as goodwill. The allocation of the purchase price requires our management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, in particular with respect to identified intangible assets. These estimates are based on the application of valuation models using historical experience and information obtained from the management of the acquired companies. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. In addition, unanticipated events and circumstances may occur which may affect the accuracy or validity of these estimates. We include the fair value of contingent consideration to be paid within the total consideration allocated to the fair value of the assets acquired and liabilities assumed. This requires us to make estimates regarding the fair value of the amounts to be paid. | |||||
Impairment of Long-Lived Assets | ' | ||||
Impairment of Long-Lived Assets | |||||
We perform an impairment review of long-lived assets held and used whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors we consider important that could trigger an impairment review include, but are not limited to, significant under-performance relative to projected future operating results, significant changes in the manner of our use of the acquired assets or our overall business and/or product strategies. When we determine that the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of these indicators, we determine the recoverability by comparing the carrying amount of the asset or asset group to net future undiscounted cash flows that the asset or assets are expected to generate. We would then recognize an impairment charge equal to the amount by which the carrying amount exceeds the fair market value of the asset or assets. | |||||
Goodwill and Other Intangible Assets with Indefinite Lives | ' | ||||
Goodwill and Other Intangible Assets with Indefinite Lives | |||||
We test goodwill and other intangible assets with indefinite lives for impairment separately on an annual basis in the fourth quarter of each year. Additionally, we will test goodwill and other intangible assets with indefinite lives in the interim if events and circumstances indicate that goodwill and other intangible assets with indefinite lives may be impaired. The events and circumstances that we consider include significant under-performance relative to projected future operating results and significant changes in our overall business and/or product strategies. We evaluate impairment of goodwill by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the two-step goodwill impairment test. The first step involves a comparison of the fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, the second step involves a comparison of the implied fair value and carrying amount of the goodwill of that reporting unit to determine the impairment charge, if any. We quantitatively evaluate other intangible assets with indefinite lives by estimating the fair value of those assets based on estimated future earnings derived from the assets using the income approach model. For those intangible assets with indefinite lives that have been determined to be inseparable due to their interchangeable use, we have grouped these assets into single units of accounting for purposes of testing for impairment. If the carrying amount of the other intangible assets with indefinite lives exceeds the fair value, we would recognize an impairment loss equal to the excess of carrying value over fair value. If an event or circumstance occurs that would cause us to revise our estimates and assumptions used in analyzing the value of our goodwill and other intangible assets with indefinite lives, the revision could result in a non-cash impairment charge that could have a material impact on our financial results. | |||||
Intangible Assets | ' | ||||
Intangible Assets | |||||
Intangible assets consist of acquired developed product technologies, acquired customer relationships, vendor relationships, non-competition agreements and tradenames. We record intangible assets at fair value and amortize those with finite lives over the shorter of the contractual life or the estimated useful life. We estimate the useful lives of acquired developed product technologies and customer relationships based on factors that include the planned use of each developed product technology and the expected pattern of future cash flows to be derived from each developed product technology and existing customer relationships. We include amortization of acquired developed product technologies in cost of revenue, amortization of acquired customer relationships in sales and marketing expenses and amortization of vendor relationships and non-competition agreements in general and administrative expenses in our consolidated statements of operations. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
Income taxes are provided based on the liability method, which results in income tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on current and accumulated deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. | |||||
We may recognize a tax benefit from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. There are no identified tax benefits that were considered uncertain positions at December 31, 2013 and 2012. | |||||
We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. We evaluate the need for, and the adequacy of, valuation allowances based on the expected realization of our deferred tax assets. The factors used to assess the likelihood of realization include historical earnings, our latest forecast of taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
We derive our revenue from three primary sources: our on demand software solutions; our on premise software solutions; and professional and other services. We commence revenue recognition when all of the following conditions are met: | |||||
• | there is persuasive evidence of an arrangement; | ||||
• | the solution and/or service has been provided to the customer; | ||||
• | the collection of the fees is probable; and | ||||
• | the amount of fees to be paid by the customer is fixed or determinable. | ||||
If the fees are not fixed or determinable, we recognize revenues when these criteria are met, which could be as payments become due from customers, or when amounts owed are collected. Accordingly, this may materially affect the timing of our revenue recognition and results of operations. | |||||
For multi-element arrangements that include multiple software solutions and/or services, we allocate arrangement consideration to all deliverables that have stand-alone value based on their relative selling prices. In such circumstances, we utilize the following hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: | |||||
• | Vendor specific objective evidence (VSOE), if available. The price at which we sell the element in a separate stand-alone transaction; | ||||
• | Third-party evidence of selling price (TPE), if VSOE of selling price is not available. Evidence from us or other companies of the value of a largely interchangeable element in a transaction; and | ||||
• | Estimated selling price (ESP), if neither VSOE nor TPE of selling price is available. Our best estimate of the stand-alone selling price of an element in a transaction. | ||||
Our process for determining ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors primarily considered in developing ESP include prices charged by us for similar offerings when sold separately, pricing policies and approvals from standard pricing and other business objectives. | |||||
From time to time, we sell on demand software solutions with professional services. In such cases, as each element has stand alone value, we allocate arrangement consideration based on our ESP of the on demand software solution and VSOE of the selling price of the professional services. | |||||
Taxes collected from customers and remitted to governmental authorities are presented on a net basis. | |||||
On Demand Revenue | |||||
Our on demand revenue consists of license and subscription fees, transaction fees related to certain of our software-enabled value-added services and commissions derived from us selling certain risk mitigation services. | |||||
License and subscription fees are comprised of a charge billed at the initial order date and monthly or annual subscription fees for accessing our on demand software solutions. The license fee billed at the initial order date is recognized as revenue on a straight-line basis over the longer of the contractual term or the period in which the customer is expected to benefit, which we consider to be three years. Recognition starts once the product has been activated. Revenue from monthly and annual subscription fees is recognized on a straight-line basis over the access period. | |||||
We recognize revenue from transaction fees derived from certain of our software-enabled value-added services as the related services are performed. | |||||
As part of our risk mitigation services to the rental housing industry, we act as an insurance agent and derive commission revenue from the sale of insurance products to individuals. The commissions are based upon a percentage of the premium that the insurance company charges to the policyholder and are subject to forfeiture in instances where a policyholder cancels prior to the end of the policy. If the policy is cancelled, our commissions are forfeited as a percent of the unearned premium. As a result, we recognize the commissions related to these services ratably over the policy term as the associated premiums are earned. Our contract with our underwriting partner provides for contingent commissions to be paid to us in accordance with the agreement. This agreement provides for a calculation that considers, on the policies sold by us, earned premiums less i) earned agent commissions; ii) a percent of premium retained by our underwriting partner; iii) incurred losses; and iv) profit retained by our underwriting partner during the time period. Our estimate of contingent commission revenue considers historical loss experience on the policies sold by us. | |||||
On Premise Revenue | |||||
Revenue from our on premise software solutions is comprised of an annual term license, which includes maintenance and support. Customers can renew their annual term license for additional one-year terms at renewal price levels. We recognize the annual term license on a straight-line basis over the contract term. | |||||
In addition, we have arrangements that include perpetual licenses with maintenance and other services to be provided over a fixed term. We allocate and defer revenue equivalent to the VSOE of fair value for the undelivered elements and recognize the difference between the total arrangement fee and the amount deferred for the undelivered elements as revenue. We have determined that we do not have VSOE of fair value for our customer support and professional services in these specific arrangements. As a result, the elements within our multiple-element sales agreements do not qualify for treatment as separate units of accounting. Accordingly, we account for fees received under multiple-element arrangements with customer support or other professional services as a single unit of accounting and recognize the entire arrangement ratably over the longer of the customer support period or the period during which professional services are rendered. | |||||
Professional and Other Revenue | |||||
Professional & other revenue is recognized as the services are rendered for time and material contracts. Training revenues are recognized after the services are performed. | |||||
Deferred Revenue | ' | ||||
Deferred Revenue | |||||
Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from our subscription service described above and is recognized as the revenue recognition criteria are met. For several of our solutions, we invoice our customers in annual, monthly or quarterly installments in advance of the commencement of the service period. Accordingly, the deferred revenue balance does not represent the total contract value of annual subscription agreements. | |||||
Cost of Revenue | ' | ||||
Cost of Revenue | |||||
Cost of revenue consists primarily of salaries and related personnel expenses of our operations and support personnel, including training and implementation services, expenses related to the operation of our data center, fees paid to third-party providers, allocations of facilities overhead costs and depreciation, amortization of acquired technologies and amortization of capitalized software. | |||||
Customer Acquisition Costs | ' | ||||
Customer Acquisition Costs | |||||
The costs of obtaining new customers are expensed as incurred. | |||||
Share-Based Compensation | ' | ||||
Share-Based Compensation | |||||
We record stock-based compensation expense for options granted to employees based on the estimated fair value for the awards, using the Black-Scholes option pricing model on the date of grant. We recognize expense over the requisite service period, which is generally the vesting period, on a straight-line basis. | |||||
At each stock option grant date, we utilize peer group data to calculate our expected volatility. Expected volatility is based on historical volatility rates of publicly traded peers combined with our historical volatility rates. Expected life is computed using the mid-point between the vesting period and contractual life of the options granted. The risk-free rate is based on the treasury yield rate with a maturity corresponding to the expected option life assumed at the grant date. Forfeiture rates are estimated using historical and expected future trends. | |||||
Changes to the underlying assumptions may have a significant impact on the underlying value of the stock options, which could have a material impact on our consolidated financial statements. | |||||
We have granted stock options at exercise prices believed to be equal to the fair market value of our common stock, as of the grant date. | |||||
The fair value of our time-based restricted stock awards is based on the closing price on the date of grant. We recognize expense over the requisite service period, which is generally the vesting period, on a straight-line basis. For our performance-based restricted stock awards, we recognize compensation expense over the requisite service period when it becomes probable the performance condition will be achieved. | |||||
Capitalized Product Development Costs | ' | ||||
Capitalized Product Development Costs | |||||
We capitalize specific product development costs, including costs to develop software products or the software components of our solutions to be marketed to external users, as well as software programs to be used solely to meet our internal needs. The costs incurred in the preliminary stages of development related to research, project planning, training, maintenance and general and administrative activities, and overhead costs are expensed as incurred. The costs of relatively minor upgrades and enhancements to the software are also expensed as incurred. Once an application has reached the development stage, internal and external costs incurred in the performance of application development stage activities, including costs of materials, services and payroll and payroll-related costs for employees, are capitalized, if direct and incremental, until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. We also capitalize costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized costs are recorded as part of property and equipment. Internal use software is amortized on a straight-line basis over its estimated useful life, generally three to five years. We capitalized $7.6 million and $3.4 million of product development costs during the years ended December 31, 2013 and 2012, respectively, and recognized amortization expense of $1.0 million, $1.2 million and $1.8 million during the years ended December 31, 2013, 2012 and 2011, respectively, included as a component of cost of revenue. Unamortized product development cost was $12.6 million and $5.9 million at December 31, 2013 and 2012, respectively. Our management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. There were no impairments to internal use software during the years ended December 31, 2013, 2012 or 2011. | |||||
Advertising Expenses | ' | ||||
Advertising Expenses | |||||
Advertising costs are expensed as incurred and totaled $11.4 million, $10.2 million and $8.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Estimated Useful Lives of Property, Equipment and Software | ' | ||||||||
Property, equipment and software are recorded at cost less accumulated depreciation and amortization, which are computed using the straight-line method over the following estimated useful lives: | |||||||||
Leasehold improvements | 1-10 years | ||||||||
Data processing and communications equipment | 1-10 years | ||||||||
Furniture, fixtures and other equipment | 1- 5 years | ||||||||
Software | 1- 5 years | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accrued compensation, payroll taxes and benefits | $ | 8,145 | $ | 9,101 | |||||
Capital leases | 562 | — | |||||||
Current portion of liabilities related to acquisitions | 4,216 | 2,056 | |||||||
Other current liabilities | 10,199 | 8,089 | |||||||
Total accrued expenses and other current liabilities | $ | 23,122 | $ | 19,246 | |||||
Other Long-Term Liabilities | ' | ||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Capital leases | $ | 866 | $ | — | |||||
Long-term liabilities related to acquisitions, less current portion | 3,736 | 786 | |||||||
Other long-term liabilities | 3,962 | 2,027 | |||||||
Total other long-term liabilities | $ | 8,564 | $ | 2,813 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||||||
Pro Forma Financial Information | ' | ||||||||||||||||||||
The following table presents unaudited pro forma results of operations for 2013 and 2012 as if the aforementioned acquisitions had occurred at the beginning of each period presented. The pro forma financial information as of December 31, 2013 and 2012, respectively, includes the business combination accounting effects resulting from these acquisitions including $2.5 million and $5.2 million of amortization charges from acquired intangible assets. We prepared the pro forma financial information for the combined entities for comparative purposes only, and it is not indicative of what actual results would have been if the acquisitions had taken place at the beginning of the periods presented, or of future results. | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Pro Forma | Pro Forma | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||
On demand | $ | 367,544 | $ | 318,414 | |||||||||||||||||
On premise | 3,691 | 5,216 | |||||||||||||||||||
Professional and other | 11,019 | 10,556 | |||||||||||||||||||
Total revenue | 382,254 | 334,186 | |||||||||||||||||||
Net income | 18,748 | 512 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.25 | $ | 0.01 | |||||||||||||||||
Diluted | $ | 0.25 | $ | 0.01 | |||||||||||||||||
SFL, RentSentinel, Windsor Compliance, MyBuilding and Active Building | ' | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||||||
Allocated Purchase Price Table | ' | ||||||||||||||||||||
We preliminarily allocated the purchase price for SFL, RentSentinel, Windsor Compliance, MyBuilding and Active Building as follows: | |||||||||||||||||||||
SFL | RentSentinel | Windsor Compliance | MyBuilding | Active Building | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 1,406 | $ | 4,238 | $ | — | $ | 1,450 | $ | 3,850 | |||||||||||
Customer relationships | 161 | 2,390 | 1,230 | 1,000 | 2,650 | ||||||||||||||||
Tradenames | — | — | — | 328 | 597 | ||||||||||||||||
Goodwill | 1,035 | 3,633 | 1,302 | 5,043 | 7,198 | ||||||||||||||||
Deferred revenue | — | (304 | ) | (107 | ) | (258 | ) | — | |||||||||||||
Net deferred taxes | — | 226 | — | (813 | ) | — | |||||||||||||||
Net other assets | 88 | 313 | 226 | 111 | 76 | ||||||||||||||||
Total purchase price, net of cash acquired | $ | 2,690 | $ | 10,496 | $ | 2,651 | $ | 6,861 | $ | 14,371 | |||||||||||
RMO and Vigilan | ' | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||||||
Allocated Purchase Price Table | ' | ||||||||||||||||||||
We allocated the purchase price for RMO and Vigilan as follows: | |||||||||||||||||||||
RMO | Vigilan | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 2,460 | $ | 1,430 | |||||||||||||||||
Customer relationships | 1,770 | 1,150 | |||||||||||||||||||
Goodwill | 3,439 | 2,454 | |||||||||||||||||||
Net deferred taxes | (1,502 | ) | — | ||||||||||||||||||
Net other assets | (410 | ) | (34 | ) | |||||||||||||||||
Total purchase price, net of cash acquired | $ | 5,757 | $ | 5,000 | |||||||||||||||||
MTS, SLN and Compliance Depot | ' | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||||||
Allocated Purchase Price Table | ' | ||||||||||||||||||||
We allocated the purchase price for MTS, SLN and Compliance Depot as follows: | |||||||||||||||||||||
MTS | SLN | Compliance | |||||||||||||||||||
Depot | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||
Developed product technologies | $ | 2,280 | $ | 1,200 | $ | 382 | |||||||||||||||
Customer relationships | 27,600 | 2,630 | 9,030 | ||||||||||||||||||
Tradenames | 24,800 | 2,560 | 2,230 | ||||||||||||||||||
Goodwill | 33,795 | 8,356 | 13,349 | ||||||||||||||||||
Deferred revenue | (164 | ) | — | (2,380 | ) | ||||||||||||||||
Net deferred taxes | (15,574 | ) | (1,347 | ) | — | ||||||||||||||||
Net other assets | 2,210 | (224 | ) | (110 | ) | ||||||||||||||||
Total purchase price, net of cash acquired | $ | 74,947 | $ | 13,175 | $ | 22,501 | |||||||||||||||
Property_Equipment_and_Softwar1
Property, Equipment and Software (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Components of Property, Equipment and Software | ' | ||||||||
Property, equipment and software consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Leasehold improvements | $ | 18,756 | $ | 11,859 | |||||
Data processing and communications equipment | 47,719 | 43,562 | |||||||
Furniture, fixtures and other equipment | 11,266 | 11,638 | |||||||
Software | 36,750 | 38,710 | |||||||
114,491 | 105,769 | ||||||||
Less: Accumulated depreciation and amortization | (59,716 | ) | (73,282 | ) | |||||
Property, equipment and software, net | $ | 54,775 | $ | 32,487 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Change in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
The change in the carrying amount of goodwill is as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 129,292 | |||||||||||||||||||||||
Goodwill acquired | 5,893 | ||||||||||||||||||||||||
Other | (1,160 | ) | |||||||||||||||||||||||
Balance at December 31, 2012 | 134,025 | ||||||||||||||||||||||||
Goodwill acquired | 18,211 | ||||||||||||||||||||||||
Other | 186 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 152,422 | |||||||||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||||||||||
Other intangible assets consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Amortization | Carrying | Accumulated | Net | Carrying | Accumulated | Net | |||||||||||||||||||
Period | Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||
Developed technologies | 3 years | $ | 45,014 | $ | (29,952 | ) | $ | 15,062 | $ | 32,983 | $ | (23,215 | ) | $ | 9,768 | ||||||||||
Customer relationships | 1-10 years | 85,823 | (33,503 | ) | 52,320 | 77,847 | (24,151 | ) | 53,696 | ||||||||||||||||
Vendor relationships | 7 years | 5,650 | (4,709 | ) | 941 | 5,650 | (4,052 | ) | 1,598 | ||||||||||||||||
Total finite-lived intangible assets | 136,487 | (68,164 | ) | 68,323 | 116,480 | (51,418 | ) | 65,062 | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
Trade names | 40,492 | — | 40,492 | 39,578 | — | 39,578 | |||||||||||||||||||
Total intangible assets | $ | 176,979 | $ | (68,164 | ) | $ | 108,815 | $ | 156,058 | $ | (51,418 | ) | $ | 104,640 | |||||||||||
Estimated Amortization of Intangible Assets | ' | ||||||||||||||||||||||||
As of December 31, 2013, the following table sets forth the estimated amortization of intangible assets for the years ending December 31: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | $ | 18,232 | |||||||||||||||||||||||
2015 | 14,759 | ||||||||||||||||||||||||
2016 | 10,443 | ||||||||||||||||||||||||
2017 | 7,142 | ||||||||||||||||||||||||
2018 | 5,897 | ||||||||||||||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Summary of Stock Option Transactions Under Equity Plan, Stock Incentive Plan, Multifamily Technology Solutions Plan and Board Plan | ' | |||||||||||||||||||||||
The following table summarizes stock option transactions under our 2010 Equity Plan, Stock Incentive Plan, MTS Plan and Board Plan: | ||||||||||||||||||||||||
Number of | Range of | Weighted | ||||||||||||||||||||||
Shares | Exercise | Average | ||||||||||||||||||||||
Prices | Exercise | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 9,131,494 | $ | 2 | – | 27.18 | $ | 6.05 | |||||||||||||||||
Granted | 1,477,250 | 19.73 | – | 29.5 | 24.09 | |||||||||||||||||||
Assumed MTS Plan | 349,693 | 0.91 | – | 23.29 | 4.39 | |||||||||||||||||||
Exercised | (3,117,058 | ) | 0.91 | – | 27.18 | 4.07 | ||||||||||||||||||
Forfeited/cancelled | (547,969 | ) | 4.28 | – | 29.5 | 12.94 | ||||||||||||||||||
Expired | (1,379 | ) | 4.28 | – | 6 | 5.26 | ||||||||||||||||||
Balance, December 31, 2011 | 7,292,031 | $ | 0.91 | – | 29.5 | $ | 9.95 | |||||||||||||||||
Granted | 1,641,470 | 17.67 | – | 24.64 | 20.09 | |||||||||||||||||||
Exercised | (2,389,704 | ) | 0.91 | – | 27.18 | 5.05 | ||||||||||||||||||
Forfeited/cancelled | (684,154 | ) | 0.94 | – | 29.5 | 17.04 | ||||||||||||||||||
Expired | (1,030 | ) | 0.94 | – | 27.18 | 2.73 | ||||||||||||||||||
Balance, December 31, 2012 | 5,858,613 | $ | 0.91 | – | 29.5 | $ | 13.97 | |||||||||||||||||
Granted | 2,421,124 | 19.78 | – | 25.7 | 22.2 | |||||||||||||||||||
Exercised | (1,556,865 | ) | 0.91 | – | 25.24 | 6.81 | ||||||||||||||||||
Forfeited/cancelled | (800,470 | ) | 4.28 | – | 29.5 | 18.71 | ||||||||||||||||||
Expired | (7,600 | ) | 24.03 | – | 24.64 | 24.35 | ||||||||||||||||||
Balance, December 31, 2013 | 5,914,802 | $ | 0.91 | – | 29.5 | $ | 18.56 | |||||||||||||||||
Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable | ' | |||||||||||||||||||||||
The following table summarizes outstanding stock options that are vested and expected to vest, non-vested and stock options that are currently exercisable. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Fully Vested | Non-Vested | Exercisable | Fully Vested | Non-Vested | Exercisable | |||||||||||||||||||
and | and | |||||||||||||||||||||||
Expected to | Expected to | |||||||||||||||||||||||
Vest | Vest | |||||||||||||||||||||||
Number of shares outstanding | 5,864,340 | 3,930,330 | 1,984,472 | 5,821,461 | 3,491,204 | 2,367,409 | ||||||||||||||||||
Weighted average remaining contractual life | 7.94 | 8.66 | 6.58 | 7.47 | 8.4 | 6.17 | ||||||||||||||||||
Weighted average price per share | $ | 18.53 | $ | 20.66 | $ | 14.42 | $ | 13.93 | $ | 16.98 | $ | 9.52 | ||||||||||||
Awards Granted Assumptions | ' | |||||||||||||||||||||||
We have utilized the Black-Scholes option pricing model as the appropriate model for determining the fair value of stock-based awards. The awards granted during the years presented were valued using the following assumptions: | ||||||||||||||||||||||||
Risk-free interest rates | 0.8-2.5% | |||||||||||||||||||||||
Expected option life (in years) | 6-May | |||||||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||||||||
Expected volatility | 48-53% | |||||||||||||||||||||||
Summary of Time-Based Restricted Share Awards' Activity | ' | |||||||||||||||||||||||
A summary of time-based restricted share awards’ activity is presented in the table below. | ||||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 321,700 | $ | 20.54 | |||||||||||||||||||||
Granted | 1,063,085 | 23.92 | ||||||||||||||||||||||
Vested | (197,990 | ) | 21.48 | |||||||||||||||||||||
Forfeited/cancelled | (187,837 | ) | 21.6 | |||||||||||||||||||||
Balance at December 31, 2011 | 998,958 | $ | 24.54 | |||||||||||||||||||||
Granted | 1,022,609 | 19.93 | ||||||||||||||||||||||
Vested | (426,675 | ) | 23.08 | |||||||||||||||||||||
Forfeited/cancelled | (233,945 | ) | 23.34 | |||||||||||||||||||||
Balance at December 31, 2012 | 1,360,947 | $ | 21.58 | |||||||||||||||||||||
Granted | 1,747,501 | 22.09 | ||||||||||||||||||||||
Vested | (712,434 | ) | 21.3 | |||||||||||||||||||||
Forfeited/cancelled | (305,211 | ) | 21.58 | |||||||||||||||||||||
Balance at December 31, 2013 | 2,090,803 | $ | 22.1 | |||||||||||||||||||||
Performance-Based Restricted Share Awards' Activity | ' | |||||||||||||||||||||||
A summary of performance-based restricted share awards’ activity is presented in the table below. | ||||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2010 | 722,027 | $ | 22.33 | |||||||||||||||||||||
Granted | 20,646 | 25.77 | ||||||||||||||||||||||
Vested | (209,086 | ) | 19.97 | |||||||||||||||||||||
Forfeited/cancelled | — | — | ||||||||||||||||||||||
Balance at December 31, 2011 | 533,587 | $ | 23.39 | |||||||||||||||||||||
Granted | 270,000 | 22.93 | ||||||||||||||||||||||
Vested | (132,791 | ) | 12.87 | |||||||||||||||||||||
Forfeited/cancelled | (395,539 | ) | 27.26 | |||||||||||||||||||||
Balance at December 31, 2012 | 275,257 | $ | 22.46 | |||||||||||||||||||||
Granted | 100,000 | 21.6 | ||||||||||||||||||||||
Vested | (31,902 | ) | 17.99 | |||||||||||||||||||||
Forfeited/cancelled | (273,355 | ) | 23.4 | |||||||||||||||||||||
Balance at December 31, 2013 | 70,000 | $ | 18.1 | |||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Assets under Capital Lease | ' | ||||||||
The assets under capital lease are as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Data processing and communications equipment | $ | — | $ | — | |||||
Software | 1,474 | — | |||||||
1,474 | — | ||||||||
Less: Accumulated depreciation and amortization | 46 | — | |||||||
Assets under capital lease, net | $ | 1,428 | $ | — | |||||
Aggregate Annual Rental Commitments | ' | ||||||||
Aggregate annual rental commitments at December 31, 2013, under operating leases with initial or remaining non-cancelable lease terms greater than one year are as follows: | |||||||||
Capital Leases | Operating Leases | ||||||||
(in thousands) | |||||||||
2014 | $ | 588 | $ | 10,596 | |||||
2015 | 587 | 9,678 | |||||||
2016 | 294 | 7,540 | |||||||
2017 | — | 3,090 | |||||||
2018 | — | 2,502 | |||||||
Thereafter | — | 3,308 | |||||||
Total minimum lease payments | $ | 1,469 | $ | 36,714 | |||||
Less amount representing average interest of 2.2% | (41 | ) | |||||||
1,428 | |||||||||
Less current portion | (562 | ) | |||||||
Long-term portion | $ | 866 | |||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculation of Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||||||
The following table presents the calculation of basic and diluted net income per share attributable to common stockholders: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 20,692 | $ | 5,183 | $ | (1,231 | ) | ||||||
Denominator: | |||||||||||||
Basic: | |||||||||||||
Weighted average common shares used in computing basic net income (loss) per share | 74,962 | 71,838 | 68,480 | ||||||||||
Diluted: | |||||||||||||
Weighted average common shares used in computing basic net income (loss) per share | 74,962 | 71,838 | 68,480 | ||||||||||
Add weighted average effect of dilutive securities: | |||||||||||||
Stock options and restricted stock | 1,225 | 2,164 | — | ||||||||||
Weighted average common shares used in computing diluted net income (loss) per share | 76,187 | 74,002 | 68,480 | ||||||||||
Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.28 | $ | 0.07 | $ | (0.02 | ) | ||||||
Diluted | $ | 0.27 | $ | 0.07 | $ | (0.02 | ) | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Domestic and Foreign Components of Income (Loss) before Provision for Income Taxes | ' | ||||||||||||
The domestic and foreign components of income (loss) before provision for income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Domestic | $ | 19,230 | $ | 9,151 | $ | (926 | ) | ||||||
Foreign | 1,252 | 251 | (515 | ) | |||||||||
Total | $ | 20,482 | $ | 9,402 | $ | (1,441 | ) | ||||||
(Benefit) Provision for Income Taxes | ' | ||||||||||||
Our provision (benefit) for income taxes consisted of the following components: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 1,886 | 1,568 | 225 | ||||||||||
Foreign | 421 | 27 | 70 | ||||||||||
Total current taxes | 2,307 | 1,595 | 295 | ||||||||||
Deferred: | |||||||||||||
Federal | (1,832 | ) | 3,192 | 299 | |||||||||
State | (619 | ) | (574 | ) | (626 | ) | |||||||
Foreign | (66 | ) | 6 | (178 | ) | ||||||||
Total deferred taxes | (2,517 | ) | 2,624 | (505 | ) | ||||||||
Total income tax provision (benefit) | $ | (210 | ) | $ | 4,219 | $ | (210 | ) | |||||
Reconciliation of Income Tax (Benefit) Expense Computed at Federal Statutory Tax Rate to Actual Income Tax (Benefit) Expense | ' | ||||||||||||
The reconciliation of our income tax expense (benefit) computed at the U.S. federal statutory tax rate to the actual income tax expense (benefit) is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Expense derived by applying the Federal income tax rate to income (loss) before taxes | $ | 7,169 | $ | 3,291 | $ | (504 | ) | ||||||
State income tax, net of federal benefit | 607 | 445 | 146 | ||||||||||
Foreign income tax | (170 | ) | (55 | ) | 215 | ||||||||
Change in valuation allowance | (9,087 | ) | — | (660 | ) | ||||||||
Benefits of assets not previously recognized | — | — | (97 | ) | |||||||||
Nondeductible expenses | 644 | 612 | 674 | ||||||||||
Fair value adjustment on stock acquisition | 487 | (251 | ) | — | |||||||||
Stock-based compensation | 139 | 171 | 137 | ||||||||||
Tax credits | — | — | 53 | ||||||||||
Changes in tax rates | — | — | (138 | ) | |||||||||
Other | 1 | 6 | (36 | ) | |||||||||
$ | (210 | ) | $ | 4,219 | $ | (210 | ) | ||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Reserves, deferred revenue and accrued liabilities | $ | 6,303 | $ | 7,215 | |||||||||
Stock-based compensation | 10,873 | 7,401 | |||||||||||
Net operating loss carryforwards | 16,106 | 23,139 | |||||||||||
Total gross deferred tax assets | 33,282 | 37,755 | |||||||||||
Deferred tax asset valuation allowance | (43 | ) | (9,216 | ) | |||||||||
Total deferred tax assets | 33,239 | 28,539 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, equipment and software | (5,408 | ) | (3,820 | ) | |||||||||
Other | (2,055 | ) | (1,711 | ) | |||||||||
Intangible assets | (23,871 | ) | (23,020 | ) | |||||||||
Total deferred tax liabilities | (31,334 | ) | (28,551 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 1,905 | $ | (12 | ) | ||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||||||||||||||
Three Months Ended, | ||||||||||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
On demand | $ | 92,081 | $ | 94,084 | $ | 90,825 | $ | 85,322 | $ | 81,771 | $ | 78,973 | $ | 74,938 | $ | 70,718 | ||||||||||||||||
On premise | 892 | 838 | 1,011 | 950 | 1,313 | 1,226 | 1,261 | 1,416 | ||||||||||||||||||||||||
Professional and other | 2,546 | 3,149 | 2,615 | 2,709 | 2,640 | 3,040 | 2,593 | 2,283 | ||||||||||||||||||||||||
Total revenue | 95,519 | 98,071 | 94,451 | 88,981 | 85,724 | 83,239 | 78,792 | 74,417 | ||||||||||||||||||||||||
Gross profit | 58,013 | 59,960 | 57,111 | 53,617 | 52,520 | 50,342 | 46,944 | 43,804 | ||||||||||||||||||||||||
Net income (loss) | 2,178 | 12,886 | 4,610 | 1,018 | 3,722 | 2,113 | (2,372 | ) | 1,720 | |||||||||||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic and Diluted | 0.03 | 0.17 | 0.06 | 0.01 | 0.05 | 0.03 | (0.03 | ) | 0.02 | |||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Entity | Customer | Customer | Customer | ||||||||
Entity | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $21,559,000 | $11,448,000 | $1,810,000 |
Net income (loss) | 2,178,000 | 12,886,000 | 4,610,000 | 1,018,000 | 3,722,000 | 2,113,000 | -2,372,000 | 1,720,000 | 20,692,000 | 5,183,000 | -1,231,000 |
Increase in basic and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' |
Impact of change in estimate of customer lives on on demand revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Impact of change in estimate of customer lives on net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Impact of change in estimate of customer lives on earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 0.02 | ' | ' |
Customers contribution to revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | 4.00% |
Number of customer accounted for 4% or more of revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Primary sources of revenue | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Revenue recognition access period | '3 years | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Renewal of additional term license | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Capitalized product development costs | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | 3,400,000 | ' |
Amortization expense of development costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,200,000 | 1,800,000 |
Advertising costs | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | 10,200,000 | 8,600,000 |
Software and Software Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Unamortized Software Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized software development costs | 12,600,000 | ' | ' | ' | 5,900,000 | ' | ' | ' | 12,600,000 | 5,900,000 | ' |
Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Likelihood of tax benefits being realized | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net long-lived assets | 51,500,000 | ' | ' | ' | 29,900,000 | ' | ' | ' | 51,500,000 | 29,900,000 | ' |
International Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net long-lived assets | 3,300,000 | ' | ' | ' | 2,600,000 | ' | ' | ' | 3,300,000 | 2,600,000 | ' |
Length of Expected Customer Benefit of License Fees Billed at Initial Order Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000 | ' | ' |
Estimated_Useful_Lives_of_Prop
Estimated Useful Lives of Property, Equipment and Software (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold improvements | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '1 year |
Leasehold improvements | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '10 years |
Data processing and communications equipment | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '1 year |
Data processing and communications equipment | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '10 years |
Furniture, fixtures and other equipment | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '1 year |
Furniture, fixtures and other equipment | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '5 years |
Software | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '1 year |
Software | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '5 years |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Accrued compensation, payroll taxes and benefits | $8,145 | $9,101 |
Capital leases | 562 | 0 |
Current portion of liabilities related to acquisitions | 4,216 | 2,056 |
Other current liabilities | 10,199 | 8,089 |
Total accrued expenses and other current liabilities | $23,122 | $19,246 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Capital leases | $866 | $0 |
Long-term liabilities related to acquisitions, less current portion | 3,736 | 786 |
Other long-term liabilities | 3,962 | 2,027 |
Total other long-term liabilities | $8,564 | $2,813 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||
Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | 31-May-11 | 31-May-11 | 31-May-11 | 31-May-11 | Jul. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2012 | Jul. 31, 2012 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Seniors for Living, Inc. | Seniors for Living, Inc. | Seniors for Living, Inc. | Seniors for Living, Inc. | Seniors for Living, Inc. | Rent Sentinel | Rent Sentinel | Rent Sentinel | Windsor Compliance Services | Windsor Compliance Services | MyBuilding Inc. | MyBuilding Inc. | MyBuilding Inc. | Active Building LLC | Active Building LLC | Active Building LLC | Vigilan | Vigilan | Vigilan | Vigilan | RMO | RMO | RMO | RMO | RMO | Compliance Depot | Compliance Depot | Compliance Depot | Compliance Depot | SLN | SLN | SLN | SLN | SLN | MTS | MTS | MTS | MTS | MTS | Acquisition-related Costs [Member] | Acquisition-related Costs [Member] | Common Stock Issuable [Member] | |||||
Maximum | Developed product technologies | Customer Relationships | Developed product technologies | Customer Relationships | Customer Relationships | Developed product technologies | Customer Relationships | Developed product technologies | Customer Relationships | Installment | Maximum | Developed product technologies | Customer Relationships | Maximum | Developed product technologies | Customer Relationships | Installment | Maximum | Developed product technologies | Customer Relationships | Maximum | Developed product technologies | Customer Relationships | Maximum | Developed product technologies | Customer Relationships | Acquired Intangible Assets | Acquired Intangible Assets | Rent Sentinel | |||||||||||||||||
Tranche | ||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired substantially all of the assets | ' | ' | ' | ' | ' | $2,700,000 | ' | ' | ' | $10,500,000 | ' | ' | $2,700,000 | ' | $6,900,000 | ' | ' | $14,400,000 | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary cash payment | ' | ' | ' | ' | 200,000 | 2,300,000 | ' | ' | ' | 7,600,000 | ' | ' | 1,300,000 | ' | 4,500,000 | ' | ' | 11,300,000 | ' | ' | 4,000,000 | ' | ' | ' | 5,500,000 | 700,000 | ' | ' | ' | 19,200,000 | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred per installment amount | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | 1,500,000 | ' | ' | 2,000,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | 3,500,000 | ' | ' | 1,100,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, deferred payment to be made after acquisition date period in months first | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | '12 months | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, deferred payment to be made after acquisition date period in months second | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | '24 months | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized useful life of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | '3 years | '9 years | ' | '10 years | ' | '3 years | '10 years | ' | '3 years | '10 years | ' | ' | '3 years | '10 years | ' | ' | ' | '3 years | '10 years | ' | ' | '3 years | '9 years | ' | ' | ' | '3 years | '10 years | ' | ' | ' | '3 years | '10 years | ' | ' | ' |
Direct acquisition costs | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | 100,000 | ' | ' | 100,000 | ' | 100,000 | ' | ' | 100,000 | ' | ' | 100,000 | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | 100,000 | ' | ' | 100,000 | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Length of time after acquisition date of deferred cash payment to be made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, additional cash payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 1,100,000 | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of deferred installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, deferred payment to be made after acquisition date period in months third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount withheld from purchase consideration subject to downward adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, remaining liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of cash payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | 300,000 | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of common shares and conversion option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for the estimated cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related contingent consideration | ' | 1,284,000 | -722,000 | -410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | 200,000 | -300,000 | ' | ' | ' | ' | ' |
Issuance of restricted common shares related to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 294,770 | ' | ' | ' | ' | ' | ' | 36,250 |
Change in amount of contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition contingent consideration shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of the fair value of the common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum additional cash payable on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated of fair value of stock option exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,693 | ' | ' | ' | ' | ' | ' | ' |
Liability of put option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Cash deposited in Escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares deposited in Escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,873 | ' | ' | ' | ' | ' | ' | ' |
Half of amounts of escrow deposits release period after acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' |
Remaining escrow deposit release period after acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' |
Cash received in settlement of outstanding claims | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | -210,000 | 4,219,000 | -210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization charges from acquired intangible assets | ' | $16,600,000 | $18,300,000 | $16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | $5,200,000 | ' |
Allocated_Purchase_Price_Table
Allocated Purchase Price Table (Detail) (USD $) | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | 31-May-11 | 31-May-11 | 31-May-11 | 31-May-11 |
In Thousands, unless otherwise specified | Tradenames | Developed product technologies | Customer Relationships | Seniors for Living, Inc. | Seniors for Living, Inc. | Seniors for Living, Inc. | Seniors for Living, Inc. | Rent Sentinel | Rent Sentinel | Rent Sentinel | Rent Sentinel | Windsor Compliance Services | Windsor Compliance Services | Windsor Compliance Services | Windsor Compliance Services | MyBuilding Inc. | MyBuilding Inc. | MyBuilding Inc. | MyBuilding Inc. | RMO | RMO | RMO | Vigilan | Vigilan | Vigilan | MTS | MTS | MTS | MTS | SLN | SLN | SLN | SLN | SLN | Compliance Depot | Compliance Depot | Compliance Depot | Compliance Depot | |||||
Tradenames | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | Developed product technologies | Customer Relationships | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | Tradenames | Developed product technologies | Customer Relationships | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' | ' | $597 | $3,850 | $2,650 | ' | $0 | $1,406 | $161 | ' | $0 | $4,238 | $2,390 | ' | $0 | $0 | $1,230 | ' | $328 | $1,450 | $1,000 | ' | $2,460 | $1,770 | ' | $1,430 | $1,150 | ' | $24,800 | $2,280 | $27,600 | ' | ' | $2,560 | $1,200 | $2,630 | ' | $2,230 | $382 | $9,030 |
Goodwill | 152,422 | 7,198 | 134,025 | 129,292 | ' | ' | ' | ' | 1,035 | ' | ' | ' | 3,633 | ' | ' | ' | 1,302 | ' | ' | ' | 5,043 | ' | ' | ' | 3,439 | ' | ' | 2,454 | ' | ' | 33,795 | ' | ' | ' | ' | 8,356 | ' | ' | ' | 13,349 | ' | ' | ' |
Deferred revenue | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | -304 | ' | ' | ' | -107 | ' | ' | ' | -258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -164 | ' | ' | ' | 0 | ' | ' | ' | ' | -2,380 | ' | ' | ' |
Net deferred taxes | ' | 0 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 226 | ' | ' | ' | 0 | ' | ' | ' | -813 | ' | ' | ' | -1,502 | ' | ' | 0 | ' | ' | -15,574 | ' | ' | ' | ' | -1,347 | ' | ' | ' | ' | ' | ' | ' |
Net other assets | ' | 76 | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | 313 | ' | ' | ' | 226 | ' | ' | ' | 111 | ' | ' | ' | -410 | ' | ' | -34 | ' | ' | 2,210 | ' | ' | ' | ' | -224 | ' | ' | ' | -110 | ' | ' | ' |
Total purchase price, net of cash acquired | ' | $14,371 | ' | ' | ' | ' | ' | ' | $2,690 | ' | ' | ' | $10,496 | ' | ' | ' | $2,651 | ' | ' | ' | $6,861 | ' | ' | ' | $5,757 | ' | ' | $5,000 | ' | ' | $74,947 | ' | ' | ' | ' | $13,175 | ' | ' | ' | $22,501 | ' | ' | ' |
Pro_Forma_Financial_Informatio
Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | ' | ' |
On demand | $367,544 | $318,414 |
On premise | 3,691 | 5,216 |
Professional and other | 11,019 | 10,556 |
Total revenue | 382,254 | 334,186 |
Net income (loss) | $18,748 | $512 |
Net income (loss) per share: | ' | ' |
Basic (in dollars per share) | $0.25 | $0.01 |
Diluted (in dollars per share) | $0.25 | $0.01 |
Components_of_Property_Equipme
Components of Property, Equipment and Software (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and software, gross | $114,491 | $105,769 |
Less: Accumulated depreciation and amortization | -59,716 | -73,282 |
Property, equipment and software, net | 54,775 | 32,487 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and software, gross | 18,756 | 11,859 |
Data processing and communications equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and software, gross | 47,719 | 43,562 |
Furniture, fixtures and other equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and software, gross | 11,266 | 11,638 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and software, gross | $36,750 | $38,710 |
Property_Equipment_and_Softwar2
Property, Equipment and Software - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense for property, equipment and software | $15.10 | $14.20 | $12.90 |
Change_in_Carrying_Amount_of_G
Change in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning balance | $134,025 | $129,292 | $7,198 |
Goodwill acquired | 18,211 | 5,893 | ' |
Other | 186 | -1,160 | ' |
Ending balance | $152,422 | $134,025 | $7,198 |
Other_Intangible_Assets_Detail
Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Carrying Amount | $136,487 | $116,480 |
Finite-lived intangible assets, Accumulated Amortization | -68,164 | -51,418 |
Finite-lived intangible assets, Net | 68,323 | 65,062 |
Total intangible assets, Carrying amount | 176,979 | 156,058 |
Total intangible assets, Net | 108,815 | 104,640 |
Trade Names | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets Trade names | 40,492 | 39,578 |
Developed product technologies | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Amortization Period | '3 years | ' |
Finite-lived intangible assets, Carrying Amount | 45,014 | 32,983 |
Finite-lived intangible assets, Accumulated Amortization | -29,952 | -23,215 |
Finite-lived intangible assets, Net | 15,062 | 9,768 |
Customer Relationships | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Carrying Amount | 85,823 | 77,847 |
Finite-lived intangible assets, Accumulated Amortization | -33,503 | -24,151 |
Finite-lived intangible assets, Net | 52,320 | 53,696 |
Customer Relationships | Minimum | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Amortization Period | '1 year | ' |
Customer Relationships | Maximum | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Amortization Period | '10 years | ' |
Vendor Relationships | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Amortization Period | '7 years | ' |
Finite-lived intangible assets, Carrying Amount | 5,650 | 5,650 |
Finite-lived intangible assets, Accumulated Amortization | -4,709 | -4,052 |
Finite-lived intangible assets, Net | $941 | $1,598 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Payments to acquire domain names and other intangible assets | $927,000 | $3,375,000 | $1,850,000 |
Amortization of finite-lived intangible assets | 16,600,000 | 18,300,000 | 16,200,000 |
Domain Names and Other Intangibles | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Payments to acquire domain names and other intangible assets | $900,000 | $400,000 | ' |
Estimated_Amortization_of_Inta
Estimated Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $18,232 |
2015 | 14,759 |
2016 | 10,443 |
2017 | 7,142 |
2018 | $5,897 |
Debt_Detail
Debt (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Federal Funds Rate | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Wells Fargo's prime rate | Wells Fargo's prime rate | Revolving Credit Facility | Standby Letters of Credit | |||
Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' |
Sub limit for issuance of letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Basis spread on interest rate | ' | ' | 0.50% | 1.00% | 2.00% | 2.50% | 2.50% | 3.00% | 0.00% | 0.25% | ' | ' |
Principal together with accrued and unpaid interest due and payable, date | 30-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit facility borrowed | 10,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit facility, available borrowing capacity | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of letters of credit outstanding, amount | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance costs | $800,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 24, 2011 | Aug. 24, 2011 | Aug. 24, 2011 | Aug. 24, 2011 | Dec. 31, 2013 | Dec. 31, 2009 |
Restricted Stock | Vested Stock Awards | Vested Stock Awards | Performance Based Restricted Stock | Performance Based Restricted Stock | Time Based Restricted Stock | MTS | MTS | MTS | MTS | Board of Directors Policy | Vesting on the 16th quarter | |||||
Restricted Stock | Restricted Stock | Restricted Stock | Employee | Maximum | Vesting over first year | Vesting over last three years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period | '4 years | ' | ' | '4 years | '4 years | ' | ' | '2 years | ' | ' | '4 years | ' | ' | ' | '4 years | ' |
Expiration period from grant date | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Percentage of stock options to be vested over 15 quarters | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock options to be vested during remaining period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 20.00% | ' | 25.00% |
Stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,693 | ' | ' | ' | ' | ' |
Number of employees authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | ' | ' | ' |
Weighted average grant-date fair value of options granted | $10.37 | $9.78 | $11.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options | $23.30 | $42.70 | $68.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, outstanding | 32.1 | 49.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercisable | 18.8 | 29.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized non-vested stock options | 35.4 | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized non-vested stock awards recognition period | '2 years 9 months 18 days | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | '0 years | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' |
Total number of stock options vested during the period | 5,864,340 | 5,821,461 | ' | ' | ' | 1,295,116 | 1,349,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock options vested during the period | ' | ' | ' | ' | ' | 30.3 | 29.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 40.5 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic Value of awards | ' | ' | ' | ' | ' | ' | ' | $1.60 | ' | $48.90 | ' | ' | ' | ' | ' | ' |
Summary_of_Stock_Option_Transa
Summary of Stock Option Transactions Under Equity Plan, Stock Incentive Plan, Multifamily Technology Solutions Plan and Board Plan (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of Shares | ' | ' | ' |
Outstanding, Beginning Balance | 5,858,613 | 7,292,031 | 9,131,494 |
Granted | 2,421,124 | 1,641,470 | 1,477,250 |
Exercised | -1,556,865 | -2,389,704 | -3,117,058 |
Forfeited/cancelled | -800,470 | -684,154 | -547,969 |
Expired | -7,600 | -1,030 | -1,379 |
Number of Shares, ending balance | 5,914,802 | 5,858,613 | 7,292,031 |
Range of exercise prices beginning balance, lower limit | $0.91 | $0.91 | $2 |
Range of exercise prices beginning balance, upper limit | $29.50 | $29.50 | $27.18 |
Range of exercise prices, Granted lower limit | $19.78 | $17.67 | $19.73 |
Range of exercise prices, Granted upper limit | $25.70 | $24.64 | $29.50 |
Range of exercise prices Exercised, lower limit | $0.91 | $0.91 | $0.91 |
Range of exercise prices Exercised, upper limit | $25.24 | $27.18 | $27.18 |
Range of exercise prices Forfeited/cancelled, lower limit | $4.28 | $0.94 | $4.28 |
Range of exercise prices Forfeited/cancelled, upper limit | $29.50 | $29.50 | $29.50 |
Range of exercise prices Expired, lower limit | $24.03 | $0.94 | $4.28 |
Range of exercise prices Expired, upper limit | $24.64 | $27.18 | $6 |
Range of exercise prices Ending Balance, lower limit | $0.91 | $0.91 | $0.91 |
Range of exercise prices Ending Balance, upper limit | $29.50 | $29.50 | $29.50 |
Weighted-Average Exercise Price | ' | ' | ' |
Beginning Balance | $13.97 | $9.95 | $6.05 |
Granted | $22.20 | $20.09 | $24.09 |
Exercised | $6.81 | $5.05 | $4.07 |
Forfeited/cancelled | $18.71 | $17.04 | $12.94 |
Expired | $24.35 | $2.73 | $5.26 |
Ending Balance | $18.56 | $13.97 | $9.95 |
MTS | ' | ' | ' |
Number of Shares | ' | ' | ' |
Assumed MTS Plan | ' | ' | 349,693 |
Range of exercise prices, Granted upper limit | ' | ' | $23.29 |
Range of exercise prices Exercised, lower limit | ' | ' | $0.91 |
Weighted-Average Exercise Price | ' | ' | ' |
Assumed MTS Plan | ' | ' | $4.39 |
Outstanding_Stock_Options_Vest
Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fully vested and expected to vest number of shares outstanding | 5,864,340 | 5,821,461 | ' | ' |
Fully vested and expected to vest Weighted average remaining contractual life | '7 years 11 months 9 days | '7 years 5 months 19 days | ' | ' |
Fully vested and expected to vest Weighted average price per share | $18.53 | $13.93 | ' | ' |
Number of shares outstanding | 5,914,802 | 5,858,613 | 7,292,031 | 9,131,494 |
Weighted average price per share | $18.56 | $13.97 | $9.95 | $6.05 |
Number of shares outstanding, exercisable | 1,984,472 | 2,367,409 | ' | ' |
Weighted average remaining contractual life, exercisable | '6 years 6 months 29 days | '6 years 2 months 1 day | ' | ' |
Weighted average price per share, exercisable | $14.42 | $9.52 | ' | ' |
Non Vested Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares outstanding | 3,930,330 | 3,491,204 | ' | ' |
Weighted average remaining contractual life | '8 years 7 months 28 days | '8 years 4 months 24 days | ' | ' |
Weighted average price per share | $20.66 | $16.98 | ' | ' |
Awards_Granted_Assumptions_Det
Awards Granted Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rates, minimum | 0.80% |
Risk-free interest rates, maximum | 2.50% |
Dividend yield | 0.00% |
Expected volatility, minimum | 48.00% |
Expected volatility, maximum | 53.00% |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected option life (in years) | '5 years |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected option life (in years) | '6 years |
Summary_of_TimeBased_Restricte
Summary of Time-Based Restricted Share Awards' Activity (Detail) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock | ' | ' | ' |
Number of Shares | ' | ' | ' |
Beginning Balance | 1,360,947 | 998,958 | 321,700 |
Granted | 1,747,501 | 1,022,609 | 1,063,085 |
Vested | -712,434 | -426,675 | -197,990 |
Forfeited/cancelled | -305,211 | -233,945 | -187,837 |
Ending Balance | 2,090,803 | 1,360,947 | 998,958 |
Weighted-Average price | ' | ' | ' |
Beginning of Period | $21.58 | $24.54 | $20.54 |
Granted | $22.09 | $19.93 | $23.92 |
Vested | $21.30 | $23.08 | $21.48 |
Forfeited/cancelled | $21.58 | $23.34 | $21.60 |
Ending of Period | $22.10 | $21.58 | $24.54 |
PerformanceBased_Restricted_Sh
Performance-Based Restricted Share Awards Activity (Detail) (Performance Based Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Based Restricted Stock | ' | ' | ' |
Number of Shares | ' | ' | ' |
Beginning Balance | 275,257 | 533,587 | 722,027 |
Granted | 100,000 | 270,000 | 20,646 |
Vested | -31,902 | -132,791 | -209,086 |
Forfeited/cancelled | -273,355 | -395,539 | 0 |
Ending Balance | 70,000 | 275,257 | 533,587 |
Weighted-Average price | ' | ' | ' |
Beginning of Period | $22.46 | $23.39 | $22.33 |
Granted | $21.60 | $22.93 | $25.77 |
Vested | $17.99 | $12.87 | $19.97 |
Forfeited/cancelled | $23.40 | $27.26 | $0 |
Ending of Period | $18.10 | $22.46 | $23.39 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Jul. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 12, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | Jul. 19, 2012 |
Yardi Law Suit | Yardi Law Suit | Reimbursement Payment | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease of office space and equipment under capital and operating leases, expiration year | ' | '2020 | ' | ' | ' | ' | ' | ' |
Capital lease, average interest rate | ' | 2.20% | ' | ' | ' | ' | ' | ' |
Lease rent expense | ' | $9.70 | $8.40 | $7.40 | ' | ' | ' | ' |
License from Yardi, intangible asset | ' | ' | ' | ' | ' | 3 | ' | ' |
License to Yardi, other revenue, deferred | ' | ' | ' | ' | ' | 1 | ' | ' |
Settlement of all outstanding legal disputes | ' | ' | ' | ' | ' | ' | 8.5 | ' |
Receipt of claim from primary insurance carrier | 5 | ' | ' | ' | ' | ' | ' | 5 |
Policy coverage in excess of total coverage by different insurance carrier | ' | ' | ' | ' | $5 | ' | ' | ' |
Assets_under_Capital_Lease_Det
Assets under Capital Lease (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Assets under capital lease, Gross | $1,474 | $0 |
Less: Accumulated depreciation and amortization | 46 | 0 |
Assets under capital lease, net | 1,428 | 0 |
Data Processing and Communication Equipment | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Assets under capital lease, Gross | 0 | 0 |
Software | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Assets under capital lease, Gross | $1,474 | $0 |
Aggregate_Annual_Rental_Commit
Aggregate Annual Rental Commitments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leases | ' | ' |
2014 | $588 | ' |
2015 | 587 | ' |
2016 | 294 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Total minimum lease payments | 1,469 | ' |
Less amount representing average interest of 2.2% | -41 | ' |
Capital lease, present value of net minimum payments | 1,428 | ' |
Less current portion | -562 | 0 |
Long-term portion | 866 | 0 |
Operating Leases | ' | ' |
2014 | 10,596 | ' |
2015 | 9,678 | ' |
2016 | 7,540 | ' |
2017 | 3,090 | ' |
2018 | 2,502 | ' |
Thereafter | 3,308 | ' |
Total minimum lease payments | $36,714 | ' |
Funds_Held_for_Others_Addition
Funds Held for Others - Additional information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Tenant funds deposited in custodial account | $70,100,000 | $34,400,000 |
Restricted cash | 71,941,000 | 35,202,000 |
Customer deposits | 71,910,000 | 35,171,000 |
Originating Depository Financial Institution | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 1,500,000 | 800,000 |
Customer deposits | $1,500,000 | $700,000 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares excluded from dilutive shares outstanding because their effect was anti-dilutive | 1,058,334 | 644,299 | 3,180,852 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $2,178 | $12,886 | $4,610 | $1,018 | $3,722 | $2,113 | ($2,372) | $1,720 | $20,692 | $5,183 | ($1,231) |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares used in computing basic net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 74,962 | 71,838 | 68,480 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares used in computing basic net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 74,962 | 71,838 | 68,480 |
Add weighted average effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,225 | 2,164 | 0 |
Weighted average common shares used in computing diluted net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 76,187 | 74,002 | 68,480 |
Net income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | $0.07 | ($0.02) |
Diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.27 | $0.07 | ($0.02) |
Domestic_and_Foreign_Component
Domestic and Foreign Components of Income (Loss) Before Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $19,230 | $9,151 | ($926) |
Foreign | 1,252 | 251 | -515 |
Income (loss) before income taxes | $20,482 | $9,402 | ($1,441) |
Benefit_Provision_for_Income_T
(Benefit) Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $0 |
State | 1,886 | 1,568 | 225 |
Foreign | 421 | 27 | 70 |
Total current taxes | 2,307 | 1,595 | 295 |
Deferred: | ' | ' | ' |
Federal | -1,832 | 3,192 | 299 |
State | -619 | -574 | -626 |
Foreign | -66 | 6 | -178 |
Total deferred taxes | -2,517 | 2,624 | -505 |
Total income tax provision (benefit) | ($210) | $4,219 | ($210) |
Reconciliation_of_Income_Tax_B
Reconciliation of Income Tax (Benefit) Expense Computed at Federal Statutory Tax Rate to Actual Income Tax (Benefit) Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Expense derived by applying the Federal income tax rate to income (loss) before taxes | $7,169 | $3,291 | ($504) |
State income tax, net of federal benefit | 607 | 445 | 146 |
Foreign income tax | -170 | -55 | 215 |
Change in valuation allowance | -9,087 | 0 | -660 |
Benefits of assets not previously recognized | 0 | 0 | -97 |
Nondeductible expenses | 644 | 612 | 674 |
Fair value adjustment on stock acquisition | 487 | -251 | 0 |
Stock-based compensation | 139 | 171 | 137 |
Tax credits | 0 | 0 | 53 |
Changes in tax rates | 0 | 0 | -138 |
Other | 1 | 6 | -36 |
Total income tax provision (benefit) | ($210) | $4,219 | ($210) |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Reserves, deferred revenue and accrued liabilities | $6,303 | $7,215 |
Stock-based compensation | 10,873 | 7,401 |
Net operating loss carryforwards | 16,106 | 23,139 |
Total gross deferred tax assets | 33,282 | 37,755 |
Deferred tax asset valuation allowance | -43 | -9,216 |
Total deferred tax assets | 33,239 | 28,539 |
Deferred tax liabilities: | ' | ' |
Property, equipment and software | -5,408 | -3,820 |
Other | -2,055 | -1,711 |
Intangible assets | -23,871 | -23,020 |
Total deferred tax liabilities | -31,334 | -28,551 |
Net deferred tax assets (liabilities) | $1,905 | ($12) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance reversal | $9,200,000 | ' | ' |
Deferred tax liability, net | 31,334,000 | 28,551,000 | ' |
Deferred tax liability related to intangibles not amortizable for tax purposes | 23,871,000 | 23,020,000 | ' |
Deferred tax asset related to net operating loss carryforwards | 16,106,000 | 23,139,000 | ' |
Deferred tax liabilities, other | 2,055,000 | 1,711,000 | ' |
Deferred tax assets operating loss carryforwards, federal | 174,000,000 | ' | ' |
Deferred tax assets operating loss carryforwards, state | 6,900,000 | ' | ' |
Operating losses carryforwards attributable to deductions originating from exercise of non-qualified employee stock options | 136,600,000 | ' | ' |
Current state and local tax expense (benefit) | 1,886,000 | 1,568,000 | 225,000 |
Undistributed earnings related to foreign subsidiaries | 1,600,000 | ' | ' |
Income tax examinations and adjustments minimum year | '3 years | ' | ' |
Rent Sentinel | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Deferred tax liability, net | 200,000 | ' | ' |
Deferred tax liability related to intangibles not amortizable for tax purposes | 1,800,000 | ' | ' |
Deferred tax asset related to net operating loss carryforwards | 2,100,000 | ' | ' |
Deferred tax liabilities, other | 100,000 | ' | ' |
MyBuilding Inc. | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Deferred tax liability, net | 800,000 | ' | ' |
Deferred tax liability related to intangibles not amortizable for tax purposes | 1,200,000 | ' | ' |
Deferred tax asset related to net operating loss carryforwards | 300,000 | ' | ' |
Deferred tax assets, other | 100,000 | ' | ' |
INDIA | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Tax holiday in Philippines expiration year | 31-Mar-11 | ' | ' |
PHILIPPINES | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Tax holiday in Philippines expiration year | '2015 | ' | ' |
Federal | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards, expiration year | '2020 | ' | ' |
Income tax year no longer subject to examinations | '2010 | ' | ' |
State | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Current tax liability | $1,900,000 | ' | ' |
Income tax year no longer subject to examinations | '2009 | ' | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Contributions to employee benefit plans | $0.90 | $0.90 | $0.70 |
Related_Party_Additional_Infor
Related Party - Additional Information (Detail) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | 31-May-12 |
Zuma Capital | ' |
Related Party Transaction [Line Items] | ' |
Amount of interest in payout based on ownership percentage of acquired entity | $0.50 |
Director | ' |
Related Party Transaction [Line Items] | ' |
Amount of interest in payout based on ownership percentage of acquired entity | $0.20 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
On demand | $92,081 | $94,084 | $90,825 | $85,322 | $81,771 | $78,973 | $74,938 | $70,718 | $362,312 | $306,400 | $239,436 |
On premise | 892 | 838 | 1,011 | 950 | 1,313 | 1,226 | 1,261 | 1,416 | 3,691 | 5,216 | 6,581 |
Professional and other | 2,546 | 3,149 | 2,615 | 2,709 | 2,640 | 3,040 | 2,593 | 2,283 | 11,019 | 10,556 | 11,962 |
Total revenue | 95,519 | 98,071 | 94,451 | 88,981 | 85,724 | 83,239 | 78,792 | 74,417 | 377,022 | 322,172 | 257,979 |
Gross profit | 58,013 | 59,960 | 57,111 | 53,617 | 52,520 | 50,342 | 46,944 | 43,804 | 228,701 | 193,610 | 149,824 |
Net income (loss) | $2,178 | $12,886 | $4,610 | $1,018 | $3,722 | $2,113 | ($2,372) | $1,720 | $20,692 | $5,183 | ($1,231) |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted | $0.03 | $0.17 | $0.06 | $0.01 | $0.05 | $0.03 | ($0.03) | $0.02 | ' | ' | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event, Bookt LLC, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
Subsequent Event | Bookt LLC | ' |
Subsequent Event [Line Items] | ' |
Business acquisition, purchase price | $14 |
Business acquisition, cash paid | 6 |
Business combination, deferred cash payment amount | 1 |
Length of time after acquisition date of deferred cash payment to be made | '2 years |
Business combination, additional future cash payment amount | $7 |
Recovered_Sheet1
Schedule ii - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $1,087 | $979 | $1,370 | |||
Additions Charged to Costs and Expenses | 3,661 | 1,794 | 1,677 | |||
Deduction | 3,834 | [1] | -1,686 | [1] | -2,068 | [1] |
Balance at End of Year | $914 | $1,087 | $979 | |||
[1] | Uncollectible accounts written off, net of recoveries. |