Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document Document And Entity Information [Abstract] | |||
Entity Registrant Name | REALPAGE INC | ||
Entity Central Index Key | 1,286,225 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RP | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 78,698,142 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,002,223,259 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 30,911 | $ 26,936 |
Restricted cash | 85,461 | 85,543 |
Accounts receivable, less allowance for doubtful accounts of $2,318 and $2,363 at December 31, 2015 and 2014, respectively | 74,192 | 64,845 |
Prepaid expenses | 8,294 | 7,647 |
Other current assets | 23,085 | 1,848 |
Total current assets | 221,943 | 186,819 |
Property, equipment and software, net | 82,198 | 72,616 |
Goodwill | 220,097 | 193,378 |
Identified intangible assets, net | 81,280 | 100,085 |
Deferred tax assets, net | 12,051 | 8,337 |
Other assets | 5,632 | 5,059 |
Total assets | 623,201 | 566,294 |
Current liabilities: | ||
Accounts payable | 17,448 | 14,830 |
Accrued expenses and other current liabilities | 28,294 | 22,905 |
Current portion of deferred revenue | 84,200 | 73,485 |
Customer deposits held in restricted accounts | 85,405 | 85,489 |
Total current liabilities | 215,347 | 196,709 |
Deferred revenue | 6,979 | 6,903 |
Revolving credit facility | 40,000 | 20,000 |
Other long-term liabilities | 34,423 | 13,902 |
Total liabilities | $ 296,749 | $ 237,514 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value: 10,000,000 shares authorized and zero shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 0 | $ 0 |
Common stock, $0.001 par value: 125,000,000 shares authorized, 82,919,033 and 83,211,650 shares issued and 78,793,670 and 79,037,351 shares outstanding at December 31, 2015 and 2014, respectively | 83 | 83 |
Additional paid-in capital | 471,668 | 437,664 |
Treasury stock, at cost: 4,125,363 and 4,174,299 shares at December 31, 2015 and 2014, respectively | (24,338) | (33,398) |
Accumulated deficit | (120,415) | (75,360) |
Accumulated other comprehensive loss | (546) | (209) |
Total stockholders’ equity | 326,452 | 328,780 |
Total liabilities and stockholders’ equity | $ 623,201 | $ 566,294 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 2,318 | $ 2,363 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 82,919,033 | 83,211,650 |
Common stock, shares outstanding | 78,793,670 | 79,037,351 |
Treasury stock, shares | 4,125,363 | 4,174,299 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
On demand | $ 450,962 | $ 390,622 | $ 362,312 |
On premise | 2,970 | 3,094 | 3,691 |
Professional and other | 14,588 | 10,835 | 11,019 |
Total revenue | 468,520 | 404,551 | 377,022 |
Cost of revenue | 198,613 | 174,871 | 148,321 |
Gross profit | 269,907 | 229,680 | 228,701 |
Operating expense: | |||
Product development | 68,799 | 64,418 | 50,638 |
Sales and marketing | 123,108 | 111,563 | 95,894 |
General and administrative | 68,814 | 69,202 | 60,610 |
Impairment of identified intangible assets | 20,801 | 0 | 0 |
Total operating expense | 281,522 | 245,183 | 207,142 |
Operating (loss) income | (11,615) | (15,503) | 21,559 |
Interest expense and other, net | (1,449) | (1,104) | (1,077) |
(Loss) income before income taxes | (13,064) | (16,607) | 20,482 |
Income tax benefit | (3,846) | (6,333) | (210) |
Net (loss) income | $ (9,218) | $ (10,274) | $ 20,692 |
Net (loss) income per share attributable to common stockholders | |||
Basic (in dollars per share) | $ (0.12) | $ (0.13) | $ 0.28 |
Diluted (in dollars per share) | $ (0.12) | $ (0.13) | $ 0.27 |
Weighted average shares used in computing net (loss) income per share attributable to common stockholders | |||
Basic (in shares) | 76,689 | 76,991 | 74,962 |
Diluted (in shares) | 76,689 | 76,991 | 76,187 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (9,218) | $ (10,274) | $ 20,692 |
Other comprehensive loss – foreign currency translation adjustment | (337) | (47) | (54) |
Comprehensive (loss) income | $ (9,555) | $ (10,321) | $ 20,638 |
Consolidated Statements of Sto
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Treasury Stock |
Beginning Balance (in shares) at Dec. 31, 2012 | (77,013,000) | (1,186,000) | ||||
Beginning Balance at Dec. 31, 2012 | $ 255,071 | $ 77 | $ 347,203 | $ (108) | $ (85,778) | $ (6,323) |
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) | (892,000) | ||||
Issuance of restricted stock | (4,856) | $ 4 | $ (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 | |||||
Ending Balance (in shares) at Dec. 31, 2013 | (80,512,000) | (2,078,000) | ||||
Ending Balance at Dec. 31, 2013 | $ 314,504 | $ 81 | 390,854 | (162) | (65,086) | $ (11,183) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 907,765 | 908,000 | ||||
Exercise of stock options | $ 9,912 | 9,912 | ||||
Issuance of restricted stock (in shares) | (1,758,000) | (1,130,000) | ||||
Issuance of restricted stock | $ (6,692) | $ 2 | $ (6,694) | |||
Treasury stock purchased, at cost (in shares) | (966,595) | (966,000) | ||||
Treasury stock purchased, at cost | $ (15,521) | $ (15,521) | ||||
Issuance of common stock (in shares) | 34,000 | |||||
Stock-based compensation | 37,050 | 37,050 | ||||
Net excess tax benefit (expense) of stock-based compensation | 2,248 | 2,248 | ||||
Acquisition-related contingent consideration | (2,400) | (2,400) | ||||
Foreign currency translation | (47) | (47) | ||||
Net (income) loss | (10,274) | |||||
Ending Balance (in shares) at Dec. 31, 2014 | (83,212,000) | (4,174,000) | ||||
Ending Balance at Dec. 31, 2014 | $ 328,780 | $ 83 | 437,664 | (209) | (75,360) | $ (33,398) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 809,303 | 809,000 | ||||
Exercise of stock options | $ 12,113 | $ 1 | 12,112 | |||
Issuance of restricted stock (in shares) | (1,624,000) | (916,000) | ||||
Issuance of restricted stock | $ (6,459) | $ 2 | $ (6,461) | |||
Treasury stock purchased, at cost (in shares) | (1,798,199) | (1,798,000) | ||||
Treasury stock purchased, at cost | $ (35,083) | $ (35,083) | ||||
Issuance of common stock (in shares) | 39,000 | |||||
Issuance of common stock | 0 | $ (2) | ||||
Retirement of treasury stock (in shares) | (2,764,794) | (2,765,000) | ||||
Retirement of treasury stock | 0 | $ (3) | (14,764) | (35,837) | $ 50,604 | |
Stock-based compensation | 38,122 | 38,122 | ||||
Net excess tax benefit (expense) of stock-based compensation | (1,466) | (1,466) | ||||
Foreign currency translation | (337) | (337) | ||||
Net (income) loss | (9,218) | (9,218) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | (82,919,000) | (4,125,000) | ||||
Ending Balance at Dec. 31, 2015 | $ 326,452 | $ 83 | $ 471,668 | $ (546) | $ (120,415) | $ (24,338) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (9,218) | $ (10,274) | $ 20,692 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 45,891 | 41,306 | 31,745 |
Deferred tax benefit | (5,219) | (7,891) | (2,503) |
Stock-based compensation | 38,122 | 37,050 | 29,697 |
Excess tax benefit from stock options | (357) | (2,248) | 0 |
Impairment of identified intangible assets | 20,801 | 0 | |
Loss on disposal and impairment of other long-lived assets | 3,070 | 386 | 314 |
Acquisition-related consideration | (3,268) | 173 | 1,284 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | |||
Accounts receivable | (8,701) | 1,929 | (13,669) |
Prepaid expenses and other current assets | 1,391 | (2,363) | (341) |
Other assets | (543) | (592) | (330) |
Accounts payable | (806) | 1,821 | 1,765 |
Accrued compensation, taxes and benefits | 3,888 | 1,964 | (1,259) |
Deferred revenue | 10,791 | 8,443 | 969 |
Other current and long-term liabilities | 170 | 268 | 845 |
Net cash provided by operating activities | 96,012 | 69,972 | 69,209 |
Cash flows from investing activities: | |||
Purchases of property, equipment, and software | (33,384) | (37,062) | (32,952) |
Proceeds from disposal of property, equipment, and software | 305 | 0 | 0 |
Acquisition of businesses, net of cash acquired | (45,282) | (41,947) | (28,229) |
Intangible asset additions | 0 | (260) | (927) |
Net cash used in investing activities | (78,361) | (79,269) | (62,108) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 51,500 | 68,572 | 0 |
Payments on revolving credit facility | (31,500) | (48,572) | (10,000) |
Deferred financing costs | (8) | (1,188) | 0 |
Payments on capital lease obligations | (574) | (562) | (548) |
Payments of acquisition-related consideration | (3,685) | (6,419) | (1,549) |
Issuance of common stock | 12,115 | 9,914 | 10,608 |
Excess tax benefit from stock options | 357 | 2,248 | 0 |
Purchase of treasury stock | (41,544) | (22,215) | (4,860) |
Net cash (used in) provided by financing activities | (13,339) | 1,778 | (6,349) |
Net increase (decrease) in cash and cash equivalents | 4,312 | (7,519) | 752 |
Effect of exchange rate on cash | (337) | (47) | (54) |
Cash and cash equivalents: | |||
Beginning of period | 26,936 | 34,502 | |
End of period | 30,911 | 26,936 | 33,804 |
Supplemental cash flow information: | |||
Cash paid for interest | 1,086 | 814 | 974 |
Cash paid for income taxes, net of refunds | 693 | 512 | 525 |
Non-cash investing activities: | |||
Accrued property, equipment, and software | 3,424 | 607 | 779 |
Non-cash financing activities: | |||
Software acquired under capital lease | $ 0 | $ 0 | $ 1,976 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company RealPage, Inc., a Delaware corporation, together with its subsidiaries, (the “Company” or “we” or “us”) is a provider of property management solutions that enable owners and managers of a wide variety of single family, multifamily, and vacation 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, renter, and property data. By integrating and streamlining a wide range of complex processes and interactions among the rental housing ecosystem of owners, managers, prospects, renters, 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of RealPage, Inc. and its wholly-owned subsidiaries. All 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, 2015 , 2014 , and 2013 was earned in the United States. Net property, equipment, and software held were $77.4 million and $66.5 million in the United States, and $4.8 million and $6.1 million in our international subsidiaries at December 31, 2015 and 2014 , respectively. Substantially all of the net property, equipment, and software held in our international subsidiaries was located in the Philippines and India at both December 31, 2015 and 2014 . Use of Estimates The preparation of financial statements in conformity with 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; contingent commissions related to the sale of insurance products; 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. The Company is self-insured for the cost of claims made under its employee medical programs. These costs include an estimate for expected settlements of pending claims and an estimate for claims incurred but not reported. These significant estimates are based on management's assessment of outstanding claims, historical analyses, and current payment trends. In the second quarter of 2013, we revised the 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 the 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 . 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 multifamily rental housing market. Our customers, however, are dispersed across different geographic areas. We do not require collateral from customers. We maintain an allowance for doubtful accounts based upon the expected collectability of accounts receivable. No single customer accounted for 10% or more of our revenue or accounts receivable for the years ended December 31, 2015 , 2014 , or 2013 . Revenues for our largest customer were 4.6% , 4.9% , and 3.4% of total revenues for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Cash Equivalents We consider all highly liquid investments with a maturity date, when purchased, of three months or less to be cash equivalents. Restricted Cash Restricted cash consists of cash collected from tenants that will be remitted primarily to our customers. Accounts Receivable Accounts receivable primarily represent trade receivables from customers that we present net of an allowance for doubtful accounts. For several of our solutions, we invoice customers prior to the period in which service is provided. For certain transactions, we have met the requirements to recognize revenue in advance of invoicing the customer. In these instances, we record unbilled receivables for the amount that will be due from the customer upon invoicing. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments, or the customer canceling prior to the service being rendered. As a result, a portion of our allowance is for services not yet rendered and, therefore, classified as an offset to deferred revenue. In evaluating the sufficiency of the allowance for doubtful accounts 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. 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. Accounts receivable are written off upon determination of non-collectability following established Company policies based on the aging from the accounts receivable invoice date. In the case of balances relating to services not yet rendered, the balance is written off when the customer cancels the service or when we determine that the invoiced service will no longer be provided, whichever occurs first. During the years ended December 31, 2015 , 2014 , and 2013 , we incurred bad debt expense of $2.0 million , $1.5 million , and $2.1 million , respectively. Accounts receivable includes commissions due to the Company related to the sale of insurance products to individuals and commissions which are contingent based upon the activity in the underlying policies. Contingent commissions are determined based on a calculation that considers earned agent commissions, a percent of premium retained by our underwriting partner, incurred losses, and profit retained by our underwriting partner during the time period. Contingent commissions receivable are recorded at their estimated net realizable value, based on estimates and considerations which include, but are not limited to, the historical and projected loss rates incurred by the underlying policies. 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: Data processing and communications equipment 3 - 5 years Furniture, fixtures, and other equipment 3 - 5 years Software 3 - 5 years Software includes both purchased and internally developed software. Leasehold improvements are depreciated over the shorter of the lease term or 10 years . Gains and losses from asset disposals are included in the line "General and administrative" in the Consolidated Statements 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 businesses. Such 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. Unanticipated events and circumstances may occur which affect the accuracy or validity of these estimates. Our business combination agreements may 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. Changes in the fair value of contingent consideration are reflected in the Consolidated Statements of Operations. We expense acquisition-related costs as incurred rather than including them 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 significant changes in 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. If the carrying amount exceeds the fair market value of the asset or assets, we would recognize an impairment charge equal to this excess. Goodwill and Identified Intangible Assets with Indefinite Lives We test goodwill and identified intangible assets with indefinite lives for impairment separately on an annual basis in the fourth quarter of each year. Additionally, we test these assets in the interim if events and circumstances indicate they may be impaired. The events and circumstances that we consider include, but are not limited to, significant under-performance relative to projected future operating results and significant changes in our overall business and/or product strategies. 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 identified 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. 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 identified 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. Assets with indefinite lives that have been determined to be inseparable due to their interchangeable use are grouped into single units of accounting for purposes of testing for impairment. If the carrying amount of an identified intangible asset with an indefinite life exceeds its fair value, we would recognize an impairment loss equal to the excess of carrying value over fair value. Identified Intangible Assets with Finite Lives Identified intangible assets with finite lives consist of acquired developed technologies, customer relationships, vendor relationships, and trade names. 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. Estimated useful lives for identified intangible assets with finite lives consist of the following: Developed technologies 3 - 10 years Customer relationships 1 - 10 years Vendor relationships 7 years Trade names 1 - 7 years We include amortization of acquired developed technologies in cost of revenue, amortization of acquired customer relationships in sales and marketing expenses, and amortization of vendor relationships 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 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. 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 fifty percent likelihood of being realized upon settlement with the taxing authorities. There were no identified tax benefits that were considered uncertain positions at December 31, 2015 and 2014 . In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which requires companies to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet instead of the current requirement to separate deferred income tax assets and liabilities into current and noncurrent amounts. As permitted in this ASU, we early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of our net current deferred tax assets, totaling $11.0 million , from current assets to noncurrent assets in the Consolidated Balance Sheet as of December 31, 2014. Additionally, due to the removal of the requirement to classify these assets and liabilities as current or noncurrent, we were able to further net deferred tax assets and liabilities arising from the same taxing jurisdiction, resulting in the reclassification of $5.2 million of deferred tax liabilities from current liabilities to noncurrent assets as of December 31, 2014. Revenue Recognition We derive our revenue from three primary sources: on demand software solutions, on premise software solutions, and professional 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 as payments become due from customers or when amounts owed are collected, provided all other conditions for revenue recognition have been met. Accordingly, this may materially affect the timing of our revenue recognition and results of operations. When arrangements with customers include multiple software solutions and/or services, we allocate arrangement consideration to each deliverable based on its relative selling price. In such circumstances, we determine the relative selling price for each deliverable based on vendor specific objective evidence of selling price ("VSOE"), if available, or our best estimate of selling price ("ESP"). We have determined that third-party evidence of selling price is not available as our solutions and services are not largely interchangeable with those of other vendors. Our process for determining ESP considers multiple factors, including prices charged by us for similar offerings when sold separately, pricing and discount strategies, and other business objectives. 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 composed 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 commissions related to these services as earned ratably over the policy term. Our contract with our underwriting partner provides for contingent commissions to be paid to us in accordance with the agreement. Our estimate of contingent commission revenue considers historical loss experience on the policies sold by us. On Premise Revenue Sales of our on premise software solutions consists 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 revenue for the annual term license and support services on a straight-line basis over the contract term. We also derive on premise revenue from multiple element arrangements that include perpetual licenses with maintenance and other services to be provided over a fixed term. Revenue is recognized for delivered items using the residual method when we have VSOE of fair value for the undelivered items and all other criteria for revenue recognition have been met. When VSOE has not been asserted for the undelivered items, we recognize the arrangement fees ratably over the longer of the customer support period or the period during which professional services are rendered. Professional and Other Revenue Professional services and other revenue are 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 centers; fees paid to third-party providers; allocations of facilities overhead costs; depreciation, amortization of acquired technologies; and amortization of capitalized software. Stock-Based Compensation The Company recognizes compensation expense related to stock options and restricted stock units (“RSU”) granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The Company estimates the fair value of time-based vesting stock option awards using the Black-Scholes option pricing model on the date of grant and the associated expense is recognized over the requisite service period, which is generally the vesting period, on a straight-line basis. We have granted stock options at exercise prices equal to the fair market value of our common stock, as of the grant date. The fair value of time-based RSU awards is based on the closing trading price of our common stock on the date of grant. Compensation expense for these awards is recognized on a straight-line basis over the requisite service period. The fair value of RSU awards with both market and time-based vesting conditions is estimated using a discrete model based on multiple stock price-paths developed through the use of Monte Carlo simulation. Expense associated with market-based awards is recognized over the requisite service period using the graded-vesting attribution method. The requisite service period includes the estimated period to achieve the market condition, based on the median of the distribution of share price-paths on which the market condition is satisfied, and the time-based vesting period subsequent to achieving the market condition. The Company estimates the fair value of RSU awards with both performance-based and time-based vesting conditions based on the closing price of our common stock on the date of grant. Compensation expense for performance-based RSU awards is recognized when achievement of the performance condition is determined to be probable. Expense is recognized on a straight-line basis over the requisite service period. Changes to the assumptions underlying the above models may have a significant impact on the underlying value of the stock options or RSU awards, which could have a material impact on our consolidated financial statements. 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, 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, equipment, and software. Internal use software is amortized on a straight-line basis over its estimated useful life, generally three to five years . 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. Advertising Expenses Advertising costs are expensed as incurred and totaled $16.3 million , $15.1 million , and $11.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Leases Some of the operating lease agreements entered into by the Company contain provisions for future rent increases, rent free periods, periods in which rent payments are reduced (abated), or lease incentives. The total amount of rental payments due over the lease term is charged to rent expense on the straight-line method over the term of the lease. The difference between rent expense recorded and the amount paid is credited or charged to “Accrued lease liability,” which is included in “Accrued expenses and other current liabilities" or "Other long-term liabilities" in the accompanying Consolidated Balance Sheets, depending upon when the liability is expected to be relieved. Other Current and Long-Term Liabilities Accrued expenses and other current liabilities consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Accrued compensation, payroll taxes, and benefits $ 12,492 $ 8,517 Self-insured medical plans 1,831 1,800 Current portion of liabilities related to acquisitions 6,502 3,905 Other current liabilities 7,469 8,683 Total accrued expenses and other current liabilities $ 28,294 $ 22,905 Other long-term liabilities consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Accrued lease liability $ 27,869 $ 3,670 Other long-term liabilities 6,554 10,232 Total other long-term liabilities $ 34,423 $ 13,902 Accrued lease liability consisted of balances resulting from the recognition of rent expense under various lease agreements on a straight-line basis. Deferred rent amounts at December 31, 2015, primarily related to incentives under a lease executed in 2015 for our new corporate headquarters in Richardson, Texas. See Note 9 for additional information regarding this lease. 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 hierarchy based upon the observability of the inputs to valuation technique. 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. See additional discussion of our fair value measurements at Note 12 . Recently Issued Accounting Standards In November 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior period financial statements for measurement-period adjustments. This ASU requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. This new standard is effective for interim and annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company will adopt ASU 2015-16 in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015, and early adoption of this ASU is permitted. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements , which excludes line of credit arrangements from the scope of ASU 2015-03. Under this ASU, debt issuance costs related to line of credit arrangements can be deferred and presented as an asset that is subsequently amortized over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. ASU 2015-15 should be adopted concurrent with the adoption of ASU 2015-03. The Company will adopt ASU's 2015-03 and 2015-15 in the first quarter of 2016 and does not expect that the adoption of these standards will have a material effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . This ASU provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 is effective for periods beginning after December 15, 2015. The Company will adopt this standard in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. The FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement in April 2015. This update provides guidance to customers in determining whether a cloud computing arrangement includes a software license. The update is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption of ASU 2015-05 is permitted. The update allows for the use of either a prospective or retrospective adoption approach. The Company will adopt this standard in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This new standard will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the considerati |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions We apply the guidance contained in ASC Topic 805, Business Combinations ("ASC 805") in determining whether an acquisition transaction constitutes a business combination. ASC 805 defines a business as consisting of inputs and processes applied to those inputs that have the ability to create outputs. The below acquisition transactions were determined to constitute business combinations and were accounted for under ASC 805. Purchase consideration includes assets transferred, liabilities incurred, and/or equity interests issued by us, all of which are measured at their fair value as of the date of acquisition. Our business combination transactions may be structured to include an up-front cash payment and deferred and/or contingent cash payments to be made at specified dates subsequent to the date of acquisition. Deferred cash payments are included in the acquisition consideration based at their fair value as of the acquisition date. The fair value of these obligations is estimated based on the present value, as of the date of acquisition, of the anticipated future payments. The future payments are discounted using a rate that considers an estimate of the return expected by a market-participant and a measurement of the risk inherent in the cash flows, among other inputs. Deferred cash payments are generally subject to adjustments specified in the underlying purchase agreement related to the seller's indemnification obligations. Contingent cash payments are obligations to make future cash payments to the seller, the payment of which is contingent upon the acquired business achieving stipulated operational or financial targets in the post-acquisition period. Contingent cash payments are included in the purchase consideration at their fair value as of the acquisition date. The fair value of these payments is estimated by management using a probability weighted discount model based on the achievement of the specified targets. The fair value of these liabilities is re-evaluated on a quarterly basis, the change of which is reflected in the line "General and administrative" in the accompanying Consolidated Statements of Operations. The total purchase consideration is allocated to the assets acquired and liabilities assumed based on their estimated fair values. Any excess consideration is classified as goodwill. Acquired intangibles are recorded at their estimated fair value based on the income approach using market-based estimates. Acquired intangibles generally include developed product technologies, which are amortized over their useful life on a straight-line basis, and customer relationships, which are amortized over their useful life proportionately to the expected discounted cash flows derived from the asset. When trade names acquired are not classified as indefinite-lived, they are amortized on a straight-line basis over their expected useful life. Acquisition costs are expensed as incurred and are included in the line "General and administrative" in the accompanying Consolidated Statements of Operations. We include the results of operations from acquired businesses in our consolidated financial statements from the effective date of the acquisition. 2015 Acquisitions Indatus In June 2015, we acquired certain assets from ICIM Corporation, including the Answer Automation, Call Tracker, and Zip Digital products, marketed under the name Indatus. The Indatus offerings are software-as-a-service products that provide automated answering services, marketing spend analysis tools, and other features which enhance the ability of managers of multifamily properties to communicate with their residents. We are currently integrating the Indatus assets with our existing contact center and maintenance products, which will increase the features of these existing solutions. We acquired the Indatus assets for a purchase price of $49.4 million , consisting of a cash payment of $43.8 million at closing; deferred cash payments of up to $5.0 million , payable over nineteen months after the acquisition date; and contingent cash payments of up to $2.0 million , in the aggregate, if certain revenue targets are met for the twelve month periods ended June 30, 2016 and 2017 . The fair value of the deferred and contingent cash payments was $4.7 million and $0.9 million , respectively, as of the acquisition date. Direct acquisition costs were $0.3 million . This acquisition was financed using proceeds from our revolving credit facility. The acquired developed product technologies and customer relationships have useful lives of three and ten years , respectively. The trade name acquired will be amortized over a useful life of one year , based on our anticipated use of the asset. Goodwill and identified intangible assets associated with the acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of anticipated synergies resulting from the integration of Indatus with our pre-existing products and from leveraging our existing customer base and sales staff. VRX In June 2015, we acquired certain assets from RJ Vacations, LLC and Switch Development Corporation, including the VRX product ("VRX"). VRX is a software-as-a-service application which allows vacation rental management companies to manage the cleaning and turning of units, accounting, and document management. VRX augments our existing line of solutions offered to the vacation rental industry, and we are currently integrating it with our Kigo solution. We acquired the VRX assets for a purchase price of $2.0 million , consisting of a cash payment of $1.5 million at closing and a contingent cash payment of up to $0.5 million . Payment of the contingent cash obligation is dependent upon the achievement of certain subscription or booking activity targets and is subject to adjustments specified in the acquisition agreement related to the sellers' indemnification obligations. The contingent cash obligation had a fair value of $0.5 million , as of the acquisition date, and is due fifteen months after the date of acquisition. The purchase agreement also provides for the sellers to receive additional contingent cash payments of up to $3.0 million . Payment of the additional contingent consideration is dependent upon the achievement of certain revenue targets during the twelve month periods ended December 31, 2016, 2017, and 2018, and the sellers providing certain services during a specified period following the acquisition date. Due to this post-acquisition service requirement, the Company concluded that the additional contingent cash payments represent post-acquisition compensation; therefore, these amounts were excluded from the purchase consideration. This acquisition was financed using cash flows from operations. Direct acquisition costs were immaterial. The acquired developed product technologies have an estimated useful life of three years . The estimated fair value of the customer relationships acquired was immaterial and these intangible assets were expensed as of the acquisition date. Goodwill arising from the acquisition consists largely of anticipated synergies resulting from the integration of VRX with Kigo. Goodwill and identified intangible assets associated with the acquisition are deductible for tax purposes. Purchase Price Allocation The estimated fair values of assets acquired and liabilities assumed related to the above acquisitions are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. We believe that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but we are waiting for additional information necessary to finalize those fair values. Therefore, the provisional measurements of fair value reflected are subject to change, and such changes could be significant. We expect to finalize the valuations and purchase price allocations as soon as practicable, but no later than one year from the acquisition dates. We preliminarily allocated the purchase price of Indatus and VRX as follows: Indatus VRX (in thousands) Accounts receivable $ 646 $ — Intangible assets: Developed product technologies 13,400 794 Customer relationships 9,770 11 Trade names 83 — Goodwill 25,575 1,186 Net other liabilities (57 ) — Total purchase price $ 49,417 $ 1,991 At December 31, 2015 , the carrying value of total deferred and contingent cash obligations related to acquisitions completed in 2015 was $5.1 million and $0.8 million , respectively. The deferred cash obligations are carried net of a discount of $0.2 million in the accompanying Consolidated Balance Sheets. During the year ended December 31, 2015 , we recognized a net gain in the amount of $0.6 million due to changes in the fair value of the contingent cash obligations related to these acquisitions. There were no payments of deferred or contingent cash obligations made related to these acquisitions during the year ended December 31, 2015 . 2014 Acquisitions InstaManager In January 2014, we acquired certain assets from Bookt LLC, including the InstaManager product (“InstaManager”). InstaManager was a software-as-a-service vacation rental booking engine used by professional managers of vacation rental properties which offered marketing websites; online pricing and availability; online booking; automated reservations; payment processing; and insurance sales. The acquisition of InstaManager expanded our product offerings to include property management software for the vacation rental market. We acquired InstaManager for a purchase price of $9.2 million , consisting 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 contingent cash payments totaling up to $7.0 million if certain revenue targets are met during the twelve month periods ended March 31, 2015 and 2016 . The initial fair value of the deferred and contingent cash payments were $0.8 million and $2.4 million , respectively. The first deferred cash payment was made in the first quarter of 2015. The performance targets for the first contingent cash payment were achieved and the related payment was made in the third quarter of 2015. The acquired developed product technologies have a useful life of three years . Goodwill and identified intangible assets associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating InstaManager into our existing operating structure. Direct costs related to this acquisition were less than $0.1 million and the acquisition was financed from cash flows from operations. We assigned an indefinite useful life to the trade name acquired, as we did not anticipate ceasing use of the trade name in the marketplace. In March 2015, we completed the integration of InstaManager with another vacation rental software product and ceased use of the trade name in marketing activities at that time. As a result of this event, we assessed the InstaManager trade name for impairment. See further discussion of this analysis and conclusion in Note 6 . Virtual Maintenance Manager In March 2014, we acquired certain assets from Virtual Maintenance Manager LLC, including the Virtual Maintenance Manager product (“VMM”). VMM is a software-as-a-service application that facilitates the management of the end-to-end maintenance life cycle for single family and multifamily rental properties and provides property managers with enhanced visibility into their maintenance costs, manages resources, and provides enhanced business control for property managers. We integrated VMM into our existing Propertyware products. We acquired the VMM assets for a purchase price of $1.2 million , consisting of a cash payment of $1.0 million at closing; deferred cash payments of up to $0.2 million , payable over two years after the acquisition date; and contingent cash payments of up to $2.0 million if certain revenue targets are met for the twelve months ended June 30, 2015 and 2016 . The initial fair value of the deferred and contingent cash payments was $0.2 million and less than $0.1 million , respectively. The first deferred cash payment was made in the second quarter of 2015. The performance targets for the first contingent cash payment were not met and, therefore, no payment was made. Should VMM achieve the targets for the second contingent cash payment they are eligible to receive the full $2.0 million . The acquired developed product technologies and customer relationships have useful lives of three and ten years , respectively. Goodwill and identified intangible assets associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating VMM into our existing operating structure and from anticipated synergies with our existing products. Direct acquisition costs were less than $0.1 million and this acquisition was financed from cash flows from operations. Notivus In May 2014, we acquired certain assets from Notivus Multi-Family LLC, including the Notivus product ("Notivus"). Notivus is a software-as-a-service application that provides an outsourced vendor credentialing solution to assist multifamily owners and managers in the credentialing and ongoing monitoring of their current and prospective vendors, suppliers, and independent contractors. We subsequently integrated Notivus into our existing Compliance Depot products. We acquired the Notivus assets for a purchase price of $4.4 million , consisting of a cash payment of $3.6 million at closing and a deferred cash payment of up to $0.8 million , payable over two years after the acquisition date. The initial fair value of the deferred cash payment was approximately $0.8 million . The first deferred cash payment was made in the third quarter of 2015. The acquired developed product technologies have a useful life of three years . Goodwill and identified intangible assets associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating Notivus into our existing operating structure and from anticipated synergies with our existing products. Direct costs related to this acquisition were less than $0.1 million and this acquisition was financed from cash flows from operations. Kigo In June 2014, we acquired all of the issued and outstanding stock of Kigo, Inc. ("Kigo"). Kigo is a software-as-a-service vacation rental booking system based in the United States with operations in Spain. Kigo offers services for vacation rental property managers that include vacation rental calendars, scheduling, reservations, accounting, channel management, website design, payment processing, and other tasks to aid the management of leads, revenue, resources, and lodging calendars. We integrated our existing vacation rental products with Kigo and launched an enhanced version of the software in March 2015. We acquired Kigo for a purchase price of $36.2 million , consisting of a cash payment of $30.7 million and a deferred cash payment of up to $5.5 million , payable over two and a half years after the acquisition date. Interest is accrued on the deferred cash payment at a rate equal to the one-month London Interbank Offered Rate ("LIBOR"), plus a premium of 1.00% , and is payable on the date the underlying principal is due. This acquisition was financed from proceeds from our revolving credit facility and cash flows from operations. Direct acquisition costs were $0.5 million . The acquired developed product technologies and customer relationships have useful lives of three and ten years , respectively. The trade name acquired has an indefinite useful life as we do not plan to cease using it in the marketplace. Goodwill and identified intangible assets associated with this acquisition are not deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating Kigo into our existing operating structure and from anticipated synergies with our existing products. Purchase Price Allocation We allocated the purchase price for InstaManager, VMM, Notivus, and Kigo as follows: InstaManager VMM Notivus Kigo (in thousands) Intangible assets: Developed product technologies $ 4,490 $ 671 $ 1,840 $ 2,570 Customer relationships — 200 — 1,120 Trade names 527 — — 602 Goodwill 4,135 358 2,852 32,996 Deferred revenue (33 ) — (156 ) — Net deferred taxes — — — (495 ) Net other assets (liabilities) 55 — (141 ) (547 ) Total purchase price $ 9,174 $ 1,229 $ 4,395 $ 36,246 At December 31, 2015 and 2014 , aggregate deferred cash obligations related to acquisitions completed in 2014 totaled $6.2 million and $7.4 million , respectively. During the year ended December 31, 2015 , the Company paid deferred cash obligations totaling $1.2 million related to acquisitions completed in 2014. No payments of deferred cash obligations were made in 2014 related to these acquisitions. Aggregate contingent cash obligations related to acquisitions completed in 2014 had a carrying value of $2.3 million at December 31, 2014 . The fair value of these obligations was estimated to be zero at December 31, 2015 . During the years ended December 31, 2015 and 2014 , we recognized a net gain of $1.8 million and $0.1 million related to changes in the fair value of the contingent cash obligations for these acquisitions. The Company paid contingent cash obligations totaling $0.5 million during 2015 . No payments of contingent cash obligations were made in 2014 related to these acquisitions. 2013 Acquisitions Seniors for Living In February 2013, we acquired certain assets of Seniors for Living, Inc. (“SFL”). SFL was a leading performance-based marketing company that provided senior housing communities and home care companies with industry-leading referral and marketing services to help them achieve their occupancy goals. We integrated SFL with our existing senior living software solutions. We acquired SFL for a purchase price of $2.7 million , which consisted of a cash payment of $2.3 million and two additional cash payments of $0.2 million each, due six and twelve months after the acquisition date. The acquisition-date fair value of the additional cash payments was determined to be $0.4 million . The deferred cash payments were remitted to the sellers in the fourth quarter of 2013 and the first quarter of 2014. The acquired developed product technologies and customer relationships have useful lives of three and five years , respectively. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating SFL into our existing operating structure and from anticipated synergies with our existing products. Direct costs related to this acquisition were less than $0.1 million and the acquisition was financed from cash flows provided by operations. RentSentinel In March 2013, we acquired certain assets from Yield Technologies, Inc., including the RentSentinel and RentSocial products (together, “RentSentinel”). The RentSentinel software-as-a-service platform was a fully featured apartment marketing management solution for the multifamily industry. RentSocial was an apartment search service that simplified and incorporated the social marketing platform into the process of finding an apartment. We integrated RentSentinel with our existing LeaseStar product family. We acquired RentSentinel for a 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 tranches of 36,250 shares of our common stock, which were issuable twelve and 24 months after the acquisition date. The initial fair value of the shares of common stock issued at acquisition and the contingent shares of common stock were $1.5 million and $1.4 million , respectively. The common stock shares included in the two tranches were issued in the second quarters of 2014 and 2015. The acquired developed product technologies and customer relationships have useful lives of three and nine years , respectively. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating RentSentinel into our existing operating structure and from anticipated synergies with our existing products. This acquisition was financed from cash flows provided by operations and our common stock. Direct acquisition costs were $0.1 million . Windsor In October 2013, we acquired substantially all of the operating assets of Windsor Compliance Services, Inc. (“Windsor Compliance”). Windsor Compliance was a firm specializing in compliance with tax credits and regulations for the affordable housing industry. We integrated Windsor Compliance with our other affordable HUD products. We acquired Windsor Compliance for a purchase price of $2.7 million , which included a cash payment of $1.3 million at closing and additional deferred cash payments of $1.0 million and $0.5 million , due twelve and 24 months after the acquisition date, respectively. The initial fair value of the deferred cash payments was $1.4 million . The first deferred cash payment was made in the fourth quarter of 2014. The purchase agreement also provided for the sellers to receive additional contingent compensation of up to $1.2 million in the form of RSU's issued under the Company's 2010 Equity Incentive Plan. This compensation was contingent upon Windsor achieving specified quarterly revenue targets over a period of the four quarters between June 30, 2014 and March 31, 2015. In November 2014, the purchase agreement was amended. Under this amendment, the additional contingent compensation would be paid in cash and the period for achieving the specified quarterly revenue targets was modified to the four quarters between December 31, 2014 and September 30, 2015. Windsor achieved the first two post-acquisition quarterly targets and the contingent compensation was paid in the second quarter of 2015. The last two post-acquisition targets were not met and the related contingent payments were forfeited. Acquired customer relationships have a useful life of ten years . Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating Windsor Compliance into our existing operating structure and from anticipated synergies with our existing products. This acquisition was financed from cash flows provided by operations. Direct acquisition costs were $0.1 million . MyBuilding In October 2013, we acquired all of the issued and outstanding capital stock of MyBuilding Inc. ("MyBuilding"). MyBuilding provided software-as-a-service solutions that facilitated the creation of online communities connecting renters to multifamily property managers, local vendors, and other renters. We integrated MyBuilding with our Resident Portal software solutions. We acquired MyBuilding for a purchase price of $6.9 million , consisting of a cash payment of $5.2 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 were met for the years ended December 31, 2014 and 2015. The initial fair value of the deferred and contingent cash payments was $1.4 million and $0.3 million , respectively. The first two deferred cash payments were made in the fourth quarters of 2014 and 2015. MyBuilding achieved the revenue targets for the first contingent cash payment, which was paid in the first quarter of 2015. The acquired developed product technologies and customer relationships have useful lives of three and ten years , respectively. The trade name acquired has an indefinite useful life as we do not plan to cease using the trade name in the marketplace. Goodwill and identified intangibles associated with this acquisition are not deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating MyBuilding into our existing operating structure and from anticipated synergies with our existing products. This acquisition was financed from cash flows provided by operations. Direct acquisition costs totaled $0.1 million . Active Building In October 2013, we acquired all of the membership interests of Active Building, LLC ("Active Building"). Active Building provided software-as-a-service solutions that facilitated the creation of online communities connecting renters to multifamily property managers, local vendors, and other renters. We integrated Active Building with our Resident Portal software solutions. We acquired Active Building for a 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 were met for the years ended December 31, 2014 and 2015. The initial fair value of the deferred and contingent cash payments was $1.7 million and $1.4 million , respectively. The two deferred cash payments were made in the fourth quarters of 2014 and 2015. Active Building met the revenue targets for the first contingent cash payment, which was paid in the first quarter of 2015. The acquired developed product technologies and customer relationships have useful lives of three and ten years , respectively. The trade name acquired has an indefinite useful life as we do not plan to cease using the trade name in the marketplace. Goodwill and identified intangibles associated with this acquisition are deductible for tax purposes. Goodwill arising from the acquisition consists largely of the economies of scale expected from integrating Active Building into our existing operating structure and from anticipated synergies with our existing products. This acquisition was financed from cash flows provided by operations. Direct acquisition costs totaled $0.1 million . Purchase Price Allocation We 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 Trade names — — — 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 $ 2,690 $ 10,496 $ 2,651 $ 6,861 $ 14,371 At December 31, 2015 and 2014 , aggregate deferred cash obligations related to acquisitions completed in 2013 totaled $1.0 million and $2.4 million , respectively. During the years ended December 31, 2015 and 2014 , the Company paid deferred cash obligations totaling $1.4 million and $2.6 million , respectively, related to acquisitions completed in 2013. There were no payments of deferred cash obligations made during 2013 related to these acquisitions. Aggregate contingent cash obligations related to acquisitions completed in 2013 totaled $1.8 million at December 31, 2014 . The fair value of these obligations was estimated to be zero at December 31, 2015 . During the years ended December 31, 2015 and 2014 , the Company recognized a net gain of $1.1 million and $0.3 million , respectively, related to changes in the fair value of the contingent cash obligations for these acquisitions. No gain or loss was recognized related to the change in the fair value of these liabilities in 2013 . The Company paid contingent cash obligations totaling $0.7 million during the year ended December 31, 2015 . There were no payments of contingent cash consideration obligations made in 2014 and 2013 related to these acquisitions. Acquisition Activity prior to 2013 We completed acquisitions in the years prior to 2013 for which deferred and contingent consideration obligations were included in the purchase consideration. There were no outstanding deferred and contingent cash obligations related to acquisitions completed prior to 2013 at December 31, 2015 or 2014 . During the years ended December 31, 2014 and 2013 , the Company paid deferred cash obligations related to these acquisitions totaling $1.5 million and $2.1 million , respectively. The Company paid contingent cash obligations related to these acquisitions totaling $0.2 million during both years ended December 31, 2014 and 2013 . During the year ended December 31, 2013 , the Company recognized a net loss of $0.5 million related to changes in the fair value of the contingent cash obligations for these acquisitions. There were no gains or losses recognized related to these acquisitions during 2014 . Pro Forma Results of Acquisitions The following table presents unaudited pro forma results of operations for 2015 and 2014 as if the aforementioned acquisitions had occurred at the beginning of each period presented. The pro forma financial information includes the business combination accounting effects resulting from these acquisitions, including $2.5 million and $6.5 million of amortization charges from acquired intangible assets as of December 31, 2015 and 2014 , respectively. 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 occurred at the beginning of the periods presented, or of future results. Year Ended December 31, 2015 Pro Forma 2014 Pro Forma (in thousands, except per share amounts) (unaudited) Revenue: On demand $ 456,082 $ 403,373 On premise 2,970 3,094 Professional and other 14,588 10,835 Total revenue 473,640 417,302 Net loss $ (10,035 ) $ (13,346 ) Net loss per share: Basic $ (0.13 ) $ (0.17 ) Diluted $ (0.13 ) $ (0.17 ) |
Accounts Receivable and Other C
Accounts Receivable and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable and Other Current Assets | Accounts Receivable and Other Current Assets Trade receivables include amounts billed to our customers, primarily under our on demand subscription solutions. Trade receivables also includes amounts invoiced to customers prior to the period in which the service is provided and amounts for which we have met the requirements to recognize revenue in advance of invoicing the customer. Insurance commissions receivable consists of commissions derived from the sale of insurance products to individuals and contingent commissions related to those policies. Unearned revenue receivable consists primarily of billings for our subscription services in advance of revenue recognition. Accounts receivable consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Trade receivables from customers $ 66,839 $ 59,444 Insurance commissions receivable 9,671 7,764 Accounts receivable, gross 76,510 67,208 Allowance for doubtful accounts 2,318 2,363 Accounts receivable, net $ 74,192 $ 64,845 Other current assets consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Lease-related receivables $ 20,683 $ 450 Other current assets 2,402 1,398 Total other current assets $ 23,085 $ 1,848 Lease-related receivables consist primarily of incentives related to a lease executed in 2015 for our new corporate headquarters in Richardson, Texas. See Note 9 for additional information regarding this lease. |
Property, Equipment and Softwar
Property, Equipment and Software | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software | Property, Equipment, and Software Property, equipment, and software consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Leasehold improvements $ 26,138 $ 22,943 Data processing and communications equipment 67,871 59,390 Furniture, fixtures, and other equipment 18,253 16,254 Software 68,972 51,915 181,234 150,502 Less: Accumulated depreciation and amortization (99,036 ) (77,886 ) Property, equipment, and software, net $ 82,198 $ 72,616 Depreciation and amortization expense for property, equipment, and purchased software was $20.6 million , $18.9 million , and $14.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These amounts include depreciation of assets acquired through capital leases. The carrying amount of capitalized software development costs was $41.2 million and $32.5 million and had accumulated amortization of $14.0 million and $10.7 million at December 31, 2015 and 2014 , respectively. The weighted average amortization period for capitalized software development costs was 4.2 years at December 31, 2015 . During the years ended December 31, 2015 , 2014 , and 2013 , we capitalized $10.5 million , $10.9 million , and $7.6 million of software development costs. Amortization expense related to capitalized software development costs totaled $3.3 million , $1.7 million , and $1.0 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. We review in-progress software development projects on a periodic basis to ensure completion is assured and the development work will be placed into service as a new product or significant product enhancement. During the year ended December 31, 2015 , we identified certain projects for which software development work had ceased and it was determined the projects would be discontinued. Our analysis of the capitalized costs resulted in the conclusion that they had no value outside of the respective projects for which they were originally incurred. As a result, we recognized an impairment loss of $1.4 million during the year ended December 31, 2015 , related to these costs. The impairment charges are included in the "Product development" line in the accompanying Consolidated Statements of Operations. No impairments were recognized during 2014 or 2013 . During the year ended December 31, 2015 , the Company modified or terminated certain operating lease agreements for office space prior to the end of the applicable lease term. We recognized an impairment charge of $1.5 million during the year ended December 31, 2015 , related to leasehold improvements associated with a modified lease. The impairment charge is included in the line "General and administrative" in the accompanying Consolidated Statements of Operations. Related to these lease modifications, we also disposed of fixed assets with a net carrying value of $1.3 million during 2015 , resulting in the recognition of a net loss on disposal of $0.2 million during the period. See additional discussion of the lease changes in Note 9 . The Company purchased a perpetual software license in December 2015 for $2.5 million that was capitalized and included as a component of property, equipment, and software for the year ended December 31, 2015. Subsequent to the purchase, we employed the owner of the development company that sold us the software. The Board of Directors approved the software purchase and the employee’s compensation package, which includes stock options and restricted stock awards. These awards and our valuation methodology are further described in Note 8, Stock-based Compensation. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Identified Intangible Assets Changes in the carrying amount of goodwill during the years ended December 31, 2015 and 2014 , were as follows, in thousands: Balance at January 1, 2014 $ 152,422 Goodwill acquired 40,341 Other 615 Balance at December 31, 2014 193,378 Goodwill acquired 26,719 Balance at December 31, 2015 $ 220,097 There was no impairment of goodwill recorded in 2015 , 2014 , or 2013 . Changes in identified intangible assets during the years ended December 31, 2015 and 2014 were as follows: Weighted Average Amortization Period December 31, 2014 Additions Impairments Transfers Other December 31, 2015 (in years) (in thousands) Finite-lived intangible assets: Developed technologies 3.2 $ 55,212 $ 14,194 $ — $ — $ (27 ) $ 69,379 Customer relationships 9.1 86,753 9,770 — — — 96,523 Vendor relationships 7.0 5,650 — — — — 5,650 Trade names 6.9 — 83 — 5,066 — 5,149 Total finite-lived intangible assets 6.6 147,615 24,047 — 5,066 (27 ) 176,701 Accumulated amortization (88,880 ) (22,002 ) — — — (110,882 ) Indefinite-lived intangible assets: Trade names 41,350 — (20,801 ) (5,066 ) (22 ) 15,461 Intangible assets, net $ 100,085 2,045 (20,801 ) — (49 ) $ 81,280 Weighted Average Amortization Period December 31, 2013 Additions Impairments Transfers Other December 31, 2014 (in years) (in thousands) Finite-lived intangible assets: Developed technologies 3.2 $ 45,014 $ 10,315 $ — $ — $ (117 ) $ 55,212 Customer relationships 9.0 85,823 930 — — — 86,753 Vendor relationships 7.0 5,650 — — — — 5,650 Total finite-lived intangible assets 6.7 136,487 11,245 — — (117 ) 147,615 Accumulated amortization (68,164 ) (20,716 ) — — — (88,880 ) Indefinite-lived intangible assets: Trade names 40,492 1,129 (304 ) — 33 41,350 Intangible assets, net $ 108,815 (8,342 ) (304 ) — (84 ) $ 100,085 Amortization expense for finite-lived intangible assets totaled $22.0 million , $20.7 million , and $16.6 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. The following table sets forth the estimated amortization of intangible assets for the years ending December 31, in thousands: 2016 $ 20,518 2017 14,691 2018 9,674 2019 6,805 2020 5,606 We test intangible assets with indefinite lives for impairment on an annual basis in the fourth quarter of each year. As a result of the annual analysis, we identified an impairment of the MyNewPlace trade name in the amount of $0.3 million in the fourth quarter of 2014. The impairment was the result of declines in actual and anticipated lead-generation revenues attributable to historically high occupancy levels in the multifamily market. In March 2015, the Company completed the integration of the InstaManager and Kigo platforms into a single solution marketed under the Kigo name. Subsequent to this integration, the Company discontinued the use of the InstaManager trade name to market or identify the software. Due to this change in circumstance, the Company evaluated the InstaManager trade name for impairment and concluded an impairment in the amount of $0.5 million existed at March 31, 2015. In connection with the preparation of the third quarter 2015 financial statements, the Company identified indicators requiring the assessment of certain indefinite-lived trade names for impairment, primarily associated with the Company's 2011 acquisition of MyNewPlace. Identified indicators included declines in actual and anticipated lead-generation revenues and a change in the Company's long-term marketing strategy. As a result, the Company analyzed these intangible assets and recorded a $20.3 million impairment charge during the third quarter of 2015, representing the amount by which the carrying value of the indefinite-lived trade names exceeded their estimated fair value. Given the change in the Company's long-term marketing strategy and anticipated use of the trade names, the remaining balance was reclassified to finite-lived intangible assets as of September 30, 2015 , which will be amortized on a straight-line basis over an estimated useful life of seven years . See Note 12 for discussion of the methodology and inputs utilized by the Company to estimate the fair value of these indefinite-lived trade names. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2014 Credit Facility On September 30, 2014 , the Company entered into an agreement for a secured revolving credit facility to refinance our outstanding revolving loans. This credit facility provides an aggregate principal amount of up to $200.0 million , with sub-limits of $10.0 million for the issuance of letters of credit and for $20.0 million of swingline loans. The credit facility also allows us, subject to certain conditions, to request additional term loans or revolving commitments up to an aggregate principal amount of $150.0 million , plus an amount that would not cause our consolidated net leverage ratio to exceed 3.25 to 1.00 . The consolidated net leverage ratio compares the Company’s consolidated funded indebtedness to its consolidated EBIDTA, as defined in the agreement. Advances under the credit facility may be voluntarily prepaid and re-borrowed. At our option, the revolving loans accrue interest at a per annum rate equal to either LIBOR, plus a margin ranging from 1.25% to 1.75% , or the Base Rate, plus a margin ranging from 0.25% to 0.75% . The base LIBOR rate, at our discretion, is equal to either the one, two, three, or six month LIBOR. The Base Rate is defined as the greater of Wells Fargo's prime rate, the Federal Funds Rate plus 0.50% , or one month LIBOR plus 1.00% . In each case, the applicable margin is determined based upon our consolidated net leverage ratio. Accumulated interest is due and payable quarterly, in arrears, for loans bearing interest at the Base Rate and at the end of the applicable interest period in the case of loans bearing interest at the adjusted LIBOR rate. The credit facility is secured by substantially all of our assets, and certain of our existing and future material domestic subsidiaries are required to guarantee our obligations under the credit facility. All outstanding principal and accrued and unpaid interest is due upon the credit facility's maturity on September 30, 2019 . Subsequent to December 31, 2015, we amended the credit facility to fund a term loan as further described in Note 17 , Subsequent Events. Our credit facility contains customary covenants, subject in each case to customary exceptions and qualifications, which limit our and certain of our subsidiaries’ ability to, among other things, incur additional indebtedness or guarantee indebtedness of others; create liens on our assets; enter into mergers or consolidations; dispose of assets; prepay certain indebtedness or make changes to our governing documents and certain of our agreements; pay dividends and make other distributions on our capital stock, and redeem and repurchase our capital stock; make investments, including acquisitions; and enter into transactions with affiliates. Our credit facility additionally contains customary affirmative covenants. We are also required to comply with a maximum consolidated net leverage ratio and a minimum interest coverage ratio. The interest coverage ratio, which is a ratio of our four previous fiscal consecutive quarters' consolidated EBITDA to our interest expense, cannot be less than 3.00 to 1.00 as of the last day of any fiscal quarter. The consolidated net leverage ratio, which is the ratio of funded indebtedness on the last day of each fiscal quarter to the four previous consecutive fiscal quarters' consolidated EBITDA, cannot be greater than 3.50 to 1.00 , provided that we can elect to increase the ratio to 3.75 to 1.00 for a specified period following a permitted acquisition. As of December 31, 2015 , we were in compliance with the covenants under our credit facility. The credit facility contains customary events of default, subject to customary cure periods for certain defaults, that include, among others, non-payment defaults; covenant defaults; material judgment defaults; bankruptcy and insolvency defaults; cross-defaults to certain other material indebtedness; ERISA defaults; inaccuracy of representations and warranties; and a change in control default. In the event of a default on our credit facility, the obligations under the credit facility could be accelerated, the applicable interest rate under the credit facility could be increased, the loan commitments could be terminated, our subsidiaries that have guaranteed the credit facility could be required to pay the obligations in full, and our lenders would be permitted to exercise remedies with respect to all of the collateral that is securing the credit facility, including substantially all of our and our subsidiary guarantors’ assets. Any such default that is not cured or waived could have a material adverse effect on our liquidity and financial condition. As of December 31, 2015 and 2014 , we had $40.0 million and $20.0 million , respectively, outstanding under our revolving line of credit. The weighted-average interest rate of short-term borrowings during the years ended December 31, 2015 and 2014 was 1.58% and 2.13% , respectively. As of December 31, 2015 , $160.0 million was available under our revolving line of credit, of which $10.0 million was available for the issuance of letters of credit. We had unamortized debt issuance costs of $1.0 million and $1.3 million at December 31, 2015 and 2014 , respectively. Previous Credit Facility Our previous secured revolving credit facility had 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, the borrowings accrued 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 2.00% to 2.50% , in the case of LIBOR loans, and 0.00% to 0.25% in the case of prime rate loans, in each case based upon our senior leverage ratio. The interest was due and payable monthly, in arrears, for loans bearing interest at the prime rate and at the end of the applicable one, two, or three month interest period in the case of loans bearing interest at the adjusted LIBOR rate. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Our Amended and Restated 1998 Stock Incentive Plan (“Stock Incentive Plan”) provided for awards which could be granted in the form of incentive stock options, non-qualified stock options, restricted stock, stock appreciation rights, and performance restricted stock. In August 2010, we discontinued issuance of new awards under the Stock Incentive Plan and concurrently adopted the 2010 Equity Incentive Plan ("Equity Incentive Plan"). The Equity Incentive Plan provides for awards which may be granted in the form of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance shares under substantially the same terms as the Stock Incentive Plan. In January 2015, the Equity Incentive Plan was amended to prohibit the repricing of stock options and stock appreciation rights other than in connection with a change in the Company's corporate structure. In April 2015, the Equity Incentive Plan was amended to increase the value of the automatic annual award of restricted stock received by outside directors, adjust the vesting of such awards to occur ratably over a period of four calendar quarters, and modify the timing and pro ration of awards for independent directors initially elected or appointed on a date other than April 1st. We also grant awards to our directors in accordance with the Board of Directors Policy (“Board Plan”). Prior to 2010, these awards were generally in the form of stock options. Beginning in 2010, the awards granted to our directors are generally in the form of restricted stock. The awards granted to directors generally vest immediately; however, should a director leave the board, we have the right to repurchase shares as if the awards vested on a pro rata basis. In connection with our acquisition of Multifamily Technology Solutions, Inc. ("MTS"), on August 24, 2011, we assumed 349,693 non-qualified and incentive stock options granted from MTS’s 2005 Equity Incentive Plan (“MTS Plan”) for 96 employees. Assumed options were converted to equivalent stock-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 awards 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 ten years . No further options will be granted under the MTS Plan. Our board of directors periodically approves increases to the number of shares of common stock reserved for issuance under the Equity Incentive Plan. At both December 31, 2015 and 2014 , 25,634,259 shares of the Company's common stock were reserved for awards under the Equity Incentive Plan. The exercise of stock options and restricted stock units are fulfilled through the issuance of previously authorized but unissued common stock shares. Total compensation expense related to our stock-based compensation plans was $38.1 million , $37.1 million , and $29.7 million , for the years ended December 31, 2015 , 2014 , and 2013 , respectively. During the years ended December 31, 2015 , 2014 , and 2013 we recognized a tax benefit of $14.4 million , $14.0 million , and $11.2 million , respectively. Total unrecognized compensation expense related to our stock-based compensation plans was $45.6 million at December 31, 2015 , and is expected to be recognized over a weighted average period of 1.7 years. Cash proceeds related to stock-based compensation transactions totaled $12.1 million , $9.9 million , and $10.6 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. Stock Option Awards Stock options granted prior to February 2014 generally vest over a period of sixteen quarters, with 75% vesting ratably over fifteen quarters and the remaining 25% vesting in the sixteenth quarter. Beginning in February 2014, stock options granted generally vest ratably over a period of twelve quarters. Expense is recognized over the requisite service period in a manner that reflects the vesting of the related awards. Awards under the plan generally expire ten years from the date of the grant. 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. The following table summarizes stock option transactions under our Stock Incentive Plan, Equity Incentive Plan, Board Plan, and MTS Plan: Number of Shares Range of Exercise Prices Weighted Average Exercise Price Balance, January 1, 2013 5,858,613 $ 0.91 – $ 29.50 $ 13.97 Granted 2,421,124 19.78 – 25.70 22.20 Exercised (1,556,865 ) 0.91 – 25.24 6.81 Forfeited/cancelled (800,470 ) 4.28 – 29.50 18.71 Expired (7,600 ) 24.03 – 24.64 24.35 Balance, December 31, 2013 5,914,802 0.91 – 29.50 18.56 Granted 1,934,031 15.19 – 21.54 17.68 Exercised (907,765 ) 0.91 – 21.60 10.92 Forfeited/cancelled (1,336,894 ) 4.28 – 29.50 20.93 Expired (37,286 ) 19.78 – 24.64 24.02 Balance, December 31, 2014 5,566,888 0.91 – 29.50 18.89 Granted 2,434,198 18.79 – 23.10 19.81 Exercised (809,303 ) 0.91 – 21.60 14.97 Forfeited/cancelled (1,389,910 ) 5.04 – 29.50 20.54 Balance, December 31, 2015 5,801,873 0.91 – 29.50 19.43 The below table provides information regarding outstanding stock options which were fully vested and expected to vest and exercisable options at December 31: 2015 2014 Options Fully Vested and Expected to Vest Options Exercisable Options Fully Vested and Expected to Vest Options Exercisable Number of options 5,795,711 2,843,655 5,545,427 2,455,134 Weighted-average remaining contractual term (in years) 7.5 6.4 7.7 6.6 Weighted-average exercise price $ 19.43 $ 18.67 $ 18.88 $ 17.04 Aggregate intrinsic value, in thousands $ 21,080 $ 13,316 $ 22,012 $ 14,704 The aggregate intrinsic value of options exercised during the years ended December 31, 2015 , 2014 , and 2013 , was $5.0 million , $8.5 million , and $23.3 million , respectively. The fair value of each stock option grant was estimated as of the date of grant using the Black Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share: 2015 2014 2013 Risk-free interest rate 1.5% 1.3% 1.3% Expected option life (in years) 4.6 4.4 6.0 Forfeiture rate 0.0% 0.0% 0.9% Expected volatility 42.3% 42.8% 48.5% Weighted-average grant date fair value $7.42 $6.44 $10.37 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 option life. This is the period of time that the options granted are expected to remain outstanding. This estimate is primarily based on the historical experience of the plans. Forfeiture rate. This is the projected annual rate at which we expect awards to be forfeited in the 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. Dividend yield. This metric indicates how much the Company is expected to pay out in dividends relative to its share price during a period. We utilized a dividend yield of zero in estimating the fair value of stock options awarded in 2015 , 2014 , and 2013 as we do not anticipate paying dividends in the foreseeable future. Restricted Stock Awards Restricted stock awards entitle the holder to receive shares of our common stock as the award vests. Grants of restricted stock are classified as time-based, market-based, or performance-based depending on the vesting criteria of the award. Time-based restricted stock awards: Time-based restricted stock awards granted prior to February 2014 generally vest ratably over sixteen quarters following the date of grant. Beginning in February 2014, time-based restricted stock awards granted generally vest over a period of twelve quarters following the grant date. The fair value of time-based restricted stock awards is based on the closing price of our common stock on the date of grant. Compensation expense for time-based restricted stock awards is recognized over the vesting period on a straight-line basis. During the years ended December 31, 2015 , 2014 , and 2013 , time-based restricted shares with an aggregate grant-date fair value of $21.5 million , $23.3 million , and $15.2 million vested, respectively. A summary of time-based restricted stock award activity is presented in the table below. Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at January 1, 2013 1,360,947 $ 21.58 Granted 1,747,501 22.09 Vested (712,434 ) 21.30 Forfeited/cancelled (305,211 ) 21.58 Non-vested shares at December 31, 2013 2,090,803 22.10 Granted 1,238,226 17.69 Vested (1,101,143 ) 21.18 Forfeited/cancelled (603,367 ) 20.36 Non-vested shares at December 31, 2014 1,624,519 20.01 Granted 913,077 19.84 Vested (1,077,102 ) 19.78 Forfeited/cancelled (391,788 ) 18.65 Non-vested shares at December 31, 2015 1,068,706 20.05 Market-based restricted stock awards: Market-based restricted stock awards become eligible for vesting upon on the achievement of specific market-based conditions based on the per share price of the Company's common stock. The shares vest quarterly, generally over a period of one year , following the date they became eligible for vesting. A summary of market-based restricted stock award activity is presented in the table below. Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2014 — $ — Granted 520,000 11.26 Vested — — Forfeited/cancelled — — Balance at December 31, 2014 520,000 11.26 Granted 691,165 11.59 Vested — — Forfeited/cancelled (196,070 ) 9.39 Balance at December 31, 2015 1,015,095 11.85 We estimate the fair value of market-based restricted stock awards using a discrete model to analyze the fair value of the subject shares. The discrete model utilizes multiple stock price-paths, through the use of Monte Carlo simulation, which are then analyzed to determine the fair value of the subject shares. The weighted average of assumptions used to value awards granted during 2015 and 2014 were as follows: 2015 2014 Risk-free interest rate 1.1% 1.1% Expected volatility 38.7% 43.6% Risk-free interest rate. We estimated the risk-free rate from the three year U.S. Treasury strip note yield curve as of the valuation date. Expected volatility. We estimated the volatility rate based on consideration of our expected and historical volatility rates and the rates of our publicly traded peers. Expense related to the market-based restricted stock awards is recognized over the requisite service period using the graded-vesting attribution method. The requisite service period is a measure of the expected time to achieve the specified market condition plus the time-based vesting period. The expected time to achieve the market condition is estimated utilizing a Monte Carlo simulation, considering only those stock price-paths in which the market condition was achieved. The estimated requisite service period for market-based restricted stock shares issued in 2015 ranged from five to eleven quarters . Market-based restricted stock awards granted in 2014 had requisite service periods ranging between eight and ten quarters . Performance-based restricted stock awards: The Company has also granted performance-based restricted stock awards. These awards become eligible to vest if specified performance targets are achieved prior to the performance deadline. Subsequent to achievement of the performance target the awards vest quarterly over the one year service period. The performance-based restricted stock awards are forfeited if the performance targets are not achieved prior to the performance deadline. Compensation expense for performance-based restricted stock awards is recognized on a straight-line basis over the requisite service period, which includes both the performance period and the subsequent time-based vesting period. Expense is only recognized if it is determined that achievement of the performance condition is probable. The fair value of performance-based restricted stock awards is based on the closing price of our common stock on the date of grant. A summary of performance-based restricted stock award activity is presented in the table below: Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at January 1, 2013 275,257 $ 22.46 Granted 100,000 21.60 Vested (31,902 ) 17.99 Forfeited/cancelled (273,355 ) 23.40 Non-vested shares at December 31, 2013 70,000 18.10 Granted — — Vested — — Forfeited/cancelled (70,000 ) 18.10 Non-vested shares at December 31, 2014 — — Granted 20,000 18.79 Vested — — Forfeited/cancelled — — Non-vested shares at December 31, 2015 20,000 18.79 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments In the first quarter of 2013, we entered into a capital lease agreement for software that expires in 2016 . Amortization of the leased assets is recognized on a straight-line basis. The assets under the capital lease were as follows at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Software $ 1,977 $ 1,977 Less: Accumulated amortization (1,694 ) (1,110 ) Assets under capital lease, net $ 283 $ 867 Amortization expense relating to capital leases is included in depreciation expense in the accompanying financial statements. The future minimum lease payments required under the capital lease and the present value of the net minimum lease payments as of December 31, 2015 were as follows, in thousands: 2016 $ 294 Thereafter — Total minimum lease payments 294 Less amount representing average interest of 2.2% (2 ) 292 Less current portion (292 ) Long-term portion $ — The Company leases office facilities and equipment for various terms under long-term, non-cancellable operating lease agreements. The leases expire at various dates through 2028 and provide for renewal options. The agreements generally require the Company to pay for executory costs such as real estate taxes, insurance, and repairs. Additionally, the Company has entered into sublease agreements for certain of its leased office facilities. These sublease agreements expire through 2017 . In May 2015, the Company entered into a lease agreement for office space located in Richardson, Texas. The lease is for a term of twelve years , beginning in 2016, and includes optional extension periods. The lease agreement contains provisions for rent escalations over the term of the lease and leasehold improvement incentives. At December 31, 2015, we had a receivable for incentives under this lease of $19.4 million , which is included in other current assets in the accompanying Consolidated Balance Sheets. Deferred rent related to these incentives and other provisions of the lease totaled $21.5 million and is classified as current or long term in the balance sheet based upon when the deferred amounts are expected to be recognized. Similar to our other operating leases, the agreement requires the Company to pay for executory costs such as real estate taxes, insurance, and utilities. In July 2015, the Company entered into an amendment to the lease agreement which increased the amount of leased space. During 2015 , the Company vacated our leased office space in Westlake Village, California; Chicago, Illinois; and Charlotte, North Carolina. During the same period we entered into a modification agreement related to the leased office space in San Francisco, California whereby the amount of leased space was reduced. These modifications were made to consolidate our operations and reduce operating costs. Related to the above changes, we recognized a cease-use liability in the amount of $0.2 million . The cease-use liability reflects the fair value of the remaining net cash flows related to our continuing obligations under the leases, net of estimated sub-rents. Additionally, we recognized a reduction of our accrued lease liability in the amount of $0.9 million related to lease incentives for the San Francisco office. These adjustments are reflected in the "General and administrative" line in the accompanying Consolidated Statements of Operations. Minimum annual rental commitments under non-cancellable operating leases and total minimum rentals to be received under non-cancellable subleases were as follows at December 31, 2015 : Minimum Lease Commitments Sublease Income Net Lease Commitments (in thousands) 2016 $ 10,148 $ 354 $ 9,794 2017 9,721 140 9,581 2018 9,800 — 9,800 2019 9,143 — 9,143 2020 7,482 — 7,482 Thereafter 55,732 — 55,732 $ 102,026 $ 494 $ 101,532 Rent expense was $10.9 million , $11.1 million , and $9.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Income from subleases was $0.4 million for the year ended December 31, 2015 . For the years ended December 31, 2014 and 2013 , income from subleases was $0.1 million . 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's 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, 2015 or 2014 . 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 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, 2015 or 2014 . 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. In March 2015, we were named in a purported class action lawsuit in the United States District Court for the Eastern District of Pennsylvania, styled Stokes v. RealPage, Inc. , Case No. 2:15-cv-01520. On January 25, 2016, the court entered an order placing the case in suspense until the United States Supreme Court issues its decision in Spokeo, Inc. v. Robins . In November 2014, the Company was named in a purported class action lawsuit in the United States District Court for the Eastern District of Virginia, styled Jenkins v. RealPage, Inc. , Case No. 3:14cv758. This case has since been transferred to the United States District Court for the Eastern District of Pennsylvania. On January 25, 2016, the court entered an order placing the case in suspense until the United States Supreme Court issues its decision in Spokeo, Inc. v. Robins . We intend to defend each case vigorously. On February 23, 2015, we received from the FTC a Civil Investigative Demand consisting of interrogatories and a request to produce documents relating to our compliance with the Fair Credit Reporting Act. We have responded to the request. At this time, we do not know the scope of the investigation and we do not have sufficient information to evaluate the likelihood or merits of any potential enforcement action, or to predict the outcome or costs of responding to, or the costs, if any, of resolving this investigation. At December 31, 2015 , we had accrued amounts for estimated settlement losses related to legal matters. No amounts for estimated settlement losses for legal matters, were accrued at December 31, 2014 . During 2014 , we expensed $4.7 million , inclusive of the settlements and other associated costs, related to litigation settled during that period. The litigation related to reimbursement claims made against us, each by a primary and an excess layer errors and omissions insurance carrier. The carriers were seeking reimbursement of claims formerly funded by them relating to a litigation matter settled in 2012. We are involved in other litigation matters not listed above that are not likely to be material either individually or in the aggregate based on information available at this time. Our view of these matters may change as the litigation and events related thereto unfold. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity On May 6, 2014, the board of directors approved a share repurchase program authorizing the repurchase of up to $50.0 million of our common stock for a period of up to one year after the approval date. In May 2015, our board of directors approved an extension of the share repurchase program through May 6, 2016 , permitting the repurchase of up to $50.0 million of our common stock during the period commencing on the extension date and ending on May 6, 2016. During the twelve months ended December 31, 2015 and 2014 , the Company repurchased 1,798,199 and 966,595 shares, respectively, under the share repurchase program. These shares were repurchased at a weighted average cost of $19.51 and $16.06 per share and a total cost of $35.1 million and $15.5 million , respectively. In May 2015, the board of directors authorized the retirement of all shares acquired under the stock repurchase program through May 8, 2015 and any future shares repurchased under the program. During the year ended December 31, 2015 , the Company retired 2,764,794 shares of our common stock. |
Funds Held for Others
Funds Held for Others | 12 Months Ended |
Dec. 31, 2015 | |
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 $83.0 million and $83.7 million at December 31, 2015 and 2014 , 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 allowance on our Consolidated Balance Sheets. 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. 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 renter 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 $1.3 million and $1.7 million in restricted cash and $1.3 million and $1.7 million in customer deposits related to these insurance products at December 31, 2015 and 2014 , respectively. Additionally, we had $1.2 million and $0.1 million in restricted cash and $1.1 million and $ 0.1 million in customer deposits relating to our utility management solution at December 31, 2015 and 2014 , respectively. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | Net (Loss) Income per Share Basic net (loss) income per share was computed by dividing the net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income 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 912,257 , 1,273,889 , and 1,058,334 shares were excluded from the dilutive shares outstanding because their effect was anti-dilutive for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The following table presents the calculation of basic and diluted net (loss) income per share attributable to common stockholders: Year Ended December 31, 2015 2014 2013 (in thousands, except per share amounts) Numerator: Net (loss) income $ (9,218 ) $ (10,274 ) $ 20,692 Denominator: Basic: Weighted average common shares used in computing basic net (loss) income per share 76,689 76,991 74,962 Diluted: Weighted average common shares used in computing basic net (loss) income per share 76,689 76,991 74,962 Add weighted average effect of dilutive securities: Stock options and restricted stock — — 1,225 Weighted average common shares used in computing diluted net (loss) income per share 76,689 76,991 76,187 Net (loss) income per common share attributable to common stockholders: Basic $ (0.12 ) $ (0.13 ) $ 0.28 Diluted $ (0.12 ) $ (0.13 ) $ 0.27 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of (loss) income before income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (15,777 ) $ (18,768 ) $ 19,230 Foreign 2,713 2,161 1,252 Total $ (13,064 ) $ (16,607 ) $ 20,482 Our benefit for income taxes consisted of the following components: Year Ended December 31, 2015 2014 2013 (in thousands) Current: Federal $ 162 $ — $ — State 797 437 1,886 Foreign 414 550 421 Total current income tax expense 1,373 987 2,307 Deferred: Federal (5,075 ) (6,611 ) (1,832 ) State 156 (460 ) (619 ) Foreign (300 ) (249 ) (66 ) Total deferred income tax benefit (5,219 ) (7,320 ) (2,517 ) Total income tax benefit $ (3,846 ) $ (6,333 ) $ (210 ) The reconciliation of our income tax benefit computed at the U.S. federal statutory tax rate to the actual income tax benefit is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Expense derived by applying the Federal income tax rate to (loss) income before taxes $ (4,572 ) $ (5,813 ) $ 7,169 State income tax, net of federal benefit 561 (177 ) 607 Foreign income tax (813 ) (477 ) (170 ) Change in valuation allowance — — (9,087 ) Benefit of assets not previously recognized — (516 ) — Nondeductible expenses 418 454 644 Fair value adjustment on stock acquisition (52 ) (28 ) 487 Stock-based compensation 209 223 139 Reduction in available Federal NOL 350 — — Other 53 1 1 $ (3,846 ) $ (6,333 ) $ (210 ) Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of our 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, 2015 2014 (in thousands) Deferred tax assets: Reserves, deferred revenue and accrued liabilities $ 8,107 $ 6,392 Stock-based compensation 15,112 12,238 Net operating loss carryforwards and tax credits 13,733 22,348 Total deferred tax assets 36,952 40,978 Deferred tax liabilities: Property, equipment, and software (10,041 ) (8,217 ) Intangible assets (11,563 ) (21,965 ) Other (3,297 ) (2,459 ) Total deferred tax liabilities (24,901 ) (32,641 ) Net deferred tax assets $ 12,051 $ 8,337 We periodically evaluate the realizability of our deferred tax assets. If we determine that it is more likely than not that all or a portion of such assets are not realizable, we provide a valuation allowance against the assets. We determined that no valuation allowance was required at December 31, 2015 or 2014 . During 2013, we determined that previously recorded valuation allowances of approximately $9.1 million were no longer required; and, accordingly, we reversed such allowances resulting in a tax benefit for that period. The determination of the level of valuation allowance, if any, required at any time is based on a forecast of future taxable income that 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 Kigo, Inc. in 2014 resulted in an additional net deferred tax liability of $0.5 million . This net liability includes a deferred tax liability of $1.5 million related to intangibles that are not subject to amortization for tax purposes and a deferred tax asset of $1.0 million related to net operating loss ("NOL") carryforwards. Our tax-effected federal and state NOL carryforwards of $11.2 million and $1.5 million , respectively, and our combined federal and state tax credits of $1.0 million comprise a major component of our deferred tax assets. If not used, the underlying gross federal NOLs totaling $31.9 million will begin to expire in 2022 and the underlying state NOLs totaling $24.0 million will begin to expire in 2016 , with less than $1.0 million expiring in the next five years. Approximately $0.1 million of our credits expire in 2026, and the balance have no expiration date. In addition to the NOLs just described, we also have gross federal and state NOLs of $129.2 million and $43.5 million , respectively, for which we have not recognized benefit for financial reporting purposes. These unrecognized NOLs result from the excess of the equity compensation deductions taken on our tax returns over the expense recognized for financial reporting purposes. The benefit from these excess stock compensation federal and state NOLs of approximately $45.2 million and $2.0 million , respectively, will be credited to additional paid-in capital if realized. We use the "with-and-without" method, as described in ASC 740, for purposes of determining when excess tax benefits have been realized. In 2015 and 2014 , we recognized excess stock compensation benefits of $0.4 million and $2.2 million , respectively. Net operating losses that we have generated are not currently subject to the carryforward limitation in Section 382 of the Internal Revenue Code (“Section 382 limitation”); however, $18.3 million of net operating losses generated by our subsidiaries prior to our acquisition of them are subject to the Section 382 limitation. The limitation on these pre-acquisition net operating loss carryforwards will fully expire in 2031. A cumulative change in ownership among material shareholders, as defined in Section 382 of the Internal Revenue Code, during a three-year period also may limit utilization of the federal net operating loss carryforwards. Our subsidiary in Hyderabad, India benefited from a tax holiday granted under the Software Technology Parks of India program that began upon commencement of business operations in 2008 and continued 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 began to benefit from a tax holiday under the Special Economic Zone program. This benefit was initially granted for a five year period and applies to a portion of our operations in this location. The expiration of this tax holiday will increase our effective income tax rate. As a result of this tax holiday, the Company realized tax savings of $0.4 million , $0.2 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Our subsidiary in Manila, Philippines has benefited 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 expired in December 2015 . We have filed an application to extend the tax holiday for an additional two years. If the application is not accepted, the expiration of this tax holiday will increase our effective income tax rate beginning in 2016. Tax savings realized under the Philippine tax holiday incentives were $0.3 million , $0.2 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. We have recognized no provision for U.S federal and state income taxes on the undistributed earnings of approximately $6.2 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 of up to $2.4 million . Uncertain Tax Positions At December 31, 2015 and 2014 , 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, 2015 and 2014 , there were no accrued interest and penalties. We file consolidated and separate tax returns in the U.S. federal jurisdiction and five foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations for years before 2012 and are no longer subject to state and local income tax examinations by tax authorities for years before 2011 ; 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 income tax audit in any federal, state or foreign jurisdiction. In July 2015, the Company filed amended 2012 and 2013 income tax returns for selected states to correct certain items that were improperly deducted, as determined by the Company subsequent to the initial filings. The primary effect of the amended returns was an immaterial increase in our current state income tax liability and a reduction of our state net operating loss deferred tax asset, net of federal benefit, of approximately $0.6 million . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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. Contributions of $1.9 million , $1.3 million , and $0.9 million were made by us for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The Company sponsors various retirement plans for its non-U.S. employees. Accrued liabilities related to obligations under these plans totaled $0.7 million and $0.6 million as of December 31, 2015 and 2014 , respectively, and are included in the line, "Other long-term liabilities" in the accompanying Consolidated Balance Sheets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company records certain financial liabilities at fair value on a recurring basis. The Company determines fair values based on the price it would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The prescribed fair value hierarchy and related valuation methodologies are as follows: 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 of the significant inputs or value drivers are unobservable. The categorization of an asset or liability within the fair value hierarchy is based on the inputs described above and does not necessarily correspond to the Company’s perceived risk of that asset or liability. Moreover, the methods used by the Company may produce a fair value calculation that is not indicative of the net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments and non-financial assets and liabilities could result in a different fair value measurement at the reporting date. Assets and liabilities measured at fair value on a recurring basis: Contingent consideration obligations Contingent consideration obligations consist of potential obligations related to our acquisition activity. The amount to be paid under these obligations is contingent upon the achievement of stipulated operational or financial targets by the business subsequent to acquisition. The fair value of contingent consideration obligations is estimated using a probability weighted discount model which considers the achievement of the conditions upon which the respective contingent obligation is dependent. The probability of achieving the specified conditions is assessed by applying a Monte Carlo weighted-average model. Inputs into the valuation model include a discount rate specific to the acquired entity, a measure of the estimated volatility, and the risk free rate of return. Significant unobservable inputs used in the contingent consideration fair value measurements included the following at December 31, 2015 and 2014 : 2015 2014 Discount rates 15.8 - 60.0% 22.5 - 64.0% Volatility rates 37.0 - 53.5% 45.0 - 48.0% Risk free rate of return 0.5 - 0.9% 0.1 - 0.2% In addition to the inputs described above, the fair value estimates consider the projected future operating or financial results for the factor upon which the respective contingent obligation is dependent. The fair value estimates are generally sensitive to changes in these projections. We develop the projected future operating results based on an analysis of historical results, market conditions, and the expected impact of anticipated changes in our overall business and/or product strategies. The following table discloses the liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 : Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Contingent consideration related to the acquisition of: Indatus $ 814 $ — $ — $ 814 VRX 27 — — 27 $ 841 $ — $ — $ 841 Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Contingent consideration related to the acquisition of: Active Building $ 1,566 $ — $ — $ 1,566 MyBuilding 248 — — 248 InstaManager 2,335 — — 2,335 VMM 1 — — 1 $ 4,150 $ — $ — $ 4,150 There were no assets measured at fair value on a recurring basis at December 31, 2015 and 2014 . There were no transfers between Level 1 and Level 2, or between Level 2 and Level 3 measurements during the years ended December 31, 2015 and 2014 . Changes in the fair value of Level 3 measurements for the reporting periods were as follows during the years ended December 31, 2015 and 2014 , in thousands: Balance, January 1, 2014 $ 1,827 Initial contingent consideration 2,939 Settlements through cash payments (229 ) Net gain on change in fair value (387 ) Balance, December 31, 2014 4,150 Initial contingent consideration 1,414 Settlements through cash payments (1,179 ) Net gain on change in fair value (3,544 ) Balance, December 31, 2015 $ 841 Gains and losses resulting from changes in the fair value of the above liabilities are included in "General and administrative" expense in the accompanying Consolidated Statements of Operations. The Company recognized net gains in the amount of $3.7 million and $0.4 million during the years ended December 31, 2015 and 2014 , respectively, related to contingent consideration obligations which were unsettled at the end of the respective period. Assets and liabilities measured at fair value on a non-recurring basis: During 2015 , the Company identified triggering events which required the assessment of impairment for certain trade names related to prior acquisitions. The fair value of the trade names was determined through an income approach utilizing projected discounted cash flows. This method is consistent with the method the Company has employed in prior periods to value other indefinite-lived assets. Impairments of the trade names were determined by comparing the estimated fair value to the related carrying value. The inputs utilized in the discounted cash flow analysis are classified as Level 3 inputs within the fair value hierarchy. Significant unobservable inputs used in deriving the fair value included the royalty rate applied to the projected revenue stream and the discount rate used to determine the present value of the estimated future cash flows. Through the application of this approach, we concluded the aggregate fair value of the trade names was $5.1 million at September 30, 2015. The Company believes that the methods and assumptions used to determine the fair value of the trade names were reasonable. See Note 6 for further discussion of these impairments. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2015 . There were no assets or liabilities measured at fair value on a non-recurring basis at December 31, 2014 . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) Certain components of quarterly net income (loss) disclosed below differ from those as reported in the Company's respective quarterly reports on Form 10-Q filed in 2015. Specifically, certain amounts included in cost of revenue in the quarterly reports have been reclassified as sales and marketing expense, resulting in a change to gross profit, to conform to the presentation in the Consolidated Statements of Operations in this Annual Report on Form 10-K. This reclassification did not result in a change in net income (loss) during the respective interim periods. The above reclassification resulted in an increase in gross profit of $1.0 million during each of the three month periods ended June 30, 2015 and September 30, 2015, and an increase in gross profit of $0.1 million during the three month period ended March 31, 2015. The following selected unaudited quarterly financial information for the years ended December 31, 2015 and 2014 reflects results which have been adjusted for the reclassifications discussed above (in thousands, except per share amounts). Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, Adjusted Adjusted Adjusted Revenue: On demand $ 117,090 $ 116,772 $ 110,640 $ 106,460 $ 101,261 $ 100,747 $ 91,606 $ 97,008 On premise 669 834 726 741 648 755 826 865 Professional and other 3,941 3,982 3,396 3,269 2,555 3,034 2,556 2,690 Total revenue 121,700 121,588 114,762 110,470 104,464 104,536 94,988 100,563 Gross profit 70,882 69,848 66,269 62,908 57,946 58,225 52,873 60,636 Net income (loss) 3,900 (8,192 ) (3,318 ) (1,608 ) 110 (3,257 ) (6,291 ) (836 ) Net income (loss) per share attributable to common stockholders Basic and Diluted $ 0.05 $ (0.11 ) $ (0.04 ) $ (0.02 ) $ 0.00 $ (0.04 ) $ (0.08 ) $ (0.01 ) The above financial information should be read in conjunction with the consolidated financial statements and notes thereto included herein. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Amended 2014 Credit Facility On February 26, 2016 , the Company executed an amendment (the “Amendment”) to the Credit Agreement (as amended, the “Credit Agreement”) with each of the lenders party thereto (the “Lenders”) and Wells Fargo Bank, National Association, as administrative agent (the “Agent”). The Amendment amends certain terms of the existing credit agreement to provide for an incremental $125.0 million term loan (the “Term Loan”) that is coterminous with the existing revolving facility which matures on September 30, 2019 . With the new Term Loan and the existing $200.0 million revolving facility, the Credit Agreement now includes $325 million of drawn or available credit. Principal payments on the Term Loan are $0.8 million , due quarterly, with interest in arrears, and the first payment is due on June 30, 2016. Beginning June 30, 2017, the quarterly principal amount for the Term Loan increases to $1.6 million for the next eight quarterly payments. In the final year of the Term Loan, a quarterly principal payment of $3.1 million is due on June 30, 2019, with any remaining principal due at the Term Loan maturity date of September 30, 2019 . The Term Loan is subject to mandatory repayment requirements if certain asset sales or insurance or condemnation events occur, subject to customary reinvestment provisions. The Company may prepay the Term Loan in whole or in part at any time, with prepayment amounts to be applied to remaining scheduled principal amortization payments as specified by the Company. The Amendment also permits the Company to elect to increase the maximum permitted Consolidated Net Leverage Ratio (as defined in the Credit Agreement) on a one-time basis following the issuance of convertible notes or high yield notes in an initial principal amount of at least $150.0 million . In conjunction with the execution of the Amendment, the Company paid debt issuance costs of $0.6 million . Term Loan proceeds were drawn on February 26, 2016. Funds will be used to repay $34.0 million of borrowings previously outstanding under the revolving facility of the Credit Agreement, to fund the acquisition of NWP Services Corporation, and for other working capital purposes. Except as amended, all of the existing terms of the Credit Facility remain in place. All of the obligations of the Credit Facility, including the Term Loan, are secured by substantially all the Company’s assets and guaranteed by the Company’s existing and future domestic subsidiaries except certain excluded subsidiaries, as provided in the Credit Agreement. Pending acquisition On February 23, 2016 , the Company entered into an agreement and plan of merger with NWP Services Corporation ("NWP") providing for NWP to become a wholly owned subsidiary of the Company. Pursuant to the agreement, we will pay approximately $68 million in cash ( $70.0 million less cash acquired) subject to reduction for outstanding indebtedness and unpaid transaction expenses and subject to working capital adjustments, in exchange for all outstanding shares of capital stock of NWP. We will retain a portion of the purchase price in connection with the merger as a holdback to serve as security for the benefit of the Company and its affiliates against the indemnification obligations of NWP's stockholders. Subject to any indemnification claims made, certain amounts of the holdback will be released to the NWP stockholders 18 months after closing, with the remainder to be released three years after closing. Subject to the satisfaction of certain customary closing conditions, the acquisition is expected to close in March 2016. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS REALPAGE, INC. December 31, 2015 (in thousands) Allowance for Doubtful Accounts Balance at Beginning of Year Additions Charged to Income Deductions (1) Balance at End of Year Year ended December 31: 2013 $ 1,087 $ 3,661 $ (3,834 ) $ 914 2014 914 3,676 (2,227 ) 2,363 2015 2,363 3,377 (3,422 ) 2,318 (1) Uncollectable accounts written off, net of recoveries, and administrative corrections |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of RealPage, Inc. and its wholly-owned subsidiaries. All 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 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; contingent commissions related to the sale of insurance products; 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. The Company is self-insured for the cost of claims made under its employee medical programs. These costs include an estimate for expected settlements of pending claims and an estimate for claims incurred but not reported. These significant estimates are based on management's assessment of outstanding claims, historical analyses, and current payment trends. |
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 multifamily rental housing market. Our customers, however, are dispersed across different geographic areas. We do not require collateral from customers. We maintain an allowance for doubtful accounts based upon the expected collectability of accounts receivable. |
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. |
Restricted Cash | Restricted Cash Restricted cash consists of cash collected from tenants that will be remitted primarily to our customers. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily represent trade receivables from customers that we present net of an allowance for doubtful accounts. For several of our solutions, we invoice customers prior to the period in which service is provided. For certain transactions, we have met the requirements to recognize revenue in advance of invoicing the customer. In these instances, we record unbilled receivables for the amount that will be due from the customer upon invoicing. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments, or the customer canceling prior to the service being rendered. As a result, a portion of our allowance is for services not yet rendered and, therefore, classified as an offset to deferred revenue. In evaluating the sufficiency of the allowance for doubtful accounts 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. 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. Accounts receivable are written off upon determination of non-collectability following established Company policies based on the aging from the accounts receivable invoice date. In the case of balances relating to services not yet rendered, the balance is written off when the customer cancels the service or when we determine that the invoiced service will no longer be provided, whichever occurs first. During the years ended December 31, 2015 , 2014 , and 2013 , we incurred bad debt expense of $2.0 million , $1.5 million , and $2.1 million , respectively. Accounts receivable includes commissions due to the Company related to the sale of insurance products to individuals and commissions which are contingent based upon the activity in the underlying policies. Contingent commissions are determined based on a calculation that considers earned agent commissions, a percent of premium retained by our underwriting partner, incurred losses, and profit retained by our underwriting partner during the time period. Contingent commissions receivable are recorded at their estimated net realizable value, based on estimates and considerations which include, but are not limited to, the historical and projected loss rates incurred by the underlying policies. |
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: Data processing and communications equipment 3 - 5 years Furniture, fixtures, and other equipment 3 - 5 years Software 3 - 5 years Software includes both purchased and internally developed software. Leasehold improvements are depreciated over the shorter of the lease term or 10 years . Gains and losses from asset disposals are included in the line "General and administrative" in the Consolidated Statements 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 businesses. Such 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. Unanticipated events and circumstances may occur which affect the accuracy or validity of these estimates. Our business combination agreements may 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. Changes in the fair value of contingent consideration are reflected in the Consolidated Statements of Operations. We expense acquisition-related costs as incurred rather than including them as a component of purchase price. We apply the guidance contained in ASC Topic 805, Business Combinations ("ASC 805") in determining whether an acquisition transaction constitutes a business combination. ASC 805 defines a business as consisting of inputs and processes applied to those inputs that have the ability to create outputs. The below acquisition transactions were determined to constitute business combinations and were accounted for under ASC 805. Purchase consideration includes assets transferred, liabilities incurred, and/or equity interests issued by us, all of which are measured at their fair value as of the date of acquisition. Our business combination transactions may be structured to include an up-front cash payment and deferred and/or contingent cash payments to be made at specified dates subsequent to the date of acquisition. Deferred cash payments are included in the acquisition consideration based at their fair value as of the acquisition date. The fair value of these obligations is estimated based on the present value, as of the date of acquisition, of the anticipated future payments. The future payments are discounted using a rate that considers an estimate of the return expected by a market-participant and a measurement of the risk inherent in the cash flows, among other inputs. Deferred cash payments are generally subject to adjustments specified in the underlying purchase agreement related to the seller's indemnification obligations. Contingent cash payments are obligations to make future cash payments to the seller, the payment of which is contingent upon the acquired business achieving stipulated operational or financial targets in the post-acquisition period. Contingent cash payments are included in the purchase consideration at their fair value as of the acquisition date. The fair value of these payments is estimated by management using a probability weighted discount model based on the achievement of the specified targets. The fair value of these liabilities is re-evaluated on a quarterly basis, the change of which is reflected in the line "General and administrative" in the accompanying Consolidated Statements of Operations. The total purchase consideration is allocated to the assets acquired and liabilities assumed based on their estimated fair values. Any excess consideration is classified as goodwill. Acquired intangibles are recorded at their estimated fair value based on the income approach using market-based estimates. Acquired intangibles generally include developed product technologies, which are amortized over their useful life on a straight-line basis, and customer relationships, which are amortized over their useful life proportionately to the expected discounted cash flows derived from the asset. When trade names acquired are not classified as indefinite-lived, they are amortized on a straight-line basis over their expected useful life. Acquisition costs are expensed as incurred and are included in the line "General and administrative" in the accompanying Consolidated Statements of Operations. We include the results of operations from acquired businesses in our consolidated financial statements from the effective date of the acquisition. |
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 significant changes in 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. If the carrying amount exceeds the fair market value of the asset or assets, we would recognize an impairment charge equal to this excess. |
Goodwill and Identified Intangible Assets with Indefinite Lives | Goodwill and Identified Intangible Assets with Indefinite Lives We test goodwill and identified intangible assets with indefinite lives for impairment separately on an annual basis in the fourth quarter of each year. Additionally, we test these assets in the interim if events and circumstances indicate they may be impaired. The events and circumstances that we consider include, but are not limited to, significant under-performance relative to projected future operating results and significant changes in our overall business and/or product strategies. 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 identified 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. 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 identified 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. Assets with indefinite lives that have been determined to be inseparable due to their interchangeable use are grouped into single units of accounting for purposes of testing for impairment. If the carrying amount of an identified intangible asset with an indefinite life exceeds its fair value, we would recognize an impairment loss equal to the excess of carrying value over fair value. |
Identified Intangible Assets with Finite Lives | Identified Intangible Assets with Finite Lives Identified intangible assets with finite lives consist of acquired developed technologies, customer relationships, vendor relationships, and trade names. 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. Estimated useful lives for identified intangible assets with finite lives consist of the following: Developed technologies 3 - 10 years Customer relationships 1 - 10 years Vendor relationships 7 years Trade names 1 - 7 years We include amortization of acquired developed technologies in cost of revenue, amortization of acquired customer relationships in sales and marketing expenses, and amortization of vendor relationships 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 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. 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 fifty percent likelihood of being realized upon settlement with the taxing authorities. There were no identified tax benefits that were considered uncertain positions at December 31, 2015 and 2014 . In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which requires companies to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet instead of the current requirement to separate deferred income tax assets and liabilities into current and noncurrent amounts. As permitted in this ASU, we early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of our net current deferred tax assets, totaling $11.0 million , from current assets to noncurrent assets in the Consolidated Balance Sheet as of December 31, 2014. |
Revenue Recognition | Revenue Recognition We derive our revenue from three primary sources: on demand software solutions, on premise software solutions, and professional 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 as payments become due from customers or when amounts owed are collected, provided all other conditions for revenue recognition have been met. Accordingly, this may materially affect the timing of our revenue recognition and results of operations. When arrangements with customers include multiple software solutions and/or services, we allocate arrangement consideration to each deliverable based on its relative selling price. In such circumstances, we determine the relative selling price for each deliverable based on vendor specific objective evidence of selling price ("VSOE"), if available, or our best estimate of selling price ("ESP"). We have determined that third-party evidence of selling price is not available as our solutions and services are not largely interchangeable with those of other vendors. Our process for determining ESP considers multiple factors, including prices charged by us for similar offerings when sold separately, pricing and discount strategies, and other business objectives. 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 composed 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 commissions related to these services as earned ratably over the policy term. Our contract with our underwriting partner provides for contingent commissions to be paid to us in accordance with the agreement. Our estimate of contingent commission revenue considers historical loss experience on the policies sold by us. On Premise Revenue Sales of our on premise software solutions consists 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 revenue for the annual term license and support services on a straight-line basis over the contract term. We also derive on premise revenue from multiple element arrangements that include perpetual licenses with maintenance and other services to be provided over a fixed term. Revenue is recognized for delivered items using the residual method when we have VSOE of fair value for the undelivered items and all other criteria for revenue recognition have been met. When VSOE has not been asserted for the undelivered items, we recognize the arrangement fees ratably over the longer of the customer support period or the period during which professional services are rendered. Professional and Other Revenue Professional services and other revenue are 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 centers; fees paid to third-party providers; allocations of facilities overhead costs; depreciation, amortization of acquired technologies; and amortization of capitalized software. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense related to stock options and restricted stock units (“RSU”) granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The Company estimates the fair value of time-based vesting stock option awards using the Black-Scholes option pricing model on the date of grant and the associated expense is recognized over the requisite service period, which is generally the vesting period, on a straight-line basis. We have granted stock options at exercise prices equal to the fair market value of our common stock, as of the grant date. The fair value of time-based RSU awards is based on the closing trading price of our common stock on the date of grant. Compensation expense for these awards is recognized on a straight-line basis over the requisite service period. The fair value of RSU awards with both market and time-based vesting conditions is estimated using a discrete model based on multiple stock price-paths developed through the use of Monte Carlo simulation. Expense associated with market-based awards is recognized over the requisite service period using the graded-vesting attribution method. The requisite service period includes the estimated period to achieve the market condition, based on the median of the distribution of share price-paths on which the market condition is satisfied, and the time-based vesting period subsequent to achieving the market condition. The Company estimates the fair value of RSU awards with both performance-based and time-based vesting conditions based on the closing price of our common stock on the date of grant. Compensation expense for performance-based RSU awards is recognized when achievement of the performance condition is determined to be probable. Expense is recognized on a straight-line basis over the requisite service period. Changes to the assumptions underlying the above models may have a significant impact on the underlying value of the stock options or RSU awards, which could have a material impact on our consolidated financial statements. |
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, 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, equipment, and software. Internal use software is amortized on a straight-line basis over its estimated useful life, generally three to five years . 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. |
Advertising Expenses | Advertising Expenses Advertising costs are expensed as incurred and totaled $16.3 million , $15.1 million , and $11.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Leases | Accrued lease liability consisted of balances resulting from the recognition of rent expense under various lease agreements on a straight-line basis. Deferred rent amounts at December 31, 2015, primarily related to incentives under a lease executed in 2015 for our new corporate headquarters in Richardson, Texas. See Note 9 for additional information regarding this lease. Leases Some of the operating lease agreements entered into by the Company contain provisions for future rent increases, rent free periods, periods in which rent payments are reduced (abated), or lease incentives. The total amount of rental payments due over the lease term is charged to rent expense on the straight-line method over the term of the lease. The difference between rent expense recorded and the amount paid is credited or charged to “Accrued lease liability,” which is included in “Accrued expenses and other current liabilities" or "Other long-term liabilities" in the accompanying Consolidated Balance Sheets, depending upon when the liability is expected to be relieved. |
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 hierarchy based upon the observability of the inputs to valuation technique. 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. See additional discussion of our fair value measurements at Note 12 . |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior period financial statements for measurement-period adjustments. This ASU requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. This new standard is effective for interim and annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company will adopt ASU 2015-16 in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015, and early adoption of this ASU is permitted. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements , which excludes line of credit arrangements from the scope of ASU 2015-03. Under this ASU, debt issuance costs related to line of credit arrangements can be deferred and presented as an asset that is subsequently amortized over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. ASU 2015-15 should be adopted concurrent with the adoption of ASU 2015-03. The Company will adopt ASU's 2015-03 and 2015-15 in the first quarter of 2016 and does not expect that the adoption of these standards will have a material effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . This ASU provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 is effective for periods beginning after December 15, 2015. The Company will adopt this standard in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. The FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement in April 2015. This update provides guidance to customers in determining whether a cloud computing arrangement includes a software license. The update is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption of ASU 2015-05 is permitted. The update allows for the use of either a prospective or retrospective adoption approach. The Company will adopt this standard in the first quarter of 2016 and does not expect that the adoption will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This new standard will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 was originally effective for annual and interim reporting periods beginning after December 15, 2016 and early application was prohibited. This ASU permits companies to apply the amendments either retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) - Deferral of Effective Date . ASU 2015-14 permits public business entities to defer the adoption of ASU 2014-09 until interim and annual reporting periods beginning after December 15, 2017. Earlier application is permitted, but not before interim and annual and reporting periods beginning after December 15, 2016. The Company has not yet selected a transition method or date and is currently evaluating the impact of the pending adoption of this ASU on its ongoing financial reporting. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: Data processing and communications equipment 3 - 5 years Furniture, fixtures, and other equipment 3 - 5 years Software 3 - 5 years Property, equipment, and software consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Leasehold improvements $ 26,138 $ 22,943 Data processing and communications equipment 67,871 59,390 Furniture, fixtures, and other equipment 18,253 16,254 Software 68,972 51,915 181,234 150,502 Less: Accumulated depreciation and amortization (99,036 ) (77,886 ) Property, equipment, and software, net $ 82,198 $ 72,616 |
Estimated Useful Lives for Finite-lived Intangible Assets | Estimated useful lives for identified intangible assets with finite lives consist of the following: Developed technologies 3 - 10 years Customer relationships 1 - 10 years Vendor relationships 7 years Trade names 1 - 7 years |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Accrued compensation, payroll taxes, and benefits $ 12,492 $ 8,517 Self-insured medical plans 1,831 1,800 Current portion of liabilities related to acquisitions 6,502 3,905 Other current liabilities 7,469 8,683 Total accrued expenses and other current liabilities $ 28,294 $ 22,905 |
Other Long-Term Liabilities | Other long-term liabilities consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Accrued lease liability $ 27,869 $ 3,670 Other long-term liabilities 6,554 10,232 Total other long-term liabilities $ 34,423 $ 13,902 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Allocated Purchase Price Table | We preliminarily allocated the purchase price of Indatus and VRX as follows: Indatus VRX (in thousands) Accounts receivable $ 646 $ — Intangible assets: Developed product technologies 13,400 794 Customer relationships 9,770 11 Trade names 83 — Goodwill 25,575 1,186 Net other liabilities (57 ) — Total purchase price $ 49,417 $ 1,991 We 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 Trade names — — — 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 $ 2,690 $ 10,496 $ 2,651 $ 6,861 $ 14,371 We allocated the purchase price for InstaManager, VMM, Notivus, and Kigo as follows: InstaManager VMM Notivus Kigo (in thousands) Intangible assets: Developed product technologies $ 4,490 $ 671 $ 1,840 $ 2,570 Customer relationships — 200 — 1,120 Trade names 527 — — 602 Goodwill 4,135 358 2,852 32,996 Deferred revenue (33 ) — (156 ) — Net deferred taxes — — — (495 ) Net other assets (liabilities) 55 — (141 ) (547 ) Total purchase price $ 9,174 $ 1,229 $ 4,395 $ 36,246 |
Pro Forma Financial Information | The following table presents unaudited pro forma results of operations for 2015 and 2014 as if the aforementioned acquisitions had occurred at the beginning of each period presented. The pro forma financial information includes the business combination accounting effects resulting from these acquisitions, including $2.5 million and $6.5 million of amortization charges from acquired intangible assets as of December 31, 2015 and 2014 , respectively. 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 occurred at the beginning of the periods presented, or of future results. Year Ended December 31, 2015 Pro Forma 2014 Pro Forma (in thousands, except per share amounts) (unaudited) Revenue: On demand $ 456,082 $ 403,373 On premise 2,970 3,094 Professional and other 14,588 10,835 Total revenue 473,640 417,302 Net loss $ (10,035 ) $ (13,346 ) Net loss per share: Basic $ (0.13 ) $ (0.17 ) Diluted $ (0.13 ) $ (0.17 ) |
Accounts Receivable and Other29
Accounts Receivable and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Trade receivables from customers $ 66,839 $ 59,444 Insurance commissions receivable 9,671 7,764 Accounts receivable, gross 76,510 67,208 Allowance for doubtful accounts 2,318 2,363 Accounts receivable, net $ 74,192 $ 64,845 |
Schedule of Other Current Assets | Other current assets consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Lease-related receivables $ 20,683 $ 450 Other current assets 2,402 1,398 Total other current assets $ 23,085 $ 1,848 |
Property, Equipment and Softw30
Property, Equipment and Software (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components 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: Data processing and communications equipment 3 - 5 years Furniture, fixtures, and other equipment 3 - 5 years Software 3 - 5 years Property, equipment, and software consisted of the following at December 31, 2015 and 2014 : December 31, 2015 2014 (in thousands) Leasehold improvements $ 26,138 $ 22,943 Data processing and communications equipment 67,871 59,390 Furniture, fixtures, and other equipment 18,253 16,254 Software 68,972 51,915 181,234 150,502 Less: Accumulated depreciation and amortization (99,036 ) (77,886 ) Property, equipment, and software, net $ 82,198 $ 72,616 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2015 and 2014 , were as follows, in thousands: Balance at January 1, 2014 $ 152,422 Goodwill acquired 40,341 Other 615 Balance at December 31, 2014 193,378 Goodwill acquired 26,719 Balance at December 31, 2015 $ 220,097 |
Other Intangible Assets | Changes in identified intangible assets during the years ended December 31, 2015 and 2014 were as follows: Weighted Average Amortization Period December 31, 2014 Additions Impairments Transfers Other December 31, 2015 (in years) (in thousands) Finite-lived intangible assets: Developed technologies 3.2 $ 55,212 $ 14,194 $ — $ — $ (27 ) $ 69,379 Customer relationships 9.1 86,753 9,770 — — — 96,523 Vendor relationships 7.0 5,650 — — — — 5,650 Trade names 6.9 — 83 — 5,066 — 5,149 Total finite-lived intangible assets 6.6 147,615 24,047 — 5,066 (27 ) 176,701 Accumulated amortization (88,880 ) (22,002 ) — — — (110,882 ) Indefinite-lived intangible assets: Trade names 41,350 — (20,801 ) (5,066 ) (22 ) 15,461 Intangible assets, net $ 100,085 2,045 (20,801 ) — (49 ) $ 81,280 Weighted Average Amortization Period December 31, 2013 Additions Impairments Transfers Other December 31, 2014 (in years) (in thousands) Finite-lived intangible assets: Developed technologies 3.2 $ 45,014 $ 10,315 $ — $ — $ (117 ) $ 55,212 Customer relationships 9.0 85,823 930 — — — 86,753 Vendor relationships 7.0 5,650 — — — — 5,650 Total finite-lived intangible assets 6.7 136,487 11,245 — — (117 ) 147,615 Accumulated amortization (68,164 ) (20,716 ) — — — (88,880 ) Indefinite-lived intangible assets: Trade names 40,492 1,129 (304 ) — 33 41,350 Intangible assets, net $ 108,815 (8,342 ) (304 ) — (84 ) $ 100,085 |
Estimated Amortization of Intangible Assets | The following table sets forth the estimated amortization of intangible assets for the years ending December 31, in thousands: 2016 $ 20,518 2017 14,691 2018 9,674 2019 6,805 2020 5,606 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Stock Incentive Plan, Equity Incentive Plan, Board Plan, and MTS Plan: Number of Shares Range of Exercise Prices Weighted Average Exercise Price Balance, January 1, 2013 5,858,613 $ 0.91 – $ 29.50 $ 13.97 Granted 2,421,124 19.78 – 25.70 22.20 Exercised (1,556,865 ) 0.91 – 25.24 6.81 Forfeited/cancelled (800,470 ) 4.28 – 29.50 18.71 Expired (7,600 ) 24.03 – 24.64 24.35 Balance, December 31, 2013 5,914,802 0.91 – 29.50 18.56 Granted 1,934,031 15.19 – 21.54 17.68 Exercised (907,765 ) 0.91 – 21.60 10.92 Forfeited/cancelled (1,336,894 ) 4.28 – 29.50 20.93 Expired (37,286 ) 19.78 – 24.64 24.02 Balance, December 31, 2014 5,566,888 0.91 – 29.50 18.89 Granted 2,434,198 18.79 – 23.10 19.81 Exercised (809,303 ) 0.91 – 21.60 14.97 Forfeited/cancelled (1,389,910 ) 5.04 – 29.50 20.54 Balance, December 31, 2015 5,801,873 0.91 – 29.50 19.43 |
Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable | The below table provides information regarding outstanding stock options which were fully vested and expected to vest and exercisable options at December 31: 2015 2014 Options Fully Vested and Expected to Vest Options Exercisable Options Fully Vested and Expected to Vest Options Exercisable Number of options 5,795,711 2,843,655 5,545,427 2,455,134 Weighted-average remaining contractual term (in years) 7.5 6.4 7.7 6.6 Weighted-average exercise price $ 19.43 $ 18.67 $ 18.88 $ 17.04 Aggregate intrinsic value, in thousands $ 21,080 $ 13,316 $ 22,012 $ 14,704 |
Awards Granted Assumptions | The fair value of each stock option grant was estimated as of the date of grant using the Black Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share: 2015 2014 2013 Risk-free interest rate 1.5% 1.3% 1.3% Expected option life (in years) 4.6 4.4 6.0 Forfeiture rate 0.0% 0.0% 0.9% Expected volatility 42.3% 42.8% 48.5% Weighted-average grant date fair value $7.42 $6.44 $10.37 |
Summary of Time-Based Restricted Share Awards' Activity | A summary of time-based restricted stock award activity is presented in the table below. Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at January 1, 2013 1,360,947 $ 21.58 Granted 1,747,501 22.09 Vested (712,434 ) 21.30 Forfeited/cancelled (305,211 ) 21.58 Non-vested shares at December 31, 2013 2,090,803 22.10 Granted 1,238,226 17.69 Vested (1,101,143 ) 21.18 Forfeited/cancelled (603,367 ) 20.36 Non-vested shares at December 31, 2014 1,624,519 20.01 Granted 913,077 19.84 Vested (1,077,102 ) 19.78 Forfeited/cancelled (391,788 ) 18.65 Non-vested shares at December 31, 2015 1,068,706 20.05 |
Market Based Restricted Stock Units Activity | A summary of market-based restricted stock award activity is presented in the table below. Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2014 — $ — Granted 520,000 11.26 Vested — — Forfeited/cancelled — — Balance at December 31, 2014 520,000 11.26 Granted 691,165 11.59 Vested — — Forfeited/cancelled (196,070 ) 9.39 Balance at December 31, 2015 1,015,095 11.85 |
Restricted Stock Unit Valuation Assumptions | The weighted average of assumptions used to value awards granted during 2015 and 2014 were as follows: 2015 2014 Risk-free interest rate 1.1% 1.1% Expected volatility 38.7% 43.6% |
Performance-Based Restricted Share Awards' Activity | A summary of performance-based restricted stock award activity is presented in the table below: Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at January 1, 2013 275,257 $ 22.46 Granted 100,000 21.60 Vested (31,902 ) 17.99 Forfeited/cancelled (273,355 ) 23.40 Non-vested shares at December 31, 2013 70,000 18.10 Granted — — Vested — — Forfeited/cancelled (70,000 ) 18.10 Non-vested shares at December 31, 2014 — — Granted 20,000 18.79 Vested — — Forfeited/cancelled — — Non-vested shares at December 31, 2015 20,000 18.79 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Assets under Capital Lease | December 31, 2015 2014 (in thousands) Software $ 1,977 $ 1,977 Less: Accumulated amortization (1,694 ) (1,110 ) Assets under capital lease, net $ 283 $ 867 |
Future Minimum Rental Payments for Capital Leases | The future minimum lease payments required under the capital lease and the present value of the net minimum lease payments as of December 31, 2015 were as follows, in thousands: 2016 $ 294 Thereafter — Total minimum lease payments 294 Less amount representing average interest of 2.2% (2 ) 292 Less current portion (292 ) Long-term portion $ — |
Future Minimum Rental Payments for Operating Leases | Minimum annual rental commitments under non-cancellable operating leases and total minimum rentals to be received under non-cancellable subleases were as follows at December 31, 2015 : Minimum Lease Commitments Sublease Income Net Lease Commitments (in thousands) 2016 $ 10,148 $ 354 $ 9,794 2017 9,721 140 9,581 2018 9,800 — 9,800 2019 9,143 — 9,143 2020 7,482 — 7,482 Thereafter 55,732 — 55,732 $ 102,026 $ 494 $ 101,532 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 (loss) income per share attributable to common stockholders: Year Ended December 31, 2015 2014 2013 (in thousands, except per share amounts) Numerator: Net (loss) income $ (9,218 ) $ (10,274 ) $ 20,692 Denominator: Basic: Weighted average common shares used in computing basic net (loss) income per share 76,689 76,991 74,962 Diluted: Weighted average common shares used in computing basic net (loss) income per share 76,689 76,991 74,962 Add weighted average effect of dilutive securities: Stock options and restricted stock — — 1,225 Weighted average common shares used in computing diluted net (loss) income per share 76,689 76,991 76,187 Net (loss) income per common share attributable to common stockholders: Basic $ (0.12 ) $ (0.13 ) $ 0.28 Diluted $ (0.12 ) $ (0.13 ) $ 0.27 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Domestic and Foreign Components of Income (Loss) before Provision for Income Taxes | The domestic and foreign components of (loss) income before income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (15,777 ) $ (18,768 ) $ 19,230 Foreign 2,713 2,161 1,252 Total $ (13,064 ) $ (16,607 ) $ 20,482 |
(Benefit) Provision for Income Taxes | Our benefit for income taxes consisted of the following components: Year Ended December 31, 2015 2014 2013 (in thousands) Current: Federal $ 162 $ — $ — State 797 437 1,886 Foreign 414 550 421 Total current income tax expense 1,373 987 2,307 Deferred: Federal (5,075 ) (6,611 ) (1,832 ) State 156 (460 ) (619 ) Foreign (300 ) (249 ) (66 ) Total deferred income tax benefit (5,219 ) (7,320 ) (2,517 ) Total income tax benefit $ (3,846 ) $ (6,333 ) $ (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 benefit computed at the U.S. federal statutory tax rate to the actual income tax benefit is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Expense derived by applying the Federal income tax rate to (loss) income before taxes $ (4,572 ) $ (5,813 ) $ 7,169 State income tax, net of federal benefit 561 (177 ) 607 Foreign income tax (813 ) (477 ) (170 ) Change in valuation allowance — — (9,087 ) Benefit of assets not previously recognized — (516 ) — Nondeductible expenses 418 454 644 Fair value adjustment on stock acquisition (52 ) (28 ) 487 Stock-based compensation 209 223 139 Reduction in available Federal NOL 350 — — Other 53 1 1 $ (3,846 ) $ (6,333 ) $ (210 ) |
Components of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of our 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, 2015 2014 (in thousands) Deferred tax assets: Reserves, deferred revenue and accrued liabilities $ 8,107 $ 6,392 Stock-based compensation 15,112 12,238 Net operating loss carryforwards and tax credits 13,733 22,348 Total deferred tax assets 36,952 40,978 Deferred tax liabilities: Property, equipment, and software (10,041 ) (8,217 ) Intangible assets (11,563 ) (21,965 ) Other (3,297 ) (2,459 ) Total deferred tax liabilities (24,901 ) (32,641 ) Net deferred tax assets $ 12,051 $ 8,337 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of liabilities measured at fair value on a recurring basis | The following table discloses the liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 : Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Contingent consideration related to the acquisition of: Indatus $ 814 $ — $ — $ 814 VRX 27 — — 27 $ 841 $ — $ — $ 841 Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Contingent consideration related to the acquisition of: Active Building $ 1,566 $ — $ — $ 1,566 MyBuilding 248 — — 248 InstaManager 2,335 — — 2,335 VMM 1 — — 1 $ 4,150 $ — $ — $ 4,150 |
Changes in Level 3 fair value measurements | Changes in the fair value of Level 3 measurements for the reporting periods were as follows during the years ended December 31, 2015 and 2014 , in thousands: Balance, January 1, 2014 $ 1,827 Initial contingent consideration 2,939 Settlements through cash payments (229 ) Net gain on change in fair value (387 ) Balance, December 31, 2014 4,150 Initial contingent consideration 1,414 Settlements through cash payments (1,179 ) Net gain on change in fair value (3,544 ) Balance, December 31, 2015 $ 841 |
Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of valuation techniques | Significant unobservable inputs used in the contingent consideration fair value measurements included the following at December 31, 2015 and 2014 : 2015 2014 Discount rates 15.8 - 60.0% 22.5 - 64.0% Volatility rates 37.0 - 53.5% 45.0 - 48.0% Risk free rate of return 0.5 - 0.9% 0.1 - 0.2% |
Selected Quarterly Financial 37
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | The following selected unaudited quarterly financial information for the years ended December 31, 2015 and 2014 reflects results which have been adjusted for the reclassifications discussed above (in thousands, except per share amounts). Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, Adjusted Adjusted Adjusted Revenue: On demand $ 117,090 $ 116,772 $ 110,640 $ 106,460 $ 101,261 $ 100,747 $ 91,606 $ 97,008 On premise 669 834 726 741 648 755 826 865 Professional and other 3,941 3,982 3,396 3,269 2,555 3,034 2,556 2,690 Total revenue 121,700 121,588 114,762 110,470 104,464 104,536 94,988 100,563 Gross profit 70,882 69,848 66,269 62,908 57,946 58,225 52,873 60,636 Net income (loss) 3,900 (8,192 ) (3,318 ) (1,608 ) 110 (3,257 ) (6,291 ) (836 ) Net income (loss) per share attributable to common stockholders Basic and Diluted $ 0.05 $ (0.11 ) $ (0.04 ) $ (0.02 ) $ 0.00 $ (0.04 ) $ (0.08 ) $ (0.01 ) |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015USD ($)Entity | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)CustomerEntity | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer$ / shares | Dec. 31, 2012USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Operating income (loss) | $ (11,615) | $ (15,503) | $ 21,559 | ||||||
Net (loss) income | $ 3,900 | $ 110 | $ (3,257) | $ (6,291) | $ (836) | $ (9,218) | $ (10,274) | $ 20,692 | $ 20,692 |
Number of customer accounted for 10% or more of revenue | Customer | 0 | 0 | 0 | ||||||
Bed debt expense | $ 2,000 | $ 1,500 | $ 2,100 | ||||||
Primary sources of revenue | Entity | 3 | 3 | |||||||
Revenue recognition access period (in years) | 3 years | ||||||||
Renewal of additional term license (in years) | 1 year | ||||||||
Advertising costs | $ 16,300 | 15,100 | 11,400 | ||||||
Increase (decrease) in deferred tax liabilities | $ 24,901 | 32,641 | $ 24,901 | 32,641 | |||||
Minimum | Software and Software Development Costs | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Property plant and equipment, useful life (in years) | 3 years | ||||||||
Maximum | Software and Software Development Costs | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Property plant and equipment, useful life (in years) | 5 years | ||||||||
Revised Estimated Useful Lives of Data Processing Equipment and Internally Developed Software | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Operating income (loss) | 3,500 | ||||||||
Net (loss) income | $ 1,900 | ||||||||
Increase in basic and diluted earnings per share | $ / shares | $ 0.03 | ||||||||
Length of Expected Customer Benefit of License Fees Billed at Initial Order Date | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Operating income (loss) | $ 2,800 | ||||||||
Net (loss) income | $ 1,500 | ||||||||
Increase in basic and diluted earnings per share | $ / shares | $ 0.02 | ||||||||
North America | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Net long-lived assets | 77,400 | 66,500 | $ 77,400 | 66,500 | |||||
International Subsidiaries | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Net long-lived assets | $ 4,800 | 6,100 | $ 4,800 | $ 6,100 | |||||
Revenues | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of revenues | 4.60% | 4.90% | 3.40% | ||||||
Early Adoption | Current Assets | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Increase (decrease) in net current deferred tax assets | (11,000) | $ (11,000) | |||||||
Increase (decrease) in deferred tax liabilities | (5,200) | (5,200) | |||||||
Early Adoption | Noncurrent Assets | |||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||
Increase (decrease) in net current deferred tax assets | 11,000 | 11,000 | |||||||
Increase (decrease) in deferred tax liabilities | $ 5,200 | $ 5,200 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Equipment and Software (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Data processing and communications equipment | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 3 years |
Data processing and communications equipment | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 5 years |
Furniture, fixtures and other equipment | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 3 years |
Furniture, fixtures and other equipment | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 5 years |
Software | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 4 years 2 months 18 days |
Software | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 3 years |
Software | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 5 years |
Leasehold improvements | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, useful life (in years) | 10 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Estimated Useful Lives of Finite Lived Intangible Assets (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 6 years 7 months 6 days | 6 years 8 months 12 days |
Developed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 3 years 2 months 12 days | 3 years 2 months 12 days |
Developed technologies | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 3 years | |
Developed technologies | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 10 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 9 years 1 month 14 days | 9 years |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 1 year | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 10 years | |
Vendor relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 7 years | 7 years |
Vendor relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 7 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 6 years 10 months 24 days | |
Trade names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 1 year | |
Trade names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of finite-lived intangible asset | 7 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Accrued compensation, payroll taxes, and benefits | $ 12,492 | $ 8,517 |
Self-insured medical plans | 1,831 | 1,800 |
Current portion of liabilities related to acquisitions | 6,502 | 3,905 |
Other current liabilities | 7,469 | 8,683 |
Total accrued expenses and other current liabilities | $ 28,294 | $ 22,905 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Other Long Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Accrued lease liability | $ 27,869 | $ 3,670 |
Other long-term liabilities | 6,554 | 10,232 |
Total other long-term liabilities | $ 34,423 | $ 13,902 |
Acquisitions - 2015 Acquisition
Acquisitions - 2015 Acquisitions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ||||
Gain (loss) due to changes in contingent cash payments | $ (3,268,000) | $ 173,000 | $ 1,284,000 | |
Indatus | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price | $ 49,400,000 | |||
Business acquisition, cash paid | 43,800,000 | |||
Business acquisition, deferred cash payment amount | $ 5,000,000 | |||
Length of time after acquisition date of deferred cash payment to be made | 19 months | |||
Liability for the estimated cash payment | $ 2,000,000 | |||
Deferred cash payment, fair value | 4,700,000 | |||
Fair value of contingent cash obligation | 900,000 | |||
Direct acquisition costs | 300,000 | |||
VRX | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price | 2,000,000 | |||
Business acquisition, cash paid | 1,500,000 | |||
Deferred cash obligation | 500,000 | |||
Liability for the estimated cash payment | 3,000,000 | |||
Fair value of contingent cash obligation | $ 500,000 | |||
2015 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Liability for the estimated cash payment | 800,000 | |||
Aggregate deferred cash obligation | 5,100,000 | |||
Deferred cash obligation discount | (200,000) | |||
Gain (loss) due to changes in contingent cash payments | 600,000 | |||
Paid contingent cash obligations | $ 0 | |||
Developed technologies | Indatus | ||||
Business Acquisition [Line Items] | ||||
Amortized useful life of acquired intangible assets | 3 years | |||
Developed technologies | VRX | ||||
Business Acquisition [Line Items] | ||||
Amortized useful life of acquired intangible assets | 3 years | |||
Trade names | Indatus | ||||
Business Acquisition [Line Items] | ||||
Amortized useful life of acquired intangible assets | 1 year | |||
Customer relationships | Indatus | ||||
Business Acquisition [Line Items] | ||||
Amortized useful life of acquired intangible assets | 10 years |
Acquisitions - 2014 Acquisition
Acquisitions - 2014 Acquisitions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | May. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||||
Gain (loss) due to changes in contingent cash payments | $ (3,268,000) | $ 173,000 | $ 1,284,000 | ||||
InstaManager | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price | $ 9,200,000 | ||||||
Business acquisition, cash paid | 6,000,000 | ||||||
Business acquisition, deferred cash payment amount | $ 1,000,000 | ||||||
Length of time after acquisition date of deferred cash payment to be made | 2 years | ||||||
Business acquisition, additional future cash payment amount | $ 7,000,000 | ||||||
Deferred cash payment, fair value | 800,000 | ||||||
Direct acquisition costs | 100,000 | ||||||
Liability for the estimated cash payment | $ 2,400,000 | ||||||
InstaManager | Developed product technologies | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 3 years | ||||||
VMM | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price | $ 1,200,000 | ||||||
Business acquisition, cash paid | 1,000,000 | ||||||
Business acquisition, deferred cash payment amount | $ 200,000 | ||||||
Length of time after acquisition date of deferred cash payment to be made | 2 years | ||||||
Business acquisition, additional future cash payment amount | $ 2,000,000 | ||||||
Deferred cash payment, fair value | 200,000 | ||||||
Direct acquisition costs | 100,000 | ||||||
Liability for the estimated cash payment | $ 100,000 | ||||||
VMM | Developed product technologies | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 3 years | ||||||
VMM | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 10 years | ||||||
Notivus | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price | $ 4,400,000 | ||||||
Business acquisition, cash paid | 3,600,000 | ||||||
Business acquisition, deferred cash payment amount | $ 800,000 | ||||||
Length of time after acquisition date of deferred cash payment to be made | 2 years | ||||||
Deferred cash payment, fair value | $ 800,000 | ||||||
Direct acquisition costs | $ 100,000 | ||||||
Notivus | Developed product technologies | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 3 years | ||||||
Kigo | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price | $ 36,200,000 | ||||||
Business acquisition, cash paid | 30,700,000 | ||||||
Business acquisition, deferred cash payment amount | 5,500,000 | ||||||
Direct acquisition costs | $ 500,000 | ||||||
Kigo | LIBOR | |||||||
Business Acquisition [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Kigo | Developed product technologies | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 3 years | ||||||
Kigo | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Amortized useful life of acquired intangible assets | 10 years | ||||||
2014 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate deferred cash obligation | 6,200,000 | 7,400,000 | |||||
Paid deferred cash obligations | 1,200,000 | 0 | |||||
Liability for the estimated cash payment | 2,300,000 | ||||||
Gain (loss) due to changes in contingent cash payments | 1,800,000 | 100,000 | |||||
Paid contingent cash obligations | $ 500,000 | $ 0 |
Acquisitions - 2013 Acquisition
Acquisitions - 2013 Acquisitions (Detail) | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2013USD ($) | Mar. 31, 2013USD ($)Trancheshares | Feb. 28, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Mar. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||||||
Gain (loss) due to changes in contingent cash payments | $ (3,268,000) | $ 173,000 | $ 1,284,000 | |||||
Amortization of finite-lived intangible assets | 22,000,000 | 20,700,000 | $ 16,600,000 | |||||
Seniors for Living, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price | $ 2,700,000 | |||||||
Business acquisition, cash paid | $ 2,300,000 | |||||||
First deferred payment period | 6 months | |||||||
2nd deferred payment period | 12 months | |||||||
Seniors for Living, Inc. | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Additional cash payment, deferred | $ 200,000 | |||||||
Deferred cash payment, fair value | 400,000 | |||||||
Direct acquisition costs | $ 100,000 | |||||||
Seniors for Living, Inc. | Developed product technologies | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 3 years | |||||||
Seniors for Living, Inc. | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 5 years | |||||||
Rent Sentinel | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price | $ 10,500,000 | |||||||
Business acquisition, cash paid | $ 7,600,000 | |||||||
First deferred payment period | 12 months | |||||||
2nd deferred payment period | 24 months | |||||||
Direct acquisition costs | $ 100,000 | |||||||
Shares issued in acquisition | shares | 72,500 | |||||||
Rent Sentinel | Developed product technologies | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 3 years | |||||||
Rent Sentinel | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 9 years | |||||||
Windsor Compliance Services | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price | $ 2,700,000 | |||||||
Business acquisition, cash paid | 1,300,000 | |||||||
Additional cash payment, deferred | 1,000,000 | |||||||
Additional cash payment, 2nd deferred payment | $ 500,000 | |||||||
First deferred payment period | 12 months | |||||||
2nd deferred payment period | 24 months | |||||||
Contingent cash payment | $ 1,400,000 | |||||||
Direct acquisition costs | 100,000 | |||||||
Gain (loss) due to changes in contingent cash payments | $ 1,200,000 | |||||||
Windsor Compliance Services | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 10 years | |||||||
MyBuilding Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price | $ 6,900,000 | |||||||
Business acquisition, cash paid | 5,200,000 | |||||||
Additional cash payment, deferred | $ 1,500,000 | |||||||
Length of time after acquisition date of deferred cash payment to be made | 2 years | |||||||
Additional cash payment, 2nd deferred payment | $ 1,100,000 | |||||||
Deferred cash payment, fair value | 1,400,000 | |||||||
Contingent cash payment | 300,000 | |||||||
Direct acquisition costs | $ 100,000 | |||||||
MyBuilding Inc. | Developed product technologies | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 3 years | |||||||
MyBuilding Inc. | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 10 years | |||||||
Active Building LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price | $ 14,400,000 | |||||||
Business acquisition, cash paid | 11,300,000 | |||||||
Additional cash payment, deferred | $ 2,000,000 | |||||||
Length of time after acquisition date of deferred cash payment to be made | 3 years | |||||||
Additional cash payment, 2nd deferred payment | $ 6,500,000 | |||||||
Deferred cash payment, fair value | 1,700,000 | |||||||
Contingent cash payment | 1,400,000 | |||||||
Direct acquisition costs | $ 100,000 | |||||||
Active Building LLC | Developed product technologies | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 3 years | |||||||
Active Building LLC | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized useful life of acquired intangible assets | 10 years | |||||||
2013 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate deferred cash obligation | 1,000,000 | 2,400,000 | ||||||
Paid deferred cash obligations | 1,400,000 | 2,600,000 | $ 0 | |||||
Liability for the estimated cash payment | 0 | 1,800,000 | ||||||
Gain (loss) due to changes in contingent cash payments | 1,100,000 | 300,000 | $ 0 | |||||
Paid contingent cash obligations | 700,000 | |||||||
Acquisition-related Costs | Acquired Intangible Assets | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization of finite-lived intangible assets | $ 2,500,000 | $ 6,500,000 | ||||||
Common Stock Issuable | Rent Sentinel | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares issued in acquisition | shares | 36,250 | |||||||
Number of tranches | Tranche | 2 | |||||||
Common Stock | Rent Sentinel | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of common stock issued at acquisition | $ 1,500,000 | |||||||
Fair value of contingent shares of common stock issued at acquisition | $ 1,400,000 |
Acquisitions - Acquisitions Pri
Acquisitions - Acquisitions Prior to 2013 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ||||
Gain (loss) due to changes in contingent cash payments | $ (3,268) | $ 173 | $ 1,284 | |
Acquisitions Prior to 2013 | ||||
Business Acquisition [Line Items] | ||||
Deferred cash obligation | 1,500 | $ 2,100 | ||
Paid contingent cash obligations | $ 200 | |||
Gain (loss) due to changes in contingent cash payments | $ (500) |
Acquisitions - Allocated Purcha
Acquisitions - Allocated Purchase Price Table (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 220,097 | $ 193,378 | $ 152,422 |
Indatus | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 646 | ||
Goodwill | 25,575 | ||
Net other assets (liabilities) | (57) | ||
Total purchase price, net of cash acquired | 49,417 | ||
Indatus | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 83 | ||
Indatus | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 13,400 | ||
Indatus | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 9,770 | ||
VRX | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 0 | ||
Goodwill | 1,186 | ||
Net other assets (liabilities) | 0 | ||
Total purchase price, net of cash acquired | 1,991 | ||
VRX | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
VRX | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 794 | ||
VRX | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | $ 11 | ||
InstaManager | |||
Business Acquisition [Line Items] | |||
Goodwill | 4,135 | ||
Deferred revenue | (33) | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | 55 | ||
Total purchase price, net of cash acquired | 9,174 | ||
InstaManager | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 527 | ||
InstaManager | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 4,490 | ||
InstaManager | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
VMM | |||
Business Acquisition [Line Items] | |||
Goodwill | 358 | ||
Deferred revenue | 0 | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | 0 | ||
Total purchase price, net of cash acquired | 1,229 | ||
VMM | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
VMM | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 671 | ||
VMM | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 200 | ||
Notivus | |||
Business Acquisition [Line Items] | |||
Goodwill | 2,852 | ||
Deferred revenue | (156) | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | (141) | ||
Total purchase price, net of cash acquired | 4,395 | ||
Notivus | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Notivus | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 1,840 | ||
Notivus | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Kigo | |||
Business Acquisition [Line Items] | |||
Goodwill | 32,996 | ||
Deferred revenue | 0 | ||
Net deferred taxes | (495) | ||
Net other assets (liabilities) | (547) | ||
Total purchase price, net of cash acquired | 36,246 | ||
Kigo | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 602 | ||
Kigo | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 2,570 | ||
Kigo | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | $ 1,120 | ||
Seniors for Living, Inc. | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,035 | ||
Deferred revenue | 0 | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | 88 | ||
Total purchase price, net of cash acquired | 2,690 | ||
Seniors for Living, Inc. | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Seniors for Living, Inc. | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 1,406 | ||
Seniors for Living, Inc. | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 161 | ||
Rent Sentinel | |||
Business Acquisition [Line Items] | |||
Goodwill | 3,633 | ||
Deferred revenue | (304) | ||
Net deferred taxes | 226 | ||
Net other assets (liabilities) | 313 | ||
Total purchase price, net of cash acquired | 10,496 | ||
Rent Sentinel | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Rent Sentinel | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 4,238 | ||
Rent Sentinel | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 2,390 | ||
Windsor Compliance Services | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,302 | ||
Deferred revenue | (107) | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | 226 | ||
Total purchase price, net of cash acquired | 2,651 | ||
Windsor Compliance Services | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Windsor Compliance Services | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 0 | ||
Windsor Compliance Services | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 1,230 | ||
MyBuilding Inc. | |||
Business Acquisition [Line Items] | |||
Goodwill | 5,043 | ||
Deferred revenue | (258) | ||
Net deferred taxes | (813) | ||
Net other assets (liabilities) | 111 | ||
Total purchase price, net of cash acquired | 6,861 | ||
MyBuilding Inc. | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 328 | ||
MyBuilding Inc. | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 1,450 | ||
MyBuilding Inc. | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 1,000 | ||
Active Building | |||
Business Acquisition [Line Items] | |||
Goodwill | 7,198 | ||
Deferred revenue | 0 | ||
Net deferred taxes | 0 | ||
Net other assets (liabilities) | 76 | ||
Total purchase price, net of cash acquired | 14,371 | ||
Active Building | Tradenames | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 597 | ||
Active Building | Developed product technologies | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 3,850 | ||
Active Building | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | $ 2,650 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Amortization of finite-lived intangible assets | $ 22,000 | $ 20,700 | $ 16,600 |
Revenue: | |||
On demand | 456,082 | 403,373 | |
On premise | 2,970 | 3,094 | |
Professional and other | 14,588 | 10,835 | |
Total revenue | 473,640 | 417,302 | |
Net income (loss) | $ (10,035) | $ (13,346) | |
Net income (loss) per share attributable to common stockholders | |||
Basic (in dollars per share) | $ (0.13) | $ (0.17) | |
Diluted (in dollars per share) | $ (0.13) | $ (0.17) | |
Acquired Intangible Assets | Acquisition-related Costs | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Amortization of finite-lived intangible assets | $ 2,500 | $ 6,500 |
Accounts Receivable and Other49
Accounts Receivable and Other Current Assets - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 76,510 | $ 67,208 |
Allowance for doubtful accounts | 2,318 | 2,363 |
Accounts receivable, net | 74,192 | 64,845 |
Trade receivables from customers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 66,839 | 59,444 |
Insurance commissions receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 9,671 | $ 7,764 |
Accounts Receivable and Other50
Accounts Receivable and Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Lease-related receivables | $ 20,683 | $ 450 |
Other current assets | 2,402 | 1,398 |
Total other current assets | $ 23,085 | $ 1,848 |
Property, Equipment and Softw51
Property, Equipment and Software - Components of Property, Equipment and Software (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 181,234 | $ 150,502 |
Less: Accumulated depreciation and amortization | (99,036) | (77,886) |
Property, equipment, and software, net | 82,198 | 72,616 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 26,138 | 22,943 |
Data processing and communications equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 67,871 | 59,390 |
Furniture, fixtures, and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 18,253 | 16,254 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 68,972 | $ 51,915 |
Property, Equipment and Softw52
Property, Equipment and Software - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expense for property, equipment and software | $ 20,600,000 | $ 18,900,000 | $ 14,100,000 | ||
Carrying amount of capitalized development costs | $ 41,200,000 | 41,200,000 | 32,500,000 | ||
Accumulated Amortization | 14,000,000 | 14,000,000 | 10,700,000 | ||
Capitalization of software development costs | 10,500,000 | 10,900,000 | 7,600,000 | ||
Impairment loss | 20,801,000 | 304,000 | |||
Disposal of fixed assets | 1,300,000 | ||||
Loss on disposal of fixed assets | 200,000 | ||||
Purchases of property, equipment, and software | 33,384,000 | 37,062,000 | $ 32,952,000 | ||
Software | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expense for property, equipment and software | $ 3,300,000 | 1,700,000 | 1,000,000 | ||
Weighted-average useful life (in years) | 4 years 2 months 18 days | ||||
Leasehold Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Weighted-average useful life (in years) | 10 years | ||||
Perpetual software license | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of property, equipment, and software | $ 2,500,000 | ||||
Product Development | Software | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment loss | $ 1,400,000 | $ 0 | $ 0 | ||
General and Administrative | Leasehold Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Tangible asset impairment charges | $ 1,500,000 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 193,378 | $ 152,422 |
Goodwill acquired | 26,719 | 40,341 |
Other | 615 | |
Ending balance | $ 220,097 | $ 193,378 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period | 6 years 7 months 6 days | 6 years 8 months 12 days | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Finite-lived intangible assets, beginning balance | $ 147,615 | $ 147,615 | $ 136,487 | |
Additions | 24,047 | 11,245 | ||
Transfers | 5,066 | |||
Other | (27) | (117) | ||
Finite-lived intangible assets, ending balance | 176,701 | 147,615 | $ 136,487 | |
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward] | ||||
Accumulated Amortization, beginning balance | (88,880) | (88,880) | (68,164) | |
Additions | (22,002) | (20,716) | ||
Accumulated Amortization, ending balance | (110,882) | (88,880) | (68,164) | |
Intangible Assets, Net [Roll Forward] | ||||
Intangible assets, net, beginning balance | 100,085 | 100,085 | 108,815 | |
Additions | 2,045 | (8,342) | ||
Impairments | (20,801) | (304) | ||
Other | (49) | (84) | ||
Intangible assets, net, ending balance | 81,280 | 100,085 | 108,815 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Impairments | (20,801) | 0 | 0 | |
Trade names | ||||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Indefinite-lived intangible assets, beginning balance | 41,350 | 41,350 | 40,492 | |
Additions | 1,129 | |||
Impairments | (500) | (20,801) | (304) | |
Transfers | (5,066) | |||
Other | (22) | 33 | ||
Indefinite-lived intangible assets, ending balance | $ 15,461 | $ 41,350 | 40,492 | |
Developed technologies | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period | 3 years 2 months 12 days | 3 years 2 months 12 days | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Finite-lived intangible assets, beginning balance | 55,212 | $ 55,212 | $ 45,014 | |
Additions | 14,194 | 10,315 | ||
Other | (27) | (117) | ||
Finite-lived intangible assets, ending balance | $ 69,379 | $ 55,212 | 45,014 | |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period | 9 years 1 month 14 days | 9 years | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Finite-lived intangible assets, beginning balance | 86,753 | $ 86,753 | $ 85,823 | |
Additions | 9,770 | 930 | ||
Finite-lived intangible assets, ending balance | $ 96,523 | $ 86,753 | 85,823 | |
Vendor relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period | 7 years | 7 years | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Finite-lived intangible assets, beginning balance | $ 5,650 | $ 5,650 | $ 5,650 | |
Finite-lived intangible assets, ending balance | $ 5,650 | $ 5,650 | $ 5,650 | |
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period | 6 years 10 months 24 days | |||
Finite-lived Intangible Assets [Roll Forward] | ||||
Additions | $ 83 | |||
Transfers | 5,066 | |||
Finite-lived intangible assets, ending balance | $ 5,149 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of finite-lived intangible assets | $ 22,000 | $ 20,700 | $ 16,600 | |||||
Impairment of identified intangible assets | $ 20,801 | $ 0 | $ 0 | |||||
Estimated useful life of finite-lived intangible asset | 6 years 7 months 6 days | 6 years 8 months 12 days | ||||||
Trade names | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Estimated useful life of finite-lived intangible asset | 6 years 10 months 24 days | |||||||
Trade names | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of identified intangible assets | $ 500 | $ 20,801 | $ 304 | |||||
MyNewPlace | Trade names | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of identified intangible assets | $ 300 | |||||||
Estimated useful life of finite-lived intangible asset | 7 years | |||||||
MyNewPlace | Trade names | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of identified intangible assets | $ 20,300 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Estimated Amortization of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 20,518 |
2,017 | 14,691 |
2,018 | 9,674 |
2,019 | 6,805 |
2,020 | $ 5,606 |
Debt - 2014 Credit Facility (De
Debt - 2014 Credit Facility (Details) | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||
Additional borrowing capacity | $ 150,000,000 | |||
Interest coverage ratio | 3 | |||
Consolidated net coverage ratio following permitted acquisition | 3.50 | |||
Revolving line of credit facility borrowed | $ 40,000,000 | $ 20,000,000 | ||
Weighted-average interest rate | 1.58% | 2.13% | ||
Revolving line of credit facility, available borrowing capacity | $ 160,000,000 | |||
Issuance of letters of credit outstanding, amount | 10,000,000 | |||
Unamortized debt issuance costs | $ 1,000,000 | $ 1,300,000 | ||
Permitted Acquisition | ||||
Line of Credit Facility [Line Items] | ||||
Consolidated net coverage ratio following permitted acquisition | 3.75 | |||
Federal Funds Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Prime Rate | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.00% | |||
Prime Rate | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount | $ 150,000,000 | $ 200,000,000 | ||
Consolidated net coverage ratio following permitted acquisition | 3.25 | |||
Revolving Credit Facility | LIBOR | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Revolving Credit Facility | LIBOR | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Revolving Credit Facility | Base Rate | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Revolving Credit Facility | Base Rate | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
Revolving Credit Facility | Federal Funds Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Revolving Credit Facility | One-Month LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Sub limit for issuance of letters of credit | $ 10,000,000 | $ 10,000,000 | ||
Swingline Loan | ||||
Line of Credit Facility [Line Items] | ||||
Sub limit for issuance of letters of credit | $ 20,000,000 |
Debt - Previous Credit Facility
Debt - Previous Credit Facility (Detail) - USD ($) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2014 | Sep. 30, 2014 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Sub limit for issuance of letters of credit | $ 10,000,000 | $ 10,000,000 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Aggregate principal amount | $ 150,000,000 | $ 200,000,000 |
Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Federal Funds Rate | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Three-Month LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Three-Month LIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Three-Month LIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Prime Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.00% | |
Prime Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Millions | Aug. 24, 2011Employeeshares | Jan. 31, 2014 | Dec. 31, 2014shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense | $ 38.1 | $ 37.1 | $ 29.7 | |||
Tax benefit related to stock-based compensation expense | 14.4 | 14 | 11.2 | |||
Unrecognized compensation cost | $ 45.6 | |||||
Unrecognized non-vested stock awards recognition period | 1 year 8 months 12 days | |||||
Cash proceeds from stock-based compensation arrangements | $ 12.1 | 9.9 | 10.6 | |||
Aggregate intrinsic value of stock options | $ 5 | $ 8.5 | 23.3 | |||
Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 3 years 9 months | 3 years | ||||
Vesting percentage | 75.00% | |||||
Expiration period from grant date (in years) | 10 years | |||||
Percentage of stock options to be vested during remaining period | 25.00% | |||||
Market Based Restricted Stock | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Requisite service period (in months) | 15 months | 24 months | ||||
Market Based Restricted Stock | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Requisite service period (in months) | 33 months | 30 months | ||||
Time Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 4 years | 3 years | ||||
Aggregate grant date fair value | $ 21.5 | $ 23.3 | $ 15.2 | |||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | shares | 22,580,741 | 25,634,259 | 22,580,741 | |||
Vested Quarterly Over One Year | Market Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 1 year | |||||
Multifamily Technology Solutions, Inc [Member] | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | shares | 349,693 | |||||
Number of Employees | Employee | 96 | |||||
Stock options vesting period (in years) | 10 years | |||||
Multifamily Technology Solutions, Inc [Member] | Vesting period 1 | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 4 years | |||||
Vesting percentage | 25.00% | |||||
Multifamily Technology Solutions, Inc [Member] | Vesting period 2 | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 1 year | |||||
Vesting percentage | 20.00% | |||||
Multifamily Technology Solutions, Inc [Member] | Vesting period 3 | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period (in years) | 4 years |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Transactions Under Equity Plan, Stock Incentive Plan, Multifamily Technology Solutions Plan and Board Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Number of Shares, Beginning Balance | 5,566,888 | 5,914,802 | 5,858,613 |
Number of Shares, Granted | 2,434,198 | 1,934,031 | 2,421,124 |
Number of Shares, Exercised | (809,303) | (907,765) | (1,556,865) |
Number of Shares, Forfeited/cancelled | (1,389,910) | (1,336,894) | (800,470) |
Number of Shares, Expired | (37,286) | (7,600) | |
Number of Shares, ending balance | 5,801,873 | 5,566,888 | 5,914,802 |
Range of Exercise Prices | |||
Range of exercise prices beginning balance, lower limit (in dollars per share) | $ 0.91 | $ 0.91 | $ 0.91 |
Range of exercise prices beginning balance, upper limit (in dollars per share) | 29.5 | 29.50 | 29.50 |
Range of exercise prices, Granted lower limit (in dollars per share) | 18.79 | 15.19 | 19.78 |
Range of exercise prices, Granted upper limit (in dollars per share) | 23.1 | 21.54 | 25.70 |
Range of exercise prices Exercised, lower limit (in dollars per share) | 0.91 | 0.91 | 0.91 |
Range of exercise prices Exercised, upper limit (in dollars per share) | 21.6 | 21.6 | 25.24 |
Range of exercise prices Forfeited/cancelled, lower limit (in dollars per share) | 5.04 | 4.28 | 4.28 |
Range of exercise prices Forfeited/cancelled, upper limit (in dollars per share) | 29.5 | 29.5 | 29.50 |
Range of exercise prices Expired, lower limit (in dollars per share) | 19.78 | 24.03 | |
Range of exercise prices Expired, upper limit (in dollars per share) | 24.64 | 24.64 | |
Range of exercise prices Ending Balance, lower limit (in dollars per share) | 0.91 | 0.91 | 0.91 |
Range of exercise prices Ending Balance, upper limit (in dollars per share) | 29.5 | 29.5 | 29.50 |
Weighted-Average Exercise Price | |||
Weighted average exercise price, Beginning Balance (in dollars per share) | 18.89 | 18.56 | 13.97 |
Weighted average exercise price, Granted (in dollars per share) | 19.81 | 17.68 | 22.20 |
Weighted average exercise price, Exercised (in dollars per share) | 14.97 | 10.92 | 6.81 |
Weighted average exercise price, Forfeited/cancelled (in dollars per share) | 20.54 | 20.93 | 18.71 |
Weighted average exercise price, Expired (in dollars per share) | 24.02 | 24.35 | |
Weighted average exercise price, Ending Balance (in dollars per share) | $ 19.43 | $ 18.89 | $ 18.56 |
Stock-based Compensation - Outs
Stock-based Compensation - Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of options, options fully vested and expected to vest | 5,795,711.400391 | 5,545,427.372753 |
Weighted average remaining contractual life (in years), options fully vested and expected to vest | 7 years 6 months | 7 years 7 months 28 days |
Weighted average exercise price, options fully vested and expected to vest (in dollars per share) | $ 19.43 | $ 18.88 |
Aggregate intrinsic value, options fully vested and expected to vest | $ 21,080 | $ 22,012 |
Number of shares options, options exercisable | 2,843,655 | 2,455,134 |
Weighted average remaining contractual life (in years), options exercisable | 6 years 4 months 24 days | 6 years 6 months 26 days |
Weighted average exercise price, options exercisable (in dollars per share) | $ 18.67 | $ 17.04 |
Aggregate intrinsic value, options exercisable | $ 13,316 | $ 14,704 |
Stock-based Compensation - Awar
Stock-based Compensation - Awards Granted Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.50% | 1.30% | 1.30% |
Expected option life (in years) | 4 years 7 months 6 days | 4 years 4 months 13 days | 6 years |
Forfeiture rate | 0.00% | 0.00% | 0.90% |
Expected volatility | 42.30% | 42.80% | 48.50% |
Weighted-average grant date fair value (in dollars per share) | $ 7.42 | $ 6.44 | $ 10.37 |
Market Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.10% | 1.10% | |
Expected volatility | 38.70% | 43.60% |
Stock-based Compensation - Su63
Stock-based Compensation - Summary of Time-Based Restricted Share Awards' Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Beginning Balance (in shares) | 1,624,519 | 2,090,803 | 1,360,947 |
Granted (in shares) | 913,077 | 1,238,226 | 1,747,501 |
Vested (in shares) | (1,077,102) | (1,101,143) | (712,434) |
Forfeited/cancelled (in shares) | (391,788) | (603,367) | (305,211) |
Ending Balance (in shares) | 1,068,706 | 1,624,519 | 2,090,803 |
Weighted-Average price | |||
Beginning of Period (in dollars per share) | $ 20.01 | $ 22.10 | $ 21.58 |
Granted (in dollars per share) | 19.84 | 17.69 | 22.09 |
Vested (in dollars per share) | 19.78 | 21.18 | 21.30 |
Forfeited/cancelled (in dollars per share) | 18.65 | 20.36 | 21.58 |
Ending of Period (in dollars per share) | $ 20.05 | $ 20.01 | $ 22.10 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance-Based Restricted Share Awards Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Market Based Restricted Stock | |||
Number of Shares | |||
Beginning Balance (in shares) | 520,000 | 0 | |
Granted (in shares) | 691,165 | 520,000 | |
Vested (in shares) | 0 | 0 | |
Forfeited/cancelled (in shares) | (196,070) | 0 | |
Ending Balance (in shares) | 1,015,095 | 520,000 | 0 |
Weighted-Average price | |||
Beginning of Period (in dollars per share) | $ 11.26 | $ 0 | |
Granted (in dollars per share) | 11.59 | 11.26 | |
Vested (in dollars per share) | 0 | 0 | |
Forfeited/cancelled (in dollars per share) | 9.39 | 0 | |
Ending of Period (in dollars per share) | $ 11.85 | $ 11.26 | $ 0 |
Performance Based Restricted Stock | |||
Number of Shares | |||
Beginning Balance (in shares) | 0 | 70,000 | 275,257 |
Granted (in shares) | 20,000 | 0 | 100,000 |
Vested (in shares) | 0 | 0 | (31,902) |
Forfeited/cancelled (in shares) | 0 | (70,000) | (273,355) |
Ending Balance (in shares) | 20,000 | 0 | 70,000 |
Weighted-Average price | |||
Beginning of Period (in dollars per share) | $ 0 | $ 18.10 | $ 22.46 |
Granted (in dollars per share) | 18.79 | 0 | 21.60 |
Vested (in dollars per share) | 0 | 0 | 17.99 |
Forfeited/cancelled (in dollars per share) | 0 | 18.10 | 23.40 |
Ending of Period (in dollars per share) | $ 18.79 | $ 0 | $ 18.10 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||||
Discount rates | 2.20% | |||
Lease rent expense | $ 10,900,000 | $ 11,100,000 | $ 9,700,000 | |
Income from subleases | 400,000 | 100,000 | $ 100,000 | |
Settlements and other related costs | 4,700,000 | |||
Lawsuit Related to Screening Services | ||||
Loss Contingencies [Line Items] | ||||
Estimated settlement costs | $ 0 | |||
Office Space | ||||
Loss Contingencies [Line Items] | ||||
Cease-use liability | (200,000) | |||
Richardson, Texas | Office Space | ||||
Loss Contingencies [Line Items] | ||||
Term of lease (in years) | 12 years | |||
Deferred rent | 21,500,000 | |||
San Francisco, California | General and Administrative | Office Space | ||||
Loss Contingencies [Line Items] | ||||
Downward adjustment to deferred rent liability | 900,000 | |||
Other Current Assets | Richardson, Texas | Office Space | ||||
Loss Contingencies [Line Items] | ||||
Receivable for incentives | $ 19,400,000 |
Commitments and Contingencies66
Commitments and Contingencies - Assets under Capital Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Less: Accumulated amortization | $ (1,694) | $ (1,110) |
Assets under capital lease, net | 283 | 867 |
Software | ||
Capital Leased Assets [Line Items] | ||
Assets under capital lease, Gross | $ 1,977 | $ 1,977 |
Commitments and Contingencies67
Commitments and Contingencies - Capital Lease Rental Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 294 |
Thereafter | 0 |
Total minimum lease payments | 294 |
Less amount representing average interest of 2.2% | (2) |
Capital lease, present value of net minimum payments | 292 |
Less current portion | (292) |
Long-term portion | $ 0 |
Commitments and Contingencies68
Commitments and Contingencies - Operating Lease Minimum Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Minimum Lease Commitments | |
2,016 | $ 10,148 |
2,017 | 9,721 |
2,018 | 9,800 |
2,019 | 9,143 |
2,020 | 7,482 |
Thereafter | 55,732 |
Total Minimum Lease Payments | 102,026 |
Sublease Income | |
2,016 | 140 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 354 |
Thereafter | 0 |
Total Minimum Sublease Rentals | 494 |
Net Lease Commitments | |
2,016 | 9,794 |
2,017 | 9,581 |
2,018 | 9,800 |
2,019 | 9,143 |
2,020 | 7,482 |
Thereafter | 55,732 |
Total Minimum Net Lease Commitments | $ 101,532 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 06, 2015 | |
Class of Stock [Line Items] | |||
Number of shares repurchased | 1,798,199 | 966,595 | |
Weighted average cost per share (in dollars per share) | $ 19.51 | $ 16.06 | |
Cost to repurchase stock | $ 35,083,000 | $ 15,521,000 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Amount authorized to be repurchased | $ 50,000,000 | ||
Number of shares retired | 2,764,794 |
Funds Held for Others - Additio
Funds Held for Others - Additional information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Tenant funds deposited in custodial account | $ 83,000 | $ 83,700 |
Restricted cash | 85,461 | 85,543 |
Customer deposits | 85,405 | 85,489 |
Insurance Products | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 1,300 | 1,700 |
Customer deposits | 1,300 | 1,700 |
Non-Insurance Services | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 1,200 | 100 |
Customer deposits | $ 1,100 | $ 100 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Shares excluded from dilutive shares outstanding because their effect was anti-dilutive | 912,257 | 1,273,889 | 1,058,334 |
Net (Loss) Income Per Share - C
Net (Loss) Income Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Numerator: | |||||||||
Net (loss) income | $ 3,900 | $ 110 | $ (3,257) | $ (6,291) | $ (836) | $ (9,218) | $ (10,274) | $ 20,692 | $ 20,692 |
Basic: | |||||||||
Weighted average common shares used in computing basic net (loss) income per share | 76,689 | 76,991 | 74,962 | ||||||
Diluted: | |||||||||
Weighted average common shares used in computing basic net (loss) income per share | 76,689 | 76,991 | 74,962 | ||||||
Add weighted average effect of dilutive securities: | |||||||||
Stock options and restricted stock | 0 | 0 | 1,225 | ||||||
Weighted average common shares used in computing diluted net (loss) income per share | 76,689 | 76,991 | 76,187 | ||||||
Net (loss) income per common share attributable to common stockholders: | |||||||||
Basic (in dollars per share) | $ (0.12) | $ (0.13) | $ 0.28 | ||||||
Diluted (in dollars per share) | $ (0.12) | $ (0.13) | $ 0.27 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Components of (Loss) Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (15,777) | $ (18,768) | $ 19,230 |
Foreign | 2,713 | 2,161 | 1,252 |
(Loss) income before income taxes | $ (13,064) | $ (16,607) | $ 20,482 |
Income Taxes - Benefit for Inco
Income Taxes - Benefit for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 162 | $ 0 | $ 0 |
State | 797 | 437 | 1,886 |
Foreign | 414 | 550 | 421 |
Total current income tax expense | 1,373 | 987 | 2,307 |
Deferred: | |||
Federal | (5,075) | (6,611) | (1,832) |
State | 156 | (460) | (619) |
Foreign | (300) | (249) | (66) |
Total deferred income tax benefit | (5,219) | (7,320) | (2,517) |
Total income tax benefit | $ (3,846) | $ (6,333) | $ (210) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Benefit Computed at Federal Statutory Tax Rate to Actual Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Expense derived by applying the Federal income tax rate to (loss) income before taxes | $ (4,572) | $ (5,813) | $ 7,169 |
State income tax, net of federal benefit | 561 | (177) | 607 |
Foreign income tax | (813) | (477) | (170) |
Change in valuation allowance | 0 | 0 | (9,087) |
Benefit of assets not previously recognized | 0 | (516) | 0 |
Nondeductible expenses | 418 | 454 | 644 |
Fair value adjustment on stock acquisition | (52) | (28) | 487 |
Stock-based compensation | 209 | 223 | 139 |
Reduction in available Federal NOL | 350 | 0 | 0 |
Other | 53 | 1 | 1 |
Total income tax benefit | $ (3,846) | $ (6,333) | $ (210) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Reserves, deferred revenue and accrued liabilities | $ 8,107 | $ 6,392 |
Stock-based compensation | 15,112 | 12,238 |
Net operating loss carryforwards and tax credits | 13,733 | 22,348 |
Total deferred tax assets | 36,952 | 40,978 |
Deferred tax liabilities: | ||
Property, equipment, and software | (10,041) | (8,217) |
Other | (3,297) | (2,459) |
Intangible assets | (11,563) | (21,965) |
Total deferred tax liabilities | (24,901) | (32,641) |
Net deferred tax assets | $ 12,051 | $ 8,337 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Income Taxes [Line Items] | |||
Reversed valuation allowances | $ 0 | $ 0 | $ (9,087) |
Deferred tax liability, net | 24,901 | 32,641 | |
Deferred tax liability related to intangibles not amortizable for tax purposes | 11,563 | 21,965 | |
Deferred tax asset related to net operating loss carryforwards | 13,733 | 22,348 | |
Deferred tax liabilities, other | 3,297 | 2,459 | |
Unrecognized benefit from equity compensation | 15,112 | 12,238 | |
Excess stock compensation benefits | 400 | 2,200 | |
Deferred tax assets operating loss carryforwards, federal | 11,200 | ||
Deferred tax assets operating loss carryforwards, state | 1,500 | ||
NOL carryforwards subject to expiration | 1,000 | ||
Tax credits subject to expiration in 2026 | 100 | ||
Net operating income (loss) | (11,615) | (15,503) | 21,559 |
Undistributed earnings related to foreign subsidiaries | $ 6,200 | ||
Income tax examinations and adjustments minimum year | 3 years | ||
Decrease in NOL deferred tax asset | $ 600 | ||
Kigo | |||
Schedule Of Income Taxes [Line Items] | |||
Additional net deferred tax liability | 500 | ||
Deferred tax liability related to intangibles not amortizable for tax purposes | 1,500 | ||
Deferred tax asset related to net operating loss carryforwards | 1,000 | ||
Federal and State | |||
Schedule Of Income Taxes [Line Items] | |||
Tax credits | $ 1,000 | ||
INDIA | |||
Schedule Of Income Taxes [Line Items] | |||
Tax holiday expiration date | March 31, 2011 | ||
Holiday tax savings | $ 400 | 200 | 100 |
PHILIPPINES | |||
Schedule Of Income Taxes [Line Items] | |||
Holiday tax savings | $ 300 | $ 200 | $ 100 |
Tax holiday expiration year | 2,015 | ||
Federal | |||
Schedule Of Income Taxes [Line Items] | |||
Unrecognized benefit from equity compensation | $ 45,200 | ||
Net operating loss carryforwards, expiration year | 2,022 | ||
NOL carryforwards subject to expiration | $ 31,900 | ||
Operating loss carryforwards | $ 129,200 | ||
Income tax year no longer subject to examinations | 2,012 | ||
State | |||
Schedule Of Income Taxes [Line Items] | |||
Unrecognized benefit from equity compensation | $ 2,000 | ||
NOL carryforwards subject to expiration | 24,000 | ||
Operating loss carryforwards | $ 43,500 | ||
Income tax year no longer subject to examinations | 2,011 | ||
Foreign | |||
Schedule Of Income Taxes [Line Items] | |||
Tax credits | $ 2,400 | ||
Subsidiaries before acquisition | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating income (loss) | $ (18,300) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions to employee benefit plans | $ 1.9 | $ 1.3 | $ 0.9 |
Accrued liabilities related to employee obligations | $ 0.7 | $ 0.6 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation Inputs (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 2.20% | |
Contingent Consideration | Recurring | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 15.80% | 22.50% |
Volatility rates | 37.00% | 45.00% |
Risk free rate of return | 0.50% | 0.10% |
Contingent Consideration | Recurring | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 60.00% | 64.00% |
Volatility rates | 53.50% | 48.00% |
Risk free rate of return | 0.90% | 0.20% |
Fair Value Measurements - Conti
Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | $ 841 | $ 4,150 | $ 1,827 |
Recurring | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 841 | 4,150 | |
Recurring | Indatus | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 814 | ||
Recurring | VRX | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 27 | ||
Recurring | Active Building | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 1,566 | ||
Recurring | MyBuilding | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 248 | ||
Recurring | InstaManager | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 2,335 | ||
Recurring | VMM | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 1 | ||
Recurring | Level 1 | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | 0 | |
Recurring | Level 1 | Indatus | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 1 | VRX | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 1 | Active Building | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 1 | MyBuilding | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 1 | InstaManager | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 1 | VMM | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | 0 | |
Recurring | Level 2 | Indatus | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | VRX | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | Active Building | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | MyBuilding | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | InstaManager | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 2 | VMM | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 0 | ||
Recurring | Level 3 | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 841 | 4,150 | |
Recurring | Level 3 | Indatus | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 814 | ||
Recurring | Level 3 | VRX | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | $ 27 | ||
Recurring | Level 3 | Active Building | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 1,566 | ||
Recurring | Level 3 | MyBuilding | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 248 | ||
Recurring | Level 3 | InstaManager | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | 2,335 | ||
Recurring | Level 3 | VMM | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Liability measured at fair value | $ 1 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Fair Values (Details) - Contingent Consideration - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 4,150 | $ 1,827 |
Initial contingent consideration | 1,414 | 2,939 |
Settlements through cash payments | (1,179) | (229) |
Net gain on change in fair value | (3,544) | (387) |
Ending balance | $ 841 | $ 4,150 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net gain on change in fair value | $ 3.7 | $ 0.4 | |
Trade names | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of intangible asset | $ 5.1 |
Selected Quarterly Financial 83
Selected Quarterly Financial Data (unaudited) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Data [Line Items] | ||||||||||
Increase (decrease) in Gross Profit | $ 57,946 | $ 58,225 | $ 52,873 | $ 60,636 | $ 269,907 | $ 229,680 | $ 228,701 | |||
Restatement Adjustment | ||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||
Increase (decrease) in Gross Profit | $ 1,000 | $ 1,000 | $ 100 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (unaudited) - Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ||||||||||||
On demand | $ 101,261 | $ 100,747 | $ 91,606 | $ 97,008 | $ 450,962 | $ 390,622 | $ 362,312 | |||||
On premise | $ 669 | 648 | 755 | 826 | 865 | 2,970 | 3,094 | 3,691 | ||||
Professional and other | 3,941 | 2,555 | 3,034 | 2,556 | 2,690 | 14,588 | 10,835 | 11,019 | ||||
Total revenue | 121,700 | 104,464 | 104,536 | 94,988 | 100,563 | 468,520 | 404,551 | 377,022 | ||||
Gross profit | 57,946 | 58,225 | 52,873 | 60,636 | 269,907 | 229,680 | 228,701 | |||||
Net (loss) income | $ 3,900 | $ 110 | $ (3,257) | $ (6,291) | $ (836) | $ (9,218) | $ (10,274) | $ 20,692 | $ 20,692 | |||
Net income (loss) per share attributable to common stockholders | ||||||||||||
Basic and Diluted (in dollars per share) | $ 0.05 | $ 0 | $ (0.04) | $ (0.08) | $ (0.01) | |||||||
Adjusted | ||||||||||||
Revenue: | ||||||||||||
On demand | $ 116,772 | $ 110,640 | $ 106,460 | |||||||||
On premise | 834 | 726 | 741 | |||||||||
Professional and other | 3,982 | 3,396 | 3,269 | |||||||||
Total revenue | 121,588 | 114,762 | 110,470 | |||||||||
Gross profit | 69,848 | 66,269 | 62,908 | |||||||||
Net (loss) income | $ (8,192) | $ (3,318) | $ (1,608) | |||||||||
Net income (loss) per share attributable to common stockholders | ||||||||||||
Basic and Diluted (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.02) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) | Feb. 26, 2016 | Feb. 23, 2016 | Jun. 30, 2019 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 |
Subsequent Event [Line Items] | ||||||||||
Payment of debt financing costs | $ 8,000 | $ 1,188,000 | $ 0 | |||||||
Acquisition of businesses, net of cash acquired | $ 45,282,000 | $ 41,947,000 | $ 28,229,000 | |||||||
Outstanding Stock in California Company | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Business acquisition, cash paid | $ 68,000,000 | |||||||||
Acquisition of businesses, net of cash acquired | $ 70,000,000 | |||||||||
Revolving Credit Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | $ 200,000,000 | $ 150,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | $ 200,000,000 | |||||||||
Revolving Credit Facility | Line of Credit | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayment of credit facility | $ 34,000,000 | |||||||||
Amended Credit Facility | Line of Credit | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | 325,000,000 | |||||||||
Consolidated net leverage ratio, one time increase in principal amount | 150,000,000 | |||||||||
Payment of debt financing costs | 600,000 | |||||||||
Incremental Term Loan | Revolving Credit Facility | Line of Credit | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | $ 125,000,000 | |||||||||
Term Loan | Forecast | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Quarterly principal payments | $ 1,600,000 | |||||||||
Term Loan | Forecast | Revolving Credit Facility | Line of Credit | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Quarterly principal payments | $ 3,100,000 | $ 800,000 |
SCHEDULE II - VALUATION AND Q86
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 2,363 | $ 914 | $ 1,087 |
Additions Charged to Income | 3,377 | 3,676 | 3,661 |
Deduction | (3,422) | (2,227) | (3,834) |
Balance at End of Year | $ 2,318 | $ 2,363 | $ 914 |