Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TTGT | ||
Entity Registrant Name | TechTarget Inc | ||
Entity Central Index Key | 1293282 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 32,911,111 | ||
Entity Public Float | $171.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $19,275 | $15,412 |
Short-term investments | 5,480 | 14,401 |
Accounts receivable, net of allowance for doubtful accounts of $1,014 and $913 as of December 31, 2014 and 2013, respectively | 23,200 | 22,116 |
Prepaid expenses and other current assets | 2,842 | 5,516 |
Deferred tax assets | 2,674 | 555 |
Total current assets | 53,471 | 58,000 |
Property and equipment, net | 9,215 | 9,457 |
Long-term investments | 13,428 | 3,959 |
Goodwill | 93,979 | 94,171 |
Intangible assets, net of accumulated amortization | 2,995 | 4,958 |
Deferred tax assets | 3,230 | 5,873 |
Other assets | 1,166 | 564 |
Total assets | 177,484 | 176,982 |
Current liabilities: | ||
Accounts payable | 2,733 | 2,686 |
Accrued expenses and other current liabilities | 2,719 | 3,300 |
Accrued compensation expenses | 3,043 | 1,175 |
Income taxes payable | 1,088 | |
Deferred revenue | 6,940 | 7,097 |
Total current liabilities | 16,523 | 14,258 |
Long-term liabilities: | ||
Deferred rent | 2,598 | 2,980 |
Deferred tax liabilities | 473 | 745 |
Contingent consideration | 1,114 | 928 |
Other liabilities | 930 | 1,009 |
Total liabilities | 21,638 | 19,920 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value per share, 100,000,000 shares authorized; 49,587,137 shares issued and 32,371,251 shares outstanding at December 31, 2014; 47,648,102 shares issued and 31,983,440 shares outstanding at December 31, 2013 | 50 | 48 |
Treasury stock, 17,215,886 and 15,664,662 shares at December 31, 2014 and 2013, respectively, at cost | -98,851 | -83,862 |
Additional paid-in capital | 280,702 | 270,726 |
Accumulated other comprehensive (loss) income | -87 | 199 |
Accumulated deficit | -25,968 | -30,049 |
Total stockholders' equity | 155,846 | 157,062 |
Total liabilities and stockholders' equity | $177,484 | $176,982 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $1,014 | $913 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 49,587,137 | 47,648,102 |
Common stock, shares outstanding | 32,371,251 | 31,983,440 |
Treasury stock, shares | 17,215,886 | 15,664,662 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||
Online | $97,607 | $79,709 | $88,192 | |||
Events | 8,596 | 8,787 | 11,799 | |||
Total revenues | 106,203 | 88,496 | 99,991 | |||
Cost of revenues: | ||||||
Online | 24,629 | [1] | 23,362 | [1] | 23,513 | [1] |
Events | 3,418 | [1] | 3,771 | [1] | 4,301 | [1] |
Total cost of revenues | 28,047 | 27,133 | 27,814 | |||
Gross profit | 78,156 | 61,363 | 72,177 | |||
Operating expenses: | ||||||
Selling and marketing | 42,836 | [1] | 36,920 | [1] | 36,718 | [1] |
Product development | 7,161 | [1] | 6,715 | [1] | 7,521 | [1] |
General and administrative | 14,878 | [1] | 13,916 | [1] | 13,112 | [1] |
Depreciation | 4,060 | 3,823 | 3,279 | |||
Amortization of intangible assets | 1,762 | 2,223 | 3,351 | |||
Total operating expenses | 70,697 | 63,597 | 63,981 | |||
Operating income (loss) | 7,459 | -2,234 | 8,196 | |||
Interest and other (expense) income, net | -333 | -260 | 13 | |||
Income (loss) before provision for (benefit from) income taxes | 7,126 | -2,494 | 8,209 | |||
Provision for (benefit from) income taxes | 3,045 | -657 | 4,185 | |||
Net income (loss) | 4,081 | -1,837 | 4,024 | |||
Net income (loss) per common share: | ||||||
Basic | $0.12 | ($0.05) | $0.10 | |||
Diluted | $0.12 | ($0.05) | $0.10 | |||
Weighted average common shares outstanding: | ||||||
Basic | 33,010,162 | 37,886,492 | 40,211,075 | |||
Diluted | 34,640,511 | 37,886,492 | 40,909,743 | |||
Other comprehensive (loss) income, net of tax: | ||||||
Unrealized (loss) gain on investments (net of tax (benefit) provision of $(17), $(2) and $1, respectively) | -30 | -4 | 2 | |||
Unrealized (loss) gain on foreign currency exchange | -256 | 339 | 112 | |||
Other comprehensive (loss) income | -286 | 335 | 114 | |||
Comprehensive income (loss) | $3,795 | ($1,502) | $4,138 | |||
[1] | Amounts include stock-based compensation expense as follows: Cost of online revenue $ 116 $ 173 $ 202 Cost of events revenue 8 18 18 Selling and marketing 3,287 2,751 2,888 Product development 129 212 265 General and administrative 3,792 2,431 1,894 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax (benefit) provision on unrealized (loss) gain on investments | ($17) | ($2) | $1 |
Cost of Online Revenue [Member] | |||
Allocated stock-based compensation expense | 116 | 173 | 202 |
Cost of Events Revenue [Member] | |||
Allocated stock-based compensation expense | 8 | 18 | 18 |
Selling and Marketing [Member] | |||
Allocated stock-based compensation expense | 3,287 | 2,751 | 2,888 |
Product Development [Member] | |||
Allocated stock-based compensation expense | 129 | 212 | 265 |
General and Administrative [Member] | |||
Allocated stock-based compensation expense | $3,792 | $2,431 | $1,894 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2011 | $189,675 | $45 | ($35,343) | $257,459 | ($250) | ($32,236) |
Beginning balance, shares at Dec. 31, 2011 | 44,501,390 | 5,857,878 | ||||
Issuance of common stock from stock options and restricted stock awards | 766 | 1 | 765 | |||
Issuance of common stock from stock options and restricted stock awards, shares | 959,867 | |||||
Purchase of common stock through stock repurchase program | -467 | -467 | ||||
Purchase of common stock through stock repurchase program, shares | 95,940 | |||||
Shelf registration fees | -69 | -69 | ||||
Excess tax benefit - stock options | 4 | 4 | ||||
Stock-based compensation expense | 5,267 | 5,267 | ||||
Unrealized (loss) gain on investments (net of tax (benefit) provision of $17, $2 and $1, respectively) | 2 | 2 | ||||
Unrealized gain on foreign currency translation | 112 | 112 | ||||
Net income (loss) | 4,024 | 4,024 | ||||
Ending balance at Dec. 31, 2012 | 199,314 | 46 | -35,810 | 263,426 | -136 | -28,212 |
Ending balance, shares at Dec. 31, 2012 | 45,461,257 | 5,953,818 | ||||
Issuance of common stock from stock options and restricted stock awards | 1,560 | 2 | 1,558 | |||
Issuance of common stock from stock options and restricted stock awards, shares | 2,186,845 | |||||
Purchase of common stock through stock repurchase program | -12,409 | -12,409 | ||||
Purchase of common stock through stock repurchase program, shares | 2,610,279 | |||||
Purchase of common stock through tender offer (including $140 in related costs) | -35,643 | -35,643 | ||||
Purchase of common stock through tender offer, shares | 7,100,565,000 | |||||
Excess tax benefit - stock options | 157 | 157 | ||||
Stock-based compensation expense | 5,585 | 5,585 | ||||
Unrealized (loss) gain on investments (net of tax (benefit) provision of $17, $2 and $1, respectively) | -4 | -4 | ||||
Unrealized gain on foreign currency translation | 339 | 339 | ||||
Net income (loss) | -1,837 | -1,837 | ||||
Ending balance at Dec. 31, 2013 | 157,062 | 48 | -83,862 | 270,726 | 199 | -30,049 |
Ending balance, shares at Dec. 31, 2013 | 47,648,102,000 | 15,664,662,000 | ||||
Issuance of common stock from stock options and restricted stock awards | 4,804 | 2 | 4,802 | |||
Issuance of common stock from stock options and restricted stock awards, shares | 1,939,035,000 | |||||
Purchase of common stock through stock repurchase program | -14,989 | -14,989 | ||||
Purchase of common stock through stock repurchase program, shares | 1,551,224,000 | |||||
Shelf registration fees | -62 | -62 | ||||
Excess tax benefit - stock options | -712 | -712 | ||||
Stock-based compensation expense | 5,948 | 5,948 | ||||
Unrealized (loss) gain on investments (net of tax (benefit) provision of $17, $2 and $1, respectively) | -30 | -30 | ||||
Unrealized gain on foreign currency translation | -256 | -256 | ||||
Net income (loss) | 4,081 | 4,081 | ||||
Ending balance at Dec. 31, 2014 | $155,846 | $50 | ($98,851) | $280,702 | ($87) | ($25,968) |
Ending balance, shares at Dec. 31, 2014 | 49,587,137 | 17,215,886 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Purchase of common stock through tender offer, related costs | $140 | ||
Tax provision (benefit) on unrealized gain (loss) on investments | 17 | 2 | 1 |
Treasury Stock [Member] | |||
Purchase of common stock through tender offer, related costs | 140 | ||
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Tax provision (benefit) on unrealized gain (loss) on investments | $17 | $2 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income (loss) | $4,081 | ($1,837) | $4,024 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 5,822 | 6,046 | 6,630 |
Provision for bad debt | 708 | 564 | 827 |
Amortization of investment premiums | 291 | 466 | 927 |
Stock-based compensation | 7,332 | 5,585 | 5,267 |
Deferred tax (benefit) provision | -104 | 1,554 | 231 |
Excess tax benefit-stock options | -712 | -506 | -422 |
Changes in operating assets and liabilities, net of businesses acquired: | |||
Accounts receivable | -1,845 | 1,496 | 1,860 |
Prepaid expenses and other current assets | -912 | -524 | 384 |
Other assets | -594 | -314 | -54 |
Accounts payable | 56 | -239 | -144 |
Income taxes payable | 4,689 | -5,004 | 321 |
Accrued expenses and other current liabilities | -576 | 412 | -1,421 |
Accrued compensation expenses | 479 | -17 | 57 |
Deferred revenue | -157 | 1,112 | 374 |
Other liabilities | -341 | -519 | -225 |
Net cash provided by operating activities | 18,217 | 8,275 | 18,636 |
Investing activities: | |||
Purchases of property and equipment, and other capitalized assets | -3,847 | -4,477 | -4,150 |
Purchases of investments | -15,101 | -16,433 | -21,373 |
Proceeds from sales and maturities of investments | 14,215 | 25,555 | 29,954 |
Acquisition of businesses, net of cash acquired | -1,117 | ||
Net cash (used in) provided by investing activities | -4,733 | 4,645 | 3,314 |
Financing activities: | |||
Purchase of treasury shares and related costs | -14,989 | -47,912 | -467 |
Excess tax benefit-stock options | 712 | 506 | 422 |
Tender offer fees | -140 | ||
Shelf registration fees | -62 | -69 | |
Proceeds from exercise of stock options | 4,804 | 1,560 | 766 |
Net cash (used in) provided by financing activities | -9,535 | -45,986 | 652 |
Effect of exchange rate changes on cash and cash equivalents | -86 | 69 | 21 |
Net increase (decrease) in cash and cash equivalents | 3,863 | -32,997 | 22,623 |
Cash and cash equivalents at beginning of period | 15,412 | 48,409 | 25,786 |
Cash and cash equivalents at end of period | 19,275 | 15,412 | 48,409 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 0 | 0 | 0 |
Cash paid for taxes, net | 118 | 2,834 | 3,662 |
Supplemental disclosure of non-cash investing activities: | |||
Accrual for contingent consideration and cash to be paid in connection with an acquisition | $1,715 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations |
TechTarget, Inc. (the “Company”) is a leading provider of specialized online content and brand advertising that brings together buyers and sellers of corporate information technology (“IT”) products. The Company sells customized marketing programs that enable IT vendors to reach corporate IT decision makers who are actively researching specific IT purchases. The Company operates a network of over 150 websites, each of which focuses on a specific IT sector, such as storage, security or networking. During the critical stages of the purchase decision process, these content offerings meet IT professionals’ needs for expert, peer and IT vendor information, and provide a platform on which IT vendors can launch targeted marketing campaigns which generate measurable, high return on investment (“ROI”). As IT professionals have become increasingly specialized, they have come to rely on the Company’s sector-specific websites for purchasing decision support. The Company’s content enables IT professionals to navigate the complex and rapidly changing IT landscape where purchasing decisions can have significant financial and operational consequences. Based upon the logical clustering of users’ respective job responsibilities and the marketing focus of the products that the Company’s customers are advertising, the Company’s key marketing opportunities and audience extensions are currently addressed using nine distinct media groups: Application Architecture and Development; Channel; CIO/IT Strategy; Data Center and Virtualization Technologies; Business Applications and Analytics; Networking; Security; Storage; and TechnologyGuide. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||||||||||
The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these Notes to Consolidated Financial Statements. | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, which are comprised of KnowledgeStorm, Inc., Bitpipe, Inc., TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited, TechTarget (Beijing) Information Technology Consulting Co., Ltd., TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS and TechTarget Germany GmbH. KnowledgeStorm, Inc. and Bitpipe, Inc. feature websites that provide in-depth vendor generated content targeted to corporate IT professionals. TechTarget Securities Corporation is a Massachusetts security corporation incorporated in 2004. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TechTarget (HK) Limited (“TTGT HK”) is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. Additionally, through its wholly-owned subsidiaries, TTGT HK and TechTarget (Beijing) Information Technology Consulting Co., Ltd. (“TTGT Consulting”, incorporated on December 16, 2011), the Company effectively controls a variable interest entity (“VIE”), Keji Wangtuo Information Technology Co., Ltd., (“KWIT”), which was incorporated under the laws of the People’s Republic of China (“PRC”) on November 27, 2007. TechTarget (Australia) Pty Ltd. (incorporated on December 15, 2011) and TechTarget (Singapore) Pte Ltd. (incorporated on February 12, 2012) are the entities through which the Company does business in Australia and Singapore, respectively; E-Magine Médias SAS (“LeMagIT”) and TechTarget Germany GmbH (incorporated on June 6, 2014), both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. | |||||||||||||||||||||
PRC laws and regulations prohibit or restrict foreign ownership of Internet-related services and advertising businesses. To comply with these foreign ownership restrictions, the Company operates its websites and provides online advertising services in the PRC through KWIT. The Company entered into certain exclusive agreements with KWIT and its shareholders through TTGT HK, which obligated TTGT HK to absorb all of the risk of loss from KWIT’s activities and entitled TTGT HK to receive all of their residual returns. In addition, the Company entered into certain agreements with the authorized parties through TTGT HK, including Management and Consulting Services, Voting Proxy, Equity Pledge and Option Agreements. On December 31, 2011, TTGT HK assigned all of its rights and obligations to the newly formed wholly foreign-owned enterprise (“WFOE”), TTGT Consulting. The WFOE is established and existing under the laws of the PRC, and is wholly owned by TTGT HK. | |||||||||||||||||||||
Based on these contractual arrangements, the Company consolidates the financial results of KWIT as required by Accounting Standards Codification (“ASC”) subtopic 810-10, Consolidation: Overall, because the Company holds all the variable interests of KWIT through the WFOE, which is the primary beneficiary of KWIT. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and the VIE through the aforementioned agreements, whereby the equity holders of KWIT assigned all of their voting rights underlying their equity interest in KWIT to the WFOE. In addition, through the other aforementioned agreements, the Company demonstrates its ability and intention to continue to exercise the ability to obtain substantially all of the profits and absorb all of the expected losses of KWIT. All significant intercompany accounts and transactions between the Company, its subsidiaries, and KWIT have been eliminated in consolidation. | |||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Beginning in the third quarter of 2014, the Company changed its presentation of transactional gains and losses arising from the impact of currency exchange rate fluctuations on transactions in foreign currency that is different from the local functional currency in order to better reflect the non-operating nature of these gains and losses, and is now including them in Other Income (Expense) on the Consolidated Statements of Comprehensive Income (Loss). Previously, these gains and losses were included in the Company’s operating expenses as General and Administrative expense. Amounts in the prior periods’ financial statements have been reclassified to conform to the current presentation. In the year ended December 31, 2013, this resulted in an increase to Other Expense and a decrease in General and Administrative expense equal to $0.2 million and for the year ended December 31, 2012, this resulted in a decrease to Other Income and a decrease in General and Administrative expense amounting to $0.1 million. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, earnouts, self-insurance accruals and income taxes. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
The Company generates substantially all of its revenue from the sale of targeted advertising campaigns, which are delivered via its network of websites, and events. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. | |||||||||||||||||||||
The majority of the Company’s online media sales involve multiple product offerings, which are described in more detail below. Because neither vendor-specific objective evidence of fair value nor third party evidence of fair value exists for all elements in the Company’s bundled product offerings, the Company uses an estimated selling price which represents management’s best estimate of the stand-alone selling price for each deliverable in an arrangement. The Company establishes best estimates considering multiple factors including, but not limited to, class of client, size of transaction, available media inventory, pricing strategies and market conditions. The Company believes the use of the best estimate of selling price allows revenue recognition in a manner consistent with the underlying economics of the transaction. The Company uses the relative selling price method to allocate consideration at the inception of the arrangement to each deliverable in a multiple element arrangement. The relative selling price method allocates any discount in the arrangement proportionately to each deliverable on the basis of the deliverable’s best estimated selling price. Revenue is then recognized as delivery occurs. | |||||||||||||||||||||
The Company evaluates all deliverables of an arrangement at inception and each time an item is delivered, to determine whether they represent separate units of accounting. Based on this evaluation, the arrangement consideration is measured and allocated to each of these elements. | |||||||||||||||||||||
Online Offerings | |||||||||||||||||||||
Core Online. | |||||||||||||||||||||
Lead Generation. As part of these lead generation campaign offerings, the Company will guarantee a minimum number of qualified leads to be delivered over the course of the advertising campaign. The Company determines the content necessary to achieve performance guarantees. Scheduled end dates of advertising campaigns sometimes need to be extended, pursuant to the terms of the arrangement, to satisfy lead guarantees. The Company estimates a revenue reserve necessary to adjust revenue recognition for extended advertising campaigns. These estimates are based on the Company’s experience in managing and fulfilling these offerings. The customer has cancellation privileges which generally require advance notice by the customer and require proportional payment by the customer for the portion of the campaign period provided by the Company. Additionally, the Company offers sales incentives to certain customers, primarily in the form of volume rebates, which are classified as a reduction of revenues and are calculated based on the terms of the specific customer’s contract. The Company accrues for these sales incentives based on contractual terms and historical experience. | |||||||||||||||||||||
The Company recognizes revenue on contracts where pricing is based on cost per lead or duration-based in the period during which the leads are delivered to its customers. | |||||||||||||||||||||
Branding. Branding consists mostly of banner revenue, which is recognized in the period in which the banner impressions, engagements or clicks occur. | |||||||||||||||||||||
Custom Content Creation. Custom content revenue is recognized when the creation is completed and delivered to the customer, with the exception of microsites which are recognized over the period during which they are live. | |||||||||||||||||||||
Content Sponsorships. Content sponsorship revenue is recognized ratably over the period in which the related content asset is available on the Company’s websites. | |||||||||||||||||||||
List Rentals. List rental revenue is recognized in the period in which the delivery of the list is made to the Company’s customer. | |||||||||||||||||||||
Third Party Revenue Sharing Arrangements. Revenue from third party revenue sharing arrangements is recognized on a net basis in the period in which the services are performed. For certain third party agreements where the Company is the primary obligor, revenue is recognized on a gross basis in the period in which the services are performed. | |||||||||||||||||||||
IT Deal Alert. This suite of products includes Qualified Sales Opportunities and Account Watch (rebranded in 2015 as Priority Engine). Qualified Sales Opportunities revenue is recognized when the opportunity is delivered to the Company’s customer, and Account Watch revenue is recognized ratably over the duration of the service. | |||||||||||||||||||||
Events | |||||||||||||||||||||
Revenue from vendor-sponsored events, whether sponsored exclusively by a single vendor or in a multi-vendor sponsored event, is recognized upon completion of the event in the period the event occurs. The majority of the Company’s events are free to qualified attendees; however, certain events are based on a paid attendee model. The Company recognizes revenue for paid attendee events upon completion of the event. | |||||||||||||||||||||
Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. The Company excludes from its deferred revenue and accounts receivable balances amounts for which it has billed in advance prior to the start of a campaign or the delivery of services. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
Financial instruments consist of cash and cash equivalents, short and long-term investments, accounts receivable, accounts payable and contingent consideration. Due to their short-term nature and liquidity, the carrying value of these instruments, with the exception of contingent consideration, approximates their estimated fair values. See Note 3 for further information on the fair value of the Company’s investments. The fair value of contingent consideration was estimated using a discounted cash flow method described in Note 4. | |||||||||||||||||||||
Long-Lived Assets, Goodwill and Indefinite-lived Intangible Assets | |||||||||||||||||||||
Long-lived assets consist primarily of property and equipment, capitalized software, goodwill and other intangible assets. The Company reviews long-lived assets, including property and equipment and finite intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset or an adverse action or a significant decrease in the market price. A specifically identified intangible asset must be recorded as a separate asset from goodwill if either of the following two criteria is met: (1) the intangible asset acquired arises from contractual or other legal rights; or (2) the intangible asset is separable. Accordingly, intangible assets consist of specifically identified intangible assets. Goodwill is the excess of any purchase price over the estimated fair value of net tangible and intangible assets acquired. | |||||||||||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Separable intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives, which range from three to ten years, using methods of amortization that are expected to reflect the estimated pattern of economic use, and are reviewed for impairment when events or changes in circumstances suggest that the assets may not be recoverable. Consistent with the Company’s determination that it has only one reporting segment, it has been determined that there is only one reporting unit and goodwill is tested for impairment at the entity level. The Company performs its annual test of impairment of goodwill as of December 31st of each year and whenever events or changes in circumstances suggest that the carrying amount may not be recoverable using the two step process required by ASC 350, Intangibles – Goodwill and Other (“ASC 350”). The first step of the impairment test is to identify potential impairment by comparing the reporting unit’s fair value with its net book value (or carrying amount), including goodwill. The fair value is estimated based on a market value approach. If the fair value of the reporting unit exceeds its carrying amount, the reporting unit’s goodwill is not considered to be impaired and the second step of the impairment test is not performed. Whenever indicators of impairment become present, the Company would perform the second step and compare the implied fair value of the reporting unit’s goodwill, as defined by ASC 350, to its carrying value to determine the amount of the impairment loss, if any. As of December 31, 2014, there were no indications of impairment based on the step one analysis, and the Company’s estimated fair value exceeded its goodwill carrying value by a significant margin. | |||||||||||||||||||||
Based on the aforementioned evaluation, the Company believes that, as of the balance sheet date presented, none of the Company’s goodwill or other long-lived assets were impaired. The Company did not have any intangible assets with indefinite lives as of December 31, 2014 or 2013. | |||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
The Company offsets gross trade accounts receivable with an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The allowance for doubtful accounts is reviewed on a regular basis, and all past due balances are reviewed individually for collectability. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for doubtful accounts are recorded in general and administrative expense. | |||||||||||||||||||||
Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Balance at | Provision | Acquired in | Write-offs, | Balance at | |||||||||||||||||
Beginning | Business | Net of | End of | ||||||||||||||||||
of Year | Combinations | Recoveries | Year | ||||||||||||||||||
Year ended December 31, 2012 | $ | 1,062 | $ | 827 | — | $ | (978 | ) | $ | 911 | |||||||||||
Year ended December 31, 2013 | $ | 911 | $ | 564 | — | $ | (562 | ) | $ | 913 | |||||||||||
Year ended December 31, 2014 | $ | 913 | $ | 708 | — | $ | (607 | ) | $ | 1,014 | |||||||||||
Property and Equipment | |||||||||||||||||||||
Property and equipment is stated at cost. Property and equipment acquired through acquisitions of businesses are initially recorded at fair value. Depreciation is calculated on the straight-line method based on the month the asset is placed in service over the following estimated useful lives: | |||||||||||||||||||||
Estimated Useful Life | |||||||||||||||||||||
Furniture and fixtures | 5 years | ||||||||||||||||||||
Computer equipment and software | 2–3 years | ||||||||||||||||||||
Internal-use software and website development costs | 3–4 years | ||||||||||||||||||||
Leasehold improvements | Shorter of useful life or remaining duration of lease | ||||||||||||||||||||
Property and equipment consists of the following: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Furniture and fixtures | $ | 831 | $ | 848 | |||||||||||||||||
Computer equipment and software | 4,567 | 4,026 | |||||||||||||||||||
Leasehold improvements | 1,508 | 1,294 | |||||||||||||||||||
Internal-use software and website development costs | 18,034 | 15,028 | |||||||||||||||||||
24,940 | 21,196 | ||||||||||||||||||||
Less: accumulated depreciation and amortization | (15,725 | ) | (11,739 | ) | |||||||||||||||||
$ | 9,215 | $ | 9,457 | ||||||||||||||||||
Depreciation expense was $4.1 million, $3.8 million and $3.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Repairs and maintenance charges that do not increase the useful life of the assets are charged to operations as incurred. The Company wrote off approximately $0.1 million, $2.7 million and $0.8 million of fully depreciated assets that were no longer in service during 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Depreciation expense is classified as a component of operating expense in the Company’s results of operations. | |||||||||||||||||||||
Internal-Use Software and Website Development Costs | |||||||||||||||||||||
The Company capitalizes costs incurred during the development of its website applications and infrastructure as well as certain costs relating to internal-use software. The estimated useful life of costs capitalized is evaluated for each specific project. Capitalized internal-use software and website development costs are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized only if the carrying amount of the asset is not recoverable and exceeds its fair value. The Company capitalized internal-use software and website development costs of $3.0 million, $3.6 million and $3.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Concentrations of Credit Risk and Off-Balance Sheet Risk | |||||||||||||||||||||
Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and cash equivalents, investments and accounts receivable. The Company maintains its cash and cash equivalents and investments principally in accredited financial institutions of high credit standing. The Company routinely assesses the credit worthiness of its customers. The Company generally has not experienced any significant losses related to individual customers or groups of customers in any particular industry or area. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. | |||||||||||||||||||||
No single customer represented 10% or more of total accounts receivable at December 31, 2014 or 2013. No single customer accounted for 10% or more of total revenue in the years ended December 31, 2014 or 2013. One customer accounted for 12% of total revenue for the year ended December 31, 2012. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Company’s deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities using statutory rates. A valuation allowance is established against net deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return using a “more likely than not” threshold as required by the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. | |||||||||||||||||||||
The Company recognizes any interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
The Company has two stock-based employee compensation plans which are more fully described in Note 10. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized in the Consolidated Statement of Comprehensive Income (Loss) using the straight-line method over the vesting period of the award or using the accelerated method if the award is contingent upon performance goals. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock option awards. | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Comprehensive income (loss) includes all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company’s comprehensive income (loss) includes changes in the fair value of the Company’s unrealized gains (losses) on available for sale securities and foreign currency translation. | |||||||||||||||||||||
There were no material reclassifications out of accumulated other comprehensive income in the periods ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||
The functional currency for each of the Company’s subsidiaries is each country’s local currency. All assets and liabilities are translated into U.S. dollar equivalents at the exchange rate in effect on the balance sheet date or at a historical rate. Revenues and expenses are translated at average exchange rates. Translation gains or losses are recorded in stockholders’ equity as an element of accumulated other comprehensive income (loss). | |||||||||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||||||
Basic earnings per share is computed based on the weighted average number of common shares and vested restricted stock awards outstanding during the period. Because the holders of unvested restricted stock awards do not have nonforfeitable rights to dividends or dividend equivalents, the Company does not consider these awards to be participating securities that should be included in its computation of earnings per share under the two-class method. Diluted earnings per share is computed using the weighted average number of common shares and vested restricted stock awards outstanding during the period, plus the dilutive effect of potential future issuances of common stock relating to stock option programs and other potentially dilutive securities using the treasury stock method. In calculating diluted earnings per share, the dilutive effect of stock options and restricted stock awards is computed using the average market price for the respective period. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense and assumed tax benefit of stock options and restricted stock awards that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options and restricted stock awards. | |||||||||||||||||||||
A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows: | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income (loss) | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Denominator: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Diluted: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Effect of potentially dilutive shares | 1,630,349 | — | 698,668 | ||||||||||||||||||
Total weighted average shares of common stock and vested restricted stock awards outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Calculation of Net Income (Loss) Per Common Share: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Net income (loss) per common share | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
Diluted: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Net income (loss) per common share(1) | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
-1 | In calculating diluted earnings per share, 1.0 million, 5.3 million and 4.2 million shares related to outstanding stock options and unvested restricted stock awards were excluded for the years ended December 31, 2014, 2013 and 2012, respectively, because they were anti-dilutive. Additionally, shares used to calculate diluted earnings per share exclude 0.5 million shares related to outstanding stock options and unvested restricted stock awards for the year ended December 31, 2013 that would have been dilutive if the Company had net income during that period. | ||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 (January 1, 2017 for the Company); early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. The Company is in the process of determining the potential effects on the consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements | ||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, short-term and long-term investments and contingent consideration. The fair value of these financial assets and liabilities was determined based on three levels of input as follows: | |||||||||||||||||
• | Level 1. Quoted prices in active markets for identical assets and liabilities; | ||||||||||||||||
• | Level 2. Observable inputs other than quoted prices in active markets; and | ||||||||||||||||
• | Level 3. Unobservable inputs. | ||||||||||||||||
The fair value hierarchy of the Company’s financial assets and liabilities carried at fair value and measured on a recurring basis is as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
December 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds(1) | $ | 1,071 | $ | 1,071 | $ | — | $ | — | |||||||||
Short-term investments(2) | 5,480 | — | 5,480 | — | |||||||||||||
Long-term investments(2) | 13,428 | — | 13,428 | — | |||||||||||||
Total assets | $ | 19,979 | $ | 1,071 | $ | 18,908 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration – non-current(3) | 1,114 | — | — | 1,114 | |||||||||||||
Total liabilities | $ | 1,114 | $ | — | $ | — | $ | 1,114 | |||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds(1) | $ | 1,607 | $ | 1,607 | $ | — | $ | — | |||||||||
Short-term investments(2) | 14,401 | — | 14,401 | — | |||||||||||||
Long-term investments(2) | 3,959 | — | 3,959 | — | |||||||||||||
Total assets | $ | 19,967 | $ | 1,607 | $ | 18,360 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration – current(3) | $ | 568 | $ | — | $ | — | $ | 568 | |||||||||
Contingent consideration – non-current(3) | 928 | — | — | 928 | |||||||||||||
Total liabilities | $ | 1,496 | $ | — | $ | — | $ | 1,496 | |||||||||
-1 | Included in cash and cash equivalents on the accompanying consolidated balance sheets; valued at quoted market prices in active markets. | ||||||||||||||||
-2 | Short and long-term investments consist of municipal bonds and government agency bonds; their fair value is calculated using an interest rate yield curve for similar instruments. | ||||||||||||||||
-3 | Our valuation techniques and Level 3 inputs used to estimate the fair value of contingent consideration payable in connection with the LeMag acquisition are described in Note 4. During the years ended December 31, 2014 and 2013 the contingent consideration increased by approximately $320 and $288, respectively, when it was remeasured to fair value. Payments in the amount of $545 were made in 2014; the remainder of the change in this balance was caused by amortization of a discount on the installment payments and foreign currency fluctuations. The final payment is expected to be made after December 31, 2015. | ||||||||||||||||
The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance as of December 31, 2011 | $ | 1,405 | |||||||||||||||
Payments on contingent liabilities | (1,405 | ) | |||||||||||||||
Contingent liabilities added from LeMag acquisition | 1,180 | ||||||||||||||||
Balance as of December 31, 2012 | $ | 1,180 | |||||||||||||||
Currency translation impact on contingent liabilities | 28 | ||||||||||||||||
Remeasurement of contingent liabilities | 288 | ||||||||||||||||
Balance as of December 31, 2013 | $ | 1,496 | |||||||||||||||
Currency translation impact on contingent liabilities | (204 | ) | |||||||||||||||
Payments on contingent liabilities | (545 | ) | |||||||||||||||
Amortization of discount on contingent liabilities | 47 | ||||||||||||||||
Remeasurement of contingent liabilities | 320 | ||||||||||||||||
Balance as of December 31, 2014 | $ | 1,114 | |||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions |
LeMagIT | |
On December 17, 2012 the Company purchased all of the outstanding shares of its French partner, E-Magine Médias SAS, for approximately $2.2 million in cash plus a potential future earnout valued at $0.7 million at the time of the acquisition. Approximately $1.2 million of the cash payment was made at closing, with the remainder due in two equal installments in fiscal years 2013 and 2014. The third installment was subject to certain revenue growth targets and the payment was adjusted based on actual results. If all targets are met, the total purchase price, including the earnout, shall not exceed $5.2 million, depending on exchange rates at the time of calculation. The installment payments have been recorded at present value using a discount rate of 10%; the discount was amortized to interest through the payment dates. The second and third installments were paid in 2013 and 2014, respectively. At December 31, 2014, the earnout is included in non-current liabilities in the Company’s consolidated balance sheet. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents and Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents and Investments | 5. Cash, Cash Equivalents and Investments | ||||||||||||||||
Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at date of purchase. Cash equivalents are carried at cost, which approximates their fair market value. Cash and cash equivalents consisted of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash | $ | 18,204 | $ | 13,805 | |||||||||||||
Money market funds | 1,071 | 1,607 | |||||||||||||||
Total cash and cash equivalents | $ | 19,275 | $ | 15,412 | |||||||||||||
The Company’s short and long-term investments are accounted for as available for sale securities. These investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. The unrealized (loss) gain, net of taxes, was $(20), $10 and $14 as of December 31, 2014, 2013 and 2012, respectively. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no material realized gains or losses in 2014, 2013 or 2012. | |||||||||||||||||
Short and long-term investments consisted of the following: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Gains | Losses | Value | |||||||||||||||
Short and long-term investments: | |||||||||||||||||
Government agency bonds | $ | 6,632 | $ | — | $ | (14 | ) | $ | 6,618 | ||||||||
Municipal bonds | 12,307 | 4 | (21 | ) | 12,290 | ||||||||||||
Total short and long-term investments | $ | 18,939 | $ | 4 | $ | (35 | ) | $ | 18,908 | ||||||||
31-Dec-13 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Gains | Losses | Value | |||||||||||||||
Short and long-term investments: | |||||||||||||||||
Government agency bonds | $ | 2,511 | $ | 4 | $ | — | $ | 2,515 | |||||||||
Municipal bonds | 15,833 | 13 | (1 | ) | 15,845 | ||||||||||||
Total short and long-term investments | $ | 18,344 | $ | 17 | $ | (1 | ) | $ | 18,360 | ||||||||
The Company had ten debt securities in an unrealized loss position at December 31, 2014. All of these securities have been in such a position for no more than seven months. The unrealized loss on those securities was approximately $35 and the fair value was $13.4 million. The Company uses specific identification when reviewing these investments for impairment. Because the Company does not intend to sell the investments that are in an unrealized loss position and it is not likely that the Company will be required to sell any investments before recovery of their cost basis, the Company does not consider those investments with an unrealized loss to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||
Municipal and government agency bonds have contractual maturity dates that range from February 2015 to February 2018. All income generated from these investments is recorded as interest income. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill | 6. Goodwill | ||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Balance as of beginning of year | $ | 94,171 | $ | 93,792 | |||||
Goodwill adjustment during the year | — | 80 | |||||||
Effect of exchange rate changes | (192 | ) | 299 | ||||||
Balance as of end of year | $ | 93,979 | $ | 94,171 | |||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangible Assets | 7. Intangible Assets | ||||||||||||||||
The following table summarizes the Company’s intangible assets, net: | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Estimated | Gross | Accumulated | Net | ||||||||||||||
Useful Lives | Carrying | Amortization | |||||||||||||||
(Years) | Amount | ||||||||||||||||
Customer, affiliate and advertiser relationships | 9-May | $ | 7,079 | $ | (5,480 | ) | $ | 1,599 | |||||||||
Developed websites, technology and patents | 10 | 1,361 | (499 | ) | 862 | ||||||||||||
Trademark, trade name and domain name | 8-May | 1,859 | (1,598 | ) | 261 | ||||||||||||
Proprietary user information database and internet traffic | 5-Mar | 1,270 | (1,024 | ) | 246 | ||||||||||||
Non-compete agreements | 3 | 85 | (58 | ) | 27 | ||||||||||||
Total intangible assets | $ | 11,654 | $ | (8,659 | ) | $ | 2,995 | ||||||||||
As of December 31, 2013 | |||||||||||||||||
Estimated | Gross | Accumulated | Net | ||||||||||||||
Useful Lives | Carrying | Amortization | |||||||||||||||
(Years) | Amount | ||||||||||||||||
Customer, affiliate and advertiser relationships | 9-May | $ | 7,146 | $ | (4,563 | ) | $ | 2,583 | |||||||||
Developed websites, technology and patents | 10-Jun | 6,942 | (5,721 | ) | 1,221 | ||||||||||||
Trademark, trade name and domain name | 8-May | 2,044 | (1,482 | ) | 562 | ||||||||||||
Proprietary user information database and internet traffic | 5-Mar | 1,318 | (789 | ) | 529 | ||||||||||||
Non-compete agreements | 3-Feb | 450 | (387 | ) | 63 | ||||||||||||
Total intangible assets | $ | 17,900 | $ | (12,942 | ) | $ | 4,958 | ||||||||||
Intangible assets are amortized over their estimated useful lives, which range from three to ten years, using methods of amortization that are expected to reflect the estimated pattern of economic use. The remaining amortization expense will be recognized over a weighted-average period of approximately 2.3 years. Amortization expense was $1.8 million, $2.2 million and $3.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization expense is recorded within operating expenses as the intangible assets consist of customer-related assets and website traffic that the Company considers to be in support of selling and marketing activities. The Company wrote off $5.9 million of fully amortized intangible assets in 2014; the Company did not write off any amortized intangible assets in 2013. | |||||||||||||||||
The Company expects amortization expense of intangible assets to be as follows: | |||||||||||||||||
Years Ending December 31: | Amortization | ||||||||||||||||
Expense | |||||||||||||||||
2015 | $ | 1,420 | |||||||||||||||
2016 | 880 | ||||||||||||||||
2017 | 181 | ||||||||||||||||
2018 | 113 | ||||||||||||||||
2019 | 95 | ||||||||||||||||
Thereafter | 306 | ||||||||||||||||
$ | 2,995 | ||||||||||||||||
Bank_Term_Loan_Payable
Bank Term Loan Payable | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Bank Term Loan Payable | 8. Bank Term Loan Payable |
As of December 31, 2014, the Company has a $5.0 million revolving credit facility. Unless earlier payment is required by an event of default, all principal and unpaid interest will be due and payable on August 31, 2016. At the Company’s option, the Revolving Credit Facility (the “Credit Agreement”) bears interest at either the prime rate less 1.00% or the London Interbank Offered Rate (“LIBOR”) plus the applicable LIBOR margin. The applicable LIBOR margin is based on the ratio of total funded debt to earnings before interest, other income and expense, income taxes, depreciation, and amortization (“EBITDA”) for the preceding four fiscal quarters. As of December 31, 2014, the applicable LIBOR margin was 1.25%. | |
The Company is also required to pay an unused line fee on the daily unused amount of the Credit Agreement at a per annum rate based on the ratio of total funded debt to EBITDA for the preceding four fiscal quarters. As of December 31, 2014, the per annum unused line fee rate was 0.20%. | |
At December 31, 2014 and December 31, 2013 there were no amounts outstanding under the Credit Agreement. A standby letter of credit related to the Company’s corporate headquarters lease that had previously been outstanding against the Credit Agreement was canceled in October 2014, bringing the Company’s available borrowings on the facility to $5.0 million at December 31, 2014. | |
Borrowings under the Credit Agreement are collateralized by a security interest in substantially all assets of the Company. Covenants governing the Credit Agreement include the maintenance of certain financial ratios. At December 31, 2014, the Company was in compliance with all covenants under the Credit Agreement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 9. Commitments and Contingencies | ||||
Operating Leases | |||||
The Company conducts its operations in leased office facilities under various noncancelable operating lease agreements that expire through March 2020. The Company is receiving certain rent concessions over the life of certain of the leases. In November 2010, the Newton lease was amended to include an additional 8,400 square feet of office space. The amended lease commenced in March 2011 and runs concurrently with the term of the original lease. The Company is receiving certain rent concessions over the life of the amended lease. | |||||
Certain of the Company’s operating leases include lease incentives and escalating payment amounts and are renewable for varying periods. The Company is recognizing the related rent expense on a straight-line basis over the term of the lease taking into account the lease incentives and escalating lease payments. Total rent expense under the Company’s leases was approximately $4.1 million for the year ended December 31, 2014 and $4.0 million for each of the years ended December 31, 2013 and 2012. | |||||
Future minimum lease payments under the Company’s noncancelable operating leases at December 31, 2014 are as follows: | |||||
Years Ending December 31: | Minimum | ||||
Lease | |||||
Payments | |||||
2015 | $ | 4,091 | |||
2016 | 4,079 | ||||
2017 | 3,712 | ||||
2018 | 3,832 | ||||
2019 | 3,833 | ||||
Thereafter | 572 | ||||
$ | 20,119 | ||||
In the third quarter of 2014, the Company paid $0.7 million in cash as a security deposit on its corporate headquarters lease. An irrevocable standby letter of credit that had been outstanding in the aggregate amount of $1.0 million supporting the Company’s operating lease was canceled in October 2014. | |||||
Net Worth Tax Contingency | |||||
In late March 2010, the Company received a letter from the Department of Revenue of the Commonwealth of Massachusetts (the “MA DOR”) requesting documentation demonstrating that TSC has been classified by the MA DOR as a Massachusetts security corporation. Following subsequent correspondence with the MA DOR and a settlement conference on March 22, 2011, the Company received a Notice of Assessment from the MA DOR with respect to additional excise taxes on net worth related to TSC. Based on the Company’s previous assessment that it was probable that the MA DOR would require an adjustment to correct TSC’s tax filings such that it will be treated as a Massachusetts business corporation for the applicable years, the Company has recorded a liability representing its best estimate at that time of the potential net worth tax exposure. The tax benefits available to a Massachusetts security corporation are comprised of (i) a different rate structure (1.32% on gross investment income vs. 9.5% on net income) (See Note 12) and (ii) exemption from the 0.26% excise tax on net worth. On August 17, 2011, the Company filed Applications for Abatement with the MA DOR. On January 6, 2012, the Company filed Petitions for Formal Procedure with the Massachusetts Appellate Tax Board. A trial took place on April 29, 2014; as of the date of this report no decision has been rendered. As of December 31, 2014 the Company has recorded a liability of approximately $672 to account for the tax differential in all open years, including penalties and interest. | |||||
Litigation | |||||
From time to time and in the ordinary course of business, the Company may be subject to various claims, charges, and litigation. At December 31, 2014 and 2013, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated financial position, results of operations, or cash flows. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | 10. Stock-Based Compensation | ||||||||||||||||
Stock Option Plans | |||||||||||||||||
In September 1999, the Company approved a stock option plan (the “1999 Plan”) that provides for the issuance of up to 12,384,646 shares of common stock incentives. The 1999 Plan provides for the granting of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), and stock grants. These incentives may be offered to the Company’s employees, officers, directors, consultants, and advisors. ISOs may not be granted at less than fair market value on the date of grant, as determined by the Company’s Board of Directors (the “Board”). Each option shall be exercisable at such times and subject to such terms as determined by the Board; grants generally vest over a four year period, and expire no later than ten years after the grant date. | |||||||||||||||||
In April 2007, the Board approved the 2007 Stock Option and Incentive Plan (the “2007 Plan”), which was approved by the stockholders of the Company and became effective upon the consummation of the Company’s IPO in May 2007. Effective upon the consummation of the IPO, no further awards were made pursuant to the 1999 Plan, but any outstanding awards under the 1999 Plan remain in effect and continue to be subject to the terms of the 1999 Plan. The 2007 Plan allows the Company to grant ISOs, NSOs, stock appreciation rights, deferred stock awards, restricted stock and other awards. Under the 2007 Plan, stock options may not be granted at less than fair market value on the date of grant, and grants generally vest over a four year period. Stock options granted under the 2007 Plan expire no later than ten years after the grant date. The Company has reserved for issuance an aggregate of 2,911,667 shares of common stock under the 2007 Plan plus an additional annual increase to be added automatically on January 1 of each year, beginning on January 1, 2008, equal to the lesser of (a) 2% of the outstanding number of shares of common stock (on a fully-diluted basis) on the immediately preceding December 31 and (b) such lower number of shares as may be determined by the compensation committee of the Board of Directors of the Company. The number of shares available for issuance under the 2007 Plan is subject to adjustment in the event of a stock split, stock dividend or other change in capitalization. Generally, shares that are forfeited or canceled from awards under the 2007 Plan also will be available for future awards. To date, approximately 6.7 million shares have been added to the 2007 Plan in accordance with the automatic annual increase. In addition, shares subject to stock options returned to the 1999 Plan, as a result of their expiration, cancellation or termination, are automatically made available for issuance under the 2007 Plan. As of December 31, 2014, a total of 1,731,936 shares were available for grant under the 2007 Plan. | |||||||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||||||
The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. The Company calculated the fair values of the options granted using the following estimated weighted-average assumptions: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 78 | % | 67 | % | 88 | % | |||||||||||
Expected term | 6 years | 5 years | 5 years | ||||||||||||||
Risk-free interest rate | 1.62 | % | 0.58 | % | 0.36 | % | |||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Weighted-average grant date fair value per share | $ | 7.22 | $ | 3.89 | $ | 3.63 | |||||||||||
Beginning in 2013, the expected volatility of options granted has been determined using a weighted average of the historical volatility of the Company’s stock for a period equal to the expected life of the option; a combined historical volatility of the Company’s stock and the peer group of companies was used prior to 2013. The risk-free interest rate is based on a zero coupon United States treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid and does not anticipate paying cash dividends on its shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company applied an estimated annual forfeiture rate in determining the expense recorded each year. | |||||||||||||||||
A summary of the stock option activity under the Company’s stock option plans for the year ended December 31, 2014 is presented below: | |||||||||||||||||
Options | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Outstanding | Exercise | Remaining | Intrinsic | ||||||||||||||
Price Per Share | Contractual | Value | |||||||||||||||
Term | |||||||||||||||||
in Years | |||||||||||||||||
Options outstanding at December 31, 2013 | 4,467,248 | $ | 7.3 | ||||||||||||||
Granted | 10,000 | 10.53 | |||||||||||||||
Exercised | (970,382 | ) | 5.6 | ||||||||||||||
Forfeited | (132,609 | ) | 6.85 | ||||||||||||||
Canceled | (26,600 | ) | 8.23 | ||||||||||||||
Options outstanding at December 31, 2014 | 3,347,657 | $ | 7.86 | 2.6 | $ | 12,898 | |||||||||||
Options exercisable at December 31, 2014 | 3,343,282 | $ | 7.86 | 2.6 | $ | 12,877 | |||||||||||
Options vested or expected to vest at December 31, 2014(1) | 3,347,178 | $ | 7.86 | 2.6 | $ | 11,742 | |||||||||||
-1 | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. | ||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the total intrinsic value of options exercised (i.e. the difference between the market price of the underlying stock at exercise and the price paid by the employee to exercise the options) was $4.2 million, $1.4 million and $0.2 million, respectively, and the total amount of cash received by the Company from exercise of these options was $4.8 million, $1.6 million and $0.8 million, respectively. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock awards are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock award activity under the 2007 Plan for the year ended December 31, 2014 is presented below: | |||||||||||||||||
Shares | Weighted-Average | Aggregate | |||||||||||||||
Grant Date | Intrinsic | ||||||||||||||||
Fair Value | Value | ||||||||||||||||
Per Share | |||||||||||||||||
Nonvested outstanding at December 31, 2013 | 2,777,500 | $ | 5.26 | ||||||||||||||
Granted | 576,570 | 8.05 | |||||||||||||||
Vested | (1,027,403 | ) | 5.54 | ||||||||||||||
Forfeited | (47,500 | ) | 6.02 | ||||||||||||||
Nonvested outstanding at December 31, 2014 | 2,279,167 | $ | 5.83 | $ | 25,914 | ||||||||||||
The total grant-date fair value of restricted stock awards that vested during the years ended December 31, 2014, 2013 and 2012 was $5.7 million, $5.0 million and $4.2 million, respectively. As of December 31, 2014, there was $11.0 million of total unrecognized compensation expense related to stock options and restricted stock awards which is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||||||||
Accrued Stock-Based Compensation | |||||||||||||||||
The Company had approximately $1.4 million included in accrued compensation expenses on its Consolidated Balance Sheet as of December 31, 2014 for stock-based compensation related to restricted stock awards that had been approved as of that date but had not been delivered. This non-cash compensation expense is recorded as part of stock compensation expense in the Company’s Consolidated Statement of Comprehensive Income (Loss). There were no such accruals as of December 31, 2013 or 2012. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity |
Reserved Common Stock | |
As of December 31, 2014, the Company has reserved 7,832,511 shares of common stock for options outstanding and restricted stock awards that have not been issued as well as those available for grant under stock option plans. | |
Common Stock Repurchase Programs | |
On August 5, 2014, the Company announced that, on August 4, 2014, its Board of Directors authorized a $20 million stock repurchase program (the “2014 Program”). The Company is authorized to repurchase the Company’s common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined based on an evaluation of market conditions and other factors. The Company may elect to implement a Rule 10b5-1 trading plan to make such purchases, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The 2014 Program may be suspended or discontinued at any time. | |
On August 3, 2012, the Company’s Board of Directors authorized a $20 million stock repurchase program (the “2012 Program”) authorizing the Company to repurchase its common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased was determined based on an evaluation of market conditions and other factors. The Company elected to implement a Rule 10b5-1 trading plan to make such purchases. The 2012 Program was terminated immediately prior to the commencement of the tender offer on September 25, 2013 (as described below). | |
During the year ended December 31, 2014 the Company repurchased 1,551,224 shares of common stock for $15.0 million pursuant to the 2014 Program. During the year ended December 31, 2013 the Company repurchased 2,610,279 shares of common stock for $12.4 million pursuant to the 2012 Program. Repurchased shares are recorded under the cost method and are reflected as treasury stock in the accompanying Consolidated Balance Sheets. All repurchased shares were funded with cash on hand. | |
Share Repurchase | |
On December 9, 2014, the Company entered into a Purchase Agreement with TCV V, L.P. (“TCV V”) and TCV Member Fund, L.P. (“TCV Member Fund” and collectively with TCV V, “TCV”), both related parties, pursuant to which the Company agreed to repurchase from TCV 1,000,000 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) for an aggregate price of $9,797,000. The purchase price per share of Common Stock was equal to 97% of the closing price of the Common Stock on the Nasdaq Global Market on December 8, 2014. The repurchase closed on December 10, 2014, and these shares are included in the 1,551,224 shares of common stock purchased under the 2014 plan noted above. A member of the Company’s board of directors is also a member of the general partner of TCV, which holds more than 5% of the voting securities of the Company. | |
Secondary Offering | |
In May 2014, the Company completed a secondary public offering of 5,750,000 shares of common stock at a price of $6.25 per share. All of the shares sold in the secondary public offering were sold by selling stockholders and the Company did not receive any proceeds from the offering. The Company incurred fees of approximately $0.5 million related to legal, accounting and other fees in connection with the secondary public offering, which are included in general and administrative expenses in the Statement of Comprehensive Income (Loss). | |
Tender Offer | |
On September 25, 2013, the Company commenced a tender offer to purchase up to 6.5 million shares of its common stock, representing approximately 16.79% of the shares of TechTarget’s common stock issued and outstanding at that time, at a price of $5.00 per share. On September 23, 2013, the last reported sale price of the Company’s common stock was $4.79 per share. | |
The tender offer expired on October 24, 2013. In accordance with applicable SEC regulations and the terms of the tender offer, the Company exercised the right to purchase additional shares and based on the final tabulation by Computershare Trust Company, N.A., the Depositary for the tender offer, the Company accepted for purchase 7,100,565 shares of its common stock for a total cost of $35.5 million. Repurchased shares were recorded under the cost method and are reflected as treasury stock in the accompanying Consolidated Balance Sheets. The total cost of the tender offer was $35.6 million, which includes approximately $0.1 million in costs directly attributable to the purchase. Pursuant to the terms of the tender offer, the Company purchased 2,250,000 shares of common stock from entities affiliated with Technology Crossover Ventures (“TCV”). |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 12. Income Taxes | ||||||||||||
Income (loss) before provision for (benefit from) income taxes was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | 6,071 | $ | (3,157 | ) | $ | 7,859 | ||||||
Foreign | 1,055 | 663 | 350 | ||||||||||
Income (loss) before income taxes | $ | 7,126 | $ | (2,494 | ) | $ | 8,209 | ||||||
The income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 2,574 | $ | (2,373 | ) | $ | 3,265 | ||||||
State | 15 | 34 | 516 | ||||||||||
Foreign | 560 | 128 | 171 | ||||||||||
Total current | 3,149 | (2,211 | ) | 3,952 | |||||||||
Deferred: | |||||||||||||
Federal | (424 | ) | 1,700 | (172 | ) | ||||||||
State | 593 | (157 | ) | 258 | |||||||||
Foreign | (273 | ) | 11 | 147 | |||||||||
Total deferred | (104 | ) | 1,554 | 233 | |||||||||
$ | 3,045 | $ | (657 | ) | $ | 4,185 | |||||||
The income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 differs from the amounts computed by applying the statutory federal income tax rate to the consolidated income (loss) before income taxes as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision (benefit) computed at statutory rate | $ | 2,477 | $ | (848 | ) | $ | 2,873 | ||||||
(Reduction) increase resulting from: | |||||||||||||
Difference in rates for foreign jurisdictions | (144 | ) | (65 | ) | — | ||||||||
Tax exempt interest income | — | (6 | ) | (23 | ) | ||||||||
Stock-based compensation | (479 | ) | 271 | 526 | |||||||||
Other non-deductible expenses | 104 | 116 | 151 | ||||||||||
Non-deductible officers compensation | 492 | 113 | — | ||||||||||
State income tax provision | 337 | (228 | ) | 391 | |||||||||
Valuation allowance | 56 | 100 | 231 | ||||||||||
Secondary offering | 188 | — | — | ||||||||||
True-up of prior year returns | — | (154 | ) | — | |||||||||
Penalties and interest | 15 | 15 | — | ||||||||||
Other | (1 | ) | 29 | 36 | |||||||||
Provision for (benefit from) income taxes | $ | 3,045 | $ | (657 | ) | $ | 4,185 | ||||||
Significant components of the Company’s net deferred tax assets and liabilities are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 1,151 | $ | 1,434 | |||||||||
Capital losses | 46 | 46 | |||||||||||
Deferred revenue | — | 917 | |||||||||||
Accruals and allowances | 1,681 | 602 | |||||||||||
Intangible asset amortization | — | 84 | |||||||||||
Stock-based compensation | 5,718 | 5,835 | |||||||||||
Deferred rent expense | 1,060 | 1,202 | |||||||||||
Gross deferred tax assets | 9,656 | 10,120 | |||||||||||
Less valuation allowance | (1,214 | ) | (1,158 | ) | |||||||||
Total deferred tax assets | 8,442 | 8,962 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible asset amortization | (904 | ) | (734 | ) | |||||||||
Deferred revenue | (44 | ) | — | ||||||||||
Depreciation | (2,063 | ) | (2,545 | ) | |||||||||
Total deferred tax liabilities | (3,011 | ) | (3,279 | ) | |||||||||
Net deferred tax assets | $ | 5,431 | $ | 5,683 | |||||||||
As reported: | |||||||||||||
Current deferred tax assets | $ | 2,674 | $ | 555 | |||||||||
Non-current deferred tax assets | $ | 3,230 | $ | 5,873 | |||||||||
Non-current deferred tax liabilities | $ | 473 | $ | 745 | |||||||||
In evaluating the ability to realize the net deferred tax asset, the Company considers all available evidence, both positive and negative, including past operating results, the existence of cumulative losses in the most recent fiscal years, tax planning strategies that are prudent and feasible, and forecasts of future taxable income. In considering sources of future taxable income, the Company makes certain assumptions and judgments which are based on the plans and estimates used to manage the underlying business of the Company. Changes in the Company’s assumptions and estimates may materially impact income tax expense for the period. The valuation allowance of $1,214 and $1,158 at December 31, 2014 and 2013, respectively, relates to foreign net operating losses (“NOL’s”) and state NOL’s acquired from KnowledgeStorm that the Company determined were not more likely than not to be realized based on projections of future taxable income in California, Georgia, China and Hong Kong. The valuation allowance increased by $56, $100 and $231 during the years ended December 31, 2014, 2013 and 2012, respectively. To the extent realization of the deferred tax assets for foreign and the state net operating losses becomes more likely than not, recognition of these acquired tax benefits would reduce income tax expense. As of December 31, 2014, the Company has a federal NOL carryforward of approximately $4.3 million, which may be used to offset future taxable income. The federal NOL is attributable to excess tax deductions from share-based payments, the benefit of which would be credited to additional paid-in capital when the deductions reduce cash taxes payable. The federal NOL carryforward will expire in 2034. | |||||||||||||
The Company considers the excess of its financial reporting over its tax basis in its investment in foreign subsidiaries essentially permanent in duration and as such has not recognized a deferred tax liability related to this difference. | |||||||||||||
The amount of unrecognized tax benefits at December 31, 2014 was approximately $0.7 million. The amount of unrecognized tax benefits that impact the effective tax rate, if recognized, is approximately $0.5 million. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 657 | $ | 642 | $ | 628 | |||||||
Gross increases related to positions taken in prior periods | 15 | 15 | 14 | ||||||||||
Balance at end of year | $ | 672 | $ | 657 | $ | 642 | |||||||
In March 2010, the Company received a letter from the MA DOR requesting documentation demonstrating that TSC, a wholly-owned subsidiary of the Company, has been classified by the MA DOR as a Massachusetts security corporation. Based on subsequent correspondence with the MA DOR, the Company determined that it was more likely than not that the MA DOR would require an adjustment to correct TSC’s tax filings such that it will be treated as a Massachusetts business corporation for the applicable years. The Company recorded a tax reserve for approximately $0.4 million. The tax benefits available to a Massachusetts security corporation are comprised of (i) a different rate structure (1.32% on gross investment income vs. 9.5% on net income) and (ii) exemption from the 0.26% excise tax on net worth (see Note 9). On August 17, 2011, the Company filed Applications for Abatement with the MA DOR. On January 6, 2012, the Company filed Petitions under Formal Procedure with the Massachusetts Appellate Tax Board. A trial took place on April 29, 2014; no decision has been rendered as of the date of this report. As of December 31, 2014 the Company has recorded a liability of approximately $672 to account for the tax differential in all open years, which includes penalties and interest for the potential state income tax liability arising from the difference between the income tax rates applicable to security corporations and business corporations in Massachusetts. | |||||||||||||
The Company recognized interest and penalties totaling $15 on its uncertain tax positions in income tax expense in 2014. Tax years 2011 through 2014 are subject to examination by the federal and state taxing authorities. | |||||||||||||
As of December 31, 2014, the Company had state NOL carryforwards of approximately $20.5 million, which may be used to offset future taxable income. The NOL carryforwards expire at various dates through 2035. The Company has foreign NOL carryforwards of $1.1 million, which may be used to offset future taxable income in foreign jurisdictions until they expire, through 2019. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | 13. Segment Information | ||||||||||||
The Company views its operations and manages its business as one operating segment based on factors such as how the Company manages its operations and how its executive management team reviews results and makes decisions on how to allocate resources and assess performance. | |||||||||||||
Geographic Data | |||||||||||||
Net sales to unaffiliated customers by geographic area* were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
North America | $ | 83,214 | $ | 65,386 | $ | 85,406 | |||||||
International | 22,989 | 23,110 | 14,585 | ||||||||||
Total | $ | 106,203 | $ | 88,496 | $ | 99,991 | |||||||
Long-lived assets** by geographic area were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
North America | $ | 100,042 | $ | 101,241 | |||||||||
International | 6,147 | 7,344 | |||||||||||
Total | $ | 106,189 | $ | 108,585 | |||||||||
* | based on current customer billing address; does not consider the geo-targeted, or target audience, location of the campaign | ||||||||||||
** | comprised of property, plant and equipment, net; goodwill; and intangible assets, net |
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 14. 401(k) Plan |
The Company maintains a 401(k) retirement savings plan (the “Plan”) whereby employees may elect to defer a portion of their salary and contribute the deferred portion to the Plan. The Company contributes an amount equal to 50% of the employee’s contribution to the Plan, up to an annual limit of two thousand dollars. The Company contributed $0.7 million, $0.7 million and $0.8 million to the Plan for the years ended December 31, 2014, 2013 and 2012, respectively. Employee contributions and the Company’s matching contributions are invested in one or more collective investment funds at the participant’s direction. The Company’s matching contributions vest 25% annually and are 100% vested after four consecutive years of service. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Data (unaudited) | 15. Quarterly Financial Data (unaudited) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||||||||||||||
Total revenues | $ | 22,977 | $ | 26,148 | $ | 26,432 | $ | 30,646 | $ | 19,548 | $ | 23,098 | $ | 22,111 | $ | 23,739 | |||||||||||||||||
Total cost of revenues | 6,637 | 7,128 | 6,754 | 7,528 | 6,604 | 7,225 | 6,735 | 6,569 | |||||||||||||||||||||||||
Total gross profit | 16,340 | 19,020 | 19,678 | 23,118 | 12,944 | 15,873 | 15,376 | 17,170 | |||||||||||||||||||||||||
Total operating expenses | 16,143 | 17,099 | 17,921 | 19,534 | 15,634 | 15,720 | 15,610 | 16,633 | |||||||||||||||||||||||||
Operating income (loss) | 197 | 1,921 | 1,757 | 3,584 | (2,690 | ) | 153 | (234 | ) | 537 | |||||||||||||||||||||||
Net income (loss) | $ | 135 | $ | 1,303 | $ | 938 | $ | 1,705 | $ | (1,542 | ) | $ | (871 | ) | $ | 577 | $ | (1 | ) | ||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||||||||||||
Basic* | $ | 0 | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | ||||||||||||||
Diluted* | $ | 0 | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | ||||||||||||||
* | The sum of the quarterly earnings per share amounts may not equal the annual amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events |
Subsequent events have been evaluated through the date the financial statements were issued and no events or transactions have occurred that require disclosure in or adjustment to these consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||||||
The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, which are comprised of KnowledgeStorm, Inc., Bitpipe, Inc., TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited, TechTarget (Beijing) Information Technology Consulting Co., Ltd., TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS and TechTarget Germany GmbH. KnowledgeStorm, Inc. and Bitpipe, Inc. feature websites that provide in-depth vendor generated content targeted to corporate IT professionals. TechTarget Securities Corporation is a Massachusetts security corporation incorporated in 2004. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TechTarget (HK) Limited (“TTGT HK”) is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. Additionally, through its wholly-owned subsidiaries, TTGT HK and TechTarget (Beijing) Information Technology Consulting Co., Ltd. (“TTGT Consulting”, incorporated on December 16, 2011), the Company effectively controls a variable interest entity (“VIE”), Keji Wangtuo Information Technology Co., Ltd., (“KWIT”), which was incorporated under the laws of the People’s Republic of China (“PRC”) on November 27, 2007. TechTarget (Australia) Pty Ltd. (incorporated on December 15, 2011) and TechTarget (Singapore) Pte Ltd. (incorporated on February 12, 2012) are the entities through which the Company does business in Australia and Singapore, respectively; E-Magine Médias SAS (“LeMagIT”) and TechTarget Germany GmbH (incorporated on June 6, 2014), both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. | |||||||||||||||||||||
PRC laws and regulations prohibit or restrict foreign ownership of Internet-related services and advertising businesses. To comply with these foreign ownership restrictions, the Company operates its websites and provides online advertising services in the PRC through KWIT. The Company entered into certain exclusive agreements with KWIT and its shareholders through TTGT HK, which obligated TTGT HK to absorb all of the risk of loss from KWIT’s activities and entitled TTGT HK to receive all of their residual returns. In addition, the Company entered into certain agreements with the authorized parties through TTGT HK, including Management and Consulting Services, Voting Proxy, Equity Pledge and Option Agreements. On December 31, 2011, TTGT HK assigned all of its rights and obligations to the newly formed wholly foreign-owned enterprise (“WFOE”), TTGT Consulting. The WFOE is established and existing under the laws of the PRC, and is wholly owned by TTGT HK. | |||||||||||||||||||||
Based on these contractual arrangements, the Company consolidates the financial results of KWIT as required by Accounting Standards Codification (“ASC”) subtopic 810-10, Consolidation: Overall, because the Company holds all the variable interests of KWIT through the WFOE, which is the primary beneficiary of KWIT. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and the VIE through the aforementioned agreements, whereby the equity holders of KWIT assigned all of their voting rights underlying their equity interest in KWIT to the WFOE. In addition, through the other aforementioned agreements, the Company demonstrates its ability and intention to continue to exercise the ability to obtain substantially all of the profits and absorb all of the expected losses of KWIT. All significant intercompany accounts and transactions between the Company, its subsidiaries, and KWIT have been eliminated in consolidation. | |||||||||||||||||||||
Reclassifications | Reclassifications | ||||||||||||||||||||
Beginning in the third quarter of 2014, the Company changed its presentation of transactional gains and losses arising from the impact of currency exchange rate fluctuations on transactions in foreign currency that is different from the local functional currency in order to better reflect the non-operating nature of these gains and losses, and is now including them in Other Income (Expense) on the Consolidated Statements of Comprehensive Income (Loss). Previously, these gains and losses were included in the Company’s operating expenses as General and Administrative expense. Amounts in the prior periods’ financial statements have been reclassified to conform to the current presentation. In the year ended December 31, 2013, this resulted in an increase to Other Expense and a decrease in General and Administrative expense equal to $0.2 million and for the year ended December 31, 2012, this resulted in a decrease to Other Income and a decrease in General and Administrative expense amounting to $0.1 million. | |||||||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, earnouts, self-insurance accruals and income taxes. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. | |||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||
The Company generates substantially all of its revenue from the sale of targeted advertising campaigns, which are delivered via its network of websites, and events. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. | |||||||||||||||||||||
The majority of the Company’s online media sales involve multiple product offerings, which are described in more detail below. Because neither vendor-specific objective evidence of fair value nor third party evidence of fair value exists for all elements in the Company’s bundled product offerings, the Company uses an estimated selling price which represents management’s best estimate of the stand-alone selling price for each deliverable in an arrangement. The Company establishes best estimates considering multiple factors including, but not limited to, class of client, size of transaction, available media inventory, pricing strategies and market conditions. The Company believes the use of the best estimate of selling price allows revenue recognition in a manner consistent with the underlying economics of the transaction. The Company uses the relative selling price method to allocate consideration at the inception of the arrangement to each deliverable in a multiple element arrangement. The relative selling price method allocates any discount in the arrangement proportionately to each deliverable on the basis of the deliverable’s best estimated selling price. Revenue is then recognized as delivery occurs. | |||||||||||||||||||||
The Company evaluates all deliverables of an arrangement at inception and each time an item is delivered, to determine whether they represent separate units of accounting. Based on this evaluation, the arrangement consideration is measured and allocated to each of these elements. | |||||||||||||||||||||
Online Offerings | |||||||||||||||||||||
Core Online. | |||||||||||||||||||||
Lead Generation. As part of these lead generation campaign offerings, the Company will guarantee a minimum number of qualified leads to be delivered over the course of the advertising campaign. The Company determines the content necessary to achieve performance guarantees. Scheduled end dates of advertising campaigns sometimes need to be extended, pursuant to the terms of the arrangement, to satisfy lead guarantees. The Company estimates a revenue reserve necessary to adjust revenue recognition for extended advertising campaigns. These estimates are based on the Company’s experience in managing and fulfilling these offerings. The customer has cancellation privileges which generally require advance notice by the customer and require proportional payment by the customer for the portion of the campaign period provided by the Company. Additionally, the Company offers sales incentives to certain customers, primarily in the form of volume rebates, which are classified as a reduction of revenues and are calculated based on the terms of the specific customer’s contract. The Company accrues for these sales incentives based on contractual terms and historical experience. | |||||||||||||||||||||
The Company recognizes revenue on contracts where pricing is based on cost per lead or duration-based in the period during which the leads are delivered to its customers. | |||||||||||||||||||||
Branding. Branding consists mostly of banner revenue, which is recognized in the period in which the banner impressions, engagements or clicks occur. | |||||||||||||||||||||
Custom Content Creation. Custom content revenue is recognized when the creation is completed and delivered to the customer, with the exception of microsites which are recognized over the period during which they are live. | |||||||||||||||||||||
Content Sponsorships. Content sponsorship revenue is recognized ratably over the period in which the related content asset is available on the Company’s websites. | |||||||||||||||||||||
List Rentals. List rental revenue is recognized in the period in which the delivery of the list is made to the Company’s customer. | |||||||||||||||||||||
Third Party Revenue Sharing Arrangements. Revenue from third party revenue sharing arrangements is recognized on a net basis in the period in which the services are performed. For certain third party agreements where the Company is the primary obligor, revenue is recognized on a gross basis in the period in which the services are performed. | |||||||||||||||||||||
IT Deal Alert. This suite of products includes Qualified Sales Opportunities and Account Watch (rebranded in 2015 as Priority Engine). Qualified Sales Opportunities revenue is recognized when the opportunity is delivered to the Company’s customer, and Account Watch revenue is recognized ratably over the duration of the service. | |||||||||||||||||||||
Events | |||||||||||||||||||||
Revenue from vendor-sponsored events, whether sponsored exclusively by a single vendor or in a multi-vendor sponsored event, is recognized upon completion of the event in the period the event occurs. The majority of the Company’s events are free to qualified attendees; however, certain events are based on a paid attendee model. The Company recognizes revenue for paid attendee events upon completion of the event. | |||||||||||||||||||||
Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. The Company excludes from its deferred revenue and accounts receivable balances amounts for which it has billed in advance prior to the start of a campaign or the delivery of services. | |||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||
Financial instruments consist of cash and cash equivalents, short and long-term investments, accounts receivable, accounts payable and contingent consideration. Due to their short-term nature and liquidity, the carrying value of these instruments, with the exception of contingent consideration, approximates their estimated fair values. See Note 3 for further information on the fair value of the Company’s investments. The fair value of contingent consideration was estimated using a discounted cash flow method described in Note 4. | |||||||||||||||||||||
Long-Lived Assets, Goodwill and Indefinite-lived Intangible Assets | Long-Lived Assets, Goodwill and Indefinite-lived Intangible Assets | ||||||||||||||||||||
Long-lived assets consist primarily of property and equipment, capitalized software, goodwill and other intangible assets. The Company reviews long-lived assets, including property and equipment and finite intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset or an adverse action or a significant decrease in the market price. A specifically identified intangible asset must be recorded as a separate asset from goodwill if either of the following two criteria is met: (1) the intangible asset acquired arises from contractual or other legal rights; or (2) the intangible asset is separable. Accordingly, intangible assets consist of specifically identified intangible assets. Goodwill is the excess of any purchase price over the estimated fair value of net tangible and intangible assets acquired. | |||||||||||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Separable intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives, which range from three to ten years, using methods of amortization that are expected to reflect the estimated pattern of economic use, and are reviewed for impairment when events or changes in circumstances suggest that the assets may not be recoverable. Consistent with the Company’s determination that it has only one reporting segment, it has been determined that there is only one reporting unit and goodwill is tested for impairment at the entity level. The Company performs its annual test of impairment of goodwill as of December 31st of each year and whenever events or changes in circumstances suggest that the carrying amount may not be recoverable using the two step process required by ASC 350, Intangibles – Goodwill and Other (“ASC 350”). The first step of the impairment test is to identify potential impairment by comparing the reporting unit’s fair value with its net book value (or carrying amount), including goodwill. The fair value is estimated based on a market value approach. If the fair value of the reporting unit exceeds its carrying amount, the reporting unit’s goodwill is not considered to be impaired and the second step of the impairment test is not performed. Whenever indicators of impairment become present, the Company would perform the second step and compare the implied fair value of the reporting unit’s goodwill, as defined by ASC 350, to its carrying value to determine the amount of the impairment loss, if any. As of December 31, 2014, there were no indications of impairment based on the step one analysis, and the Company’s estimated fair value exceeded its goodwill carrying value by a significant margin. | |||||||||||||||||||||
Based on the aforementioned evaluation, the Company believes that, as of the balance sheet date presented, none of the Company’s goodwill or other long-lived assets were impaired. The Company did not have any intangible assets with indefinite lives as of December 31, 2014 or 2013. | |||||||||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | ||||||||||||||||||||
The Company offsets gross trade accounts receivable with an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The allowance for doubtful accounts is reviewed on a regular basis, and all past due balances are reviewed individually for collectability. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for doubtful accounts are recorded in general and administrative expense. | |||||||||||||||||||||
Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Balance at | Provision | Acquired in | Write-offs, | Balance at | |||||||||||||||||
Beginning | Business | Net of | End of | ||||||||||||||||||
of Year | Combinations | Recoveries | Year | ||||||||||||||||||
Year ended December 31, 2012 | $ | 1,062 | $ | 827 | — | $ | (978 | ) | $ | 911 | |||||||||||
Year ended December 31, 2013 | $ | 911 | $ | 564 | — | $ | (562 | ) | $ | 913 | |||||||||||
Year ended December 31, 2014 | $ | 913 | $ | 708 | — | $ | (607 | ) | $ | 1,014 | |||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||
Property and equipment is stated at cost. Property and equipment acquired through acquisitions of businesses are initially recorded at fair value. Depreciation is calculated on the straight-line method based on the month the asset is placed in service over the following estimated useful lives: | |||||||||||||||||||||
Estimated Useful Life | |||||||||||||||||||||
Furniture and fixtures | 5 years | ||||||||||||||||||||
Computer equipment and software | 2–3 years | ||||||||||||||||||||
Internal-use software and website development costs | 3–4 years | ||||||||||||||||||||
Leasehold improvements | Shorter of useful life or remaining duration of lease | ||||||||||||||||||||
Property and equipment consists of the following: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Furniture and fixtures | $ | 831 | $ | 848 | |||||||||||||||||
Computer equipment and software | 4,567 | 4,026 | |||||||||||||||||||
Leasehold improvements | 1,508 | 1,294 | |||||||||||||||||||
Internal-use software and website development costs | 18,034 | 15,028 | |||||||||||||||||||
24,940 | 21,196 | ||||||||||||||||||||
Less: accumulated depreciation and amortization | (15,725 | ) | (11,739 | ) | |||||||||||||||||
$ | 9,215 | $ | 9,457 | ||||||||||||||||||
Depreciation expense was $4.1 million, $3.8 million and $3.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Repairs and maintenance charges that do not increase the useful life of the assets are charged to operations as incurred. The Company wrote off approximately $0.1 million, $2.7 million and $0.8 million of fully depreciated assets that were no longer in service during 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Depreciation expense is classified as a component of operating expense in the Company’s results of operations. | |||||||||||||||||||||
Internal-Use Software and Website Development Costs | Internal-Use Software and Website Development Costs | ||||||||||||||||||||
The Company capitalizes costs incurred during the development of its website applications and infrastructure as well as certain costs relating to internal-use software. The estimated useful life of costs capitalized is evaluated for each specific project. Capitalized internal-use software and website development costs are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized only if the carrying amount of the asset is not recoverable and exceeds its fair value. The Company capitalized internal-use software and website development costs of $3.0 million, $3.6 million and $3.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Concentrations of Credit Risk and Off-Balance Sheet Risk | Concentrations of Credit Risk and Off-Balance Sheet Risk | ||||||||||||||||||||
Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and cash equivalents, investments and accounts receivable. The Company maintains its cash and cash equivalents and investments principally in accredited financial institutions of high credit standing. The Company routinely assesses the credit worthiness of its customers. The Company generally has not experienced any significant losses related to individual customers or groups of customers in any particular industry or area. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. | |||||||||||||||||||||
No single customer represented 10% or more of total accounts receivable at December 31, 2014 or 2013. No single customer accounted for 10% or more of total revenue in the years ended December 31, 2014 or 2013. One customer accounted for 12% of total revenue for the year ended December 31, 2012. | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
The Company’s deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities using statutory rates. A valuation allowance is established against net deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return using a “more likely than not” threshold as required by the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. | |||||||||||||||||||||
The Company recognizes any interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||||
The Company has two stock-based employee compensation plans which are more fully described in Note 10. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized in the Consolidated Statement of Comprehensive Income (Loss) using the straight-line method over the vesting period of the award or using the accelerated method if the award is contingent upon performance goals. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock option awards. | |||||||||||||||||||||
Comprehensive (Loss) Income | Comprehensive Income (Loss) | ||||||||||||||||||||
Comprehensive income (loss) includes all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company’s comprehensive income (loss) includes changes in the fair value of the Company’s unrealized gains (losses) on available for sale securities and foreign currency translation. | |||||||||||||||||||||
There were no material reclassifications out of accumulated other comprehensive income in the periods ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||
Foreign Currency | Foreign Currency | ||||||||||||||||||||
The functional currency for each of the Company’s subsidiaries is each country’s local currency. All assets and liabilities are translated into U.S. dollar equivalents at the exchange rate in effect on the balance sheet date or at a historical rate. Revenues and expenses are translated at average exchange rates. Translation gains or losses are recorded in stockholders’ equity as an element of accumulated other comprehensive income (loss). | |||||||||||||||||||||
Net (Loss) Income Per Share | Net Income (Loss) Per Share | ||||||||||||||||||||
Basic earnings per share is computed based on the weighted average number of common shares and vested restricted stock awards outstanding during the period. Because the holders of unvested restricted stock awards do not have nonforfeitable rights to dividends or dividend equivalents, the Company does not consider these awards to be participating securities that should be included in its computation of earnings per share under the two-class method. Diluted earnings per share is computed using the weighted average number of common shares and vested restricted stock awards outstanding during the period, plus the dilutive effect of potential future issuances of common stock relating to stock option programs and other potentially dilutive securities using the treasury stock method. In calculating diluted earnings per share, the dilutive effect of stock options and restricted stock awards is computed using the average market price for the respective period. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense and assumed tax benefit of stock options and restricted stock awards that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options and restricted stock awards. | |||||||||||||||||||||
A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows: | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income (loss) | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Denominator: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Diluted: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Effect of potentially dilutive shares | 1,630,349 | — | 698,668 | ||||||||||||||||||
Total weighted average shares of common stock and vested restricted stock awards outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Calculation of Net Income (Loss) Per Common Share: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Net income (loss) per common share | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
Diluted: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Net income (loss) per common share(1) | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
-1 | In calculating diluted earnings per share, 1.0 million, 5.3 million and 4.2 million shares related to outstanding stock options and unvested restricted stock awards were excluded for the years ended December 31, 2014, 2013 and 2012, respectively, because they were anti-dilutive. Additionally, shares used to calculate diluted earnings per share exclude 0.5 million shares related to outstanding stock options and unvested restricted stock awards for the year ended December 31, 2013 that would have been dilutive if the Company had net income during that period. | ||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 (January 1, 2017 for the Company); early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. The Company is in the process of determining the potential effects on the consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Summary of Changes in Company's Allowance for Doubtful Accounts | Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||
Balance at | Provision | Acquired in | Write-offs, | Balance at | |||||||||||||||||
Beginning | Business | Net of | End of | ||||||||||||||||||
of Year | Combinations | Recoveries | Year | ||||||||||||||||||
Year ended December 31, 2012 | $ | 1,062 | $ | 827 | — | $ | (978 | ) | $ | 911 | |||||||||||
Year ended December 31, 2013 | $ | 911 | $ | 564 | — | $ | (562 | ) | $ | 913 | |||||||||||
Year ended December 31, 2014 | $ | 913 | $ | 708 | — | $ | (607 | ) | $ | 1,014 | |||||||||||
Estimated Useful Lives of Property and Equipment | Depreciation is calculated on the straight-line method based on the month the asset is placed in service over the following estimated useful lives: | ||||||||||||||||||||
Estimated Useful Life | |||||||||||||||||||||
Furniture and fixtures | 5 years | ||||||||||||||||||||
Computer equipment and software | 2–3 years | ||||||||||||||||||||
Internal-use software and website development costs | 3–4 years | ||||||||||||||||||||
Leasehold improvements | Shorter of useful life or remaining duration of lease | ||||||||||||||||||||
Property and Equipment | Property and equipment consists of the following: | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Furniture and fixtures | $ | 831 | $ | 848 | |||||||||||||||||
Computer equipment and software | 4,567 | 4,026 | |||||||||||||||||||
Leasehold improvements | 1,508 | 1,294 | |||||||||||||||||||
Internal-use software and website development costs | 18,034 | 15,028 | |||||||||||||||||||
24,940 | 21,196 | ||||||||||||||||||||
Less: accumulated depreciation and amortization | (15,725 | ) | (11,739 | ) | |||||||||||||||||
$ | 9,215 | $ | 9,457 | ||||||||||||||||||
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share | A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows: | ||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income (loss) | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Denominator: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Diluted: | |||||||||||||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Effect of potentially dilutive shares | 1,630,349 | — | 698,668 | ||||||||||||||||||
Total weighted average shares of common stock and vested restricted stock awards outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Calculation of Net Income (Loss) Per Common Share: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||||||||||||
Net income (loss) per common share | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
Diluted: | |||||||||||||||||||||
Net income (loss) applicable to common stockholders | $ | 4,081 | $ | (1,837 | ) | $ | 4,024 | ||||||||||||||
Weighted average shares of stock outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||||||||||||
Net income (loss) per common share(1) | $ | 0.12 | $ | (0.05 | ) | $ | 0.1 | ||||||||||||||
-1 | In calculating diluted earnings per share, 1.0 million, 5.3 million and 4.2 million shares related to outstanding stock options and unvested restricted stock awards were excluded for the years ended December 31, 2014, 2013 and 2012, respectively, because they were anti-dilutive. Additionally, shares used to calculate diluted earnings per share exclude 0.5 million shares related to outstanding stock options and unvested restricted stock awards for the year ended December 31, 2013 that would have been dilutive if the Company had net income during that period. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Assets and Liabilities Carried at Fair Value and Measured on Recurring Basis | The fair value hierarchy of the Company’s financial assets and liabilities carried at fair value and measured on a recurring basis is as follows: | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
December 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds(1) | $ | 1,071 | $ | 1,071 | $ | — | $ | — | |||||||||
Short-term investments(2) | 5,480 | — | 5,480 | — | |||||||||||||
Long-term investments(2) | 13,428 | — | 13,428 | — | |||||||||||||
Total assets | $ | 19,979 | $ | 1,071 | $ | 18,908 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration – non-current(3) | 1,114 | — | — | 1,114 | |||||||||||||
Total liabilities | $ | 1,114 | $ | — | $ | — | $ | 1,114 | |||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds(1) | $ | 1,607 | $ | 1,607 | $ | — | $ | — | |||||||||
Short-term investments(2) | 14,401 | — | 14,401 | — | |||||||||||||
Long-term investments(2) | 3,959 | — | 3,959 | — | |||||||||||||
Total assets | $ | 19,967 | $ | 1,607 | $ | 18,360 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration – current(3) | $ | 568 | $ | — | $ | — | $ | 568 | |||||||||
Contingent consideration – non-current(3) | 928 | — | — | 928 | |||||||||||||
Total liabilities | $ | 1,496 | $ | — | $ | — | $ | 1,496 | |||||||||
-1 | Included in cash and cash equivalents on the accompanying consolidated balance sheets; valued at quoted market prices in active markets. | ||||||||||||||||
-2 | Short and long-term investments consist of municipal bonds and government agency bonds; their fair value is calculated using an interest rate yield curve for similar instruments. | ||||||||||||||||
-3 | Our valuation techniques and Level 3 inputs used to estimate the fair value of contingent consideration payable in connection with the LeMag acquisition are described in Note 4. During the years ended December 31, 2014 and 2013 the contingent consideration increased by approximately $320 and $288, respectively, when it was remeasured to fair value. Payments in the amount of $545 were made in 2014; the remainder of the change in this balance was caused by amortization of a discount on the installment payments and foreign currency fluctuations. The final payment is expected to be made after December 31, 2015. | ||||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Roll-forward of Fair Value of Contingent Consideration Categorized as Level 3 | The following table provides a roll-forward of the fair value of the contingent consideration categorized as Level 3 for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||
Fair Value | |||||||||||||||||
Balance as of December 31, 2011 | $ | 1,405 | |||||||||||||||
Payments on contingent liabilities | (1,405 | ) | |||||||||||||||
Contingent liabilities added from LeMag acquisition | 1,180 | ||||||||||||||||
Balance as of December 31, 2012 | $ | 1,180 | |||||||||||||||
Currency translation impact on contingent liabilities | 28 | ||||||||||||||||
Remeasurement of contingent liabilities | 288 | ||||||||||||||||
Balance as of December 31, 2013 | $ | 1,496 | |||||||||||||||
Currency translation impact on contingent liabilities | (204 | ) | |||||||||||||||
Payments on contingent liabilities | (545 | ) | |||||||||||||||
Amortization of discount on contingent liabilities | 47 | ||||||||||||||||
Remeasurement of contingent liabilities | 320 | ||||||||||||||||
Balance as of December 31, 2014 | $ | 1,114 | |||||||||||||||
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents and Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash and Cash Equivalents | Cash and cash equivalents consisted of the following: | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash | $ | 18,204 | $ | 13,805 | |||||||||||||
Money market funds | 1,071 | 1,607 | |||||||||||||||
Total cash and cash equivalents | $ | 19,275 | $ | 15,412 | |||||||||||||
Short and Long-term Investments | Short and long-term investments consisted of the following: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Gains | Losses | Value | |||||||||||||||
Short and long-term investments: | |||||||||||||||||
Government agency bonds | $ | 6,632 | $ | — | $ | (14 | ) | $ | 6,618 | ||||||||
Municipal bonds | 12,307 | 4 | (21 | ) | 12,290 | ||||||||||||
Total short and long-term investments | $ | 18,939 | $ | 4 | $ | (35 | ) | $ | 18,908 | ||||||||
31-Dec-13 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Gains | Losses | Value | |||||||||||||||
Short and long-term investments: | |||||||||||||||||
Government agency bonds | $ | 2,511 | $ | 4 | $ | — | $ | 2,515 | |||||||||
Municipal bonds | 15,833 | 13 | (1 | ) | 15,845 | ||||||||||||
Total short and long-term investments | $ | 18,344 | $ | 17 | $ | (1 | ) | $ | 18,360 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows: | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Balance as of beginning of year | $ | 94,171 | $ | 93,792 | |||||
Goodwill adjustment during the year | — | 80 | |||||||
Effect of exchange rate changes | (192 | ) | 299 | ||||||
Balance as of end of year | $ | 93,979 | $ | 94,171 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangible Assets | The following table summarizes the Company’s intangible assets, net: | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Estimated | Gross | Accumulated | Net | ||||||||||||||
Useful | Carrying | Amortization | |||||||||||||||
Lives (Years) | Amount | ||||||||||||||||
Customer, affiliate and advertiser relationships | 9-May | $ | 7,079 | $ | (5,480 | ) | $ | 1,599 | |||||||||
Developed websites, technology and patents | 10 | 1,361 | (499 | ) | 862 | ||||||||||||
Trademark, trade name and domain name | 8-May | 1,859 | (1,598 | ) | 261 | ||||||||||||
Proprietary user information database and internet traffic | 5-Mar | 1,270 | (1,024 | ) | 246 | ||||||||||||
Non-compete agreements | 3 | 85 | (58 | ) | 27 | ||||||||||||
Total intangible assets | $ | 11,654 | $ | (8,659 | ) | $ | 2,995 | ||||||||||
As of December 31, 2013 | |||||||||||||||||
Estimated | Gross | Accumulated | Net | ||||||||||||||
Useful | Carrying | Amortization | |||||||||||||||
Lives (Years) | Amount | ||||||||||||||||
Customer, affiliate and advertiser relationships | 9-May | $ | 7,146 | $ | (4,563 | ) | $ | 2,583 | |||||||||
Developed websites, technology and patents | 10-Jun | 6,942 | (5,721 | ) | 1,221 | ||||||||||||
Trademark, trade name and domain name | 8-May | 2,044 | (1,482 | ) | 562 | ||||||||||||
Proprietary user information database and internet traffic | 5-Mar | 1,318 | (789 | ) | 529 | ||||||||||||
Non-compete agreements | 3-Feb | 450 | (387 | ) | 63 | ||||||||||||
Total intangible assets | $ | 17,900 | $ | (12,942 | ) | $ | 4,958 | ||||||||||
Schedule of Amortization Expense of Intangible Assets | The Company expects amortization expense of intangible assets to be as follows: | ||||||||||||||||
Years Ending December 31: | Amortization | ||||||||||||||||
Expense | |||||||||||||||||
2015 | $ | 1,420 | |||||||||||||||
2016 | 880 | ||||||||||||||||
2017 | 181 | ||||||||||||||||
2018 | 113 | ||||||||||||||||
2019 | 95 | ||||||||||||||||
Thereafter | 306 | ||||||||||||||||
$ | 2,995 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Payments | Future minimum lease payments under the Company’s noncancelable operating leases at December 31, 2014 are as follows: | ||||
Years Ending December 31: | Minimum | ||||
Lease | |||||
Payments | |||||
2015 | $ | 4,091 | |||
2016 | 4,079 | ||||
2017 | 3,712 | ||||
2018 | 3,832 | ||||
2019 | 3,833 | ||||
Thereafter | 572 | ||||
$ | 20,119 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Fair Values of Options Granted Estimated Using Weighted-Average Assumptions | The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. The Company calculated the fair values of the options granted using the following estimated weighted-average assumptions: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 78 | % | 67 | % | 88 | % | |||||||||||
Expected term | 6 years | 5 years | 5 years | ||||||||||||||
Risk-free interest rate | 1.62 | % | 0.58 | % | 0.36 | % | |||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Weighted-average grant date fair value per share | $ | 7.22 | $ | 3.89 | $ | 3.63 | |||||||||||
Summary of Stock Option Activity Under Company's Stock Option Plans | A summary of the stock option activity under the Company’s stock option plans for the year ended December 31, 2014 is presented below: | ||||||||||||||||
Options | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Outstanding | Exercise | Remaining | Intrinsic | ||||||||||||||
Price Per Share | Contractual | Value | |||||||||||||||
Term | |||||||||||||||||
in Years | |||||||||||||||||
Options outstanding at December 31, 2013 | 4,467,248 | $ | 7.3 | ||||||||||||||
Granted | 10,000 | 10.53 | |||||||||||||||
Exercised | (970,382 | ) | 5.6 | ||||||||||||||
Forfeited | (132,609 | ) | 6.85 | ||||||||||||||
Canceled | (26,600 | ) | 8.23 | ||||||||||||||
Options outstanding at December 31, 2014 | 3,347,657 | $ | 7.86 | 2.6 | $ | 12,898 | |||||||||||
Options exercisable at December 31, 2014 | 3,343,282 | $ | 7.86 | 2.6 | $ | 12,877 | |||||||||||
Options vested or expected to vest at December 31, 2014(1) | 3,347,178 | $ | 7.86 | 2.6 | $ | 11,742 | |||||||||||
-1 | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. | ||||||||||||||||
Summary of Restricted Stock Award Activity Under 2007 Stock Plan | A summary of the restricted stock award activity under the 2007 Plan for the year ended December 31, 2014 is presented below: | ||||||||||||||||
Shares | Weighted-Average | Aggregate | |||||||||||||||
Grant Date | Intrinsic | ||||||||||||||||
Fair Value | Value | ||||||||||||||||
Per Share | |||||||||||||||||
Nonvested outstanding at December 31, 2013 | 2,777,500 | $ | 5.26 | ||||||||||||||
Granted | 576,570 | 8.05 | |||||||||||||||
Vested | (1,027,403 | ) | 5.54 | ||||||||||||||
Forfeited | (47,500 | ) | 6.02 | ||||||||||||||
Nonvested outstanding at December 31, 2014 | 2,279,167 | $ | 5.83 | $ | 25,914 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes | Income (loss) before provision for (benefit from) income taxes was as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | 6,071 | $ | (3,157 | ) | $ | 7,859 | ||||||
Foreign | 1,055 | 663 | 350 | ||||||||||
Income (loss) before income taxes | $ | 7,126 | $ | (2,494 | ) | $ | 8,209 | ||||||
Income Tax Provision (Benefit) | The income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 consisted of the following: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 2,574 | $ | (2,373 | ) | $ | 3,265 | ||||||
State | 15 | 34 | 516 | ||||||||||
Foreign | 560 | 128 | 171 | ||||||||||
Total current | 3,149 | (2,211 | ) | 3,952 | |||||||||
Deferred: | |||||||||||||
Federal | (424 | ) | 1,700 | (172 | ) | ||||||||
State | 593 | (157 | ) | 258 | |||||||||
Foreign | (273 | ) | 11 | 147 | |||||||||
Total deferred | (104 | ) | 1,554 | 233 | |||||||||
$ | 3,045 | $ | (657 | ) | $ | 4,185 | |||||||
Difference by Applying the Statutory Federal Income Tax Rate | The income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 differs from the amounts computed by applying the statutory federal income tax rate to the consolidated income (loss) before income taxes as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision (benefit) computed at statutory rate | $ | 2,477 | $ | (848 | ) | $ | 2,873 | ||||||
(Reduction) increase resulting from: | |||||||||||||
Difference in rates for foreign jurisdictions | (144 | ) | (65 | ) | — | ||||||||
Tax exempt interest income | — | (6 | ) | (23 | ) | ||||||||
Stock-based compensation | (479 | ) | 271 | 526 | |||||||||
Other non-deductible expenses | 104 | 116 | 151 | ||||||||||
Non-deductible officers compensation | 492 | 113 | — | ||||||||||
State income tax provision | 337 | (228 | ) | 391 | |||||||||
Valuation allowance | 56 | 100 | 231 | ||||||||||
Secondary offering | 188 | — | — | ||||||||||
True-up of prior year returns | — | (154 | ) | — | |||||||||
Penalties and interest | 15 | 15 | — | ||||||||||
Other | (1 | ) | 29 | 36 | |||||||||
Provision for (benefit from) income taxes | $ | 3,045 | $ | (657 | ) | $ | 4,185 | ||||||
Significant Components of the Company's Net Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities are as follows: | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 1,151 | $ | 1,434 | |||||||||
Capital losses | 46 | 46 | |||||||||||
Deferred revenue | — | 917 | |||||||||||
Accruals and allowances | 1,681 | 602 | |||||||||||
Intangible asset amortization | — | 84 | |||||||||||
Stock-based compensation | 5,718 | 5,835 | |||||||||||
Deferred rent expense | 1,060 | 1,202 | |||||||||||
Gross deferred tax assets | 9,656 | 10,120 | |||||||||||
Less valuation allowance | (1,214 | ) | (1,158 | ) | |||||||||
Total deferred tax assets | 8,442 | 8,962 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible asset amortization | (904 | ) | (734 | ) | |||||||||
Deferred revenue | (44 | ) | — | ||||||||||
Depreciation | (2,063 | ) | (2,545 | ) | |||||||||
Total deferred tax liabilities | (3,011 | ) | (3,279 | ) | |||||||||
Net deferred tax assets | $ | 5,431 | $ | 5,683 | |||||||||
As reported: | |||||||||||||
Current deferred tax assets | $ | 2,674 | $ | 555 | |||||||||
Non-current deferred tax assets | $ | 3,230 | $ | 5,873 | |||||||||
Non-current deferred tax liabilities | $ | 473 | $ | 745 | |||||||||
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 657 | $ | 642 | $ | 628 | |||||||
Gross increases related to positions taken in prior periods | 15 | 15 | 14 | ||||||||||
Balance at end of year | $ | 672 | $ | 657 | $ | 642 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Net Sales to Unaffiliated Customers by Geographic Area | Net sales to unaffiliated customers by geographic area* were as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
North America | $ | 83,214 | $ | 65,386 | $ | 85,406 | |||||||
International | 22,989 | 23,110 | 14,585 | ||||||||||
Total | $ | 106,203 | $ | 88,496 | $ | 99,991 | |||||||
Long-Lived Assets by Geographic Area | Long-lived assets** by geographic area were as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
North America | $ | 100,042 | $ | 101,241 | |||||||||
International | 6,147 | 7,344 | |||||||||||
Total | $ | 106,189 | $ | 108,585 | |||||||||
* | based on current customer billing address; does not consider the geo-targeted, or target audience, location of the campaign | ||||||||||||
** | comprised of property, plant and equipment, net; goodwill; and intangible assets, net |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Data (unaudited) | For the Three Months Ended | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||||||||||||||
Total revenues | $ | 22,977 | $ | 26,148 | $ | 26,432 | $ | 30,646 | $ | 19,548 | $ | 23,098 | $ | 22,111 | $ | 23,739 | |||||||||||||||||
Total cost of revenues | 6,637 | 7,128 | 6,754 | 7,528 | 6,604 | 7,225 | 6,735 | 6,569 | |||||||||||||||||||||||||
Total gross profit | 16,340 | 19,020 | 19,678 | 23,118 | 12,944 | 15,873 | 15,376 | 17,170 | |||||||||||||||||||||||||
Total operating expenses | 16,143 | 17,099 | 17,921 | 19,534 | 15,634 | 15,720 | 15,610 | 16,633 | |||||||||||||||||||||||||
Operating income (loss) | 197 | 1,921 | 1,757 | 3,584 | (2,690 | ) | 153 | (234 | ) | 537 | |||||||||||||||||||||||
Net income (loss) | $ | 135 | $ | 1,303 | $ | 938 | $ | 1,705 | $ | (1,542 | ) | $ | (871 | ) | $ | 577 | $ | (1 | ) | ||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||||||||||||
Basic* | $ | 0 | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | ||||||||||||||
Diluted* | $ | 0 | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | ||||||||||||||
* | The sum of the quarterly earnings per share amounts may not equal the annual amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. |
Organization_and_Operations_Ad
Organization and Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Grouping | |
Website | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of websites | 150 |
Number of distinct media groups | 9 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Reporting_Unit | |||
Significant Accounting Policies [Line Items] | |||
Decrease in other income | $100,000 | ||
Increase in other expense | 200,000 | ||
Decrease in general and administrative expenses | 200,000 | 100,000 | |
Revenue recognition period | less than six months | ||
Number of reporting segment | 1 | ||
Number of reporting unit | 1 | ||
Intangible assets with indefinite lives | 0 | 0 | |
Depreciation expense | 4,060,000 | 3,823,000 | 3,279,000 |
Write off of fully depreciated assets no longer in service | 100,000 | 2,700,000 | 800,000 |
Capitalized internal-use software and website development costs | $3,000,000 | $3,600,000 | $3,000,000 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of customers represented 10% or more of total accounts receivable | 0 | 0 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of customers accounted for Specific revenue | 0 | 0 | 1 |
Percentage of revenue accounted by major customer | 12.00% | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Changes in Company's Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Assets [Abstract] | |||
Balance at Beginning of Year | $913 | $911 | $1,062 |
Provision | 708 | 564 | 827 |
Acquired in Business Combinations | 0 | 0 | 0 |
Write-offs, Net of Recoveries | -607 | -562 | -978 |
Balance at End of Year | $1,014 | $913 | $911 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Shorter of useful life or remaining duration of lease |
Minimum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Minimum [Member] | Internal-use software and website development costs | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | Internal-use software and website development costs | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 4 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $24,940 | $21,196 |
Less: accumulated depreciation and amortization | -15,725 | -11,739 |
Property and equipment, net | 9,215 | 9,457 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 831 | 848 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,567 | 4,026 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,508 | 1,294 |
Internal-use software and website development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $18,034 | $15,028 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) | $1,705 | $938 | $1,303 | $135 | ($1) | $577 | ($871) | ($1,542) | $4,081 | ($1,837) | $4,024 |
Basic: | |||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||
Diluted: | |||||||||||
Weighted average shares of common stock and vested restricted stock awards outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||
Effect of potentially dilutive shares | 1,630,349 | 698,668 | |||||||||
Total weighted average shares of common stock and vested restricted stock awards outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||
Basic: | |||||||||||
Net income (loss) applicable to common stockholders | 1,705 | 938 | 1,303 | 135 | -1 | 577 | -871 | -1,542 | 4,081 | -1,837 | 4,024 |
Weighted average shares of stock outstanding | 33,010,162 | 37,886,492 | 40,211,075 | ||||||||
Net income (loss) per common share | $0.05 | $0.03 | $0.04 | $0 | $0 | $0.01 | ($0.02) | ($0.04) | $0.12 | ($0.05) | $0.10 |
Diluted: | |||||||||||
Net income (loss) applicable to common stockholders | $1,705 | $938 | $1,303 | $135 | ($1) | $577 | ($871) | ($1,542) | $4,081 | ($1,837) | $4,024 |
Weighted average shares of stock outstanding | 34,640,511 | 37,886,492 | 40,909,743 | ||||||||
Net income (loss) per common share | $0.05 | $0.03 | $0.04 | $0 | $0 | $0.01 | ($0.02) | ($0.04) | $0.12 | ($0.05) | $0.10 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||
Outstanding stock options and unvested restricted stock awards excluded from computation of diluted EPS | 1 | 5.3 | 4.2 |
Stock Options and Unvested Restricted Stock Awards [Member] | |||
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||
Outstanding stock options and unvested restricted stock awards excluded from computation of diluted EPS | 0.5 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Carried at Fair Value and Measured on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Total | $19,979 | $19,967 |
Liabilities: | ||
Total liabilities | 1,114 | 1,496 |
Contingent Consideration - Non - Current [Member] | ||
Liabilities: | ||
Total liabilities | 1,114 | 928 |
Contingent Consideration - Current [Member] | ||
Liabilities: | ||
Total liabilities | 568 | |
Money Market Funds [Member] | ||
Assets: | ||
Total | 1,071 | 1,607 |
Short-Term Investments [Member] | ||
Assets: | ||
Total | 5,480 | 14,401 |
Long Term Investments [Member] | ||
Assets: | ||
Total | 13,428 | 3,959 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Total | 1,071 | 1,607 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total | 1,071 | 1,607 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Total | 18,908 | 18,360 |
Significant Other Observable Inputs (Level 2) [Member] | Short-Term Investments [Member] | ||
Assets: | ||
Total | 5,480 | 14,401 |
Significant Other Observable Inputs (Level 2) [Member] | Long Term Investments [Member] | ||
Assets: | ||
Total | 13,428 | 3,959 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Total liabilities | 1,114 | 1,496 |
Significant Unobservable Inputs (Level 3) [Member] | Contingent Consideration - Non - Current [Member] | ||
Liabilities: | ||
Total liabilities | 1,114 | 928 |
Significant Unobservable Inputs (Level 3) [Member] | Contingent Consideration - Current [Member] | ||
Liabilities: | ||
Total liabilities | $568 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Carried at Fair Value and Measured on Recurring Basis (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Increase in contingent consideration | $320 | $288 |
Payments on contingent liabilities | $545 |
Fair_Value_Measurements_Rollfo
Fair Value Measurements - Roll-forward of Fair Value of Contingent Consideration Categorized as Level 3 (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Payments on contingent liabilities | ($545) | ||
Contingent Consideration [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 1,496 | 1,180 | 1,405 |
Currency translation impact on contingent liabilities | -204 | 28 | |
Payments on contingent liabilities | -545 | -1,405 | |
Contingent liabilities added from LeMag acquisition | 1,180 | ||
Amortization of discount on contingent liabilities | 47 | ||
Remeasurement of contingent liabilities | 320 | 288 | |
Ending Balance | $1,114 | $1,496 | $1,180 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 17, 2012 |
Installment | |||
Business Acquisition [Line Items] | |||
Cash paid for acquisition | $1.20 | $1.20 | |
Number of installments for acquisition cost | 2 | ||
Discount rate of projected net cash flows | 10.00% | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisitions | 5.2 | ||
LeMagIT [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid for acquisition | 2.2 | ||
Potential future earnout | $0.70 |
Cash_Cash_Equivalents_and_Inve2
Cash, Cash Equivalents and Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Security | |||
Cash and Cash Equivalents [Abstract] | |||
Liquid investments with maturities | 3 months | ||
Unrealized (loss) gain, net of taxes | ($20,000) | $10,000 | $14,000 |
Realized gains or losses | 0 | 0 | 0 |
Number of securities in unrealized loss position | 10 | ||
Unrealized loss available for sale securities, less than 12 months | 35,000 | ||
Unrealized loss available for sale securities fair value, less than 12 months | $13,400,000 | ||
Maximum duration of security | 7 months | ||
Municipal bonds maturity Start - date | 31-Jul-16 | ||
Municipal bonds maturity End - date | 28-Feb-18 |
Cash_Cash_Equivalents_and_Inve3
Cash, Cash Equivalents and Investments - Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Abstract] | ||||
Cash | $18,204 | $13,805 | ||
Money market funds | 1,071 | 1,607 | ||
Total cash and cash equivalents | $19,275 | $15,412 | $48,409 | $25,786 |
Cash_Cash_Equivalents_and_Inve4
Cash, Cash Equivalents and Investments - Short and Long-term Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Government Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $6,632 | $2,511 |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | -14 | |
Estimated Fair Value | 6,618 | 2,515 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 12,307 | 15,833 |
Gross Unrealized Gains | 4 | 13 |
Gross Unrealized Losses | -21 | -1 |
Estimated Fair Value | 12,290 | 15,845 |
Total Short and Long-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 18,939 | 18,344 |
Gross Unrealized Gains | 4 | 17 |
Gross Unrealized Losses | -35 | -1 |
Estimated Fair Value | $18,908 | $18,360 |
Goodwill_Changes_in_Carrying_A
Goodwill - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance as of beginning of year | $94,171 | $93,792 |
Goodwill adjustment during the year | 80 | |
Effect of exchange rate changes | -192 | 299 |
Balance as of end of year | $93,979 | $94,171 |
Intangible_Assets_Intangible_A
Intangible Assets - Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,654 | 17,900 |
Accumulated Amortization | -8,659 | -12,942 |
Total intangible assets | 2,995 | 4,958 |
Customer, Affiliate and Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,079 | 7,146 |
Accumulated Amortization | -5,480 | -4,563 |
Total intangible assets | 1,599 | 2,583 |
Developed Websites, Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,361 | 6,942 |
Accumulated Amortization | -499 | -5,721 |
Total intangible assets | 862 | 1,221 |
Trademarks, Trade Names and Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,859 | 2,044 |
Accumulated Amortization | -1,598 | -1,482 |
Total intangible assets | 261 | 562 |
Proprietary User Information Database and Internet Traffic [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,270 | 1,318 |
Accumulated Amortization | -1,024 | -789 |
Total intangible assets | 246 | 529 |
Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 85 | 450 |
Accumulated Amortization | -58 | -387 |
Total intangible assets | 27 | 63 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | |
Minimum [Member] | Customer, Affiliate and Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Minimum [Member] | Developed Websites, Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 6 years | |
Minimum [Member] | Trademarks, Trade Names and Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Minimum [Member] | Proprietary User Information Database and Internet Traffic [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | 3 years |
Minimum [Member] | Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 10 years | |
Maximum [Member] | Customer, Affiliate and Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 9 years | 9 years |
Maximum [Member] | Developed Websites, Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 10 years | 10 years |
Maximum [Member] | Trademarks, Trade Names and Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 8 years | 8 years |
Maximum [Member] | Proprietary User Information Database and Internet Traffic [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Maximum [Member] | Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | 3 years |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Remaining amortization period | 2 years 3 months 18 days | ||
Amortization expense | $1,762,000 | $2,223,000 | $3,351,000 |
Write off of intangible assets | $5,900,000 | $0 | |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives | 10 years |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $1,420 | |
2016 | 880 | |
2017 | 181 | |
2018 | 113 | |
2019 | 95 | |
Thereafter | 306 | |
Total intangible assets | $2,995 | $4,958 |
Bank_Term_Loan_Payable_Additio
Bank Term Loan Payable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | |
Debt Disclosure [Abstract] | |||
Line of credit facility maximum borrowing | $5,000,000 | ||
Interest due and payable | 31-Aug-16 | ||
Prime rate | 1.00% | ||
Revolving credit facility bearing interest rate | Prime rate less 1.00% | ||
LIBOR margin | Plus 1.25% | ||
Debt instrument basis spread on variable rate | 1.25% | ||
Line fee rate | 0.20% | ||
Revolving loan agreement, outstanding | 0 | 0 | |
Line of credit facility available borrowings capacity | $5,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
sqft | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Lease expiration date | 31-Mar-20 | ||||
Additional lease space agreement | 8,400 | ||||
Total rent expense under the Company's leases | $4,100,000 | $4,000,000 | $4,000,000 | ||
Security Deposit | 700,000 | ||||
Standby letter of credit outstanding | 1,000,000 | ||||
Lower income tax rate benefits available (minimum) | 1.32% | ||||
Lower income tax rate benefits available (maximum) | 9.50% | ||||
Tax benefits available on exemption from excise tax on net worth | 0.26% | ||||
Tax differential including penalties and interest | 672,000 | ||||
Charges, claims related to litigation | $0 | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $4,091 |
2016 | 4,079 |
2017 | 3,712 |
2018 | 3,832 |
2019 | 3,833 |
Thereafter | 572 |
Future minimum lease payments, Total | $20,119 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Intrinsic value of options exercised | $4,200,000 | $1,400,000 | $200,000 |
Cash received from exercise of options | 4,800,000 | 1,600,000 | 800,000 |
Stock options unrecognized compensation expense | 11,000,000 | ||
Restricted stock awards recognized weighted average | 2 years 1 month 6 days | ||
Accrued compensation expenses | 3,043,000 | 1,175,000 | |
Stock Option 1999 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Issuance of common stock incentives | 12,384,646 | ||
Stock Option 2007 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Issuance of common stock incentives | 2,911,667 | ||
Annual increase in reserved common stock | 2.00% | ||
Additional share authorized | 6,700,000 | ||
Shares available for grant | 1,731,936 | ||
Minimum [Member] | Stock Option 1999 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Period of grants vested | 4 years | ||
Minimum [Member] | Stock Option 2007 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Period of grants vested | 4 years | ||
Maximum [Member] | Stock Option 1999 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Period of grants expired | 10 years | ||
Maximum [Member] | Stock Option 2007 Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Period of grants expired | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Grant date fair value of stock options vested | 5,700,000 | 5,000,000 | 4,200,000 |
Accrued compensation expenses | $1,400,000 | $0 | $0 |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Values of Options Granted Estimated Using Weighted-Average Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 78.00% | 67.00% | 88.00% |
Expected term | 6 years | 5 years | 5 years |
Risk-free interest rate | 1.62% | 0.58% | 0.36% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average grant date fair value per share | $7.22 | $3.89 | $3.63 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity under Company's Stock Option Plans (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Options outstanding, beginning balance | 4,467,248 |
Options Outstanding, Granted | 10,000 |
Options Outstanding, Exercised | -970,382 |
Options Outstanding, Forfeited | -132,609 |
Options Outstanding, Canceled | -26,600 |
Options outstanding, ending balance | 3,347,657 |
Options Outstanding, Options exercisable | 3,343,282 |
Options Outstanding, Options vested or expected to vest | 3,347,178 |
Weighted-Average Exercise Price Per Share, Options outstanding, beginning balance | $7.30 |
Weighted-Average Exercise Price Per Share, Granted | $10.53 |
Weighted-Average Exercise Price Per Share, Exercised | $5.60 |
Weighted-Average Exercise Price Per Share, Forfeited | $6.85 |
Weighted- Average Exercise Price Per Share, Canceled | $8.23 |
Weighted- Average Exercise Price Per Share, Options outstanding, ending balance | $7.86 |
Weighted- Average Exercise Price Per Share, Options exercisable | $7.86 |
Weighted-Average Exercise Price Per Share, Options vested or expected to vest | $7.86 |
Weighted-Average Remaining Contractual Term in Years, Options outstanding | 2 years 7 months 6 days |
Weighted-Average Remaining Contractual Term in Years, Options exercisable | 2 years 7 months 6 days |
Weighted-Average Remaining Contractual Term in Years, Options vested or expected to vest | 2 years 7 months 6 days |
Aggregate Intrinsic Value, Options outstanding | $12,898 |
Aggregate Intrinsic Value, Options exercisable | 12,877 |
Aggregate Intrinsic Value, Options vested or expected to vest | $11,742 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Award Activity under 2007 Stock Plan (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Nonvested outstanding, beginning balance | 2,777,500 |
Shares, Granted | 576,570 |
Shares, Vested | -1,027,403 |
Shares, Forfeited | -47,500 |
Shares, Nonvested outstanding, ending balance | 2,279,167 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, beginning balance | $5.26 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $8.05 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $5.54 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $6.02 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, ending balance | $5.83 |
Aggregate Intrinsic Value, Nonvested outstanding | $25,914 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Oct. 24, 2013 | Sep. 25, 2013 | 31-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 23, 2013 | Aug. 05, 2014 | Aug. 03, 2012 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Common stock reserved for options outstanding and restricted stock awards | 7,832,511 | ||||||||
Common stock repurchased, shares | 7,100,565 | ||||||||
Common stock, shares issued in secondary public offering | 5,750,000 | ||||||||
Common stock shares issued, price per share | $6.25 | ||||||||
Legal, accounting, and other fees relating to secondary public offerings | $500,000 | ||||||||
Common stock repurchased, par value | $0.00 | $0.00 | |||||||
Common stock purchase under tender offer | 6,500,000 | ||||||||
Percentage of purchase of shares under tender offer as to common stock issued and outstanding | 16.79% | ||||||||
Price of per share of common stock | $5 | ||||||||
Last sale price of the Company's common stock | $4.79 | ||||||||
Total cost of shares repurchased | 35,500,000 | ||||||||
Total cost of shares repurchased, including purchase cost | 35,600,000 | 14,989,000 | 12,409,000 | 467,000 | |||||
Repurchase of stock cost of repurchase of stock | 100,000 | 140,000 | |||||||
Period of expiration of tender offer | 24-Oct-13 | ||||||||
Affiliated Entity [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Common stock repurchased, shares | 2,250,000 | ||||||||
2014 Program [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Common stock repurchase amount | 20,000,000 | ||||||||
Common stock repurchased, shares | 1,000,000 | 1,551,224 | |||||||
Common stock repurchase, amount | 9,797,000 | 15,000,000 | |||||||
Common stock repurchased, par value | $0.00 | ||||||||
Percentage of purchase price per share equivalent to closing price of Common Stock | 97.00% | ||||||||
Percentage of voting securities | 5.00% | ||||||||
Share repurchase closing date | 10-Dec-14 | ||||||||
2012 Program [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Common stock repurchase amount | 20,000,000 | ||||||||
Common stock repurchased, shares | 2,610,279 | ||||||||
Common stock repurchase, amount | $12,400,000 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $6,071 | ($3,157) | $7,859 |
Foreign | 1,055 | 663 | 350 |
Income (loss) before income taxes | $7,126 | ($2,494) | $8,209 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $2,574 | ($2,373) | $3,265 |
State | 15 | 34 | 516 |
Foreign | 560 | 128 | 171 |
Total current | 3,149 | -2,211 | 3,952 |
Deferred: | |||
Federal | -424 | 1,700 | -172 |
State | 593 | -157 | 258 |
Foreign | -273 | 11 | 147 |
Total deferred | -104 | 1,554 | 233 |
Provision for (benefit from) income taxes | $3,045 | ($657) | $4,185 |
Income_Taxes_Difference_by_App
Income Taxes - Difference by Applying the Statutory Federal Income Tax Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Provision (benefit) computed at statutory rate | $2,477 | ($848) | $2,873 |
(Reduction) increase resulting from: | |||
Difference in rates for foreign jurisdictions | -144 | -65 | |
Tax exempt interest income | -6 | -23 | |
Stock-based compensation | -479 | 271 | 526 |
Other non-deductible expenses | 104 | 116 | 151 |
Non-deductible officers compensation | 492 | 113 | |
State income tax provision | 337 | -228 | 391 |
Valuation allowance | 56 | 100 | 231 |
Secondary offering | 188 | ||
True-up of prior year returns | -154 | ||
Penalties and interest | 15 | 15 | |
Other | -1 | 29 | 36 |
Provision for (benefit from) income taxes | $3,045 | ($657) | $4,185 |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of the Company's Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $1,151 | $1,434 |
Capital losses | 46 | 46 |
Deferred revenue | 917 | |
Accruals and allowances | 1,681 | 602 |
Intangible asset amortization | 84 | |
Stock-based compensation | 5,718 | 5,835 |
Deferred rent expense | 1,060 | 1,202 |
Gross deferred tax assets | 9,656 | 10,120 |
Less valuation allowance | -1,214 | -1,158 |
Total deferred tax assets | 8,442 | 8,962 |
Deferred tax liabilities: | ||
Intangible asset amortization | -904 | -734 |
Deferred revenue | -44 | |
Depreciation | -2,063 | -2,545 |
Total deferred tax liabilities | -3,011 | -3,279 |
Net deferred tax assets | 5,431 | 5,683 |
As reported: | ||
Current deferred tax assets | 2,674 | 555 |
Non-current deferred tax assets | 3,230 | 5,873 |
Non-current deferred tax liabilities | $473 | $745 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ||||
Valuation allowance | $1,214,000 | $1,158,000 | ||
Increase in valuation allowance | 56,000 | 100,000 | 231,000 | |
Unrecognized tax expenses | 672,000 | 657,000 | 642,000 | 628,000 |
Unrecognized tax benefits that impact the effective tax rate, if recognized | 500,000 | |||
Income tax reserve arising from difference in rates applicable to corporations | 400,000 | |||
Lower income tax rate benefits available (minimum) | 1.32% | |||
Lower income tax rate benefits available (maximum) | 9.50% | |||
Tax benefits available on exemption from excise tax on net worth | 0.26% | |||
Tax differential including penalties and interest | 672,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
NOL carryforwards | 20,500,000 | |||
NOL carryforwards expiration year | 31-Dec-35 | |||
Tax differential including penalties and interest | 672,000 | |||
Foreign Country [Member] | ||||
Income Taxes [Line Items] | ||||
NOL carryforwards | 1,100,000 | |||
NOL carryforwards expiration year | 31-Dec-19 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
NOL carryforwards | 4,300,000 | |||
NOL carryforwards expiration year | 31-Dec-34 | |||
Federal and State Taxing Authorities [Member] | ||||
Income Taxes [Line Items] | ||||
Tax differential including penalties and interest | $15,000 | |||
Federal and State Taxing Authorities [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Period subject to examination | 2011 | |||
Federal and State Taxing Authorities [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Period subject to examination | 2014 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $657 | $642 | $628 |
Gross increases related to positions taken in prior periods | 15 | 15 | 14 |
Balance at end of year | $672 | $657 | $642 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 1 |
Segment_Information_Net_Sales_
Segment Information - Net Sales to Unaffiliated Customers by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, Total | $30,646 | $26,432 | $26,148 | $22,977 | $23,739 | $22,111 | $23,098 | $19,548 | $106,203 | $88,496 | $99,991 |
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, Total | 83,214 | 65,386 | 85,406 | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, Total | $22,989 | $23,110 | $14,585 |
Segment_Information_LongLived_
Segment Information - Long-Lived Assets by Geographic Area (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | $106,189 | $108,585 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | 100,042 | 101,241 |
International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | $6,147 | $7,344 |
401k_Plan_Additional_Informati
401(k) Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Company's contribution to the plan, percentage | 50.00% | ||
Company's contribution to the plan, amount | $700,000 | $700,000 | $800,000 |
Company's matching contributions vesting annually | 25.00% | ||
Company's matching contributions vesting after four consecutive years of service | 100.00% | ||
Vesting period identified for vesting purpose | 4 years | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual contribution by employer | $2,000 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $30,646 | $26,432 | $26,148 | $22,977 | $23,739 | $22,111 | $23,098 | $19,548 | $106,203 | $88,496 | $99,991 |
Total cost of revenues | 7,528 | 6,754 | 7,128 | 6,637 | 6,569 | 6,735 | 7,225 | 6,604 | 28,047 | 27,133 | 27,814 |
Total gross profit | 23,118 | 19,678 | 19,020 | 16,340 | 17,170 | 15,376 | 15,873 | 12,944 | 78,156 | 61,363 | 72,177 |
Total operating expenses | 19,534 | 17,921 | 17,099 | 16,143 | 16,633 | 15,610 | 15,720 | 15,634 | 70,697 | 63,597 | 63,981 |
Operating income (loss) | 3,584 | 1,757 | 1,921 | 197 | 537 | -234 | 153 | -2,690 | 7,459 | -2,234 | 8,196 |
Net income (loss) | $1,705 | $938 | $1,303 | $135 | ($1) | $577 | ($871) | ($1,542) | $4,081 | ($1,837) | $4,024 |
Net income (loss) per common share: | |||||||||||
Basic | $0.05 | $0.03 | $0.04 | $0 | $0 | $0.01 | ($0.02) | ($0.04) | $0.12 | ($0.05) | $0.10 |
Diluted | $0.05 | $0.03 | $0.04 | $0 | $0 | $0.01 | ($0.02) | ($0.04) | $0.12 | ($0.05) | $0.10 |