Document_and_Entity_Informatio
Document and Entity Information Statement (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 24, 2015 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TABLEAU SOFTWARE INC | ||
Entity Central Index Key | 1303652 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $3 | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 49,361,124 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 21,449,827 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $680,613 | $252,674 |
Accounts receivable, net | 99,910 | 61,158 |
Prepaid expenses and other current assets | 10,777 | 7,180 |
Income taxes receivable | 229 | 2,033 |
Deferred income taxes | 18,732 | 9,136 |
Total current assets | 810,261 | 332,181 |
Property and equipment, net | 45,627 | 21,338 |
Deferred income taxes | 5,879 | 589 |
Deposits and other assets | 3,895 | 819 |
Total assets | 865,662 | 354,927 |
Current liabilities | ||
Accounts payable | 1,978 | 2,178 |
Accrued compensation and employee related benefits | 40,164 | 27,187 |
Other accrued liabilities | 15,769 | 8,456 |
Income taxes payable | 378 | 178 |
Deferred revenue | 121,985 | 66,290 |
Total current liabilities | 180,274 | 104,289 |
Deferred revenue | 7,825 | 3,264 |
Other long-term liabilities | 5,557 | 2,714 |
Total liabilities | 193,656 | 110,267 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity (deficit) | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 660,668 | 239,406 |
Accumulated other comprehensive income (loss) | 140 | -71 |
Retained earnings | 11,191 | 5,318 |
Total stockholders’ equity | 672,006 | 244,660 |
Total liabilities and stockholders’ equity | 865,662 | 354,927 |
Common Class B | ||
Stockholders’ equity (deficit) | ||
Common Stock | 2 | 4 |
Common Class A | ||
Stockholders’ equity (deficit) | ||
Common Stock | $5 | $3 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets - Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock par value (USD per share) | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Class B | ||
Common stock par value (USD per share) | $0.00 | $0.00 |
Shares authorized for issuance | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 22,620,509 | 33,421,033 |
Common Stock, Shares, Outstanding | 22,620,509 | 33,421,033 |
Common Class A | ||
Common stock par value (USD per share) | $0.00 | $0.00 |
Shares authorized for issuance | 750,000,000 | 750,000,000 |
Common Stock, Shares, Issued | 47,247,710 | 28,777,653 |
Common Stock, Shares, Outstanding | 47,247,710 | 28,777,653 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | ||||||
License | $279,944 | $159,930 | $89,883 | |||
Maintenance and services | 132,672 | 72,510 | 37,850 | |||
Total revenues | 412,616 | 232,440 | 127,733 | |||
Cost of revenues | ||||||
License | 1,211 | 740 | 305 | |||
Maintenance and services | 35,774 | 17,784 | 10,057 | |||
Total cost of revenues | 36,985 | [1] | 18,524 | [1] | 10,362 | [1] |
Gross profit | 375,631 | 213,916 | 117,371 | |||
Operating expenses | ||||||
Sales and marketing | 216,672 | [1] | 123,573 | [1] | 62,333 | [1] |
Research and development | 110,923 | [1] | 60,769 | [1] | 33,065 | [1] |
General and administrative | 41,712 | [1] | 25,905 | [1] | 17,715 | [1] |
Total operating expenses | 369,307 | 210,247 | 113,113 | |||
Operating income | 6,324 | 3,669 | 4,258 | |||
Other income (expense), net | 858 | -804 | -54 | |||
Income before income tax expense (benefit) | 7,182 | 2,865 | 4,204 | |||
Income tax expense (benefit) | 1,309 | -4,211 | 2,777 | |||
Net income | 5,873 | 7,076 | 1,427 | |||
Net income per share attributable to common stockholders: | ||||||
Basic (in USD per share) | $0.09 | $0.14 | $0 | |||
Diluted (in USD per share) | $0.08 | $0.12 | $0 | |||
Weighted average shares used to compute net income per share attributable to common stockholder | ||||||
Basic (in shares) | 67,591 | 50,564 | 33,744 | |||
Diluted (in shares) | 74,319 | 59,092 | 39,652 | |||
Cost of Revenues | ||||||
Share-based Compensation [Abstract] | ||||||
Allocated share-based compensation expense | 2,227 | 473 | 107 | |||
Sales and Marketing | ||||||
Share-based Compensation [Abstract] | ||||||
Allocated share-based compensation expense | 18,203 | 5,429 | 1,394 | |||
Research and Development | ||||||
Share-based Compensation [Abstract] | ||||||
Allocated share-based compensation expense | 20,794 | 5,832 | 2,115 | |||
General and Administrative | ||||||
Share-based Compensation [Abstract] | ||||||
Allocated share-based compensation expense | $5,794 | $2,723 | $1,180 | |||
[1] | Includes stock-based compensation expense as follows: Year Ended December 31, 2014 2013 2012 (in thousands)Cost of revenues$2,227 $473 $107Sales and marketing18,203 5,429 1,394Research and development20,794 5,832 2,115General and administrative5,794 2,723 1,180 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $5,873 | $7,076 | $1,427 |
Other comprehensive income (loss): | |||
Foreign currency translation, net | 211 | -70 | -1 |
Comprehensive income | $6,084 | $7,006 | $1,426 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders Equity Statement (USD $) | Total | Convertible Preferred Stock | Common Stock (Class A and B) | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) |
In Thousands, except Share data | ||||||
Balances, period start at Dec. 31, 2011 | ($277) | $20,031 | $4 | $2,904 | $0 | ($3,185) |
Balances (in shares), period start at Dec. 31, 2011 | 17,416,317 | 33,084,849 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 1,082,288 | |||||
Issuance of common stock upon exercise of stock options | 606 | 606 | ||||
Stock-based compensation expense | 4,796 | 4,796 | ||||
Excess tax benefit from stock-based compensation | 1,541 | 1,541 | ||||
Donation of common shares (in shares) | 150,000 | 150,000 | ||||
Donation of common shares | 1,851 | 1,851 | ||||
Other comprehensive income (loss) | -1 | -1 | ||||
Net income (loss) | 1,427 | 1,427 | ||||
Balances, period end at Dec. 31, 2012 | 9,943 | 20,031 | 4 | 11,698 | -1 | -1,758 |
Balances (in shares), period end at Dec. 31, 2012 | 17,416,317 | 34,317,137 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 4,235,232 | |||||
Issuance of common stock upon exercise of stock options | 10,523 | 1 | 10,522 | |||
Proceeds from public offering, net of underwriters' discount (in shares) | 6,230,000 | |||||
Proceeds from public offering, net of underwriters' discount | 176,975 | 1 | 176,974 | |||
Conversion of preferred stock to common stock (in shares) | -17,416,317 | |||||
Conversion of preferred stock to common stock | -20,031 | |||||
Conversion of preferred stock to common stock (in shares) | 17,416,317 | |||||
Conversion of preferred stock to common stock | 20,031 | 1 | 20,030 | |||
Stock-based compensation expense | 14,457 | 14,457 | ||||
Excess tax benefit from stock-based compensation | 5,725 | 5,725 | ||||
Other comprehensive income (loss) | -70 | -70 | ||||
Net income (loss) | 7,076 | 7,076 | ||||
Balances, period end at Dec. 31, 2013 | 244,660 | 0 | 7 | 239,406 | -71 | 5,318 |
Balances (in shares), period end at Dec. 31, 2013 | 0 | 62,198,686 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 3,517,325 | 3,517,325 | ||||
Issuance of common stock upon exercise of stock options | 16,151 | 16,151 | ||||
Issuance of restricted stock (in shares) | 152,208 | |||||
Issuance of restricted stock | 0 | 0 | ||||
Proceeds from public offering, net of underwriters' discount (in shares) | 4,000,000 | |||||
Proceeds from public offering, net of underwriters' discount | 344,077 | 344,077 | ||||
Stock-based compensation expense | 47,018 | 47,018 | ||||
Excess tax benefit from stock-based compensation | 14,016 | 14,016 | ||||
Other comprehensive income (loss) | 211 | 211 | ||||
Net income (loss) | 5,873 | 5,873 | ||||
Balances, period end at Dec. 31, 2014 | $672,006 | $0 | $7 | $660,668 | $140 | $11,191 |
Balances (in shares), period end at Dec. 31, 2014 | 0 | 69,868,219 |
Consolidated_Statement_of_Cash
Consolidated Statement 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 | $5,873 | $7,076 | $1,427 |
Adjustment to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation and amortization expense | 13,512 | 6,850 | 3,847 |
Stock-based compensation expense | 47,018 | 14,457 | 4,796 |
Excess tax benefit from stock-based compensation | -14,061 | -5,725 | -1,541 |
Deferred income taxes | -899 | -3,052 | 301 |
Donation of common stock to Tableau Foundation | 0 | 0 | 1,851 |
Changes in operating assets and liabilities | |||
Accounts receivable, net | -41,015 | -30,001 | -17,395 |
Prepaid expenses, deposits and other assets | -6,950 | -4,758 | -1,585 |
Income taxes receivable | 1,816 | -961 | -1,072 |
Deferred revenue | 62,752 | 34,740 | 15,421 |
Accounts payable and accrued liabilities | 21,181 | 19,037 | 8,240 |
Income taxes payable | 224 | 62 | -51 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 89,451 | 37,725 | 14,239 |
Investing activities | |||
Purchase of property and equipment | -36,748 | -17,607 | -7,036 |
Sale of property and equipment | 1,694 | 0 | 0 |
Net cash used in investing activities | -35,054 | -17,607 | -7,036 |
Financing activities | |||
Proceeds from public offering, net of underwriters' discount and offering costs | 344,077 | 176,974 | 0 |
Proceeds from exercise of stock options | 16,151 | 10,522 | 606 |
Deferred initial public offering costs | 0 | 0 | -271 |
Excess tax benefit from stock-based compensation | 14,061 | 5,725 | 1,541 |
Net cash provided by financing activities | 374,289 | 193,221 | 1,876 |
Effect of exchange rate changes on cash and cash equivalents | -747 | 33 | 0 |
Net increase in cash and cash equivalents | 427,939 | 213,372 | 9,079 |
Cash and cash equivalents | |||
Beginning of year | 252,674 | 39,302 | 30,223 |
End of year | 680,613 | 252,674 | 39,302 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for income taxes | 569 | 367 | 3,111 |
Cash paid for interest | 19 | 1 | 0 |
Conversion of preferred stock to common stock | 0 | 20,031 | 0 |
Accrued purchases of property and equipment | 4,776 | 2,469 | 2,302 |
Deferred initial public offering cost accruals | 0 | 0 | 66 |
Asset retirement obligations recognized | 667 | 0 | 0 |
Property and equipment acquired under build-to-suit lease | 11,600 | 0 | 0 |
Property and equipment sold in sale-leaseback transaction | $11,600 | $0 | $0 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business |
Tableau Software, Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company”, "we", "us" or "our") are headquartered in Seattle, Washington. Our software products put the power of data into the hands of everyday people, allowing a broad population of business users to engage with their data, ask questions, solve problems and create value. Based on innovative core technologies originally developed at Stanford University, our products dramatically reduce the complexity, inflexibility and expense associated with traditional business intelligence applications. We currently make four key products; Tableau Desktop, a self-service, powerful analytics product for anyone with data; Tableau Server, a business intelligence platform for organizations; Tableau Online, a cloud-based hosted version of Tableau Server; and Tableau Public, a free cloud-based platform for analyzing and sharing public data. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||
Accounting Principles | ||||||||||||
The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Reclassifications | ||||||||||||
In the consolidated statements of cash flows, certain prior year amounts have been reclassified to conform to the current year presentation. There was no change to the net cash flows from operating, investing, or financing activities as a result of the reclassification. | ||||||||||||
In Note 4, Income Taxes, certain prior year amounts have been reclassified to conform to the current year presentation. There was no change to the total amount of income tax expense (benefit) or net deferred tax assets as a result of the reclassifications. | ||||||||||||
Public Offerings | ||||||||||||
In May 2013, we completed our initial public offering ("IPO") whereby 9,430,000 shares of Class A common stock were sold to the public at a price of $31.00 per share. We sold 6,230,000 shares of Class A common stock and the selling stockholders sold 3,200,000 shares of Class A common stock. We received aggregate proceeds of $177.0 million from the IPO, net of underwriters’ discounts and commissions, and offering expenses. Upon the closing of the IPO, all shares of our outstanding convertible preferred stock automatically converted into shares of Class B common stock. | ||||||||||||
In March 2014, we closed a follow-on public offering, in which we sold 4,000,000 shares of our Class A common stock at a price to the public of $89.25 per share. The aggregate offering price for shares sold in the offering was approximately $344.1 million, net of underwriters' discounts and commissions, and offering expenses. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include depreciable lives for property and equipment, stock-based compensation, income taxes, accrued liabilities and collectability of accounts receivable. Actual results could differ from those estimates. | ||||||||||||
Foreign Currency | ||||||||||||
The financial statements of our foreign subsidiaries with a functional currency other than U.S. dollars have been translated into U.S. dollars. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period-end. Income statement amounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included in other comprehensive income (loss). | ||||||||||||
Gains and losses on foreign currency transactions are included in income. Foreign currency transaction gain (loss) was $0.6 million and $(0.9) million for the years ended December 31, 2014 and 2013, respectively, and was not significant during the year ended December 31, 2012. | ||||||||||||
Risks and Uncertainties | ||||||||||||
Inherent in our business are various risks and uncertainties, including our limited operating history and development of advanced technologies in a rapidly changing industry. These risks include our ability to manage our rapid growth and our ability to attract new customers and expand sales to existing customers, as well as other risks and uncertainties. In the event that we do not successfully implement our business plan, certain assets may not be recoverable, certain liabilities may not be paid and investments in our capital stock may not be recoverable. Our success depends upon the acceptance of our technology, development of sales and distribution channels, and our ability to generate significant revenues from the use of our technology. | ||||||||||||
Segments | ||||||||||||
We follow the authoritative literature that established annual and interim reporting standards for enterprise’s operating segments and related disclosures about its products and services, geographic regions and major customers. | ||||||||||||
We operate our business as one operating segment. Our chief operating decision makers (“CODM”) are our Chief Executive Officer and Chief Financial Officer, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. | ||||||||||||
Revenue Recognition | ||||||||||||
We generate revenues primarily in the form of software license fees and related maintenance and services fees. License fees include perpetual, term and subscription license fees. Maintenance and services fees primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available), training, and professional services that are not essential to functionality of the software. | ||||||||||||
We recognize revenues when all of the following conditions are met: | ||||||||||||
• | there is persuasive evidence of an arrangement; | |||||||||||
• | the software or services have been delivered to the customer; | |||||||||||
• | the amount of fees to be paid by the customer is fixed or determinable; and | |||||||||||
• | the collection of the related fees is probable. | |||||||||||
We use click-through license agreements, signed agreements and purchase orders as evidence of an arrangement. We deliver all of our software electronically. Electronic delivery occurs when we provide the customer with access to the software and license key via a secure portal. We assess whether the fee is fixed or determinable at the outset of the arrangement. Our typical terms of payment are due 30 days from delivery. We assess collectability based on a number of factors such as collection history and creditworthiness of the customer. If we determine that collectability is not probable, revenue is deferred until collectability becomes probable, generally upon receipt of cash. | ||||||||||||
Substantially all of our software licenses are sold in multiple-element arrangements that include maintenance and may include professional services and training. | ||||||||||||
Vendor specific objective evidence (“VSOE”) of the fair value is not available for software licenses as they are never sold without maintenance. VSOE of the fair value generally exists for all undelivered elements and any services that are not essential to the functionality of the delivered software. We account for delivered software licenses under the residual method. | ||||||||||||
Maintenance agreements consist of fees for providing software updates on a when and if available basis and technical support for software products (“post-contract support” or “PCS”) for an initial term, generally one year. We have established VSOE of the fair value for maintenance on perpetual licenses based on stated substantive renewal rates or the price when sold on a standalone basis. Stated renewal rates are considered to be substantive if they are at least 15% of the actual price charged for the software license. VSOE of the fair value for standalone sales is considered to have been established when a substantial majority of individual sales transactions within the previous 12 months period falls within a reasonably narrow range, which we have defined to be plus or minus 15% of the median sales price of actual standalone sales transactions. | ||||||||||||
License arrangements may include professional services and training. In determining whether professional services and training revenues should be accounted for separately from license revenues, we evaluate: | ||||||||||||
• | whether such services are considered essential to the functionality of the software using factors such as the nature of the software products; | |||||||||||
• | whether they are ready for use by the customer upon receipt; | |||||||||||
• | the nature of the services, which typically do not involve significant customization to or development of the underlying software code; | |||||||||||
• | the availability of services from other vendors; | |||||||||||
• | whether the timing of payments for license revenues coincides with performance of services; and | |||||||||||
• | whether milestones or acceptance criteria exist that affect the realizability of the software license fee. | |||||||||||
Revenues related to training are billed on a fixed fee basis and accordingly recognized as training services are delivered. Payments received in advance of services performed are deferred and recognized when the related services are performed. | ||||||||||||
To date, professional services have not been considered essential to the functionality of the software. The VSOE of the fair value of our professional services and training is based on the price for these same services when they are sold separately. Revenues related to professional services are billed on a time and materials basis and, accordingly, are recognized as the services are performed. | ||||||||||||
When software is licensed for a specified term or on a subscription basis, fees for support and maintenance are generally bundled with the license fee over the entire term of the contract. In these cases, we do not have VSOE of the fair value for support and maintenance. Revenues related to term license fees are recognized ratably over the contract term beginning on the date the customer has access to the software license key and continuing through the end of the contract term. | ||||||||||||
We do not offer refunds and therefore have not recorded any sales return allowance for any of the periods presented. Upon a periodic review of outstanding accounts receivable, amounts that are deemed to be uncollectable are written off against the allowance for doubtful accounts. | ||||||||||||
We account for taxes collected from customers and remitted to governmental authorities on a net basis and exclude them from revenues. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
We consider all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. We maintain cash and cash equivalent balances which exceed the insured limits by the Federal Deposit Insurance Corporation. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable consist of amounts billed and currently due from customers. Our accounts receivable are subject to collection risk. Our gross accounts receivable is reduced for this risk by a provision for doubtful accounts. This provision is for estimated losses resulting from the inability of our customers to make required payments. It is an estimate and is regularly evaluated for adequacy by taking into consideration a combination of factors. We look at factors such as past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions. These factors are reviewed to determine whether a provision for doubtful accounts should be recorded to reduce the receivable balance to the amount believed to be collectible. | ||||||||||||
Activity related to our provision for doubtful accounts was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at the beginning of the period | $ | 805 | $ | 307 | $ | 135 | ||||||
Bad debt expense | 747 | 789 | 321 | |||||||||
Accounts written off | (441 | ) | (291 | ) | (149 | ) | ||||||
Balance at the end of the period | $ | 1,111 | $ | 805 | $ | 307 | ||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets generally ranging from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in results of operations. Maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense in the period incurred. | ||||||||||||
Leases and Asset Retirement Obligations | ||||||||||||
Leases are categorized at their inception as either operating or capital leases. Within some lease agreements, rent holidays and other incentives are included. Rent expense is recognized on a straight-line method, over the term of the agreement generally beginning once control of the space is achieved, without regard to deferred payment terms, such as rent holidays that defer the commencement date of required rent payments. Additionally, incentives received are treated as a reduction of expense over the term of the agreement. | ||||||||||||
Leased buildings under build-to-suit lease arrangements are capitalized and included in property and equipment when we are involved in the construction of the structural improvements or take construction risk prior to the commencement of the lease. Upon completion of the construction under the build-to-suit leases, we assess whether those arrangements qualify for sales recognition under the sale-leaseback accounting guidance. | ||||||||||||
Liabilities are established for the present value of estimated future costs to retire leasehold improvements at the termination or expiration of a lease. A corresponding asset is recorded in the period in which the obligation is incurred. Such assets are amortized over the estimated useful life of the asset, and the recorded liabilities are accreted to the future value of the estimated retirement costs. | ||||||||||||
Impairment of Long-Lived Assets | ||||||||||||
We evaluate the recoverability of long-lived assets in accordance with authoritative guidance on accounting for the impairment or disposal of long-lived assets. We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Such impairment is recognized in the event the carrying value of such assets exceeds their fair value. If the carrying value of the net assets assigned exceeds the fair value of the assets, then the second step of the impairment test is performed in order to determine the implied fair value. No impairment of long-lived assets occurred in the periods presented. | ||||||||||||
Software Development Costs | ||||||||||||
Software development costs associated with the development of new products, enhancements of existing products and quality assurance activities consists of employee, consulting and other external personnel costs. The costs incurred internally from the research and development of computer software products are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for release to customers. Judgment is required in determining when technological feasibility of a product is established. To date, we have determined that technological feasibility of software products is reached shortly before the products are released. Costs incurred after establishment of technological feasibility have not been material, and therefore, we have expensed all research and development costs as they were incurred. Research and development expenses primarily consist of personnel related costs attributable to our research and development personnel and allocated overhead. | ||||||||||||
We capitalize certain costs relating to software acquired, developed, or modified solely to meet our internal requirements and for which there are no substantive plans to market the software. To date, we have not capitalized any such costs. | ||||||||||||
Intangible Asset Costs | ||||||||||||
Costs related to filing and pursuing patent and trademark applications are expensed as incurred, as recoverability of such expenditures is uncertain. These intangible asset-related legal costs are reported as a component of general and administrative expenses. | ||||||||||||
Advertising Expenses | ||||||||||||
We have expensed all advertising costs as incurred and classify these costs as sales and marketing expenses. Advertising expenses for the years ended December 31, 2014, 2013 and 2012 were $7.6 million, $4.9 million, and $3.0 million, respectively. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method in accordance with authoritative guidance for income taxes. Deferred tax assets are recognized for deductible temporary differences, net operating loss carryfowards, and tax credit carryfowards if it is more likely than not that the tax benefits will be realized. We considered future taxable income, historical operating results, and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. If we determine we would not be able to realize all or part of our net deferred assets in the future, we record a valuation allowance on such net deferred tax assets with an offset to expense in the period such determination was made. | ||||||||||||
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
Concentrations of Credit Risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We extend credit to customers based upon an evaluation of the customer’s financial condition and generally collateral is not required. As of December 31, 2014 and 2013, no individual customer accounted for 10% or more of total accounts receivable. For the years ended December 31, 2014, 2013 and 2012, no individual customer represented 10% or more of our total revenues. | ||||||||||||
Stock-Based Compensation | ||||||||||||
Compensation expense related to stock-based transactions, including employee and non-employee stock option and restricted stock unit (“RSU”) awards, is measured and recognized in the financial statements based on fair value. The fair value of each RSU award is based on the number of shares granted and the closing price of our Class A common stock as reported on the New York Stock Exchange. | ||||||||||||
The fair value of each stock option award is determined at the date of grant by applying the Black-Scholes option pricing model. This model utilizes the estimated value of our underlying common stock at the measurement date, the expected or contractual term of the option, the expected volatility of our common stock, risk-free interest rates and expected dividend yield of our common stock. Prior to our initial public offering in May 2013, because our stock was not publicly traded we estimated the fair value of our common stock. Our board of directors considered numerous objective and subjective factors to determine the fair value of our common stock at each meeting at which awards were approved. The factors included, but were not limited to: (i) contemporaneous third-party valuations of our common stock; (ii) the prices, rights, preferences and privileges of our preferred stock that was then outstanding relative to those of our common stock; (iii) the lack of marketability of our common stock; (iv) our actual operating and financial results; (v) current business conditions and projections; and (vi) the likelihood of achieving a liquidity event, such as an initial public offering or merger or acquisition, given prevailing market conditions. After the completion of our initial public offering, our common stock has been valued by reference to the closing price of our Class A common stock as reported on the New York Stock Exchange. | ||||||||||||
Measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. We recognize compensation expense for only the portion of awards expected to vest. Therefore, management applied an estimated forfeiture rate that was derived from historical employee termination behavior. If the actual number of forfeitures differs from the estimates, adjustments to stock-based compensation expense may be required in future periods. | ||||||||||||
We compute the timing of excess tax benefits from the exercise of stock options and the vesting and settlement of RSUs under the "with-and-without" approach. Under this approach, we will not record an excess tax benefit until such time as a cash tax benefit is recognized. We include the impact of the excess tax benefits in the calculation of certain tax attributes such as the research and development ("R&D") tax credit and do not prepare separate computations considering the cascading impacts of the excess tax deduction. We compute the pool of excess tax benefits available to offset any future shortfalls in the tax benefits actually realized as a single pool for employees and non-employees. | ||||||||||||
Fair Value Measurements | ||||||||||||
We categorize assets and liabilities recorded at fair value on our consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The levels of the fair value hierarchy are as follows: | ||||||||||||
• | Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||
• | Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||
• | Level 3—Inputs are unobservable inputs based on our own assumptions and valuation techniques used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. | |||||||||||
Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||
We establish fair value of our assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and using a fair value hierarchy based on the inputs used to measure fair value. The carrying amounts reported in the consolidated financial statements approximate the fair value for cash equivalents, accounts receivable, accounts payable, and accrued and other current liabilities, due to their short-term nature. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In May 2014, as part of its ongoing efforts to assist in the convergence of GAAP and International Financial Reporting Standards ("IFRS"), the FASB issued ASU 2014-09 related to revenue recognition. The new guidance sets forth a new five-step revenue recognition model that replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised 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 provides retrospective or modified prospective methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is not permitted. We are currently evaluating the method of adoption and the impact that this standard will have on our consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU 2014-15 related to status as a going concern. The new guidance explicitly requires that management assess an entity's ability to continue as a going concern and may require additional detailed disclosures. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Though permitted, we do not plan to early adopt. We do not believe that this standard will have significant impact on our consolidated financial statements. |
Balance_Sheet_Detail
Balance Sheet Detail | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Balance Sheet Details | Balance Sheet Detail | |||||||||
Property and equipment, net consisted of the following: | ||||||||||
Useful Life | December 31, | |||||||||
(in months) | 2014 | 2013 | ||||||||
(in thousands) | ||||||||||
Computer equipment and software | 36 | $ | 43,340 | $ | 24,840 | |||||
Furniture and fixtures | 36 | 8,493 | 2,820 | |||||||
Leasehold improvements | 10-120 | 15,444 | 7,792 | |||||||
Construction in progress | 5,397 | 80 | ||||||||
72,674 | 35,532 | |||||||||
Less: Accumulated depreciation and amortization | (27,047 | ) | (14,194 | ) | ||||||
$ | 45,627 | $ | 21,338 | |||||||
Depreciation and amortization expense was $13.5 million, $6.9 million and $3.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
Accrued compensation and employee related benefits consisted of the following: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Accrued commissions | $ | 17,913 | $ | 11,215 | ||||||
Accrued bonuses | 10,931 | 6,644 | ||||||||
Accrued vacation | 7,368 | 4,773 | ||||||||
Other | 3,952 | 4,555 | ||||||||
Total | $ | 40,164 | $ | 27,187 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The components of our income before the provision (benefit) for income taxes consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | 6,217 | $ | 2,182 | $ | 3,781 | |||||||
International | 965 | 683 | 423 | ||||||||||
Total | $ | 7,182 | $ | 2,865 | $ | 4,204 | |||||||
Income tax expense (benefit) consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | (937 | ) | $ | (4,704 | ) | $ | 2,694 | |||||
International | 2,246 | 493 | 83 | ||||||||||
Total | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
The provision for income taxes consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 11,057 | $ | 3,732 | $ | 3,403 | |||||||
State | 2,359 | 741 | 480 | ||||||||||
Foreign | 2,802 | 531 | 134 | ||||||||||
Total current income tax expense | 16,218 | 5,004 | 4,017 | ||||||||||
Deferred | |||||||||||||
Federal | (12,970 | ) | (8,772 | ) | (1,050 | ) | |||||||
State | (1,383 | ) | (404 | ) | (139 | ) | |||||||
Foreign | (556 | ) | (39 | ) | (51 | ) | |||||||
Total deferred income tax benefit | (14,909 | ) | (9,215 | ) | (1,240 | ) | |||||||
Total income tax expense (benefit) | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
Our effective tax rate was lower than the U.S. federal statutory rate primarily due to the favorable impact of the retroactive extension of the federal research and development ("R&D") tax credit through December 31, 2014. This was partially offset by non-deductible stock-based compensation expense and an unfavorable impact of foreign income taxes. | |||||||||||||
Our effective tax rate for years 2014 and 2013 was 18.2% and (147.0)%, respectively. The increase in the effective tax rate is mainly due to the R&D tax credit benefit in 2013, which includes both the 2013 and the 2012 generated credits, due to the retroactive enactment under the American Taxpayer Relief Act of 2012 as well as changes in income before income taxes in relation to our permanent income tax differences, such as our non-deductible stock-based compensation and an unfavorable impact of foreign income taxes. | |||||||||||||
A reconciliation of the U.S. federal statutory income tax provision to the effective income tax provision for each year is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax provision at statutory rate | $ | 2,514 | $ | 1,003 | $ | 1,471 | |||||||
State taxes, net of federal tax benefit | 207 | 67 | 134 | ||||||||||
Impact of foreign income taxes | 1,340 | 235 | (7 | ) | |||||||||
Research and development and other tax credits | (6,499 | ) | (7,840 | ) | (32 | ) | |||||||
Non-deductible stock-based compensation | 2,929 | 1,845 | 1,209 | ||||||||||
Non-deductible meals and entertainment | 832 | 582 | 178 | ||||||||||
Other, net | (14 | ) | (103 | ) | (176 | ) | |||||||
Total income tax expense (benefit) | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Tax credit carryforwards | $ | 2,082 | $ | 3,718 | |||||||||
Stock-based compensation | 10,499 | 2,049 | |||||||||||
Accrued compensation | 10,529 | 5,187 | |||||||||||
Deferred revenue | 1,015 | 942 | |||||||||||
Deferred rent | 1,717 | 3 | |||||||||||
Depreciation and amortization | 334 | — | |||||||||||
Other | 569 | 224 | |||||||||||
Total deferred income tax assets | 26,745 | 12,123 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Depreciation and amortization | — | 914 | |||||||||||
Prepaid assets | 2,142 | 1,484 | |||||||||||
Total deferred income tax liabilities | 2,142 | 2,398 | |||||||||||
Net deferred income tax assets | $ | 24,603 | $ | 9,725 | |||||||||
Reported As: | |||||||||||||
Deferred income taxes - current | 18,732 | 9,136 | |||||||||||
Deferred income taxes - long-term | 5,879 | 589 | |||||||||||
Accrued liabilities | (7 | ) | — | ||||||||||
Other long-term liabilities | (1 | ) | — | ||||||||||
Net deferred income tax assets | $ | 24,603 | $ | 9,725 | |||||||||
The above schedule includes current and long-term deferred income tax assets and liabilities. In our consolidated balance sheets, we presented all current deferred income tax assets and liabilities within the same tax jurisdiction as a single amount. Long-term deferred income tax assets and liabilities are presented using the same methodology. | |||||||||||||
We determine our deferred income tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that will be in effect when we expect the differences to reverse. | |||||||||||||
A valuation allowance is recorded when it is more likely than not that all or some portion of the deferred income tax assets will not be realized. Currently, we believe that it is more likely than not that we will realize our current and long-term deferred income tax assets as a result of future taxable income. Significant factors we considered in determining the probability of the realization of the deferred income tax assets include expected future earnings, our historical operating results and the reversal of deferred income tax liabilities. Accordingly, no valuation allowance has been recorded on the deferred income tax assets. If we were to determine we are not able to realize all or part of our net deferred income tax assets in the future, we would record a valuation allowance on such net deferred income tax assets with a corresponding increase in expense in the period such determination was made. | |||||||||||||
Net operating loss ("NOL") carryforwards created by excess tax benefits from the exercise of stock options or the vesting of RSUs are not recorded as deferred income tax assets. To the extent such NOL carryforwards are utilized, the benefit realized will increase stockholders' equity. At December 31, 2014, for income tax return purposes we have gross federal and state NOL carryforwards totaling $418.1 million and tax credit carryforwards of $23.6 million. These carryforwards may be subject to limitations under the Internal Revenue Code and applicable state tax law. If not utilized, a portion of the carryforwards will begin to expire in 2022. | |||||||||||||
We are subject to income taxes in the United States and in numerous foreign jurisdictions. The statute of limitations for adjustments to our historic tax obligations will vary from jurisdiction to jurisdiction. Furthermore, net operating loss and tax credit carryforwards may be subject to adjustment after the expiration of the statute of limitations of the year such net operating losses and tax credits originated. In general, the tax years for U.S. federal and state income tax purposes that remain open for examination are for 2005 and forward due to our net operating loss carryforwards. | |||||||||||||
Income tax expense includes U.S. and international income taxes. Except as required under U.S. tax law, we do not provide for U.S. income taxes on our undistributed earnings of foreign subsidiaries that have not been previously taxed, because we intend to invest such undistributed earnings indefinitely outside of the U.S. If our intent changes or if these funds are needed for our U.S. operations, we would be required to accrue or pay U.S. taxes on some or all of these undistributed earnings. As of December 31, 2014, cash held by foreign subsidiaries was $8.1 million, which includes undistributed earnings of foreign subsidiaries indefinitely invested outside of the U.S. of $4.0 million. The deferred tax liability related to the undistributed earnings of our foreign subsidiaries is not material. | |||||||||||||
We have reserves for taxes to address potential exposures involving tax positions that we believe could be challenged by taxing authorities even though we believe the positions we have taken are appropriate. We believe our tax reserves are adequate to cover potential liabilities. We review the tax reserves as circumstances warrant and adjust the reserves as events occur that affect our potential liability for additional taxes. It is often difficult to predict the final outcome or timing of resolution of any particular tax matter. Various events, some of which cannot be predicted, such as clarification of tax law by administrative or judicial means, may occur and would require us to increase or decrease our reserves and effective income tax rate. | |||||||||||||
The total gross amount of unrecognized tax benefits was $7.1 million, $3.4 million, and $0.4 million as of December 31, 2014, 2013 and 2012, respectively. This increase relates primarily to the R&D tax credits generated in the current year. | |||||||||||||
These amounts represent the gross amount of exposure in individual jurisdictions and do not reflect any additional benefits expected to be realized if such positions were not sustained. To the extent that any uncertain tax positions are resolved in our favor, it may have a positive impact on our effective income tax rate. We do not expect any material decrease on our unrecognized tax position within the next twelve months. The following table shows the gross changes in our unrecognized tax position. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 3,441 | $ | 448 | $ | 448 | |||||||
Gross increases to tax positions related to prior periods | — | 5 | — | ||||||||||
Gross decreases to tax positions related to prior periods | — | (153 | ) | — | |||||||||
Gross increases related to current tax positions | 3,675 | 3,141 | — | ||||||||||
Balance, end of period | $ | 7,116 | $ | 3,441 | $ | 448 | |||||||
We recognize interest and, if applicable, penalties for any uncertain tax positions as a component of income tax expense. No penalties and interest were recognized or accrued for at December 31, 2014, 2013 and 2012. | |||||||||||||
We are currently under examination by the Internal Revenue Service ("IRS") for taxable years 2012 and 2013. We have not yet received any assessments, proposed adjustments, or an audit report related to this examination and therefore the ultimate outcome cannot be predicted with certainty. Should the IRS or other taxing authorities assess additional taxes as a result of examinations, we may be required to record charges to operations that could have a material impact. In addition, we are unable to make a reasonable estimate as to if or when cash settlement with the tax authorities might occur due to the uncertainties related to these tax matters. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity |
Common Stock | |
Our certificate of incorporation, as amended and restated, authorizes us to issue 75,000,000 shares of Class B common stock, $0.0001 par value per share, and 750,000,000 shares of Class A common stock, $0.0001 par value per share. Each holder of Class B common stock is entitled to ten votes per share and each holder of Class A common stock is entitled to one vote per share.The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Shares of Class B common stock may be converted into Class A common stock at any time at the option of the stockholder, and are automatically converted upon sale or transfer to Class A common stock, subject to certain limited exceptions. At its discretion, the board of directors may declare dividends on shares of common stock, subject to the rights of our preferred stockholders, if any. Upon liquidation or dissolution, holders of common stock will receive distributions only after preferred stock preferences have been satisfied. | |
Preferred Stock | |
Our certificate of incorporation, as amended and restated, authorizes us to issue 10,000,000 shares of preferred stock at $0.0001 par value per share. Our board of directors has the authority to provide for the issuance of all of the shares in one or more series. At its discretion, our board of directors may designate the voting rights and preferences of the preferred stock. As of December 31, 2014 and 2013, no shares of preferred stock were outstanding. | |
Donation to Tableau Foundation | |
In December 2012, our board of directors approved the establishment of the Tableau Foundation, a donor-advised charitable fund, which included the donation of 150,000 shares of Class B common stock. We recorded a charge of $1.9 million for the value of the donated shares to general and administrative expense for the year ended December 31, 2012 based on the value of our stock at that date. We had no similar expenses in the years ended December 31, 2014 or 2013. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
Our 2004 Equity Incentive Plan (the “2004 Plan”) authorizes the granting of options to purchase shares of Class B common stock, RSUs and other stock-based awards to our employees, consultants, officers and directors. In December 2012, we modified the 2004 Plan to increase the number of shares of Class B common stock authorized thereunder to 26,473,282. Our 2013 Equity Incentive Plan (the “2013 Plan” and, together with the 2004 Plan, the “Plans”), which was a successor to our 2004 Plan, authorizes the granting of options to purchase shares of our Class A common stock, RSUs and other stock-based awards to our employees, consultants, officers and directors. Options granted under the Plans may be incentive or nonstatutory stock options. Incentive stock options may only be granted to employees. The term of each option is stated in the award agreement, but shall be no more than ten years from the date of grant. The board of directors determines the period over which options and RSUs become vested. Currently, the vesting period for our options and RSUs is typically four years. | |||||||||||||
A summary of the option activity under the Plans during the year ended December 31, 2014 is presented below: | |||||||||||||
Options Outstanding | |||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in years) | (in thousands) | ||||||||||||
Balances at December 31, 2013 | 12,236,400 | $ | 7.64 | ||||||||||
Options exercised | (3,517,325 | ) | 4.59 | ||||||||||
Options canceled | (364 | ) | 41.47 | ||||||||||
Options forfeited | (202,832 | ) | 13.48 | ||||||||||
Balances at December 31, 2014 | 8,515,879 | $ | 8.76 | 6.98 | $ | 647,192 | |||||||
Vested and expected to vest at December 31, 2014 | 8,375,047 | $ | 8.69 | 6.97 | $ | 637,119 | |||||||
Exercisable at December 31, 2014 | 4,955,507 | $ | 6.87 | 6.42 | $ | 385,997 | |||||||
The stock options are exercisable at a price equal to the market value of the underlying shares of common stock on the date of the grant. For periods prior to the IPO this value was determined by our board of directors. After the IPO, this value was determined by reference to the closing price of our Class A common stock on the New York Stock Exchange on the date of grant. There were no options granted in 2014. The weighted-average grant date fair value of stock options granted in 2013 and 2012 was $10.78 and $4.65, respectively. The total fair value of options vested during 2014, 2013 and 2012 was $15.0 million, $11.6 million, and $3.8 million, respectively. The total intrinsic value of options exercised during 2014, 2013 and 2012 was $258.0 million, $199.3 million and $6.9 million, respectively. | |||||||||||||
We grant RSU awards to our employees, officers and non-employee directors under the provisions of the 2013 Plan. The fair value of an RSU is determined by using the closing price of our Class A common stock as reported on the New York Stock Exchange on the date of grant. An RSU award entitles the holder to receive shares of the Company’s Class A common stock as the award vests, which is generally based on length of service. The Company's non-vested RSUs do not have nonforfeitable rights to dividends or dividend equivalents. | |||||||||||||
The following provides a summary of our RSU activity during the year ended December 31, 2014: | |||||||||||||
Number of Shares Underlying Outstanding RSUs | Weighted-Average Grant-Date Fair Value per RSU | ||||||||||||
Non-Vested outstanding at December 31, 2013 | 574,350 | $ | 64.06 | ||||||||||
RSUs granted | 2,495,002 | 80.05 | |||||||||||
RSUs vested | (152,208 | ) | 63.56 | ||||||||||
RSUs forfeited | (98,483 | ) | 77.56 | ||||||||||
Non-Vested outstanding at December 31, 2014 | 2,818,661 | $ | 77.77 | ||||||||||
The weighted-average grant date fair value of RSUs granted in 2014 and 2013 was $80.05 and $64.04, respectively. There were no RSUs granted in 2012. The total fair value of RSUs vested during 2014 was $12.0 million. There were no RSUs vested in 2013 or 2012. | |||||||||||||
Stock-based compensation expense is amortized on the straight-line method over the vesting period. As of December 31, 2014, total unrecognized compensation expense, adjusted for estimated forfeitures, related to stock options and non-vested RSUs was approximately $197.2 million which is expected to be recognized over a period of 3.2 years. | |||||||||||||
The summary of shares available for issuance for equity based awards (including stock options and RSUs) are as follows: | |||||||||||||
Shares Available for Grant | |||||||||||||
Balance at December 31, 2013 | 5,313,281 | ||||||||||||
Authorized | 3,109,934 | ||||||||||||
Granted | (2,495,002 | ) | |||||||||||
Canceled | 364 | ||||||||||||
Forfeited | 301,315 | ||||||||||||
Balance at December 31, 2014 | 6,229,892 | ||||||||||||
Valuation Assumptions | |||||||||||||
All stock-based payments to employees are measured based on the grant date fair value of the awards and recognized in the consolidated statements of operations over the period during which the employee is required to perform services in exchange for the award (generally the four year vesting period of the award). We estimate the fair value of RSUs granted by using the closing price of our Class A common stock as reported on the New York Stock Exchange on the date of grant. | |||||||||||||
We estimate the fair value of stock options granted using the Black-Scholes option-valuation model. For the year ended December 31, 2014, there were no options granted. For the years ended December 31, 2013 and 2012, the fair value of options was estimated using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Risk-free interest rates | 1.11% | 0.69% | |||||||||||
Expected term | 5 years | 5 years | |||||||||||
Expected dividends | None | None | |||||||||||
Expected volatility | 46.80% | 49.00% | |||||||||||
The weighted-average, risk-free interest rate is based on the rate for a U.S. Treasury zero coupon issue with a term that approximates the expected life of the option grant at the date closest to the option grant date. The expected term represents the period that our stock-based awards are expected to be outstanding. The expected term assumptions were determined based on actual experience adjusted for expected employee exercise behavior. | |||||||||||||
For periods prior to our IPO, there was no active external or internal market for our common shares. We lacked sufficient historical volatility of our share price, and accordingly, we based our volatility on an estimate of similar entities whose share prices are publicly available. We have not paid and do not expect to pay dividends. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period the estimates are revised. We consider many factors when estimating expected forfeitures, including the types of awards, employee class and historical experience. Forfeitures were estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures differed from those estimates. Actual results, and future changes in estimates, may differ substantially from our current estimates. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Operating Lease Commitments | |||||
We conduct our operations in leased facilities under leases expiring at various dates through 2025. We recognize rent expense on a straight-line basis over the defined lease periods. Total rent expense under operating leases was approximately $7.2 million, $4.7 million and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum lease payments under non-cancellable operating leases as of December 31, 2014 are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2015 | $ | 10,374 | |||
2016 | 11,764 | ||||
2017 | 11,426 | ||||
2018 | 11,021 | ||||
2019 | 10,185 | ||||
Thereafter | 46,256 | ||||
Total minimum lease payments | $ | 101,026 | |||
Our significant lease agreements relate to the global corporate headquarters located in Seattle, Washington, and additional offices located in Kirkland, Washington; Palo Alto, California; Austin, Texas; London, United Kingdom; Singapore; Tokyo, Japan; Sydney, Australia; Dublin, Ireland; and Frankfurt, Germany. | |||||
Legal Proceedings | |||||
We are subject to certain routine legal proceedings, as well as demands and claims that arise in the normal course of our business. We make a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. | |||||
We are not aware of any pending legal proceedings that, individually or in the aggregate, would have material adverse effect on our business, operating results, or financial condition. We may in the future be party to litigation arising in the ordinary course of business, including claims that we allegedly infringe upon third party intellectual property rights. Such claims, even if not meritorious, could result in the expenditure of significant financial and management resources. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | Retirement Plan |
We offer a salary deferral 401(k) plan for our U.S. employees. The plan allows employees to contribute a percentage of their pretax earnings annually, subject to limitations imposed by the IRS. The plan also allows us to make matching contributions, subject to certain limitations. We contributed approximately $1.8 million for the year ended December 31, 2014. For the years ended December 31, 2013 and 2012, we made no contributions to the plan. |
Segments_and_Information_about
Segments and Information about Revenues by Geographic Region | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segments and Information about Revenues by Geographic Area | Segments and Information about Revenues by Geographic Area | |||||||||||
The following table presents our revenues by geographic region of end users who purchased products or services for the periods presented below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States and Canada | $ | 318,835 | $ | 186,725 | $ | 106,177 | ||||||
International | 93,781 | 45,715 | 21,556 | |||||||||
Total revenues | $ | 412,616 | $ | 232,440 | $ | 127,733 | ||||||
Substantially all of our long-lived assets are located in the United States as of December 31, 2014 and 2013. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income (Loss) Per Share | Net Income Per Share | |||||||||||
Immediately prior to the closing of our IPO, all outstanding shares of Series A preferred stock and Series B preferred stock were converted to shares of Class B common stock. We issued 6,230,000 shares of Class A common stock in the IPO. In addition, 3,200,000 shares of Class B common stock (including 2,000,000 shares of Class B common stock issued upon the conversion of our preferred stock) held by our existing stockholders were converted into Class A common stock and sold in the IPO. As a result, as of December 31, 2014 and 2013, Class A and Class B common stock are the only outstanding classes of capital stock of the Company. | ||||||||||||
For the year ended December 31, 2012, net income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities for periods in which we have net income. Holders of Series A preferred stock and Series B preferred stock were entitled to receive non-cumulative dividends at the per annum rate of $0.0282 and $0.1374 per share, payable prior and in preference to any dividends on any other shares of our stock. Holders of Series A preferred stock and Series B preferred stock did not have a contractual obligation to share in our losses. We considered our convertible preferred stock to be participating securities and, in accordance with the two-class method, earnings allocated to preferred stock and the related number of outstanding shares of preferred stock have been excluded from the computation of basic and diluted net income per common share. The computation of diluted net income per share does not assume conversion or exercise of potentially dilutive securities that would have an anti-dilutive effect on earnings. We utilize the if-converted method to compute diluted net income (loss) per common share when the if-converted method is more dilutive than the two-class method. | ||||||||||||
Under the two-class method, net income attributable to common stockholders is determined by allocating undistributed earnings, calculated as net income less current period Series A and Series B convertible preferred stock non-cumulative dividends, between common stock and Series A and Series B convertible preferred stock. In computing diluted net income attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities. Basic net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and RSUs using the treasury stock method. | ||||||||||||
As all shares of Series A and Series B preferred stock were converted into shares of Class B common stock in connection with our IPO, there have been no shares of preferred stock outstanding since the IPO, and therefore there was no allocation to preferred shares in the years ended December 31, 2014 and 2013. | ||||||||||||
The following table presents the computation of basic and diluted net income per share attributable to common stockholders: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Net income per share attributable to common stockholders - basic | ||||||||||||
Net income | $ | 5,873 | $ | 7,076 | $ | 1,427 | ||||||
Less: Undistributed earnings allocated to participating securities | — | — | 1,210 | |||||||||
Less: Allocation of net income to participating preferred shares-basic | — | — | 74 | |||||||||
Net income attributable to common stockholders - basic | $ | 5,873 | $ | 7,076 | $ | 143 | ||||||
Weighted average shares outstanding used to compute basic net income per share | 67,591 | 50,564 | 33,744 | |||||||||
Net income per share attributable to common stockholders - basic | $ | 0.09 | $ | 0.14 | $ | 0 | ||||||
Net income per share attributable to common stockholders - diluted | ||||||||||||
Net income | $ | 5,873 | $ | 7,076 | $ | 1,427 | ||||||
Less: Undistributed earnings allocated to participating securities | — | — | 1,210 | |||||||||
Less: Allocation of net income to participating preferred shares - diluted | — | — | 67 | |||||||||
Net income attributable to common stockholders - diluted | $ | 5,873 | $ | 7,076 | $ | 150 | ||||||
Weighted average shares used to compute basic net income per share | 67,591 | 50,564 | 33,744 | |||||||||
Effect of potentially dilutive shares: | ||||||||||||
Stock awards | 6,728 | 8,528 | 5,877 | |||||||||
Warrants | — | — | 31 | |||||||||
Weighted average shares used to compute diluted net income per share | 74,319 | 59,092 | 39,652 | |||||||||
Net income per share attributable to common stockholders - diluted | $ | 0.08 | $ | 0.12 | $ | 0 | ||||||
The following shares subject to outstanding awards and convertible preferred shares were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented as their effect would have been antidilutive: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Shares subject to outstanding common stock awards | 1,967 | 86 | 3,642 | |||||||||
Convertible preferred shares | — | — | 17,416 | |||||||||
Total potentially dilutive shares | 1,967 | 86 | 21,058 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The following table presents the fair value of our financial assets using the fair value hierarchy: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Money market funds | $ | 667,210 | $ | — | $ | — | $ | 667,210 | ||||||||
December 31, 2013 | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Money market funds | $ | 238,810 | $ | — | $ | — | $ | 238,810 | ||||||||
We have no material financial assets or liabilities measured using Level 2 or Level 3 inputs. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Results of Operations | Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||||||||
The following table contains selected unaudited financial data for each quarter of 2014 and 2013. The unaudited information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this report. The Company believes that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | 31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Total revenues | $ | 142,923 | $ | 104,469 | $ | 90,673 | $ | 74,551 | $ | 81,459 | $ | 61,079 | $ | 49,884 | $ | 40,018 | ||||||||||||||||
Gross profit | 131,312 | 94,928 | 82,033 | 67,358 | 75,409 | 56,501 | 45,538 | 36,468 | ||||||||||||||||||||||||
Net income (loss) | 20,707 | (4,631 | ) | (4,574 | ) | (5,629 | ) | 11,245 | 2,441 | (2,575 | ) | (4,035 | ) | |||||||||||||||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.3 | $ | (0.07 | ) | $ | (0.07 | ) | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 | $ | (0.05 | ) | $ | (0.12 | ) | |||||||||||
Diluted | $ | 0.27 | $ | (0.07 | ) | $ | (0.07 | ) | $ | (0.09 | ) | $ | 0.16 | $ | 0.03 | $ | (0.05 | ) | $ | (0.12 | ) | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Accounting Principles | Accounting Principles | |||||||||||
The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). | ||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Reclassifications | Reclassifications | |||||||||||
In the consolidated statements of cash flows, certain prior year amounts have been reclassified to conform to the current year presentation. There was no change to the net cash flows from operating, investing, or financing activities as a result of the reclassification. | ||||||||||||
In Note 4, Income Taxes, certain prior year amounts have been reclassified to conform to the current year presentation. There was no change to the total amount of income tax expense (benefit) or net deferred tax assets as a result of the reclassifications. | ||||||||||||
Initial Public Offering | Public Offerings | |||||||||||
In May 2013, we completed our initial public offering ("IPO") whereby 9,430,000 shares of Class A common stock were sold to the public at a price of $31.00 per share. We sold 6,230,000 shares of Class A common stock and the selling stockholders sold 3,200,000 shares of Class A common stock. We received aggregate proceeds of $177.0 million from the IPO, net of underwriters’ discounts and commissions, and offering expenses. Upon the closing of the IPO, all shares of our outstanding convertible preferred stock automatically converted into shares of Class B common stock. | ||||||||||||
In March 2014, we closed a follow-on public offering, in which we sold 4,000,000 shares of our Class A common stock at a price to the public of $89.25 per share. The aggregate offering price for shares sold in the offering was approximately $344.1 million, net of underwriters' discounts and commissions, and offering expenses. | ||||||||||||
Use of Estimates | Use of Estimates | |||||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include depreciable lives for property and equipment, stock-based compensation, income taxes, accrued liabilities and collectability of accounts receivable. Actual results could differ from those estimates. | ||||||||||||
Foreign Currency | Foreign Currency | |||||||||||
The financial statements of our foreign subsidiaries with a functional currency other than U.S. dollars have been translated into U.S. dollars. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period-end. Income statement amounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included in other comprehensive income (loss). | ||||||||||||
Gains and losses on foreign currency transactions are included in income. Foreign currency transaction gain (loss) was $0.6 million and $(0.9) million for the years ended December 31, 2014 and 2013, respectively, and was not significant during the year ended December 31, 2012. | ||||||||||||
Risks and Uncertainties | Risks and Uncertainties | |||||||||||
Inherent in our business are various risks and uncertainties, including our limited operating history and development of advanced technologies in a rapidly changing industry. These risks include our ability to manage our rapid growth and our ability to attract new customers and expand sales to existing customers, as well as other risks and uncertainties. In the event that we do not successfully implement our business plan, certain assets may not be recoverable, certain liabilities may not be paid and investments in our capital stock may not be recoverable. Our success depends upon the acceptance of our technology, development of sales and distribution channels, and our ability to generate significant revenues from the use of our technology. | ||||||||||||
Segments | Segments | |||||||||||
We follow the authoritative literature that established annual and interim reporting standards for enterprise’s operating segments and related disclosures about its products and services, geographic regions and major customers. | ||||||||||||
We operate our business as one operating segment. Our chief operating decision makers (“CODM”) are our Chief Executive Officer and Chief Financial Officer, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources | ||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||
We generate revenues primarily in the form of software license fees and related maintenance and services fees. License fees include perpetual, term and subscription license fees. Maintenance and services fees primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available), training, and professional services that are not essential to functionality of the software. | ||||||||||||
We recognize revenues when all of the following conditions are met: | ||||||||||||
• | there is persuasive evidence of an arrangement; | |||||||||||
• | the software or services have been delivered to the customer; | |||||||||||
• | the amount of fees to be paid by the customer is fixed or determinable; and | |||||||||||
• | the collection of the related fees is probable. | |||||||||||
We use click-through license agreements, signed agreements and purchase orders as evidence of an arrangement. We deliver all of our software electronically. Electronic delivery occurs when we provide the customer with access to the software and license key via a secure portal. We assess whether the fee is fixed or determinable at the outset of the arrangement. Our typical terms of payment are due 30 days from delivery. We assess collectability based on a number of factors such as collection history and creditworthiness of the customer. If we determine that collectability is not probable, revenue is deferred until collectability becomes probable, generally upon receipt of cash. | ||||||||||||
Substantially all of our software licenses are sold in multiple-element arrangements that include maintenance and may include professional services and training. | ||||||||||||
Vendor specific objective evidence (“VSOE”) of the fair value is not available for software licenses as they are never sold without maintenance. VSOE of the fair value generally exists for all undelivered elements and any services that are not essential to the functionality of the delivered software. We account for delivered software licenses under the residual method. | ||||||||||||
Maintenance agreements consist of fees for providing software updates on a when and if available basis and technical support for software products (“post-contract support” or “PCS”) for an initial term, generally one year. We have established VSOE of the fair value for maintenance on perpetual licenses based on stated substantive renewal rates or the price when sold on a standalone basis. Stated renewal rates are considered to be substantive if they are at least 15% of the actual price charged for the software license. VSOE of the fair value for standalone sales is considered to have been established when a substantial majority of individual sales transactions within the previous 12 months period falls within a reasonably narrow range, which we have defined to be plus or minus 15% of the median sales price of actual standalone sales transactions. | ||||||||||||
License arrangements may include professional services and training. In determining whether professional services and training revenues should be accounted for separately from license revenues, we evaluate: | ||||||||||||
• | whether such services are considered essential to the functionality of the software using factors such as the nature of the software products; | |||||||||||
• | whether they are ready for use by the customer upon receipt; | |||||||||||
• | the nature of the services, which typically do not involve significant customization to or development of the underlying software code; | |||||||||||
• | the availability of services from other vendors; | |||||||||||
• | whether the timing of payments for license revenues coincides with performance of services; and | |||||||||||
• | whether milestones or acceptance criteria exist that affect the realizability of the software license fee. | |||||||||||
Revenues related to training are billed on a fixed fee basis and accordingly recognized as training services are delivered. Payments received in advance of services performed are deferred and recognized when the related services are performed. | ||||||||||||
To date, professional services have not been considered essential to the functionality of the software. The VSOE of the fair value of our professional services and training is based on the price for these same services when they are sold separately. Revenues related to professional services are billed on a time and materials basis and, accordingly, are recognized as the services are performed. | ||||||||||||
When software is licensed for a specified term or on a subscription basis, fees for support and maintenance are generally bundled with the license fee over the entire term of the contract. In these cases, we do not have VSOE of the fair value for support and maintenance. Revenues related to term license fees are recognized ratably over the contract term beginning on the date the customer has access to the software license key and continuing through the end of the contract term. | ||||||||||||
We do not offer refunds and therefore have not recorded any sales return allowance for any of the periods presented. Upon a periodic review of outstanding accounts receivable, amounts that are deemed to be uncollectable are written off against the allowance for doubtful accounts. | ||||||||||||
We account for taxes collected from customers and remitted to governmental authorities on a net basis and exclude them from revenues. | ||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||
We consider all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. We maintain cash and cash equivalent balances which exceed the insured limits by the Federal Deposit Insurance Corporation. | ||||||||||||
Accounts Receivable | Accounts Receivable | |||||||||||
Accounts receivable consist of amounts billed and currently due from customers. Our accounts receivable are subject to collection risk. Our gross accounts receivable is reduced for this risk by a provision for doubtful accounts. This provision is for estimated losses resulting from the inability of our customers to make required payments. It is an estimate and is regularly evaluated for adequacy by taking into consideration a combination of factors. We look at factors such as past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions. These factors are reviewed to determine whether a provision for doubtful accounts should be recorded to reduce the receivable balance to the amount believed to be collectible. | ||||||||||||
Activity related to our provision for doubtful accounts was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at the beginning of the period | $ | 805 | $ | 307 | $ | 135 | ||||||
Bad debt expense | 747 | 789 | 321 | |||||||||
Accounts written off | (441 | ) | (291 | ) | (149 | ) | ||||||
Balance at the end of the period | $ | 1,111 | $ | 805 | $ | 307 | ||||||
Property and Equipment | Property and Equipment | |||||||||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets generally ranging from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in results of operations. Maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense in the period incurred. | ||||||||||||
Leases and Asset Retirement Obligations | Leases and Asset Retirement Obligations | |||||||||||
Leases are categorized at their inception as either operating or capital leases. Within some lease agreements, rent holidays and other incentives are included. Rent expense is recognized on a straight-line method, over the term of the agreement generally beginning once control of the space is achieved, without regard to deferred payment terms, such as rent holidays that defer the commencement date of required rent payments. Additionally, incentives received are treated as a reduction of expense over the term of the agreement. | ||||||||||||
Leased buildings under build-to-suit lease arrangements are capitalized and included in property and equipment when we are involved in the construction of the structural improvements or take construction risk prior to the commencement of the lease. Upon completion of the construction under the build-to-suit leases, we assess whether those arrangements qualify for sales recognition under the sale-leaseback accounting guidance. | ||||||||||||
Liabilities are established for the present value of estimated future costs to retire leasehold improvements at the termination or expiration of a lease. A corresponding asset is recorded in the period in which the obligation is incurred. Such assets are amortized over the estimated useful life of the asset, and the recorded liabilities are accreted to the future value of the estimated retirement costs. | ||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | |||||||||||
We evaluate the recoverability of long-lived assets in accordance with authoritative guidance on accounting for the impairment or disposal of long-lived assets. We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Such impairment is recognized in the event the carrying value of such assets exceeds their fair value. If the carrying value of the net assets assigned exceeds the fair value of the assets, then the second step of the impairment test is performed in order to determine the implied fair value. No impairment of long-lived assets occurred in the periods presented. | ||||||||||||
Software Development Costs | Software Development Costs | |||||||||||
Software development costs associated with the development of new products, enhancements of existing products and quality assurance activities consists of employee, consulting and other external personnel costs. The costs incurred internally from the research and development of computer software products are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for release to customers. Judgment is required in determining when technological feasibility of a product is established. To date, we have determined that technological feasibility of software products is reached shortly before the products are released. Costs incurred after establishment of technological feasibility have not been material, and therefore, we have expensed all research and development costs as they were incurred. Research and development expenses primarily consist of personnel related costs attributable to our research and development personnel and allocated overhead. | ||||||||||||
We capitalize certain costs relating to software acquired, developed, or modified solely to meet our internal requirements and for which there are no substantive plans to market the software. To date, we have not capitalized any such costs. | ||||||||||||
Intangible Asset Costs | Intangible Asset Costs | |||||||||||
Costs related to filing and pursuing patent and trademark applications are expensed as incurred, as recoverability of such expenditures is uncertain. These intangible asset-related legal costs are reported as a component of general and administrative expenses. | ||||||||||||
Advertising Expenses | Advertising Expenses | |||||||||||
We have expensed all advertising costs as incurred and classify these costs as sales and marketing expenses. Advertising expenses for the years ended December 31, 2014, 2013 and 2012 were $7.6 million, $4.9 million, and $3.0 million, respectively. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income taxes are accounted for under the asset and liability method in accordance with authoritative guidance for income taxes. Deferred tax assets are recognized for deductible temporary differences, net operating loss carryfowards, and tax credit carryfowards if it is more likely than not that the tax benefits will be realized. We considered future taxable income, historical operating results, and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. If we determine we would not be able to realize all or part of our net deferred assets in the future, we record a valuation allowance on such net deferred tax assets with an offset to expense in the period such determination was made. | ||||||||||||
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | |||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We extend credit to customers based upon an evaluation of the customer’s financial condition and generally collateral is not required. As of December 31, 2014 and 2013, no individual customer accounted for 10% or more of total accounts receivable. For the years ended December 31, 2014, 2013 and 2012, no individual customer represented 10% or more of our total revenues. | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
Compensation expense related to stock-based transactions, including employee and non-employee stock option and restricted stock unit (“RSU”) awards, is measured and recognized in the financial statements based on fair value. The fair value of each RSU award is based on the number of shares granted and the closing price of our Class A common stock as reported on the New York Stock Exchange. | ||||||||||||
The fair value of each stock option award is determined at the date of grant by applying the Black-Scholes option pricing model. This model utilizes the estimated value of our underlying common stock at the measurement date, the expected or contractual term of the option, the expected volatility of our common stock, risk-free interest rates and expected dividend yield of our common stock. Prior to our initial public offering in May 2013, because our stock was not publicly traded we estimated the fair value of our common stock. Our board of directors considered numerous objective and subjective factors to determine the fair value of our common stock at each meeting at which awards were approved. The factors included, but were not limited to: (i) contemporaneous third-party valuations of our common stock; (ii) the prices, rights, preferences and privileges of our preferred stock that was then outstanding relative to those of our common stock; (iii) the lack of marketability of our common stock; (iv) our actual operating and financial results; (v) current business conditions and projections; and (vi) the likelihood of achieving a liquidity event, such as an initial public offering or merger or acquisition, given prevailing market conditions. After the completion of our initial public offering, our common stock has been valued by reference to the closing price of our Class A common stock as reported on the New York Stock Exchange. | ||||||||||||
Measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. We recognize compensation expense for only the portion of awards expected to vest. Therefore, management applied an estimated forfeiture rate that was derived from historical employee termination behavior. If the actual number of forfeitures differs from the estimates, adjustments to stock-based compensation expense may be required in future periods. | ||||||||||||
We compute the timing of excess tax benefits from the exercise of stock options and the vesting and settlement of RSUs under the "with-and-without" approach. Under this approach, we will not record an excess tax benefit until such time as a cash tax benefit is recognized. We include the impact of the excess tax benefits in the calculation of certain tax attributes such as the research and development ("R&D") tax credit and do not prepare separate computations considering the cascading impacts of the excess tax deduction. We compute the pool of excess tax benefits available to offset any future shortfalls in the tax benefits actually realized as a single pool for employees and non-employees. | ||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
We categorize assets and liabilities recorded at fair value on our consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The levels of the fair value hierarchy are as follows: | ||||||||||||
• | Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||
• | Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||
• | Level 3—Inputs are unobservable inputs based on our own assumptions and valuation techniques used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. | |||||||||||
Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||
We establish fair value of our assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and using a fair value hierarchy based on the inputs used to measure fair value. The carrying amounts reported in the consolidated financial statements approximate the fair value for cash equivalents, accounts receivable, accounts payable, and accrued and other current liabilities, due to their short-term nature. | ||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||
In May 2014, as part of its ongoing efforts to assist in the convergence of GAAP and International Financial Reporting Standards ("IFRS"), the FASB issued ASU 2014-09 related to revenue recognition. The new guidance sets forth a new five-step revenue recognition model that replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised 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 provides retrospective or modified prospective methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is not permitted. We are currently evaluating the method of adoption and the impact that this standard will have on our consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU 2014-15 related to status as a going concern. The new guidance explicitly requires that management assess an entity's ability to continue as a going concern and may require additional detailed disclosures. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Though permitted, we do not plan to early adopt. We do not believe that this standard will have significant impact on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Activity Related to Provision for Doubtful Accounts | Activity related to our provision for doubtful accounts was as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at the beginning of the period | $ | 805 | $ | 307 | $ | 135 | ||||||
Bad debt expense | 747 | 789 | 321 | |||||||||
Accounts written off | (441 | ) | (291 | ) | (149 | ) | ||||||
Balance at the end of the period | $ | 1,111 | $ | 805 | $ | 307 | ||||||
Balance_Sheet_Detail_Tables
Balance Sheet Detail (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Property, Plant and Equipment | Property and equipment, net consisted of the following: | |||||||||
Useful Life | December 31, | |||||||||
(in months) | 2014 | 2013 | ||||||||
(in thousands) | ||||||||||
Computer equipment and software | 36 | $ | 43,340 | $ | 24,840 | |||||
Furniture and fixtures | 36 | 8,493 | 2,820 | |||||||
Leasehold improvements | 10-120 | 15,444 | 7,792 | |||||||
Construction in progress | 5,397 | 80 | ||||||||
72,674 | 35,532 | |||||||||
Less: Accumulated depreciation and amortization | (27,047 | ) | (14,194 | ) | ||||||
$ | 45,627 | $ | 21,338 | |||||||
Accrued Compensation Schedule | Accrued compensation and employee related benefits consisted of the following: | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Accrued commissions | $ | 17,913 | $ | 11,215 | ||||||
Accrued bonuses | 10,931 | 6,644 | ||||||||
Accrued vacation | 7,368 | 4,773 | ||||||||
Other | 3,952 | 4,555 | ||||||||
Total | $ | 40,164 | $ | 27,187 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The components of our income before the provision (benefit) for income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | 6,217 | $ | 2,182 | $ | 3,781 | |||||||
International | 965 | 683 | 423 | ||||||||||
Total | $ | 7,182 | $ | 2,865 | $ | 4,204 | |||||||
Schedule Of Income Tax Expense Benefit By Geographic Area Table | Income tax expense (benefit) consisted of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
United States | $ | (937 | ) | $ | (4,704 | ) | $ | 2,694 | |||||
International | 2,246 | 493 | 83 | ||||||||||
Total | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 11,057 | $ | 3,732 | $ | 3,403 | |||||||
State | 2,359 | 741 | 480 | ||||||||||
Foreign | 2,802 | 531 | 134 | ||||||||||
Total current income tax expense | 16,218 | 5,004 | 4,017 | ||||||||||
Deferred | |||||||||||||
Federal | (12,970 | ) | (8,772 | ) | (1,050 | ) | |||||||
State | (1,383 | ) | (404 | ) | (139 | ) | |||||||
Foreign | (556 | ) | (39 | ) | (51 | ) | |||||||
Total deferred income tax benefit | (14,909 | ) | (9,215 | ) | (1,240 | ) | |||||||
Total income tax expense (benefit) | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax provision to the effective income tax provision for each year is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax provision at statutory rate | $ | 2,514 | $ | 1,003 | $ | 1,471 | |||||||
State taxes, net of federal tax benefit | 207 | 67 | 134 | ||||||||||
Impact of foreign income taxes | 1,340 | 235 | (7 | ) | |||||||||
Research and development and other tax credits | (6,499 | ) | (7,840 | ) | (32 | ) | |||||||
Non-deductible stock-based compensation | 2,929 | 1,845 | 1,209 | ||||||||||
Non-deductible meals and entertainment | 832 | 582 | 178 | ||||||||||
Other, net | (14 | ) | (103 | ) | (176 | ) | |||||||
Total income tax expense (benefit) | $ | 1,309 | $ | (4,211 | ) | $ | 2,777 | ||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Tax credit carryforwards | $ | 2,082 | $ | 3,718 | |||||||||
Stock-based compensation | 10,499 | 2,049 | |||||||||||
Accrued compensation | 10,529 | 5,187 | |||||||||||
Deferred revenue | 1,015 | 942 | |||||||||||
Deferred rent | 1,717 | 3 | |||||||||||
Depreciation and amortization | 334 | — | |||||||||||
Other | 569 | 224 | |||||||||||
Total deferred income tax assets | 26,745 | 12,123 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Depreciation and amortization | — | 914 | |||||||||||
Prepaid assets | 2,142 | 1,484 | |||||||||||
Total deferred income tax liabilities | 2,142 | 2,398 | |||||||||||
Net deferred income tax assets | $ | 24,603 | $ | 9,725 | |||||||||
Reported As: | |||||||||||||
Deferred income taxes - current | 18,732 | 9,136 | |||||||||||
Deferred income taxes - long-term | 5,879 | 589 | |||||||||||
Accrued liabilities | (7 | ) | — | ||||||||||
Other long-term liabilities | (1 | ) | — | ||||||||||
Net deferred income tax assets | $ | 24,603 | $ | 9,725 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following table shows the gross changes in our unrecognized tax position. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 3,441 | $ | 448 | $ | 448 | |||||||
Gross increases to tax positions related to prior periods | — | 5 | — | ||||||||||
Gross decreases to tax positions related to prior periods | — | (153 | ) | — | |||||||||
Gross increases related to current tax positions | 3,675 | 3,141 | — | ||||||||||
Balance, end of period | $ | 7,116 | $ | 3,441 | $ | 448 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Option Activity | A summary of the option activity under the Plans during the year ended December 31, 2014 is presented below: | ||||||||||||
Options Outstanding | |||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in years) | (in thousands) | ||||||||||||
Balances at December 31, 2013 | 12,236,400 | $ | 7.64 | ||||||||||
Options exercised | (3,517,325 | ) | 4.59 | ||||||||||
Options canceled | (364 | ) | 41.47 | ||||||||||
Options forfeited | (202,832 | ) | 13.48 | ||||||||||
Balances at December 31, 2014 | 8,515,879 | $ | 8.76 | 6.98 | $ | 647,192 | |||||||
Vested and expected to vest at December 31, 2014 | 8,375,047 | $ | 8.69 | 6.97 | $ | 637,119 | |||||||
Exercisable at December 31, 2014 | 4,955,507 | $ | 6.87 | 6.42 | $ | 385,997 | |||||||
Summary of RSU Activity | The following provides a summary of our RSU activity during the year ended December 31, 2014: | ||||||||||||
Number of Shares Underlying Outstanding RSUs | Weighted-Average Grant-Date Fair Value per RSU | ||||||||||||
Non-Vested outstanding at December 31, 2013 | 574,350 | $ | 64.06 | ||||||||||
RSUs granted | 2,495,002 | 80.05 | |||||||||||
RSUs vested | (152,208 | ) | 63.56 | ||||||||||
RSUs forfeited | (98,483 | ) | 77.56 | ||||||||||
Non-Vested outstanding at December 31, 2014 | 2,818,661 | $ | 77.77 | ||||||||||
Schedule Of Equity Based Awards Available | The summary of shares available for issuance for equity based awards (including stock options and RSUs) are as follows: | ||||||||||||
Shares Available for Grant | |||||||||||||
Balance at December 31, 2013 | 5,313,281 | ||||||||||||
Authorized | 3,109,934 | ||||||||||||
Granted | (2,495,002 | ) | |||||||||||
Canceled | 364 | ||||||||||||
Forfeited | 301,315 | ||||||||||||
Balance at December 31, 2014 | 6,229,892 | ||||||||||||
Fair Value Assumptions | For the years ended December 31, 2013 and 2012, the fair value of options was estimated using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Risk-free interest rates | 1.11% | 0.69% | |||||||||||
Expected term | 5 years | 5 years | |||||||||||
Expected dividends | None | None | |||||||||||
Expected volatility | 46.80% | 49.00% |
Commitments_and_Contigencies_T
Commitments and Contigencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable operating leases as of December 31, 2014 are as follows (in thousands): | ||||
Year Ending December 31, | |||||
2015 | $ | 10,374 | |||
2016 | 11,764 | ||||
2017 | 11,426 | ||||
2018 | 11,021 | ||||
2019 | 10,185 | ||||
Thereafter | 46,256 | ||||
Total minimum lease payments | $ | 101,026 | |||
Segments_and_Information_about1
Segments and Information about Revenues by Geographic Region (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table presents our revenues by geographic region of end users who purchased products or services for the periods presented below: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States and Canada | $ | 318,835 | $ | 186,725 | $ | 106,177 | ||||||
International | 93,781 | 45,715 | 21,556 | |||||||||
Total revenues | $ | 412,616 | $ | 232,440 | $ | 127,733 | ||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Computation of Earnings Per Share, Basic and Diluted | The following table presents the computation of basic and diluted net income per share attributable to common stockholders: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Net income per share attributable to common stockholders - basic | ||||||||||||
Net income | $ | 5,873 | $ | 7,076 | $ | 1,427 | ||||||
Less: Undistributed earnings allocated to participating securities | — | — | 1,210 | |||||||||
Less: Allocation of net income to participating preferred shares-basic | — | — | 74 | |||||||||
Net income attributable to common stockholders - basic | $ | 5,873 | $ | 7,076 | $ | 143 | ||||||
Weighted average shares outstanding used to compute basic net income per share | 67,591 | 50,564 | 33,744 | |||||||||
Net income per share attributable to common stockholders - basic | $ | 0.09 | $ | 0.14 | $ | 0 | ||||||
Net income per share attributable to common stockholders - diluted | ||||||||||||
Net income | $ | 5,873 | $ | 7,076 | $ | 1,427 | ||||||
Less: Undistributed earnings allocated to participating securities | — | — | 1,210 | |||||||||
Less: Allocation of net income to participating preferred shares - diluted | — | — | 67 | |||||||||
Net income attributable to common stockholders - diluted | $ | 5,873 | $ | 7,076 | $ | 150 | ||||||
Weighted average shares used to compute basic net income per share | 67,591 | 50,564 | 33,744 | |||||||||
Effect of potentially dilutive shares: | ||||||||||||
Stock awards | 6,728 | 8,528 | 5,877 | |||||||||
Warrants | — | — | 31 | |||||||||
Weighted average shares used to compute diluted net income per share | 74,319 | 59,092 | 39,652 | |||||||||
Net income per share attributable to common stockholders - diluted | $ | 0.08 | $ | 0.12 | $ | 0 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares subject to outstanding awards and convertible preferred shares were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented as their effect would have been antidilutive: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Shares subject to outstanding common stock awards | 1,967 | 86 | 3,642 | |||||||||
Convertible preferred shares | — | — | 17,416 | |||||||||
Total potentially dilutive shares | 1,967 | 86 | 21,058 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Financial Assets | The following table presents the fair value of our financial assets using the fair value hierarchy: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Money market funds | $ | 667,210 | $ | — | $ | — | $ | 667,210 | ||||||||
December 31, 2013 | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Money market funds | $ | 238,810 | $ | — | $ | — | $ | 238,810 | ||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of quarterly financial information | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | 31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Total revenues | $ | 142,923 | $ | 104,469 | $ | 90,673 | $ | 74,551 | $ | 81,459 | $ | 61,079 | $ | 49,884 | $ | 40,018 | ||||||||||||||||
Gross profit | 131,312 | 94,928 | 82,033 | 67,358 | 75,409 | 56,501 | 45,538 | 36,468 | ||||||||||||||||||||||||
Net income (loss) | 20,707 | (4,631 | ) | (4,574 | ) | (5,629 | ) | 11,245 | 2,441 | (2,575 | ) | (4,035 | ) | |||||||||||||||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.3 | $ | (0.07 | ) | $ | (0.07 | ) | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 | $ | (0.05 | ) | $ | (0.12 | ) | |||||||||||
Diluted | $ | 0.27 | $ | (0.07 | ) | $ | (0.07 | ) | $ | (0.09 | ) | $ | 0.16 | $ | 0.03 | $ | (0.05 | ) | $ | (0.12 | ) | |||||||||||
Description_of_Business_Narrat
Description of Business Narrative (Details) | Dec. 31, 2014 |
product | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Products | 4 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Mar. 21, 2014 | 22-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segment | |||||
Class of Stock [Line Items] | |||||
Price per share of stock sold in IPO (in $ per share) | $89.25 | ||||
Proceeds from public offering, net of underwriters' discount, shares | 4,000,000 | ||||
Proceeds from IPO | $344,100,000 | $177,000,000 | $344,077,000 | $176,974,000 | $0 |
Foreign currency transaction gain (loss) | 600,000 | -900,000 | |||
Number of operating segments | 1 | ||||
Terms of payment due | 30 days | ||||
VSOE Sales % variance compared to median sales price of standalone transactions | 15.00% | ||||
VSOE sales period of evaluation | 12 months | ||||
Advertising Expense | $7,600,000 | $4,900,000 | $3,000,000 | ||
Accounts receivable | Customer concentration risk | |||||
Class of Stock [Line Items] | |||||
Number of Customers with more than 10% of Period Receivables | 0 | 0 | |||
Revenue | Customer concentration risk | |||||
Class of Stock [Line Items] | |||||
Number of Customers with More than 10% of Period Revenue | 0 | 0 | 0 | ||
Minimum | |||||
Class of Stock [Line Items] | |||||
Useful life of property and equipment, | 3 years | ||||
Maximum | |||||
Class of Stock [Line Items] | |||||
Useful life of property and equipment, | 10 years | ||||
Common Class A | |||||
Class of Stock [Line Items] | |||||
Total shares sold in IPO | 9,430,000 | ||||
Price per share of stock sold in IPO (in $ per share) | $31 | ||||
Proceeds from public offering, net of underwriters' discount, shares | 6,230,000 | ||||
Number of shares sold by existing shareholders | 3,200,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Activity Related to Allowance for Doubtful Accounts (Details) (Allowance for doubtful accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of the period | $805 | $307 | $135 |
Bad debt expense | 747 | 789 | 321 |
Accounts written off | -441 | -291 | -149 |
Balance at the end of the period | $1,111 | $805 | $307 |
Balance_Sheet_Details_Property
Balance Sheet Details - Property and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $72,674 | $35,532 |
Less: Accumulated depreciation and amortization | -27,047 | -14,194 |
Property and equipment, net | 45,627 | 21,338 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 10 years | |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 36 months | |
Property and equipment, Gross | 43,340 | 24,840 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 36 months | |
Property and equipment, Gross | 8,493 | 2,820 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 15,444 | 7,792 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 10 months | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 120 months | |
Work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $5,397 | $80 |
Balance_Sheet_Details_Addition
Balance Sheet Details - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and amortization expense | $13,512 | $6,850 | $3,847 |
Balance_Sheet_Details_Accrued_
Balance Sheet Details - Accrued Compensation and Other Employee Related Benefits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued commissions | $17,913 | $11,215 |
Accrued bonuses | 10,931 | 6,644 |
Accrued vacation | 7,368 | 4,773 |
Other accrued compensation and employee related benefits | 3,952 | 4,555 |
Total | $40,164 | $27,187 |
Income_Taxes_Income_Before_Pro
Income Taxes - Income Before Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $6,217 | $2,182 | $3,781 |
International | 965 | 683 | 423 |
Income before income tax expense (benefit) | $7,182 | $2,865 | $4,204 |
Income_Taxes_Income_Taxes_Expe
Income Taxes - Income Taxes Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense Benefit [Line Items] | |||
Provision (benefit) for income taxes | $1,309 | ($4,211) | $2,777 |
United States | |||
Income Tax Expense Benefit [Line Items] | |||
Provision (benefit) for income taxes | -937 | -4,704 | 2,694 |
International | |||
Income Tax Expense Benefit [Line Items] | |||
Provision (benefit) for income taxes | $2,246 | $493 | $83 |
Income_Taxes_Provision_for_Cur
Income Taxes - Provision for Current and Deferred Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $11,057 | $3,732 | $3,403 |
State | 2,359 | 741 | 480 |
Foreign | 2,802 | 531 | 134 |
Total current provision | 16,218 | 5,004 | 4,017 |
Deferred | |||
Federal | -12,970 | -8,772 | -1,050 |
State | -1,383 | -404 | -139 |
Foreign | -556 | -39 | -51 |
Total deferred provision (benefit) | -14,909 | -9,215 | -1,240 |
Total income tax expense (benefit) | $1,309 | ($4,211) | $2,777 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 18.20% | -147.00% | ||
Net operating loss carryforwards | $418,100,000 | |||
R&D tax credit carryforwards | 23,600,000 | |||
Cash held by foreign subsidiaries | 8,100,000 | |||
Foreign earnings on which US income taxes has not been provided | 4,000,000 | |||
Unrecognized tax benefits | 7,116,000 | 3,441,000 | 448,000 | 448,000 |
Income tax penalties and interest expense | $0 | $0 | $0 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes Differs from U.S. Federal Statutory Rate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax provision at statutory rate | $2,514 | $1,003 | $1,471 |
State taxes, net of federal tax benefit | 207 | 67 | 134 |
Impact of foreign income taxes | 1,340 | 235 | -7 |
Research and development and other tax credits | -6,499 | -7,840 | -32 |
Non-deductible stock-based compensation | 2,929 | 1,845 | 1,209 |
Non-deductible meals and entertainment | 832 | 582 | 178 |
Other, net | -14 | -103 | -176 |
Total income tax expense (benefit) | $1,309 | ($4,211) | $2,777 |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ||
Tax credit carryforwards | $2,082 | $3,718 |
Stock-based compensation | 10,499 | 2,049 |
Accrued compensation | 10,529 | 5,187 |
Deferred revenue | 1,015 | 942 |
Deferred rent | 1,717 | 3 |
Depreciation and amortization | 334 | 0 |
Other | 569 | 224 |
Total deferred income tax assets | 26,745 | 12,123 |
Deferred income tax liabilities | ||
Depreciation and amortization | 0 | 914 |
Prepaid assets | 2,142 | 1,484 |
Total deferred income tax liabilities | 2,142 | 2,398 |
Net deferred income tax assets | 24,603 | 9,725 |
Components of Deferred Tax Assets Reported As | ||
Deferred income taxes - current | 18,732 | 9,136 |
Deferred income taxes - long-term | 5,879 | 589 |
Accrued liabilities | -7 | 0 |
Other long-term liabilities | -1 | 0 |
Net deferred income tax assets | $24,603 | $9,725 |
Income_Taxes_Changes_in_Unreco
Income Taxes - Changes in Unrecognized Tax Position (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance, beginning of period | $3,441 | $448 | $448 |
Gross increases to tax positions related to prior periods | 0 | 5 | 0 |
Gross decreases to tax positions related to prior periods | 0 | -153 | 0 |
Gross increases related to current tax positions | 3,675 | 3,141 | 0 |
Balance, end of period | $7,116 | $3,441 | $448 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||
Preferred stock authorized (shares) | 10,000,000 | 10,000,000 | |
Preferred stock par value (USD per share) | $0.00 | $0.00 | |
Preferred stock outstanding (shares) | 0 | 0 | |
Donation of common shares | 150,000 | ||
Donation of common stock to Tableau Foundation | $0 | $0 | $1,851 |
Common Class B | |||
Class of Stock [Line Items] | |||
Shares authorized for issuance | 75,000,000 | 75,000,000 | |
Common stock par value (USD per share) | $0.00 | $0.00 | |
Votes per share entitled to share holder | 10 | ||
Common Class A | |||
Class of Stock [Line Items] | |||
Shares authorized for issuance | 750,000,000 | 750,000,000 | |
Common stock par value (USD per share) | $0.00 | $0.00 | |
Votes per share entitled to share holder | 1 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Fair Value, RSUs granted, USD per share | $80.05 | $64.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | |
Number of shares authorized | 26,473,282 | ||
Award expiration | 10 years | ||
Vesting period | 4 years | ||
Options granted | 0 | ||
Weighted-average grant date fair value of options (USD per share) | $10.78 | $4.65 | |
Fair value of options vested | 15 | 11.6 | 3.8 |
Total intrinsic value of options exercised | 258 | 199.3 | 6.9 |
Unrecognized compensation cost | $197.20 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average remaining vesting period | 3 years 2 months 12 days |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Option Activity Under Stock option Plan (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Shares, Beginning of Period | 12,236,400 |
Options Outstanding, Shares, Exercised | -3,517,325 |
Options Outstanding, Shares, Canceled | -364 |
Options Outstanding, Shares, Forfeited | -202,832 |
Options Outstanding, Shares, End of Period | 8,515,879 |
Options Outstanding, Shares, Vested and Expected to Vest | 8,375,047 |
Options Outstanding, Shares, Exercisable | 4,955,507 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Exercise Price, Beginning of Period, USD per share | $7.64 |
Options Outstanding, Weighted Average Exercise Price, Options exercised, USD per share | $4.59 |
Options Outstanding, Weighted Average Exercise Price, Options canceled, USD per share | $41.47 |
Options Outstanding, Weighted Average Exercise Price, Options forfeited, USD per share | $13.48 |
Options Outstanding, Weighted Average Exercise Price, End of Period, USD per share | $8.76 |
Options Outstanding, Weighted Average Exercise Price Per Share, Vested and Expected to Vest, USD per share | $8.69 |
Options Outstanding, Weighted Average Exercise Price Per Share, Exercisable, USD per share | $6.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding, Weighted Average Remaining Contractual Term, Ending Balance | 6 years 11 months 23 days |
Options Outstanding, Weighted Average Remaining Contractual Term, Vested and Expected to Vest | 6 years 11 months 19 days |
Options Outstanding, Weighted Average Remaining Contractual Term, Exercisable | 6 years 5 months 1 day |
Options Outstanding, Aggregate Intrinsic Value | $647,192 |
Options Outstanding, Aggregate Intrinsic Value, Vested and Expected to Vest | 637,119 |
Options Outstanding, Aggregate Intrinsic Value, Exercisable | $385,997 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of RSU Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Outstanding Number of Shares | |||
RSUs granted | 0 | ||
RSUs vested | 0 | 0 | |
Weighted Average Fair Value | |||
Weighted Average Fair Value, RSUs granted, USD per share | $80.05 | $64.04 | |
Restricted Stock Units (RSUs) | |||
Outstanding Number of Shares | |||
Shares Outstanding, Beginning of Period | 574,350 | ||
RSUs granted | 2,495,002 | ||
RSUs vested | -152,208 | ||
RSUs forfeited | -98,483 | ||
Shares Outstanding, End of Period | 2,818,661 | ||
Weighted Average Fair Value | |||
Weighted Average Fair Value, Beginning of Period, USD per share | $64.06 | ||
Weighted Average Fair Value, RSUs granted, USD per share | $80.05 | ||
Weighted Average Fair Value, RSUs vested, USD per share | $63.56 | ||
Weighted Average Fair Value, RSUs forfeited, USD per share | $77.56 | ||
Weighted Average Fair Value, End of Period, USD per share | $77.77 |
StockBased_Compensation_Equity
Stock-Based Compensation - Equity Based Awards (including Stock Options and RSUs (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Equity based awards, beginning of period | 5,313,281 |
Equity based awards, Authorized | 3,109,934 |
Equity based awards, Granted | -2,495,002 |
Equity based awards, Canceled | 364 |
Equity based awards, Forfeited | 301,315 |
Equity based awards, end of period | 6,229,892 |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of Options Estimated Using Black-Scholes Option Pricing Model (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rates (percent) | 1.11% | 0.69% |
Expected term (in years) | 5 years | 5 years |
Expected dividends | $0 | $0 |
Expected volatility (percent) | 46.80% | 49.00% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $7.20 | $4.70 | $2.70 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $10,374 |
2016 | 11,764 |
2017 | 11,426 |
2018 | 11,021 |
2019 | 10,185 |
Thereafter | 46,256 |
Total minimum lease payments | $101,026 |
Retirement_Plan_Additional_Inf
Retirement Plan Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contributions | $1,800,000 | $0 | $0 |
Segments_and_Information_about2
Segments and Information about Revenues by Geographic Region (Details) (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 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $142,923 | $104,469 | $90,673 | $74,551 | $81,459 | $61,079 | $49,884 | $40,018 | $412,616 | $232,440 | $127,733 |
United States and Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 318,835 | 186,725 | 106,177 | ||||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $93,781 | $45,715 | $21,556 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Mar. 21, 2014 | 22-May-13 | Dec. 31, 2012 | |
Earnings Per Share [Line Items] | |||
Proceeds from public offering, net of underwriters' discount, shares | 4,000,000 | ||
Common Class A | |||
Earnings Per Share [Line Items] | |||
Proceeds from public offering, net of underwriters' discount, shares | 6,230,000 | ||
Number of shares sold by existing shareholders | 3,200,000 | ||
Common Class B | |||
Earnings Per Share [Line Items] | |||
Number of shares sold by existing shareholders | 2,000,000 | ||
Series A Preferred Stock | |||
Earnings Per Share [Line Items] | |||
Dividend rate (USD per share) | $0.03 | ||
Series B Preferred Stock | |||
Earnings Per Share [Line Items] | |||
Dividend rate (USD per share) | $0.14 |
Net_Income_Loss_Per_Share_Comp
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) (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 |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $20,707 | ($4,631) | ($4,574) | ($5,629) | $11,245 | $2,441 | ($2,575) | ($4,035) | $5,873 | $7,076 | $1,427 |
Less: Undistributed earnings allocated to participating securities | 0 | 0 | 1,210 | ||||||||
Less: Allocation of net income to participating preferred shares - basic | 0 | 0 | 74 | ||||||||
Net income (loss) attributable to common stockholders - basic | 5,873 | 7,076 | 143 | ||||||||
Weighted average shares outstanding used to compute basic net income (loss) per share (in shares) | 67,591 | 50,564 | 33,744 | ||||||||
Net income (loss) per share attributable to common stockholders - basic (in dollars per share) | $0.30 | ($0.07) | ($0.07) | ($0.09) | $0.18 | $0.04 | ($0.05) | ($0.12) | $0.09 | $0.14 | $0 |
Less: Allocation of net income to participating preferred shares - diluted | 0 | 0 | 67 | ||||||||
Net income (loss) attributable to common stockholders - diluted | $5,873 | $7,076 | $150 | ||||||||
Stock awards (in shares) | 6,728 | 8,528 | 5,877 | ||||||||
Warrants (in shares) | 0 | 0 | 31 | ||||||||
Weighted average shares used to compute diluted net income (loss) per share (in shares) | 74,319 | 59,092 | 39,652 | ||||||||
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share) | $0.27 | ($0.07) | ($0.07) | ($0.09) | $0.16 | $0.03 | ($0.05) | ($0.12) | $0.08 | $0.12 | $0 |
Net_Income_Loss_Per_Share_Shar
Net Income (Loss) Per Share - Shares Excluded From Computation of Diluted Net Income per Share Attributable to Common Stockholders (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation (in shares) | 1,967 | 86 | 21,058 |
Stock options | |||
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation (in shares) | 1,967 | 86 | 3,642 |
Convertible preferred stock | |||
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation (in shares) | 0 | 0 | 17,416 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Money market funds, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments fair value | $667,210 | $238,810 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments fair value | 667,210 | 238,810 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments fair value | $0 | $0 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (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 | $142,923 | $104,469 | $90,673 | $74,551 | $81,459 | $61,079 | $49,884 | $40,018 | $412,616 | $232,440 | $127,733 |
Gross profit | 131,312 | 94,928 | 82,033 | 67,358 | 75,409 | 56,501 | 45,538 | 36,468 | 375,631 | 213,916 | 117,371 |
Net income (loss) | $20,707 | ($4,631) | ($4,574) | ($5,629) | $11,245 | $2,441 | ($2,575) | ($4,035) | $5,873 | $7,076 | $1,427 |
Net income (loss) per share attributable to common stockholders - basic (in dollars per share) | $0.30 | ($0.07) | ($0.07) | ($0.09) | $0.18 | $0.04 | ($0.05) | ($0.12) | $0.09 | $0.14 | $0 |
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share) | $0.27 | ($0.07) | ($0.07) | ($0.09) | $0.16 | $0.03 | ($0.05) | ($0.12) | $0.08 | $0.12 | $0 |