Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | QLIK | |
Entity Registrant Name | QLIK TECHNOLOGIES INC | |
Entity Central Index Key | 1,305,294 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 93,964,465 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 369,950 | $ 320,058 |
Accounts receivable, net of allowance for doubtful accounts of $2,003 and $1,494, respectively | 144,628 | 236,717 |
Prepaid expenses and other current assets | 25,592 | 17,740 |
Total current assets | 540,170 | 574,515 |
Property and equipment, net | 30,753 | 31,404 |
Intangible assets, net | 13,755 | 14,316 |
Goodwill | 38,310 | 37,366 |
Deferred income taxes | 4,950 | 5,252 |
Deposits and other noncurrent assets | 3,621 | 3,743 |
Total assets | 631,559 | 666,596 |
Current liabilities: | ||
Accounts payable | 6,558 | 6,785 |
Deferred revenue | 168,188 | 172,121 |
Accrued payroll and other related costs | 48,774 | 63,108 |
Accrued expenses | 39,606 | 43,317 |
Total current liabilities | 263,126 | 285,331 |
Long-term liabilities: | ||
Deferred revenue | 8,336 | 8,290 |
Deferred income taxes | 2,048 | 2,048 |
Other long-term liabilities | 7,966 | 9,132 |
Total liabilities | $ 281,476 | $ 304,801 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at March 31, 2016 and December 31, 2015 | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized; 93,940,007 shares issued and outstanding at March 31, 2016 and 93,165,286 shares issued and outstanding at December 31, 2015 | $ 9 | $ 9 |
Additional paid-in capital | 436,203 | 419,262 |
Accumulated deficit | (85,099) | (58,085) |
Accumulated other comprehensive income (loss) | (1,030) | 609 |
Total stockholders' equity | 350,083 | 361,795 |
Total liabilities and stockholders' equity | $ 631,559 | $ 666,596 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,003 | $ 1,494 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 93,940,007 | 93,165,286 |
Common stock, outstanding | 93,940,007 | 93,165,286 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
License revenue | $ 59,833 | $ 54,807 |
Maintenance revenue | 63,601 | 52,670 |
Professional services revenue | 14,596 | 12,787 |
Total revenue | 138,030 | 120,264 |
Cost of revenue: | ||
License revenue | 1,512 | 1,972 |
Maintenance revenue | 3,873 | 3,258 |
Professional services revenue | 17,387 | 15,911 |
Total cost of revenue | 22,772 | 21,141 |
Gross profit | 115,258 | 99,123 |
Operating expenses: | ||
Sales and marketing | 88,528 | 76,641 |
Research and development | 22,210 | 17,395 |
General and administrative | 29,341 | 29,174 |
Total operating expenses | 140,079 | 123,210 |
Loss from operations | (24,821) | (24,087) |
Other income, net: | ||
Interest income, net | 61 | 30 |
Foreign exchange gain, net | 343 | 1,395 |
Total other income, net | 404 | 1,425 |
Loss before income taxes | (24,417) | (22,662) |
Income tax expense | (2,597) | (7,658) |
Net loss | $ (27,014) | $ (30,320) |
Net loss per common share | ||
Basic and diluted | $ (0.29) | $ (0.33) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 93,431,206 | 90,999,316 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (27,014) | $ (30,320) |
Foreign currency translation | (1,639) | 2,142 |
Comprehensive loss | $ (28,653) | $ (28,178) |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (27,014) | $ (30,320) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 4,267 | 3,359 |
Stock-based compensation expense | 10,384 | 9,397 |
Excess tax benefit from stock-based compensation | (1,806) | (6,570) |
Unrealized foreign currency (gain) loss, net | (5,446) | 10,422 |
Other non-cash items | 1,305 | 897 |
Changes in assets and liabilities: | ||
Accounts receivable | 93,482 | 50,709 |
Prepaid expenses and other assets | (7,334) | (158) |
Deferred revenue | (7,011) | 10,629 |
Accrued expenses and other liabilities | (19,117) | (12,348) |
Net cash provided by operating activities | 41,710 | 36,017 |
Cash flows from investing activities | ||
Capital expenditures | (2,279) | (2,986) |
Net cash used in investing activities | (2,279) | (2,986) |
Cash flows from financing activities | ||
Proceeds from exercise of common stock options | 4,750 | 6,843 |
Excess tax benefit from stock-based compensation | 1,806 | 6,570 |
Net cash provided by financing activities | 6,556 | 13,413 |
Effect of exchange rates on cash and cash equivalents | 3,905 | (9,406) |
Net increase in cash and cash equivalents | 49,892 | 37,038 |
Cash and cash equivalents, beginning of period | 320,058 | 244,018 |
Cash and cash equivalents, end of period | 369,950 | 281,056 |
Supplemental cash flow information: | ||
Cash paid during the period for income taxes | $ 1,454 | $ 1,904 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | (1) Description of Business Qlik Technologies Inc. (“We”, “Qlik” or the “Company”) has pioneered powerful, user-driven business intelligence (“BI”) solutions that enable its customers to make better, faster and more informed business decisions, wherever they are. The Company’s software products help people create and share insights and analysis in groups and across organizations. Business users can explore data, ask and answer their own stream of questions and follow their own path to insight, or collaborate across teams and organizations. Through its wholly owned subsidiaries, the Company sells software solutions that are powered by the Company’s in-memory engine which maintains associations in data and calculates aggregations rapidly as business users interact with the Company’s software. The Company’s software products are designed to give customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K (file number 001-34803), filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies. Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated. Prior year amounts have been reclassified where appropriate to conform to the current year classification for comparative purposes. Interim Financial Statements These interim consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2016 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position at March 31, 2016, the results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other future periods. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2015. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company evaluates its estimates, including those related to the accounts receivable allowance, useful lives of long-lived assets, the recoverability of goodwill and other intangible assets, assessing fair values of assets and liabilities acquired in and contingent consideration related to business acquisitions, and assumptions used for the purpose of determining stock-based compensation expense and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reported revenues and expenses during the periods presented. Foreign Currency Translation The financial statements of the Company’s foreign operations are measured using the local currency as the functional currency. The local currency assets and liabilities are translated at the rate of exchange to the United States (“U.S.”) dollar on the balance sheet date and the local currency revenues and expenses are translated at average rates of exchange to the U.S. dollar during the reporting periods. Foreign currency transaction gains (losses) have been reflected as a component of other income (expense), net within the Company’s consolidated statements of operations and foreign currency translation gains (losses) have been included as a component of the Company’s consolidated statements of comprehensive income (loss) and accumulated other comprehensive income (loss) within the Company’s consolidated balance sheets. Business Combinations The Company recognizes assets acquired, liabilities assumed and any contingent consideration related to business combinations at fair value on the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. All subsequent changes to a valuation allowance or uncertain tax position related to the acquired company that occur within the measurement period and are based on facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expenses in the consolidated statements of operations. Revenue Recognition The Company derives its revenues from three sources: (i) license revenues; (ii) maintenance revenues; and (iii) professional services revenues. The majority of license revenue is from the sale of perpetual licenses to customers or resellers. Maintenance revenue, which generally has a contractual term of 12 months, includes telephone and web-based support and rights to software updates and upgrades on a when-and-if-available basis. Professional services revenue includes training, implementation, consulting and expert services. For each arrangement, the Company recognizes revenue when (a) persuasive evidence of an arrangement exists, such as a signed contract or purchase order; (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. Delivery is considered to have occurred upon electronic transfer of the license key that provides immediate availability of the product to the purchaser. As substantially all of the Company’s software licenses are sold in multiple-element arrangements that include either maintenance or both maintenance and professional services, the Company uses the residual method to determine the amount of license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon vendor-specific objective evidence (“VSOE”) of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as license revenue. The Company has established VSOE of the fair value of maintenance through independent maintenance renewals, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee, and for new products for which renewals have not yet occurred, the Company has established VSOE of maintenance based on prices established by management with relevant authority. Maintenance revenue is deferred and recognized ratably over the contractual period of the maintenance arrangement, which is generally 12 months. Arrangements that include other professional services are evaluated to determine whether those services are essential to the functionality of other elements of the arrangement. The Company has determined that these services are not considered essential and the amounts allocated to the services are recognized as revenue when the services are performed. The VSOE of the fair value of the Company’s professional services is based on the price for these same services when they are sold separately. Revenue for services that are either sold on a stand-alone basis or included in multiple-element arrangements is recognized as the services are performed. Certain of the Company’s license arrangements include license remix rights which allow the customer to change or alternate its use of the Company’s products after those products have been delivered to the customer. Under these arrangements, the customer has the right to deploy and use at least one copy of each licensed product, and the cumulative value of all products in use cannot exceed the total license fee. Assuming all other revenue recognition criteria have been met, the Company recognizes revenue under these arrangements upon delivery of the first license key of each product eligible for remix under the arrangement. For sales made through resellers, the Company recognizes revenue upon the delivery of the license key only if those resellers provide the Company, at the time of placing their order, with the identity of the end-user customer to whom the product has been sold. Resellers do not carry inventory of the Company’s software products and, generally, do not have the right to return the Company’s software products. Sales made through resellers are evidenced by a reseller agreement, together with purchase orders or order confirmations on a transaction-by-transaction basis. The Company also sells software licenses to original equipment manufacturers (“OEMs”) who integrate the Company’s products for distribution with their applications. The Company does not offer any rights to return products sold to OEM’s. The OEM’s end-user customer is licensed to use the Company’s products solely in conjunction with the OEM’s application. In OEM arrangements, license key delivery is required as the basis for revenue recognition. The Company recognizes revenue under its OEM arrangements when (a) persuasive evidence of an arrangement exists, such as a signed contract or purchase order; (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. The Company records taxes collected on revenue-producing activities on a net basis. Stock-Based Compensation The Company recognizes the cost of stock-based compensation based on the fair value of those awards at the date of grant and amortizes the cost over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the closing price of the Company’s common stock on the date of grant. The fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option-pricing method. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option-pricing model and the lattice model under the option-pricing method are more fully described in Note 7 to these unaudited consolidated financial statements. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses in the consolidated statements of operations. The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 874 $ 1,025 Sales and marketing 4,979 4,670 Research and development 1,121 956 General and administrative 3,410 2,746 Total $ 10,384 $ 9,397 Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per common share for the three months ended March 31, 2016 and 2015 (in thousands, except share and per share data): Three Months Ended March 31, 2016 2015 Basic and diluted net loss per common share calculation: Net loss $ (27,014 ) $ (30,320 ) Weighted average common shares outstanding: Basic and diluted 93,431,206 90,999,316 Net loss per common share: Basic and diluted $ (0.29 ) $ (0.33 ) Diluted net loss per common share for the three months ended March 31, 2016 and 2015 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive: Three Months Ended March 31, 2016 2015 Common stock options 8,991,314 9,408,119 SSARs 10,272 24,091 Restricted stock units 2,445,437 946,454 MVSSSARs 86,271 215,128 Total anti-dilutive securities 11,533,284 10,593,792 Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or consolidated results of operations upon adoption. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. The guidance was originally effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (ASU 2015-14), which deferred the effective date to annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. ASU 2014-09 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements and have not yet selected a transition method, nor have we determined the effect of the standard on our ongoing financial reporting. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company beginning in the first quarter of 2016 with early adoption permitted. The Company adopted ASU 2014-15 during the third quarter of 2015, and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), to simplify the accounting for adjustments made to provisional amounts recognized in a business combination and eliminate the requirement to retrospectively account for those adjustments. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015, and interim periods therein, with early adoption permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 during the third quarter of 2015, and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), requiring companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods, with earlier adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (3) Goodwill and Other Intangible Assets The Company tests goodwill resulting from acquisitions for impairment annually on October 1, or whenever events or changes in circumstances indicate impairment. There was no impairment in the three months ended March 31, 2016 and 2015. The change in goodwill in the consolidated balance sheet as of March 31, 2016 from December 31, 2015 was due to the effect of foreign currency translation. The following table provides information regarding the Company’s intangible assets subject to amortization (in thousands): March 31, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Acquired technology $ 18,096 $ (8,459 ) $ 9,637 $ 17,641 $ (7,523 ) $ 10,118 Customer relationships and other identified intangible assets 5,987 (1,916 ) 4,071 5,799 (1,653 ) 4,146 Trade names 399 (352 ) 47 392 (340 ) 52 Total $ 24,482 $ (10,727 ) $ 13,755 $ 23,832 $ (9,516 ) $ 14,316 The change in intangible assets in the consolidated balance sheet as of March 31, 2016 from December 31, 2015 was due to (i) the amortization of intangible assets of approximately $0.9 million and (ii) the effect of foreign currency translation of approximately $0.3 million. Amortization of intangible assets was approximately $0.9 million for the three months ended March 31, 2016 and 2015. The estimated aggregate amortization expense for each of the succeeding years is as follows: $2.9 million for the remainder of 2016; $3.3 million in 2017; $2.1 million in 2018; $1.5 million in 2019; $1.5 million in 2020; and $2.5 million thereafter. The weighted-average amortization period for all intangible assets is approximately 6.2 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (4) Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Company evaluates the fair value of certain assets and liabilities using the following fair value hierarchy which ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value: • Level 1 – quoted prices in active markets for identical assets and liabilities • Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable • Level 3 – unobservable inputs that are not corroborated by market data The Company is exposed to certain risks related to its ongoing business operations, including the fluctuation of foreign currency exchange rates. The Company uses short-term foreign currency forward contracts as part of its strategy to manage these risks, but does not hold or issue these or any other types of derivative instruments for trading purposes or speculation. The Company uses these short-term foreign currency forward contracts to manage foreign currency exchange rate risks related to certain intercompany borrowings and certain contingent consideration liabilities. The Company executes these instruments with financial institutions that hold an investment grade credit rating. These short-term foreign currency forward contracts do not meet the requirements for hedge accounting and are recorded on the Company’s balance sheet as either an asset or liability measured at their fair value as of the reporting date. The changes in the fair value of derivative instruments, as measured using the three-level hierarchy described above, are recognized in other expense, net, in the Company’s unaudited consolidated statements of operations. The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy (in thousands): Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of March 31, 2016 Assets Cash and cash equivalents $ 369,950 $ 369,950 $ — $ — Short-term foreign currency forward contracts $ 112 $ — $ 112 $ — Liabilities Accrued contingent consideration $ 7,604 $ — $ — $ 7,604 As of December 31, 2015 Assets Cash and cash equivalents $ 320,058 $ 320,058 $ — $ — Short-term foreign currency forward contracts $ 101 $ — $ 101 $ — Liabilities Accrued contingent consideration $ 7,532 $ — $ — $ 7,532 The fair value of the Company’s foreign currency short-term forward contracts is determined using Level 2 observable market inputs to extrapolate forward points to be added to or subtracted from the closing market spot rate on the reporting date, and then are discounted to present value. The following table presents the fair values of hedging instruments within in the Company’s consolidated balance sheets as of the noted dates (in thousands): March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities (unaudited) Short-term foreign currency forward contracts $ 112 $ — $ 101 $ — Total $ 112 $ — $ 101 $ — The Company recognized the following net gain (loss) on short-term foreign currency forward contracts in other income, net within its unaudited consolidated statement of operations as follows (in thousands): Three Months Ended March 31, 2016 2015 Short-term foreign currency forward contracts $ (3,949 ) $ 9,939 Total $ (3,949 ) $ 9,939 The following table presents a reconciliation of the beginning and ending balances of acquisition-related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 (in thousands): Accrued contingent consideration as of December 31, 2015 $ 7,532 Change in fair value of contingent consideration 72 Accrued contingent consideration as of March 31, 2016 $ 7,604 During each of the three months ended March 31, 2016 and 2015, a charge of approximately $0.1 million was recorded related to the changes in fair value of contingent consideration liabilities. Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value in the period in which an acquisition is completed, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for intangible assets acquired, were based on Level 3 unobservable inputs. There were no non-recurring fair value adjustments recorded during the three months ended March 31, 2016 and 2015. |
Income Tax Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | (5) Income Tax Provision In accordance with FASB Accounting Standards Codification 740, Income Taxes For the three months ended March 31, 2016, the Company recorded income tax expense of approximately $2.6 million, which resulted in an effective tax rate of approximately (10.6%), compared to income tax expense of approximately $7.7 million, or an effective tax rate of approximately (33.8%), for the three months ended March 31, 2015. As of March 31, 2016, a full valuation allowance continues to be recorded against its U.S. and Swedish deferred income tax assets, based on an analysis of positive and negative evidence, including analyzing three-year cumulative pre-tax income or loss as well as other quantitative and qualitative information. The effective tax rates for the three months ended March 31, 2016 and 2015 are primarily driven by foreign tax rate differentials, the effects of permanent differences and the changes in the valuation allowance on deferred income tax assets. The primary differences between the effective tax rates for the three months ended March 31, 2016 and 2015 relate to relative differences in the distribution of income and losses in jurisdictions in which the Company operates, changes in the valuation allowances against deferred income tax assets, the impact of the permanent differences and discrete items. The Company’s liability for unrecognized tax benefits (including penalties and interest) was approximately $1.5 million as of March 31, 2016 and December 31, 2015. The Company does not expect that the total amount of unrecognized tax benefits will change significantly during the next twelve months. See Note 7, Income Tax Provision |
Business and Geographic Segment
Business and Geographic Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | (6) Business and Geographic Segment Information The Company currently operates in one operating business segment, namely, the development, commercialization and implementation of software products and related services. The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities with respect to its products or product development. The following geographic data includes revenues generated by subsidiaries located within that geographic region. The Company’s revenues were generated in the following geographic regions for the periods indicated (in thousands): Three Months Ended March 31, 2016 2015 The Americas $ 50,685 $ 42,867 Europe 68,372 63,017 Rest of world 18,973 14,380 Total $ 138,030 $ 120,264 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (7) Stock-Based Compensation The Company’s 2010 Equity Incentive Plan (“2010 Plan”) took effect on July 16, 2010, the effective date of the registration statement for the Company’s initial public offering (“IPO”). The Company initially reserved 3,300,000 shares of its common stock for issuance under the 2010 Plan. The number of shares reserved for issuance under the 2010 Plan will be increased automatically on January 1st of each year by a number equal to the smallest of (i) 3,300,000 shares; (ii) 3.75% of the shares of common stock outstanding at that time; or (iii) a number of shares determined by the Company’s Board of Directors. In February 2016, the Board of Directors approved an increase to the number of shares of common stock available for issuance under the 2010 Plan of 3,300,000 shares effective January 2016. As of March 31, 2016, there were approximately 6.3 million shares of common stock available for issuance under the 2010 Plan. Common Stock Options and SSARs The following provides a summary of the common stock option activity for the Company for the three months ended March 31, 2016: Number of Weighted- Weighted- Aggregrate Outstanding as of January 1, 2016 9,180,188 $ 24.94 7.19 Granted 707,867 $ 26.28 Exercised (692,559 ) $ 6.86 Forfeited (204,182 ) $ 29.09 Outstanding as of March 31, 2016 8,991,314 $ 26.34 7.42 $ 37,340 Exercisable at March 31, 2016 4,817,845 $ 23.64 6.32 $ 27,117 Vested at March 31, 2016 and expected to vest in future periods 8,625,562 $ 26.23 7.37 $ 36,332 The grant date weighted-average fair value for common stock options granted during the three months ended March 31, 2016 and 2015 was $10.82 and $13.21, respectively. Stock-based compensation expense related to common stock options is amortized over the requisite service period. Proceeds from the exercise of common stock options were approximately $4.8 million and $6.8 million for the three months ended March 31, 2016 and 2015, respectively. The total intrinsic value of common stock options exercised during the three months ended March 31, 2016 and 2015 was approximately $10.9 million and $3.5 million, respectively. As a result of expected full year taxable income in certain tax jurisdictions, the Company recorded an excess tax benefit from stock-based compensation of approximately $1.8 million and $6.6 million for the three months ended March 31, 2016 and 2015, respectively. The following provides a summary of the SSARs activity for the Company for the three months ended March 31, 2016: Number of Weighted- Weighted- Aggregrate Outstanding as of January 1, 2016 263,965 $ 28.62 Granted — $ — Exercised — $ — Forfeited (1,214 ) $ 27.00 Outstanding as of March 31, 2016 262,751 $ 28.63 8.12 $ 298 Exercisable at March 31, 2016 129,883 $ 28.37 8.10 $ 153 Vested at March 31, 2016 and expected to vest in future periods 254,198 $ 28.67 8.11 $ 276 The Company did not grant or settle any SSARs during the three months ended March 31, 2016 and 2015. Stock-based compensation expense related to SSARs is amortized over the requisite service period. The assumptions used in the Black-Scholes option pricing model are: Three Months Ended March 31, 2016 2015 Expected dividend yield 0.0% 0.0% Risk-free interest rate 1.2% - 1.6% 1.5% - 1.7% Expected volatility 44.6% - 46.1% 46.6% - 47.1% Expected life (in years) 4.94 5.13 The Company uses the Black-Scholes option-pricing model to value common stock option awards and SSARs. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected term of the stock-based compensation awards and stock price volatility. During the first quarter of 2015, the Company began to exclusively utilize its own historical stock price volatility to estimate the expected stock price volatility over the expected term as the Company now believes that it has a sufficient amount of experience as a public company to provide a reasonable basis for the calculation of the expected stock price volatility. For common stock options and SSARs granted prior to the first quarter of 2015, the Company used blended volatility to estimate expected volatility. Blended volatility included a weighting of the Company’s historical volatility from the date of its IPO to the respective grant date and an average of the Company’s peer group historical volatility consistent with the expected term of the common stock options. The Company’s peer group volatility included the historical volatility of certain companies that shared similar characteristics in terms of revenue size and industry. This change in estimate did not have a material impact on the results of operations for the three months ended March 31, 2016 and 2015. The Company uses its own historical activity related to common stock option exercises and post-vesting forfeitures in order to estimate the expected term of its common stock option awards. The risk-free interest rate used to value common stock option awards is based on the U.S. Treasury yield curve with a remaining term equal to the expected term assumed at the grant date. The assumptions used in calculating the fair value of stock-based compensation awards represent management’s best estimate and involve inherent uncertainties and the application of management judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different in the future. For the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expenses of approximately $5.9 million and $6.5 million, respectively, related to common stock option grants and SSARs. As of March 31, 2016, there was approximately $44.3 million of total unrecognized compensation cost, net of estimated forfeitures, related to non-vested employee and non-employee director common stock options and SSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.7 years. Restricted Stock Units The following provides a summary of the restricted stock unit activity for the Company for the three months ended March 31, 2016: Number of Weighted- Outstanding as of January 1, 2016 1,333,182 $ 30.93 Granted 1,265,969 25.98 Vested (82,162 ) 26.60 Forfeited (71,552 ) 28.81 Outstanding as of March 31, 2016 2,445,437 $ 28.57 The Company grants restricted stock unit awards to its employees and non-employee directors under the provisions of the 2010 Plan. The fair value of a restricted stock unit is determined by using the closing price of the Company’s common stock on the date of grant. A restricted stock unit award entitles the holder to receive shares of the Company’s common stock as the award vests, which is generally based on length of service. Stock-based compensation expense related to restricted stock unit awards is amortized over the requisite service period. The total intrinsic value of restricted stock units vested during the three months ended March 31, 2016 was approximately $2.2 million. The total intrinsic value of restricted stock units outstanding as of March 31, 2016 was approximately $70.7 million. For the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expenses of approximately $4.1 million and $2.3 million, respectively, related to restricted stock unit awards. As of March 31, 2016, there was approximately $53.3 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock units. The remaining cost is expected to be recognized over a weighted-average period of approximately 3.3 years. MVSSSARs The following provides a summary of the MVSSSARs activity for the Company for the three months ended March 31, 2016: Number of Weighted- Outstanding as of January 1, 2016 894,829 $ 27.53 Granted — $ — Exercised — $ — Forfeited (39,547 ) $ 25.18 Outstanding as of March 31, 2016 855,282 $ 27.63 The Company grants MVSSSARs to certain employees under the provisions of the 2010 Plan. MVSSSARs contain a predetermined cap on the maximum stock price at which point the instrument must be exercised. At exercise, employees holding MVSSSARs will receive shares of the Company’s common stock with a value equal to the difference between the exercise price and the current market price per share of the Company’s common stock, subject to a predetermined cap. The exercise price of MVSSSARs is determined by using the closing price of the Company’s common stock on the date of grant. Vesting is based on length of service. Stock-based compensation expense related to MVSSSARs is amortized over the requisite service period. The fair value of MVSSSARs is determined by utilizing a lattice model under the option-pricing method. The key inputs to the lattice model are the current price of the Company’s common stock, the fair value of the Company’s common stock at date of grant, the maximum fair value at which the MVSSSARs must be exercised, the vesting period, the contractual term, the volatility, the risk-free interest rate, the employment termination rate and assumptions with respect to early exercise behavior. The total intrinsic value of MVSSSARs outstanding as of March 31, 2016 was approximately $2.5 million. The total intrinsic value of MVSSSARs exercisable as of March 31, 2016 was approximately $0.7 million. For the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expenses of approximately $0.4 million and $0.6 million, respectively, related to MVSSSARs. As of March 31, 2016, there was approximately $2.3 million of total unrecognized compensation cost related to unvested MVSSSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.0 years. For the three months ended March 31, 2016, the Company did not settle any MVSSSARs. For the three months ended March 31, 2015, the Company settled 32,617 MVSSSARs by issuing 8,389 shares of the Company’s common stock. If settlement of all outstanding MVSSSARs had occurred on March 31, 2016 at the predetermined cap on the maximum stock price at which point the instrument must be exercised, the Company would have issued 314,638 shares of the Company’s common stock. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 9, Commitment and Contingencies |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (9) Subsequent Events In April 2016, the Company closed on a transaction to acquire all of the outstanding shares of Industrial Codebox Holdings Limited (“Codebox”), a company incorporated in England and Wales that specializes in the development of desktop and web-based applications. The Company purchased Codebox for a total maximum purchase price of approximately $4.0 million. The total maximum purchase price includes approximately $1.2 million of contingent consideration payable upon the achievement of certain integration milestones as set forth in the purchase agreement governing the transaction. |
Significant Accounting Polici16
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K (file number 001-34803), filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated. Prior year amounts have been reclassified where appropriate to conform to the current year classification for comparative purposes. |
Interim Financial Statements | Interim Financial Statements These interim consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2016 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position at March 31, 2016, the results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other future periods. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2015. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company evaluates its estimates, including those related to the accounts receivable allowance, useful lives of long-lived assets, the recoverability of goodwill and other intangible assets, assessing fair values of assets and liabilities acquired in and contingent consideration related to business acquisitions, and assumptions used for the purpose of determining stock-based compensation expense and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reported revenues and expenses during the periods presented. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s foreign operations are measured using the local currency as the functional currency. The local currency assets and liabilities are translated at the rate of exchange to the United States (“U.S.”) dollar on the balance sheet date and the local currency revenues and expenses are translated at average rates of exchange to the U.S. dollar during the reporting periods. Foreign currency transaction gains (losses) have been reflected as a component of other income (expense), net within the Company’s consolidated statements of operations and foreign currency translation gains (losses) have been included as a component of the Company’s consolidated statements of comprehensive income (loss) and accumulated other comprehensive income (loss) within the Company’s consolidated balance sheets. |
Business Combinations | Business Combinations The Company recognizes assets acquired, liabilities assumed and any contingent consideration related to business combinations at fair value on the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. All subsequent changes to a valuation allowance or uncertain tax position related to the acquired company that occur within the measurement period and are based on facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expenses in the consolidated statements of operations. |
Revenue Recognition | Revenue Recognition The Company derives its revenues from three sources: (i) license revenues; (ii) maintenance revenues; and (iii) professional services revenues. The majority of license revenue is from the sale of perpetual licenses to customers or resellers. Maintenance revenue, which generally has a contractual term of 12 months, includes telephone and web-based support and rights to software updates and upgrades on a when-and-if-available basis. Professional services revenue includes training, implementation, consulting and expert services. For each arrangement, the Company recognizes revenue when (a) persuasive evidence of an arrangement exists, such as a signed contract or purchase order; (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. Delivery is considered to have occurred upon electronic transfer of the license key that provides immediate availability of the product to the purchaser. As substantially all of the Company’s software licenses are sold in multiple-element arrangements that include either maintenance or both maintenance and professional services, the Company uses the residual method to determine the amount of license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon vendor-specific objective evidence (“VSOE”) of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as license revenue. The Company has established VSOE of the fair value of maintenance through independent maintenance renewals, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee, and for new products for which renewals have not yet occurred, the Company has established VSOE of maintenance based on prices established by management with relevant authority. Maintenance revenue is deferred and recognized ratably over the contractual period of the maintenance arrangement, which is generally 12 months. Arrangements that include other professional services are evaluated to determine whether those services are essential to the functionality of other elements of the arrangement. The Company has determined that these services are not considered essential and the amounts allocated to the services are recognized as revenue when the services are performed. The VSOE of the fair value of the Company’s professional services is based on the price for these same services when they are sold separately. Revenue for services that are either sold on a stand-alone basis or included in multiple-element arrangements is recognized as the services are performed. Certain of the Company’s license arrangements include license remix rights which allow the customer to change or alternate its use of the Company’s products after those products have been delivered to the customer. Under these arrangements, the customer has the right to deploy and use at least one copy of each licensed product, and the cumulative value of all products in use cannot exceed the total license fee. Assuming all other revenue recognition criteria have been met, the Company recognizes revenue under these arrangements upon delivery of the first license key of each product eligible for remix under the arrangement. For sales made through resellers, the Company recognizes revenue upon the delivery of the license key only if those resellers provide the Company, at the time of placing their order, with the identity of the end-user customer to whom the product has been sold. Resellers do not carry inventory of the Company’s software products and, generally, do not have the right to return the Company’s software products. Sales made through resellers are evidenced by a reseller agreement, together with purchase orders or order confirmations on a transaction-by-transaction basis. The Company also sells software licenses to original equipment manufacturers (“OEMs”) who integrate the Company’s products for distribution with their applications. The Company does not offer any rights to return products sold to OEM’s. The OEM’s end-user customer is licensed to use the Company’s products solely in conjunction with the OEM’s application. In OEM arrangements, license key delivery is required as the basis for revenue recognition. The Company recognizes revenue under its OEM arrangements when (a) persuasive evidence of an arrangement exists, such as a signed contract or purchase order; (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. The Company records taxes collected on revenue-producing activities on a net basis. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based compensation based on the fair value of those awards at the date of grant and amortizes the cost over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the closing price of the Company’s common stock on the date of grant. The fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option-pricing method. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option-pricing model and the lattice model under the option-pricing method are more fully described in Note 7 to these unaudited consolidated financial statements. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses in the consolidated statements of operations. The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 874 $ 1,025 Sales and marketing 4,979 4,670 Research and development 1,121 956 General and administrative 3,410 2,746 Total $ 10,384 $ 9,397 |
Net Loss per Common Share | Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per common share for the three months ended March 31, 2016 and 2015 (in thousands, except share and per share data): Three Months Ended March 31, 2016 2015 Basic and diluted net loss per common share calculation: Net loss $ (27,014 ) $ (30,320 ) Weighted average common shares outstanding: Basic and diluted 93,431,206 90,999,316 Net loss per common share: Basic and diluted $ (0.29 ) $ (0.33 ) Diluted net loss per common share for the three months ended March 31, 2016 and 2015 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive: Three Months Ended March 31, 2016 2015 Common stock options 8,991,314 9,408,119 SSARs 10,272 24,091 Restricted stock units 2,445,437 946,454 MVSSSARs 86,271 215,128 Total anti-dilutive securities 11,533,284 10,593,792 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or consolidated results of operations upon adoption. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. The guidance was originally effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (ASU 2015-14), which deferred the effective date to annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. ASU 2014-09 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements and have not yet selected a transition method, nor have we determined the effect of the standard on our ongoing financial reporting. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company beginning in the first quarter of 2016 with early adoption permitted. The Company adopted ASU 2014-15 during the third quarter of 2015, and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), to simplify the accounting for adjustments made to provisional amounts recognized in a business combination and eliminate the requirement to retrospectively account for those adjustments. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015, and interim periods therein, with early adoption permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 during the third quarter of 2015, and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), requiring companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods, with earlier adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): |
Significant Accounting Polici17
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Stock-Based Compensation Expense Included in Unaudited Consolidated Statements of Operations | The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 874 $ 1,025 Sales and marketing 4,979 4,670 Research and development 1,121 956 General and administrative 3,410 2,746 Total $ 10,384 $ 9,397 |
Computation of Basic and Diluted Net Loss Per Common Share | The following table sets forth the computation of basic and diluted net loss per common share for the three months ended March 31, 2016 and 2015 (in thousands, except share and per share data): Three Months Ended March 31, 2016 2015 Basic and diluted net loss per common share calculation: Net loss $ (27,014 ) $ (30,320 ) Weighted average common shares outstanding: Basic and diluted 93,431,206 90,999,316 Net loss per common share: Basic and diluted $ (0.29 ) $ (0.33 ) |
Diluted Net Loss Per Common Share for Does Not Reflect Potential Issuance of Common Shares | Diluted net loss per common share for the three months ended March 31, 2016 and 2015 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive: Three Months Ended March 31, 2016 2015 Common stock options 8,991,314 9,408,119 SSARs 10,272 24,091 Restricted stock units 2,445,437 946,454 MVSSSARs 86,271 215,128 Total anti-dilutive securities 11,533,284 10,593,792 |
Goodwill and Other Intangible18
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets Subject to Amortization | The following table provides information regarding the Company’s intangible assets subject to amortization (in thousands): March 31, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Acquired technology $ 18,096 $ (8,459 ) $ 9,637 $ 17,641 $ (7,523 ) $ 10,118 Customer relationships and other identified intangible assets 5,987 (1,916 ) 4,071 5,799 (1,653 ) 4,146 Trade names 399 (352 ) 47 392 (340 ) 52 Total $ 24,482 $ (10,727 ) $ 13,755 $ 23,832 $ (9,516 ) $ 14,316 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy (in thousands): Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of March 31, 2016 Assets Cash and cash equivalents $ 369,950 $ 369,950 $ — $ — Short-term foreign currency forward contracts $ 112 $ — $ 112 $ — Liabilities Accrued contingent consideration $ 7,604 $ — $ — $ 7,604 As of December 31, 2015 Assets Cash and cash equivalents $ 320,058 $ 320,058 $ — $ — Short-term foreign currency forward contracts $ 101 $ — $ 101 $ — Liabilities Accrued contingent consideration $ 7,532 $ — $ — $ 7,532 |
Schedule of Fair Value of Hedging Instruments | The following table presents the fair values of hedging instruments within in the Company’s consolidated balance sheets as of the noted dates (in thousands): March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities (unaudited) Short-term foreign currency forward contracts $ 112 $ — $ 101 $ — Total $ 112 $ — $ 101 $ — |
Schedule of Net Gain (Loss) on Short-term Foreign Currency Forward Contracts in Other Income, Net | The Company recognized the following net gain (loss) on short-term foreign currency forward contracts in other income, net within its unaudited consolidated statement of operations as follows (in thousands): Three Months Ended March 31, 2016 2015 Short-term foreign currency forward contracts $ (3,949 ) $ 9,939 Total $ (3,949 ) $ 9,939 |
Reconciliation of Acquisition Related Accrued Contingent Consideration | The following table presents a reconciliation of the beginning and ending balances of acquisition-related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 (in thousands): Accrued contingent consideration as of December 31, 2015 $ 7,532 Change in fair value of contingent consideration 72 Accrued contingent consideration as of March 31, 2016 $ 7,604 |
Business and Geographic Segme20
Business and Geographic Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Net Revenues Based on Geographic Area | The following geographic data includes revenues generated by subsidiaries located within that geographic region. The Company’s revenues were generated in the following geographic regions for the periods indicated (in thousands): Three Months Ended March 31, 2016 2015 The Americas $ 50,685 $ 42,867 Europe 68,372 63,017 Rest of world 18,973 14,380 Total $ 138,030 $ 120,264 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Common Stock Option Activity | The following provides a summary of the common stock option activity for the Company for the three months ended March 31, 2016: Number of Weighted- Weighted- Aggregrate Outstanding as of January 1, 2016 9,180,188 $ 24.94 7.19 Granted 707,867 $ 26.28 Exercised (692,559 ) $ 6.86 Forfeited (204,182 ) $ 29.09 Outstanding as of March 31, 2016 8,991,314 $ 26.34 7.42 $ 37,340 Exercisable at March 31, 2016 4,817,845 $ 23.64 6.32 $ 27,117 Vested at March 31, 2016 and expected to vest in future periods 8,625,562 $ 26.23 7.37 $ 36,332 |
Assumptions Used in Black-Scholes Option Pricing Model | The assumptions used in the Black-Scholes option pricing model are: Three Months Ended March 31, 2016 2015 Expected dividend yield 0.0% 0.0% Risk-free interest rate 1.2% - 1.6% 1.5% - 1.7% Expected volatility 44.6% - 46.1% 46.6% - 47.1% Expected life (in years) 4.94 5.13 |
Summary of Restricted Stock Unit Activity | The following provides a summary of the restricted stock unit activity for the Company for the three months ended March 31, 2016: Number of Weighted- Outstanding as of January 1, 2016 1,333,182 $ 30.93 Granted 1,265,969 25.98 Vested (82,162 ) 26.60 Forfeited (71,552 ) 28.81 Outstanding as of March 31, 2016 2,445,437 $ 28.57 |
SSARs [Member] | |
Summary of Stock Appreciation Rights Activity | The following provides a summary of the SSARs activity for the Company for the three months ended March 31, 2016: Number of Weighted- Weighted- Aggregrate Outstanding as of January 1, 2016 263,965 $ 28.62 Granted — $ — Exercised — $ — Forfeited (1,214 ) $ 27.00 Outstanding as of March 31, 2016 262,751 $ 28.63 8.12 $ 298 Exercisable at March 31, 2016 129,883 $ 28.37 8.10 $ 153 Vested at March 31, 2016 and expected to vest in future periods 254,198 $ 28.67 8.11 $ 276 |
MVSSSARs [Member] | |
Summary of Stock Appreciation Rights Activity | The following provides a summary of the MVSSSARs activity for the Company for the three months ended March 31, 2016: Number of Weighted- Outstanding as of January 1, 2016 894,829 $ 27.53 Granted — $ — Exercised — $ — Forfeited (39,547 ) $ 25.18 Outstanding as of March 31, 2016 855,282 $ 27.63 |
Significant Accounting Polici22
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Contractual term of maintenance contracts | 12 months |
Significant Accounting Polici23
Significant Accounting Policies - Stock-Based Compensation Expense Included in Unaudited Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 10,384 | $ 9,397 |
Cost of Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 874 | 1,025 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 4,979 | 4,670 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 1,121 | 956 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 3,410 | $ 2,746 |
Significant Accounting Polici24
Significant Accounting Policies - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic and diluted net loss per common share calculation: | ||
Net loss | $ (27,014) | $ (30,320) |
Weighted average common shares outstanding: | ||
Basic and diluted | 93,431,206 | 90,999,316 |
Net loss per common share: | ||
Basic and diluted | $ (0.29) | $ (0.33) |
Significant Accounting Polici25
Significant Accounting Policies - Diluted Net Loss Per Common Share for Does Not Reflect Potential Issuance of Common Shares (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 11,533,284 | 10,593,792 |
Common Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 8,991,314 | 9,408,119 |
SSARs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 10,272 | 24,091 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 2,445,437 | 946,454 |
MVSSSARs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 86,271 | 215,128 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment cost | $ 0 | $ 0 |
Amortization of intangible assets | 900,000 | $ 900,000 |
Estimated aggregate amortization expense for 2016 | 2,900,000 | |
Estimated aggregate amortization expense for 2017 | 3,300,000 | |
Estimated aggregate amortization expense for 2018 | 2,100,000 | |
Estimated aggregate amortization expense for 2019 | 1,500,000 | |
Estimated aggregate amortization expense for 2020 | 1,500,000 | |
Estimated aggregate amortization expense for thereafter | $ 2,500,000 | |
Weighted average amortization period | 6 years 2 months 12 days | |
Finite-Lived Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Effect of foreign currency translation | $ 300,000 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 24,482 | $ 23,832 |
Accumulated Amortization | (10,727) | (9,516) |
Net Amount | 13,755 | 14,316 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 18,096 | 17,641 |
Accumulated Amortization | (8,459) | (7,523) |
Net Amount | 9,637 | 10,118 |
Customer Relationships and Other Identified Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 5,987 | 5,799 |
Accumulated Amortization | (1,916) | (1,653) |
Net Amount | 4,071 | 4,146 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 399 | 392 |
Accumulated Amortization | (352) | (340) |
Net Amount | $ 47 | $ 52 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 369,950 | $ 320,058 |
Short-term foreign currency forward contracts | 112 | 101 |
Liabilities | ||
Accrued contingent consideration | 7,604 | 7,532 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 369,950 | 320,058 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Short-term foreign currency forward contracts | 112 | 101 |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Accrued contingent consideration | $ 7,604 | $ 7,532 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Hedging Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Short-term foreign currency forward contracts, Assets | $ 112 | $ 101 |
Short-term foreign currency forward contracts, Liabilities | 0 | 0 |
Short-term Foreign Currency Forward Contracts [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Short-term foreign currency forward contracts, Assets | 112 | 101 |
Short-term foreign currency forward contracts, Liabilities | $ 0 | $ 0 |
Fair Value Measurements - Sch30
Fair Value Measurements - Schedule of Net Gain (Loss) on Short-term Foreign Currency Forward Contracts in Other Income, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Short-term foreign currency forward contracts | $ (3,949) | $ 9,939 |
Short-term Foreign Currency Forward Contracts [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Short-term foreign currency forward contracts | $ (3,949) | $ 9,939 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Acquisition Related Accrued Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accrued contingent consideration as of December 31, 2015 | $ 7,532 | |
Change in fair value of contingent consideration | (100) | $ (100) |
Accrued contingent consideration as of March 31, 2016 | 7,604 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accrued contingent consideration as of December 31, 2015 | 7,532 | |
Accrued contingent consideration as of March 31, 2016 | 7,604 | |
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in fair value of contingent consideration | $ 72 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Adjustment Disclosure [Abstract] | ||
Increase in fair value of contingent consideration liability | $ 100,000 | $ 100,000 |
Other non-recurring fair value adjustments | $ 0 | $ 0 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Expense from income taxes | $ 2,597 | $ 7,658 | |
Effective tax rate | 10.60% | 33.80% | |
Unrecognized tax benefits | $ 1,500 | $ 1,500 | |
Company does not expect its unrecognized tax benefit liability to change significantly | Next twelve months |
Business and Geographic Segme34
Business and Geographic Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of business segment | 1 |
Business and Geographic Segme35
Business and Geographic Segment Information - Net Revenues Based on Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 138,030 | $ 120,264 |
The Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 50,685 | 42,867 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 68,372 | 63,017 |
Rest of World [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 18,973 | $ 14,380 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jul. 16, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from exercise of common stock options | $ 4,750 | $ 6,843 | ||
Excess tax benefit from stock-based compensation | $ 1,806 | $ 6,570 | ||
Common Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date weighted-average fair value | $ 10.82 | $ 13.21 | ||
Proceeds from exercise of common stock options | $ 4,800 | $ 6,800 | ||
Total intrinsic value of common stock options exercised | 10,900 | 3,500 | ||
Excess tax benefit from stock-based compensation | 1,800 | 6,600 | ||
Common Stock Options and SSARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | 5,900 | 6,500 | ||
Total unrecognized compensation cost, net of estimated forfeitures, non-vested | $ 44,300 | |||
Weighted-average period | 2 years 8 months 12 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 4,100 | $ 2,300 | ||
Total unrecognized compensation cost, net of estimated forfeitures, non-vested | $ 53,300 | |||
Weighted-average period | 3 years 3 months 18 days | |||
Intrinsic value, vested | $ 2,200 | |||
Intrinsic value, outstanding | $ 70,700 | |||
MVSSSARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of MVSSSARs exercised | 0 | 32,617 | ||
Stock-based compensation expenses | $ 400 | $ 600 | ||
Total unrecognized compensation cost, net of estimated forfeitures, non-vested | $ 2,300 | |||
Weighted-average period | 2 years | |||
Intrinsic value, vested | $ 700 | |||
Intrinsic value, outstanding | $ 2,500 | |||
MVSSSARs [Member] | Stockholders' Equity Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issue upon settlement common stock | 8,389 | |||
Settlement of common stock | 314,638 | |||
SSARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Granted | 0 | 0 | ||
Number of MVSSSARs exercised | 0 | 0 | ||
Intrinsic value, outstanding | $ 298 | |||
2010 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance under plan | 3,300,000 | |||
Potential company authorized automatic increase | 3,300,000 | |||
Potential company authorized automatic increase of shares as a percentage of common stock outstanding | 3.75% | |||
Number of shares available for grant | 6,300,000 | |||
Company authorized increase | 3,300,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Common Stock Option Activity (Detail) - Common Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 9,180,188 | |
Number of Shares, Granted | 707,867 | |
Number of Shares, Exercised | (692,559) | |
Number of Shares, Forfeited | (204,182) | |
Number of Shares, Outstanding, Ending Balance | 8,991,314 | 9,180,188 |
Number of Shares, Exercisable at March 31, 2016 | 4,817,845 | |
Number of Shares, Vested and expected to vest in future periods | 8,625,562 | |
Weighted-Average Exercise Price, Beginning of Period | $ 24.94 | |
Weighted-Average Exercise Price, Granted | 26.28 | |
Weighted-Average Exercise Price, Exercised | 6.86 | |
Weighted-Average Exercise Price, Forfeited | 29.09 | |
Weighted-Average Exercise Price, End of Period | 26.34 | $ 24.94 |
Weighted-Average Exercise Price, Exercisable at March 31, 2016 | 23.64 | |
Weighted-Average Exercise Price, Vested and expected to vest in future periods | $ 26.23 | |
Weighted-Average Remaining Contractual Term (Years) | 7 years 5 months 1 day | 7 years 2 months 9 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable at March 31, 2016 | 6 years 3 months 26 days | |
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest in future periods | 7 years 4 months 13 days | |
Aggregate Intrinsic Value, Outstanding | $ 37,340 | |
Aggregate Intrinsic Value, Exercisable at March 31, 2016 | 27,117 | |
Aggregate Intrinsic Value, Vested and expected to vest in future periods | $ 36,332 |
Stock-Based Compensation - Su38
Stock-Based Compensation - Summary of SSARs Activity (Detail) - SSARs [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 263,965 | |
Number of Shares, Granted | 0 | 0 |
Number of Shares, Exercised | 0 | 0 |
Number of Shares, Forfeited | (1,214) | |
Number of Shares, Outstanding, Ending Balance | 262,751 | |
Number of Shares, Exercisable | 129,883 | |
Number of Shares, Vested and expected to vest in future periods | 254,198 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 28.62 | |
Weighted-Average Exercise Price, Granted | 0 | |
Weighted-Average Exercise Price, Exercised | 0 | |
Weighted-Average Exercise Price, Forfeited | 27 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 28.63 | |
Weighted-Average Exercise Price, Exercisable | 28.37 | |
Weighted-Average Exercise Price, Vested and expected to vest in future periods | $ 28.67 | |
Weighted-Average Remaining Contractual Term (Years) | 8 years 1 month 13 days | |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 8 years 1 month 6 days | |
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest in future periods | 8 years 1 month 10 days | |
Aggregate Intrinsic Value, Outstanding | $ 298 | |
Aggregate Intrinsic Value, Exercisable | 153 | |
Aggregate Intrinsic Value, Vested and expected to vest in future periods | $ 276 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used in Black-Scholes Option Pricing Model (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.20% | 1.50% |
Risk-free interest rate, maximum | 1.60% | 1.70% |
Expected volatility, minimum | 44.60% | 46.60% |
Expected volatility, maximum | 46.10% | 47.10% |
Expected life (in years) | 4 years 11 months 9 days | 5 years 1 month 17 days |
Stock-Based Compensation - Su40
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning Balance | shares | 1,333,182 |
Number of Shares, Granted | shares | 1,265,969 |
Number of Shares, Vested | shares | (82,162) |
Number of Shares, Forfeited | shares | (71,552) |
Number of Shares, Outstanding, Ending Balance | shares | 2,445,437 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 30.93 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 25.98 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 26.60 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 28.81 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 28.57 |
Stock-Based Compensation - Su41
Stock-Based Compensation - Summary of Maximum Value Stock-Settled Stock Appreciation Rights Activity (Detail) - MVSSSARs [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 894,829 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | (32,617) |
Number of Shares, Forfeited | (39,547) | |
Number of Shares, Outstanding, Ending Balance | 855,282 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 27.53 | |
Weighted-Average Exercise Price, Granted | 0 | |
Weighted-Average Exercise Price, Exercised | 0 | |
Weighted-Average Exercise Price, Forfeited | 25.18 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 27.63 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Industrial Codebox Holdings Limited [Member] $ in Millions | Apr. 30, 2016USD ($) |
Subsequent Event [Line Items] | |
Total preliminary maximum purchase price | $ 4 |
Payment of contingent consideration | $ 1.2 |