Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Amber Road, Inc. | |
Entity Central Index Key | 1,314,223 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,460,677 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 16,105,290 | $ 17,854,523 |
Accounts receivable, net | 13,694,744 | 18,308,547 |
Unbilled receivables | 409,404 | 1,024,861 |
Deferred commissions | 3,891,052 | 3,767,432 |
Prepaid expenses and other current assets | 2,768,704 | 2,003,849 |
Total current assets | 36,869,194 | 42,959,212 |
Property and equipment, net | 10,715,236 | 12,180,109 |
Goodwill | 43,895,140 | 43,913,185 |
Other intangibles, net | 6,906,407 | 7,673,661 |
Deferred commissions | 6,781,875 | 7,007,518 |
Deposits and other assets | 904,548 | 890,059 |
Total assets | 106,072,400 | 114,623,744 |
Current liabilities: | ||
Accounts payable | 1,328,716 | 1,451,463 |
Accrued expenses | 9,840,111 | 8,805,159 |
Current portion of capital lease obligations | 1,292,771 | 1,598,450 |
Deferred revenue | 31,957,271 | 30,532,404 |
Current portion of term loan, net of discount and debt financing costs | 405,836 | 312,086 |
Total current liabilities | 44,824,705 | 42,699,562 |
Capital lease obligations, less current portion | 1,020,878 | 1,916,944 |
Deferred revenue, less current portion | 2,097,914 | 2,393,345 |
Term loan, net of discount and debt financing costs, less current portion | 13,958,057 | 14,207,850 |
Revolving credit facility | 5,500,000 | 5,000,000 |
Other noncurrent liabilities | 1,943,574 | 3,909,728 |
Total liabilities | 69,345,128 | 70,127,429 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; issued and outstanding 26,460,677 and 26,260,459 shares at June 30, 2016 and December 31, 2015, respectively | 26,461 | 26,261 |
Additional paid-in capital | 184,607,505 | 181,457,089 |
Accumulated other comprehensive loss | (1,276,300) | (783,209) |
Accumulated deficit | (146,630,394) | (136,203,826) |
Total stockholders’ equity | 36,727,272 | 44,496,315 |
Total liabilities and stockholders’ equity | $ 106,072,400 | $ 114,623,744 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 26,460,677 | 26,260,459 |
Common stock, shares outstanding (in shares) | 26,460,677 | 26,260,459 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
Subscription | $ 12,840,208 | $ 11,704,722 | $ 25,279,192 | $ 22,046,072 |
Professional services | 5,298,732 | 5,672,674 | 9,824,420 | 10,525,449 |
Total revenue | 18,138,940 | 17,377,396 | 35,103,612 | 32,571,521 |
Cost of revenue: | ||||
Cost of subscription revenue | 4,973,849 | 4,920,945 | 10,023,724 | 9,309,185 |
Cost of professional services revenue | 4,058,867 | 4,746,866 | 8,026,568 | 8,563,384 |
Total cost of revenue | 9,032,716 | 9,667,811 | 18,050,292 | 17,872,569 |
Gross profit | 9,106,224 | 7,709,585 | 17,053,320 | 14,698,952 |
Operating expenses: | ||||
Sales and marketing | 5,985,149 | 6,486,750 | 11,480,690 | 12,201,891 |
Research and development | 3,999,649 | 3,986,639 | 7,887,645 | 7,612,358 |
General and administrative | 3,547,907 | 5,078,434 | 7,546,543 | 9,461,857 |
Total operating expenses | 13,532,705 | 15,551,823 | 26,914,878 | 29,276,106 |
Loss from operations | (4,426,481) | (7,842,238) | (9,861,558) | (14,577,154) |
Interest income | 29,420 | 16,398 | 51,048 | 28,346 |
Interest expense | (221,793) | (266,694) | (422,173) | (391,627) |
Loss before income taxes | (4,618,854) | (8,092,534) | (10,232,683) | (14,940,435) |
Income tax expense | 121,531 | 125,916 | 193,885 | 228,191 |
Net loss | $ (4,740,385) | $ (8,218,450) | $ (10,426,568) | $ (15,168,626) |
Net loss per common share (Note 10): | ||||
Basic and diluted (USD per share) | $ (0.18) | $ (0.32) | $ (0.39) | $ (0.58) |
Weighted-average common shares outstanding (Note 10): | ||||
Basic and diluted (in shares) | 26,576,290 | 26,079,695 | 26,508,316 | 26,019,846 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) Stock Compensation Allocation - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,403,714 | $ 1,848,422 | $ 2,752,235 | $ 3,565,721 |
Cost of Subscription Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 211,238 | 193,804 | 418,949 | 388,356 |
Cost of Professional Services [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 127,521 | 148,661 | 249,213 | 272,142 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 234,489 | 149,708 | 436,733 | 395,568 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 276,541 | 186,509 | 542,556 | 493,203 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 553,925 | $ 1,169,740 | $ 1,104,784 | $ 2,016,452 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,740,385) | $ (8,218,450) | $ (10,426,568) | $ (15,168,626) |
Other comprehensive loss: | ||||
Foreign currency translation | 29,817 | (124,728) | (493,091) | (176,395) |
Total other comprehensive income (loss) | 29,817 | (124,728) | (493,091) | (176,395) |
Comprehensive loss | $ (4,710,568) | $ (8,343,178) | $ (10,919,659) | $ (15,345,021) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (10,426,568) | $ (15,168,626) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,334,061 | 3,258,769 |
Bad debt expense | 173,426 | 70,062 |
Stock-based compensation | 2,752,235 | 3,565,721 |
Compensation related to puttable common stock | 0 | 27,382 |
Acquisition related deferred compensation | 567,954 | 0 |
Changes in fair value of contingent consideration liability | 469 | (287,441) |
Non-cash interest expense related to debt | 0 | 247,144 |
Amortization of debt financing costs and accretion of debt discount | 31,457 | 22,764 |
Changes in operating assets and liabilities: | ||
Accounts receivable and unbilled receivables | 5,037,522 | 3,698,627 |
Prepaid expenses and other assets | (675,686) | (322,687) |
Accounts payable | (115,646) | (250,437) |
Accrued expenses | 779,676 | (2,698,798) |
Other liabilities | (1,966,098) | 471,368 |
Deferred revenue | 1,140,974 | 578,699 |
Net cash provided by (used in) operating activities | 633,776 | (6,787,453) |
Cash flows from investing activities: | ||
Capital expenditures | (92,097) | (626,376) |
Addition of capitalized software development costs | (1,403,920) | (940,485) |
Addition of intangible assets | (275,000) | (275,000) |
Acquisition, net of cash acquired | 0 | (25,593,426) |
Cash paid for deposits | (139,118) | (5,566) |
Decrease in restricted cash | 113,094 | 0 |
Net cash used in investing activities | (1,797,041) | (27,440,853) |
Cash flows from financing activities: | ||
Proceeds from revolving line of credit | 8,750,000 | 0 |
Payments on revolving line of credit | (8,250,000) | 0 |
Proceeds from term loan | 0 | 20,000,000 |
Payments on term loan | (187,500) | 0 |
Debt discount and financing costs | 0 | (186,582) |
Repayments on capital lease obligations | (809,182) | (736,892) |
Proceeds from the exercise of stock options | 398,381 | 1,158,714 |
Net cash provided by (used in) financing activities | (98,301) | 20,235,240 |
Effect of exchange rate on cash and cash equivalents | (487,667) | (180,390) |
Net decrease in cash and cash equivalents | (1,749,233) | (14,173,456) |
Cash and cash equivalents at beginning of period | 17,854,523 | 41,242,200 |
Cash and cash equivalents at end of period | 16,105,290 | 27,068,744 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 390,716 | 127,821 |
Non-cash property and equipment acquired under capital lease | 0 | 948,963 |
Non-cash property and equipment and intangible asset purchases in accounts payable | 16,691 | 314,662 |
Non-cash acquisition contingent consideration | $ 0 | $ 713,000 |
Background
Background | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | Background Amber Road, Inc. (we, our or us) is a leading provider of a cloud-based global trade management solution, including modules for logistics contract and rate management, supply chain visibility and event management, international trade compliance, and Global Knowledge trade content database to importers and exporters, nonvessel owning common carriers (resellers), and ocean carriers. Our solution is primarily delivered using an on-demand, cloud based, delivery model. We are incorporated in the state of Delaware and our corporate headquarters are located in East Rutherford, New Jersey. We also have offices in McLean, Virginia, Raleigh, North Carolina, Munich, Germany, Bangalore, India, and Hong Kong, Shenzhen and Shanghai, China. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Practices | Summary of Significant Accounting Policies and Practices (a) Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement have been included. The accompanying condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries primarily located in India, China and the United Kingdom. All significant intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for other interim periods or future years. The consolidated balance sheet as of December 31, 2015 is derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Form 10-K filed with the Securities and Exchange Commission (SEC) on March 16, 2016. (b) Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of intangibles and goodwill; valuation allowance for receivables and deferred income tax assets; revenue; capitalization of software costs; and valuation of share-based payments. Actual results could differ from those estimates. (c) Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the balance sheet date to be cash equivalents. Cash and cash equivalents at June 30, 2016 and December 31, 2015 consists of the following: June 30, December 31, Cash and cash equivalents $ 16,079,413 $ 17,741,387 Money market accounts 25,877 113,136 $ 16,105,290 $ 17,854,523 (d) Fair Value of Financial Instruments and Fair Value Measurements Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. Management believes that the carrying values of these instruments are representative of their fair value due to the relatively short-term nature of those instruments. We follow FASB accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. ASC 820, Fair Value Measurements , among other things, defines fair value, establishes a framework for measuring fair value, and requires disclosure about such fair value measurements. Assets and liabilities measured at fair value are based on one or more of three valuation techniques provided for in the standards. The three value techniques are as follows: Market Approach — Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Income Approach — Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques and option pricing models); and Cost Approach — Amount that currently would be required to replace the service capacity of an asset (often referred to as replacement cost). The standards clarify that fair value is an exit price, representing the amount that would be received to sell an asset, based on the highest and best use of the asset, or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, the standards establish a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; or Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions about what market participants would use in pricing the asset or liability. The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2016 and December 31, 2015 : Fair Value Measurements at Reporting Date Using June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market accounts $ 25,877 $ 25,877 $ — $ — Restricted cash - money market accounts 56,141 56,141 — — Total assets measured at fair value on a recurring basis $ 82,018 $ 82,018 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,260,000 $ — $ — $ 1,260,000 Total liabilities measured at fair value on a recurring basis $ 1,260,000 $ — $ — $ 1,260,000 December 31, 2015 Assets: Cash equivalents - money market accounts $ 113,136 $ 113,136 $ — $ — Restricted cash - money market accounts 169,235 169,235 — — Total assets measured at fair value on a recurring basis $ 282,371 $ 282,371 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,259,531 $ — $ — $ 1,259,531 Total liabilities measured at fair value on a recurring basis $ 1,259,531 $ — $ — $ 1,259,531 Acquisition contingent consideration liability is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement. The valuation of contingent consideration uses assumptions we believe would be made by a market participant. The reconciliation of the acquisition contingent consideration liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Balance at December 31, 2015 $ 1,259,531 Mark to estimated fair value recorded as general and administrative expense 469 Balance at June 30, 2016 $ 1,260,000 (e) Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience, the industry, and the economy. We review our allowance for doubtful accounts monthly. Past-due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. Typically, we record unbilled receivables for contracts on which revenue has been recognized, but for which the customer has not yet been billed. (f) Major Customers and Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Our customer base is principally comprised of enterprise and mid-market companies within the global trade industry. We do not require collateral from our customers. For the three and six months ended June 30, 2016 and 2015 , no one customer accounted for more than 10% of our total revenue and as of June 30, 2016 and December 31, 2015 , no one customer accounted for more than 10% of our total accounts receivable. (g) Revenue We primarily generate revenue from the sale of subscriptions and subscription-related professional services. In instances involving subscriptions, revenue is generated under customer contracts with multiple elements, which are comprised of (1) subscription fees that provide the customers with access to our on-demand application and content, unspecified solution and content upgrades, and customer support, (2) professional services associated with consulting services (primarily implementation services), and (3) transaction-related fees (including publishing services). Our initial customer contracts have contract terms from, typically, three to five years in length. Typically, the customer does not take possession of the software nor does the customer have the right to take possession of the software supporting the on-demand application service. However, in certain instances, we have customers that take possession of the software whereby the application is installed on the customer’s premises. Our subscription service arrangements typically may only be terminated for cause and do not contain refund provisions. We provide our software as a service and follow the provisions of ASC Topic 605, Revenue Recognition (ASC 605) and ASC Topic 985, Software (ASC 985). We commence revenue recognition when all of the following conditions are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • The collection of the fees is probable; and • The amount of fees to be paid by the customer is fixed or determinable. The subscription fees typically begin the first month following contract execution, whether or not we have completed the solution’s implementation. In addition, typically, any services performed by us for our customers are not essential to the functionality of our products. Subscription Revenue Subscription revenue is recognized ratably over contract terms beginning on the commencement date of each contract, which is the date our service is made available to customers. Typically, amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Transaction-related revenue is recognized as the transactions occur. Professional Services Revenue The majority of professional services contracts are on a time and material basis. When these services are not combined with subscription revenue as a single unit of accounting, as discussed below, this revenue is recognized as the services are rendered for time and material contracts, and when the milestones are achieved and accepted by the customer for fixed price contracts. Multiple-Deliverable Arrangements We enter into arrangements with multiple deliverables that generally include subscription, professional services (primarily implementation) as well as transaction-related fees. We allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE), if available, third party evidence (TPE), if VSOE is not available, or estimated selling prices (ESP), if neither VSOE nor TPE is available. As we have been unable to establish VSOE or TPE for the elements of our arrangements, we establish the ESP for each element primarily by considering the weighted average of actual sales prices of professional services sold on a standalone basis and subscription including various add-on modules if and when sold together without professional services, and other factors such as gross margin objectives, pricing practice and growth strategy. We have established processes to determine ESP and allocate revenue in multiple-deliverable arrangements using ESP. For those contracts in which the customer accesses our software via an on-demand application, we account for these contracts in accordance with ASC 605-25, Revenue Recognition—Multiple- Element Arrangements . The majority of these agreements represent multiple-element arrangements, and we evaluate each element to determine whether it represents a separate unit of accounting. The consideration allocated to subscription is recognized as revenue ratably over the contract period. The consideration allocated to professional services is recognized as the services are performed, which is typically over the first three to six months of an arrangement. For those contracts in which the customer takes possession of the software, we account for such transactions in accordance with ASC 985, Software . We account for these contracts as subscriptions and recognize the entire arrangement fee (subscription and services) ratably over the term of the agreement. In addition, as we do not have VSOE for services, any add-on services entered into during the term of the subscription are recognized over the remaining term of the agreement. Other Revenue Items Sales tax collected from customers and remitted to governmental authorities is accounted for on a net basis and, therefore, is not included in revenue and cost of revenue in the condensed consolidated statements of operations. We classify customer reimbursements received for direct costs paid to third parties and related expenses as revenue, in accordance with ASC 605. The amounts included of such customer reimbursements in professional services revenue and cost of professional services revenue for the three months ended June 30, 2016 and 2015 were $152,823 and $139,418 , respectively, and were $302,031 and $243,885 , for the six months ended June 30, 2016 and 2015 , respectively. (h) Cost of Revenue Cost of subscription revenue . Cost of subscription revenue consists primarily of personnel and related costs of our hosting, support, and content teams, including salaries, benefits, bonuses, payroll taxes, stock-based compensation and allocated overhead, as well as software license fees, hosting costs, Internet connectivity, and depreciation expenses directly related to delivering our solutions, as well as amortization of capitalized software development costs. Our cost of subscription revenue is generally expensed as the costs are incurred. Cost of professional services revenue . Cost of professional services revenue consists primarily of personnel and related costs, including salaries, benefits, bonuses, payroll taxes, stock-based compensation, the costs of contracted third-party vendors, reimbursable expenses and allocated overhead. As our personnel are employed on a full-time basis, our cost of professional services is largely fixed in the short term, while our professional services revenue may fluctuate, leading to fluctuations in professional services gross profit. Cost of professional services revenue is generally expensed as costs are incurred. (i) Deferred Commissions We defer commission costs that are incremental and directly related to the acquisition of customer contracts. Commission costs are accrued and deferred upon execution of the sales contract by the customer. Payments to sales personnel are made shortly after the receipt of the related customer payment. Deferred commissions are amortized over the term of the related noncancelable customer contract and are recoverable through the related future revenue streams. Our commission costs deferred and amortized in the period are as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Commission costs deferred $ 1,389,926 $ 396,601 $ 2,162,755 $ 1,068,367 Commission costs amortized 1,150,595 941,534 2,264,778 1,683,489 (j) Stock-Based Compensation We recognize stock-based compensation as an expense in the condensed consolidated financial statements and measure that cost based on the estimated grant-date fair value using the Black-Scholes option pricing model. (k) Geographic Information Revenue by geographic location based on the billing address of our customers is as follows: Three Months Ended Six Months Ended Country 2016 2015 2016 2015 United States $ 14,337,428 $ 13,527,804 $ 27,558,433 $ 25,983,954 International 3,801,512 3,849,592 7,545,179 6,587,567 Total revenue $ 18,138,940 $ 17,377,396 $ 35,103,612 $ 32,571,521 Long-lived assets by geographic location is as follows: Country June 30, December 31, United States $ 9,306,372 $ 10,658,129 International 1,408,864 1,521,980 Total long-lived assets $ 10,715,236 $ 12,180,109 (l) Recent Accounting Pronouncements In March, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation-Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new guidance also contains two practical expedients under which nonpublic entities can use the simplified method to estimate the expected term of an award and make a one-time election to switch from fair value measurement to intrinsic value measurement for liability-classified awards. We are evaluating the effect that ASU 2016-09 will have on our condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our condensed consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires an entity to record debt issuance costs as a direct deduction from the debt liability, rather than recording as a separate asset. The new standard is effective for annual reporting periods beginning after December 15, 2015. We implemented the provisions of ASU 2015-03 as of January 1, 2016. The application of this guidance decreased other assets and decreased current and long-term debt by $54,581 and $63,677 , respectively, in the condensed consolidated balance sheet at December 31, 2015, and decreased other assets and decreased current and long-term debt by $54,581 and $36,387 , respectively, in the condensed consolidated balance sheet at June 30, 2016 . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) , and requires entities to 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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net) , which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing , which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. There are two transition methods available under the new standard, either cumulative effect or retrospective. The standard will be effective for us in the first quarter of 2018 and we are currently assessing which method we will choose for adoption and are evaluating the impact of the adoption on our condensed consolidated financial statements. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition In March 2015, we acquired ecVision (International) Inc. (ecVision), a cloud-based provider of global sourcing and collaborative supply chain solutions for brand-focused companies. ecVision offers a cloud-based supply chain collaboration platform that optimizes product lifecycle and supply chain processes and their products help customers effectively manage their relationships with product suppliers, raw material vendors, product testing and social compliance audit firms, and global logistics companies. The acquisition of ecVision expands our suite of global supply chain capabilities, allowing us to offer more services at the starting point of the global supply chain and providing greater market differentiation. The acquisition of ecVision was accounted for under the purchase method of accounting and its operating results are included in the accompanying condensed consolidated financial statements from the date of acquisition. As part of the purchase agreement, an earnout payment to ecVision’s former equityholders of up to $5,176,000 was to be made on June 1, 2016 if certain GAAP revenue growth metrics were achieved from April 1, 2015 through March 31, 2016. These metrics were not achieved. Therefore, no earnout payment was made on June 1, 2016. In addition, on June 1, 2017, we will pay to ecVision’s former equityholders $3,675,000 if the founder of ecVision has not been terminated by us for “Cause” and if he has not left us without “Good Reason,” as such terms are defined in the merger agreement. The contingent retention consideration is classified within current liabilities in the condensed consolidated balance sheet and is being marked-to-market within general and administrative expense in the condensed consolidated statement of operations each quarter through March 2017, which is the end of the retention period. At June 30, 2016 , the fair value of the contingent retention consideration was $1,260,000 . The revenue and net loss of the combined entity as if the acquisition date had been January 1, 2015 are as follows: Six Months Ended Supplemental pro forma information (unaudited): Revenue $ 34,521,683 Net loss (16,604,312 ) |
Consolidated Balance Sheet Comp
Consolidated Balance Sheet Components | 6 Months Ended |
Jun. 30, 2016 | |
Consolidated Balance Sheet Components [Abstract] | |
Consolidated Balance Sheet Components | Consolidated Balance Sheet Components Components of property and equipment, accrued expenses, deferred revenue and other noncurrent liabilities consisted of the following: (a) Property and Equipment June 30, December 31, Computer software and equipment $ 16,131,106 $ 15,584,883 Software development costs 12,931,305 12,651,316 Furniture and fixtures 1,960,788 2,140,523 Leasehold improvements 2,933,402 3,081,861 Total property and equipment 33,956,601 33,458,583 Less: accumulated depreciation and amortization (23,241,365 ) (21,278,474 ) Total property and equipment, net $ 10,715,236 $ 12,180,109 Depreciation and amortization expense related to property and equipment was $1,270,496 and $1,392,208 for the three months ended June 30, 2016 and 2015 , respectively, and was $2,573,309 and $2,698,809 for the six months ended June 30, 2016 and 2015 , respectively. Certain development costs of our software solution are capitalized in accordance with ASC Topic 350-40, Internal Use Software , which outlines the stages of computer software development and specifies when capitalization of costs is required. Projects that are determined to be in the development stage are capitalized and amortized over their useful lives of five years . Projects that are determined to be within the preliminary stage are expensed as incurred. Information related to capitalized software costs is as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Software costs capitalized $ 682,872 $ 685,730 $ 1,403,920 $ 940,485 Software costs amortized (1) 458,265 $ 504,548 924,996 1,060,695 (1) Included in cost of subscription revenue on the accompanying condensed consolidated statements of operations. June 30, December 31, Capitalized software costs not yet subject to amortization $ 1,469,234 $ 290,155 (b) Accrued Expenses June 30, December 31, Accrued bonus $ 1,665,469 $ 1,843,719 Accrued commission 2,245,925 2,989,495 Deferred rent 217,545 230,224 Accrued severance 7,048 293,828 Accrued professional fees 808,066 815,893 Accrued taxes 524,216 705,032 Accrued contingent consideration and acquisition compensation 2,765,544 29,000 Other accrued expenses 1,606,298 1,897,968 Total $ 9,840,111 $ 8,805,159 (c) Deferred revenue June 30, December 31, Current: Subscription revenue $ 30,485,382 $ 28,766,188 Professional services revenue 1,471,889 1,455,578 Other — 310,638 Total current 31,957,271 30,532,404 Noncurrent: Subscription revenue 169,421 375,244 Professional services revenue 1,928,493 2,018,101 Total noncurrent 2,097,914 2,393,345 Total deferred revenue $ 34,055,185 $ 32,925,749 Deferred revenue from subscriptions represents amounts collected from (or invoiced to) customers in advance of earning subscription revenue. Typically, we bill our annual subscription fees in advance of providing the service. Deferred revenue from professional services represents revenue that is being deferred and amortized over the remaining term of the related subscription contract related to customers who have taken possession of the software. See note 2 (g) . (d) Other Noncurrent Liabilities June 30, December 31, Deferred rent $ 1,943,574 $ 1,732,607 Acquisition contingent consideration liability — 1,230,531 Acquisition compensation costs — 946,590 Total $ 1,943,574 $ 3,909,728 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Leases | Leases We have several noncancelable operating leases that expire through 2024. These leases generally contain renewal options for periods ranging from three to five years and require us to pay all executory costs such as maintenance and insurance. Rental expense for operating leases for the three months ended June 30, 2016 and 2015 was approximately $ 959,000 and $ 955,000 , respectively, and was $1,904,000 and $1,703,000 for the six months ended June 30, 2016 and 2015 , respectively, and is allocated to various line items in the condensed consolidated statements of operations. The carrying value of assets recorded under capital leases was $1,971,114 and $2,862,025 as of June 30, 2016 and December 31, 2015 , respectively, which includes accumulated amortization of $4,912,566 and $4,021,656 , respectively. Amortization of assets held under capital leases is allocated to various line items in the condensed consolidated statements of operations. Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of June 30, 2016 are as follows: Capital Operating Remainder of 2016 $ 715,846 $ 2,265,384 2017 1,024,077 4,110,437 2018 451,082 3,157,441 2019 241,016 3,169,983 2020 97,789 2,329,109 2021 and thereafter — 3,575,948 Total minimum lease payments 2,529,810 $ 18,608,302 Less amount representing interest (216,161 ) Present value of net minimum capital lease payments 2,313,649 Less current installments of obligations under capital leases (1,292,771 ) Obligations under capital leases excluding current installments $ 1,020,878 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt In connection with the ecVision acquisition (Note 3), in March 2015 we entered into a credit agreement providing for financing comprised of (i) a senior secured term loan facility (the Term Loan) of $20,000,000 , and (ii) a senior secured revolving credit facility (the Revolver), that was amended in November 2015 to allow for a borrowing limit of $10,000,000 , and includes a $2,000,000 sublimit for the issuance of letters of credit. The maturity date of the credit agreement is March 4, 2018. The credit agreement contains customary affirmative and negative covenants for financings of its type that are subject to customary exceptions. As of June 30, 2016 , we were in compliance with all the reporting and financial covenants. The outstanding balance for the Term Loan as of June 30, 2016 was $14,363,893 , net of unaccreted discount and deferred financing costs of $104,857 and the outstanding balance under the Revolver was $5,500,000 . For the period ended June 30, 2016 , the interest rate used was 4.14% for the Term Loan and 5.00% for the Revolver. The following table reflects the schedule of principal payments for the Term Loan as of June 30, 2016 : Principal Remainder of 2016 $ 187,500 2017 656,250 2018 13,625,000 $ 14,468,750 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders' Equity Common Stock The following table presents our activity for common stock during the six months ended June 30, 2016 : Shares Amount Balance at December 31, 2015 26,260,459 $ 26,261 Exercise of common stock options 182,448 182 Common stock issued for contingent consideration 6,506 7 Issuance of common stock for vested restricted stock units 11,264 11 Balance at June 30, 2016 26,460,677 $ 26,461 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Our 2012 Omnibus Incentive Compensation Plan (the 2012 Plan) allows us to grant common stock options, restricted stock units (RSUs), including performance-based restricted stock units (PSUs), and restricted stock awards to our employees (including officers), non-employee consultants and non-employee directors and those of our affiliates. As of June 30, 2016 , we had authorized 5,146,696 awards to be issued under the 2012 Plan, had 3,779,344 options outstanding, 958,163 RSUs outstanding, of which 310,545 were PSUs, and 82,637 awards were available for future grant. Under our 2002 stock option plan (the 2002 Plan), we had 4,939,270 shares authorized and 651,135 options outstanding as of June 30, 2016 . The 2002 Plan expired in 2012 and we are no longer making grants under it. Stock Options The fair value of option grants is estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Risk-free interest rate * * 1.29% 1.71 - 1.72% Expected volatility * * 33.37% 37.41 - 39.32% Expected dividend yield * * — — Expected life in years * * 6.25 6.25 Weighted average fair value of options granted * * $1.32 $3.35 * There were no options granted during the three months ended June 30, 2016 and 2015. The computation of expected volatility for each period is based on historical volatility of comparable public companies. The volatility percentage represents the mean volatility of these companies. The computation of expected life for each period was determined based on the simplified method. The risk-free interest rate is based on U.S. Treasury yields for zero-coupon bonds with a term consistent with the expected life of the options. Information for the 2002 Plan and 2012 Plan is as follows: Options Exercise Price Weighted Average Balance at December 31, 2015 4,402,943 $1.75 - $15.90 $9.38 Granted 248,728 $3.74 3.74 Exercised (182,448 ) $1.75 - $4.06 2.18 Canceled — — — Expired (38,744 ) $1.75 1.75 Balance at June 30, 2016 4,430,479 $1.75 - $15.90 9.42 The total intrinsic value of options exercised during the six months ended June 30, 2016 was $492,391 . Options outstanding and exercisable under the 2002 Plan and the 2012 Plan at June 30, 2016 were as follows: Options Outstanding Options Exercisable Exercise Price Per Share Options Weighted Intrinsic Options Weighted Intrinsic $ 1.75 - $ 2.68 649,485 4.3 years $ 3,462,422 624,435 4.3 years $ 3,336,421 $ 2.74 - $ 4.13 411,978 6.9 years 1,678,198 125,250 0.6 years 554,707 $ 5.57 - $ 9.06 1,194,878 8.2 years 446,517 503,711 7.9 years 331,538 $ 12.62 - $15.90 2,174,138 8.1 years — 951,587 8.1 years — 4,430,479 $ 5,587,137 2,204,983 $ 4,222,666 The weighted average exercise price and weighted average remaining term of fully vested options as of June 30, 2016 are $8.39 and 6.5 years, respectively. As of June 30, 2016 and December 31, 2015 , there was $9,362,409 and $11,268,573 , respectively, of total unrecognized compensation expense related to non-vested stock options. That cost is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock Units The following table is a summary of our RSU activity for the six months ended June 30, 2016 : Number Weighted Average Balance at December 31, 2015 392,522 $8.07 Granted 647,618 3.77 Vested (81,977 ) 8.08 Balance at June 30, 2016 958,163 5.16 Unvested RSUs at June 30, 2016 have a weighted-average grant date fair value of $5.16 per share. Unrecognized stock-based compensation with respect to non-vested RSUs was $2,013,883 as of June 30, 2016 and was expected to be recognized over a weighted-average period of 3.0 years . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our income tax provision for the three and six months ended June 30, 2016 and 2015 reflects our estimate of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events that are recorded in the period in which they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. The tax provision for the three and six months ended June 30, 2016 is primarily related to current foreign income taxes. We have historically incurred operating losses and, given our cumulative losses and no history of profits, we have recorded a full valuation allowance against our deferred tax assets at June 30, 2016 and December 31, 2015 . We have a federal net operating loss (NOL) carryforward of approximately $73,533,000 and $64,600,000 as of December 31, 2015 and December 31, 2014, respectively. We expect to be in a taxable loss position for 2016. The federal NOL carryforward will begin to expire in 2019. For state income tax purposes, we have net operating loss carryforwards in a number of jurisdictions in varying amounts and with varying expiration dates from 2016 through 2035. The Internal Revenue Code contains provisions that limit the yearly utilization of net operating loss carryforwards if there has been an ownership change, as defined. Such an ownership change, as described in Section 382 of the Internal Revenue Code, may limit our ability to utilize our NOL carryforwards on a yearly basis. As a result, to the extent that any single-year limitation is not utilized to the full amount of the limitation, such unused amount is carried over to subsequent years until the earlier of its utilization or the expiration of the relevant carryforward period. We have not yet made a determination regarding the potential impact of these amounts. We believe that we have not taken an uncertain tax position on prior tax filings and therefore have not recorded a liability for unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Tax years 2012 and forward remain open for examination for federal tax purposes and for our more significant state tax jurisdictions. To the extent utilized in future years tax returns, NOL carryforwards at December 31, 2015 will remain subject to examination until the respective tax year is closed. In May 2016, we concluded an examination by the U.S. Internal Revenue Service, in connection with the 2012 tax year. The result of such examination was the reduction of federal net operating loss carryforwards aggregating approximately $1,200,000 . |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended 2016 2015 2016 2015 Basic and diluted net loss per share: Numerator: Net loss $ (4,740,385 ) $ (8,218,450 ) $ (10,426,568 ) $ (15,168,626 ) Denominator: Weighted average shares outstanding 26,576,290 26,079,695 26,508,316 26,019,846 Basic and diluted net loss per share $ (0.18 ) $ (0.32 ) $ (0.39 ) $ (0.58 ) Diluted net loss per share does not include the effect of the following antidilutive common equivalent shares: Three Months Ended Six Months Ended 2016 2015 2016 2015 Stock options outstanding 4,430,479 4,749,613 4,430,479 4,749,613 Restricted stock units 958,163 519,439 958,163 519,439 5,388,642 5,269,052 5,388,642 5,269,052 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Legal Proceedings We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our financial position, results of operations, or liquidity. (b) Other Under the indemnification clauses of our standard customer agreements, we guarantee to defend and indemnify the customer against any claim based upon any failure to satisfy the warranty set forth in the contract associated with infringements of any patent, copyright, trade secret, or other intellectual property right. At present, we do not expect to incur any infringement liability as a result of the customer indemnification clauses. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies and Practices (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement have been included. |
Principles of Consolidation | The accompanying condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries primarily located in India, China and the United Kingdom. All significant intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for other interim periods or future years. The consolidated balance sheet as of December 31, 2015 is derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Form 10-K filed with the Securities and Exchange Commission (SEC) on March 16, 2016. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of intangibles and goodwill; valuation allowance for receivables and deferred income tax assets; revenue; capitalization of software costs; and valuation of share-based payments. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the balance sheet date to be cash equivalents. |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. Management believes that the carrying values of these instruments are representative of their fair value due to the relatively short-term nature of those instruments. We follow FASB accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. ASC 820, Fair Value Measurements , among other things, defines fair value, establishes a framework for measuring fair value, and requires disclosure about such fair value measurements. Assets and liabilities measured at fair value are based on one or more of three valuation techniques provided for in the standards. The three value techniques are as follows: Market Approach — Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Income Approach — Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques and option pricing models); and Cost Approach — Amount that currently would be required to replace the service capacity of an asset (often referred to as replacement cost). The standards clarify that fair value is an exit price, representing the amount that would be received to sell an asset, based on the highest and best use of the asset, or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, the standards establish a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; or Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions about what market participants would use in pricing the asset or liability. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience, the industry, and the economy. We review our allowance for doubtful accounts monthly. Past-due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. Typically, we record unbilled receivables for contracts on which revenue has been recognized, but for which the customer has not yet been billed. |
Major Customers and Concentrations of Credit Risk | Major Customers and Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Our customer base is principally comprised of enterprise and mid-market companies within the global trade industry. We do not require collateral from our customers. For the three and six months ended June 30, 2016 and 2015 , no one customer accounted for more than 10% of our total revenue and as of June 30, 2016 and December 31, 2015 , no one customer accounted for more than 10% of our total accounts receivable. |
Revenue | Revenue We primarily generate revenue from the sale of subscriptions and subscription-related professional services. In instances involving subscriptions, revenue is generated under customer contracts with multiple elements, which are comprised of (1) subscription fees that provide the customers with access to our on-demand application and content, unspecified solution and content upgrades, and customer support, (2) professional services associated with consulting services (primarily implementation services), and (3) transaction-related fees (including publishing services). Our initial customer contracts have contract terms from, typically, three to five years in length. Typically, the customer does not take possession of the software nor does the customer have the right to take possession of the software supporting the on-demand application service. However, in certain instances, we have customers that take possession of the software whereby the application is installed on the customer’s premises. Our subscription service arrangements typically may only be terminated for cause and do not contain refund provisions. We provide our software as a service and follow the provisions of ASC Topic 605, Revenue Recognition (ASC 605) and ASC Topic 985, Software (ASC 985). We commence revenue recognition when all of the following conditions are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • The collection of the fees is probable; and • The amount of fees to be paid by the customer is fixed or determinable. The subscription fees typically begin the first month following contract execution, whether or not we have completed the solution’s implementation. In addition, typically, any services performed by us for our customers are not essential to the functionality of our products. Subscription Revenue Subscription revenue is recognized ratably over contract terms beginning on the commencement date of each contract, which is the date our service is made available to customers. Typically, amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Transaction-related revenue is recognized as the transactions occur. Professional Services Revenue The majority of professional services contracts are on a time and material basis. When these services are not combined with subscription revenue as a single unit of accounting, as discussed below, this revenue is recognized as the services are rendered for time and material contracts, and when the milestones are achieved and accepted by the customer for fixed price contracts. Multiple-Deliverable Arrangements We enter into arrangements with multiple deliverables that generally include subscription, professional services (primarily implementation) as well as transaction-related fees. We allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE), if available, third party evidence (TPE), if VSOE is not available, or estimated selling prices (ESP), if neither VSOE nor TPE is available. As we have been unable to establish VSOE or TPE for the elements of our arrangements, we establish the ESP for each element primarily by considering the weighted average of actual sales prices of professional services sold on a standalone basis and subscription including various add-on modules if and when sold together without professional services, and other factors such as gross margin objectives, pricing practice and growth strategy. We have established processes to determine ESP and allocate revenue in multiple-deliverable arrangements using ESP. For those contracts in which the customer accesses our software via an on-demand application, we account for these contracts in accordance with ASC 605-25, Revenue Recognition—Multiple- Element Arrangements . The majority of these agreements represent multiple-element arrangements, and we evaluate each element to determine whether it represents a separate unit of accounting. The consideration allocated to subscription is recognized as revenue ratably over the contract period. The consideration allocated to professional services is recognized as the services are performed, which is typically over the first three to six months of an arrangement. For those contracts in which the customer takes possession of the software, we account for such transactions in accordance with ASC 985, Software . We account for these contracts as subscriptions and recognize the entire arrangement fee (subscription and services) ratably over the term of the agreement. In addition, as we do not have VSOE for services, any add-on services entered into during the term of the subscription are recognized over the remaining term of the agreement. Other Revenue Items Sales tax collected from customers and remitted to governmental authorities is accounted for on a net basis and, therefore, is not included in revenue and cost of revenue in the condensed consolidated statements of operations. We classify customer reimbursements received for direct costs paid to third parties and related expenses as revenue, in accordance with ASC 605. |
Cost of Revenue | Cost of Revenue Cost of subscription revenue . Cost of subscription revenue consists primarily of personnel and related costs of our hosting, support, and content teams, including salaries, benefits, bonuses, payroll taxes, stock-based compensation and allocated overhead, as well as software license fees, hosting costs, Internet connectivity, and depreciation expenses directly related to delivering our solutions, as well as amortization of capitalized software development costs. Our cost of subscription revenue is generally expensed as the costs are incurred. Cost of professional services revenue . Cost of professional services revenue consists primarily of personnel and related costs, including salaries, benefits, bonuses, payroll taxes, stock-based compensation, the costs of contracted third-party vendors, reimbursable expenses and allocated overhead. As our personnel are employed on a full-time basis, our cost of professional services is largely fixed in the short term, while our professional services revenue may fluctuate, leading to fluctuations in professional services gross profit. Cost of professional services revenue is generally expensed as costs are incurred. |
Deferred Commissions | Deferred Commissions We defer commission costs that are incremental and directly related to the acquisition of customer contracts. Commission costs are accrued and deferred upon execution of the sales contract by the customer. Payments to sales personnel are made shortly after the receipt of the related customer payment. Deferred commissions are amortized over the term of the related noncancelable customer contract and are recoverable through the related future revenue streams. |
Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation as an expense in the condensed consolidated financial statements and measure that cost based on the estimated grant-date fair value using the Black-Scholes option pricing model. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation-Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new guidance also contains two practical expedients under which nonpublic entities can use the simplified method to estimate the expected term of an award and make a one-time election to switch from fair value measurement to intrinsic value measurement for liability-classified awards. We are evaluating the effect that ASU 2016-09 will have on our condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our condensed consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires an entity to record debt issuance costs as a direct deduction from the debt liability, rather than recording as a separate asset. The new standard is effective for annual reporting periods beginning after December 15, 2015. We implemented the provisions of ASU 2015-03 as of January 1, 2016. The application of this guidance decreased other assets and decreased current and long-term debt by $54,581 and $63,677 , respectively, in the condensed consolidated balance sheet at December 31, 2015, and decreased other assets and decreased current and long-term debt by $54,581 and $36,387 , respectively, in the condensed consolidated balance sheet at June 30, 2016 . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) , and requires entities to 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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net) , which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing , which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. There are two transition methods available under the new standard, either cumulative effect or retrospective. The standard will be effective for us in the first quarter of 2018 and we are currently assessing which method we will choose for adoption and are evaluating the impact of the adoption on our condensed consolidated financial statements. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies and Practices (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents at June 30, 2016 and December 31, 2015 consists of the following: June 30, December 31, Cash and cash equivalents $ 16,079,413 $ 17,741,387 Money market accounts 25,877 113,136 $ 16,105,290 $ 17,854,523 |
Summary of Financial Assets and Liabilities Carried at Fair Value, Measured on a Recurring Basis | The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2016 and December 31, 2015 : Fair Value Measurements at Reporting Date Using June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market accounts $ 25,877 $ 25,877 $ — $ — Restricted cash - money market accounts 56,141 56,141 — — Total assets measured at fair value on a recurring basis $ 82,018 $ 82,018 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,260,000 $ — $ — $ 1,260,000 Total liabilities measured at fair value on a recurring basis $ 1,260,000 $ — $ — $ 1,260,000 December 31, 2015 Assets: Cash equivalents - money market accounts $ 113,136 $ 113,136 $ — $ — Restricted cash - money market accounts 169,235 169,235 — — Total assets measured at fair value on a recurring basis $ 282,371 $ 282,371 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,259,531 $ — $ — $ 1,259,531 Total liabilities measured at fair value on a recurring basis $ 1,259,531 $ — $ — $ 1,259,531 |
Reconciliation of the Level 3, Warrant Liability, Measured at Fair Value on a Recurring Basis | The reconciliation of the acquisition contingent consideration liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Balance at December 31, 2015 $ 1,259,531 Mark to estimated fair value recorded as general and administrative expense 469 Balance at June 30, 2016 $ 1,260,000 |
Schedule of Deferred Charges | Our commission costs deferred and amortized in the period are as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Commission costs deferred $ 1,389,926 $ 396,601 $ 2,162,755 $ 1,068,367 Commission costs amortized 1,150,595 941,534 2,264,778 1,683,489 |
Schedule of Revenue and Long-Lived Assets, by Geographical Area | Geographic Information Revenue by geographic location based on the billing address of our customers is as follows: Three Months Ended Six Months Ended Country 2016 2015 2016 2015 United States $ 14,337,428 $ 13,527,804 $ 27,558,433 $ 25,983,954 International 3,801,512 3,849,592 7,545,179 6,587,567 Total revenue $ 18,138,940 $ 17,377,396 $ 35,103,612 $ 32,571,521 Long-lived assets by geographic location is as follows: Country June 30, December 31, United States $ 9,306,372 $ 10,658,129 International 1,408,864 1,521,980 Total long-lived assets $ 10,715,236 $ 12,180,109 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Summary of Revenue and Net Loss of the Combined Entity | The revenue and net loss of the combined entity as if the acquisition date had been January 1, 2015 are as follows: Six Months Ended Supplemental pro forma information (unaudited): Revenue $ 34,521,683 Net loss (16,604,312 ) |
Consolidated Balance Sheet Co22
Consolidated Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Consolidated Balance Sheet Components [Abstract] | |
Schedule of Property and Equipment | Property and Equipment June 30, December 31, Computer software and equipment $ 16,131,106 $ 15,584,883 Software development costs 12,931,305 12,651,316 Furniture and fixtures 1,960,788 2,140,523 Leasehold improvements 2,933,402 3,081,861 Total property and equipment 33,956,601 33,458,583 Less: accumulated depreciation and amortization (23,241,365 ) (21,278,474 ) Total property and equipment, net $ 10,715,236 $ 12,180,109 |
Information Related to Capitalized Software Costs | Information related to capitalized software costs is as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Software costs capitalized $ 682,872 $ 685,730 $ 1,403,920 $ 940,485 Software costs amortized (1) 458,265 $ 504,548 924,996 1,060,695 (1) Included in cost of subscription revenue on the accompanying condensed consolidated statements of operations. June 30, December 31, Capitalized software costs not yet subject to amortization $ 1,469,234 $ 290,155 |
Schedule of Accrued Expenses | Accrued Expenses June 30, December 31, Accrued bonus $ 1,665,469 $ 1,843,719 Accrued commission 2,245,925 2,989,495 Deferred rent 217,545 230,224 Accrued severance 7,048 293,828 Accrued professional fees 808,066 815,893 Accrued taxes 524,216 705,032 Accrued contingent consideration and acquisition compensation 2,765,544 29,000 Other accrued expenses 1,606,298 1,897,968 Total $ 9,840,111 $ 8,805,159 |
Deferred Revenue | Deferred revenue June 30, December 31, Current: Subscription revenue $ 30,485,382 $ 28,766,188 Professional services revenue 1,471,889 1,455,578 Other — 310,638 Total current 31,957,271 30,532,404 Noncurrent: Subscription revenue 169,421 375,244 Professional services revenue 1,928,493 2,018,101 Total noncurrent 2,097,914 2,393,345 Total deferred revenue $ 34,055,185 $ 32,925,749 |
Other Noncurrent Liabilities | Other Noncurrent Liabilities June 30, December 31, Deferred rent $ 1,943,574 $ 1,732,607 Acquisition contingent consideration liability — 1,230,531 Acquisition compensation costs — 946,590 Total $ 1,943,574 $ 3,909,728 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of June 30, 2016 are as follows: Capital Operating Remainder of 2016 $ 715,846 $ 2,265,384 2017 1,024,077 4,110,437 2018 451,082 3,157,441 2019 241,016 3,169,983 2020 97,789 2,329,109 2021 and thereafter — 3,575,948 Total minimum lease payments 2,529,810 $ 18,608,302 Less amount representing interest (216,161 ) Present value of net minimum capital lease payments 2,313,649 Less current installments of obligations under capital leases (1,292,771 ) Obligations under capital leases excluding current installments $ 1,020,878 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of June 30, 2016 are as follows: Capital Operating Remainder of 2016 $ 715,846 $ 2,265,384 2017 1,024,077 4,110,437 2018 451,082 3,157,441 2019 241,016 3,169,983 2020 97,789 2,329,109 2021 and thereafter — 3,575,948 Total minimum lease payments 2,529,810 $ 18,608,302 Less amount representing interest (216,161 ) Present value of net minimum capital lease payments 2,313,649 Less current installments of obligations under capital leases (1,292,771 ) Obligations under capital leases excluding current installments $ 1,020,878 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table reflects the schedule of principal payments for the Term Loan as of June 30, 2016 : Principal Remainder of 2016 $ 187,500 2017 656,250 2018 13,625,000 $ 14,468,750 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of common stock activity | The following table presents our activity for common stock during the six months ended June 30, 2016 : Shares Amount Balance at December 31, 2015 26,260,459 $ 26,261 Exercise of common stock options 182,448 182 Common stock issued for contingent consideration 6,506 7 Issuance of common stock for vested restricted stock units 11,264 11 Balance at June 30, 2016 26,460,677 $ 26,461 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Fair Value Weighted Average Assumption | he fair value of option grants is estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Risk-free interest rate * * 1.29% 1.71 - 1.72% Expected volatility * * 33.37% 37.41 - 39.32% Expected dividend yield * * — — Expected life in years * * 6.25 6.25 Weighted average fair value of options granted * * $1.32 $3.35 * There were no options granted during the three months ended June 30, 2016 and 2015. |
Schedule of Share-based Compensation Activity | Information for the 2002 Plan and 2012 Plan is as follows: Options Exercise Price Weighted Average Balance at December 31, 2015 4,402,943 $1.75 - $15.90 $9.38 Granted 248,728 $3.74 3.74 Exercised (182,448 ) $1.75 - $4.06 2.18 Canceled — — — Expired (38,744 ) $1.75 1.75 Balance at June 30, 2016 4,430,479 $1.75 - $15.90 9.42 |
Schedule of Share-based Compensation by Exercise Price Range | Options outstanding and exercisable under the 2002 Plan and the 2012 Plan at June 30, 2016 were as follows: Options Outstanding Options Exercisable Exercise Price Per Share Options Weighted Intrinsic Options Weighted Intrinsic $ 1.75 - $ 2.68 649,485 4.3 years $ 3,462,422 624,435 4.3 years $ 3,336,421 $ 2.74 - $ 4.13 411,978 6.9 years 1,678,198 125,250 0.6 years 554,707 $ 5.57 - $ 9.06 1,194,878 8.2 years 446,517 503,711 7.9 years 331,538 $ 12.62 - $15.90 2,174,138 8.1 years — 951,587 8.1 years — 4,430,479 $ 5,587,137 2,204,983 $ 4,222,666 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table is a summary of our RSU activity for the six months ended June 30, 2016 : Number Weighted Average Balance at December 31, 2015 392,522 $8.07 Granted 647,618 3.77 Vested (81,977 ) 8.08 Balance at June 30, 2016 958,163 5.16 Unvested RSUs at June 30, 2016 have a weighted-average grant date fair value of $5.16 per share. Unrecognized stock-based compensation with respect to non-vested RSUs was $2,013,883 as of June 30, 2016 and was expected to be recognized over a weighted-average period of 3.0 years . |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended 2016 2015 2016 2015 Basic and diluted net loss per share: Numerator: Net loss $ (4,740,385 ) $ (8,218,450 ) $ (10,426,568 ) $ (15,168,626 ) Denominator: Weighted average shares outstanding 26,576,290 26,079,695 26,508,316 26,019,846 Basic and diluted net loss per share $ (0.18 ) $ (0.32 ) $ (0.39 ) $ (0.58 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Diluted net loss per share does not include the effect of the following antidilutive common equivalent shares: Three Months Ended Six Months Ended 2016 2015 2016 2015 Stock options outstanding 4,430,479 4,749,613 4,430,479 4,749,613 Restricted stock units 958,163 519,439 958,163 519,439 5,388,642 5,269,052 5,388,642 5,269,052 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies and Practices - Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 16,079,413 | $ 17,741,387 | ||
Money market accounts | 25,877 | 113,136 | ||
Total cash and cash equivalents | $ 16,105,290 | $ 17,854,523 | $ 27,068,744 | $ 41,242,200 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies and Practices - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Total assets measured at fair value on a recurring basis | $ 82,018 | $ 282,371 |
Liabilities: | ||
Acquisition contingent consideration liability | 1,260,000 | 1,259,531 |
Total liabilities measured at fair value on a recurring basis | 1,260,000 | 1,259,531 |
Cash Equivalents | ||
Assets: | ||
Money market accounts | 25,877 | 113,136 |
Restricted Cash | ||
Assets: | ||
Money market accounts | 56,141 | 169,235 |
Quoted Prices in Active Markets (Level 1) | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 82,018 | 282,371 |
Liabilities: | ||
Acquisition contingent consideration liability | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | Cash Equivalents | ||
Assets: | ||
Money market accounts | 25,877 | 113,136 |
Quoted Prices in Active Markets (Level 1) | Restricted Cash | ||
Assets: | ||
Money market accounts | 56,141 | 169,235 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Liabilities: | ||
Acquisition contingent consideration liability | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Cash Equivalents | ||
Assets: | ||
Money market accounts | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Restricted Cash | ||
Assets: | ||
Money market accounts | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Liabilities: | ||
Acquisition contingent consideration liability | 1,260,000 | 1,259,531 |
Total liabilities measured at fair value on a recurring basis | 1,260,000 | 1,259,531 |
Significant Unobservable Inputs (Level 3) | Cash Equivalents | ||
Assets: | ||
Money market accounts | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Restricted Cash | ||
Assets: | ||
Money market accounts | $ 0 | $ 0 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies and Practices - Reconciliation of the Liabilities Measured at Fair Value on a Recurring Basis (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2015 | $ 1,259,531 |
Mark to estimated fair value recorded as general and administrative expense | 469 |
Balance at June 30, 2016 | $ 1,260,000 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies and Practices Summary of Significant Accounting Policies and Practices - Concentration Risk (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Revenue | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies and Practices - Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Revenue recognition, customer contract period, minimum | 3 years | |||
Revenue recognition, customer contract period, maximum | 5 years | |||
Recovery of direct costs recorded in professional services revenue and cost of professional services revenue | $ 152,823 | $ 139,418 | $ 302,031 | $ 243,885 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies and Practices - Deferred Commissions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Commission costs deferred | $ 1,389,926 | $ 396,601 | $ 2,162,755 | $ 1,068,367 |
Commission costs amortized | $ 1,150,595 | $ 941,534 | $ 2,264,778 | $ 1,683,489 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies and Practices - Sales and Long Lived-Assets by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 18,138,940 | $ 17,377,396 | $ 35,103,612 | $ 32,571,521 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 14,337,428 | 13,527,804 | 27,558,433 | 25,983,954 |
International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 3,801,512 | $ 3,849,592 | $ 7,545,179 | $ 6,587,567 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies and Practices Long-lived assets by geographic location (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets by geographic location | $ 10,715,236 | $ 12,180,109 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets by geographic location | 9,306,372 | 10,658,129 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets by geographic location | $ 1,408,864 | $ 1,521,980 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies and Practices - Recent Accounting Pronouncements (Details) - Accounting Standards Update 2015-03 - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Other Current Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in deferred finance costs, net | $ 54,581 | $ 54,581 |
Other Noncurrent Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in deferred finance costs, net | 36,387 | 63,677 |
Long-term Debt, Current | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in deferred finance costs, net | 54,581 | 54,581 |
Long-term Debt, Noncurrent | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in deferred finance costs, net | $ 36,387 | $ 63,677 |
Acquisition ecVision Acquisitio
Acquisition ecVision Acquisition (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 02, 2015 |
Business Acquisition [Line Items] | |||
Acquisition contingent consideration liability | $ 1,260,000 | $ 1,259,531 | |
ecVision, Inc. | |||
Business Acquisition [Line Items] | |||
Maximum earnout payment | $ 5,176,000 | ||
ecVision, Inc. | Continued Employment | |||
Business Acquisition [Line Items] | |||
Maximum earnout payment | $ 3,675,000 | ||
Significant Unobservable Inputs (Level 3) | |||
Business Acquisition [Line Items] | |||
Acquisition contingent consideration liability | $ 1,260,000 | $ 1,259,531 |
Acquisition Pro Forma Informati
Acquisition Pro Forma Information (Details) - ecVision, Inc. | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Business Acquisition [Line Items] | |
Pro Forma Revenue (unaudited) | $ 34,521,683 |
Proforma Net Loss (unaudited) | $ (16,604,312) |
Consolidated Balance Sheet Co39
Consolidated Balance Sheet Components - Property and Equipment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 33,956,601 | $ 33,956,601 | $ 33,458,583 | ||
Less: accumulated depreciation and amortization | (23,241,365) | (23,241,365) | (21,278,474) | ||
Total property and equipment, net | 10,715,236 | 10,715,236 | 12,180,109 | ||
Depreciation and amortization | 1,270,496 | $ 1,392,208 | 2,573,309 | $ 2,698,809 | |
Computer software and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 16,131,106 | 16,131,106 | 15,584,883 | ||
Software development costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 12,931,305 | 12,931,305 | 12,651,316 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 1,960,788 | 1,960,788 | 2,140,523 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 2,933,402 | $ 2,933,402 | $ 3,081,861 |
Consolidated Balance Sheet Co40
Consolidated Balance Sheet Components - Capitalized Software (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Software costs capitalized | $ 682,872 | $ 685,730 | $ 1,403,920 | $ 940,485 | |
Software costs amortized | 458,265 | $ 504,548 | 924,996 | $ 1,060,695 | |
Capitalized software costs not yet subject to amortization | $ 1,469,234 | $ 1,469,234 | $ 290,155 | ||
Software Development | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life | 5 years |
Consolidated Balance Sheet Co41
Consolidated Balance Sheet Components - Accrued Expenses (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheet Components [Abstract] | ||
Accrued bonus | $ 1,665,469 | $ 1,843,719 |
Accrued commission | 2,245,925 | 2,989,495 |
Deferred rent | 217,545 | 230,224 |
Accrued severance | 7,048 | 293,828 |
Accrued professional fees | 808,066 | 815,893 |
Accrued taxes | 524,216 | 705,032 |
Accrued contingent consideration and acquisition compensation | 2,765,544 | 29,000 |
Other accrued expenses | 1,606,298 | 1,897,968 |
Total | $ 9,840,111 | $ 8,805,159 |
Consolidated Balance Sheet Co42
Consolidated Balance Sheet Components - Deferred Revenue (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current: | ||
Deferred revenue current | $ 31,957,271 | $ 30,532,404 |
Noncurrent: | ||
Deferred revenue, noncurrent | 2,097,914 | 2,393,345 |
Deferred revenue, total | 34,055,185 | 32,925,749 |
Subscription revenue | ||
Current: | ||
Deferred revenue current | 30,485,382 | 28,766,188 |
Noncurrent: | ||
Deferred revenue, noncurrent | 169,421 | 375,244 |
Professional services revenue | ||
Current: | ||
Deferred revenue current | 1,471,889 | 1,455,578 |
Noncurrent: | ||
Deferred revenue, noncurrent | 1,928,493 | 2,018,101 |
Other | ||
Current: | ||
Deferred revenue current | $ 0 | $ 310,638 |
Consolidated Balance Sheet Co43
Consolidated Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheet Components [Abstract] | ||
Deferred rent | $ 1,943,574 | $ 1,732,607 |
Acquisition contingent consideration liability | 0 | 1,230,531 |
Acquisition compensation costs | 0 | 946,590 |
Total | $ 1,943,574 | $ 3,909,728 |
Leases - Operating Leases - (De
Leases - Operating Leases - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Leased Assets [Line Items] | ||||
Operating Leases, Rent Expense | $ 959,000 | $ 955,000 | $ 1,904,000 | $ 1,703,000 |
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease, renewal term | 3 years | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease, renewal term | 5 years |
Leases - Capital Leases - (Deta
Leases - Capital Leases - (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Leases [Abstract] | ||
Capital leased assets, carrying value | $ 1,971,114 | $ 2,862,025 |
Capital leases, accumulated depreciation | $ 4,912,566 | $ 4,021,656 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments - (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2016 | $ 715,846 | |
2,017 | 1,024,077 | |
2,018 | 451,082 | |
2,019 | 241,016 | |
2,020 | 97,789 | |
2021 and thereafter | 0 | |
Total minimum lease payments | 2,529,810 | |
Less amount representing interest | (216,161) | |
Present value of net minimum capital lease payments | 2,313,649 | |
Less current installments of obligations under capital leases | (1,292,771) | $ (1,598,450) |
Obligations under capital leases excluding current installments | 1,020,878 | $ 1,916,944 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2016 | 2,265,384 | |
2,017 | 4,110,437 | |
2,018 | 3,157,441 | |
2,019 | 3,169,983 | |
2,020 | 2,329,109 | |
2021 and thereafter | 3,575,948 | |
Total minimum lease payments | $ 18,608,302 |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 04, 2015 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 14,468,750 | ||
Revolving credit facility | $ 5,500,000 | $ 5,000,000 | |
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Interest rate at period end | 4.14% | ||
Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate at period end | 5.00% | ||
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 10,000,000 | ||
Letter of Credit | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 2,000,000 | ||
Secured Debt | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 20,000,000 | ||
Long-term Debt | $ 14,363,893 | ||
Unaccreted discount | $ 104,857 |
Debt - Maturity - (Details)
Debt - Maturity - (Details) | Jun. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2016 | $ 187,500 |
2,017 | 656,250 |
2,018 | 13,625,000 |
Long-term Debt | $ 14,468,750 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Class of Stock [Line Items] | |
Balance, beginning of period (in shares) | 26,260,459 |
Exercise of common stock options (in shares) | 182,448 |
Balance, end of period (in shares) | 26,460,677 |
Balance, beginning of period | $ | $ 26,261 |
Balance, end of period | $ | $ 26,461 |
Common Stock | |
Class of Stock [Line Items] | |
Balance, end of period (in shares) | 26,460,677 |
Balance, end of period | $ | $ 26,461 |
Common Stock | |
Class of Stock [Line Items] | |
Exercise of common stock options (in shares) | 182,448 |
Exercise of common stock options | $ | $ 182 |
Common Stock | Common Stock | |
Class of Stock [Line Items] | |
Stock Issued During Period, Shares, New Issues | 6,506 |
Stock Issued During Period, Value, New Issues | $ | $ 7 |
Common Stock | Restricted Stock Units (RSUs) | |
Class of Stock [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 11,264 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 11 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding (shares) | 4,430,479 | 4,402,943 |
2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options authorized (in shares) | 5,146,696 | |
Number of shares outstanding (shares) | 3,779,344 | |
2002 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options authorized (in shares) | 4,939,270 | |
Number of shares outstanding (shares) | 651,135 | |
Employee Stock Option | 2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards available for future grant (in shares) | 82,637 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of nonvested awards (shares) | 392,522 | |
Restricted Stock Units (RSUs) | 2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of nonvested awards (shares) | 958,163 | |
Performance Shares | 2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of nonvested awards (shares) | 310,545 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options granted (USD per share) | $ 0 | $ 0 | $ 1.32 | $ 3.35 |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.00% | 0.00% | 1.29% | 1.71% |
Expected volatility | 0.00% | 0.00% | 33.37% | 37.41% |
Expected life (in years) | 0 years | 0 years | 6 years 3 months | 6 years 3 months |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.00% | 0.00% | 1.29% | 1.72% |
Expected volatility | 0.00% | 0.00% | 33.37% | 39.32% |
Expected life (in years) | 0 years | 0 years | 6 years 3 months | 6 years 3 months |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Share-based Compensation Activity (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance Outstanding at Beginning of Period (in Shares) | shares | 4,402,943 |
Options granted (in shares) | shares | 248,728 |
Exercised (in shares) | shares | (182,448) |
Canceled (in shares) | shares | 0 |
Expired (in shares) | shares | 38,744 |
Balance Outstanding at Ending of Period (in Shares) | shares | 4,430,479 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options granted, weighted average exercise price (USD per share) | $ 3.74 |
Options exercised, weighted average exercise price (USD per share) | 2.18 |
Options canceled, weighted average exercise price (USD per share) | 0 |
Options expired, weighted average exercise price (USD per share) | $ 1.75 |
Total intrinsic value of options exercised | $ | $ 492,391 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options outstanding, exercise price (USD per share) | $ 1.75 |
Options granted, exercise price (USD per share) | 3.74 |
Options exercised, exercise price (USD per share) | 1.75 |
Options canceled in period, exercise price (USD per share) | 0 |
Options expired in period, exercise price (USD per share) | 1.75 |
Options outstanding, exercise price (USD per share) | 1.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Balance at December 31, 2015, outstanding options, weighted average exercise price (USD per share) | 9.38 |
Balance at June 30, 2016, outstanding options, weighted average exercise price (USD per share) | 9.42 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options outstanding, exercise price (USD per share) | 15.9 |
Options granted, exercise price (USD per share) | 3.74 |
Options exercised, exercise price (USD per share) | 4.06 |
Options canceled in period, exercise price (USD per share) | 0 |
Options expired in period, exercise price (USD per share) | 1.75 |
Options outstanding, exercise price (USD per share) | $ 15.9 |
Stock-based Compensation - Outs
Stock-based Compensation - Outstanding and Exercisable by Exercise Price (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 4,430,479 | |
Outstanding, aggregate intrinsic value | $ 5,587,137 | |
Number of exercisable options (in shares) | 2,204,983 | |
Exercisable options, aggregate intrinsic value | $ 4,222,666 | |
Weighted average exercise price of fully vested options (USD per share) | $ 8.39 | |
Vested options, weighted average remaining contractual term | 6 years 6 months | |
Stock compensation expense not yet recognized | $ 9,362,409 | $ 11,268,573 |
Compensation cost not yet recognized, period for recognition | 3 years | |
$1.75-$2.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 649,485 | |
Options outstanding average remaining contractual life | 4 years 4 months | |
Outstanding, aggregate intrinsic value | $ 3,462,422 | |
Number of exercisable options (in shares) | 624,435 | |
Exercisable options, weighted average term remaining | 4 years 4 months | |
Exercisable options, aggregate intrinsic value | $ 3,336,421 | |
$2.74-$4.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 411,978 | |
Options outstanding average remaining contractual life | 6 years 11 months | |
Outstanding, aggregate intrinsic value | $ 1,678,198 | |
Number of exercisable options (in shares) | 125,250 | |
Exercisable options, weighted average term remaining | 7 months | |
Exercisable options, aggregate intrinsic value | $ 554,707 | |
$5.57-$9.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 1,194,878 | |
Options outstanding average remaining contractual life | 8 years 2 months | |
Outstanding, aggregate intrinsic value | $ 446,517 | |
Number of exercisable options (in shares) | 503,711 | |
Exercisable options, weighted average term remaining | 7 years 11 months | |
Exercisable options, aggregate intrinsic value | $ 331,538 | |
$12.62-$15.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 2,174,138 | |
Options outstanding average remaining contractual life | 8 years 1 month | |
Outstanding, aggregate intrinsic value | $ 0 | |
Number of exercisable options (in shares) | 951,587 | |
Exercisable options, weighted average term remaining | 8 years 1 month | |
Exercisable options, aggregate intrinsic value | $ 0 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost not yet recognized, period for recognition | 2 years 2 months | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | $ 1.75 | $ 1.75 |
Minimum | $1.75-$2.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 1.75 | |
Minimum | $2.74-$4.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 2.74 | |
Minimum | $5.57-$9.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 5.57 | |
Minimum | $12.62-$15.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 12.62 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 15.9 | $ 15.9 |
Maximum | $1.75-$2.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 2.68 | |
Maximum | $2.74-$4.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 4.13 | |
Maximum | $5.57-$9.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | 9.06 | |
Maximum | $12.62-$15.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share (USD per share) | $ 15.90 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Restricted stock expense | $ 2,752,235 | $ 3,565,721 |
Compensation cost not yet recognized, period for recognition | 3 years | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Balance Outstanding at Beginning of Period (in Shares) | 392,522 | |
Granted (shares) | 647,618 | |
Vested (shares) | (81,977) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Balance at December 31, 2015, Weighted Average Grant Date Fair Value (USD per share) | $ 8.07 | |
Weighted Average Grant Date Fair Value (USD per share) | 3.77 | |
Vested in Period, Weighted Average Grant Date Fair Value (USD per share) | 8.08 | |
Balance at June 30, 2016, Weighted Average Grant Date Fair Value (USD per share) | $ 5.16 | |
Unrecognized stock-based compensation expense | $ 2,013,883 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss (NOL) carryforward | $ 73,533,000 | $ 64,600,000 |
Income Taxes 2012 audit results
Income Taxes 2012 audit results (Details) | Jun. 30, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Reduction of federal net operating loss carryforwards as result of examination | $ 1,200,000 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic and diluted net loss per share: | ||||
Net loss attributable to common stockholders | $ (4,740,385) | $ (8,218,450) | $ (10,426,568) | $ (15,168,626) |
Weighted average shares used in computing net loss attributable to common stockholders (in shares) | 26,576,290 | 26,079,695 | 26,508,316 | 26,019,846 |
Basic and diluted net loss per share (USD per share) | $ (0.18) | $ (0.32) | $ (0.39) | $ (0.58) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,388,642 | 5,269,052 | 5,388,642 | 5,269,052 |
Stock options outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,430,479 | 4,749,613 | 4,430,479 | 4,749,613 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 958,163 | 519,439 | 958,163 | 519,439 |