DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Entity Registrant Name | YELP INC | |
Entity Central Index Key | 1,345,016 | |
Trading Symbol | YELP | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 83,657,627 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 392,335 | $ 547,850 | [1] |
Short-term marketable securities | 422,283 | 273,366 | [1] |
Accounts receivable (net of allowance for doubtful accounts of $10,135 and $8,602 at March 31, 2018 and December 31, 2017, respectively) | 75,533 | 76,173 | [1] |
Prepaid expenses and other current assets | 19,975 | 15,700 | [1] |
Total current assets | 910,126 | 913,089 | [1] |
Long-term marketable securities | 14,898 | 25,032 | [1] |
Property, equipment and software, net | 107,889 | 103,651 | [1] |
Goodwill | 109,420 | 107,954 | [1] |
Intangibles, net | 16,009 | 16,893 | [1] |
Restricted cash | 18,800 | 18,554 | |
Other non-current assets | 41,357 | 40,428 | [1] |
Total assets | 1,218,499 | 1,225,601 | [1] |
Current liabilities | |||
Accounts payable | 6,620 | 9,033 | [1] |
Accrued liabilities | 83,413 | 73,665 | [1] |
Deferred revenue | 3,474 | 3,469 | [1] |
Total current liabilities | 93,507 | 86,167 | [1] |
Long-term liabilities | 32,839 | 30,737 | [1] |
Total liabilities | 126,346 | 116,904 | [1] |
Commitments and contingencies | [1] | ||
Stockholders' equity | |||
Common stock, $0.000001 par value, 200,000,000 shares authorized – 83,956,890 shares issued and 83,596,510 shares outstanding at March 31, 2018 and 83,724,916 shares issued and outstanding at December 31, 2017 | 0 | 0 | [1] |
Additional paid-in capital | 1,059,168 | 1,038,017 | [1] |
Treasury stock | (15,000) | (46) | [1] |
Accumulated other comprehensive loss | (6,845) | (8,444) | [1] |
Retained earnings | 54,830 | 79,170 | [1] |
Total stockholders' equity | 1,092,153 | 1,108,697 | [1] |
Total liabilities and stockholders' equity | $ 1,218,499 | $ 1,225,601 | [1] |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 10,135 | $ 8,602 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,956,890 | 83,724,916 |
Common stock, shares outstanding (in shares) | 83,596,510 | 83,724,916 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Income Statement [Abstract] | |||
Net revenue | $ 223,074,000 | $ 198,174,000 | |
Costs and expenses: | |||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 14,732,000 | 16,914,000 | |
Sales and marketing | 119,641,000 | 108,532,000 | |
Product development | 51,493,000 | 39,871,000 | |
General and administrative | 32,007,000 | 27,166,000 | |
Depreciation and amortization | 10,028,000 | 10,151,000 | [2] |
Restructuring and integration | 0 | 231,000 | |
Total costs and expenses | 227,901,000 | 202,865,000 | |
Loss from operations | (4,827,000) | (4,691,000) | |
Other income, net | 2,604,000 | 732,000 | |
Loss before income taxes | (2,223,000) | (3,959,000) | |
Provision for income taxes | (63,000) | (67,000) | |
Net loss attributable to common stockholders | $ (2,286,000) | $ (4,026,000) | [2],[3] |
Net loss per share attributable to common stockholders | |||
Basic (in USD per share) | $ (0.03) | $ (0.05) | |
Diluted (in USD per share) | $ (0.03) | $ (0.05) | |
Weighted-average shares used to compute net loss per share attributable to common stockholders | |||
Basic (in shares) | 83,785 | 79,843 | |
Diluted (in shares) | 83,785 | 79,843 | |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. | ||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [2] | |
Statement of Comprehensive Income [Abstract] | |||
Net loss attributable to common stockholders | $ (2,286) | $ (4,026) | [1],[3] |
Other comprehensive income: | |||
Foreign currency translation adjustments | 1,569 | 1,071 | |
Foreign currency adjustments to net income upon liquidation of investment in foreign entities | 30 | 0 | |
Other comprehensive income | 1,599 | 1,071 | |
Comprehensive loss | $ (687) | $ (2,955) | |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [3] | |
OPERATING ACTIVITIES: | |||
Net loss attributable to common stockholders | $ (2,286) | $ (4,026) | [1],[2] |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 10,028 | 10,151 | [1] |
Provision for doubtful accounts and sales returns | 8,143 | 5,901 | |
Stock-based compensation | 27,734 | 24,334 | |
Other adjustments | (913) | 253 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,995) | (4,458) | |
Prepaid expenses and other assets | (5,074) | (1,653) | |
Accounts payable, accrued expenses and other liabilities | 7,652 | 10,459 | |
Deferred revenue | 7 | 274 | |
Net cash provided by operating activities | 38,296 | 41,235 | |
INVESTING ACTIVITIES: | |||
Purchases of marketable securities | (280,893) | (73,971) | |
Maturities of marketable securities | 143,000 | 68,000 | |
Acquisition of a business, net of cash received | 0 | (30,833) | |
Purchases of property, equipment and software | (10,927) | (2,452) | |
Capitalized website and software development costs | (4,698) | (4,208) | |
Other investing activities | 27 | 29 | |
Net cash used in investing activities | (153,491) | (43,435) | |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock for employee stock-based plans | 5,682 | 3,287 | |
Repurchases of common stock | (33,309) | 0 | |
Taxes paid related to the net share settlement of equity awards | (12,347) | 0 | |
Net cash (used in) provided by financing activities | (39,974) | 3,287 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (100) | 138 | |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (155,269) | 1,225 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 566,404 | 289,518 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period | 411,135 | 290,743 | |
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: | |||
Cash paid (refund received) for income taxes, net | 206 | (107) | |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Purchases of property, equipment and software recorded in accounts payable, accrued expenses and other liabilities | 2,242 | 596 | |
Tax liability related to net share settlement of equity awards included in accrued liabilities | 1,092 | 0 | |
Repurchases of common stock recorded in accrued liabilities | $ 3,684 | $ 0 | |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis for Presentation | DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the “Company” and “Yelp” in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries. Yelp connects people with great local businesses by bringing “word of mouth” online and providing a platform for businesses and consumers to engage and transact. Yelp’s platform is transforming the way people discover local businesses; every day, millions of consumers visit its website or use its mobile app to find great local businesses to meet their everyday needs. Businesses of all sizes use the Yelp platform to engage with consumers at the critical moment when they are deciding where to spend their money. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on February 28, 2018 (the “Annual Report”). The unaudited condensed consolidated balance sheet as of December 31, 2017 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements and certain balances which have been restated as a result of the adoption of new accounting pronouncements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as follows: Revenue from Contracts with Customers —In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASC 606”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for such goods or services. The Company adopted ASC 606 effective January 1, 2018 using the full retrospective method and, accordingly, has restated each prior reporting period presented. The Company's adoption of ASC 606 resulted in the following adjustments to its previously reported results (in thousands): As Previously Reported Impact of ASC 606 Adoption As Currently Reported Income Statement—Three Months Ended March 31, 2017 Net revenue $ 197,323 $ 851 $ 198,174 Costs and Expenses: Sales and marketing 109,286 (754 ) 108,532 General and administrative 26,315 851 27,166 Net loss attributable to common stockholders (4,780 ) 754 (4,026 ) Basic earnings per share (0.06 ) 0.01 (0.05 ) Diluted earnings per share (0.06 ) 0.01 (0.05 ) Balance Sheet—As of December 31, 2017 Allowance for doubtful accounts 7,352 1,250 8,602 Other non-current assets 31,339 9,089 40,428 Retained earnings 70,081 9,089 79,170 Statement of Cash Flows—Three Months Ended March 31, 2017 Provision for doubtful accounts and sales returns 5,050 851 5,901 Change in accounts receivable (3,607 ) (851 ) (4,458 ) Change in prepaid expenses and other assets (899 ) (754 ) (1,653 ) Statement of Cash Flows —In November 2016, FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Subtopic 230): Restricted Cash” (“ASU 2016-18”), which requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The Company adopted the standard effective January 1, 2018 and recast the prior reported periods presented. The impact to the change in cash and cash equivalents balance previously reported on the consolidated statement of cash flows is presentation only; changes in restricted cash were previously included within investing activities and are now included in changes to the total cash balance within the condensed consolidated statements of cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. Significant Accounting Policies Except as set forth below, there have been no material changes to the Company's significant accounting policies from those described in the Annual Report. Revenue Recognition— The Company generates revenue from its advertising products, transactions and other services. The Company recognizes revenue when all of the following criteria are met: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations. The Company applies the portfolio practical expedient to account for contracts with customers in each category of revenue. Revenue is recognized net of any taxes collected from customers, which are remitted to governmental authorities. The Company does not typically refund customers for services once it determines the performance obligations of the contract have been satisfied, but will assess any refund requests from customers and partners on a case by case basis. The Company records an allowance for potential future refunds, which is estimated based on historical trends and recorded as a reduction of net revenue. Advertising. The Company generates advertising revenue primarily through the display of advertising products on its website and mobile app. These arrangements are evidenced by either written or electronic acceptance of a contract that stipulates the types of advertising to be delivered, the timing and pricing. Performance-based advertising placements are priced on a cost-per-click basis, while impression-based advertising placements are priced on a cost per thousand impressions basis. The Company recognizes revenue from the delivery of performance-based ads and impression-based ads in the period of delivery, in each case net of customer discounts, assuming all other revenue recognition criteria are met. The Company also offers businesses premium features in connection with their business listing pages pursuant to fixed monthly fees, and recognizes revenue from such offerings over the service period, assuming all other revenue recognition criteria are met. The Company also generates advertising revenue through indirect sales of advertising products, such as through reseller contracts that allow partners to sell Yelp Branded Profiles to their clients and the monetization of remnant advertising inventory through third-party ad networks, and recognizes revenue in the period of delivery, assuming all other revenue recognition criteria are met. Transactions. The Company generates transactions revenue from revenue-sharing partner contracts, the sale of vouchers through the Company's "Yelp Deals" and "Yelp Gift Certificates" products, and, through October 10, 2017, Yelp Eat24 as a standalone product. The Company's transactions platform provides consumers with the ability to complete food delivery and other transactions through third parties directly on Yelp. The Company earns a per transaction commission fee pursuant to partnership contracts for acting as an agent for these transactions, which it recognizes on a net basis and includes in revenue upon completion of a transaction, assuming all other revenue recognition criteria is met. Other Services. The Company generates other services revenue through subscription services contracts, such as sales of monthly subscriptions to its Yelp Reservations, Yelp Nowait and Yelp WiFi Marketing products, licensing contracts for access to Yelp data and other non-advertising, non-transaction partnerships. Subscription revenues are recognized ratably over the contract terms beginning on the commencement date of each contract, which is the date the service is made available to customers, assuming all other revenue recognition criteria are met. Contracts with Multiple Performance Obligations. Contracts with customers can include multiple performance obligations, where revenue is allocated to each performance obligation based on its relative standalone selling price ("SSP"). The Company determines SSP based on the prices of the promised goods or services charged when sold separately to customers, which are determined using contractually stated prices. The various products and services comprising contracts with multiple performance obligations are typically capable of being distinct and accounted for as separate performance obligations. Estimates and assumptions include determining variable consideration, identifying the nature and timing of satisfaction of performance obligations, and calculating the SSP of performance obligations. The Company allocates revenue to each of the performance obligations included in a contract with multiple performance obligations at the inception of the contract. The Company applies the invoice practical expedient to depict the value transferred to the customer and measure of progress towards completion of its obligations. Because the Company considers contracts month-to-month, variable consideration is resolved at the time of invoicing, which eliminates the use of estimates in determining the transaction price. The Company does not consider the effects of the time value of money as the majority of the Company’s contracts are invoiced on a monthly basis, one month in arrears. Accounts Receivable, Net, and Payment Terms— The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. Payment terms and conditions vary by contract type and the service being provided. For advertising services, the Company typically invoices customers on a monthly basis, one month in arrears, and payment is collected either at the end of each billing period or up to 30 days after the end of the billing period. For transaction services, the Company's commission fee on each transaction is collected either at the time of the transaction, or up to 30 days after the end of the billing period. For subscription services, the Company typically invoices one month in advance, and payment is collected at the beginning of each billing period. Allowance for Doubtful Accounts— The Company maintains an allowance for doubtful accounts receivable. The allowance reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. It is based upon historical experience and loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts and known delinquent accounts. When new information becomes available that allows the Company to more accurately estimate the allowance, it makes an adjustment, which is considered a change in accounting estimate. The carrying value of accounts receivable approximates their fair value. Deferred Contract Costs —ASC 606 also modified Subtopic Accounting Standards Codification 340-40, "Other Assets and Deferred Costs—Contracts with Customers," which requires the Company to recognize a deferred cost asset for the incremental costs of obtaining a contract with a customer. The Company classifies certain sales incentive compensation costs as incremental to obtaining the related contract. These costs are capitalized in the period in which they are incurred and amortized on a straight-line basis over the expected customer life of the associated contract. The Company determined to use the straight line basis as the expected benefit will be realized uniformly over the amortization period.The amortization periods for contract costs, which extend up to 41 months, were calculated based on both qualitative and quantitative factors, including product lifecycle attributes and customer retention using historical data. For contract costs with amortization periods of 12 months or less, the Company applies a practical expedient to expense such costs as incurred. The Company assesses deferred contract costs for impairment on a quarterly basis. Amortized contract costs are recorded within sales and marketing expense on the consolidated statements of operations. Deferred contract costs are included within other non-current assets on the Company's consolidated balance sheets (see Note 8). Deferred Revenue —The Company records deferred revenue when it has received consideration, or has the right to receive consideration, in advance of the transfer of the performance obligations of the contract to the customer. Recent Accounting Pronouncements Not Yet Effective In February 2016, FASB issued Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”). The new guidance generally requires an entity to recognize on its balance sheet operating and financing lease liabilities and corresponding right-of-use assets, as well as to recognize the expenses on its statements of operations in a manner similar to that required under current accounting rules. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard requires a modified retrospective transition for existing leases to each prior reporting period presented. Although the Company is in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements, the Company currently expects the most significant changes will be related to the recognition of new right-of-use assets and lease liabilities on the Company's consolidated balance sheet for real estate operating leases. In January 2017, FASB issued Accounting Standards Update No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). This new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Entities will now perform goodwill impairment tests by comparing fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact and timing of the adoption of ASU 2017-04, but expects that it will not have a material impact on its consolidated financial statements. In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). This new guidance requires entities to amortize purchased callable debt securities held at a premium to the earliest call date. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-08 to have a material impact on its consolidated financial statements. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash, cash equivalents and restricted cash as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Cash $ 163,440 $ 283,085 Cash equivalents 228,895 264,765 Total cash and cash equivalents $ 392,335 $ 547,850 Restricted cash $ 18,800 $ 18,554 Total cash, cash equivalents and restricted cash $ 411,135 $ 566,404 As of March 31, 2018 and December 31, 2017 , the Company had letters of credit collateralized fully by bank deposits which total $18.8 million and $18.6 million , respectively. These letters of credit primarily relate to lease agreements for certain of the Company’s offices, which are required to be maintained and issued to the landlords of each facility. Each letter of credit is subject to renewal annually until the applicable lease expires. As the bank deposits have restrictions on their use, they are classified as restricted cash on the Company's condensed consolidated balance sheets. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s investments in money market accounts are recorded as cash equivalents at fair value in the condensed consolidated financial statements. All other financial instruments are classified as held-to-maturity investments and, accordingly, are recorded at amortized cost; however, the Company is required to determine the fair value of these investments on a recurring basis to identify any potential impairment. The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy: Level 1 —Observable inputs, such as quoted prices in active markets, Level 2 —Inputs other than quoted prices in active markets that are observable either directly or indirectly, or Level 3 —Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s commercial paper, corporate bonds, agency bonds and agency discount notes are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The following table represents the Company’s financial instruments measured at fair value as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 218,054 $ — $ — $ 218,054 $ 217,838 $ — $ — $ 217,838 Commercial paper — 9,985 — 9,985 — 46,927 — 46,927 Marketable Securities: Commercial paper — 227,619 — 227,619 — 138,412 — 138,412 Corporate bonds — 89,672 — 89,672 — 69,926 — 69,926 Agency bonds — 80,861 — 80,861 — 78,913 — 78,913 U.S. government bonds — 38,609 — 38,609 — — — — Agency discount notes — — — — — 10,989 — 10,989 Total cash equivalents and marketable securities $ 218,054 $ 446,746 $ — $ 664,800 $ 217,838 $ 345,167 $ — $ 563,005 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of securities held-to-maturity as of March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 Short-term marketable securities: Amortized Cost Gross Unrealized Gross Fair Value Commercial paper $ 227,630 $ 1 $ (12 ) $ 227,619 Corporate bonds 86,977 — (282 ) 86,695 Agency bonds 69,036 — (70 ) 68,966 U.S. government bonds 38,640 — (31 ) 38,609 Total short-term marketable securities 422,283 1 (395 ) 421,889 Long-term marketable securities: Agency bonds $ 11,912 $ — $ (17 ) $ 11,895 Corporate bonds 2,986 — (9 ) 2,977 Total long-term marketable securities $ 14,898 $ — $ (26 ) $ 14,872 Total marketable securities $ 437,181 $ 1 $ (421 ) $ 436,761 December 31, 2017 Short-term marketable securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 138,412 $ 1 $ (1 ) $ 138,412 Corporate bonds 45,006 — (41 ) 44,965 Agency bonds 78,958 — (45 ) 78,913 Agency discount bonds $ 10,990 $ — $ (1 ) $ 10,989 Total short-term marketable securities $ 273,366 $ 1 $ (88 ) $ 273,279 Long-term marketable securities: Corporate bonds $ 25,032 $ — $ (71 ) $ 24,961 Total long-term marketable securities $ 25,032 $ — $ (71 ) $ 24,961 Total marketable securities $ 298,398 $ 1 $ (159 ) $ 298,240 The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of March 31, 2018 and December 31, 2017 , aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): March 31, 2018 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 89,672 $ (291 ) $ — $ — $ 89,672 $ (291 ) Agency bonds 80,861 (87 ) — — 80,861 (87 ) U.S. government bonds 38,609 (31 ) — — 38,609 (31 ) Commercial paper 18,866 (12 ) — — 18,866 (12 ) Total $ 228,008 $ (421 ) $ — $ — $ 228,008 $ (421 ) December 31, 2017 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Agency bonds $ 78,913 $ (45 ) $ — $ — $ 78,913 $ (45 ) Corporate bonds 62,927 (112 ) — — 62,927 (112 ) Agency discount notes 10,989 (1 ) — — 10,989 (1 ) Commercial paper 3,975 (1 ) — — 3,975 (1 ) Total $ 156,804 $ (159 ) $ — $ — $ 156,804 $ (159 ) The Company periodically reviews its investment portfolio for other-than-temporary impairment. The Company considers such factors as the duration, severity and reason for the decline in value, and the potential recovery period. The Company also considers whether it is more likely than not that it will be required to sell the securities before the recovery of their amortized cost basis, and whether the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2018 and 2017 , the Company did not recognize any other-than-temporary impairment loss. |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, Capitalized website and internal-use software development costs $ 87,860 $ 81,710 Leasehold improvements 77,892 74,236 Computer equipment 34,889 32,450 Furniture and fixtures 17,093 16,435 Telecommunication 4,197 3,996 Software 1,212 1,212 Total 223,143 210,039 Less accumulated depreciation (115,254 ) (106,388 ) Property, equipment and software, net $ 107,889 $ 103,651 Depreciation expense was approximately $9.1 million and $8.2 million for the three months ended March 31, 2018 and 2017 , respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill is the result of its acquisitions of other businesses, and represents the excess of purchase consideration over the fair value of assets and liabilities acquired. The Company performed its annual goodwill impairment analysis during the three months ended September 30, 2017 and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. The changes in carrying amount of goodwill during the three months ended March 31, 2018 were as follows (in thousands): Balance as of December 31, 2017 $ 107,954 Effect of currency translation 1,466 Balance as of March 31, 2018 $ 109,420 Intangible assets at March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands): March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (1,139 ) $ 8,779 10.1 years Developed technology 7,832 (2,443 ) 5,389 3.8 years Content 4,087 (3,747 ) 340 1.6 years Domains and data licenses 2,869 (1,976 ) 893 2.0 years Trademarks 877 (360 ) 517 1.9 years User relationships 146 (55 ) 91 2.0 years Total $ 25,729 $ (9,720 ) $ 16,009 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (896 ) $ 9,022 10.3 years Developed technology 7,832 (2,071 ) 5,761 4.1 years Content 4,005 (3,610 ) 395 1.8 years Domain and data licenses 2,869 (1,847 ) 1,022 2.2 years Trademarks 877 (287 ) 590 2.2 years User relationships 146 (43 ) 103 2.2 years Total $ 25,647 $ (8,754 ) $ 16,893 Amortization expense was $0.9 million and $1.9 million for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , the estimated future amortization of purchased intangible assets for (i) the remaining nine months of 2018 , (ii) each of the succeeding four years, and (iii) thereafter is as follows (in thousands): Year Ending December 31, Amount 2018 (from April 1, 2018) $ 2,649 2019 3,277 2020 2,402 2021 2,262 2022 1,045 Thereafter 4,374 Total amortization $ 16,009 |
ACQUISITIONS AND DISPOSALS
ACQUISITIONS AND DISPOSALS | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Disposals | ACQUISITIONS AND DISPOSALS Nowait, Inc. On February 28, 2017, the Company acquired Nowait, Inc. (“Nowait”). In connection with the acquisition, all outstanding capital stock and options and warrants to purchase capital stock of Nowait — including the 20% equity investment in Nowait the Company acquired in July 2016 — were converted into the right to receive an aggregate of approximately $39.8 million in cash. Of the total amount of consideration paid in connection with the acquisition, $7.9 million is being held in escrow for a two -year period after the closing to secure the Company’s indemnification rights. The key purpose underlying the acquisition was to secure waitlist system and seating tool technology. The Company utilized an income approach to determine the valuation of the Company’s existing equity investment in Nowait as of the acquisition date. The carrying value of the Company’s investment approximated its fair value. The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”), with the results of Nowait’s operations included in the Company’s consolidated financial statements from February 28, 2017. The final purchase price allocation is as follows (in thousands): February 28, 2017 Fair value of purchase consideration Cash: Distributed to Nowait stockholders $ 31,892 Held in escrow account 7,945 Total purchase consideration 39,837 Fair value of net assets acquired: Cash and cash equivalents $ 1,004 Intangible assets 12,670 Goodwill 25,959 Other assets 1,065 Total assets acquired 40,698 Liabilities assumed (861 ) Total liabilities assumed (861 ) Net assets acquired $ 39,837 Estimated useful lives and the amount assigned to each class of intangible assets acquired are as follows (dollars in thousands): Intangible Asset Type Amount Assigned Useful Life Enterprise restaurant relationships $ 8,500 12.0 years Acquired technology 2,900 5.0 years Trademarks 610 3.0 years Local restaurant relationships 600 5.0 years User relationships 60 3.0 years Weighted average 9.6 years The intangible assets are being amortized on a straight-line basis, which reflects the pattern in which the economic benefits of the intangible assets are being utilized. The goodwill results from the Company’s opportunity to drive daily engagement in its key restaurant vertical by allowing consumers to move more quickly from search and discovery to transacting at a local business. None of the goodwill is deductible for tax purposes. The Company recorded zero and $0.1 million acquisition-related transaction costs for the three months ended March 31, 2018 and 2017, respectively, which were included in general and administrative expenses in the accompanying condensed consolidated statement of operations. The condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 include $1.2 million and $0.2 million of revenue attributable to the Nowait product, respectively, and $0.8 million of net loss for the three months ended March 31, 2017. The Company completed its integration of Nowait's operations into those of the Company during the three months ended December 31, 2017 and, as such, determining Nowait's contribution to the net loss of the Company for the three months ended March 31, 2018 is impracticable. Turnstyle Analytics Inc. On April 3, 2017, the Company acquired all of the equity interests in Turnstyle Analytics Inc. (“Turnstyle”) for approximately $20.6 million , approximately $1.0 million of which represents compensation cost due to a continuous service requirement, and the remainder of which represents purchase consideration. Of the total consideration paid in connection with the acquisition, $3.1 million is being held in escrow for an 18 -month period after the closing to secure the Company’s indemnification rights. The key factor underlying the acquisition was to obtain a customer retention and loyalty product in the form of a location-based marketing and analytics platform that provides Wi-Fi as a digital marketing tool to expand its product offerings for local businesses. The acquisition was accounted for as a business combination in accordance with ASC 805, with the results of Turnstyle’s operations included in the Company’s consolidated financial statements from April 3, 2017. The Company’s allocation of the purchase price is preliminary as the amounts related to identifiable intangible assets and the effects of any net working capital adjustments are still being finalized. Any material measurement period adjustments will be recorded retroactively to the acquisition date. The purchase price allocation, subject to finalization during the measurement period, is as follows (in thousands): April 3, 2017 Fair value of purchase consideration Cash: Distributed to Turnstyle stockholders $ 16,648 Held in escrow account 3,093 Total purchase consideration $ 19,741 Fair value of net assets acquired: Cash and cash equivalents $ 30 Intangible assets 4,252 Goodwill 16,048 Other assets 250 Total assets acquired 20,580 Deferred tax liability (450 ) Liabilities assumed (389 ) Total liabilities assumed (839 ) Net assets acquired $ 19,741 Estimated useful lives and the amount assigned to each class of intangible assets acquired are as follows (dollars in thousands): Intangible Asset Type Amount Assigned Useful Life Acquired technology $ 3,250 5.0 years Business relationships 672 5.0 years Trademarks 250 3.0 years User relationships 80 3.0 years Weighted average 4.9 years The intangible assets are being amortized on a straight-line basis, which reflects the pattern in which the economic benefits of the intangible assets are being utilized. The goodwill results from the Company’s opportunity to expand its product offerings to local businesses through the Turnstyle marketing and analytics platform. None of the goodwill is deductible for tax purposes. No acquisition costs were recognized in the three months ended March 31, 2018 or 2017. The condensed consolidated statements of operations for the three months ended March 31, 2018 include $0.7 million of revenue attributable to Yelp Wifi Marketing, the Turnstyle product. The Company completed its integration of Turnstyle's operations into those of the Company during the three months ended December 31, 2017 and, as such, determining Turnstyle's contribution to the net loss of the Company for the three months ended March 31, 2018 is impracticable. Eat24, LLC On October 10, 2017, pursuant to the terms of a Unit Purchase Agreement, dated as of August 3, 2017 (the “Purchase Agreement”), by and among the Company, Eat24, LLC, a wholly-owned subsidiary of the Company ("Eat24"), Grubhub Inc. (“Grubhub”) and Grubhub Holdings Inc. (“Purchaser”), a wholly-owned subsidiary of Grubhub, the Company completed the sale of all of the outstanding equity interests in Eat24 to the Purchaser (the “Disposal”). Immediately prior to the closing of the Disposal, the Company transferred certain assets to Eat24, which consisted of assets that were material to or necessary for the operation of the Eat24 business that were not then owned by Eat24. The Company entered into a Marketing Partnership Agreement (“Partnership Agreement”) with the Purchaser concurrently with the Purchase Agreement. The purpose of the Disposal was to further capitalize on the Company's strong market position of connecting people with local businesses by selling Eat24 to the Purchaser, which has a strong presence in online and mobile food ordering, and entering into the Partnership Agreement, pursuant to which the Company earns a fee on all food orders placed through the Grubhub restaurant network, including Eat24 restaurants, that originate on the Company's Platform. The Company received $251.7 million in cash at closing; the Purchaser paid the remaining $28.8 million of the purchase price into an escrow account, which will be held for an 18 -month period after closing to secure the Purchaser's rights of indemnification under the Purchase Agreement and is presented on the Company's consolidated balance sheets as an Other non-current asset (see Note 8). The Company received $1.0 million in additional purchase consideration on December 14, 2017 as a net working capital adjustment. As a result of the sale, the Company recognized a pre-tax gain of $164.8 million during the three months ended December 31, 2017, which is included in gain on disposal of a business unit in the Company's consolidated statement of operations, which is net of $0.3 million in disposal related costs. Prior to the Disposal, Eat24 was its own reporting unit and $110.8 million of goodwill associated with the Eat24 reporting unit was derecognized and included with the net assets disposed. Due to the Company's adoption of ASC 606 on January 1, 2018 (see Note 1), the gain recognized on the sale of Eat24 decreased by $1.1 million to $163.7 million . This decrease in the gain recognized was a result of higher net assets of Eat24 as of the closing date as a result of the adoption of ASC 606, which related to the recognition of capitalized contract costs. The Disposal was accounted for as an asset group disposal in accordance with Accounting Standards Codification 360, "Property, Plant, and Equipment." The results of Eat24's operations are included in the Company's consolidated financial statements through October 10, 2017. The loss before provision for income taxes attributable to Eat24 for the three months ended March 31, 2017 was $3.8 million . The Company acquired Eat24 on February 9, 2015. The final disbursement from the escrow account created to secure indemnification obligations related to the acquisition was completed in the three months ended March 31, 2018. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 3 Months Ended |
Mar. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Escrow deposit $ 28,750 $ 28,750 Deferred contract costs 9,683 9,089 Other 2,924 2,589 Total other non-current assets $ 41,357 $ 40,428 The escrow deposit is the funds held in escrow related to the disposal of Eat24 (see Note 7), which will be held for an 18 -month period after closing to secure the Purchaser's rights of indemnification under the Purchase Agreement. The remaining other non-current assets are primarily deferred tax assets. Deferred contract costs as of March 31, 2018 and December 31, 2017 , and changes in deferred contract costs during the three months ended March 31, 2018 , were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 9,089 Less: amortization recorded in sales and marketing expense (2,535 ) Add: costs deferred on new contracts 3,129 Balance, end of period $ 9,683 |
CONTRACT BALANCES
CONTRACT BALANCES | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | CONTRACT BALANCES The allowance for doubtful accounts as of March 31, 2018 , and changes in the allowance for doubtful accounts during the three months ended March 31, 2018 , were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 8,602 Add: bad debt expense 7,636 Less: write-offs, net of recoveries (6,103 ) Balance, end of period $ 10,135 Contract liabilities include deferred revenue on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of the transfer of the performance obligations of the contract to the customer. As of March 31, 2018 , deferred revenue was $3.5 million , the majority of which is expected to be recognized as revenue in the subsequent three-month period ending June 30, 2018. Changes in deferred revenue during the three months ended March 31, 2018 were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 3,469 Less: Recognition of deferred revenue from beginning balance (2,179 ) Add: Net increase in current period contract liabilities 2,184 Balance, end of period $ 3,474 No other contract assets or liabilities are recorded on the Company's condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Accrued tax liabilities $ 32,063 $ 32,617 Accrued compensation 27,098 17,725 Accrued sales and marketing 6,549 3,458 Other accrued expenses 17,703 19,865 Total accrued liabilities $ 83,413 $ 73,665 |
LONG-TERM LIABILITIES
LONG-TERM LIABILITIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | |
Long-Term Liabilities | LONG-TERM LIABILITIES Long-term liabilities as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Deferred rent $ 28,944 $ 26,904 Other long-term liabilities 3,895 3,833 Total long-term liabilities $ 32,839 $ 30,737 Other long-term liabilities primarily comprise deferred tax liabilities. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Office Facility Leases —The Company leases its office facilities under operating lease agreements that expire from 2018 to 2029. Certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period. Rental expense was $12.0 million and $9.8 million for the three months ended March 31, 2018 and 2017 , respectively. The Company has subleased certain office facilities under operating lease agreements that expire in 2021. The Company recognizes sublease rentals as a reduction in rental expense on a straight-line basis over the lease period. Sublease rental income was $0.7 million and $0.5 million for the three months ended March 31, 2018 and 2017 , respectively. Legal Proceedings —The Company is subject to legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these matters will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows. On January 18, 2018, a putative class action lawsuit alleging violations of the federal securities laws was filed in the U.S. District Court for the Northern District of California, naming as defendants the Company and certain of its officers. The lawsuit alleges violations of the Exchange Act by the Company and its officers for allegedly making materially false and misleading statements regarding its business and operations on February 9, 2017. The plaintiff seeks unspecified monetary damages and other relief. Indemnification Agreements —In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. Under the Purchase Agreement, the Company agreed to indemnify the Purchaser and certain related parties against certain losses arising out of Purchaser's acquisition of Eat24, including, but not limited to, any breach or inaccuracy of any representation or warranty made by the Company or Eat24 in the Purchase Agreement. The Company's indemnification obligations are subject to the terms and conditions set forth in the Purchase Agreement, and are capped at the purchase price received by the Company in the Disposal. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s financial position, results of operations or cash flows. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table presents the number of shares authorized and issued as of the dates indicated: March 31, 2018 December 31, 2017 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000,000 83,956,890 200,000,000 83,724,916 Undesignated Preferred Stock 10,000,000 — 10,000,000 — Stock Repurchase Program On July 31, 2017 , the Company’s board of directors authorized a stock repurchase program under which the Company may repurchase up to $200.0 million of its outstanding common stock. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. During the three months ended March 31, 2018, the Company repurchased on the open market 910,332 shares for an aggregate purchase price of $37.0 million , of which $33.3 million was paid in cash for 821,968 shares during the three months ended March 31, 2018 . As of March 31, 2018, the Company had a treasury stock balance of 360,380 shares, which were excluded from our outstanding share count, and subsequently retired in April 2018. Equity Incentive Plans The Company has outstanding awards under three equity incentive plans: the Amended and Restated 2005 Equity Incentive Plan (the “2005 Plan”), the 2011 Equity Incentive Plan (the “2011 Plan”) and the 2012 Equity Incentive Plan, as amended (the “2012 Plan”). In July 2011, the Company adopted the 2011 Plan, terminated the 2005 Plan and provided that no further stock awards were to be granted under the 2005 Plan. All outstanding stock awards under the 2005 Plan continue to be governed by their existing terms. Upon the effectiveness of the underwriting agreement in connection with the Company’s initial public offering (“IPO”), the Company terminated the 2011 Plan and all shares that were reserved under the 2011 Plan but not issued were assumed by the 2012 Plan. No further awards will be granted pursuant to the 2011 Plan. All outstanding stock awards under the 2011 Plan continue to be governed by their existing terms. Under the 2012 Plan, the Company has the ability to issue incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance units and performance shares. Additionally, the 2012 Plan provides for the grant of performance cash awards to employees, directors and consultants. Stock Options Stock options granted under the 2012 Plan are granted at a price per share not less than the fair value of a share of the Company’s common stock at date of grant. Options granted to date generally vest over a three - or four -year period, on one of four schedules: (a) 25% vesting at the end of one year and the remaining shares vesting monthly thereafter; (b) 10% vesting over the first year, 20% vesting over the second year, 30% vesting over the third year and 40% vesting over the fourth year; (c) ratably on a monthly basis; or (d) 35% vesting over the first year, 40% vesting over the second year and 25% vesting over the third year. Options granted are generally exercisable for up to 10 years . The Company issues new shares when stock options are exercised. A summary of stock option activity for the three months ended March 31, 2018 is as follows: Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding - December 31, 2017 7,078,932 $ 22.70 5.56 $ 145,613 Granted 671,250 43.58 Exercised (313,437 ) 18.13 Canceled (44,397 ) 49.20 Outstanding - March 31, 2018 7,392,348 $ 24.63 5.81 $ 136,698 Options vested and exercisable as of March 31, 2018 5,642,395 $ 20.94 4.84 $ 125,460 Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $8.0 million and $4.9 million for the three months ended March 31, 2018 and 2017 , respectively. The weighted-average grant date fair value of options granted was $18.78 and $15.53 per share for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , total unrecognized compensation costs related to unvested stock options was approximately $26.7 million , which is expected to be recognized over a weighted-average time period of 2.8 years . RSUs The cost of RSUs is determined using the fair value of the Company’s common stock on the date of grant. RSUs generally vest over a four -year period, on one of three schedules: (a) 25% vesting at the end of one year and the remaining vesting quarterly or annually thereafter; (b) 10% vesting over the first year, 20% vesting over the second year, 30% vesting over the third year and 40% vesting over the fourth year; or (c) ratably on a quarterly basis. A summary of RSU activity for the three months ended March 31, 2018 is as follows: Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value Unvested - December 31, 2017 7,249,205 $ 34.57 Granted 1,278,021 43.88 Released (783,737 ) 35.81 Canceled (289,851 ) 34.88 Unvested - March 31, 2018 7,453,638 $ 36.02 As of March 31, 2018 , the Company had approximately $253.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the remaining weighted-average vesting period of approximately 2.7 years . Employee Stock Purchase Plan The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations, during designated offering periods. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period, based on the closing sales price of the Company's common stock as quoted on the New York Stock Exchange on such date. There were no shares purchased by employees under the ESPP in the three months ended March 31, 2018 or 2017. The Company recognized $0.6 million and $0.6 million of stock-based compensation expense related to the discounted share price provided to employees under the ESPP in the three months ended March 31, 2018 and 2017 , respectively. Stock-Based Compensation The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Cost of revenue $ 1,030 $ 981 Sales and marketing 7,518 6,868 Product development 13,435 11,208 General and administrative 5,751 5,277 Total stock-based compensation $ 27,734 $ 24,334 The Company capitalized $1.8 million and $1.4 million of stock-based compensation expense as website development costs in the three months ended March 31, 2018 and 2017 , respectively. |
OTHER INCOME, NET
OTHER INCOME, NET | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | OTHER INCOME, NET Other income, net for the three months ended March 31, 2018 and 2017 consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Interest income, net $ 2,624 $ 680 Transaction (loss) gain on foreign exchange (26 ) 15 Other non-operating income, net 6 37 Other income, net $ 2,604 $ 732 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company is subject to income tax in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income tax. The Company recorded an income tax provision of $0.1 million in each of the three months ended March 31, 2018 and 2017 , in both periods due to $0.1 million in U.S. state and foreign income tax expense, offset by immaterial net discrete tax benefits. Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to "Ordinary" income or loss (income or loss before income taxes excluding unusual or infrequently occurring discrete items) for the reporting period. For the three months ended March 31, 2018 , a discrete effective tax rate method was used in jurisdictions where a small change in estimated Ordinary income has a significant impact on the annual effective tax rate. The primary difference between the effective tax rate and the federal statutory tax rate relates to the valuation allowances on certain of the Company’s net operating losses, foreign tax rate differences and stock-based compensation expense. Jurisdictions where no benefit is recorded on forecasted losses were excluded from the consolidated effective tax rate. As of March 31, 2018 , the total amount of gross unrecognized tax benefits was $20.4 million , $19.5 million of which is subject to a full valuation allowance and would not affect the Company’s effective tax rate if recognized. As of March 31, 2018 , the Company had an immaterial amount related to the accrual of interest and penalties. During the three months ended March 31, 2018 , the Company’s gross unrecognized tax benefits increased by $2.2 million , an immaterial amount which would affect the Company’s effective tax rate if recognized. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act makes broad and complex changes to the U.S. tax code that impact the Company's provision for income taxes, including, but not limited to, reducing the U.S. federal corporate tax rate from 35.0% to 21.0% (the "Tax Rate Reduction"), and requiring a one-time Deemed Repatriation Tax (the "Transition Tax") on certain un-repatriated earnings of foreign subsidiaries. However, because the Company has a net cumulative deficit on the earnings and profits of its foreign subsidiaries, it is not subject to the Transition Tax. Prior to the effectiveness of the Tax Act, the Company did not recognize a deferred tax liability related to un-remitted foreign earnings because such earnings were expected to be reinvested indefinitely. Although the Company is not subject to the Transition Tax, an actual repatriation from its non-U.S. subsidiaries could still be subject to additional foreign withholding taxes and U.S. state taxes. However, it remains the Company’s intention to reinvest the earnings from its non-U.S. subsidiaries. As of March 31, 2018 , the Company estimates that it had $2.4 million of cumulative earnings upon which U.S. income taxes had not been provided. Determination of the amount of unrecognized deferred tax liability with respect to unremitted foreign earnings, if any, is not practicable. In March 2018, FASB issued Accounting Standards Update No. 2018-05, "Income Taxes Topic (740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118" ("ASU 2018-05") to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company's accounting for the Tax Act was incomplete as of the quarter ended March 31, 2018 . For the three months ended March 31, 2018 , the Company did not make any measurement-period adjustments related to the Transition Tax and the re-measurement of deferred taxes and valuation allowance due to the Tax Rate Reduction previously estimated. Since ongoing guidance and accounting interpretation for the Tax Act are expected over the next nine months, the Company considers the accounting of other areas of the Tax Act to be incomplete as the Company continues to gather additional information and evaluate the provisions of the Tax Act and the application of ASU 2018-05. The Company expects to finalize the analysis and record any adjustments to provisional estimates within the measurement period in accordance with ASU 2018-05. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company’s federal and state income tax returns for fiscal years subsequent to 2003 remain open to examination. In the Company’s most significant foreign jurisdictions — Canada, Ireland, the United Kingdom and Germany — the tax years subsequent to 2010 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes, and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that its unrecognized tax benefits could be reduced by an immaterial amount over the 12 months following December 31, 2017 . |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NET LOSS PER SHARE Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential common shares consist of the incremental shares of common stock issuable upon the exercise of stock options, shares issuable upon the vesting of RSUs and, to a lesser extent, purchase rights related to the ESPP. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2018 2017 Net loss attributable to common stockholders $ (2,286 ) $ (4,026 ) Basic Shares: Weighted-average shares outstanding 83,785 79,843 Diluted Shares: Weighted-average shares outstanding to compute diluted net loss per share 83,785 79,843 Net loss per share attributable to common stockholders Basic $ (0.03 ) $ (0.05 ) Diluted $ (0.03 ) $ (0.05 ) The following weighted-average stock-based instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Stock options 7,392 8,598 Restricted stock units 7,454 7,556 Employee stock purchase plan 86 85 |
INFORMATION ABOUT REVENUE AND G
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Information About Revenue and Geographic Areas | INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single operating and reporting segment. Revenue by geography is based on the billing address of the customer. Net Revenue The following table presents the Company’s net revenue disaggregated by major product line for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Net revenue by product: Advertising $ 214,043 $ 177,900 Transactions 3,839 18,065 Other services 5,192 2,209 Total net revenue $ 223,074 $ 198,174 During the three months ended March 31, 2018 and 2017 , no individual customer accounted for 10% or more of consolidated net revenue. The following table presents the Company’s net revenue disaggregated by major geographic region for the periods indicated (in thousands): Three Months Ended March 31, 2018 2017 United States $ 219,924 $ 194,761 All other countries 3,150 3,413 Total net revenue $ 223,074 $ 198,174 Long-Lived Assets The following table presents the Company’s long-lived assets by geographic region for the periods indicated (in thousands): March 31, 2018 December 31, 2017 United States $ 105,431 $ 100,990 All other countries 2,458 2,661 Total long-lived assets $ 107,889 $ 103,651 |
RESTRUCTURING AND INTEGRATION
RESTRUCTURING AND INTEGRATION | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Integration | RESTRUCTURING AND INTEGRATION The following table presents the Company’s restructuring and integration costs for the periods indicated (in thousands): Three Months Ended March 31, 2018 2017 Restructuring and integration $ — $ 231 On November 2, 2016, the Company announced plans to significantly reduce sales and marketing activities in markets outside of the United States and Canada. The restructuring plan was completed by December 31, 2017 . The Company incurred zero and $0.2 million for the three months ended March 31, 2018 and 2017, respectively, in restructuring and integration costs associated with this plan related to severance costs for affected employees. No additional expense related to this restructuring plan is expected. No goodwill, intangible assets or other long-lived assets were impaired as a result of the restructuring plan. There were no remaining unpaid amounts related to this plan as of March 31, 2018 or December 31, 2017 . |
DESCRIPTION OF BUSINESS AND B25
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on February 28, 2018 (the “Annual Report”). The unaudited condensed consolidated balance sheet as of December 31, 2017 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements and certain balances which have been restated as a result of the adoption of new accounting pronouncements. |
Revenue Recognition | Revenue Recognition— The Company generates revenue from its advertising products, transactions and other services. The Company recognizes revenue when all of the following criteria are met: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations. The Company applies the portfolio practical expedient to account for contracts with customers in each category of revenue. Revenue is recognized net of any taxes collected from customers, which are remitted to governmental authorities. The Company does not typically refund customers for services once it determines the performance obligations of the contract have been satisfied, but will assess any refund requests from customers and partners on a case by case basis. The Company records an allowance for potential future refunds, which is estimated based on historical trends and recorded as a reduction of net revenue. Advertising. The Company generates advertising revenue primarily through the display of advertising products on its website and mobile app. These arrangements are evidenced by either written or electronic acceptance of a contract that stipulates the types of advertising to be delivered, the timing and pricing. Performance-based advertising placements are priced on a cost-per-click basis, while impression-based advertising placements are priced on a cost per thousand impressions basis. The Company recognizes revenue from the delivery of performance-based ads and impression-based ads in the period of delivery, in each case net of customer discounts, assuming all other revenue recognition criteria are met. The Company also offers businesses premium features in connection with their business listing pages pursuant to fixed monthly fees, and recognizes revenue from such offerings over the service period, assuming all other revenue recognition criteria are met. The Company also generates advertising revenue through indirect sales of advertising products, such as through reseller contracts that allow partners to sell Yelp Branded Profiles to their clients and the monetization of remnant advertising inventory through third-party ad networks, and recognizes revenue in the period of delivery, assuming all other revenue recognition criteria are met. Transactions. The Company generates transactions revenue from revenue-sharing partner contracts, the sale of vouchers through the Company's "Yelp Deals" and "Yelp Gift Certificates" products, and, through October 10, 2017, Yelp Eat24 as a standalone product. The Company's transactions platform provides consumers with the ability to complete food delivery and other transactions through third parties directly on Yelp. The Company earns a per transaction commission fee pursuant to partnership contracts for acting as an agent for these transactions, which it recognizes on a net basis and includes in revenue upon completion of a transaction, assuming all other revenue recognition criteria is met. Other Services. The Company generates other services revenue through subscription services contracts, such as sales of monthly subscriptions to its Yelp Reservations, Yelp Nowait and Yelp WiFi Marketing products, licensing contracts for access to Yelp data and other non-advertising, non-transaction partnerships. Subscription revenues are recognized ratably over the contract terms beginning on the commencement date of each contract, which is the date the service is made available to customers, assuming all other revenue recognition criteria are met. Contracts with Multiple Performance Obligations. Contracts with customers can include multiple performance obligations, where revenue is allocated to each performance obligation based on its relative standalone selling price ("SSP"). The Company determines SSP based on the prices of the promised goods or services charged when sold separately to customers, which are determined using contractually stated prices. The various products and services comprising contracts with multiple performance obligations are typically capable of being distinct and accounted for as separate performance obligations. Estimates and assumptions include determining variable consideration, identifying the nature and timing of satisfaction of performance obligations, and calculating the SSP of performance obligations. The Company allocates revenue to each of the performance obligations included in a contract with multiple performance obligations at the inception of the contract. The Company applies the invoice practical expedient to depict the value transferred to the customer and measure of progress towards completion of its obligations. Because the Company considers contracts month-to-month, variable consideration is resolved at the time of invoicing, which eliminates the use of estimates in determining the transaction price. The Company does not consider the effects of the time value of money as the majority of the Company’s contracts are invoiced on a monthly basis, one month in arrears. Accounts Receivable, Net, and Payment Terms— The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. Payment terms and conditions vary by contract type and the service being provided. For advertising services, the Company typically invoices customers on a monthly basis, one month in arrears, and payment is collected either at the end of each billing period or up to 30 days after the end of the billing period. For transaction services, the Company's commission fee on each transaction is collected either at the time of the transaction, or up to 30 days after the end of the billing period. For subscription services, the Company typically invoices one month in advance, and payment is collected at the beginning of each billing period. Allowance for Doubtful Accounts— The Company maintains an allowance for doubtful accounts receivable. The allowance reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. It is based upon historical experience and loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts and known delinquent accounts. When new information becomes available that allows the Company to more accurately estimate the allowance, it makes an adjustment, which is considered a change in accounting estimate. The carrying value of accounts receivable approximates their fair value. Deferred Contract Costs —ASC 606 also modified Subtopic Accounting Standards Codification 340-40, "Other Assets and Deferred Costs—Contracts with Customers," which requires the Company to recognize a deferred cost asset for the incremental costs of obtaining a contract with a customer. The Company classifies certain sales incentive compensation costs as incremental to obtaining the related contract. These costs are capitalized in the period in which they are incurred and amortized on a straight-line basis over the expected customer life of the associated contract. The Company determined to use the straight line basis as the expected benefit will be realized uniformly over the amortization period.The amortization periods for contract costs, which extend up to 41 months, were calculated based on both qualitative and quantitative factors, including product lifecycle attributes and customer retention using historical data. For contract costs with amortization periods of 12 months or less, the Company applies a practical expedient to expense such costs as incurred. The Company assesses deferred contract costs for impairment on a quarterly basis. Amortized contract costs are recorded within sales and marketing expense on the consolidated statements of operations. Deferred contract costs are included within other non-current assets on the Company's consolidated balance sheets (see Note 8). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Effective In February 2016, FASB issued Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”). The new guidance generally requires an entity to recognize on its balance sheet operating and financing lease liabilities and corresponding right-of-use assets, as well as to recognize the expenses on its statements of operations in a manner similar to that required under current accounting rules. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard requires a modified retrospective transition for existing leases to each prior reporting period presented. Although the Company is in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements, the Company currently expects the most significant changes will be related to the recognition of new right-of-use assets and lease liabilities on the Company's consolidated balance sheet for real estate operating leases. In January 2017, FASB issued Accounting Standards Update No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). This new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Entities will now perform goodwill impairment tests by comparing fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact and timing of the adoption of ASU 2017-04, but expects that it will not have a material impact on its consolidated financial statements. In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). This new guidance requires entities to amortize purchased callable debt securities held at a premium to the earliest call date. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-08 to have a material impact on its consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates. |
DESCRIPTION OF BUSINESS AND B26
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The Company's adoption of ASC 606 resulted in the following adjustments to its previously reported results (in thousands): As Previously Reported Impact of ASC 606 Adoption As Currently Reported Income Statement—Three Months Ended March 31, 2017 Net revenue $ 197,323 $ 851 $ 198,174 Costs and Expenses: Sales and marketing 109,286 (754 ) 108,532 General and administrative 26,315 851 27,166 Net loss attributable to common stockholders (4,780 ) 754 (4,026 ) Basic earnings per share (0.06 ) 0.01 (0.05 ) Diluted earnings per share (0.06 ) 0.01 (0.05 ) Balance Sheet—As of December 31, 2017 Allowance for doubtful accounts 7,352 1,250 8,602 Other non-current assets 31,339 9,089 40,428 Retained earnings 70,081 9,089 79,170 Statement of Cash Flows—Three Months Ended March 31, 2017 Provision for doubtful accounts and sales returns 5,050 851 5,901 Change in accounts receivable (3,607 ) (851 ) (4,458 ) Change in prepaid expenses and other assets (899 ) (754 ) (1,653 ) |
CASH, CASH EQUIVALENTS AND RE27
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Cash $ 163,440 $ 283,085 Cash equivalents 228,895 264,765 Total cash and cash equivalents $ 392,335 $ 547,850 Restricted cash $ 18,800 $ 18,554 Total cash, cash equivalents and restricted cash $ 411,135 $ 566,404 |
Restrictions on Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Cash $ 163,440 $ 283,085 Cash equivalents 228,895 264,765 Total cash and cash equivalents $ 392,335 $ 547,850 Restricted cash $ 18,800 $ 18,554 Total cash, cash equivalents and restricted cash $ 411,135 $ 566,404 |
FAIR VALUE OF FINANCIAL INSTR28
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following table represents the Company’s financial instruments measured at fair value as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 218,054 $ — $ — $ 218,054 $ 217,838 $ — $ — $ 217,838 Commercial paper — 9,985 — 9,985 — 46,927 — 46,927 Marketable Securities: Commercial paper — 227,619 — 227,619 — 138,412 — 138,412 Corporate bonds — 89,672 — 89,672 — 69,926 — 69,926 Agency bonds — 80,861 — 80,861 — 78,913 — 78,913 U.S. government bonds — 38,609 — 38,609 — — — — Agency discount notes — — — — — 10,989 — 10,989 Total cash equivalents and marketable securities $ 218,054 $ 446,746 $ — $ 664,800 $ 217,838 $ 345,167 $ — $ 563,005 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity | The amortized cost, gross unrealized gains and losses, and fair value of securities held-to-maturity as of March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 Short-term marketable securities: Amortized Cost Gross Unrealized Gross Fair Value Commercial paper $ 227,630 $ 1 $ (12 ) $ 227,619 Corporate bonds 86,977 — (282 ) 86,695 Agency bonds 69,036 — (70 ) 68,966 U.S. government bonds 38,640 — (31 ) 38,609 Total short-term marketable securities 422,283 1 (395 ) 421,889 Long-term marketable securities: Agency bonds $ 11,912 $ — $ (17 ) $ 11,895 Corporate bonds 2,986 — (9 ) 2,977 Total long-term marketable securities $ 14,898 $ — $ (26 ) $ 14,872 Total marketable securities $ 437,181 $ 1 $ (421 ) $ 436,761 December 31, 2017 Short-term marketable securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 138,412 $ 1 $ (1 ) $ 138,412 Corporate bonds 45,006 — (41 ) 44,965 Agency bonds 78,958 — (45 ) 78,913 Agency discount bonds $ 10,990 $ — $ (1 ) $ 10,989 Total short-term marketable securities $ 273,366 $ 1 $ (88 ) $ 273,279 Long-term marketable securities: Corporate bonds $ 25,032 $ — $ (71 ) $ 24,961 Total long-term marketable securities $ 25,032 $ — $ (71 ) $ 24,961 Total marketable securities $ 298,398 $ 1 $ (159 ) $ 298,240 |
Schedule of Securities in an Unrealized Loss Position | The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of March 31, 2018 and December 31, 2017 , aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): March 31, 2018 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 89,672 $ (291 ) $ — $ — $ 89,672 $ (291 ) Agency bonds 80,861 (87 ) — — 80,861 (87 ) U.S. government bonds 38,609 (31 ) — — 38,609 (31 ) Commercial paper 18,866 (12 ) — — 18,866 (12 ) Total $ 228,008 $ (421 ) $ — $ — $ 228,008 $ (421 ) December 31, 2017 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Agency bonds $ 78,913 $ (45 ) $ — $ — $ 78,913 $ (45 ) Corporate bonds 62,927 (112 ) — — 62,927 (112 ) Agency discount notes 10,989 (1 ) — — 10,989 (1 ) Commercial paper 3,975 (1 ) — — 3,975 (1 ) Total $ 156,804 $ (159 ) $ — $ — $ 156,804 $ (159 ) |
PROPERTY, EQUIPMENT, AND SOFTWA
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, Capitalized website and internal-use software development costs $ 87,860 $ 81,710 Leasehold improvements 77,892 74,236 Computer equipment 34,889 32,450 Furniture and fixtures 17,093 16,435 Telecommunication 4,197 3,996 Software 1,212 1,212 Total 223,143 210,039 Less accumulated depreciation (115,254 ) (106,388 ) Property, equipment and software, net $ 107,889 $ 103,651 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in carrying amount of goodwill during the three months ended March 31, 2018 were as follows (in thousands): Balance as of December 31, 2017 $ 107,954 Effect of currency translation 1,466 Balance as of March 31, 2018 $ 109,420 |
Schedule of Intangible Assets | Intangible assets at March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands): March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (1,139 ) $ 8,779 10.1 years Developed technology 7,832 (2,443 ) 5,389 3.8 years Content 4,087 (3,747 ) 340 1.6 years Domains and data licenses 2,869 (1,976 ) 893 2.0 years Trademarks 877 (360 ) 517 1.9 years User relationships 146 (55 ) 91 2.0 years Total $ 25,729 $ (9,720 ) $ 16,009 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (896 ) $ 9,022 10.3 years Developed technology 7,832 (2,071 ) 5,761 4.1 years Content 4,005 (3,610 ) 395 1.8 years Domain and data licenses 2,869 (1,847 ) 1,022 2.2 years Trademarks 877 (287 ) 590 2.2 years User relationships 146 (43 ) 103 2.2 years Total $ 25,647 $ (8,754 ) $ 16,893 |
Schedule of Future Amortization Expense | As of March 31, 2018 , the estimated future amortization of purchased intangible assets for (i) the remaining nine months of 2018 , (ii) each of the succeeding four years, and (iii) thereafter is as follows (in thousands): Year Ending December 31, Amount 2018 (from April 1, 2018) $ 2,649 2019 3,277 2020 2,402 2021 2,262 2022 1,045 Thereafter 4,374 Total amortization $ 16,009 |
ACQUISITIONS AND DISPOSALS (Tab
ACQUISITIONS AND DISPOSALS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Nowait, Inc | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price, Assets Acquired and Liabilities Assumed | The final purchase price allocation is as follows (in thousands): February 28, 2017 Fair value of purchase consideration Cash: Distributed to Nowait stockholders $ 31,892 Held in escrow account 7,945 Total purchase consideration 39,837 Fair value of net assets acquired: Cash and cash equivalents $ 1,004 Intangible assets 12,670 Goodwill 25,959 Other assets 1,065 Total assets acquired 40,698 Liabilities assumed (861 ) Total liabilities assumed (861 ) Net assets acquired $ 39,837 Estimated useful lives and the amount assigned to each class of intangible assets acquired are as follows (dollars in thousands): Intangible Asset Type Amount Assigned Useful Life Enterprise restaurant relationships $ 8,500 12.0 years Acquired technology 2,900 5.0 years Trademarks 610 3.0 years Local restaurant relationships 600 5.0 years User relationships 60 3.0 years Weighted average 9.6 years |
Turnstyle Analytics Inc | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price, Assets Acquired and Liabilities Assumed | The purchase price allocation, subject to finalization during the measurement period, is as follows (in thousands): April 3, 2017 Fair value of purchase consideration Cash: Distributed to Turnstyle stockholders $ 16,648 Held in escrow account 3,093 Total purchase consideration $ 19,741 Fair value of net assets acquired: Cash and cash equivalents $ 30 Intangible assets 4,252 Goodwill 16,048 Other assets 250 Total assets acquired 20,580 Deferred tax liability (450 ) Liabilities assumed (389 ) Total liabilities assumed (839 ) Net assets acquired $ 19,741 Estimated useful lives and the amount assigned to each class of intangible assets acquired are as follows (dollars in thousands): Intangible Asset Type Amount Assigned Useful Life Acquired technology $ 3,250 5.0 years Business relationships 672 5.0 years Trademarks 250 3.0 years User relationships 80 3.0 years Weighted average 4.9 years |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Escrow deposit $ 28,750 $ 28,750 Deferred contract costs 9,683 9,089 Other 2,924 2,589 Total other non-current assets $ 41,357 $ 40,428 |
Capitalized Contract Cost | Deferred contract costs as of March 31, 2018 and December 31, 2017 , and changes in deferred contract costs during the three months ended March 31, 2018 , were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 9,089 Less: amortization recorded in sales and marketing expense (2,535 ) Add: costs deferred on new contracts 3,129 Balance, end of period $ 9,683 |
CONTRACT BALANCES (Tables)
CONTRACT BALANCES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | The allowance for doubtful accounts as of March 31, 2018 , and changes in the allowance for doubtful accounts during the three months ended March 31, 2018 , were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 8,602 Add: bad debt expense 7,636 Less: write-offs, net of recoveries (6,103 ) Balance, end of period $ 10,135 |
Contract with Customer, Liability | Changes in deferred revenue during the three months ended March 31, 2018 were as follows (in thousands): Three Months Ended March 31, 2018 Balance, beginning of period $ 3,469 Less: Recognition of deferred revenue from beginning balance (2,179 ) Add: Net increase in current period contract liabilities 2,184 Balance, end of period $ 3,474 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Accrued tax liabilities $ 32,063 $ 32,617 Accrued compensation 27,098 17,725 Accrued sales and marketing 6,549 3,458 Other accrued expenses 17,703 19,865 Total accrued liabilities $ 83,413 $ 73,665 |
LONG-TERM LIABILITIES (Tables)
LONG-TERM LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | |
Schedule of Long-Term Liabilities | Long-term liabilities as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, 2018 December 31, 2017 Deferred rent $ 28,944 $ 26,904 Other long-term liabilities 3,895 3,833 Total long-term liabilities $ 32,839 $ 30,737 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The following table presents the number of shares authorized and issued as of the dates indicated: March 31, 2018 December 31, 2017 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000,000 83,956,890 200,000,000 83,724,916 Undesignated Preferred Stock 10,000,000 — 10,000,000 — |
Schedule of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2018 is as follows: Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding - December 31, 2017 7,078,932 $ 22.70 5.56 $ 145,613 Granted 671,250 43.58 Exercised (313,437 ) 18.13 Canceled (44,397 ) 49.20 Outstanding - March 31, 2018 7,392,348 $ 24.63 5.81 $ 136,698 Options vested and exercisable as of March 31, 2018 5,642,395 $ 20.94 4.84 $ 125,460 |
Schedule of RSU Activity | A summary of RSU activity for the three months ended March 31, 2018 is as follows: Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value Unvested - December 31, 2017 7,249,205 $ 34.57 Granted 1,278,021 43.88 Released (783,737 ) 35.81 Canceled (289,851 ) 34.88 Unvested - March 31, 2018 7,453,638 $ 36.02 |
Schedule of Stock-Based Compensation Expense | The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Cost of revenue $ 1,030 $ 981 Sales and marketing 7,518 6,868 Product development 13,435 11,208 General and administrative 5,751 5,277 Total stock-based compensation $ 27,734 $ 24,334 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | Other income, net for the three months ended March 31, 2018 and 2017 consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Interest income, net $ 2,624 $ 680 Transaction (loss) gain on foreign exchange (26 ) 15 Other non-operating income, net 6 37 Other income, net $ 2,604 $ 732 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2018 2017 Net loss attributable to common stockholders $ (2,286 ) $ (4,026 ) Basic Shares: Weighted-average shares outstanding 83,785 79,843 Diluted Shares: Weighted-average shares outstanding to compute diluted net loss per share 83,785 79,843 Net loss per share attributable to common stockholders Basic $ (0.03 ) $ (0.05 ) Diluted $ (0.03 ) $ (0.05 ) |
Schedule of Anti-dilutive Securities | The following weighted-average stock-based instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Stock options 7,392 8,598 Restricted stock units 7,454 7,556 Employee stock purchase plan 86 85 |
INFORMATION ABOUT REVENUE AND40
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Product Line | The following table presents the Company’s net revenue disaggregated by major product line for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Net revenue by product: Advertising $ 214,043 $ 177,900 Transactions 3,839 18,065 Other services 5,192 2,209 Total net revenue $ 223,074 $ 198,174 |
Schedule of Net Revenue by Geographic Region | The following table presents the Company’s net revenue disaggregated by major geographic region for the periods indicated (in thousands): Three Months Ended March 31, 2018 2017 United States $ 219,924 $ 194,761 All other countries 3,150 3,413 Total net revenue $ 223,074 $ 198,174 |
Schedule of Long-Lived Assets by Geographic Location | The following table presents the Company’s long-lived assets by geographic region for the periods indicated (in thousands): March 31, 2018 December 31, 2017 United States $ 105,431 $ 100,990 All other countries 2,458 2,661 Total long-lived assets $ 107,889 $ 103,651 |
RESTRUCTURING AND INTEGRATION (
RESTRUCTURING AND INTEGRATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Integration Costs | The following table presents the Company’s restructuring and integration costs for the periods indicated (in thousands): Three Months Ended March 31, 2018 2017 Restructuring and integration $ — $ 231 |
DESCRIPTION OF BUSINESS AND B42
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Revenue Recognition) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |||
Income Statement | |||||
Net revenue | $ 223,074 | $ 198,174 | [1] | ||
Costs and Expenses: | |||||
Sales and marketing | 119,641 | 108,532 | [1] | ||
General and administrative | 32,007 | 27,166 | [1] | ||
Net loss attributable to common stockholders | $ (2,286) | $ (4,026) | [1],[2],[3] | ||
Basic earnings per share (in USD per share) | $ (0.03) | $ (0.05) | [1] | ||
Diluted earnings per share (in USD per share) | $ (0.03) | $ (0.05) | [1] | ||
Balance Sheet | |||||
Allowance for doubtful accounts | $ 10,135 | $ 8,602 | |||
Other non-current assets | 41,357 | 40,428 | [4] | ||
Retained earnings | 54,830 | 79,170 | [4] | ||
Statement of Cash Flows | |||||
Provision for doubtful accounts and sales returns | 8,143 | $ 5,901 | [3] | ||
Change in accounts receivable | (6,995) | (4,458) | [3] | ||
Change in prepaid expenses and other assets | $ (5,074) | (1,653) | [3] | ||
As Previously Reported | |||||
Income Statement | |||||
Net revenue | 197,323 | ||||
Costs and Expenses: | |||||
Sales and marketing | 109,286 | ||||
General and administrative | 26,315 | ||||
Net loss attributable to common stockholders | $ (4,780) | ||||
Basic earnings per share (in USD per share) | $ (0.06) | ||||
Diluted earnings per share (in USD per share) | $ (0.06) | ||||
Balance Sheet | |||||
Allowance for doubtful accounts | 7,352 | ||||
Other non-current assets | 31,339 | ||||
Retained earnings | 70,081 | ||||
Statement of Cash Flows | |||||
Provision for doubtful accounts and sales returns | $ 5,050 | ||||
Change in accounts receivable | (3,607) | ||||
Change in prepaid expenses and other assets | (899) | ||||
Accounting Standards Update 2014-09 | Impact of ASC 606 Adoption | |||||
Income Statement | |||||
Net revenue | 851 | ||||
Costs and Expenses: | |||||
Sales and marketing | (754) | ||||
General and administrative | 851 | ||||
Net loss attributable to common stockholders | $ 754 | ||||
Basic earnings per share (in USD per share) | $ 0.01 | ||||
Diluted earnings per share (in USD per share) | $ 0.01 | ||||
Balance Sheet | |||||
Allowance for doubtful accounts | 1,250 | ||||
Other non-current assets | 9,089 | ||||
Retained earnings | $ 9,089 | ||||
Statement of Cash Flows | |||||
Provision for doubtful accounts and sales returns | $ 851 | ||||
Change in accounts receivable | (851) | ||||
Change in prepaid expenses and other assets | $ (754) | ||||
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. | ||||
[4] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
DESCRIPTION OF BUSINESS AND B43
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |
Contracts invoiced in arrears, duration | 1 month |
Capitalized contract cost, amortization period threshold for practical expedient | 12 months |
Maximum | |
Capitalized Contract Cost [Line Items] | |
Capitalized contract cost, amortization period | 41 months |
Advertising services | |
Capitalized Contract Cost [Line Items] | |
Contracts invoiced in arrears, duration | 1 month |
Payment collection after billing period, duration | 30 days |
Transaction services | |
Capitalized Contract Cost [Line Items] | |
Payment collection after billing period, duration | 30 days |
Subscription services | |
Capitalized Contract Cost [Line Items] | |
Contracts invoiced in advance, duration | 1 month |
CASH, CASH EQUIVALENTS AND RE44
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | [2] | Dec. 31, 2016 | [2] | |
Cash and Cash Equivalents [Abstract] | |||||||
Cash | $ 163,440 | $ 283,085 | |||||
Cash equivalents | 228,895 | 264,765 | |||||
Total cash and cash equivalents | 392,335 | 547,850 | [1] | ||||
Restricted cash | 18,800 | 18,554 | |||||
Total cash, cash equivalents and restricted cash | $ 411,135 | $ 566,404 | $ 290,743 | $ 289,518 | |||
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. | ||||||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
FAIR VALUE OF FINANCIAL INSTR45
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 436,761 | $ 298,240 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 664,800 | 563,005 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 218,054 | 217,838 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 446,746 | 345,167 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 227,619 | 138,412 |
Commercial paper | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Commercial paper | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 227,619 | 138,412 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Corporate bonds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 89,672 | 69,926 |
Corporate bonds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Corporate bonds | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 89,672 | 69,926 |
Corporate bonds | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Agency bonds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 80,861 | 78,913 |
Agency bonds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Agency bonds | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 80,861 | 78,913 |
Agency bonds | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
U.S. government bonds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 38,609 | 0 |
U.S. government bonds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
U.S. government bonds | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 38,609 | 0 |
U.S. government bonds | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Agency discount notes | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 10,989 |
Agency discount notes | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Agency discount notes | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 10,989 |
Agency discount notes | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Money market funds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 218,054 | 217,838 |
Money market funds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 218,054 | 217,838 |
Money market funds | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Money market funds | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 9,985 | 46,927 |
Commercial paper | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Commercial paper | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 9,985 | 46,927 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | $ 0 | $ 0 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Short-term marketable securities: | ||
Amortized Cost | $ 422,283 | $ 273,366 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (395) | (88) |
Fair Value | 421,889 | 273,279 |
Long-term marketable securities: | ||
Amortized Cost | 14,898 | 25,032 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (26) | (71) |
Fair Value | 14,872 | 24,961 |
Amortized Cost | 437,181 | 298,398 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (421) | (159) |
Fair Value | 436,761 | 298,240 |
Commercial paper | ||
Short-term marketable securities: | ||
Amortized Cost | 227,630 | 138,412 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (12) | (1) |
Fair Value | 227,619 | 138,412 |
Corporate bonds | ||
Short-term marketable securities: | ||
Amortized Cost | 86,977 | 45,006 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (282) | (41) |
Fair Value | 86,695 | 44,965 |
Long-term marketable securities: | ||
Amortized Cost | 2,986 | 25,032 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9) | (71) |
Fair Value | 2,977 | 24,961 |
Agency bonds | ||
Short-term marketable securities: | ||
Amortized Cost | 69,036 | 78,958 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (70) | (45) |
Fair Value | 68,966 | 78,913 |
Long-term marketable securities: | ||
Amortized Cost | 11,912 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (17) | |
Fair Value | 11,895 | |
U.S. government bonds | ||
Short-term marketable securities: | ||
Amortized Cost | 38,640 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (31) | |
Fair Value | $ 38,609 | |
Agency discount bonds | ||
Short-term marketable securities: | ||
Amortized Cost | 10,990 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | $ 10,989 |
MARKETABLE SECURITIES (Schedu47
MARKETABLE SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value | ||
Less Than 12 Months | $ 228,008 | $ 156,804 |
12 Months or Greater | 0 | 0 |
Total | 228,008 | 156,804 |
Unrealized Loss | ||
Less Than 12 Months | (421) | (159) |
12 Months or Greater | 0 | 0 |
Total | (421) | (159) |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | 89,672 | 62,927 |
12 Months or Greater | 0 | 0 |
Total | 89,672 | 62,927 |
Unrealized Loss | ||
Less Than 12 Months | (291) | (112) |
12 Months or Greater | 0 | 0 |
Total | (291) | (112) |
Agency bonds | ||
Fair Value | ||
Less Than 12 Months | 80,861 | 78,913 |
12 Months or Greater | 0 | 0 |
Total | 80,861 | 78,913 |
Unrealized Loss | ||
Less Than 12 Months | (87) | (45) |
12 Months or Greater | 0 | 0 |
Total | (87) | (45) |
U.S. government bonds | ||
Fair Value | ||
Less Than 12 Months | 38,609 | |
12 Months or Greater | 0 | |
Total | 38,609 | |
Unrealized Loss | ||
Less Than 12 Months | (31) | |
12 Months or Greater | 0 | |
Total | (31) | |
Agency discount notes | ||
Fair Value | ||
Less Than 12 Months | 10,989 | |
12 Months or Greater | 0 | |
Total | 10,989 | |
Unrealized Loss | ||
Less Than 12 Months | (1) | |
12 Months or Greater | 0 | |
Total | (1) | |
Commercial paper | ||
Fair Value | ||
Less Than 12 Months | 18,866 | 3,975 |
12 Months or Greater | 0 | 0 |
Total | 18,866 | 3,975 |
Unrealized Loss | ||
Less Than 12 Months | (12) | (1) |
12 Months or Greater | 0 | 0 |
Total | $ (12) | $ (1) |
PROPERTY, EQUIPMENT AND SOFTW48
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Schedule of Property, Equipment and Software) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | $ 223,143 | $ 210,039 | |
Less accumulated depreciation | (115,254) | (106,388) | |
Property, equipment and software, net | 107,889 | 103,651 | [1] |
Capitalized website and internal-use software development costs | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 87,860 | 81,710 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 77,892 | 74,236 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 34,889 | 32,450 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 17,093 | 16,435 | |
Telecommunication | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 4,197 | 3,996 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | $ 1,212 | $ 1,212 | |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
PROPERTY, EQUIPMENT, AND SOFT49
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 9.1 | $ 8.2 |
GOODWILL AND INTANGIBLE ASSET50
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | ||
Goodwill [Roll Forward] | ||
Balance as of December 31, 2017 | $ 107,954 | [1] |
Effect of currency translation | 1,466 | |
Balance as of March 31, 2018 | $ 109,420 | |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
GOODWILL AND INTANGIBLE ASSET51
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 25,729 | $ 25,647 |
Accumulated Amortization | (9,720) | (8,754) |
Total amortization | 16,009 | 16,893 |
Business relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,918 | 9,918 |
Accumulated Amortization | (1,139) | (896) |
Total amortization | $ 8,779 | $ 9,022 |
Weighted Average Remaining Life (in years) | 10 years 1 month 6 days | 10 years 3 months 6 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,832 | $ 7,832 |
Accumulated Amortization | (2,443) | (2,071) |
Total amortization | $ 5,389 | $ 5,761 |
Weighted Average Remaining Life (in years) | 3 years 9 months 18 days | 4 years 1 month 6 days |
Content | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,087 | $ 4,005 |
Accumulated Amortization | (3,747) | (3,610) |
Total amortization | $ 340 | $ 395 |
Weighted Average Remaining Life (in years) | 1 year 7 months | 1 year 10 months |
Domains and data licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,869 | $ 2,869 |
Accumulated Amortization | (1,976) | (1,847) |
Total amortization | $ 893 | $ 1,022 |
Weighted Average Remaining Life (in years) | 2 years | 2 years 2 months 6 days |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 877 | $ 877 |
Accumulated Amortization | (360) | (287) |
Total amortization | $ 517 | $ 590 |
Weighted Average Remaining Life (in years) | 1 year 10 months 24 days | 2 years 2 months |
User relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 146 | $ 146 |
Accumulated Amortization | (55) | (43) |
Total amortization | $ 91 | $ 103 |
Weighted Average Remaining Life (in years) | 2 years | 2 years 2 months 6 days |
GOODWILL AND INTANGIBLE ASSET52
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 0.9 | $ 1.9 |
GOODWILL AND INTANGIBLE ASSET53
GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2018 (from April 1, 2018) | $ 2,649 | |
2,019 | 3,277 | |
2,020 | 2,402 | |
2,021 | 2,262 | |
2,022 | 1,045 | |
Thereafter | 4,374 | |
Total amortization | $ 16,009 | $ 16,893 |
ACQUISITIONS AND DISPOSALS (Nar
ACQUISITIONS AND DISPOSALS (Narrative) (Details) - USD ($) | Oct. 10, 2017 | Apr. 03, 2017 | Feb. 28, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 14, 2017 | |
Business Acquisition [Line Items] | ||||||||
Held in escrow account | $ 28,750,000 | $ 28,750,000 | ||||||
Net revenue | 223,074,000 | $ 198,174,000 | [1] | |||||
Net income (loss) | (2,286,000) | (4,026,000) | [1],[2],[3] | |||||
Nowait, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interest in acquiree, percentage | 20.00% | |||||||
Total purchase consideration | $ 39,837,000 | |||||||
Held in escrow account | $ 7,945,000 | |||||||
Escrow deposit duration | 2 years | |||||||
Acquisition-related transaction costs | 0 | 100,000 | ||||||
Net revenue | 1,200,000 | 200,000 | ||||||
Net income (loss) | (800,000) | |||||||
Turnstyle Analytics Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase consideration | $ 19,741,000 | |||||||
Held in escrow account | $ 3,093,000 | |||||||
Escrow deposit duration | 18 months | |||||||
Acquisition-related transaction costs | 0 | 0 | ||||||
Net revenue | $ 700,000 | |||||||
Purchase consideration including acquisition compensation cost | $ 20,600,000 | |||||||
Acquisition compensation cost | $ 1,000,000 | |||||||
Eat 24 Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Escrow deposit duration | 18 months | |||||||
Gain on disposal of business unit | $ 163,700,000 | 164,800,000 | ||||||
Disposal related costs | 300,000 | |||||||
Goodwill related to disposed asset group | $ 110,800,000 | |||||||
Disposed of by Sale | Eat 24 Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Held in escrow account | $ 28,800,000 | |||||||
Escrow deposit duration | 18 months | |||||||
Purchase price consideration for sale of subsidiary | $ 251,700,000 | |||||||
Additional purchase consideration received | $ 1,000,000 | |||||||
Loss before provision for income taxes | 3,800,000 | |||||||
New Revenue Standard Adjustment | Accounting Standards Update 2014-09 | ||||||||
Business Acquisition [Line Items] | ||||||||
Net revenue | 851,000 | |||||||
Net income (loss) | $ 754,000 | |||||||
New Revenue Standard Adjustment | Accounting Standards Update 2014-09 | Eat 24 Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Gain on disposal of business unit | $ (1,100,000) | |||||||
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | |||||||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | |||||||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
ACQUISITIONS AND DISPOSALS (Sum
ACQUISITIONS AND DISPOSALS (Summary of Purchase Price and Net Assets Acquired) (Details) - USD ($) $ in Thousands | Apr. 03, 2017 | Feb. 28, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair value of purchase consideration | |||||
Held in escrow account | $ 28,750 | $ 28,750 | |||
Fair value of net assets acquired: | |||||
Goodwill | $ 109,420 | $ 107,954 | [1] | ||
Nowait, Inc | |||||
Fair value of purchase consideration | |||||
Distributed to stockholders | $ 31,892 | ||||
Held in escrow account | 7,945 | ||||
Total purchase consideration | 39,837 | ||||
Fair value of net assets acquired: | |||||
Cash and cash equivalents | 1,004 | ||||
Intangible assets | 12,670 | ||||
Goodwill | 25,959 | ||||
Other assets | 1,065 | ||||
Total assets acquired | 40,698 | ||||
Liabilities assumed | (861) | ||||
Total liabilities assumed | (861) | ||||
Net assets acquired | $ 39,837 | ||||
Turnstyle Analytics Inc | |||||
Fair value of purchase consideration | |||||
Distributed to stockholders | $ 16,648 | ||||
Held in escrow account | 3,093 | ||||
Total purchase consideration | 19,741 | ||||
Fair value of net assets acquired: | |||||
Cash and cash equivalents | 30 | ||||
Intangible assets | 4,252 | ||||
Goodwill | 16,048 | ||||
Other assets | 250 | ||||
Total assets acquired | 20,580 | ||||
Deferred tax liability | (450) | ||||
Liabilities assumed | (389) | ||||
Total liabilities assumed | (839) | ||||
Net assets acquired | $ 19,741 | ||||
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
ACQUISITIONS AND DISPOSALS (S56
ACQUISITIONS AND DISPOSALS (Summary of Estimated Useful lives of Intangible Assets Acquired ) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 03, 2017 | Feb. 28, 2017 | |
Nowait, Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | $ 12,670 | ||
Useful Life | 9 years 7 months 6 days | ||
Nowait, Inc | Enterprise restaurant relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 8,500 | ||
Useful Life | 12 years | ||
Nowait, Inc | Acquired technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 2,900 | ||
Useful Life | 5 years | ||
Nowait, Inc | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 610 | ||
Useful Life | 3 years | ||
Nowait, Inc | Local restaurant relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 600 | ||
Useful Life | 5 years | ||
Nowait, Inc | User relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | $ 60 | ||
Useful Life | 3 years | ||
Turnstyle Analytics Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | $ 4,252 | ||
Useful Life | 4 years 10 months 24 days | ||
Turnstyle Analytics Inc | Acquired technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 3,250 | ||
Useful Life | 5 years | ||
Turnstyle Analytics Inc | Business relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 672 | ||
Useful Life | 5 years | ||
Turnstyle Analytics Inc | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | 250 | ||
Useful Life | 3 years | ||
Turnstyle Analytics Inc | User relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount Assigned | $ 80 | ||
Useful Life | 3 years |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Escrow deposit | $ 28,750 | $ 28,750 | |
Deferred contract costs | 9,683 | 9,089 | |
Other | 2,924 | 2,589 | |
Total other non-current assets | $ 41,357 | $ 40,428 | [1] |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
OTHER NON-CURRENT ASSETS (Narra
OTHER NON-CURRENT ASSETS (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Eat 24 Inc | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Escrow deposit duration | 18 months |
OTHER NON-CURRENT ASSETS (Chang
OTHER NON-CURRENT ASSETS (Changes in Deferred Contract Costs) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Changes In Capitalized Contract Costs [Roll Forward] | |
Balance, beginning of period | $ 9,089 |
Less: amortization recorded in sales and marketing expense | (2,535) |
Add: costs deferred on new contracts | 3,129 |
Balance, end of period | $ 9,683 |
CONTRACT BALANCES (Schedule of
CONTRACT BALANCES (Schedule of Changes in Allowance for Doubtful Accounts) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |
Balance, beginning of period | $ 8,602 |
Add: bad debt expense | 7,636 |
Less: write-offs, net of recoveries | (6,103) |
Balance, end of period | $ 10,135 |
CONTRACT BALANCES (Narrative) (
CONTRACT BALANCES (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 3,474 | $ 3,469 | [1] |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
CONTRACT BALANCES (Changes in D
CONTRACT BALANCES (Changes in Deferred Revenue) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance, beginning of period | $ 3,469 |
Less: Recognition of deferred revenue from beginning balance | (2,179) |
Add: Net increase in current period contract liabilities | 2,184 |
Balance, end of period | $ 3,474 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |||
Accrued tax liabilities | $ 32,063 | $ 32,617 | |
Accrued compensation | 27,098 | 17,725 | |
Accrued sales and marketing | 6,549 | 3,458 | |
Other accrued expenses | 17,703 | 19,865 | |
Total accrued liabilities | $ 83,413 | $ 73,665 | [1] |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
LONG-TERM LIABILITIES (Schedule
LONG-TERM LIABILITIES (Schedule of Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | |||
Deferred rent | $ 28,944 | $ 26,904 | |
Other long-term liabilities | 3,895 | 3,833 | |
Total long-term liabilities | $ 32,839 | $ 30,737 | [1] |
[1] | As of January 1, 2018, the Company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASC 606"), using the full retrospective method. Accordingly, the Company has recast certain amounts in prior periods presented. See Note 1 below for additional discussion. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rental expense | $ 12 | $ 9.8 |
Sublease rentals | $ 0.7 | $ 0.5 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Stockholders' equity: | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,956,890 | 83,724,916 |
Undesignated preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 |
STOCKHOLDERS' EQUITY (Award Com
STOCKHOLDERS' EQUITY (Award Compensation Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2018USD ($)PlanSchedule$ / sharesshares | Mar. 31, 2017USD ($)$ / shares | Jul. 31, 2017USD ($) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||
Stock repurchased during period (in shares) | shares | 910,332 | |||
Stock repurchased during period, value | $ 37,000,000 | |||
Repurchase of common stock | $ 33,309,000 | $ 0 | [1] | |
Stock repurchased in cash during period (in shares) | shares | 821,968 | |||
Treasury stock acquired (in shares) | shares | 360,380 | |||
Number of equity incentive plans | Plan | 3 | |||
Stock-based compensation | $ 27,734,000 | 24,334,000 | ||
Capitalized stock-based compensation expense | $ 1,800,000 | 1,400,000 | ||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of vesting schedules | Schedule | 4 | |||
Exercisable period | 10 years | |||
Intrinsic value of options exercised | $ 8,000,000 | $ 4,900,000 | ||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 18.78 | $ 15.53 | ||
Unrecognized compensation costs | $ 26,700,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 10 months | |||
Employee Stock Option | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
Employee Stock Option | First year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 10.00% | |||
Employee Stock Option | Second year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 20.00% | |||
Employee Stock Option | Third year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 30.00% | |||
Employee Stock Option | Fourth year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 40.00% | |||
Employee Stock Option | Monthly Basis First Year Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 35.00% | |||
Employee Stock Option | Monthly Basis Second Year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 40.00% | |||
Employee Stock Option | Monthly Basis Third Year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Number of vesting schedules | Schedule | 3 | |||
Unrecognized compensation costs | $ 253,100,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 8 months | |||
RSUs | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
RSUs | First year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 10.00% | |||
RSUs | Second year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 20.00% | |||
RSUs | Third year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 30.00% | |||
RSUs | Fourth year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 40.00% | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Subscription rate of eligible compensation | 15.00% | |||
Purchase price, percentage of fair market value | 85.00% | |||
Stock-based compensation | $ 600,000 | $ 600,000 | ||
Minimum | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Maximum | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
STOCKHOLDERS' EQUITY (Schedul68
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | ||
Outstanding, beginning balance (in shares) | 7,078,932 | |
Granted (in shares) | 671,250 | |
Exercised (in shares) | (313,437) | |
Canceled (in shares) | (44,397) | |
Outstanding, ending balance (in shares) | 7,392,348 | 7,078,932 |
Options vested and exercisable (in shares) | 5,642,395 | |
Weighted- Average Exercise Price | ||
Outstanding, beginning balance (in USD per share) | $ 22.70 | |
Granted (in USD per share) | 43.58 | |
Exercised (in USD per share) | 18.13 | |
Canceled (in USD per share) | 49.20 | |
Outstanding, ending balance (in USD per share) | 24.63 | $ 22.70 |
Options vested and exercisable (in USD per share) | $ 20.94 | |
Weighted- Average Remaining Contractual Term | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 5 years 9 months 22 days | 5 years 6 months 22 days |
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 4 years 10 months 2 days | |
Aggregate Intrinsic Value | ||
Outstanding, Aggregate Intrinsic Value | $ 136,698 | $ 145,613 |
Options vested and exercisable, Aggregate Intrinsic Value | $ 125,460 |
STOCKHOLDERS' EQUITY (Schedul69
STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 7,249,205 |
Granted (in shares) | shares | 1,278,021 |
Released (in shares) | shares | (783,737) |
Canceled (in shares) | shares | (289,851) |
Unvested, ending balance (in shares) | shares | 7,453,638 |
Weighted- Average Grant Date Fair Value | |
Unvested, beginning balance (in USD per share) | $ / shares | $ 34.57 |
Granted (in USD per share) | $ / shares | 43.88 |
Released (in USD per share) | $ / shares | 35.81 |
Canceled (in USD per share) | $ / shares | 34.88 |
Unvested, ending balance (in USD per share) | $ / shares | $ 36.02 |
STOCKHOLDERS' EQUITY (Schedul70
STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 27,734 | $ 24,334 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 1,030 | 981 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 7,518 | 6,868 |
Product development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 13,435 | 11,208 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 5,751 | $ 5,277 |
OTHER INCOME, NET (Details)
OTHER INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Other Income and Expenses [Abstract] | |||
Interest income, net | $ 2,624 | $ 680 | |
Transaction (loss) gain on foreign exchange | (26) | 15 | |
Other non-operating income, net | 6 | 37 | |
Other income, net | $ 2,604 | $ 732 | [1] |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Income Tax Contingency [Line Items] | |||
Provision for income taxes | $ 63 | $ 67 | [1] |
Income tax provision due to U.S. federal and state income taxes and foreign income taxes | 100 | $ 100 | |
Unrecognized tax benefits | 20,400 | ||
Unrecognized tax benefits that would not impact the effective tax rate | 19,500 | ||
Unrecognized tax benefits increase | 2,200 | ||
Earnings of foreign subsidiaries to be reinvested indefinitely | $ 2,400 | ||
Federal and State Tax Jurisdictions | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,003 | ||
Canada, Ireland, United Kingdom and Germany Tax Jurisdictions | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,010 | ||
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. |
NET LOSS PER SHARE (Schedule of
NET LOSS PER SHARE (Schedule of Basic and Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Earnings Per Share [Abstract] | |||
Net loss attributable to common stockholders | $ (2,286) | $ (4,026) | [2],[3] |
Basic Shares: | |||
Weighted-average shares outstanding (in shares) | 83,785 | 79,843 | |
Diluted Shares: | |||
Weighted-average shares outstanding to compute diluted net loss per share (in shares) | 83,785 | 79,843 | |
Net loss per share attributable to common stockholders | |||
Basic (in USD per share) | $ (0.03) | $ (0.05) | |
Diluted (in USD per share) | $ (0.03) | $ (0.05) | |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[2] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. | ||
[3] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion.Also as of January 1, 2018, the Company adopted Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Subtopic 230): Restricted Cash," and recast the prior period presented. See Note 1 below for additional discussion. |
NET LOSS PER SHARE (Schedule 74
NET LOSS PER SHARE (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive awards (in shares) | 7,392 | 8,598 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive awards (in shares) | 7,454 | 7,556 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive awards (in shares) | 86 | 85 |
INFORMATION ABOUT REVENUE AND75
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 223,074 | $ 198,174 | [1] |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 219,924 | 194,761 | |
All other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 3,150 | 3,413 | |
Advertising | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 214,043 | 177,900 | |
Transactions | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 3,839 | 18,065 | |
Other services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 5,192 | $ 2,209 | |
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. |
INFORMATION ABOUT REVENUE AND76
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 107,889 | $ 103,651 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 105,431 | 100,990 |
All other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 2,458 | $ 2,661 |
RESTRUCTURING AND INTEGRATION77
RESTRUCTURING AND INTEGRATION (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring and integration | $ 0 | $ 231,000 | ||
Expected restructuring costs remaining | $ 0 | $ 0 | ||
[1] | As of January 1, 2018, the Company adopted ASC 606 using the full retrospective method. Accordingly, the Company has recast certain amounts in the prior period presented. See Note 1 below for additional discussion. |