Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'TRLA | ' |
Entity Registrant Name | 'TRULIA, INC. | ' |
Entity Central Index Key | '0001349454 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,308,952 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $214,909 | $225,597 |
Accounts receivable, net of allowance of $33 and $411 as of June 30, 2014 and December 31, 2013, respectively | 14,541 | 11,697 |
Prepaid expenses and other current assets | 9,238 | 12,272 |
Total current assets | 238,688 | 249,566 |
Restricted cash | 6,662 | 1,589 |
Property and equipment, net | 30,155 | 22,289 |
Intangible assets, net | 110,221 | 117,888 |
Goodwill | 255,904 | 255,904 |
Other assets | 7,977 | 8,173 |
TOTAL ASSETS | 649,607 | 655,409 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 2,255 | 3,018 |
Accrued liabilities and restructuring costs | 13,428 | 11,261 |
Accrued compensation and benefits | 10,021 | 10,863 |
Deferred revenue | 10,305 | 10,002 |
Deferred rent, current portion | 812 | 1,035 |
Capital lease liability, current portion | 21 | 51 |
Total current liabilities | 36,842 | 36,230 |
Deferred rent, net of current portion | 5,752 | 4,751 |
Capital lease liability, net of current portion | 75 | 84 |
Long-term debt | 230,000 | 230,000 |
Other long-term liabilities | 3,900 | 3,268 |
TOTAL LIABILITIES | 276,569 | 274,333 |
Commitments and contingencies (NOTE 7) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value of $0.00001, 20,000,000 shares authorized as of June 30, 2014 and December 31, 2013; no shares issued or outstanding as of June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, par value of $0.00001, 1,000,000,000 shares authorized as of June 30, 2014 and December 31, 2013; 38,341,835 and 37,668,476 shares issued as of June 30, 2014 and December 31, 2013, respectively; 37,255,931 and 36,582,572 shares outstanding as of June 30, 2014 and December 31, 2013, respectively | 0 | 0 |
Treasury stock at $27.65, 1,085,904 shares as of June 30, 2014 and December 31, 2013 | 0 | 0 |
Additional paid-in capital | 470,936 | 445,960 |
Accumulated deficit | -97,898 | -64,884 |
TOTAL STOCKHOLDERS' EQUITY | 373,038 | 381,076 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $649,607 | $655,409 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance | $33 | $411 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 38,341,835 | 37,668,476 |
Common stock, shares outstanding | 37,255,931 | 36,582,572 |
Treasury stock, per share | $27.65 | $27.65 |
Treasury stock, shares | 1,085,904 | 1,085,904 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $64,086 | $29,713 | $118,575 | $53,715 |
Cost and operating expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of amortization of product development cost) | 10,881 | 4,443 | 20,978 | 7,624 |
Technology and development | 14,457 | 6,529 | 27,066 | 11,426 |
Sales and marketing | 37,485 | 13,302 | 70,647 | 25,595 |
General and administrative | 13,559 | 5,570 | 25,552 | 10,742 |
Acquisition costs | ' | 2,005 | ' | 2,005 |
Restructuring costs | 3,643 | ' | 3,643 | ' |
Total cost and operating expenses | 80,025 | 31,849 | 147,886 | 57,392 |
Loss from operations | -15,939 | -2,136 | -29,311 | -3,677 |
Interest and other income | 146 | 52 | 292 | 78 |
Interest expense | -1,872 | -217 | -3,699 | -453 |
Loss before provision for income taxes | -17,665 | -2,301 | -32,718 | -4,052 |
Provision for income taxes | -198 | -110 | -296 | -341 |
Net loss per share attributable to common stockholders | ($17,863) | ($2,411) | ($33,014) | ($4,393) |
Net loss per share attributable to common stockholders, basic and diluted | ($0.48) | ($0.07) | ($0.89) | ($0.14) |
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 37,068,035 | 32,150,829 | 36,898,051 | 30,299,214 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($33,014) | ($4,393) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 13,153 | 2,908 |
Compensation paid in stock | 19,898 | 3,378 |
Provision for doubtful accounts | -219 | -42 |
Restructuring costs | 2,250 | ' |
Loss on disposal of fixed assets | 5 | ' |
Amortization of debt discount | ' | 72 |
Amortization of debt issue cost | 77 | 14 |
Amortization of underwriters fees | 437 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,625 | -3,905 |
Prepaid expenses and other current assets | 3,034 | -59 |
Other assets | -317 | ' |
Accounts payable | -19 | 484 |
Accrued liabilities and restructuring costs | 2,796 | 2,783 |
Accrued compensation and benefits | 1,140 | 3,156 |
Deferred rent | 778 | -25 |
Deferred revenue | 303 | 1,553 |
Other long-term liabilities | 57 | ' |
Net cash provided by operating activities | 7,734 | 5,924 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
(Increase) decrease in restricted cash and deposits | -5,073 | 248 |
Purchases of property and equipment | -15,400 | -4,576 |
Net cash used in investing activities | -20,473 | -4,328 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from the follow-on public offering, net of underwriting discounts | ' | 114,056 |
Payments of costs related to the follow-on public offering | ' | -1,034 |
Repayments on capital lease liability | -39 | -163 |
Repayments of long-term debt | ' | -915 |
Proceeds from exercise of stock options | 3,844 | 2,183 |
Value of equity awards withheld for tax liabilities | -1,754 | ' |
Net cash provided by financing activities | 2,051 | 114,127 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -10,688 | 115,723 |
CASH AND CASH EQUIVALENTS-Beginning of period | 225,597 | 100,017 |
CASH AND CASH EQUIVALENTS-End of period | 214,909 | 215,740 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 3,128 | 377 |
Cash paid for income taxes | 392 | 341 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Compensation paid in stock capitalized in product development costs | 956 | 233 |
Net change related to purchases of equipment in accounts payable and accrued liabilities | -2,999 | 92 |
Purchases of equipment with accounts payable and accrued liabilities at period end | 1,757 | 356 |
Number of common warrants exercised in a net settlement transaction | ' | $56,054 |
Number of stock appreciation rights exercised in net settlement transactions | 2,303 | ' |
Organization_and_Description_o
Organization and Description of Business | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization and Description of Business | ' | |
1 | Organization and Description of Business | |
We were incorporated on June 1, 2005 in the state of Delaware as Realwide, Inc. On September 22, 2005, we changed our name to Trulia, Inc. | ||
Our online marketplace and mobile applications help consumers research homes and neighborhoods and provide a broad array of information to help them in the buying and selling processes. We also help real estate professionals market themselves and their listings. Our subscription-based real estate marketing and software products provide real estate professionals with access to transaction-ready consumers and help them grow and manage their businesses. | ||
Proposed Acquisition by Zillow, Inc. | ||
On July 28, 2014, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with Zillow, Inc., or Zillow, and Zebra Holdco, Inc., or HoldCo, pursuant to which Zillow will acquire us. The Merger Agreement provides that both we and Zillow will become wholly-owned subsidiaries of HoldCo, which series of transactions we refer to as the Zillow Merger. The Merger Agreement has been approved by our board of directors and the board of directors of Zillow. Further details on the Merger Agreement and the Zillow Merger is presented in Note 14 of these condensed consolidated financial statements. | ||
Acquisition of Market Leader, Inc. | ||
In August 2013, we acquired all the outstanding shares of capital stock of Market Leader, Inc. (“Market Leader”) for 4,412,489 shares of our common stock and $170.5 million in cash. Market Leader is a provider of software-as-a-service (“SaaS”)-based customer relationship management software for the real estate sector. Under the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), each outstanding share of Market Leader common stock was converted into the right to receive (a) $6.00 in cash, without interest, and subject to applicable withholding tax, and (b) 0.1553 of a share of our common stock, for a total purchase consideration of $372.7 million. In connection with the merger, all of the outstanding stock options, stock appreciation rights and restricted stock units of Market Leader were converted into stock options, stock appreciation rights, and restricted stock units, respectively, denominated in shares of our common stock based on formulas set forth in the Merger Agreement. | ||
In June 2014, our board of directors approved a restructuring plan to accelerate the integration of our Market Leader operations with those of Trulia, to eliminate overlapping positions and streamline operations. We implemented this restructuring initiative to shorten the time to market for our products and to drive further growth. Further detail on the restructuring is presented in Note 11 of these condensed consolidated financial statements. | ||
Convertible Senior Notes | ||
On December 17, 2013, we issued $230.0 million aggregate principal amount of 2.75% Convertible Senior Notes, due in 2020 (the “2020 Notes”), which included a $30.0 million of principal amount issued pursuant to an over-allotment option granted to the initial purchasers. The aggregate principal amount of the 2020 Notes is due on December 15, 2020. We received net proceeds of $222.4 million, after deducting offering expenses payable by us. Interest began to accrue on December 17, 2013 and is payable semi-annually every June 15 and December 15, starting on June 15, 2014. We may not redeem the 2020 Notes prior to December 20, 2018. We may redeem the 2020 Notes, at our option, in whole or in part on or after December 20, 2018, if the last reported sale price per share of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. Holders of the notes may convert all or any portion of their notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding the maturity date. The 2020 Notes are convertible at an initial conversion rate of 27.8303 shares of our common stock per $1,000 principal amount of notes, subject to adjustment in certain events. Further details on these 2020 Notes is presented in Note 6 of these condensed consolidated financial statements. | ||
Certain Significant Risks and Uncertainties | ||
We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on our future financial position, results of operations, or cash flows: ability to obtain additional financing; advances and trends in new technologies and industry standards; changes in certain strategic relationships or customer relationships; market acceptance of our products; development of sales channels; loss of significant customers; litigation or other claims against us; the hiring, training, and retention of key employees; changes in enacted tax rates; and new product introductions by competitors. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Basis of Presentation | ||
Our unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the 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 interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K, which was filed with the SEC on March 3, 2014 and amended on May 23, 2014. The condensed consolidated balance sheet as of December 31, 2013, included herein, was derived from the audited financial statements as of that date. | ||
The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in our opinion, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2014, our results of operations and cash flows for the three and six months ended June 30, 2014 and 2013. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ended December 31, 2014, or for any other interim period, or for any other future year. | ||
Principles of Consolidation | ||
The unaudited condensed consolidated financial statements include the operations of Trulia and our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Restructuring Costs | ||
The main components of our restructuring plan relate to workforce reduction and contract termination costs. Workforce reduction charges are accrued when it is probable that the employees are entitled to the severance payments and the amounts can be reasonably estimated. One-time involuntary termination benefits are accrued when the plan of termination has been communicated to the employees and certain other criteria are met. Contract termination costs are recognized as a liability when a contract is terminated in accordance with its terms, or at the cease-use date. If the amounts and timing of cash flows from restructuring activities are significantly different from what we have estimated, the actual amount of restructuring and other related charges could be materially different than those we have recorded. Further details on the restructuring is presented in Note 11 of these condensed consolidated financial statements. | ||
Advertising Expense | ||
Advertising costs are expensed when incurred and are included in sales and marketing expenses in the accompanying condensed consolidated statements of operations. Barter transactions represent the exchange of online advertising for online advertising through placement of links. No revenue or expense for such barter transactions is recognized because the fair value of neither the advertising surrendered nor the advertising received is determinable. | ||
Use of Estimates | ||
The preparation of the accompanying financial statements in conformity with GAAP requires that we make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Significant items subject to such estimates include: revenue recognition; allowance for doubtful accounts; useful lives of property and equipment and intangible assets; recoverability of long-lived assets, intangible assets with definite lives; goodwill; income tax uncertainties, including a valuation allowance for deferred tax assets; accounting for business combinations; restructuring reserves; and contingencies. We base these estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Significant Accounting Policies | ||
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | ||
Recently Issued Accounting Standards | ||
In May 2014, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue for promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange. Additionally, entities should have sufficient disclosures about nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. We expect to adopt this guidance on January 1, 2017. We are in process of assessing the impact on our financial position, results of operations and cash flows from the adoption of this guidance. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3 | Fair Value Measurements | ||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: | |||||||||||||||||
Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||
Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |||||||||||||||||
Level III—Unobservable inputs that are supported by little or no market activity, which requires us to develop our own assumptions. | |||||||||||||||||
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The carrying values of our financial instruments, including cash equivalents, accounts receivable, accounts payable and restricted cash approximated their fair values. The estimated fair value and carrying value of our 2020 Notes as of June 30, 2014 was $305.6 million and $230.0 million, respectively. We determined the estimated fair value of the 2020 Notes through use of option pricing and discounted cash flow models. The fair value is classified as Level III due to the use of significant unobservable inputs such as estimated long-term volatility of our common stock and credit risk premium. The estimated fair value and carrying value of our 2020 Notes as of December 31, 2013 was $252.0 million and $230.0 million, respectively. The following table sets forth the fair value of our financial assets remeasured on a recurring basis, by level within the fair value hierarchy (in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 6,683 | $ | — | $ | — | $ | 6,683 | |||||||||
Restricted cash | 6,662 | — | — | 6,662 | |||||||||||||
Total financial assets | $ | 13,345 | $ | — | $ | — | $ | 13,345 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 6,683 | $ | — | $ | — | $ | 6,683 | |||||||||
Restricted cash | 1,589 | — | — | 1,589 | |||||||||||||
Total financial assets | $ | 8,272 | $ | — | $ | — | $ | 8,272 | |||||||||
None of the cash equivalents or the restricted cash held by us had unrealized losses and there were no realized losses for the three and six months ended June 30, 2014 and 2013. There were no other-than-temporary impairments for these instruments as of June 30, 2014 and December 31, 2013. In the six months ended June 30, 2014 our restricted cash increased by $5.1 million, of which $3.8 million was related to our new lease agreement in San Francisco, and $968,000 related to the amendment of our continuing lease agreement in Denver discussed further in Note 7 of these condensed consolidated financial statements. As of June 30, 2014, the contractual maturities of all certificates of deposit were from less than one year to three years. | |||||||||||||||||
Our cash equivalents include all credit card and debit card transactions that process as of the last day of each month and settle within a few days of the beginning of the subsequent month. The amounts due from third party merchant processors for these transactions that are included in our cash equivalents totaled $636,000 and $349,000 as of June 30, 2014 and December 31, 2013, respectively. |
Property_and_Equipment_net
Property and Equipment, net | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, net | ' | ||||||||
4 | Property and Equipment, net | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
As of June 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Computer equipment | $ | 8,931 | $ | 7,275 | |||||
Capitalized product development costs | 15,267 | 9,934 | |||||||
Furniture and fixtures | 3,648 | 3,276 | |||||||
Leasehold improvements | 10,839 | 8,985 | |||||||
Software | 1,848 | 183 | |||||||
Equipment not yet in service | 6,173 | 3,868 | |||||||
Total property and equipment | 46,706 | 33,521 | |||||||
Less: accumulated depreciation and amortization | (16,551 | ) | (11,232 | ) | |||||
Total property and equipment, net | $ | 30,155 | $ | 22,289 | |||||
As of June 30, 2014 and December 31, 2013, property and equipment under capital lease, included within the computer equipment balance above, amounted to $130,000 and $261,000, respectively, with accumulated depreciation of $35,000 and $87,000, respectively. Depreciation expense was $3.0 million and $1.5 million, respectively, for the three months ended June 30, 2014 and 2013; and $5.3 million and $2.9 million, respectively, for the six months ended June 30, 2014 and 2013. | |||||||||
We capitalized costs associated with product development of $4.6 million and $1.5 million, respectively, during the three months ended June 30, 2014 and 2013; and $8.4 million and $3.1 million, respectively, during the six months ended June 30, 2014 and 2013. Amortization expense for product development costs included in the technology and development expenses was $3.3 million and $397,000, respectively, during the three months ended June 30, 2014 and 2013; and $4.4 million and $596,000, respectively, during the six months ended June 30, 2014 and 2013. |
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
5 | Intangible Assets | ||||||||||||
As noted in Note 1 of these condensed consolidated financial statements, during the third quarter of fiscal year 2013, we acquired all the outstanding shares of capital stock of Market Leader, Inc. for 4,412,489 shares of our common stock and $170.5 million in cash, for a total purchase price of $372.7 million. The total purchase price was allocated to the preliminary net tangible and intangible assets based on their preliminary fair values as of August 20, 2013. The purchase price allocation is preliminary and subject to revision as additional tax related information becomes available. The final determination of the fair value of the assets and liabilities acquired will be completed within the one year measurement period as allowed by FASB Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”). For this business combination the measurement period expires on August 20, 2014. The excess of the purchase price over the preliminary net tangible and intangibles assets was recorded as goodwill. | |||||||||||||
The total value allocated to the intangible assets was $123.1 million. | |||||||||||||
The following tables present the detail of intangible assets subject to amortization (in thousands): | |||||||||||||
As of June 30, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
Enterprise relationships | $ | 29,000 | $ | (2,502 | ) | $ | 26,498 | ||||||
Premium users | 15,200 | (2,623 | ) | 12,577 | |||||||||
Existing technology | 32,300 | (3,982 | ) | 28,318 | |||||||||
Trade names | 42,900 | (3,702 | ) | 39,198 | |||||||||
Home/MLS data feeds | 3,700 | (319 | ) | 3,381 | |||||||||
Other | 852 | (603 | ) | 249 | |||||||||
Total | $ | 123,952 | $ | (13,731 | ) | $ | 110,221 | ||||||
As of December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
Enterprise relationships | $ | 29,000 | $ | (1,052 | ) | $ | 27,948 | ||||||
Premium users | 15,200 | (1,103 | ) | 14,097 | |||||||||
Existing technology | 32,300 | (1,675 | ) | 30,625 | |||||||||
Trade names | 42,900 | (1,557 | ) | 41,343 | |||||||||
Home/MLS data feeds | 3,700 | (134 | ) | 3,566 | |||||||||
Other | 701 | (392 | ) | 309 | |||||||||
Total | $ | 123,801 | $ | (5,913 | ) | $ | 117,888 | ||||||
Amortization expense was $3.9 million and $56,000, respectively, for the three months ended June 30, 2014 and 2013; and $7.8 million and $111,000, respectively, for the six months ended June 30, 2014 and 2013. | |||||||||||||
Future amortization expense is expected to be as follows over each of the next five years (in thousands): | |||||||||||||
Total | |||||||||||||
2014 (remaining six months) | $ | 7,827 | |||||||||||
2015 | 15,244 | ||||||||||||
2016 | 15,214 | ||||||||||||
2017 | 15,214 | ||||||||||||
2018 | 14,111 | ||||||||||||
Thereafter | 42,611 | ||||||||||||
Total | $ | 110,221 | |||||||||||
Debt
Debt | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt | ' | |
6 | Debt | |
As discussed in Notes 1 and 3 of these condensed consolidated financial statements, on December 17, 2013 we issued $230.0 million aggregate principal amount of the 2020 Notes, which included a $30.0 million of principal amount issued pursuant to an over-allotment option granted to the initial purchasers. The aggregate principal amount of the 2020 Notes is due on December 15, 2020. The estimated fair value and carrying value of the 2020 Notes as of June 30, 2014 were $305.6 million and $230.0 million, respectively. | ||
The conversion option of the 2020 Notes has no cash settlement provisions. Total issuance costs for the 2020 Notes were $7.6 million. We use the effective interest method to amortize the debt issuance costs. We believe that the conversion option does not meet the criteria for separate accounting as a derivative as it is indexed to our own stock. | ||
Upon completion of the Zillow Merger, the 2020 Notes will become obligations of HoldCo, and will become convertible for shares of HoldCo Class A common stock. Further details on the Merger Agreement and the Zillow Merger is presented in Note 14 of these condensed consolidated financial statements. | ||
We recognized interest expense related to the 2020 Notes in the three and six months ended June 30, 2014 and in the period from December 17, 2013 through December 31, 2013 of $1.9 million, $3.7 million, and $246,000, respectively. The amortization of debt issuance costs related to the 2020 Notes in the three and six months ended June 30, 2014 and in the period from December 17, 2013 through December 31, 2013 was $269,000, $514,000, and $38,000, respectively, which amounts were recorded as part of interest expense. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
7 | Commitments and Contingencies | ||||
Operating Leases | |||||
We lease our corporate offices under noncancelable operating leases in San Francisco, Bellevue, Denver, and New York that range from one to nine years in term. | |||||
On April 10, 2014, we entered into a lease agreement for 64,908 square feet of office space in the Denver metropolitan area. The term of the lease is approximately 90 calendar months which commenced on May 1, 2014. The lease agreement calls for escalating rent payments over the 90 calendar months and allows for six full months of rent abatement. Future minimum lease payments range from $124,000 per month to $141,000 per month. In connection with this lease agreement we entered into a secured letter of credit arrangement with a financial institution for the amount of $1.1 million to secure our lease obligation. This deposit is classified as restricted cash in our balance sheet as of June 30, 2014. | |||||
As part of our restructuring plan in June 2014, we recognized a lease termination expense of $2.2 million as of June 30, 2014, related to the facilities of our wholly owned subsidiary in Bellevue and Denver. The $2.2 million represents the present value of the remaining lease payments, net of estimated sublease income and related marketing costs. This amount is recorded as a restructuring cost in our condensed consolidated statements of operations. | |||||
Rent expense from the leases of the facilities we currently occupy is recognized on a straight-line basis over the lease term. The rent expense was $1.3 million and $620,000, respectively, for the three months ended June 30, 2014 and 2013; and $2.4 million and $1.3 million, respectively, for the six months ended June 30, 2014 and 2013. | |||||
As of June 30, 2014, our minimum payments under the noncancelable operating leases were as follows (in thousands): | |||||
Year Ending December 31: | Operating Lease | ||||
2014 (remaining six months) | $ | 2,351 | |||
2015 | 7,700 | ||||
2016 | 7,431 | ||||
2017 | 7,607 | ||||
2018 | 7,818 | ||||
Thereafter | 30,955 | ||||
Total minimum lease payments | $ | 63,862 | |||
Contingencies | |||||
Zillow Litigation | |||||
In September 2012, Zillow, Inc. (“Zillow”) filed a lawsuit against us alleging patent infringement of US patent 7,970,674 (the “764 Patent”). Zillow is seeking a permanent injunction against the alleged infringement, compensatory damages, and attorneys’ fees. We believe we have meritorious defenses and we intend to vigorously defend the claims against us. On September 11, 2013, we filed a petition for covered business method patent review with the United States Patent and Trademark Office (“PTO”). Also, on September 12, 2013, we filed a motion to stay pending the review. The district court granted our motion to stay on October 7, 2013, and this matter is now stayed. On March 10, 2014, the PTO granted our petition and instituted the covered business method patent review. Separately, on March 27, 2014, the PTO ruled in an inter partes review proceeding brought by a different company that the majority of the claims of the ‘764 Patent were invalid. This litigation is still in its early stages and the final outcome, including any estimated liability, if any, with respect to these claims, is uncertain. We did not accrue any amounts related to this litigation because a reasonably possible range of loss, if any, that may result from this matter could not be estimated as of June 30, 2014 and December 31, 2013. | |||||
From time to time, we are subject to legal proceedings and claims in the ordinary course of business. We have received, and may in the future continue to receive, claims from third parties asserting, among other things, infringement of their intellectual property rights. | |||||
Although the results of litigation and claims cannot be predicted with certainty, we believe the final outcome of the matters discussed above will not have a material and adverse effect on our business, financial position, results of operations, or cash flows. We will, however, accrue for losses for any known contingent liabilities when future payment is probable and the amount is reasonably estimable. | |||||
Indemnifications | |||||
In the ordinary course of business, we enter into contractual arrangements under which we agree to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, our obligations under these agreements may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments. In addition, we have indemnification agreements with certain of our directors and executive officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations may vary. No such obligations existed as of June 30, 2014 and December 31, 2013. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
8 | Stockholders’ Equity | ||||||||
Common Stock | |||||||||
As of June 30, 2014 and December 31, 2013, we had reserved shares of our common stock for issuance as follows: | |||||||||
As of June 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Stock options and awards issued and outstanding | 6,593,800 | 6,452,832 | |||||||
Stock options and awards available for grant under 2012 Plan | 2,658,473 | 1,976,815 | |||||||
Stock options and awards available for grant under the 2004 Plan | 246,875 | 82,784 | |||||||
Total | 9,499,148 | 8,512,431 | |||||||
Compensation_Paid_in_Stock
Compensation Paid in Stock | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Compensation Paid in Stock | ' | ||||||||||||||||||||
9 | Compensation paid in stock | ||||||||||||||||||||
2005 Stock Plan | |||||||||||||||||||||
We granted options under our 2005 Stock Incentive Plan (the “2005 Plan”) until September 2012 when the 2005 Plan was terminated. Since the date of the plan termination, no more stock options or awards were issued under the plan; however, the stock options issued prior to the plan termination continue to be outstanding. Under the terms of the 2005 Plan, we had the ability to grant incentive (“ISO”) and nonstatutory (“NSO”) stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”). The options were granted at a price per share not less than 100% of the fair market value per share at the grant date. Options granted under the 2005 Plan generally vest at a rate of 25% after the first year and then at 1/36 of the remaining shares each month thereafter and expire 10 years from the grant date. Certain options vest monthly over two to four years. | |||||||||||||||||||||
2012 Equity Incentive Plan | |||||||||||||||||||||
Effective September 19, 2012, our board of directors adopted, and our stockholders approved, a 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the grant of ISOs, NSOs, RSAs, RSUs, stock appreciation rights, performance units, and performance shares to our employees, directors, and consultants. Upon adoption of the 2012 Plan, a total of 2,370,000 shares of common stock were reserved for issuance plus up to 1,000,000 shares from the expiration or termination of awards under the 2005 Plan. The shares available are increased at the beginning of each fiscal year by the lesser of (i) 2,100,000 shares, (ii) 4% of outstanding common stock on the last day of the immediately preceding fiscal year, or (iii) such number determined by our board of directors. On January 1, 2014 and 2013 the shares available for grant under the 2012 Plan were automatically increased by 1,463,303 and 1,102,112 shares, respectively. On June 5, 2013, the stockholders approved a 2,000,000 share increase to the 2012 Plan. Under the 2012 Plan, both the ISOs and NSOs are granted at a price per share not less than 100% of the fair market value per share of the underlying stock at the grant date. The board of directors determines the vesting period for each option award on the grant date, and the options generally expire 10 years from the grant date or such shorter term as may be determined by the board of directors. The RSUs are granted for zero purchase price. | |||||||||||||||||||||
Market Leader 2004 Equity Incentive Plan | |||||||||||||||||||||
In connection with our acquisition of Market Leader and pursuant to the Merger Agreement between us and Market Leader, we assumed Market Leader’s 2004 Equity Incentive Plan (“2004 Plan”), including all outstanding shares of restricted stock, all outstanding stock appreciation rights, all outstanding options and all shares available for future issuance under the 2004 Plan, and all of such securities became issuable for shares of our common stock. We may make equity-based awards, to the extent permissible by applicable law and NYSE rules, under the terms of the 2004 Plan to issue the reserved but unissued shares under the 2004 Plan and the shares that would otherwise be returned to the 2004 Plan due to (i) awards that lapse, expire, terminate, or are canceled prior to the issuance of shares thereunder or (ii) shares of common stock that are issued under the 2004 Plan and thereafter are forfeited to or otherwise reacquired by us. | |||||||||||||||||||||
As of the date we assumed the 2004 Plan, a total of 283,522 shares of common stock were available for issuance. The shares available were increased on January 1, 2014 by 202,770 shares under the automatic annual increase provisions of the 2004 Plan. | |||||||||||||||||||||
We did not assume House Value’s 1999 Stock Incentive Plan (the “1999 Plan”). However, pursuant to the Merger Agreement we have assumed all outstanding shares of restricted stock, all outstanding stock appreciation rights and all outstanding options issued under the 1999 Plan. These equity awards will continue to be outstanding and will be governed by the provisions of the 1999 Plan. | |||||||||||||||||||||
The total shares of common stock available for grant under our 2012 Plan and 2004 Plan were 2,905,348 and 2,059,599, respectively, as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Stock Option Activity | |||||||||||||||||||||
Stock option activity for the six months ended June 30, 2014 under the 2005 Plan, 2012 Plan, 1999 Plan, and 2004 Plan was as follows: | |||||||||||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Outstanding | Exercise Price | Remaining | Value | ||||||||||||||||||
Contractual | |||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | 3,088,449 | $ | 13.9 | 7.42 | $ | 68,131 | |||||||||||||||
Granted | 292,230 | 35.95 | |||||||||||||||||||
Canceled | (127,869 | ) | 22.02 | ||||||||||||||||||
Exercised | (429,976 | ) | 8.86 | ||||||||||||||||||
Balance—June 30, 2014 | 2,822,834 | $ | 16.58 | 7.31 | $ | 86,785 | |||||||||||||||
Options exercisable—June 30, 2014 | 1,430,672 | $ | 10.44 | 6.18 | $ | 52,909 | |||||||||||||||
Options vested and expected to vest—June 30, 2014 | 2,683,516 | $ | 16.28 | 7.24 | $ | 83,514 | |||||||||||||||
The options exercisable as of June 30, 2014 included options that were exercisable prior to vesting. The weighted average grant date fair value of options granted was $16.99 and $15.63, respectively, during the three months ended June 30, 2014 and 2013; and $16.04 and $13.03, respectively, during the six months ended June 30, 2014 and 2013. | |||||||||||||||||||||
Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The aggregate intrinsic value of options exercised was $6.2 million and $5.5 million, respectively, for the three months ended June 30, 2014 and 2013; and $11.1 million and $16.9 million, respectively, for the six months ended June 30, 2014 and 2013. | |||||||||||||||||||||
The total estimated grant date fair value of employee options vested was $1.9 million and $1.1 million, respectively, for the three months ended June 30, 2014 and 2013; and $3.9 million and $1.9 million, respectively, for the six months ended June 30, 2014 and 2013. As of June 30, 2014, total unrecognized compensation cost related to non-vested stock options granted to employees was $15.6 million, net of estimated forfeitures of $4.1 million. This cost will be amortized on a straight-line basis over a weighted average vesting period of 2.40 years. | |||||||||||||||||||||
Restricted Stock Units Activity | |||||||||||||||||||||
RSUs | Weighted | Weighted | Aggregate | ||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||
Grant Date | Remaining | Value | |||||||||||||||||||
Fair Value | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Unvested —January 1, 2014 | 1,660,589 | $ | 35.28 | 1.94 | $ | 58,569 | |||||||||||||||
Granted | 840,999 | 32.9 | |||||||||||||||||||
Canceled | (117,874 | ) | 34.02 | ||||||||||||||||||
Released | (285,618 | ) | 32.32 | ||||||||||||||||||
Unvested—June 30, 2014 | 2,098,096 | $ | 34.79 | 2.9 | $ | 99,542 | |||||||||||||||
Restricted stock units expected to vest— June 30, 2014 | 1,573,279 | $ | 34.79 | 2.79 | $ | 74,542 | |||||||||||||||
As of June 30, 2014 total unrecognized compensation cost related to the unvested RSUs granted to employees was $63.7 million, net of estimated forfeitures of $22.0 million. This cost will be amortized on a straight-line basis over a weighted average vesting period of 2.90 years. | |||||||||||||||||||||
In May and August of 2013 we granted 2,105,000 stock unit awards in relation to the Market Leader acquisition, of which 1,576,250 were performance based awards (PSU) and 528,750 were time based awards. The performance based awards were contingent upon closing of the acquisition of Market Leader referred to in Note 1 of these condensed consolidated financial statements, achievement of certain performance metrics, including comparative market-based returns, and the employees’ continued service relationship with us. The time based awards were contingent upon closing of the acquisition of Market Leader and the employees’ continued service relationship with us. On August 20, 2013 the first contingency was resolved when we closed the acquisition of Market Leader. Hence, the time-based awards were classified as restricted stock units and included in the RSU table above. The performance-based awards are summarized in the table below. | |||||||||||||||||||||
PSUs | Weighted | Weighted | Aggregate | ||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||
Grant Date | Remaining | Value | |||||||||||||||||||
fair Value | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Unvested—January 1, 2014 | 1,576,250 | $ | 22.84 | 3 | $ | 55,594 | |||||||||||||||
Granted | — | ||||||||||||||||||||
Canceled | (15,000 | ) | |||||||||||||||||||
Released | — | ||||||||||||||||||||
Unvested—June 30, 2014 | 1,561,250 | $ | 22.89 | 3.13 | $ | 73,972 | |||||||||||||||
Restricted stock units expected to vest—June 30, 2014 | 1,423,885 | $ | 22.89 | 3.13 | $ | 67,464 | |||||||||||||||
We estimated the fair value of the performance based awards with market-based conditions using a Monte Carlo simulation model. In the three and six months ended June 30, 2014, total compensation cost recorded related to performance-based awards was $2.4 million and $5.1 million, respectively. There was no cost related to these awards in the three and six months ended June 30, 2013. | |||||||||||||||||||||
As of June 30, 2014 total unrecognized compensation cost related to the unvested performance based awards was $26.0 million, net of estimated forfeitures of $797,000. This cost will be amortized on a straight-line basis over a weighted average vesting period of 3.13 years. | |||||||||||||||||||||
Summary of Assumptions | |||||||||||||||||||||
The fair value of employee stock options and equity classified stock appreciation rights was estimated on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected term (in years) | 5.3 | 5.5 | 5.4 | 5.5 | |||||||||||||||||
Expected volatility | 47 | % | 52 | % | 48 | % | 52 | % | |||||||||||||
Risk-free interest rate | 1.8 | % | 0.8 | % | 1.7 | % | 0.9 | % | |||||||||||||
Dividend rate | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
The fair value of the performance based awards with market based condition was estimated using the Monte Carlo simulation model with the following weighted average assumptions: | |||||||||||||||||||||
As of May 29, | As of August 29, | ||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||
Stock price | $ | 30.31 | $ | 41.67 | |||||||||||||||||
Simulation period | 2.93 years | 2.68 years | |||||||||||||||||||
Risk free rate | 0.47% | 0.65% | |||||||||||||||||||
Volatility | 52.60% | 52.60% | |||||||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||||||
Cost of equity | 12.60% | 12.30% | |||||||||||||||||||
Stock Appreciation Rights Activity | |||||||||||||||||||||
We measure the fair value of stock appreciation rights similar to stock options. Additionally, we classify stock appreciation rights that may be settled in cash as a liability and remeasure it at fair value at the end of each reporting period. Any changes in fair value as a result of this remeasurement are recorded as cumulative compensation cost. Compensation expense related to stock appreciation rights is recognized over the vesting period using the straight-line method reduced for estimated forfeitures. There were no stock appreciation rights issued or outstanding in the three and six months ended June 30, 2013. | |||||||||||||||||||||
Stock appreciation rights activity is summarized in the following table: | |||||||||||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||||||||||
Appreciation | Average | Average | Intrinsic | ||||||||||||||||||
Rights | Exercise Price | Remaining | Value | ||||||||||||||||||
Outstanding | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | 127,544 | $ | 11.83 | 3.08 | $ | 2,990 | |||||||||||||||
Granted | — | — | |||||||||||||||||||
Canceled | (3,259 | ) | — | ||||||||||||||||||
Exercised | (12,665 | ) | — | ||||||||||||||||||
Balance—June 30, 2014 | 111,620 | $ | 11.68 | 2.58 | $ | 3,984 | |||||||||||||||
Exercisable—June 30, 2014 | 39,281 | $ | 10.98 | 2.52 | $ | 1,430 | |||||||||||||||
Vested and expected to vest—June 30, 2014 | 104,632 | $ | 11.66 | 2.58 | $ | 3,738 | |||||||||||||||
The aggregate intrinsic value of stock appreciation rights exercised was $288,000 for each of the three and six months ended June 30, 2014. The total estimated grant date fair value of employee stock appreciation rights vested during the three and six months ended June 30, 2014 was $403,000 and $779,000, respectively. As of June 30, 2014 total unrecognized compensation cost related to non-vested stock appreciation rights was $2.3 million, net of estimated forfeitures of $201,000. This cost will be amortized on a straight-line basis over a weighted average vesting period of 1.47 years. | |||||||||||||||||||||
The value of employee stock appreciation rights classified as a liability was estimated at the end of the reporting period using the Black-Scholes options pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||||||
Expected term (in years) | 1.1 | 1.3 | |||||||||||||||||||
Expected volatility | 41% | 38% | |||||||||||||||||||
Risk-free interest rate | 0.19% | 0.24% | |||||||||||||||||||
Dividend rate | 0% | 0% | |||||||||||||||||||
Our stock appreciation rights typically vest on a graded basis over either a two or four year period and typically expire the earlier of five years from the date of grant or ninety days following termination of employment. | |||||||||||||||||||||
Compensation Paid in Stock | |||||||||||||||||||||
We recorded compensation expense for the stock based awards granted to employees and other compensation paid in stock as follows (in thousands): | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Compensation paid in stock related to vesting of stock based awards: | |||||||||||||||||||||
Cost of revenue | $ | 194 | $ | 57 | $ | 620 | $ | 98 | |||||||||||||
Technology and development | 2,336 | 578 | 4,180 | 989 | |||||||||||||||||
Sales and marketing | 3,079 | 485 | 6,572 | 822 | |||||||||||||||||
General and administrative | 4,401 | 866 | 8,526 | 1,469 | |||||||||||||||||
Total compensation paid in stock related to vesting of stock based awards | 10,010 | 1,986 | 19,898 | 3,378 | |||||||||||||||||
Other compensation paid in stock: | |||||||||||||||||||||
Restructuring cost | 82 | — | 82 | — | |||||||||||||||||
Total compensation paid in stock | $ | 10,092 | $ | 1,986 | $ | 19,980 | $ | 3,378 | |||||||||||||
We capitalized compensation paid in stock in product development costs of $522,000 and $120,000, respectively, during the three months ended June 30, 2014 and 2013; and $817,000 and $233,000, respectively, during the six months ended June 30, 2014 and 2013. |
Net_Loss_per_Share_Attributabl
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss per Share Attributable to Common Stockholders | ' | ||||||||||||||||
10 | Net Loss per Share Attributable to Common Stockholders | ||||||||||||||||
The following table sets forth the computation of our basic and diluted net loss per share attributable to common stockholders during the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to common stockholders | $ | (17,863 | ) | $ | (2,411 | ) | $ | (33,014 | ) | $ | (4,393 | ) | |||||
Weighted average shares used in computing basic and diluted net loss per share | 37,068,035 | 32,150,829 | 36,898,051 | 30,299,214 | |||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.48 | ) | $ | (0.07 | ) | $ | (0.89 | ) | $ | (0.14 | ) | |||||
The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: | |||||||||||||||||
Three and Six | |||||||||||||||||
Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options to purchase common stock | 2,822,834 | 3,204,102 | |||||||||||||||
Restricted stock units | 3,659,346 | 643,198 | |||||||||||||||
Stock appreciation rights | 111,620 | — | |||||||||||||||
Heldback shares in connection with Movity acquisition | — | 30,524 | |||||||||||||||
Convertible senior notes | 6,400,969 | — |
Restructuring
Restructuring | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring | ' | ||||||||||||||||
11 | Restructuring | ||||||||||||||||
In June of 2014, as an ongoing effort to fully integrate Market Leader’s operations, we committed to a restructuring plan according to which we will reduce headcount by 83 employees and incur certain contract termination and other costs. We anticipate that we will substantially complete the restructuring activities by the end of the fourth quarter, 2014. | |||||||||||||||||
A summary of total restructuring activities is shown in the table below (in thousands): | |||||||||||||||||
One-time | Contract | Other | Total | ||||||||||||||
Termination | Termination | Associated | |||||||||||||||
Benefits | Costs | Costs | |||||||||||||||
Restructuring costs | $ | 598 | $ | 2,168 | $ | 877 | $ | 3,643 | |||||||||
Cash payments | (329 | ) | — | (649 | ) | (978 | ) | ||||||||||
Balance as of June 30, 2014 | $ | 269 | $ | 2,168 | $ | 228 | $ | 2,665 | |||||||||
The restructuring accruals, which totaled $2.7 million at June 30, 2014, are recorded in accrued liabilities in the condensed consolidated balance sheet. These balances reflect estimated future cash outlays. In the three and six months ended June 30, 2014, the restructuring costs totaled $3.6 million and consisted of the following: $0.6 million of one-time involuntary termination benefits paid or to be paid to the affected employees; $2.2 million of contract termination costs that represent the present value of the remaining lease payments, net of estimated sublease income and the related marketing costs; and $0.9 million of other associated expenses related to accounting and consulting fees. The majority of this amount is recorded as general and administrative expenses. |
Income_Taxes
Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
12 | Income Taxes | |
We account for income taxes in accordance with authoritative guidance, which requires use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the financial statements carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed. |
Employee_Benefit_Plan
Employee Benefit Plan | 6 Months Ended | |
Jun. 30, 2014 | ||
Postemployment Benefits [Abstract] | ' | |
Employee Benefit Plan | ' | |
13 | Employee Benefit Plan | |
Effective April 1, 2014, we have a single defined contribution 401(k) retirement plan covering Trulia and Market Leader employees who have met certain eligibility requirements (the “Trulia 401(k) Plan”). Eligible employees may contribute pretax compensation up to the maximum amount allowable under Internal Revenue Service limitations. Employee contributions and earnings thereon vest immediately. | ||
We currently match up to 4% of employee contributions under the Trulia 401(k) Plan. Our expense related to the Trulia 401(k) Plan was $615,000 and $267,000, respectively, for the three months ended June 30, 2014 and 2013; and $1.2 million and $531,000, respectively, for the six months ended June 30, 2014 and 2013. | ||
Subsequent_Events
Subsequent Events | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
14 | Subsequent Events | |
Lease Amendment | ||
On July 25, 2014 we executed an amendment to our existing lease agreement at 535 Mission Street in San Francisco, according to which we will occupy an additional 26,620 square feet of office space commencing in October, 2014. The additional space will be rented under the same terms and conditions as the remainder of the premises. | ||
Proposed Acquisition by Zillow, Inc. | ||
On July 28, 2014, we entered into the Merger Agreement, pursuant to which Zillow will acquire us. The Merger Agreement provides that both we and Zillow will become wholly-owned subsidiaries of HoldCo, which series of transactions we refer to as the Zillow Merger. The Merger Agreement has been approved by our board of directors and the board of directors of Zillow. | ||
Upon completion of the Zillow Merger, (i) each outstanding share of our common stock will be converted into the right to receive 0.444 of a share of Class A common stock of HoldCo; (ii) each outstanding share of Class A common stock of Zillow will be converted into the right to receive one share of Class A common stock of HoldCo; and (iii) each outstanding share of Class B common stock of Zillow will be converted into the right to receive one share of Class B common stock of HoldCo. The Class A common stock of HoldCo will have one vote per share and the Class B common stock of HoldCo will have ten votes per share, similar to the current capital structure of Zillow. | ||
The Zillow Merger is subject to the satisfaction of customary closing conditions, including the expiration of U.S. antitrust waiting periods and shareholder approval of both companies. | ||
The Merger Agreement contains certain termination rights for both us and Zillow, including for the failure to consummate the Zillow Merger by January 28, 2016, the enactment, promulgation or issuance of any injunction, order or ruling which has become final and non-appealable and makes the consummation of the Zillow Merger illegal or otherwise prohibits their consummation, failure of either our stockholders or Zillow’s shareholders to approve the Merger Agreement, or breaches of representations, warranties or covenants by a party that result in the failure of certain conditions to closing being satisfied. In addition, we and Zillow have the right to terminate the Merger Agreement in the event that the other party’s board of directors recommends or accepts a “Competing Transaction Proposal” (as defined in the Merger Agreement). Prior to receipt of the approval of the Merger Agreement by our stockholders, we also have the right to terminate the Merger Agreement in connection with entering into a definitive agreement with respect to a superior proposal with a third party. | ||
The Merger Agreement also provides that, upon termination of the Merger Agreement under certain circumstances involving a competing transaction proposal, we or Zillow may be required to pay the other party a termination fee of $69.8 million. Further, the Merger Agreement provides that, upon termination of the Merger Agreement by us or Zillow in the event that any necessary regulatory approval is not obtained, Zillow would be required to pay us a termination fee of $150 million. The Merger Agreement also provides that, upon termination of the Merger Agreement by us if Zillow is unable to obtain shareholder approval of the Merger Agreement, Zillow would be required to pay us a termination fee of $150 million. | ||
Zillow Merger Litigation | ||
On August 7, 2014, two putative class action lawsuits were filed by purported stockholders of Trulia against us and our directors, Zillow, and HoldCo in connection with the proposed Merger between us and Zillow. One of those purported class actions, captioned Collier et al. v. Trulia, Inc., et al., Case No. CGC 14-540985, was brought in the Superior Court of the State of California for the County of San Francisco. The other of those purported class actions, captioned Shue et al. v. Trulia, Inc., et al., Case No. 10020, was brought in the Delaware Court of Chancery. Both lawsuits allege that our directors breached their fiduciary duties to Trulia stockholders, and that the other defendants aided and abetted such breaches, by seeking to sell Trulia through an allegedly unfair process and for an unfair price and on unfair terms. Both lawsuits seek, among other things, equitable relief that would enjoin the consummation of the proposed Merger and attorneys’ fees and costs. The Delaware action also seeks rescission of the Merger Agreement (to the extent it has already been implemented) and an order directing the individual defendants to account for alleged damages suffered by the plaintiff and the purported class as a result of the defendants’ alleged wrongdoing. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Our unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the 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 interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K, which was filed with the SEC on March 3, 2014 and amended on May 23, 2014. The condensed consolidated balance sheet as of December 31, 2013, included herein, was derived from the audited financial statements as of that date. | ||
The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in our opinion, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2014, our results of operations and cash flows for the three and six months ended June 30, 2014 and 2013. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ended December 31, 2014, or for any other interim period, or for any other future year. | ||
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The unaudited condensed consolidated financial statements include the operations of Trulia and our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Restructuring Costs | ' | |
Restructuring Costs | ||
The main components of our restructuring plan relate to workforce reduction and contract termination costs. Workforce reduction charges are accrued when it is probable that the employees are entitled to the severance payments and the amounts can be reasonably estimated. One-time involuntary termination benefits are accrued when the plan of termination has been communicated to the employees and certain other criteria are met. Contract termination costs are recognized as a liability when a contract is terminated in accordance with its terms, or at the cease-use date. If the amounts and timing of cash flows from restructuring activities are significantly different from what we have estimated, the actual amount of restructuring and other related charges could be materially different than those we have recorded. Further details on the restructuring is presented in Note 11 of these condensed consolidated financial statements. | ||
Advertising Expense | ' | |
Advertising Expense | ||
Advertising costs are expensed when incurred and are included in sales and marketing expenses in the accompanying condensed consolidated statements of operations. Barter transactions represent the exchange of online advertising for online advertising through placement of links. No revenue or expense for such barter transactions is recognized because the fair value of neither the advertising surrendered nor the advertising received is determinable. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the accompanying financial statements in conformity with GAAP requires that we make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Significant items subject to such estimates include: revenue recognition; allowance for doubtful accounts; useful lives of property and equipment and intangible assets; recoverability of long-lived assets, intangible assets with definite lives; goodwill; income tax uncertainties, including a valuation allowance for deferred tax assets; accounting for business combinations; restructuring reserves; and contingencies. We base these estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Significant Accounting Policies | ' | |
Significant Accounting Policies | ||
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | ||
Recently Issued Accounting Standards | ' | |
Recently Issued Accounting Standards | ||
In May 2014, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue for promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange. Additionally, entities should have sufficient disclosures about nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. We expect to adopt this guidance on January 1, 2017. We are in process of assessing the impact on our financial position, results of operations and cash flows from the adoption of this guidance. | ||
Fair Value Measurements | ' | |
Fair Value Measurements | ||
Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: | ||
Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; | ||
Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | ||
Level III—Unobservable inputs that are supported by little or no market activity, which requires us to develop our own assumptions. | ||
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Financial Assets Remeasured on Recurring Basis | ' | ||||||||||||||||
The following table sets forth the fair value of our financial assets remeasured on a recurring basis, by level within the fair value hierarchy (in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 6,683 | $ | — | $ | — | $ | 6,683 | |||||||||
Restricted cash | 6,662 | — | — | 6,662 | |||||||||||||
Total financial assets | $ | 13,345 | $ | — | $ | — | $ | 13,345 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 6,683 | $ | — | $ | — | $ | 6,683 | |||||||||
Restricted cash | 1,589 | — | — | 1,589 | |||||||||||||
Total financial assets | $ | 8,272 | $ | — | $ | — | $ | 8,272 | |||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
As of June 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Computer equipment | $ | 8,931 | $ | 7,275 | |||||
Capitalized product development costs | 15,267 | 9,934 | |||||||
Furniture and fixtures | 3,648 | 3,276 | |||||||
Leasehold improvements | 10,839 | 8,985 | |||||||
Software | 1,848 | 183 | |||||||
Equipment not yet in service | 6,173 | 3,868 | |||||||
Total property and equipment | 46,706 | 33,521 | |||||||
Less: accumulated depreciation and amortization | (16,551 | ) | (11,232 | ) | |||||
Total property and equipment, net | $ | 30,155 | $ | 22,289 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||||||
The following tables present the detail of intangible assets subject to amortization (in thousands): | |||||||||||||
As of June 30, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
Enterprise relationships | $ | 29,000 | $ | (2,502 | ) | $ | 26,498 | ||||||
Premium users | 15,200 | (2,623 | ) | 12,577 | |||||||||
Existing technology | 32,300 | (3,982 | ) | 28,318 | |||||||||
Trade names | 42,900 | (3,702 | ) | 39,198 | |||||||||
Home/MLS data feeds | 3,700 | (319 | ) | 3,381 | |||||||||
Other | 852 | (603 | ) | 249 | |||||||||
Total | $ | 123,952 | $ | (13,731 | ) | $ | 110,221 | ||||||
As of December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
Enterprise relationships | $ | 29,000 | $ | (1,052 | ) | $ | 27,948 | ||||||
Premium users | 15,200 | (1,103 | ) | 14,097 | |||||||||
Existing technology | 32,300 | (1,675 | ) | 30,625 | |||||||||
Trade names | 42,900 | (1,557 | ) | 41,343 | |||||||||
Home/MLS data feeds | 3,700 | (134 | ) | 3,566 | |||||||||
Other | 701 | (392 | ) | 309 | |||||||||
Total | $ | 123,801 | $ | (5,913 | ) | $ | 117,888 | ||||||
Schedule of Future Amortization Expense | ' | ||||||||||||
Future amortization expense is expected to be as follows over each of the next five years (in thousands): | |||||||||||||
Total | |||||||||||||
2014 (remaining six months) | $ | 7,827 | |||||||||||
2015 | 15,244 | ||||||||||||
2016 | 15,214 | ||||||||||||
2017 | 15,214 | ||||||||||||
2018 | 14,111 | ||||||||||||
Thereafter | 42,611 | ||||||||||||
Total | $ | 110,221 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Minimum Payments under Noncancelable Operating Leases | ' | ||||
As of June 30, 2014, our minimum payments under the noncancelable operating leases were as follows (in thousands): | |||||
Year Ending December 31: | Operating Lease | ||||
2014 (remaining six months) | $ | 2,351 | |||
2015 | 7,700 | ||||
2016 | 7,431 | ||||
2017 | 7,607 | ||||
2018 | 7,818 | ||||
Thereafter | 30,955 | ||||
Total minimum lease payments | $ | 63,862 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Common Stock Reserved | ' | ||||||||
Common Stock | |||||||||
As of June 30, 2014 and December 31, 2013, we had reserved shares of our common stock for issuance as follows: | |||||||||
As of June 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Stock options and awards issued and outstanding | 6,593,800 | 6,452,832 | |||||||
Stock options and awards available for grant under 2012 Plan | 2,658,473 | 1,976,815 | |||||||
Stock options and awards available for grant under the 2004 Plan | 246,875 | 82,784 | |||||||
Total | 9,499,148 | 8,512,431 | |||||||
Compensation_Paid_in_Stock_Tab
Compensation Paid in Stock (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Stock Option Activity under 2005 Plan, 2012 Plan, 1999 Plan and 2004 Plan | ' | ||||||||||||||||||||
Stock option activity for the six months ended June 30, 2014 under the 2005 Plan, 2012 Plan, 1999 Plan, and 2004 Plan was as follows: | |||||||||||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Outstanding | Exercise Price | Remaining | Value | ||||||||||||||||||
Contractual | |||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | 3,088,449 | $ | 13.9 | 7.42 | $ | 68,131 | |||||||||||||||
Granted | 292,230 | 35.95 | |||||||||||||||||||
Canceled | (127,869 | ) | 22.02 | ||||||||||||||||||
Exercised | (429,976 | ) | 8.86 | ||||||||||||||||||
Balance—June 30, 2014 | 2,822,834 | $ | 16.58 | 7.31 | $ | 86,785 | |||||||||||||||
Options exercisable—June 30, 2014 | 1,430,672 | $ | 10.44 | 6.18 | $ | 52,909 | |||||||||||||||
Options vested and expected to vest—June 30, 2014 | 2,683,516 | $ | 16.28 | 7.24 | $ | 83,514 | |||||||||||||||
Restricted Stock Units Activity | ' | ||||||||||||||||||||
Restricted Stock Units Activity | |||||||||||||||||||||
RSUs | Weighted | Weighted | Aggregate | ||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||
Grant Date | Remaining | Value | |||||||||||||||||||
Fair Value | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Unvested —January 1, 2014 | 1,660,589 | $ | 35.28 | 1.94 | $ | 58,569 | |||||||||||||||
Granted | 840,999 | 32.9 | |||||||||||||||||||
Canceled | (117,874 | ) | 34.02 | ||||||||||||||||||
Released | (285,618 | ) | 32.32 | ||||||||||||||||||
Unvested—June 30, 2014 | 2,098,096 | $ | 34.79 | 2.9 | $ | 99,542 | |||||||||||||||
Restricted stock units expected to vest— June 30, 2014 | 1,573,279 | $ | 34.79 | 2.79 | $ | 74,542 | |||||||||||||||
Summary of Performance-Based Awards | ' | ||||||||||||||||||||
The performance-based awards are summarized in the table below. | |||||||||||||||||||||
PSUs | Weighted | Weighted | Aggregate | ||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||
Grant Date | Remaining | Value | |||||||||||||||||||
fair Value | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Unvested—January 1, 2014 | 1,576,250 | $ | 22.84 | 3 | $ | 55,594 | |||||||||||||||
Granted | — | ||||||||||||||||||||
Canceled | (15,000 | ) | |||||||||||||||||||
Released | — | ||||||||||||||||||||
Unvested—June 30, 2014 | 1,561,250 | $ | 22.89 | 3.13 | $ | 73,972 | |||||||||||||||
Restricted stock units expected to vest—June 30, 2014 | 1,423,885 | $ | 22.89 | 3.13 | $ | 67,464 | |||||||||||||||
Assumptions Used to Estimate Fair Value of Each Employee Stock Option and Equity Classified Stock Appreciation Rights | ' | ||||||||||||||||||||
The fair value of employee stock options and equity classified stock appreciation rights was estimated on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected term (in years) | 5.3 | 5.5 | 5.4 | 5.5 | |||||||||||||||||
Expected volatility | 47 | % | 52 | % | 48 | % | 52 | % | |||||||||||||
Risk-free interest rate | 1.8 | % | 0.8 | % | 1.7 | % | 0.9 | % | |||||||||||||
Dividend rate | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Stock Appreciation Rights Activity | ' | ||||||||||||||||||||
Stock appreciation rights activity is summarized in the following table: | |||||||||||||||||||||
Stock | Weighted | Weighted | Aggregate | ||||||||||||||||||
Appreciation | Average | Average | Intrinsic | ||||||||||||||||||
Rights | Exercise Price | Remaining | Value | ||||||||||||||||||
Outstanding | Contractual | ||||||||||||||||||||
Life (Years) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | 127,544 | $ | 11.83 | 3.08 | $ | 2,990 | |||||||||||||||
Granted | — | — | |||||||||||||||||||
Canceled | (3,259 | ) | — | ||||||||||||||||||
Exercised | (12,665 | ) | — | ||||||||||||||||||
Balance—June 30, 2014 | 111,620 | $ | 11.68 | 2.58 | $ | 3,984 | |||||||||||||||
Exercisable—June 30, 2014 | 39,281 | $ | 10.98 | 2.52 | $ | 1,430 | |||||||||||||||
Vested and expected to vest—June 30, 2014 | 104,632 | $ | 11.66 | 2.58 | $ | 3,738 | |||||||||||||||
Compensation Expense for Stock Based Awards Granted to Employees | ' | ||||||||||||||||||||
We recorded compensation expense for the stock based awards granted to employees and other compensation paid in stock as follows (in thousands): | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Compensation paid in stock related to vesting of stock based awards: | |||||||||||||||||||||
Cost of revenue | $ | 194 | $ | 57 | $ | 620 | $ | 98 | |||||||||||||
Technology and development | 2,336 | 578 | 4,180 | 989 | |||||||||||||||||
Sales and marketing | 3,079 | 485 | 6,572 | 822 | |||||||||||||||||
General and administrative | 4,401 | 866 | 8,526 | 1,469 | |||||||||||||||||
Total compensation paid in stock related to vesting of stock based awards | 10,010 | 1,986 | 19,898 | 3,378 | |||||||||||||||||
Other compensation paid in stock: | |||||||||||||||||||||
Restructuring cost | 82 | — | 82 | — | |||||||||||||||||
Total compensation paid in stock | $ | 10,092 | $ | 1,986 | $ | 19,980 | $ | 3,378 | |||||||||||||
Performance Based Award [Member] | ' | ||||||||||||||||||||
Assumptions Used to Estimate Fair Value of Each Performance Based Awards | ' | ||||||||||||||||||||
The fair value of the performance based awards with market based condition was estimated using the Monte Carlo simulation model with the following weighted average assumptions: | |||||||||||||||||||||
As of May 29, | As of August 29, | ||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||
Stock price | $ | 30.31 | $ | 41.67 | |||||||||||||||||
Simulation period | 2.93 years | 2.68 years | |||||||||||||||||||
Risk free rate | 0.47% | 0.65% | |||||||||||||||||||
Volatility | 52.60% | 52.60% | |||||||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||||||
Cost of equity | 12.60% | 12.30% | |||||||||||||||||||
Stock Appreciation Rights Activity [Member] | ' | ||||||||||||||||||||
Value of Employee Stock Appreciation Rights Classified as Liability | ' | ||||||||||||||||||||
The value of employee stock appreciation rights classified as a liability was estimated at the end of the reporting period using the Black-Scholes options pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||||||
Expected term (in years) | 1.1 | 1.3 | |||||||||||||||||||
Expected volatility | 41% | 38% | |||||||||||||||||||
Risk-free interest rate | 0.19% | 0.24% | |||||||||||||||||||
Dividend rate | 0% | 0% |
Net_Loss_per_Share_Attributabl1
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Attributable to Common Stockholders | ' | ||||||||||||||||
The following table sets forth the computation of our basic and diluted net loss per share attributable to common stockholders during the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to common stockholders | $ | (17,863 | ) | $ | (2,411 | ) | $ | (33,014 | ) | $ | (4,393 | ) | |||||
Weighted average shares used in computing basic and diluted net loss per share | 37,068,035 | 32,150,829 | 36,898,051 | 30,299,214 | |||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.48 | ) | $ | (0.07 | ) | $ | (0.89 | ) | $ | (0.14 | ) | |||||
Summary of Outstanding Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share | ' | ||||||||||||||||
The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: | |||||||||||||||||
Three and Six | |||||||||||||||||
Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options to purchase common stock | 2,822,834 | 3,204,102 | |||||||||||||||
Restricted stock units | 3,659,346 | 643,198 | |||||||||||||||
Stock appreciation rights | 111,620 | — | |||||||||||||||
Heldback shares in connection with Movity acquisition | — | 30,524 | |||||||||||||||
Convertible senior notes | 6,400,969 | — |
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Summary of Total Restructuring Activities | ' | ||||||||||||||||
A summary of total restructuring activities is shown in the table below (in thousands): | |||||||||||||||||
One-time | Contract | Other | Total | ||||||||||||||
Termination | Termination | Associated | |||||||||||||||
Benefits | Costs | Costs | |||||||||||||||
Restructuring costs | $ | 598 | $ | 2,168 | $ | 877 | $ | 3,643 | |||||||||
Cash payments | (329 | ) | — | (649 | ) | (978 | ) | ||||||||||
Balance as of June 30, 2014 | $ | 269 | $ | 2,168 | $ | 228 | $ | 2,665 | |||||||||
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
Dec. 17, 2013 | Aug. 20, 2013 | Jun. 30, 2014 | Jul. 28, 2014 | Jun. 30, 2014 | Dec. 17, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Subsequent Events [Member] | Subsequent Events [Member] | 2.75% Convertible Senior Notes [Member] | 2.75% Convertible Senior Notes [Member] | 2.75% Convertible Senior Notes [Member] | ||||
Zillow Inc. [Member] | Zillow Inc. [Member] | 130% Conversion Price [Member] | ||||||
Initial Public Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition agreement date | ' | ' | ' | 28-Jul-14 | 28-Jul-14 | ' | ' | ' |
Business acquisition, number of shares issued | ' | 4,412,489 | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid on acquisition | ' | $170,500,000 | ' | ' | ' | ' | ' | ' |
Common stock conversion basis | ' | ' | 'Under the terms and conditions of the Agreement and Plan of Merger (the "Merger Agreement"), each outstanding share of Market Leader common stock was converted into the right to receive (a) $6.00 in cash, without interest, and subject to applicable withholding tax, and (b) 0.1553 of a share of our common stock, for a total purchase consideration of $372.7 million. | ' | ' | ' | ' | ' |
Common stock conversion right to receive cash per share | ' | $6 | ' | ' | ' | ' | ' | ' |
Common stock conversion ratio | ' | 0.1553 | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | 372,700,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | 230,000,000 | ' | ' | ' | ' | 230,000,000 | ' | ' |
Debt instrument, interest rate stated percentage | ' | ' | ' | ' | ' | 2.75% | ' | ' |
Proceeds from over-allotment of option granted to initial purchasers | 30,000,000 | ' | ' | ' | ' | 30,000,000 | ' | ' |
Debt instrument, redemption period end date | ' | ' | ' | ' | ' | ' | 15-Dec-20 | ' |
Net proceeds received | ' | ' | ' | ' | ' | 222,400,000 | ' | ' |
Debt instrument, frequency of period payment | ' | ' | ' | ' | ' | ' | 'Semi-annually every June 15 and December 15 | ' |
Debt instrument, date of first payment | ' | ' | ' | ' | ' | ' | 15-Jun-14 | ' |
Debt instrument, redemption period start date | ' | ' | ' | ' | ' | ' | 20-Dec-18 | ' |
Debt instrument, convertible threshold percentage | ' | ' | ' | ' | ' | ' | 130.00% | ' |
Debt instrument, convertible threshold consecutive trading days | ' | ' | ' | ' | ' | ' | '30 days | '20 days |
Debt instrument, conversion rate principal amount | ' | ' | ' | ' | ' | ' | $1,000 | ' |
Debt instrument, conversion rate shares | ' | ' | ' | ' | ' | ' | 27.8303 | ' |
Debt instrument, date of interest began to accrue | ' | ' | ' | ' | ' | ' | 'December 17, 2013 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Fair value of convertible notes | $305,600,000 | ' | $305,600,000 | ' | $252,000,000 |
Carrying value of convertible notes | 230,000,000 | ' | 230,000,000 | ' | 230,000,000 |
Held by the Company unrealized losses | 0 | 0 | 0 | 0 | ' |
Held by the Company realized losses | 0 | 0 | 0 | 0 | ' |
Held by the Company other-than-temporary impairment losses | ' | ' | 0 | ' | 0 |
Increase in restricted cash | ' | ' | 5,100,000 | ' | ' |
Amounts due from third party merchant processors | 636,000 | ' | 636,000 | ' | 349,000 |
Minimum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Certificates of deposit with maturities period | ' | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Certificates of deposit with maturities period | ' | ' | '3 years | ' | ' |
New lease agreement [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Increase in restricted cash | ' | ' | 3,800,000 | ' | ' |
Amendment to lease agreement [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Increase in restricted cash | ' | ' | $968,000 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value of Financial Assets Remeasured on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Total financial assets | $13,345 | $8,272 |
Money market funds [Member] | ' | ' |
Financial Assets: | ' | ' |
Total financial assets | 6,683 | 6,683 |
Restricted cash [Member] | ' | ' |
Financial Assets: | ' | ' |
Total financial assets | 6,662 | 1,589 |
Level I [Member] | ' | ' |
Financial Assets: | ' | ' |
Total financial assets | 13,345 | 8,272 |
Level I [Member] | Money market funds [Member] | ' | ' |
Financial Assets: | ' | ' |
Total financial assets | 6,683 | 6,683 |
Level I [Member] | Restricted cash [Member] | ' | ' |
Financial Assets: | ' | ' |
Total financial assets | $6,662 | $1,589 |
Property_and_Equipment_net_Pro
Property and Equipment, net - Property and Equipment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $46,706 | $33,521 |
Less: accumulated depreciation and amortization | -16,551 | -11,232 |
Total property and equipment, net | 30,155 | 22,289 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 8,931 | 7,275 |
Capitalized product development costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 15,267 | 9,934 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 3,648 | 3,276 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 10,839 | 8,985 |
Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 1,848 | 183 |
Equipment not yet in service [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $6,173 | $3,868 |
Property_and_Equipment_net_Add
Property and Equipment, net - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment under capital lease, included under computer equipment | $130,000 | ' | $130,000 | ' | $261,000 |
Accumulated depreciation | 16,551,000 | ' | 16,551,000 | ' | 11,232,000 |
Depreciation expense | 3,000,000 | 1,500,000 | 5,300,000 | 2,900,000 | ' |
Capital lease [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Accumulated depreciation | 35,000 | ' | 35,000 | ' | 87,000 |
Capitalized product development costs [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Capitalized costs associated with product development | 4,600,000 | 1,500,000 | 8,400,000 | 3,100,000 | ' |
Amortization expense for product development costs | $3,300,000 | $397,000 | $4,400,000 | $596,000 | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 20, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Business acquisition, number of shares issued | 4,412,489 | ' | ' | ' | ' |
Business acquisition, cash paid on acquisition | $170.50 | ' | ' | ' | ' |
Total purchase consideration | 372.7 | ' | ' | ' | ' |
Total value allocated to intangible assets | 123.1 | ' | ' | ' | ' |
Acquisition measurement period expiration date | ' | ' | ' | 20-Aug-14 | ' |
Amortization expense | ' | $3.90 | $56,000 | $7.80 | $111,000 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $123,952 | $123,801 |
Accumulated Amortization | -13,731 | -5,913 |
Intangible assets, Net | 110,221 | 117,888 |
Enterprise Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 29,000 | 29,000 |
Accumulated Amortization | -2,502 | -1,052 |
Intangible assets, Net | 26,498 | 27,948 |
Premium Users [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 15,200 | 15,200 |
Accumulated Amortization | -2,623 | -1,103 |
Intangible assets, Net | 12,577 | 14,097 |
Existing Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 32,300 | 32,300 |
Accumulated Amortization | -3,982 | -1,675 |
Intangible assets, Net | 28,318 | 30,625 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 42,900 | 42,900 |
Accumulated Amortization | -3,702 | -1,557 |
Intangible assets, Net | 39,198 | 41,343 |
Home/MLS data feeds [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 3,700 | 3,700 |
Accumulated Amortization | -319 | -134 |
Intangible assets, Net | 3,381 | 3,566 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 852 | 701 |
Accumulated Amortization | -603 | -392 |
Intangible assets, Net | $249 | $309 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Future Amortization Expense (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 (remaining six months) | $7,827 | ' |
2015 | 15,244 | ' |
2016 | 15,214 | ' |
2017 | 15,214 | ' |
2018 | 14,111 | ' |
Thereafter | 42,611 | ' |
Intangible assets, Net | $110,221 | $117,888 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Dec. 17, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | $230,000,000 | ' | ' |
Proceeds from over-allotment of option granted to initial purchasers | ' | 30,000,000 | ' | ' |
Fair value of convertible notes | 252,000,000 | ' | 305,600,000 | 305,600,000 |
Carrying value of convertible notes | 230,000,000 | ' | 230,000,000 | 230,000,000 |
Payment of debt issuance costs | ' | 7,600,000 | ' | ' |
Amount of interest expense recognized | 246,000,000 | ' | 1,900,000 | 3,700,000 |
Amortization of debt issuance costs | 38,000,000 | ' | 269,000,000 | 514,000,000 |
2.75% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | 230,000,000 | ' | ' |
Proceeds from over-allotment of option granted to initial purchasers | ' | $30,000,000 | ' | ' |
Debt instrument, due date | ' | ' | ' | 15-Dec-20 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
sqft | Minimum [Member] | Maximum [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncancelable operating leases term | ' | ' | ' | ' | ' | '1 year | '9 years | ' | ' |
Area of leased office space | ' | ' | ' | ' | 64,908 | ' | ' | ' | ' |
Lease agreement term | ' | ' | '90 months | ' | ' | ' | ' | ' | ' |
Future minimum lease payments per month | $63,862,000 | ' | $63,862,000 | ' | ' | $124,000 | $141,000 | ' | ' |
Secured letter of credit arrangement deposit classified as restricted cash | 1,100,000 | ' | 1,100,000 | ' | ' | ' | ' | ' | ' |
Lease termination expense | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' |
Rent expense | 1,300,000 | 620,000 | 2,400,000 | 1,300,000 | ' | ' | ' | ' | ' |
Obligations related to indemnification agreements | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Payments under Noncancelable Operating Leases (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 (remaining six months) | $2,351 |
2015 | 7,700 |
2016 | 7,431 |
2017 | 7,607 |
2018 | 7,818 |
Thereafter | 30,955 |
Total minimum lease payments | $63,862 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Common Stock Reserved (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
Conversion of Stock [Line Items] | ' | ' |
Stock options and awards issued and outstanding | 6,593,800 | 6,452,832 |
Stock options and awards available for grant | 2,905,348 | 2,059,599 |
Total | 9,499,148 | 8,512,431 |
2012 Plan [Member] | ' | ' |
Conversion of Stock [Line Items] | ' | ' |
Stock options and awards available for grant | 2,658,473 | 1,976,815 |
2004 Plan [Member] | ' | ' |
Conversion of Stock [Line Items] | ' | ' |
Stock options and awards available for grant | 246,875 | 82,784 |
Compensation_Paid_in_Stock_Add
Compensation Paid in Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||
Aug. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 05, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Product development costs [Member] | Product development costs [Member] | Product development costs [Member] | Product development costs [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | Stock Appreciation Rights Activity [Member] | Stock Appreciation Rights Activity [Member] | Stock Appreciation Rights Activity [Member] | Stock Appreciation Rights Activity [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | Time based awards [Member] | Time based awards [Member] | 2004 Equity Incentive Plan [Member] | 2004 Equity Incentive Plan [Member] | Stock Option Activity [Member] | Non-vested RSUs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum grant price per share as a percentage of fair market value at the date of the grant | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options vested | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options expiration period | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain options, vesting terms | ' | ' | ' | ' | 'Certain options vest monthly over two to four years. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Our stock appreciation rights typically vest on a graded basis over either a two or four year period and typically expire the earlier of five years from the date of grant or ninety days following termination of employment. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of remaining options shares vested | ' | ' | ' | ' | '0.028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for future issuance | ' | ' | 9,499,148 | ' | 9,499,148 | ' | 8,512,431 | ' | ' | ' | ' | ' | 2,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,522 | ' | ' |
Additional number of shares reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of RSUs granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in shares available for grant under the 2012 plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,463,303 | 1,102,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in share approved by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in common stock reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,770 | ' | ' | ' |
Shares of common stock available for grant under 2012 Plan and 2004 plan | ' | ' | 2,905,348 | ' | 2,905,348 | ' | 2,059,599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of options granted | ' | ' | $16.99 | $15.63 | $16.04 | $13.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercises in period aggregate intrinsic value | ' | ' | $6,200,000 | $5,500,000 | $11,100,000 | $16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested, grant date fair value | ' | ' | 1,900,000 | 1,100,000 | 3,900,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options granted, net | ' | ' | 15,600,000 | ' | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeitures of stock-based awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,000 | ' | ' | ' | ' | ' | 797,000 | ' | ' | ' | ' | ' | 4,100,000 | 22,000,000 |
Weighted average vesting period | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock units, net of estimated forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | 2,300,000 | ' | ' | ' | 26,000,000 | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | 63,700,000 |
Weighted average vesting period of stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 5 months 19 days | ' | ' | ' | ' | ' | '3 years 1 month 17 days | ' | ' | ' | ' | ' | ' | '2 years 10 months 24 days |
Stock unit awards granted during period | 2,105,000 | 2,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 1,576,250 | 1,576,250 | ' | ' | 0 | ' | 528,750 | 528,750 | ' | ' | ' | 840,999 |
Recognized compensation cost | ' | ' | 10,010,000 | 1,986,000 | 19,898,000 | 3,378,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 0 | 5,100,000 | 0 | ' | ' | ' | ' | ' | ' |
Number of stock appreciation rights issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock appreciation rights outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 288,000 | ' | 288,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated grant date fair value vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,000 | ' | 779,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized compensation paid in stock | ' | ' | ' | ' | $956,000 | $233,000 | ' | $522,000 | $120,000 | $817,000 | $233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation_Paid_in_Stock_Sto
Compensation Paid in Stock - Stock Option Activity under 2005 Plan, 2012 Plan, 1999 Plan and 2004 Plan (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Stock Options Outstanding, Beginning balance | 3,088,449 | ' |
Stock Options Outstanding, Granted | 292,230 | ' |
Stock Options Outstanding, Canceled | -127,869 | ' |
Stock Options Outstanding, Exercised | -429,976 | ' |
Stock Options Outstanding, Ending balance | 2,822,834 | 3,088,449 |
Stock Options Outstanding, Options exercisable | 1,430,672 | ' |
Stock Options Outstanding, Options vested and expected to vest | 2,683,516 | ' |
Weighted Average Exercise Price, Beginning balance | $13.90 | ' |
Weighted Average Exercise Price, Granted | $35.95 | ' |
Weighted Average Exercise Price, Canceled | $22.02 | ' |
Weighted Average Exercise Price, Exercised | $8.86 | ' |
Weighted Average Exercise Price, Ending balance | $16.58 | $13.90 |
Weighted Average Exercise Price, Options exercisable | $10.44 | ' |
Weighted Average Exercise Price, Options vested and expected to vest | $16.28 | ' |
Weighted Average Remaining Contractual Life (Years) | '7 years 3 months 22 days | '7 years 5 months 1 day |
Weighted Average Remaining Contractual Life (Years), Options exercisable | '6 years 2 months 5 days | ' |
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest | '7 years 2 months 27 days | ' |
Aggregate Intrinsic Value, Beginning balance | $68,131 | ' |
Aggregate Intrinsic Value, Ending balance | 86,785 | 68,131 |
Aggregate Intrinsic Value, Options exercisable | 52,909 | ' |
Aggregate Intrinsic Value, Options vested and expected to vest | $83,514 | ' |
Compensation_Paid_in_Stock_Res
Compensation Paid in Stock - Restricted Stock Units Activity (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Dec. 31, 2013 |
Non-vested RSUs [Member] | Non-vested RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares, Beginning balance | ' | ' | 1,660,589 | ' |
Number of shares, Granted | 2,105,000 | 2,105,000 | 840,999 | ' |
Number of shares, Canceled | ' | ' | -117,874 | ' |
Number of shares, Released | ' | ' | -285,618 | ' |
Number of shares, Ending balance | ' | ' | 2,098,096 | 1,660,589 |
Number of shares, Restricted stock units expected to vest | ' | ' | 1,573,279 | ' |
Weighted Average Grant Date fair Value, Beginning balance | ' | ' | $35.28 | ' |
Weighted Average Grant Date fair Value, Granted | ' | ' | $32.90 | ' |
Weighted Average Grant Date fair Value, Canceled | ' | ' | $34.02 | ' |
Weighted Average Grant Date fair Value, Released | ' | ' | $32.32 | ' |
Weighted Average Grant Date fair Value, Ending balance | ' | ' | $34.79 | $35.28 |
Weighted Average Grant Date fair Value, Restricted stock units expected to vest | ' | ' | $34.79 | ' |
Weighted Average Remaining Contractual Life (Years), Unvested | ' | ' | '2 years 10 months 24 days | '1 year 11 months 9 days |
Weighted Average Remaining Contractual Life (Years), Restricted stock units expected to vest | ' | ' | '2 years 9 months 15 days | ' |
Aggregate Intrinsic Value, Beginning balance | ' | ' | $58,569 | ' |
Aggregate Intrinsic Value, Ending balance | ' | ' | 99,542 | 58,569 |
Aggregate Intrinsic Value, Restricted stock units expected to vest | ' | ' | $74,542 | ' |
Compensation_Paid_in_Stock_Sum
Compensation Paid in Stock - Summary of Performance-Based Awards (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares, Granted | 2,105,000 | 2,105,000 | ' | ' |
Performance Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares, Beginning balance | ' | ' | 1,576,250 | ' |
Number of shares, Granted | 1,576,250 | 1,576,250 | 0 | ' |
Number of shares, Canceled | ' | ' | -15,000 | ' |
Number of shares, Released | ' | ' | 0 | ' |
Number of shares, Ending balance | ' | ' | 1,561,250 | 1,576,250 |
Number of shares, Restricted stock units expected to vest-June 30, 2014 | ' | ' | 1,423,885 | ' |
Weighted Average Grant Date fair Value, Beginning balance | ' | ' | $22.84 | ' |
Weighted Average Grant Date fair Value, Granted | ' | ' | ' | ' |
Weighted Average Grant Date fair Value, Canceled | ' | ' | ' | ' |
Weighted Average Grant Date fair Value, Released | ' | ' | ' | ' |
Weighted Average Grant Date fair Value, Ending balance | ' | ' | $22.89 | $22.84 |
Weighted Average Grant Date fair Value, Restricted stock units expected to vest | ' | ' | $22.89 | ' |
Weighted Average Remaining Contractual Life (Years), Unvested | ' | ' | '3 years 1 month 17 days | '3 years |
Weighted Average Remaining Contractual Life (Years), Restricted stock units expected to vest-June 30, 2014 | ' | ' | '3 years 1 month 17 days | ' |
Aggregate Intrinsic Value, Beginning balance | ' | ' | $55,594 | ' |
Aggregate Intrinsic Value, Ending balance | ' | ' | 73,972 | 55,594 |
Aggregate Intrinsic Value, Restricted stock units expected to vest-June 30, 2014 | ' | ' | $67,464 | ' |
Compensation_Paid_in_Stock_Ass
Compensation Paid in Stock - Assumptions Used to Estimate Fair Value of Each Employee Stock Option and Equity Classified Stock Appreciation Right Awards (Detail) (Black-Scholes option-pricing model [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Black-Scholes option-pricing model [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term (in years) | '5 years 3 months 18 days | '5 years 6 months | '5 years 4 months 24 days | '5 years 6 months |
Expected volatility | 47.00% | 52.00% | 48.00% | 52.00% |
Risk-free interest rate | 1.80% | 0.80% | 1.70% | 0.90% |
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
Compensation_Paid_in_Stock_Ass1
Compensation Paid in Stock - Assumptions Used to Estimate Fair Value of Each Performance Based Awards (Detail) (Monte Carlo simulation model [Member], Performance Based Awards [Member], USD $) | 0 Months Ended | |
Aug. 29, 2013 | 29-May-13 | |
Monte Carlo simulation model [Member] | Performance Based Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock price | $41.67 | $30.31 |
Simulation period | '2 years 8 months 5 days | '2 years 11 months 5 days |
Risk free rate | 0.65% | 0.47% |
Volatility | 52.60% | 52.60% |
Dividend yield | 0.00% | 0.00% |
Cost of equity | 12.30% | 12.60% |
Compensation_Paid_in_Stock_Sto1
Compensation Paid in Stock - Stock Appreciation Rights Activity (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Stock Appreciation Rights Activity [Member] | Stock Appreciation Rights Activity [Member] | ||||
Stock Appreciation Rights Activity [Line Items] | ' | ' | ' | ' | ' |
Number of shares, Beginning balance | ' | ' | ' | 127,544 | ' |
Number of shares, Granted | 2,105,000 | 2,105,000 | ' | 0 | ' |
Number of shares, Canceled | ' | ' | ' | -3,259 | ' |
Number of shares, Exercised | ' | ' | -2,303 | -12,665 | ' |
Number of shares, Ending balance | ' | ' | ' | 111,620 | 127,544 |
Number of shares, Exercisable | ' | ' | ' | 39,281 | ' |
Number of shares, Vested and expected to vest | ' | ' | ' | 104,632 | ' |
Weighted Average Exercise Price, Beginning balance | ' | ' | ' | $11.83 | ' |
Weighted Average Exercise Price, Granted | ' | ' | ' | $0 | ' |
Weighted Average Exercise Price, Canceled | ' | ' | ' | $0 | ' |
Weighted Average Exercise Price, Exercised | ' | ' | ' | $0 | ' |
Weighted Average Exercise Price, Ending balance | ' | ' | ' | $11.68 | $11.83 |
Weighted Average Exercise Price, Exercisable | ' | ' | ' | $10.98 | ' |
Weighted Average Exercise Price, Vested and expected to vest | ' | ' | ' | $11.66 | ' |
Weighted Average Remaining Contractual Life (Years) | ' | ' | ' | '2 years 6 months 29 days | '3 years 29 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | ' | ' | ' | '2 years 6 months 7 days | ' |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | ' | ' | ' | '2 years 6 months 29 days | ' |
Aggregate Intrinsic Value, Beginning balance | ' | ' | ' | $2,990 | ' |
Aggregate Intrinsic Value, Ending balance | ' | ' | ' | 3,984 | 2,990 |
Aggregate Intrinsic Value, Exercisable | ' | ' | ' | 1,430 | ' |
Aggregate Intrinsic Value, Vested and expected to vest | ' | ' | ' | $3,738 | ' |
Compensation_Paid_in_Stock_Val
Compensation Paid in Stock - Value of Employee Stock Appreciation Rights Classified as Liability (Detail) (Stock Appreciation Rights Activity [Member]) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Stock Appreciation Rights Activity [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | '1 year 1 month 6 days | '1 year 3 months 18 days |
Expected volatility | 41.00% | 38.00% |
Risk-free interest rate | 0.19% | 0.24% |
Dividend rate | 0.00% | 0.00% |
Compensation_Paid_in_Stock_Com
Compensation Paid in Stock - Compensation Expense for Stock Based Awards Granted to Employees (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation paid in stock related to vesting of stock based awards | $10,010 | $1,986 | $19,898 | $3,378 |
Other compensation paid in stock: | ' | ' | ' | ' |
Total compensation paid in stock | 10,092 | 1,986 | 19,980 | 3,378 |
Cost of revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation paid in stock related to vesting of stock based awards | 194 | 57 | 620 | 98 |
Technology and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation paid in stock related to vesting of stock based awards | 2,336 | 578 | 4,180 | 989 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation paid in stock related to vesting of stock based awards | 3,079 | 485 | 6,572 | 822 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation paid in stock related to vesting of stock based awards | 4,401 | 866 | 8,526 | 1,469 |
Restructuring cost [Member] | ' | ' | ' | ' |
Other compensation paid in stock: | ' | ' | ' | ' |
Other compensation paid in stock | $82 | ' | $82 | ' |
Net_Loss_per_Share_Attributabl2
Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Earnings Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss attributable to common stockholders | ($17,863) | ($2,411) | ($33,014) | ($4,393) |
Weighted average shares used in computing basic and diluted net loss per share | 37,068,035 | 32,150,829 | 36,898,051 | 30,299,214 |
Net loss per share attributable to common stockholders, basic and diluted | ($0.48) | ($0.07) | ($0.89) | ($0.14) |
Net_Loss_per_Share_Attributabl3
Net Loss per Share Attributable to Common Stockholders - Summary of Outstanding Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options to purchase common stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive stock | 2,822,834 | 3,204,102 | 2,822,834 | 3,204,102 |
Restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive stock | 3,659,346 | 643,198 | 3,659,346 | 643,198 |
Stock Appreciation Rights [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive stock | 111,620 | 0 | 111,620 | 0 |
Heldback shares in connection with Movity acquisition [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive stock | 0 | 30,524 | 0 | 30,524 |
Convertible Senior Notes [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive stock | 6,400,969 | 0 | 6,400,969 | 0 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Employees | ||
Reorganizations [Abstract] | ' | ' |
Reduction of market leader head count | ' | 83 |
Restructuring costs accruals | $2,700,000 | $2,700,000 |
Restructuring costs | 3,643,000 | 3,643,000 |
One-time involuntary termination benefits paid or to be paid to affected employees | 600,000 | 600,000 |
Contract termination costs represent the present value of the remaining lease payments, net of estimated sublease income and related marketing costs | 2,200,000 | 2,200,000 |
Other associated expenses related to accounting and consulting fees | $900,000 | $900,000 |
Restructuring_Summary_of_Total
Restructuring - Summary of Total Restructuring Activities (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Reorganization Items [Line Items] | ' | ' |
Restructuring costs | $3,643 | $3,643 |
Cash payments | ' | -978 |
Balance as of June 30, 2014 | 2,665 | 2,665 |
One-time termination benefits [Member] | ' | ' |
Reorganization Items [Line Items] | ' | ' |
Restructuring costs | ' | 598 |
Cash payments | ' | -329 |
Balance as of June 30, 2014 | 269 | 269 |
Contract Termination Costs [Member] | ' | ' |
Reorganization Items [Line Items] | ' | ' |
Restructuring costs | ' | 2,168 |
Balance as of June 30, 2014 | 2,168 | 2,168 |
Other Associated Costs [Member] | ' | ' |
Reorganization Items [Line Items] | ' | ' |
Restructuring costs | ' | 877 |
Cash payments | ' | -649 |
Balance as of June 30, 2014 | $228 | $228 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Company's contribution based on employee contribution | ' | ' | 4.00% | ' |
Company's expense related to its benefit plan | $615,000 | $267,000 | $1,200,000 | $531,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Aug. 20, 2013 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 28, 2014 | Jun. 30, 2014 | Jul. 28, 2014 | Jul. 28, 2014 | Jul. 28, 2014 | Jul. 28, 2014 | Jul. 28, 2014 |
In Millions, unless otherwise specified | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |
sqft | Zillow Inc. [Member] | Zillow Inc. [Member] | Certain circumstances [Member] | Additional other certain circumstances [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | |||
Zillow Inc. [Member] | Zillow Inc. [Member] | Zillow Inc. [Member] | Plan [Member] | Zillow Inc. [Member] | ||||||
Vote | Zillow Inc. [Member] | Vote | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition agreement date | ' | ' | ' | 28-Jul-14 | 28-Jul-14 | ' | ' | ' | ' | ' |
Area of additional leased office space | ' | ' | 26,620 | ' | ' | ' | ' | ' | ' | ' |
Lease agreement commencement date | ' | '2014-10 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible common stock | 0.1553 | ' | ' | ' | ' | ' | ' | ' | 0.444 | ' |
Voting right per share | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 10 |
Termination fee payable | ' | ' | ' | ' | ' | $69.80 | $150 | ' | ' | ' |