Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Everyday Health, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 30,380,810 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001358483 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $55,084 | $16,242 |
Accounts receivable, net of allowance for doubtful accounts of $487 and $530 as of June 30, 2014 and December 31, 2013, respectively | 39,635 | 49,373 |
Deferred tax asset | 133 | 133 |
Prepaid expenses and other current assets | 7,193 | 7,822 |
Total current assets | 102,045 | 73,570 |
Property and equipment, net | 22,839 | 21,095 |
Goodwill | 82,153 | 82,153 |
Intangible assets, net | 8,644 | 9,735 |
Other assets | 4,806 | 5,729 |
Total assets | 220,487 | 192,282 |
Current liabilities: | ' | ' |
Accounts payable | 7,108 | 8,459 |
Accrued expenses | 14,609 | 25,919 |
Deferred revenue | 8,156 | 6,808 |
Current portion of long-term debt | 2,000 | 1,333 |
Other current liabilities | 854 | 830 |
Total current liabilities | 32,727 | 43,349 |
Long-term debt | 38,000 | 70,000 |
Deferred tax liabilities | 5,680 | 5,199 |
Other long-term liabilities | 4,340 | 4,937 |
Redeemable convertible preferred stock (Series A-G), net of expenses, $0.01 par value: 10,000,000 and 27,204,144 shares authorized at June 30, 2014 and December 31, 2013, respectively; no shares and 26,820,270 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | ' | 158,766 |
Stockholders’ equity (deficit): | ' | ' |
Common stock, $0.01 par value: 90,000,000 and 45,000,000 shares authorized at June 30, 2014 and December 31, 2013, respectively; 30,185,974 and 5,366,478 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 302 | 54 |
Treasury stock | -55 | -55 |
Additional paid-in capital | 279,620 | 33,726 |
Accumulated deficit | -140,127 | -123,694 |
Total stockholders’ equity (deficit) | 139,740 | -89,969 |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $220,487 | $192,282 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $487 | $530 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 27,204,144 |
Preferred stock, shares issued | 0 | 26,820,270 |
Preferred stock, shares outstanding | 0 | 26,820,270 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 30,185,974 | 5,366,478 |
Common stock, shares outstanding | 30,185,974 | 5,366,478 |
Common stock, shares authorized | 90,000,000 | 45,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (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 |
Revenues: | ' | ' | ' | ' |
Advertising and sponsorship revenues | $36,882 | $31,819 | $69,574 | $57,199 |
Premium services revenues | 4,565 | 5,379 | 9,378 | 10,503 |
Total revenues | 41,447 | 37,198 | 78,952 | 67,702 |
Operating expenses: | ' | ' | ' | ' |
Cost of revenues | 10,961 | 10,826 | 22,382 | 20,661 |
Sales and marketing | 13,069 | 11,860 | 24,039 | 20,921 |
Product development | 9,952 | 10,700 | 19,964 | 20,860 |
General and administrative | 7,126 | 6,191 | 13,721 | 12,730 |
Total operating expenses | 41,108 | 39,577 | 80,106 | 75,172 |
Income(loss) from operations | 339 | -2,379 | -1,154 | -7,470 |
Interest expense, net | -585 | -2,015 | -2,448 | -4,144 |
Other expense | ' | ' | -4,114 | ' |
Loss from continuing operations before provision for income taxes | -246 | -4,394 | -7,716 | -11,614 |
Provision for income taxes | -349 | -247 | -638 | -511 |
Loss from continuing operations | -595 | -4,641 | -8,354 | -12,125 |
Loss from discontinued operations, net of tax | ' | -1,596 | ' | -3,341 |
Net loss | -595 | -6,237 | -8,354 | -15,466 |
Series G preferred stock deemed dividend | -8,079 | ' | -8,079 | ' |
Net loss attributable to common stockholders | ($8,674) | ($6,237) | ($16,433) | ($15,466) |
Net loss attributable to common stockholders from continuing operations per common share-basic and diluted (in Dollars per share) | ($0.29) | ($0.92) | ($0.93) | ($2.44) |
Net loss attributable to common stockholders from discontinued operations per common share-basic and diluted (in Dollars per share) | ' | ($0.32) | ' | ($0.67) |
Net loss attributable to common stockholders per common share-basic and diluted (in Dollars per share) | ($0.29) | ($1.24) | ($0.93) | ($3.11) |
Weighted-average common shares outstanding-basic and diluted (in Shares) | 29,802,970 | 5,030,265 | 17,670,809 | 4,978,075 |
Consolidated_Statements_of_Red
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (USD $) | Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2012 | $158,766 | $49 | ' | $26,759 | ($105,458) | ($78,650) |
Balance (in Shares) at Dec. 31, 2012 | 26,820,270 | 4,860,855 | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | 31 | ' | 31 |
Exercise of stock options (in Shares) | ' | 20,346 | ' | ' | ' | ' |
Issuance of common stock | ' | 2 | ' | 1,885 | ' | 1,887 |
Issuance of common stock (in Shares) | ' | 207,970 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | 969 |
Purchase of treasury stock | ' | ' | -55 | ' | ' | -55 |
Purchase of treasury stock (in Shares) | ' | -7,900 | ' | ' | ' | ' |
Stock-based compensation expense related to stock options | ' | ' | ' | 1,016 | ' | 1,016 |
Net loss | ' | ' | ' | ' | -15,466 | -15,466 |
Balance at Jun. 30, 2013 | 158,766 | 51 | -55 | 29,691 | -120,924 | -91,237 |
Balance (in Shares) at Jun. 30, 2013 | 26,820,270 | 5,081,271 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 158,766 | 54 | -55 | 33,726 | -123,694 | -89,969 |
Balance (in Shares) at Dec. 31, 2013 | 26,820,270 | 5,366,478 | ' | ' | ' | ' |
Exercise of stock options | ' | 3 | ' | 1,463 | ' | 1,466 |
Exercise of stock options (in Shares) | ' | 344,011 | ' | ' | ' | 344,011 |
Issuance of common stock | ' | 1 | ' | 918 | ' | 919 |
Issuance of common stock (in Shares) | ' | 65,710 | ' | ' | ' | 30,185,974 |
Stock-based compensation expense | ' | ' | ' | 4,019 | ' | 4,019 |
Warrant issued in connection with website partner agreement | ' | ' | ' | 1,131 | ' | 1,131 |
Issuance of common stock in connection with IPO, net of $8,848 issuance costs | ' | 57 | ' | 70,565 | ' | 70,622 |
Issuance of common stock in connection with IPO, net of $8,848 issuance costs (in Shares) | ' | 5,676,414 | ' | ' | ' | ' |
Conversion of preferred stock | -158,766 | 184 | ' | 158,582 | ' | 158,766 |
Conversion of preferred stock (in Shares) | -26,820,270 | 18,457,235 | ' | ' | ' | ' |
Series G preferred stock deemed dividend | ' | ' | ' | 8,079 | -8,079 | 8,079 |
Reclassification of liability warrants to equity warrants | ' | ' | ' | 1,140 | ' | 1,140 |
Exercise of warrants | ' | 3 | ' | -3 | ' | ' |
Exercise of warrants (in Shares) | ' | 276,126 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | -8,354 | -8,354 |
Balance at Jun. 30, 2014 | ' | $302 | ($55) | $279,620 | ($140,127) | $139,740 |
Balance (in Shares) at Jun. 30, 2014 | ' | 30,185,974 | ' | ' | ' | ' |
Consolidated_Statements_of_Red1
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Parentheticals) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Issuance costs in connection with IPO | $8,848 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($8,354) | ($15,466) |
Less loss from discontinued operations, net of tax | ' | 3,341 |
Loss from continuing operations | -8,354 | -12,125 |
Depreciation and amortization | 7,150 | 7,817 |
Amortization of video and television costs | ' | 449 |
Provision for doubtful accounts | 215 | 62 |
Stock-based compensation | 4,019 | 969 |
Amortization and write-off of financing costs | 4,239 | 823 |
Loss on disposals of property and equipment | ' | 147 |
Provision for deferred income taxes | 481 | 481 |
Accounts receivable | 9,522 | 5,741 |
Prepaid expenses and other current assets | -456 | -334 |
Additions to video and television costs | ' | -423 |
Accounts payable and accrued expenses | -11,740 | -1,333 |
Deferred revenue | 1,347 | 1,943 |
Other current liabilities | -103 | -331 |
Other long-term liabilities | 618 | 631 |
Net cash provided by operating activities from continuing operations | 6,938 | 4,517 |
Net cash used in operating activities from discontinued operations | ' | -3,504 |
Net cash provided by operating activities | 6,938 | 1,013 |
Cash flows from investing activities | ' | ' |
Additions to property and equipment, net | -7,441 | -5,438 |
Proceeds from sale of business | 400 | ' |
Payment for business purchased, net of cash acquired | ' | -4,304 |
Payment of security deposits and other assets | 47 | -755 |
Net cash used in investing activities | -6,994 | -10,497 |
Cash flows from financing activities | ' | ' |
Net proceeds from common stock issuance | 70,622 | ' |
Proceeds from the exercise of stock options | 2,151 | 31 |
Principal payments on capital lease obligations | -308 | -156 |
Payments of credit facility financing costs | -2,234 | ' |
Payment for purchase of treasury stock | ' | -55 |
Net cash provided by (used in) financing activities | 38,898 | -1,997 |
Net increase (decrease) in cash and cash equivalents | 38,842 | -11,481 |
Cash and cash equivalents, beginning of period | 16,242 | 23,888 |
Cash and cash equivalents, end of period | 55,084 | 12,407 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | 2,867 | 3,229 |
Income taxes paid | 163 | 37 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Warrants issued in connection with website partner agreement | 1,131 | ' |
Capital lease obligations incurred | 362 | 344 |
Reclassification of liability warrants to equity warrants | 1,140 | ' |
Former Revolving Credit Facility [Member] | ' | ' |
Cash flows from financing activities | ' | ' |
Repayments of principal | -30,000 | -400 |
Term Loan Facility [Member] | ' | ' |
Cash flows from financing activities | ' | ' |
Repayments of principal | -41,333 | -1,417 |
Borrowings | 40,000 | ' |
Revolving Credit Facility [Member] | ' | ' |
Cash flows from financing activities | ' | ' |
Repayments of principal | -32,300 | ' |
Borrowings | 32,300 | ' |
Payments of credit facility financing costs | 1,211 | ' |
Equity Issued in Business Combination [Member] | ' | ' |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Issuance of common stock for acquired business | 919 | 1,814 |
Acquired Assets [Member] | ' | ' |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Issuance of common stock for acquired assets | ' | $74 |
Business
Business | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1. Business | |
Everyday Health, Inc. (the “Company”) operates a portfolio of health and wellness websites and mobile applications that provides consumers, healthcare professionals, advertisers and partners with content and advertising-based services. The Company was incorporated in the State of Delaware in January 2002 as Agora Media Inc., and changed its name to Waterfront Media Inc. in January 2004. In January 2010, the Company changed its name to Everyday Health, Inc. to better align its corporate identity with the Everyday Health brand. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Significant Accounting Policies | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. The results of operations for companies acquired are included in the consolidated financial statements from the effective date of the acquisition. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Statements | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods ended June 30, 2014 and 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future periods, due to seasonality and other business factors. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s prospectus dated March 27, 2014, filed with the SEC on March 28, 2014 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, current business factors and other available information. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition and deferred revenue, allowance for doubtful accounts, internal software development costs and website development costs, valuation of long-lived assets, goodwill and other intangible assets, income taxes and stock-based compensation. | |
Reclassifications | |
Certain reclassifications have been made to the prior period financial statements to conform to the June 30, 2014 presentation. | |
Initial Public Offering | |
On April 2, 2014, the Company closed its initial public offering of common stock (“IPO”). The IPO, including the additional shares issued and sold on April 30, 2014 pursuant to the underwriters’ exercise of their over-allotment option, resulted in net proceeds of $70,622, after deducting underwriting discounts and commissions and offering costs borne by the Company totaling $8,848. As a result of the IPO, the Company’s common stock, redeemable convertible preferred stock, additional paid-in capital, and stock options and warrants to purchase stock changed as follows (collectively, the “IPO-Related Transactions”): (i) the Company issued and sold 5,676,414 shares of common stock at a public offering price of $14.00 per share, (ii) all of the Company’s redeemable convertible preferred stock outstanding automatically converted into an aggregate of 18,457,235 shares of common stock, including 577,055 additional shares of common stock related to the Series G redeemable convertible preferred stock ratchet provision (refer to Note 6), (iii) certain selling stockholders exercised stock options and warrants for an aggregate of 339,053 shares of common stock, (iv) 149,839 shares of common stock were issued upon the automatic net exercise of a warrant, and (v) outstanding warrants to purchase 222,977 shares of redeemable convertible preferred stock automatically converted into warrants to purchase an aggregate of 148,650 shares of common stock, which resulted in the reclassification of the preferred stock warrant liability of $1,140 to additional paid-in capital. | |
Revenue Recognition and Deferred Revenue | |
The Company generates its revenue primarily through advertising and sponsorships, and premium services, including subscriptions and licensing fees. | |
Advertising revenue is recognized in the period in which the advertisement is delivered. Revenue from sponsorships is recognized over the period the Company substantially satisfies its contractual obligations as required under the respective sponsorship agreements. When contractual arrangements contain multiple elements, revenue is allocated to each element based on its relative fair value determined using prices charged when elements are sold separately. In instances where individual deliverables are not sold separately, or when third-party evidence is not available, fair value is determined based on management’s best estimate of selling price. | |
Subscriptions are generally paid in advance on a monthly, quarterly or annual basis. Subscription revenue, after deducting refunds and charge-backs, is recognized on a straight-line basis ratably over the subscription periods. Licensing revenue is generally recognized over the life of the contract. | |
Deferred revenue relates to: (i) subscription fees for which amounts have been collected but for which revenue has not been recognized, and (ii) advertising and sponsorship fees and licensing fees billed in advance of when the revenue is to be earned. | |
Cost of Revenues | |
Cost of revenues consists principally of the expenses associated with aggregating the total audience across the Company’s portfolio of websites, including (i) royalty expenses for licensing content for certain websites within the portfolio and for the portion of advertising revenue the Company pays to the owners of certain other websites within the portfolio, and (ii) media costs associated with audience aggregation activities. Cost of revenues also includes credit card fees and service charges associated with subscription fees for the Company’s premium services. | |
Media costs consist primarily of fees paid to online publishers, internet search companies and other media channels for search engine and database marketing, and display and television advertising. These media activities are attributable to revenue-generating and audience aggregation events, designed to increase the audience to the websites the Company operates, increase the number of subscribers to premium services and grow the Company’s registered user base. | |
Other Expense | |
In connection with the refinancing of its credit facilities in March 2014, the Company wrote-off unamortized deferred financing costs totaling $2,845 and incurred prepayment fees of $1,016, which, together with the mark-to-market adjustment on certain preferred stock warrants of $253, is reflected as other expense in the accompanying consolidated statements of operations for the six months ended June 30, 2014. | |
Comprehensive Income | |
The Company has no items of other comprehensive income, and accordingly net loss is equal to comprehensive loss for all periods presented. | |
Fair Value of Financial Instruments | |
Due to their short-term maturities, the carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate fair value. Cash equivalents principally consist of the Company’s investment in highly liquid money market funds. The fair value of these investment funds is based on quoted market prices, which are Level 1 inputs, pursuant to the fair value accounting standard, which establishes a framework for measuring fair value and requires disclosures about fair value measurements by establishing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of the Company’s debt approximates the recorded amounts as the interest rates on the credit facilities are based on market interest rates. | |
Property and Equipment | |
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, ranging from three to five years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the lease term or the estimated useful life of the improvement. | |
The Company incurs costs to develop software for internal use. The Company expenses all costs that relate to the planning and post-implementation phases of development as product development expense. Costs incurred in the application development phase, consisting principally of payroll and related benefits, are capitalized. Upon completion, the capitalized costs are amortized using the straight-line method over their estimated useful lives, which is generally three years. | |
The Company also incurs costs to develop its websites and mobile applications. The Company expenses all costs that relate to the planning and post-implementation phases of development as product development expense. Costs incurred in the application development phase, consisting principally of third-party consultants and related charges, and the costs of content determined to provide a future economic benefit, are capitalized. Upon completion, the capitalized costs are amortized using the straight-line method over their estimated useful lives, which is generally three years. | |
The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There were no indicators of impairment of the Company’s property and equipment during the six months ended June 30, 2014 and 2013. | |
Segment Information | |
The Company and its subsidiaries are organized in a single operating segment, providing online health solutions, and the Company also has one reportable segment. Substantially all of the Company’s revenues are derived from U.S. sources. | |
Recent Accounting Standards | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance for reporting discontinued operations. Under the new guidance, only disposals that represent a strategic shift having a material impact on an entity’s operations and financial results shall be reported as discontinued operations, with expanded disclosures. This will be effective for the first annual reporting period beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption. | |
In May 2014, the FASB issued amended guidance for revenue recognition. This amendment provides a comprehensive new revenue recognition model. The core principle of the guidance is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. This amendment is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact, if any, the guidance will have upon adoption. | |
In June 2014, the FASB issued updated guidance on stock compensation accounting requiring that a performance target that affects vesting and could be achieved after the requisite service period should be treated as a performance condition. Current GAAP does not contain explicit guidance on how to account for such share-based payments. This amendment is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
3. Discontinued Operations | |
In November 2013, the Company completed the sale of its Doctor Solutions business, which provided online directories and other marketing services to healthcare professionals. The sales price was $1,000. The sale represented a disposal of a component of an entity whose operations and cash flows were eliminated from the Company’s ongoing business after the sale. As such, the operating results have been reported as discontinued operations in the consolidated statements of operations for the three and six months ended June 30, 2013. As the sale was completed during 2013, there were no results from discontinued operations to report for the three and six months ended June 30, 2014. Revenues from discontinued operations were $2,073 and $4,275, and losses from discontinued operations were $1,596 and $3,341, for the three and six months ended June 30, 2013, respectively. No benefit for income taxes was provided as the Company recorded a full valuation allowance against the net operating losses (“NOLs”) generated by the discontinued operations. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
4. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||
The carrying value of the Company’s goodwill was $82,153 as of June 30, 2014. Goodwill is tested for impairment on an annual basis as of October 1, and whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. Application of the impairment test requires judgment and results in impairment being recognized if the carrying value of the asset exceeds its fair value. No indicators of impairment were noted during or since the Company’s last evaluation of goodwill at October 1, 2013. Similarly, the Company’s definite-lived intangible assets with a net carrying value of $8,644 at June 30, 2014, consisting principally of trade names, customer relationships and agreements with certain of the Company’s website partners, is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There were no indicators of impairment of the Company’s definite-lived intangible assets during the six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Definite-lived intangible assets consist of the following: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted- | Gross | Accumulated | Net | Weighted- | ||||||||||||||||||||||||||
carrying | amortization | carrying | average | carrying | amortization | carrying | average | ||||||||||||||||||||||||||
amount | amount | remaining | amount | amount | remaining | ||||||||||||||||||||||||||||
useful | useful | ||||||||||||||||||||||||||||||||
life(1) | life(1) | ||||||||||||||||||||||||||||||||
Customer relationships | $ | 11,910 | $ | (10,768 | ) | $ | 1,142 | 2.6 | $ | 11,910 | $ | (10,481 | ) | $ | 1,429 | 2.9 | |||||||||||||||||
Other intangibles | 3,900 | (3,204 | ) | 696 | 1.3 | 3,900 | (2,925 | ) | 975 | 1.7 | |||||||||||||||||||||||
Trade names | 10,505 | (3,699 | ) | 6,806 | 6.5 | 10,505 | (3,174 | ) | 7,331 | 7 | |||||||||||||||||||||||
Total | $ | 26,315 | (17,671 | ) | 8,644 | $ | 26,315 | $ | (16,580 | ) | $ | 9,735 | |||||||||||||||||||||
-1 | The calculation of the weighted-average remaining useful life is based on weighting the net book value of each asset in its group, and applying the weight to its respective remaining amortization period. | ||||||||||||||||||||||||||||||||
Amortization expense relating to the definite-lived intangible assets totaled $546 and $1,015 for the three months ended June 30, 2014 and 2013, respectively, and $1,091 and $2,030 for the six months ended June 30, 2014 and 2013, respectively, and is included in general and administrative expense in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||||||
Future amortization expense of the intangible assets is estimated to be as follows: | |||||||||||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||||||||||
2014 (July 1st to December 31st) | $ | 1,090 | |||||||||||||||||||||||||||||||
2015 | 1,938 | ||||||||||||||||||||||||||||||||
2016 | 1,248 | ||||||||||||||||||||||||||||||||
2017 | 1,239 | ||||||||||||||||||||||||||||||||
2018 | 1,051 | ||||||||||||||||||||||||||||||||
Thereafter | 2,078 | ||||||||||||||||||||||||||||||||
Total | $ | 8,644 | |||||||||||||||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
5. Long-Term Debt | |
In March 2014, the Company completed a refinancing of its credit facilities. Under the terms of the new credit facility agreement with a syndicated bank group, the Company maintains a revolver (“Revolver”) with a maximum borrowing limit of $35,000 and a term loan (“Term Loan”) of $40,000. The repayment terms of the Revolver provide for quarterly interest payments, with the principal being due in full in March 2019. The repayment terms of the Term Loan provide for quarterly interest and principal payments, with a maturity date of March 2019. The interest rate on the new credit facility (hereinafter the “Credit Facility”) is equal to the London Inter-Bank Offered Rate, or LIBOR, plus a variable rate ranging from 2.75% to 4.0% depending on the Company’s consolidated leverage ratio, as defined in the Credit Facility agreement. As of June 30, 2014, the interest rate on the Credit Facility was 4.23%. The Company drew the full $40,000 Term Loan and $32,300 on the Revolver at closing. On April 7, 2014, the Company paid down the entire outstanding balance on its Revolver. As of June 30, 2014, there was $40,000 outstanding on the Term loan and no balance outstanding on the Revolver, with the full $35,000 line under the Revolver available to be drawn. | |
In connection with the March 2014 refinancing, the Company incurred financing costs on the Credit Facility of $1,211, which have been deferred and are being amortized using the effective interest rate method through the final maturity of the Credit Facility, and incurred prepayment fees of $1,016 on the former credit facilities, which was charged to expense. Deferred financing costs are recorded in other assets in the accompanying consolidated balance sheets. The write-off of unamortized deferred financing costs and prepayment fees of $2,845 and $1,016, respectively, related to the former credit facilities is reflected in other expense in the accompanying consolidated statement of operations for the six months ended June 30, 2014. | |
The Credit Facility contains certain financial and operational covenants, including requirements to maintain a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio, each as defined in the Credit Facility agreement, as well as restrictions on certain types of dispositions, mergers and acquisitions, indebtedness, investments, liens and capital expenditures, issuance of capital stock and the Company’s ability to pay dividends. The Credit Facility is secured by a first priority security interest in substantially all of the Company’s existing and future assets. The Company was in compliance with the financial and operational covenants of the Credit Facility as of June 30, 2014. | |
In connection with the refinancing discussed above, the Company repaid all outstanding borrowings under its former credit facilities, and such credit facilities were terminated. | |
Under the former senior credit facility, as amended, with a bank, the Company maintained (i) an accounts receivable-backed revolver, with a maximum borrowing limit equal to the lesser of $30,000 and 80% of eligible accounts receivable, and (ii) an $8,500 term loan. As of December 31, 2013, outstanding borrowings under the former revolver and former term loan amounted to $30,000 and $1,333, respectively, and as of such date, the interest rates on the former revolver and former term loan were 5.25% and 6.50%, respectively. The principal under the former revolver was due in full in September 2015. The maturity date of the former term loan was December 2014. | |
Under the Company’s former subordinated credit facility, as amended, the Company maintained a $40,000 term loan. As of December 31, 2013, outstanding borrowings under the former subordinated credit facility amounted to $40,000 and the interest rate on such facility was 14.0%. The maturity date of the former subordinated credit facility was October 2015 with respect to $35,000 and November 2016 with respect to $5,000. | |
The former senior credit facility and former subordinated credit facility contained certain financial and operational covenants, including restrictions on certain types of dispositions, mergers and acquisitions, indebtedness, investments, liens and capital expenditures, issuance of capital stock and the ability of the Company to pay dividends and make other distributions. The Company was in compliance with the financial and operational covenants of the former credit facility and former subordinated credit facility as of December 31, 2013. | |
In connection with the former senior credit facility and former subordinated credit facility, as well as other former credit facilities that were in place previously, the Company issued to the lenders warrants to purchase a total of: (i) 592,501 shares of common stock at $0.015 per share, (ii) 112,959 shares of Series F redeemable convertible preferred stock at $7.61 per share, and (iii) 110,018 shares of Series C redeemable convertible preferred stock at $3.27 per share. Each of the above warrants were immediately exercisable and, accordingly, the Company calculated the fair value of the warrants using the Black-Scholes option pricing model and recorded deferred financing costs related to the issuances of the warrants in the respective periods. | |
In April 2014, in connection with the closing of the Company’s IPO, the above warrants to purchase 222,977 shares of preferred stock were converted into warrants to purchase an aggregate of 148,650 shares of common stock. This conversion resulted in the warrant liability of $1,140 being reclassified to additional paid-in capital. |
Common_Stock_and_Redeemable_Co
Common Stock and Redeemable Convertible Preferred Stock | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' | ||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||||||
6. Common Stock and Redeemable Convertible Preferred Stock | |||||||||||||||||
On March 12, 2014, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation effecting a 1-for-1.5 reverse stock split of the Company’s issued and outstanding shares of common stock. The par value of the common stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock and per share amounts contained in the Company’s consolidated financial statements and related notes thereto have been retroactively adjusted to reflect this reverse stock split for all periods presented. The reverse stock split was effected on March 14, 2014. | |||||||||||||||||
On April 2, 2014, in connection with the closing of the Company’s IPO, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware that amended and restated in its entirety the Company’s certificate of incorporation to, among other things, increase the total number of shares of the Company’s common stock that the Company is authorized to issue to 90,000,000, eliminate all references to the various series of preferred stock that were previously authorized (including certain protective measures held by the various series of preferred stock), and to authorize up to 10,000,000 shares of undesignated preferred stock that may be issued from time to time with terms to be set by the Company’s Board of Directors, which rights could be senior to those of the Company’s common stock. | |||||||||||||||||
In connection with the IPO, all of the Company’s redeemable convertible preferred stock converted into common shares, which is discussed below in further detail. There was no redeemable convertible preferred stock outstanding at June 30, 2014. | |||||||||||||||||
The number of shares of the Company’s redeemable convertible preferred stock was not adjusted in connection with the 1-for-1.5 reverse stock split of common stock referred to above. The Company’s redeemable convertible preferred stock consisted of the following at December 31, 2013: | |||||||||||||||||
Shares | Stated value, | ||||||||||||||||
Authorized | Issued and | net of | Liquidation | ||||||||||||||
outstanding | expenses | preference | |||||||||||||||
Redeemable convertible preferred stock: | |||||||||||||||||
Series A | 3,450,000 | 3,450,000 | $ | 1,053 | $ | 1,725 | |||||||||||
Series B | 2,547,252 | 2,547,252 | 4,413 | 4,500 | |||||||||||||
Series C | 1,943,651 | 1,833,633 | 5,882 | 6,000 | |||||||||||||
Series D | 3,934,855 | 3,934,855 | 25,354 | 27,027 | |||||||||||||
Series E | 8,930,966 | 8,930,966 | 71,250 | 15,789 | |||||||||||||
Series F | 3,064,087 | 2,951,128 | 22,468 | 22,468 | |||||||||||||
Series G | 3,333,333 | 3,172,436 | 28,346 | 37,118 | |||||||||||||
Total | 27,204,144 | 26,820,270 | $ | 158,766 | $ | 114,627 | |||||||||||
Conversion of the Redeemable Convertible Preferred Stock | |||||||||||||||||
Each share of redeemable convertible preferred stock was convertible at the option of the holder, at any time, into such number of fully paid shares of the Company’s common stock equal to the applicable original issue price for such share of redeemable convertible preferred stock divided by the applicable conversion price for such share of redeemable convertible preferred stock then in effect. As of December 31, 2013, the original issue prices and the conversion prices for each series of redeemable convertible preferred stock were as follows: $0.50 for Series A, $1.77 for Series B, $3.27 for Series C, $6.87 for Series D, $7.98 for Series E, $7.61 for Series F and $9.00 for Series G. The conversion prices for each series of redeemable convertible preferred stock were subject to adjustment upon the occurrence of certain specified events, including stock dividends, stock splits, combinations or other similar recapitalizations, and issuance of capital stock at a price below the conversion price in effect for such series of redeemable convertible preferred stock. The conversion price for the Series G convertible preferred stock was also subject to further adjustment in the event of an IPO with a public offering price of less than $11.88 per share. | |||||||||||||||||
In connection with the March 14, 2014 1-for-1.5 reverse stock split, the conversion prices for each series of redeemable convertible preferred stock were subject to a 1-for-1.5 adjustment. As a result, upon the closing of the IPO, the 23,647,834 outstanding shares of Series A, Series B, Series C, Series D, Series E and Series F redeemable convertible preferred stock converted into a total of 15,765,223 shares of common stock. Based on this 1-for-1.5 adjustment, the conversion price for the IPO adjustment specific to the Series G shares increased from $11.88 per share to $17.82 per share. Based on the public offering price of $14.00 per share, the 3,172,436 outstanding shares of Series G convertible preferred stock converted into a total of 2,692,012 shares of common stock, including an additional 577,055 shares of common stock issued as a result of the specific Series G IPO adjustment feature or “ratchet provision.” The ratchet provision, which is treated as a deemed stock dividend for accounting purposes, was calculated as the difference between the number of shares of common stock each holder of Series G would receive upon the automatic conversion of the Series G shares and the number of shares contingently issuable just prior to the automatic conversion based on the initial conversion price multiplied by the IPO price of $14.00 per share, which represents the fair value of the common stock on the date of conversion. In April 2014, the Company recorded a one-time $8,079 non-cash preferred stock deemed dividend related to the issuance of additional common shares resulting from the ratchet provision. Such non-cash preferred stock deemed dividend results in an increase to net loss to arrive at net loss attributable to common stockholders and, consequently, results in an adjustment to the Company’s computation of net loss per share attributable to common stockholders. | |||||||||||||||||
Issuance of Common Stock Warrant | |||||||||||||||||
In March 2014, the Company issued to one of its website partners a warrant to purchase 100,000 shares of common stock at $0.015 per share, in connection with the website partner agreeing to extend the advertising representation agreement by two years. The warrant was immediately exercisable and, accordingly, the Company calculated the fair value of the warrant using the Black-Scholes option pricing model and recorded $1,131 of deferred costs related to the issuance during the six months ended June 30, 2014, which will be amortized to the Company’s operating results over the remaining life of the agreement. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
7. Stock-Based Compensation | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company has historically granted non-statutory stock options to employees, directors and consultants of the Company pursuant to its 2003 Stock Option Plan, as amended (the “2003 Plan”). The Board of Directors and the Company’s stockholders subsequently approved the 2014 Equity Incentive Plan (the “2014 Plan”), which became effective immediately upon the signing of the underwriting agreement related to the IPO on March 27, 2014. Upon the effectiveness of the 2014 Plan, no additional options have been or will be granted under the 2003 Plan. | |||||||||||||||||
The aggregate number of shares of the Company’s common stock that may be issued pursuant to the 2014 Plan is the sum of (1) 200,000 shares, (2) the 388,781 shares reserved for issuance under the 2003 Plan at the time the 2014 Plan became effective, and (3) any shares subject to outstanding stock options that would otherwise have returned to the 2003 Plan (such as upon the expiration or termination of stock options prior to vesting). In addition, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year from January 1, 2015 through January 1, 2024 by the lesser of (a) 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year and (b) a number of shares determined by the Board of Directors. As of June 30, 2014, 623,257 shares have been reserved for issuance under the 2014 Plan and no shares have been granted under the 2014 Plan. | |||||||||||||||||
The following table summarizes stock option activity for the six months ended June 30, 2014: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
options | average | average | intrinsic | ||||||||||||||
exercise | remaining | value | |||||||||||||||
price | contractual | ||||||||||||||||
life (years) | |||||||||||||||||
Outstanding at December 31, 2013 | 5,457,791 | $ | 7.61 | 6.54 | 20,396 | ||||||||||||
Granted | 1,472,101 | 14.53 | |||||||||||||||
Exercised | (344,011 | ) | 4.26 | ||||||||||||||
Cancelled | (172,189 | ) | 8.47 | ||||||||||||||
Outstanding at June 30, 2014 | 6,413,692 | $ | 9.31 | 7.01 | $ | 58,802 | |||||||||||
Exercisable at June 30, 2014 | 3,940,706 | $ | 7.58 | 5.64 | $ | 42,941 | |||||||||||
Proceeds from the exercise of options and the total intrinsic value of the options exercised were $983 and $2,312, respectively, for the three months ended June 30, 2014, and $28 and $138, respectively, for the three months ended June 30, 2013. Proceeds from the exercise of options and the total intrinsic value of the options exercised were $2,151 and $3,225, respectively, for the six months ended June 30, 2014, and $31 and $150, respectively, for the six months ended June 30, 2013. | |||||||||||||||||
The weighted-average fair value per share at date of grant for options granted was $7.68 and $4.58 during the six months ended June 30, 2014 and 2013, respectively. The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model and recognized in expense over the vesting period of the options using the graded attribution method. | |||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of options granted in the six months ended June 30, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 49.74 | % | 50.62 | % | |||||||||||||
Expected life (years) | 6.25 | 6.25 | |||||||||||||||
Risk-free interest rate | 1.91 | % | 1.41 | % | |||||||||||||
Dividend yield | — | — | |||||||||||||||
The expected stock price volatilities are estimated based on historical realized volatilities of comparable publicly traded company stock prices over a period of time commensurate with the expected term of the option award. The expected life represents the period of time for which the options granted are expected to be outstanding. The Company used the simplified method for determining expected life for options qualifying for treatment due to the limited history the Company currently has with option exercise activity. The risk-free interest rate is based on the U.S. Treasury yield curve for periods equal to the expected term of the options on the grant date. | |||||||||||||||||
Total stock-based compensation expense related to stock options was $2,543 and $534 (including $17 relating to discontinued operations) for the three months ended June 30, 2014 and 2013, respectively, and $3,612 and $1,016 (including $47 relating to discontinued operations) for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
At June 30, 2014, there was approximately $9,495 of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.83 years. The total fair value of stock options vested during the six months ended June 30, 2014 and 2013 was $1,974 and $1,913, respectively. | |||||||||||||||||
2014 Employee Stock Purchase Plan | |||||||||||||||||
The Company’s directors adopted, and the stockholders subsequently approved, the 2014 Employee Stock Purchase Plan (“ESPP”). The ESPP, which became effective immediately upon the signing of the underwriting agreement related to the IPO on March 27, 2014, authorizes the issuance of 500,000 shares of the Company’s common stock pursuant to purchase rights granted to employees. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1 of each calendar year from January 1, 2015 through January 1, 2024 by the least of (a) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (b) 400,000 shares and (c) a number determined by the Board of Directors that is less than (a) and (b). Unless otherwise determined by the Board of Directors, common stock will be purchased for participating employees at a price per share equal to the lower of (a) 85% of the fair market value of a share of the common stock on the first date of an offering, or (b) 85% of the fair market value of a share of the common stock on the date of purchase. For the initial offering period, the fair market value on the first day of the offering period was the $14.00 IPO price. Generally, all regular employees may participate in the ESPP and may contribute, through payroll deductions, up to 15% of their earnings toward the purchase of common stock under the ESPP. Under the terms of the ESPP, there are defined limitations as to the amount and value of common stock that can be purchased by each employee. Charges incurred under the ESPP totaled $407 for the three and six months ended June 30, 2014. |
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
8. Net Loss Per Share | |
Basic net loss per share is computed by dividing net loss by the weighted-average number of outstanding shares of common stock during the period. Diluted net loss per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares include incremental shares issuable upon the assumed exercise of stock options and warrants using the treasury stock method. For the three and six months ended June 30, 2014 and 2013, the Company had outstanding options, warrants and preferred stock as disclosed in Notes 5, 6 and 7, which were convertible into or exercisable for common shares that were not included in the calculation of diluted loss per common share because the effect would have been anti-dilutive. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
9. Income Taxes | |
The Company’s interim and annual tax provision is primarily comprised of a deferred tax provision pertaining to basis differences in indefinite lived intangible assets that cannot be offset by current year deferred tax assets, as well as, to a much lesser extent, a current tax provision for state, local and foreign taxes. Based on seasonality, the Company has historically experienced pretax losses in certain quarters and pretax income in others. Due to the combination of these items, the Company believes that using an annual effective tax rate would result in significant variances in the customary relationship between income tax expense and pretax income or loss in interim periods. As a result, the tax provision in interim periods is based upon the estimated deferred and current tax provision for the year rather than the estimated annual effective tax rate. | |
At December 31, 2013, the Company had approximately $108,000 of NOL carryforwards available to offset future taxable income, which expire from 2020 through 2033. The full utilization of these losses in the future is dependent upon the Company’s ability to generate taxable income and may also be limited due to ownership changes, as defined under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. The Company’s NOL carryforwards at December 31, 2013 include $3,317 in income tax deductions related to stock options. The benefit of these losses will be reflected as a credit to additional paid-in capital as realized. | |
The Company has provided a valuation allowance against deferred tax assets to the extent the Company has determined that it is more likely than not that such net deferred tax assets will not be realizable. In determining realizability, the Company considered various factors including historical profitability and reversing temporary differences. The Company’s net deferred tax liabilities arose due primarily to basis differences in indefinite-lived intangible assets that cannot be offset by current year deferred tax assets. | |
The Company is subject to taxation in the U.S. and various state, local and foreign jurisdictions. In March 2014, an audit of the Company’s U.S. Federal tax return for the year ended December 31, 2011 commenced. As of June 30, 2014, none of the Company’s other tax returns have been examined by any income taxing authority. The Company is not subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years prior to 2010. However, to the extent U.S. federal and state NOL carryforwards are utilized, the use of NOLs could be subject to examination by the tax authorities. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on assessment of many factors, including past experience and interpretations of tax law. The Company regularly assesses the adequacy of its income tax contingencies in accordance with ASC 740. As a result, the Company may adjust its income tax contingency liabilities for the impact of new facts and developments, such as changes in interpretations of relevant tax law and assessments from taxing authorities. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
10. Commitments and Contingencies | |
The Company is subject to certain claims that have arisen in the ordinary conduct of business. Based on the advice of counsel and an assessment of the nature and status of any potential claim, and taking into account any accruals the Company may have established for them, the Company currently believes that any liabilities ultimately resulting from such claims will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. The results of operations for companies acquired are included in the consolidated financial statements from the effective date of the acquisition. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Statement [Policy Text Block] | ' |
Interim Financial Statements | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods ended June 30, 2014 and 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future periods, due to seasonality and other business factors. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s prospectus dated March 27, 2014, filed with the SEC on March 28, 2014 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, current business factors and other available information. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition and deferred revenue, allowance for doubtful accounts, internal software development costs and website development costs, valuation of long-lived assets, goodwill and other intangible assets, income taxes and stock-based compensation. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain reclassifications have been made to the prior period financial statements to conform to the June 30, 2014 presentation. | |
Sale of Stock, Description of Transaction | 'Initial Public OfferingOn April 2, 2014, the Company closed its initial public offering of common stock ("IPO"). The IPO, including the additional shares issued and sold on April 30, 2014 pursuant to the underwriters' exercise of their over-allotment option, resulted in net proceeds of $70,622, after deducting underwriting discounts and commissions and offering costs borne by the Company totaling $8,848. As a result of the IPO, the Company's common stock, redeemable convertible preferred stock, additional paid-in capital, and stock options and warrants to purchase stock changed as follows (collectively, the "IPO-Related Transactions"): (i) the Company issued and sold 5,676,414 shares of common stock at a public offering price of $14.00 per share, (ii) all of the Company's redeemable convertible preferred stock outstanding automatically converted into an aggregate of 18,457,235 shares of common stock, including 577,055 additional shares of common stock related to the Series G redeemable convertible preferred stock ratchet provision (refer to Note 6), (iii) certain selling stockholders exercised stock options and warrants for an aggregate of 339,053 shares of common stock, (iv) 149,839 shares of common stock were issued upon the automatic net exercise of a warrant, and (v) outstanding warrants to purchase 222,977 shares of redeemable convertible preferred stock automatically converted into warrants to purchase an aggregate of 148,650 shares of common stock, which resulted in the reclassification of the preferred stock warrant liability of $1,140 to additional paid-in capital. |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition and Deferred Revenue | |
The Company generates its revenue primarily through advertising and sponsorships, and premium services, including subscriptions and licensing fees. | |
Advertising revenue is recognized in the period in which the advertisement is delivered. Revenue from sponsorships is recognized over the period the Company substantially satisfies its contractual obligations as required under the respective sponsorship agreements. When contractual arrangements contain multiple elements, revenue is allocated to each element based on its relative fair value determined using prices charged when elements are sold separately. In instances where individual deliverables are not sold separately, or when third-party evidence is not available, fair value is determined based on management’s best estimate of selling price. | |
Subscriptions are generally paid in advance on a monthly, quarterly or annual basis. Subscription revenue, after deducting refunds and charge-backs, is recognized on a straight-line basis ratably over the subscription periods. Licensing revenue is generally recognized over the life of the contract. | |
Deferred revenue relates to: (i) subscription fees for which amounts have been collected but for which revenue has not been recognized, and (ii) advertising and sponsorship fees and licensing fees billed in advance of when the revenue is to be earned. | |
Cost of Sales, Policy [Policy Text Block] | ' |
Cost of Revenues | |
Cost of revenues consists principally of the expenses associated with aggregating the total audience across the Company’s portfolio of websites, including (i) royalty expenses for licensing content for certain websites within the portfolio and for the portion of advertising revenue the Company pays to the owners of certain other websites within the portfolio, and (ii) media costs associated with audience aggregation activities. Cost of revenues also includes credit card fees and service charges associated with subscription fees for the Company’s premium services. | |
Media costs consist primarily of fees paid to online publishers, internet search companies and other media channels for search engine and database marketing, and display and television advertising. These media activities are attributable to revenue-generating and audience aggregation events, designed to increase the audience to the websites the Company operates, increase the number of subscribers to premium services and grow the Company’s registered user base. | |
Other Income and Other Expense Disclosure [Text Block] | ' |
Other Expense | |
In connection with the refinancing of its credit facilities in March 2014, the Company wrote-off unamortized deferred financing costs totaling $2,845 and incurred prepayment fees of $1,016, which, together with the mark-to-market adjustment on certain preferred stock warrants of $253, is reflected as other expense in the accompanying consolidated statements of operations for the six months ended June 30, 2014. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income | |
The Company has no items of other comprehensive income, and accordingly net loss is equal to comprehensive loss for all periods presented. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
Due to their short-term maturities, the carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate fair value. Cash equivalents principally consist of the Company’s investment in highly liquid money market funds. The fair value of these investment funds is based on quoted market prices, which are Level 1 inputs, pursuant to the fair value accounting standard, which establishes a framework for measuring fair value and requires disclosures about fair value measurements by establishing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of the Company’s debt approximates the recorded amounts as the interest rates on the credit facilities are based on market interest rates. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment | |
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, ranging from three to five years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the lease term or the estimated useful life of the improvement. | |
The Company incurs costs to develop software for internal use. The Company expenses all costs that relate to the planning and post-implementation phases of development as product development expense. Costs incurred in the application development phase, consisting principally of payroll and related benefits, are capitalized. Upon completion, the capitalized costs are amortized using the straight-line method over their estimated useful lives, which is generally three years. | |
The Company also incurs costs to develop its websites and mobile applications. The Company expenses all costs that relate to the planning and post-implementation phases of development as product development expense. Costs incurred in the application development phase, consisting principally of third-party consultants and related charges, and the costs of content determined to provide a future economic benefit, are capitalized. Upon completion, the capitalized costs are amortized using the straight-line method over their estimated useful lives, which is generally three years. | |
The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There were no indicators of impairment of the Company’s property and equipment during the six months ended June 30, 2014 and 2013. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Information | |
The Company and its subsidiaries are organized in a single operating segment, providing online health solutions, and the Company also has one reportable segment. Substantially all of the Company’s revenues are derived from U.S. sources. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Standards | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance for reporting discontinued operations. Under the new guidance, only disposals that represent a strategic shift having a material impact on an entity’s operations and financial results shall be reported as discontinued operations, with expanded disclosures. This will be effective for the first annual reporting period beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption. | |
In May 2014, the FASB issued amended guidance for revenue recognition. This amendment provides a comprehensive new revenue recognition model. The core principle of the guidance is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. This amendment is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact, if any, the guidance will have upon adoption. | |
In June 2014, the FASB issued updated guidance on stock compensation accounting requiring that a performance target that affects vesting and could be achieved after the requisite service period should be treated as a performance condition. Current GAAP does not contain explicit guidance on how to account for such share-based payments. This amendment is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | 'Definite-lived intangible assets consist of the following: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted- | Gross | Accumulated | Net | Weighted- | ||||||||||||||||||||||||||
carrying | amortization | carrying | average | carrying | amortization | carrying | average | ||||||||||||||||||||||||||
amount | amount | remaining | amount | amount | remaining | ||||||||||||||||||||||||||||
useful | useful | ||||||||||||||||||||||||||||||||
life(1) | life(1) | ||||||||||||||||||||||||||||||||
Customer relationships | $ | 11,910 | $ | (10,768 | ) | $ | 1,142 | 2.6 | $ | 11,910 | $ | (10,481 | ) | $ | 1,429 | 2.9 | |||||||||||||||||
Other intangibles | 3,900 | (3,204 | ) | 696 | 1.3 | 3,900 | (2,925 | ) | 975 | 1.7 | |||||||||||||||||||||||
Trade names | 10,505 | (3,699 | ) | 6,806 | 6.5 | 10,505 | (3,174 | ) | 7,331 | 7 | |||||||||||||||||||||||
Total | $ | 26,315 | (17,671 | ) | 8,644 | $ | 26,315 | $ | (16,580 | ) | $ | 9,735 | |||||||||||||||||||||
-1 | The calculation of the weighted-average remaining useful life is based on weighting the net book value of each asset in its group, and applying the weight to its respective remaining amortization period. | ||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 'Future amortization expense of the intangible assets is estimated to be as follows: | ||||||||||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||||||||||
2014 (July 1st to December 31st) | $ | 1,090 | |||||||||||||||||||||||||||||||
2015 | 1,938 | ||||||||||||||||||||||||||||||||
2016 | 1,248 | ||||||||||||||||||||||||||||||||
2017 | 1,239 | ||||||||||||||||||||||||||||||||
2018 | 1,051 | ||||||||||||||||||||||||||||||||
Thereafter | 2,078 | ||||||||||||||||||||||||||||||||
Total | $ | 8,644 |
Common_Stock_and_Redeemable_Co1
Common Stock and Redeemable Convertible Preferred Stock (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' | ||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | 'The number of shares of the Company’s redeemable convertible preferred stock was not adjusted in connection with the 1-for-1.5 reverse stock split of common stock referred to above. The Company’s redeemable convertible preferred stock consisted of the following at December 31, 2013: | ||||||||||||||||
Shares | Stated value, | ||||||||||||||||
Authorized | Issued and | net of | Liquidation | ||||||||||||||
outstanding | expenses | preference | |||||||||||||||
Redeemable convertible preferred stock: | |||||||||||||||||
Series A | 3,450,000 | 3,450,000 | $ | 1,053 | $ | 1,725 | |||||||||||
Series B | 2,547,252 | 2,547,252 | 4,413 | 4,500 | |||||||||||||
Series C | 1,943,651 | 1,833,633 | 5,882 | 6,000 | |||||||||||||
Series D | 3,934,855 | 3,934,855 | 25,354 | 27,027 | |||||||||||||
Series E | 8,930,966 | 8,930,966 | 71,250 | 15,789 | |||||||||||||
Series F | 3,064,087 | 2,951,128 | 22,468 | 22,468 | |||||||||||||
Series G | 3,333,333 | 3,172,436 | 28,346 | 37,118 | |||||||||||||
Total | 27,204,144 | 26,820,270 | $ | 158,766 | $ | 114,627 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'The following table summarizes stock option activity for the six months ended June 30, 2014: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
options | average | average | intrinsic | ||||||||||||||
exercise | remaining | value | |||||||||||||||
price | contractual | ||||||||||||||||
life (years) | |||||||||||||||||
Outstanding at December 31, 2013 | 5,457,791 | $ | 7.61 | 6.54 | 20,396 | ||||||||||||
Granted | 1,472,101 | 14.53 | |||||||||||||||
Exercised | (344,011 | ) | 4.26 | ||||||||||||||
Cancelled | (172,189 | ) | 8.47 | ||||||||||||||
Outstanding at June 30, 2014 | 6,413,692 | $ | 9.31 | 7.01 | $ | 58,802 | |||||||||||
Exercisable at June 30, 2014 | 3,940,706 | $ | 7.58 | 5.64 | $ | 42,941 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 'The following table presents the weighted-average assumptions used to estimate the fair value of options granted in the six months ended June 30, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 49.74 | % | 50.62 | % | |||||||||||||
Expected life (years) | 6.25 | 6.25 | |||||||||||||||
Risk-free interest rate | 1.91 | % | 1.41 | % | |||||||||||||
Dividend yield | — | — | |||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Details) (USD $) | 4 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Jun. 30, 2014 |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Proceeds from Issuance Initial Public Offering (in Dollars) | $70,622 | ' |
Payments for Underwriting Expense (in Dollars) | 8,848 | ' |
Stock Issued During Period, Shares, New Issues | 5,676,414 | ' |
Common Stock, No Par Value (in Dollars per share) | $14 | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | 18,457,235 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 339,053 | 344,011 |
Temporary Equity, Shares Issued | 149,839 | ' |
Class of Warrant or Right, Outstanding | 222,977 | 100,000 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 148,650 | ' |
Adjustments to additional paid-in capital warrant liability reclassified (in Dollars) | 1,140 | 1,140 |
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts (in Dollars) | ' | 2,845 |
Banking Fees and Commissions (in Dollars) | ' | 1,016 |
Capital Units, Adjustment for Market Changes (in Dollars) | ' | $253 |
Number of Reportable Segments | ' | 1 |
Series G Preferred Stock [Member] | ' | ' |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | 577,055 | ' |
Minimum [Member] | ' | ' |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | 'three |
Maximum [Member] | ' | ' |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | 'five |
Software and Software Development Costs [Member] | ' | ' |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | 'three |
Website And Mobile Applications [Member] | ' | ' |
Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | 'three |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Revenues [Member] | Revenues [Member] | Losses [Member] | Losses [Member] | ||||
Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sales of Business, Affiliate and Productive Assets | $1,000 | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | 0 | 0 | 2,073 | 4,275 | 1,596 | 3,341 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | ' | ' | $0 | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Goodwill | $82,153,000 | ' | $82,153,000 | ' | $82,153,000 |
Finite-Lived Intangible Assets, Net | 8,644,000 | ' | 8,644,000 | ' | 9,735,000 |
Amortization of Intangible Assets | $546,000 | $1,015,000 | $1,091 | $2,030 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details) - Schedule of definite-lived intangible assets (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Goodwill and Other Intangible Assets (Details) - Schedule of definite-lived intangible assets [Line Items] | ' | ' | ||
Gross carrying amount | $26,315 | $26,315 | ||
Accumulated amortization | -17,671 | -16,580 | ||
Net carrying amount | 8,644 | 9,735 | ||
Customer Relationships [Member] | ' | ' | ||
Goodwill and Other Intangible Assets (Details) - Schedule of definite-lived intangible assets [Line Items] | ' | ' | ||
Gross carrying amount | 11,910 | 11,910 | ||
Accumulated amortization | -10,768 | -10,481 | ||
Net carrying amount | 1,142 | 1,429 | ||
Weighted- average remaining useful life | '2 years 219 days | [1] | '2 years 328 days | [1] |
Other Intangible Assets [Member] | ' | ' | ||
Goodwill and Other Intangible Assets (Details) - Schedule of definite-lived intangible assets [Line Items] | ' | ' | ||
Gross carrying amount | 3,900 | 3,900 | ||
Accumulated amortization | -3,204 | -2,925 | ||
Net carrying amount | 696 | 975 | ||
Weighted- average remaining useful life | '1 year 109 days | [1] | '1 year 255 days | [1] |
Trade Names [Member] | ' | ' | ||
Goodwill and Other Intangible Assets (Details) - Schedule of definite-lived intangible assets [Line Items] | ' | ' | ||
Gross carrying amount | 10,505 | 10,505 | ||
Accumulated amortization | -3,699 | -3,174 | ||
Net carrying amount | $6,806 | $7,331 | ||
Weighted- average remaining useful life | '6 years 6 months | [1] | '7 years | [1] |
[1] | The calculation of the weighted-average remaining useful life is based on weighting the net book value of each asset in its group, and applying the weight to its respective remaining amortization period. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of future amortization expense of intangible assets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of future amortization expense of intangible assets [Abstract] | ' | ' |
2014 (July 1st to December 31st) | $1,090 | ' |
2015 | 1,938 | ' |
2016 | 1,248 | ' |
2017 | 1,239 | ' |
2018 | 1,051 | ' |
Thereafter | 2,078 | ' |
Total | $8,644 | $9,735 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 4 Months Ended | 6 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | 'The interest rate on the new credit facility (hereinafter the "Credit Facility") is equal to the London Inter-Bank Offered Rate, or LIBOR, plus a variable rate ranging from 2.75% to 4.0% depending on the Company's consolidated leverage ratio | ' |
Line of Credit Facility, Interest Rate at Period End | ' | 4.23% | ' |
Payments of Financing Costs | ' | ($2,234,000) | ' |
Line of Credit Facility, Borrowing Capacity, Description | ' | 'Under the former senior credit facility, as amended, with a bank, the Company maintained (i) an accounts receivable-backed revolver, with a maximum borrowing limit equal to the lesser of $30,000 and 80% of eligible accounts receivable, and (ii) an $8,500 term loan. | ' |
Debtor-in-Possession Financing, Borrowings Outstanding | ' | ' | 40,000,000 |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | ' | ' | 14.00% |
Investment Warrants, Exercise Price (in Dollars per share) | ' | $0.02 | ' |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 18,457,235 | ' | ' |
Adjustments to additional paid-in capital warrant liability reclassified | 1,140,000 | 1,140,000 | ' |
Series F Preferred Stock [Member] | Former credit facility [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Shares upon warrant exercises (in Shares) | ' | 112,959 | ' |
Investment Warrants, Exercise Price (in Dollars per share) | ' | $7.61 | ' |
Series C Preferred Stock [Member] | Former credit facility [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Shares upon warrant exercises (in Shares) | ' | 110,018 | ' |
Investment Warrants, Exercise Price (in Dollars per share) | ' | $3.27 | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 35,000,000 | ' |
Proceeds from Long-term Lines of Credit | ' | 32,300,000 | ' |
Long-term Line of Credit | ' | 0 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 35,000 | ' |
Payments of Financing Costs | ' | 1,211,000 | ' |
Debtor-in-Possession Financing, Borrowings Outstanding | ' | ' | 30,000,000 |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | ' | ' | 5.25% |
Term Loan Facility [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 40,000,000 | ' |
Proceeds from Long-term Lines of Credit | ' | 40,000,000 | ' |
Long-term Line of Credit | ' | 40,000 | ' |
Debtor-in-Possession Financing, Borrowings Outstanding | ' | ' | 1,333,000 |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | ' | ' | 6.50% |
Former credit facility [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Payments of Financing Costs | ' | 1,016,000 | ' |
Write off of Deferred Debt Issuance Cost | ' | 2,845,000 | ' |
Shares upon warrant exercises (in Shares) | ' | 592,501 | ' |
Investment Warrants, Exercise Price (in Dollars per share) | ' | $0.02 | ' |
Prepayment Fees [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | 1,016 | ' |
IPO [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | ' | 222,977 | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in Shares) | ' | 148,650 | ' |
Adjustments to additional paid-in capital warrant liability reclassified | ' | $1,140,000 | ' |
Minimum [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.75% | ' |
Maximum [Member] | ' | ' | ' |
Long-Term Debt (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 4.00% | ' |
Common_Stock_and_Redeemable_Co2
Common Stock and Redeemable Convertible Preferred Stock (Details) (USD $) | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Reverse Stock Split | 'On March 12, 2014, the Company's Board of Directors and stockholders approved an amendment to the Company's amended and restated certificate of incorporation effecting a 1-for-1.5 reverse stock split of the Company's issued and outstanding shares of common stock. The par value of the common stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock and per share amounts contained in the Company's consolidated financial statements and related notes thereto have been retroactively adjusted to reflect this reverse stock split for all periods presented. The reverse stock split was effected on March 14, 2014. | ' | ' | ' |
Common Stock, Shares Authorized (in Shares) | 90,000,000 | ' | ' | 45,000,000 |
Preferred Stock, Shares Authorized (in Shares) | 10,000,000 | ' | 27,204,144 | 27,204,144 |
Shares Issued, Price Per Share | $14 | ' | ' | ' |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 26,820,270 | ' |
Class of Warrant or Right, Outstanding (in Shares) | 100,000 | 222,977 | ' | ' |
Investment Warrants, Exercise Price | $0.02 | ' | ' | ' |
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs (in Dollars) | $1,131 | ' | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 3,450,000 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 0.5 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 3,450,000 | ' |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 2,547,252 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 1.77 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 2,547,252 | ' |
Series C Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 1,943,651 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 3.27 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 1,833,633 | ' |
Series D Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 3,934,855 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 6.87 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 3,934,855 | ' |
Series E Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 8,930,966 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 7.98 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 8,930,966 | ' |
Series F Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 3,064,087 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 7.61 |
Temporary Equity, Shares Outstanding (in Shares) | ' | ' | 2,951,128 | ' |
Series G Preferred Stock [Member] | Effect of 1-for-1.5 stock split [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Conversion Price IPO Adjustment Increase | $17.82 | ' | ' | ' |
Series G Preferred Stock [Member] | Ratchet Provision Deemed Dividend [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Dividends (in Dollars) | $8,079 | ' | ' | ' |
Series G Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | 3,333,333 | ' |
Shares Issued, Price Per Share | ' | ' | ' | 9 |
Conversion Price IPO Adjustment Threshold | $11.88 | ' | ' | ' |
Temporary Equity, Shares Outstanding (in Shares) | 3,172,436 | ' | 3,172,436 | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | 2,692,012 | ' | ' | ' |
Series A, B, C, D, E, F [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Temporary Equity, Shares Outstanding (in Shares) | 23,647,834 | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | 15,765,223 | ' | ' | ' |
Ratchet Provision [Member] | ' | ' | ' | ' |
Common Stock and Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in Shares) | 577,055 | ' | ' | ' |
Common_Stock_and_Redeemable_Co3
Common Stock and Redeemable Convertible Preferred Stock (Details) - Schedule of redeemable convertible preferred stock (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | 10,000,000 | 27,204,144 | 27,204,144 |
Redeemable convertible preferred stock | ' | 26,820,270 | ' |
Redeemable convertible preferred stock | ' | $158,766 | $158,766 |
Redeemable convertible preferred stock | ' | 114,627 | ' |
Series A Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 3,450,000 | ' |
Redeemable convertible preferred stock | ' | 3,450,000 | ' |
Redeemable convertible preferred stock | ' | 1,053 | ' |
Redeemable convertible preferred stock | ' | 1,725 | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 2,547,252 | ' |
Redeemable convertible preferred stock | ' | 2,547,252 | ' |
Redeemable convertible preferred stock | ' | 4,413 | ' |
Redeemable convertible preferred stock | ' | 4,500 | ' |
Series C Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 1,943,651 | ' |
Redeemable convertible preferred stock | ' | 1,833,633 | ' |
Redeemable convertible preferred stock | ' | 5,882 | ' |
Redeemable convertible preferred stock | ' | 6,000 | ' |
Series D Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 3,934,855 | ' |
Redeemable convertible preferred stock | ' | 3,934,855 | ' |
Redeemable convertible preferred stock | ' | 25,354 | ' |
Redeemable convertible preferred stock | ' | 27,027 | ' |
Series E Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 8,930,966 | ' |
Redeemable convertible preferred stock | ' | 8,930,966 | ' |
Redeemable convertible preferred stock | ' | 71,250 | ' |
Redeemable convertible preferred stock | ' | 15,789 | ' |
Series F Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 3,064,087 | ' |
Redeemable convertible preferred stock | ' | 2,951,128 | ' |
Redeemable convertible preferred stock | ' | 22,468 | ' |
Redeemable convertible preferred stock | ' | 22,468 | ' |
Series G Preferred Stock [Member] | ' | ' | ' |
Redeemable convertible preferred stock: | ' | ' | ' |
Redeemable convertible preferred stock | ' | 3,333,333 | ' |
Redeemable convertible preferred stock | 3,172,436 | 3,172,436 | ' |
Redeemable convertible preferred stock | ' | 28,346 | ' |
Redeemable convertible preferred stock | ' | $37,118 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 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 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 27, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
2014 Plan [Member] | Employee Stock [Member] | Employee Stock [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||||
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, aggregate shares issued, description | ' | ' | ' | ' | ' | 'The aggregate number of shares of the Company's common stock that may be issued pursuant to the 2014 Plan is the sum of (1) 200,000 shares, (2) the 388,781 shares reserved for issuance under the 2003 Plan at the time the 2014 Plan became effective, and (3) any shares subject to outstanding stock options that would otherwise have returned to the 2003 Plan (such as upon the expiration or termination of stock options prior to vesting). | ' | ' | ' | ' |
Common stock, number of shares reserved for issuance, description | ' | ' | ' | ' | ' | 'In addition, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year from January 1, 2015 through January 1, 2024 by the lesser of (a) 4% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year and (b) a number of shares determined by the Board of Directors. | 'The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1 of each calendar year from January 1, 2015 through January 1, 2024 by the least of (a) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (b) 400,000 shares and (c) a number determined by the Board of Directors that is less than (a) and (b). | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | 623,257 | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | $983 | $28 | $2,151 | $31 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,312 | 138 | 3,225 | 150 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $7.68 | $4.58 | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 2,543 | 534 | 3,612 | 1,016 | ' | ' | 407 | ' | ' | ' |
Other Adjustments to Income, Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 47 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 9,495 | ' | 9,495 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years 302 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | $1,974 | $1,913 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized (in Shares) | 90,000,000 | ' | 90,000,000 | ' | 45,000,000 | ' | ' | 500,000 | ' | ' |
Common stock, purchase for participating employee price, description | ' | ' | ' | ' | ' | ' | 'Unless otherwise determined by the Board of Directors, common stock will be purchased for participating employees at a price per share equal to the lower of (a) 85% of the fair market value of a share of the common stock on the first date of an offering, or (b) 85% of the fair market value of a share of the common stock on the date of purchase. | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | ' | $0.01 | ' | $0.01 | ' | $14 | ' | ' | ' |
Contribution Percentage | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details) - Schedule of stock option activity (USD $) | 4 Months Ended | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of stock option activity [Abstract] | ' | ' | ' |
Outstanding | ' | 6,413,692 | 5,457,791 |
Outstanding | ' | $9.31 | $7.61 |
Outstanding | ' | '7 years 3 days | '6 years 197 days |
Outstanding | ' | $58,802 | $20,396 |
Exercisable at June 30, 2014 | ' | 3,940,706 | ' |
Exercisable at June 30, 2014 | ' | $7.58 | ' |
Exercisable at June 30, 2014 | ' | '5 years 233 days | ' |
Exercisable at June 30, 2014 | ' | $42,941 | ' |
Granted | ' | 1,472,101 | ' |
Granted | ' | $14.53 | ' |
Exercised | -339,053 | -344,011 | ' |
Exercised | ' | $4.26 | ' |
Cancelled | ' | -172,189 | ' |
Cancelled | ' | $8.47 | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details) - Schedule of weighted-average assumptions (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of weighted-average assumptions [Abstract] | ' | ' |
Volatility | 49.74% | 50.62% |
Expected life (years) | '6 years 3 months | '6 years 3 months |
Risk-free interest rate | 1.91% | 1.41% |
Dividend yield (in Dollars per share) | $0 | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Operating Loss Carryforwards | $108,000 |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $3,317 |