Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MVNR | ' |
Entity Registrant Name | 'MAVENIR SYSTEMS INC | ' |
Entity Central Index Key | '0001361470 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,028,688 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $33,916 | $38,930 |
Accounts receivable, net of allowance of $458 and $587 at March 31, 2014, and December 31, 2013 respectively | 18,013 | 23,641 |
Unbilled revenue | 16,638 | 11,213 |
Inventories | 5,235 | 7,109 |
Prepaid expenses and other current assets | 3,455 | 3,614 |
Deferred contract costs | 6,309 | 9,313 |
Total current assets | 83,566 | 93,820 |
Non-current assets: | ' | ' |
Property and equipment, net | 4,825 | 5,054 |
Intangible assets, net | 5,041 | 5,202 |
Deposits and other assets | 1,376 | 1,657 |
Goodwill | 840 | 866 |
Total assets | 95,648 | 106,599 |
Current liabilities: | ' | ' |
Trade accounts payable | 3,972 | 7,152 |
Accrued liabilities | 13,335 | 11,939 |
Deferred revenue | 12,675 | 15,785 |
Income tax payable | 597 | 765 |
Total current liabilities | 30,579 | 35,641 |
Non-current liabilities: | ' | ' |
Other long-term liabilities | 339 | 3,504 |
Long-term debt | 24,921 | 23,423 |
Total liabilities | 55,839 | 62,568 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.001 par value. 300,000,000 shares authorized; 23,468,850 shares issued and outstanding at March 31, 2014, respectively; and 23,420,749 shares issued and outstanding at December 31, 2013, respectively. | 23 | 23 |
Additional paid-in capital | 155,836 | 155,198 |
Accumulated deficit | -116,232 | -112,187 |
Accumulated other comprehensive income | 182 | 997 |
Total shareholders' equity | 39,809 | 44,031 |
Total liabilities and shareholders' equity | $95,648 | $106,599 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts receivable | $458 | $587 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 23,468,850 | 23,420,749 |
Common stock, shares outstanding | 23,468,850 | 23,420,749 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Software products | $23,037 | $17,727 |
Maintenance | 5,692 | 4,711 |
Total revenues | 28,729 | 22,438 |
Cost of revenues | ' | ' |
Software products | 9,953 | 6,651 |
Maintenance | 2,744 | 1,330 |
Total cost of revenues | 12,697 | 7,981 |
Gross profit | 16,032 | 14,457 |
Operating expenses: | ' | ' |
Research and development | 6,133 | 6,122 |
Sales and marketing | 6,871 | 5,041 |
General and administrative | 5,250 | 4,991 |
Total operating expenses | 18,254 | 16,154 |
Operating loss | -2,222 | -1,697 |
Other expense (income): | ' | ' |
Interest income | -43 | -5 |
Interest expense | 783 | 450 |
Loss on early extinguishment of debt | 1,783 | ' |
Foreign exchange (gain) loss | -795 | 1,732 |
Total other expense (income), net | 1,728 | 2,177 |
Loss before income tax | -3,950 | -3,874 |
Income tax expense | 95 | 420 |
Net loss | -4,045 | -4,294 |
Other comprehensive loss | ' | ' |
Foreign currency translation adjustments | -815 | -32 |
Total comprehensive loss | ($4,860) | ($4,326) |
Net loss per common share: | ' | ' |
Basic | ($0.17) | ($3.21) |
Diluted | ($0.17) | ($3.21) |
Weighted average common shares outstanding: | ' | ' |
Basic and diluted | 23,430 | 1,338 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net loss | ($4,045) | ($4,294) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation of property and equipment | 894 | 492 |
Amortization of intangible assets | 470 | 354 |
Amortization of debt discount | 101 | 26 |
Net change in provision for doubtful accounts | -134 | 224 |
Stock-based compensation expense | 617 | 165 |
Unrealized foreign currency gain | -1,198 | -41 |
Loss on early extinguishment of debt | 1,783 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 5,659 | -4,105 |
Unbilled revenue | -5,346 | 109 |
Deposits and other current assets | -185 | 439 |
Inventories | 1,874 | 353 |
Prepaid expenses | 311 | -760 |
Deferred contract costs | 3,010 | -5,235 |
Deferred revenue | -3,090 | 6,205 |
Accounts payable and accrued liabilities | -5,180 | 143 |
Net cash used in operating activities | -4,459 | -5,925 |
Investing activities: | ' | ' |
Purchases of property and equipment | -984 | -913 |
Net cash used in investing activities | -984 | -913 |
Financing activities: | ' | ' |
Borrowing from long-term debt | 25,000 | ' |
Borrowing from line of credit | ' | 9,500 |
Repayments of long-term debt | -15,000 | ' |
Repayments of line of credit borrowing | -10,000 | ' |
Exercise of options to purchase common stock | 21 | 4 |
Net cash provided by financing activities | 21 | 9,504 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 408 | 500 |
Net (decrease) increase in cash and cash equivalents | -5,014 | 3,166 |
Cash and cash equivalents at beginning of period | 38,930 | 7,402 |
Cash and cash equivalents at end of period | 33,916 | 10,568 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 817 | 347 |
Income tax payments, net | $144 | $92 |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Description of the Business and Basis of Presentation | ' | ||||||||||||
1. Description of the Business and Basis of Presentation | |||||||||||||
Throughout these condensed consolidated financial statements, Mavenir Systems, Inc. is referred to as “Mavenir,” the “Company,” “we,” “us” and “our.” | |||||||||||||
Description of Business | |||||||||||||
Mavenir was originally formed as a limited liability company on April 26, 2005. We were incorporated under the laws of Texas in August 2005, and subsequently incorporated under the laws of Delaware in March 2006. | |||||||||||||
We are a leading provider of software-based telecommunications networking solutions that enable mobile service providers to deliver internet protocol (IP)-based voice, video, rich communication and enhanced messaging services to their subscribers globally. Our solutions deliver Rich Communication Suite (“RCS”)-based services, which enable enhanced mobile communications such as group text messaging, multi-party voice or video calling and live video streaming as well as the exchange of files or images, over existing 2G and 3G networks as well as next generation 4G LTE networks. Our solutions also deliver voice services over Long Term Evolution (“LTE”) technology and wireless (“Wi-Fi”) networks known respectively as Voice over LTE (“VoLTE”) and Voice over Wi-Fi (“VoWi-Fi”). Mavenir’s mOne® Convergence Platform has enabled a leading mobile service provider to introduce the industry’s first live network deployment of VoLTE and the industry’s first live deployment of next-generation RCS 5. | |||||||||||||
We are headquartered in Richardson, Texas and have research and development personnel located at our wholly-owned subsidiaries in China and India. Additionally, we have a sales and operations presence in Asia Pacific (“APAC”) and the Europe, Middle East and Africa region (“EMEA”). | |||||||||||||
Basis of Presentation and Consolidation | |||||||||||||
The unaudited interim financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our consolidated financial position as of March 31, 2014 and our results of operations and cash flows for the three months ended March 31, 2014 and 2013. We have omitted certain information and disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other future annual or interim period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on February 21, 2014. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. | |||||||||||||
Revision of Prior Period Financial Statements and Out-Of-Period Adjustment | |||||||||||||
During our review of the three months ended March 31, 2014, we identified a non-cash error that originated in prior periods. The error related to performance-based warrants issued to a channel partner in 2008, earned in 2011 and exercised in April of 2014. The achievement of the performance milestone occurred in 2011 and would have resulted in a reduction to revenue of $1.3 million in 2011. We assessed the materiality of this error in accordance with the SEC guidance on considering the effects of prior period misstatements based on an analysis of quantitative and qualitative factors. Based on this analysis, we determined that the error was immaterial to the prior reporting periods affected and, therefore, amendments of reports previously filed with the SEC were not required. However, we have concluded that correcting the error in our 2014 financial statements would materially impact our results for the quarter ended March 31, 2014 and the year ending December 31, 2014. Accordingly, we have reflected the correction of this prior period error in the period in which it originated and revised our consolidated balance sheet as of December 31, 2013, as presented in this Quarterly Report on Form 10-Q. In addition, a reduction to accumulated deficit will be reflected as an adjustment to the beginning balance for the earliest year presented in the financial statements included in our Annual Report on Form 10-K for the year ending December 31, 2014. | |||||||||||||
The effect of the immaterial correction on the consolidated balance sheet as of December 31, 2013 is as follows (in thousands): | |||||||||||||
As Reported | Correction | As Revised | |||||||||||
Other shareholders’ equity | $ | 1,020 | $ | — | $ | 1,020 | |||||||
Additional paid-in capital | 153,878 | 1,320 | 155,198 | ||||||||||
Accumulated deficit | (110,867 | ) | (1,320 | ) | $ | (112,187 | ) | ||||||
Total shareholders’ equity | $ | 44,031 | $ | — | $ | 44,031 | |||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Significant Accounting Policies | |
Our significant accounting policies and others are presented in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 21, 2014. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
3. Fair Value Measurements | |
The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, categorizing the inputs used to measure fair value. | |
The hierarchy can be described as follows: | |
Level 1—Observable inputs, such as quoted prices in active markets, | |
Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly, or | |
Level 3—Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. | |
This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We evaluate transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1 and Level 2 during the three months ended March 31, 2014 and 2013 or for the year ended December 31, 2013. | |
Our financial instruments consist primarily of cash and cash equivalents, billed accounts receivable, accounts payable and debt. The carrying amounts of financial instruments, other than the debt instruments, are representative of their fair values due to their short maturities. Our debt agreements are considered level 2 instruments and bear interest at market rates and thus management believes their carrying amounts approximate fair value. | |
We do not have any other financial or non-financial assets or liabilities that would be characterized as Level 2 or Level 3 instruments. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
4. Property and Equipment | |||||||||||||
Property and equipment consist of the following (in thousands): | |||||||||||||
Estimated | March 31, | December 31, | |||||||||||
Useful Life | 2014 | 2013 | |||||||||||
Computer software | 3 years | $ | 5,056 | $ | 5,046 | ||||||||
Computer and lab equipment | 3 years | 9,531 | 8,917 | ||||||||||
Other equipment | 2-5 years | 1,534 | 1,468 | ||||||||||
Property and equipment, gross | 16,121 | 15,431 | |||||||||||
Less: accumulated depreciation | (11,296 | ) | (10,377 | ) | |||||||||
Property and equipment, net | $ | 4,825 | $ | 5,054 | |||||||||
Depreciation expense of property and equipment totaled $0.9 million for the three months ended March 31, 2014, compared to $0.5 million for the same period in 2013. |
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
5. Long-term Debt | |||||||||
Long-term debt consists of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Silicon Valley Bank senior loan | $ | 25,000 | $ | — | |||||
Silicon Valley Bank subordinated loan | — | 10,000 | |||||||
Silver Lake Waterman subordinated loan | — | 15,000 | |||||||
Discount related to issuance of warrants | (79 | ) | (1,577 | ) | |||||
Long-term debt | $ | 24,921 | $ | 23,423 | |||||
Silicon Valley Bank Subordinated and Senior Loans | |||||||||
On October 18, 2012, we entered into loan agreements with Silicon Valley Bank (“SVB”). Under the agreements, we obtained two loans totaling $32.5 million (the “Old SVB Loans”). In February 2013, we amended the Old SVB Loans to join certain of our subsidiaries, including our non-U.S. subsidiaries, as co-borrowers. We also amended our minimum tangible net worth covenant. The Old SVB Loans included a $22.5 million Senior Loan (“Senior Loan”) secured by substantially all of our assets, including intellectual property. The Senior Loan had a three-year term at a floating rate of 1% above the U.S. prime rate, subject to a minimum interest rate of 4.25%. Under the terms of the agreement, we could draw up to 80% of eligible trade receivables up to $15.0 million, with the remaining $7.5 million generally available for working capital and cash management purposes. We also obtained a $10.0 million Subordinated Loan, also secured by substantially all of our assets including intellectual property that had a three-year term at a fixed rate of 11%. The Old SVB Loans were replaced by an amended and restated loan and security agreement (“Amended and Restated Agreement”) that we entered into with SVB on March 6, 2014, as discussed below. | |||||||||
On March 6, 2014 we entered into an Amended and Restated Agreement with SVB to replace our $22.5 million Senior Loan facility with SVB. The Amended and Restated Agreement includes a five-year term loan of $25.0 million (“Term Loan”), a $15.0 million secured revolving line of credit (“Revolver”) and a $5 million secured line for letters of credit, foreign exchange and cash management services. The Term Loan has an initial floating interest rate of 2.75% above the U.S. prime rate, subject to a minimum interest rate of 4.25% and is secured by substantially all of our assets, including intellectual property. At March 31, 2014, the interest rate was 6.0%. After the achievement of the one of the two performance triggers described in the following sentence, the interest rate will be reduced to 2.25% above the U.S. prime rate; after the achievement of the second performance trigger the interest rate will be further reduced to 1.75% above the U.S. prime rate. The performance triggers are the following: (i) our achievement, on a consolidated basis, of positive EBITDA (as defined in the loan agreement) for two consecutive fiscal quarters, and (ii) the completion of an equity offering resulting in net proceeds to the Company of at least $50 million. The Term Loan provides for monthly payments of interest only until April 1, 2015; thereafter we are required to repay the outstanding principal amount in 48 monthly installments. The Term Loan has a maturity of March 1, 2019. If we prepay the Term Loan within one year of the Amended and Restated Loan Agreement, we will have to pay a prepayment premium of $250,000; thereafter, the Term Loan may be prepaid without penalty. | |||||||||
Under the Revolver, we may draw up to 80% of eligible domestic trade receivables, 70% of eligible foreign trade receivables and 35% of eligible accrued but unbilled accounts up to a maximum of $15.0 million. The Revolver has a three-year term and bears interest at a floating interest rate of 1% above the U.S. prime rate, subject to a minimum interest rate of 4.25% and is secured by substantially all of our assets, including intellectual property. We are also required to pay an unused facility fee, monthly in arrears, of 0.25% per annum of the unused amount of the Revolver. The Revolver may be prepaid at any time without penalty. As of March 31, 2014, we had no borrowings outstanding on the Revolver. | |||||||||
As of March 5, 2014, we had approximately $0.3 million in deferred costs and $0.2 million in debt discount related to the Old SVB Loans on our condensed consolidated balance sheet. In accordance with Accounting Standards Codification 470, Debt (“ASC 470”), we recorded a $0.3 million loss on early extinguishment of debt related to the Amended and Restated Agreement. | |||||||||
The Amended and Restated Agreement contains certain restrictive covenants, and requires us to maintain a minimum liquidity ratio and other earnings related amounts as defined in the Amended and Restated Agreement. At March 31, 2014, we were in compliance with all covenants applicable to us under the Amended and Restated Agreement. The Amended and Restated Agreement also contains usual and customary events of default, the occurrence of which may result in all outstanding amounts under the loan agreements becoming due and payable immediately, and they also impose an interest penalty of an additional 5% above the otherwise applicable interest rate at any time when an event of default is continuing. As of March 31, 2014, we were in compliance with all covenants under the Amended and Restated Agreement. | |||||||||
Silver Lake Waterman Growth Capital Loan | |||||||||
On March 5, 2014, we paid off the entire balance of our $15.0 million subordinated term loan (“Silver Lake Loan”) with Silver Lake Waterman Fund (“Silver Lake”) using funds from our initial public offering. | |||||||||
As of March 5, 2014, we had approximately $0.2 million in deferred costs and $1.3 million in debt discount related to the Silver Lake Loan on our condensed consolidated balance sheet. The entire $1.5 million was recognized during the three months ended March 31, 2014, as a loss on early extinguishment of debt related to the payoff of the Silver Lake Loan on March 5, 2014. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
6. Contingencies | |
Legal Proceedings | |
From time to time, we, our customers and our competitors are subject to various litigation and claims arising in the ordinary course of business. The software and communications infrastructure industries are characterized by frequent litigation and claims, including claims regarding patent and other intellectual property rights, claims for damages or indemnification for alleged breach under commercial supply or service contracts and claims regarding alleged improper hiring practices. | |
We are not aware of any pending or threatened legal proceeding against us that could have a material adverse effect on our business, operating results or financial condition. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
7. Stockholders’ Equity | |||||||||||||||||
Stock Option Plan | |||||||||||||||||
We have two stock option plans: the Amended and Restated 2005 Stock Plan (the “2005 Plan”), and the Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”). In January 2013, we terminated the 2005 Plan and provided that no further stock awards were to be granted under the 2005 Plan and adopted the 2013 Plan as a continuation of and successor to the 2005 Plan. Upon our initial public offering (“IPO”), all shares that were reserved under the 2005 Plan but not issued were assumed by the 2013 Plan. All outstanding stock awards under the 2005 Plan continue to be governed by the existing terms. Under the 2013 Plan, we have the ability to issue incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock, restricted stock units, performance units and/or performance shares. Additionally, the 2013 Plan provides for the grant of performance cash awards to employees, directors and consultants. The ISOs and NSOs will be granted at a price per share not less than the fair value at date of grant. Options granted to date generally vest over a four-year period with 25% vesting at the end of one year and the remaining vest monthly thereafter. Options granted generally are exercisable up to 10 years from the date of grant. | |||||||||||||||||
Awards granted under the 2005 Plan may be immediately exercisable, but not vested, and are subject to a right of repurchase by us (at our option) at the lower of the original exercise price or fair market value for all unvested restricted shares at the termination of service. At March 31, 2014, options that were exercisable amounted to 2,183,282 shares with a weighted average exercise price of $1.85 and weighted average remaining contractual term of 5.9 years and intrinsic value of $35.0 million. At March 31, 2014, there were 1,211,943 common shares available for future grants under the 2013 Plan. | |||||||||||||||||
To determine the weighted average fair value of stock options granted, we used the Black-Scholes option-pricing model with the following weighted average assumptions during the periods presented: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Risk-free interest rate (U.S. Treasury) | 2 | % | 2 | % | |||||||||||||
Expected term | 6.3 years | 6.3 years | |||||||||||||||
Expected volatility | 60.7 | % | 60 | % | |||||||||||||
The fair value of all the awards granted is amortized to expense on a straight-line basis over the requisite service periods, which are generally the vesting periods. We granted stock options with a weighted-average grant date fair value during the three months ended March 31, 2014 of $9.60 per share. | |||||||||||||||||
The following table summarizes the stock option activity for the three months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted Average | Weighted | Aggregate | ||||||||||||||
Exercise Price | Average | Intrinsic Value | |||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of January 1, 2014 | 3,287,272 | $ | 3.86 | ||||||||||||||
Granted | 1,016,692 | 16.49 | |||||||||||||||
Exercised | (3,751 | ) | 5.65 | ||||||||||||||
Forfeited or expired | (58,960 | ) | 4.21 | ||||||||||||||
Outstanding as of March 31, 2014 | 4,241,253 | $ | 6.88 | 7.7 | $ | 46,733 | |||||||||||
The following table presents our share-based compensation resulting from equity awards that we recorded in our condensed consolidated statements of operations and comprehensive loss (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost of revenues | $ | 78 | $ | — | |||||||||||||
Research and development | 98 | — | |||||||||||||||
Sales and marketing | 130 | — | |||||||||||||||
General and administrative | 311 | 165 | |||||||||||||||
Total | $ | 617 | $ | 165 | |||||||||||||
Warrant Exercise | |||||||||||||||||
In March of 2014, we issued 44,340 shares of our common stock to SVB upon the exercise in full of a warrant held by SVB. The warrant gave SVB the right to purchase up to 64,286 shares of our common stock at $5.11 per share. The warrant was exercised on a “cashless” basis pursuant to the terms of the agreement with SVB. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Loss Per Share | ' | ||||||||
8. Net Loss Per Share | |||||||||
We calculate basic net (loss) per share by dividing net (loss) attributable for the period by the weighted average number of shares of common stock outstanding during the period. Diluted, net (loss) per share is computed by giving effect to all potential weighted average diluted common stock, including options and warrants, using the treasury stock method. | |||||||||
The computation of basic and diluted net (loss) per share is as follows (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (4,045 | ) | $ | (4,294 | ) | |||
Basic common shares: | |||||||||
Weighted average number of shares outstanding | 23,430 | 1,338 | |||||||
Diluted common shares: | |||||||||
Weighted average shares used to compute diluted net loss per share | 23,430 | 1,338 | |||||||
Net loss per share attributable to common stockholders: | |||||||||
Basic | $ | (0.17 | ) | $ | (3.21 | ) | |||
Diluted | $ | (0.17 | ) | $ | (3.21 | ) | |||
We excluded certain shares from the computation of diluted net (loss) per share because the effect of these shares would have been anti-dilutive: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Convertible preferred stock | — | 16,452,467 | |||||||
Stock options | 1,487,155 | 2,546,204 | |||||||
Warrants | 1,168,491 | 1,235,633 |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. Income Taxes | |
We base our provision for income taxes in our interim condensed consolidated financial statements on estimated annual effective tax rates in the tax jurisdictions where we operate. We monitor the assumptions used in estimating the annual effective tax rate and make adjustments, if required, throughout the year. If actual results differ from the assumptions used in estimating our annual effective income tax rate, future income tax expense could be materially affected. For the three months ended March 31, 2014, total income tax expense is approximately $0.1 million on a worldwide basis compared with total income tax expense of approximately $0.4 million for the three months ended March 31, 2013. The difference is due primarily to discrete items recognized in the current quarter related to foreign taxes. | |
We measure and recognize uncertain tax positions. To recognize such positions, we first determine if it is more likely than not that the position will be sustained on audit. We then measure the benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. We do not believe that it is reasonably possible that the estimates of unrecognized tax benefits will change significantly in the next twelve months. Tax positions for Mavenir and its subsidiaries are subject to income tax audits by multiple tax jurisdictions throughout the world. An adverse resolution of one or more uncertain tax positions in any period could have a material impact on the results of operations for that period. | |
Our net deferred tax asset is offset by a valuation allowance since such amounts are not considered realizable on a more-likely-than-not basis. We have not accrued a provision for income taxes on undistributed earnings of approximately $11.5 million of certain non-U.S. subsidiaries, as of March 31, 2014 since such earnings are likely to be reinvested indefinitely. If the earnings were distributed, we would be subject to U.S. federal income and foreign withholding taxes. Determination of an unrecognized deferred income tax liability with respect to such earnings is not practicable. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment and Geographic Information | ' | ||||||||
10. Segment and Geographic Information | |||||||||
Operating segments are defined as components of an enterprise in which separate financial information is available that is evaluated regularly by the chief operating decision makers, in deciding how to allocate resources and in assessing performance. Our chief operating decision-makers (i.e., our chief executive officer and his direct reports) review financial information presented on a condensed consolidated basis, accompanied by disaggregated information about revenues by geographic region for purposes of allocating resources and evaluating financial performance. We have concluded that we operate in one segment and have provided the required enterprise-wide disclosures. | |||||||||
For the three months ended March 31, 2014, four of our customers (AT&T, Deutsche Telekom, T-Mobile USA and Vodafone) together accounted for 62% of our total revenue. For the three months ended March 31, 2013, four of our customers (AT&T, Deutsche Telekom, T-Mobile USA and Vodafone) together accounted for 52% of our total revenue. No other customer accounted for more than 10% of our total revenues for the three months ended March 31, 2014 and 2013. Revenues by geographic area are based on the deployment site location of the end customers. The following tables present our revenues and long-lived assets by geographic region (in thousands): | |||||||||
Net revenue | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
North America | $ | 13,635 | $ | 8,430 | |||||
EMEA | 12,422 | 7,539 | |||||||
APAC | 2,672 | 6,469 | |||||||
Consolidated Total | $ | 28,729 | $ | 22,438 | |||||
Long-Lived Assets | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
North America | $ | 8,221 | $ | 8,475 | |||||
EMEA | 1,798 | 1,888 | |||||||
APAC | 687 | 759 | |||||||
Consolidated Total | $ | 10,706 | $ | 11,122 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11. Subsequent Events | |
Warrant Exercise | |
In April of 2014, we issued 555,034 shares of our common stock to a wholly-owned subsidiary of Cisco Systems, Inc. (“Cisco”) upon the exercise in full of a warrant held by Cisco. The warrant gave Cisco the right to purchase up to 898,284 shares of our common stock at $6.6794 per share. The warrant was exercised on a “cashless” basis pursuant to the terms of the agreement with Cisco. |
Description_of_the_Business_an1
Description of the Business and Basis of Presentation (Policies) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation and Consolidation | ' | ||||||||||||
Basis of Presentation and Consolidation | |||||||||||||
The unaudited interim financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our consolidated financial position as of March 31, 2014 and our results of operations and cash flows for the three months ended March 31, 2014 and 2013. We have omitted certain information and disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other future annual or interim period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on February 21, 2014. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. | |||||||||||||
Revision of Prior Period Financial Statements and Out-Of-Period Adjustment | ' | ||||||||||||
Revision of Prior Period Financial Statements and Out-Of-Period Adjustment | |||||||||||||
During our review of the three months ended March 31, 2014, we identified a non-cash error that originated in prior periods. The error related to performance-based warrants issued to a channel partner in 2008, earned in 2011 and exercised in April of 2014. The achievement of the performance milestone occurred in 2011 and would have resulted in a reduction to revenue of $1.3 million in 2011. We assessed the materiality of this error in accordance with the SEC guidance on considering the effects of prior period misstatements based on an analysis of quantitative and qualitative factors. Based on this analysis, we determined that the error was immaterial to the prior reporting periods affected and, therefore, amendments of reports previously filed with the SEC were not required. However, we have concluded that correcting the error in our 2014 financial statements would materially impact our results for the quarter ended March 31, 2014 and the year ending December 31, 2014. Accordingly, we have reflected the correction of this prior period error in the period in which it originated and revised our consolidated balance sheet as of December 31, 2013, as presented in this Quarterly Report on Form 10-Q. In addition, a reduction to accumulated deficit will be reflected as an adjustment to the beginning balance for the earliest year presented in the financial statements included in our Annual Report on Form 10-K for the year ending December 31, 2014. | |||||||||||||
The effect of the immaterial correction on the consolidated balance sheet as of December 31, 2013 is as follows (in thousands): | |||||||||||||
As Reported | Correction | As Revised | |||||||||||
Other shareholders’ equity | $ | 1,020 | $ | — | $ | 1,020 | |||||||
Additional paid-in capital | 153,878 | 1,320 | 155,198 | ||||||||||
Accumulated deficit | (110,867 | ) | (1,320 | ) | $ | (112,187 | ) | ||||||
Total shareholders’ equity | $ | 44,031 | $ | — | $ | 44,031 | |||||||
Significant Accounting Policies | ' | ||||||||||||
Significant Accounting Policies | |||||||||||||
Our significant accounting policies and others are presented in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 21, 2014. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. |
Description_of_the_Business_an2
Description of the Business and Basis of Presentation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Immaterial Correction on the Consolidated Balance Sheet | ' | ||||||||||||
The effect of the immaterial correction on the consolidated balance sheet as of December 31, 2013 is as follows (in thousands): | |||||||||||||
As Reported | Correction | As Revised | |||||||||||
Other shareholders’ equity | $ | 1,020 | $ | — | $ | 1,020 | |||||||
Additional paid-in capital | 153,878 | 1,320 | 155,198 | ||||||||||
Accumulated deficit | (110,867 | ) | (1,320 | ) | $ | (112,187 | ) | ||||||
Total shareholders’ equity | $ | 44,031 | $ | — | $ | 44,031 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Schedule of Property and Equipment | ' | ||||||||||||
Property and equipment consist of the following (in thousands): | |||||||||||||
Estimated | March 31, | December 31, | |||||||||||
Useful Life | 2014 | 2013 | |||||||||||
Computer software | 3 years | $ | 5,056 | $ | 5,046 | ||||||||
Computer and lab equipment | 3 years | 9,531 | 8,917 | ||||||||||
Other equipment | 2-5 years | 1,534 | 1,468 | ||||||||||
Property and equipment, gross | 16,121 | 15,431 | |||||||||||
Less: accumulated depreciation | (11,296 | ) | (10,377 | ) | |||||||||
Property and equipment, net | $ | 4,825 | $ | 5,054 | |||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt | ' | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Silicon Valley Bank senior loan | $ | 25,000 | $ | — | |||||
Silicon Valley Bank subordinated loan | — | 10,000 | |||||||
Silver Lake Waterman subordinated loan | — | 15,000 | |||||||
Discount related to issuance of warrants | (79 | ) | (1,577 | ) | |||||
Long-term debt | $ | 24,921 | $ | 23,423 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Weighted Average Assumptions Used in Calculating Fair Value of Stock Options | ' | ||||||||||||||||
To determine the weighted average fair value of stock options granted, we used the Black-Scholes option-pricing model with the following weighted average assumptions during the periods presented: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Risk-free interest rate (U.S. Treasury) | 2 | % | 2 | % | |||||||||||||
Expected term | 6.3 years | 6.3 years | |||||||||||||||
Expected volatility | 60.7 | % | 60 | % | |||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the stock option activity for the three months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted Average | Weighted | Aggregate | ||||||||||||||
Exercise Price | Average | Intrinsic Value | |||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of January 1, 2014 | 3,287,272 | $ | 3.86 | ||||||||||||||
Granted | 1,016,692 | 16.49 | |||||||||||||||
Exercised | (3,751 | ) | 5.65 | ||||||||||||||
Forfeited or expired | (58,960 | ) | 4.21 | ||||||||||||||
Outstanding as of March 31, 2014 | 4,241,253 | $ | 6.88 | 7.7 | $ | 46,733 | |||||||||||
Summary of Share-Based Compensation Resulting from Equity Awards | ' | ||||||||||||||||
The following table presents our share-based compensation resulting from equity awards that we recorded in our condensed consolidated statements of operations and comprehensive loss (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost of revenues | $ | 78 | $ | — | |||||||||||||
Research and development | 98 | — | |||||||||||||||
Sales and marketing | 130 | — | |||||||||||||||
General and administrative | 311 | 165 | |||||||||||||||
Total | $ | 617 | $ | 165 | |||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Summary of Computation of Basic and Diluted Net (Loss) Per Share | ' | ||||||||
The computation of basic and diluted net (loss) per share is as follows (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (4,045 | ) | $ | (4,294 | ) | |||
Basic common shares: | |||||||||
Weighted average number of shares outstanding | 23,430 | 1,338 | |||||||
Diluted common shares: | |||||||||
Weighted average shares used to compute diluted net loss per share | 23,430 | 1,338 | |||||||
Net loss per share attributable to common stockholders: | |||||||||
Basic | $ | (0.17 | ) | $ | (3.21 | ) | |||
Diluted | $ | (0.17 | ) | $ | (3.21 | ) | |||
Summary of Anti-dilutive Shares Excluded from Computation of Diluted Net (Loss) Per Share | ' | ||||||||
We excluded certain shares from the computation of diluted net (loss) per share because the effect of these shares would have been anti-dilutive: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Convertible preferred stock | — | 16,452,467 | |||||||
Stock options | 1,487,155 | 2,546,204 | |||||||
Warrants | 1,168,491 | 1,235,633 |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Revenues and Long-Lived Assets by Geographic Region | ' | ||||||||
The following tables present our revenues and long-lived assets by geographic region (in thousands): | |||||||||
Net revenue | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
North America | $ | 13,635 | $ | 8,430 | |||||
EMEA | 12,422 | 7,539 | |||||||
APAC | 2,672 | 6,469 | |||||||
Consolidated Total | $ | 28,729 | $ | 22,438 | |||||
Long-Lived Assets | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
North America | $ | 8,221 | $ | 8,475 | |||||
EMEA | 1,798 | 1,888 | |||||||
APAC | 687 | 759 | |||||||
Consolidated Total | $ | 10,706 | $ | 11,122 | |||||
Description_of_the_Business_an3
Description of the Business and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2011 |
Adjustments For Immaterial Errors [Member] | Adjustments For Immaterial Errors [Member] | |||
Entity formation date | 26-Apr-05 | ' | ' | ' |
Entity incorporated state name | 'Delaware | ' | ' | ' |
Impact on revenue | $28,729 | $22,438 | ' | ($1,300) |
Description of error correction | ' | ' | 'The error related to performance-based warrants issued to a channel partner in 2008, earned in 2011 and exercised in April of 2014. The achievement of the performance milestone occurred in 2011 and would have resulted in a reduction to revenue of $1.3 million in 2011. | ' |
Description_of_the_Business_an4
Description of the Business and Basis of Presentation - Schedule of Immaterial Correction on the Consolidated Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other shareholders' equity | ' | $1,020 |
Additional paid-in capital | 155,836 | 155,198 |
Accumulated deficit | -116,232 | -112,187 |
Total shareholders' equity | 39,809 | 44,031 |
As Reported [Member] | ' | ' |
Other shareholders' equity | ' | 1,020 |
Additional paid-in capital | ' | 153,878 |
Accumulated deficit | ' | -110,867 |
Total shareholders' equity | ' | 44,031 |
Correction [Member] | ' | ' |
Other shareholders' equity | ' | ' |
Additional paid-in capital | ' | 1,320 |
Accumulated deficit | ' | -1,320 |
Total shareholders' equity | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Transfer of assets between Level 1 and Level 2 | $0 | $0 | $0 |
Transfer of liabilities between Level 1 and Level 2 | $0 | $0 | $0 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $16,121 | $15,431 |
Less: accumulated depreciation | -11,296 | -10,377 |
Property and equipment, net | 4,825 | 5,054 |
Computer software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Estimated Useful Life | '3 years | ' |
Property and equipment, gross | 5,056 | 5,046 |
Computer and lab equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Estimated Useful Life | '3 years | ' |
Property and equipment, gross | 9,531 | 8,917 |
Other equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,534 | $1,468 |
Other equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Estimated Useful Life | '2 years | ' |
Other equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Estimated Useful Life | '5 years | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation expense | $894 | $492 |
Longterm_Debt_Schedule_of_Long
Long-term Debt - Schedule of Long-term Debt (Detail) (USD $) | Mar. 31, 2014 | Mar. 05, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $24,921 | ' | $23,423 |
Warrants [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Discount related to issuance of warrants | -79 | ' | -1,577 |
Silicon Valley Bank [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior loan | 25,000 | ' | ' |
Subordinated loan | ' | ' | 10,000 |
Discount related to issuance of warrants | ' | -200 | ' |
Silver Lake Waterman [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Subordinated loan | ' | ' | 15,000 |
Discount related to issuance of warrants | ' | ($1,300) | ' |
Longterm_Debt_Silicon_Valley_B
Long-term Debt - Silicon Valley Bank - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 05, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 18, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 18, 2012 | Mar. 31, 2014 | Mar. 06, 2014 | Mar. 31, 2014 | Oct. 18, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | |||
Domestic Trade Receivables [Member] | Foreign Trade Receivables [Member] | Maximum [Member] | Agreement | Amended And Restated Agreement [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | First Performance Trigger [Member] | Second Performance Trigger [Member] | Second Performance Trigger [Member] | Senior Loan [Member] | Senior Loan [Member] | Senior Loan [Member] | Subordinated loan [Member] | Subordinated loan [Member] | Term Loan [Member] | Term Loan [Member] | |||||||
Minimum [Member] | Amended And Restated Agreement [Member] | Amended And Restated Agreement [Member] | |||||||||||||||||||||
Installment | Within One Year [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,500,000 | ' | $15,000,000 | $5,000,000 | ' | ' | ' | $22,500,000 | ' | $22,500,000 | ' | ' | ' | ' |
Debt instrument term | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | '5 years | ' |
Floating rate | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 1.75% | ' | 1.00% | ' | ' | ' | ' | 2.75% | ' |
Variable rate basis | ' | ' | 'U.S. prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'U.S. prime rate | 'U.S. prime rate | ' | ' | 'U.S. prime rate | ' | ' | ' | 'U.S. prime rate | ' |
Minimum interest rate | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | 4.25% | ' |
Percentage of eligible trade receivables | ' | ' | ' | 80.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Borrowing capacity based upon eligible trade receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility available for specific purpose other than for trade purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' |
Subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Debt instrument interest rate state percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Term Loan | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
Proceeds from equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-19 | ' |
Number of installment payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' |
Frequency of installment payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Monthly | ' |
Loan prepayment premium amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 |
Percentage of eligible accrued but unbilled accounts | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity based upon accrued but unbilled accounts | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused credit facility fee | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument unamortized discount | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred financing costs | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | $1,783,000 | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest imposed in event of default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Silicon_Lake_Wat
Long-term Debt - Silicon Lake Waterman - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 05, 2014 | Mar. 31, 2014 | |
Silver Lake Waterman [Member] | Silver Lake Waterman [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Repayments of long-term debt | $15,000,000 | ' | $15,000,000 | ' |
Unamortized discount on debt | ' | ' | 1,300,000 | ' |
Unamortized deferred financing costs | ' | ' | 200,000 | ' |
Loss on early extinguishment of debt | $1,783,000 | ' | ' | $1,500,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Stock_Plan | Silicon Valley Bank [Member] | Options [Member] | |
Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of stock option plans | 2 | ' | ' |
Vesting period | ' | ' | '4 years |
Percentage vested at the end of year one | ' | ' | 25.00% |
Exercise period | ' | ' | '10 years |
Number of options fully vested | 2,183,282 | ' | ' |
Weighted average exercise price of options fully vested | $1.85 | ' | ' |
Weighted average remaining contractual terms of options fully vested | '5 years 10 months 24 days | ' | ' |
Intrinsic value of options fully vested | $35 | ' | ' |
Shares available for future grants | 1,211,943 | ' | ' |
Weighted-average grant date fair value per share | $9.60 | ' | ' |
Common stock issued | ' | 44,340 | ' |
Right to purchase common stock | ' | 64,286 | ' |
Common stock purchase price per share | ' | $5.11 | ' |
Shareholders_Equity_Summary_of
Shareholder's Equity - Summary of Weighted Average Assumptions Used in Calculating Fair Value of Stock Options (Detail) (Options [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate (U.S. Treasury) | 2.00% | 2.00% |
Expected term | '6 years 3 months 18 days | '6 years 3 months 18 days |
Expected volatility | 60.70% | 60.00% |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Equity [Abstract] | ' |
Outstanding- beginning balance, Shares | 3,287,272 |
Granted, Shares | 1,016,692 |
Exercised, Shares | -3,751 |
Forfeited or expired, Shares | -58,960 |
Outstanding - ending balance, Shares | 4,241,253 |
Outstanding - beginning balance, Weighted Average Exercise Price | $3.86 |
Granted, Weighted Average Exercise Price | $16.49 |
Exercised, Weighted Average Exercise Price | $5.65 |
Forfeited or expired, Weighted Average Exercise Price | $4.21 |
Outstanding - ending balance, Weighted Average Exercise Price | $6.88 |
Outstanding - ending balance, Weighted Average Remaining Contractual Term | '7 years 8 months 12 days |
Outstanding - ending balance, Aggregate Intrinsic Value | $46,733 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Share-Based Compensation Resulting from Equity Awards (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | $617 | $165 |
Cost of revenues [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 78 | ' |
Research and development [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 98 | ' |
Sales and marketing [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 130 | ' |
General and administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | $311 | $165 |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Computation of Basic and Diluted Net (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net loss | ($4,045) | ($4,294) |
Basic common shares: | ' | ' |
Weighted average number of shares outstanding | 23,430 | 1,338 |
Diluted common shares: | ' | ' |
Weighted average shares used to compute diluted net loss per share | 23,430 | 1,338 |
Net loss per share attributable to common stockholders: | ' | ' |
Basic | ($0.17) | ($3.21) |
Diluted | ($0.17) | ($3.21) |
Net_Loss_Per_Share_Summary_of_1
Net Loss Per Share - Summary of Anti-dilutive Shares Excluded from Computation of Diluted Net (Loss) Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Convertible preferred stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | ' | 16,452,467 |
Stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 1,487,155 | 2,546,204 |
Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 1,168,491 | 1,235,633 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense | $95,000 | $420,000 |
Undistributed earnings of certain non-U.S. subsidiaries | $11,500,000 | ' |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Customer | Customer | |
Revenue, Major Customer [Line Items] | ' | ' |
Number of operating segments | 1 | ' |
Revenues [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Threshold percentage for determining concentration risk, description | 'Customer accounted for more than 10% of our total revenues | 'Customer accounted for more than 10% of our total revenues |
Percentage of revenue | 62.00% | 52.00% |
Number of customers that accounted for majority of revenue | 4 | 4 |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Schedule of Revenues and Long-Lived Assets by Geographic Region (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net revenue | $28,729 | $22,438 | ' |
Long-Lived Assets | 10,706 | ' | 11,122 |
North America [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net revenue | 13,635 | 8,430 | ' |
Long-Lived Assets | 8,221 | ' | 8,475 |
EMEA [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net revenue | 12,422 | 7,539 | ' |
Long-Lived Assets | 1,798 | ' | 1,888 |
APAC [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net revenue | 2,672 | 6,469 | ' |
Long-Lived Assets | $687 | ' | $759 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Warrants [Member], Cisco [Member], USD $) | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Event [Member] | Warrants [Member] | Cisco [Member] | ' |
Subsequent Event [Line Items] | ' |
Common stock issued | 555,034 |
Right to purchase common stock | 898,284 |
Common stock purchase price per share | $6.68 |