Millennial Media 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	Millennial Media Inc.
Entity Central Index Key	1,372,375
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		141,644,009
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 34,637	$ 49,463
Restricted cash		272
Accounts receivable, net of allowances of $3,417 and $3,016 as of June 30, 2015 and December 31, 2014, respectively	85,459	101,348
Prepaid expenses and other current assets	3,799	3,946
Total current assets	123,895	155,029
Long-term assets:
Property and equipment, net	24,986	27,164
Restricted cash		350
Goodwill	139,004	139,004
Intangible assets, net	29,751	33,724
Other assets	1,835	2,369
Total long-term assets	195,576	202,611
Total assets	319,471	357,640
Current liabilities:
Short-term borrowings	5,000
Accounts payable and accrued expenses	15,170	10,520
Accrued cost of revenue and developer costs	55,578	71,951
Accrued payroll and payroll related expenses	7,987	9,708
Deferred revenue	959	742
Total current liabilities	84,694	92,921
Other long-term liabilities	4,500	6,079
Total liabilities	$ 89,194	$ 99,000
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2015 and December 31, 2014
Common stock, $0.001 par value, 250,000,000 shares authorized, 141,053,716 and 138,818,285 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 141	$ 139
Additional paid-in capital	480,173	473,217
Accumulated other comprehensive loss	(553)	(473)
Accumulated deficit	(249,484)	(214,243)
Total stockholders' equity	230,277	258,640
Total liabilities and stockholders' equity	$ 319,471	$ 357,640

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Accounts receivable, allowances (in dollars)	$ 3,417	$ 3,016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	141,053,716	138,818,285
Common stock, shares outstanding	141,053,716	138,818,285

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue	$ 65,862	$ 67,308	$ 129,032	$ 139,928
Cost of revenue	36,931	40,277	71,895	83,002
Gross profit	28,931	27,031	57,137	56,926
Operating expenses:
Sales and marketing	12,942	13,433	27,258	26,970
Technology and development	7,173	7,458	15,056	14,967
General and administrative	24,109	21,184	49,750	42,936
Total operating expenses	44,224	42,075	92,064	84,873
Loss from operations	(15,293)	(15,044)	(34,927)	(27,947)
Other expense
Interest expense, net	(100)	(35)	(155)	(63)
Total other expense	(100)	(35)	(155)	(63)
Loss before income taxes	(15,393)	(15,079)	(35,082)	(28,010)
Income tax expense	(65)	(11)	(159)	(27)
Net loss	$ (15,458)	$ (15,090)	$ (35,241)	$ (28,037)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.11)	$ (0.14)	$ (0.25)	$ (0.26)
Weighted average common shares outstanding:
Basic and diluted (in shares)	140,427	107,038	139,760	106,795
Stock-based compensation expense included above:
Stock-based compensation expense	$ 3,483	$ 3,693	$ 6,741	$ 7,465
Sales and marketing
Stock-based compensation expense included above:
Stock-based compensation expense	209	176	437	637
Technology and development
Stock-based compensation expense included above:
Stock-based compensation expense	142	168	283	338
General and administrative
Stock-based compensation expense included above:
Stock-based compensation expense	$ 3,132	$ 3,349	$ 6,021	$ 6,490

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Loss
Net loss	$ (15,458)	$ (15,090)	$ (35,241)	$ (28,037)
Foreign currency adjustments:
Intra-entity foreign currency transaction adjustments	(1)	(15)	(79)	(45)
Foreign currency translation adjustments	11	(7)	(1)	(6)
Total comprehensive loss	$ (15,448)	$ (15,112)	$ (35,321)	$ (28,088)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2014	$ 139	$ 473,217	$ (473)	$ (214,243)	$ 258,640
Balance at beginning of period (in shares) at Dec. 31, 2014	138,818,285				138,818,285
Increase (Decrease) in Stockholders' Deficit
Issuance of common stock in connection with exercises of stock options	$ 2	655			$ 657
Issuance of common stock in connection with exercises of stock options (in shares)	1,780,392
Issuance of common stock in connection with vesting of restricted stock units, net of withholdings	$ 1	(82)			(81)
Issuance of common stock in connection with vesting of restricted stock units, net of withholdings (in shares)	696,987
Shares purchased and retired	$ (1)	(300)			(301)
Shares purchased and retired (in shares)	(241,948)
Stock-based compensation expense		6,741			6,741
Net loss				(35,241)	(35,241)
Intra-entity foreign currency transaction adjustments			(79)		(79)
Foreign currency translation adjustments			(1)		(1)
Issuance Costs related to public offering		(58)			(58)
Balance at end of period at Jun. 30, 2015	$ 141	$ 480,173	$ (553)	$ (249,484)	$ 230,277
Balance at end of period (in shares) at Jun. 30, 2015	141,053,716				141,053,716

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (35,241)	$ (28,037)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation expense	6,741	7,465
Bad debt expense	898	706
Depreciation and amortization	9,644	8,211
Unrealized foreign currency (gain) loss	(190)	44
Changes in assets and liabilities, net of acquired balances:
Release of restricted cash	622	234
Accounts receivable	15,181	36,681
Prepaid expenses and other current assets	19	(1,611)
Other assets	369	(1,410)
Accounts payable and accrued expenses	3,312	599
Accrued cost of revenue and developer costs	(16,372)	(25,135)
Accrued payroll and payroll related expenses	(1,705)	(489)
Other long-term liabilities	(1,580)	804
Deferred revenue	217	23
Net cash and cash equivalents used in (provided by) operating activities	(18,085)	(1,915)
Cash flows from investing activities
Purchases of property and equipment	(2,176)	(6,100)
Net cash and cash equivalents used in investing activities	(2,176)	(6,100)
Cash flows from financing activities
Proceeds from borrowing on credit line	10,000
Repayment of credit line	(5,000)
Common stock offering costs	(58)
Proceeds from exercises of stock options	657	1,895
Withholdings payments for vesting of restricted stock units	(81)	(691)
Net cash and cash equivalents provided by financing activities	5,518	1,204
Effect of exchange rates on cash and cash equivalents	(83)	(67)
Net decrease in cash and cash equivalents	(14,826)	(6,878)
Cash and cash equivalents, beginning of the period	49,463	99,237
Cash and cash equivalents, end of the period	$ 34,637	92,359
Supplemental disclosure of noncash investing and financing activities
Purchases of property and equipment with tenant improvement allowance		$ 1,980

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2015
Description of Business
Description of Business	1. Description of Business Millennial Media, Inc. (the “Company”) was incorporated in the state of Delaware in May 2006. The Company is engaged in the business of providing mobile advertising solutions to advertisers and developers. Its technology, tools and services help developers to maximize their advertising revenue, acquire users and gain insight about their users. The Company offers advertisers significant audience reach, sophisticated targeting capabilities and the ability to deliver rich and engaging ad experiences to consumers on their mobile connected devices.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying unaudited consolidated financial statements. Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements and footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position, results of operations, changes in stockholders’ equity and cash flows. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and related footnotes presented in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 11, 2015. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU No. 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. The adoption of ASU No. 2014-09 is required for public entities for fiscal years beginning after December 15, 2017. The Company is evaluating what effects, if any, the adoption of ASU No. 2014-09 will have on its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the accounts receivable allowances, the useful lives of long ‑lived assets, assumptions used for purposes of determining stock ‑based compensation, identification of intangibles in purchase accounting, contingent liabilities, fair value of intangibles and goodwill and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reporting revenue and expenses during the periods presented. Cash and Cash Equivalents Cash and cash equivalents consist of checking accounts and a money market account. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. The Company maintains cash balances in financial institutions in amounts greater than federally insured limits. Revenue Recognition and Deferred Revenue The Company recognizes revenue based on the activity of mobile users viewing ads through developer applications and mobile websites. Revenues are recognized when the Company’s advertising services are delivered based on the specific terms of the advertising contract, which are commonly based on the number of ads delivered, or views, clicks or actions by users on mobile advertisements. At such time, the Company’s services have been provided, the fees charged are fixed or determinable, persuasive evidence of an arrangement exists, and collectability is reasonably assured. The Company evaluates whether it is appropriate to recognize revenue based on the gross amount billed to the customers or the net amount earned as revenue. When the Company is primarily obligated in a transaction, has latitude in establishing prices, is responsible for fulfillment of the transaction, has credit risk, or has several but not all of these indicators, revenue is recorded on a gross basis. While none of the factors individually are considered presumptive or determinative, in reaching conclusions on gross versus net revenue recognition, the Company places the most weight on the analysis of whether or not it is the primary obligor in the arrangement. The Company records revenue net of developer costs if it is not primarily obligated or does not have latitude in establishing prices. Deferred revenue arises as a result of differences between the timing of revenue recognition and receipt of cash from the Company’s customers. Cost of Revenue Cost of revenue consists primarily of amounts due to developers for the advertising inventory utilized in running mobile advertisements when the Company has concluded it is the primary obligor in the arrangement and recognizes revenue on a gross basis. These amounts are typically either a percentage of the advertising revenue earned by the Company based on mobile advertisements that are run on each developer’s application or a fixed fee for the ad space or fees paid to win bids for advertising inventory purchased from auction ‑based marketplace exchanges. The Company recognizes the cost of revenue as the associated revenue is recognized, on a developer by developer basis during the period the advertisements run on the developer’s advertising application or mobile website. Costs owed to developers but not yet paid are recorded as accrued cost of revenue and developer costs. The cost of revenue for ads purchased and delivered through auction ‑based exchanges can vary depending on the Company’s ability to purchase inventory at competitive rates to win the auction bid. Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has not experienced any losses on cash and cash equivalents to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its customers and maintains an allowance for doubtful accounts. Accounts Receivable, Allowance for Doubtful Accounts and Sales Credits The Company extends credit to customers without requiring collateral. Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The Company utilizes the allowance method to provide for doubtful accounts based on the Company’s evaluation of the collectability of amounts due. The Company’s estimate is based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write ‑offs for uncollectible accounts have not significantly differed from the Company’s estimates. However, higher than expected bad debts may result in future write ‑offs that are greater than the Company’s estimates. The Company also estimates an allowance for sales credits based on the Company’s historical sales credits experience. Historically, actual sales credits have not significantly differed from the Company’s estimates. However, higher than expected sales credits may result in future write ‑offs that are greater than the Company’s estimates. The allowances for doubtful accounts and sales credits are included in accounts receivable, net in the consolidated balance sheets. Stock-Based Compensation The Company accounts for stock ‑based payment awards for employees by measuring services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes stock ‑based compensation expense for employees on a straight ‑line basis over the awards’ vesting periods, adjusted for estimated forfeitures. The Company accounts for stock ‑based payment awards for non ‑employees by measuring services received in exchange for all equity awards granted initially based on the fair value of the award as of the grant date. Fair value is then remeasured each reporting period through the award’s vesting date. The Company recognizes non ‑employee stock ‑based compensation expense on a straight ‑line basis over the awards’ vesting periods, adjusted for estimated forfeitures. The Company uses the Black ‑Scholes option pricing model for estimating the fair value of stock options. The use of the option valuation model requires the input of highly subjective assumptions, including the fair value of the Company’s common stock, the expected life and the expected stock price volatility based on peer companies, as there is currently not sufficient historical price data for the Company’s common stock. Additionally, the recognition of expense requires the estimation of the number of options that will ultimately vest and the number of options that will ultimately be forfeited. Business Combinations In business combinations, the Company determines the acquisition purchase price as the sum of the consideration provided. When stock-based awards are issued to an acquired company's selling stockholders or employees, the Company evaluates whether the awards are purchase consideration or compensation for post-business combination services. This evaluation includes, among other things, whether the vesting of the stock-based awards is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as future compensation expense over the required service period. The Company allocates the purchase price in a business combination to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. To date, the assets acquired and liabilities assumed in business combinations have primarily consisted of acquired working capital and definite-lived intangible assets. Working capital is recorded at its fair value. The Company estimates the fair value of definite-lived intangible assets acquired using a discounted cash flow approach, which includes an analysis of the future cash flows expected to be generated by the asset and the risk associated with achieving these cash flows. The key assumptions used in the discounted cash flow model include the discount rate that is applied to the forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the acquired intangible asset, which include revenue, operating expenses and taxes. On December 4, 2014, the Company completed the acquisition of all of the outstanding stock of Nexage, Inc. (“Nexage”), a supply-side platform and programmatic technology company. Provisional amounts which have been recorded to date are based on certain valuations, studies and analyses that have yet to be finalized, and accordingly, the assets acquired and liabilities assumed continue to be subject to adjustment once the detailed analyses are completed. The Company expects the valuation of acquired assets and liabilities to be completed by the end of 2015. Goodwill and Intangible Assets In accordance with applicable generally accepted accounting principles, the Company performs an annual impairment assessment of its recorded goodwill during the fourth quarter of each fiscal year. The Company also continually evaluates whether current factors or indicators, such as current co nditions in the capital markets or performance of the Company, require the performance of an interim impairment assessment of its long-lived assets that in addition to goodwill includes the Company’s finite lived intangibles and property and equipment. The Company evaluates the fair value of its reporting units and long- lived assets using several assumptions, including revenue growth rates, operating cash flows, discount rates and revenue multiples for comparable companies. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reporting unit revenue and expenses. These assumptions are subjective in nature and could result in a future impairment to goodwill at the reporting unit level or the Company’s long-lived assets if proven to be different in the future. Any such charge could be material to the Company. During the second quarter of 2015, upon concluding that the Company’s operations consisted of two operating segments (see Note 6), the Company performed an impairment assessment of its recorded goodwill assigned to each reporting unit. The methods used to estimate the fair value of each reporting unit included those based on the income approach (via the discounted cash flow method) and those based on the market approach (via the guideline public company and guideline transaction methods). Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 29% to 32%) and long-term growth rates (3%) . Significant unobservable inputs utilized in the market approach valuation method were revenue multiples from guideline public companies operating in similar industries and revenue multiples from companies invo lved in guideline transactions. Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates a nd multiples, would result in a significantly higher (lower) fair value measurement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: · Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; · Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and · Level 3. Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments. The following table summarizes the conclusions reached as of June 30, 2015 and December 31, 2014 (in thousands): Balance at June 30, 2015 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ $ $ - $ - $ $ $ - $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ $ $ - $ - $ $ $ - $ - (1) Money market funds are classified as cash equivalents in the Company’s consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash, with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value. Amounts do not include $34.6 million and $ 24.5 million of operating cash balances as of June 30, 2015 and December 31, 2014, respectively .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Stock-Based Compensation	4. Stock-Based Compensation As of June 30, 2015, there were options outstanding to purchase an aggregate of 1,265,974 shares of common stock under the Company’s 2006 Equity Incentive Plan, as amended (the “2006 Plan”). In March 2012, the Company established the 2012 Equity Incentive Plan (the “2012 Plan”) pursuant to which the Company has reserved 18,574,012 shares of its common stock for issuance to its employees, directors, and non-employee third parties. Upon adoption of the 2012 Plan, no additional awards under the prior 2006 Plan may be issued, although outstanding awards under the 2006 Plan continue to vest in accordance with their terms until exercised, forfeited or expired. As of June 30, 2015, options to purchase 7,337,821 shares of common stock and 8,009,899 restricted stock units (“RSUs”) were outstanding under the 2012 Plan. Each RSU represents the contingent right to receive one share of common stock. As of June 30, 2015, 1,351,956 shares were available for future grant under the 2012 Plan. As part of the acquisition of Jumptap, Inc. (“Jumptap”) in 2013, the Company assumed options that were outstanding under the Jumptap, Inc. Amended and Restated 2005 Stock Option and Grant Plan (the “Jumptap Plan”) and converted them into options to purchase an aggregate of 861,311 shares of the Company’s common stock. No additional awards under the Jumptap Plan may be issued, although outstanding awards continue to vest in accordance with their terms until exercised, forfeited or expired . As of June 30 , 2015, there were options outstanding to purchase an aggregate of 120,116 shares of the Company’s common stock under the Jumptap Plan . On December 4, 2014, the Company’s Board of Directors approved the Millennial Media 2014 Equity Inducement Plan (the “2014 Plan”) pursuant to which the Company has reserved shares of its common stock for issuance to new employees of the Company or its parent or subsidiary corporations. The maximum number of shares of the Company’s common stock that may be issued under the 2014 Plan is 9,500,000 . As part of the acquisition of Nexage in 2014, the Company exchanged options that were outstanding under the existing Nexage equity award plan for options under the 2014 Plan to purchase an aggregate of 6,640,364 shares of the Company’s common stock. As of June 30, 2015 , options to purchase 5,628,085 shares of the Company’s common stock and 1,187,260 RSUs were outstanding under the 2014 Plan. As of June 30, 2015, 2,005,197 shares were available for future grant under the 2014 Plan. On December 8, 2014, as part of the acquisition of Nexage, the Company’s Board of Directors approved the assumption of certain individual option awards that were outstanding under the existing Nexage equity award plan (the “Assumed Plan”). Upon assumption by the Company, the assumed awards became options to purchase an aggregate of 2,501,046 shares of the Company’s common stock. As of June 30 , 2015, options to purchase 2,018,770 shares of the Company’s common stock were outstanding under the Assumed Plan. As of June 30 , 2015, no shares were available for future grant under the Assumed Plan. Stock-based compensation expense recognized by the Company for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock option awards $ $ $ $ RSUs Restricted stock awards - - Total recognized stock-based compensation expense $ $ $ $ Stock Option Awards The following summarizes the assumptions used for estimating the fair value of stock options granted for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate - 1.7% 1.7% - 1.7% - 2.0% Expected life (in years) - 5.2 5.5 - 5.2 - 6.3 Expected volatility - 69% - 65% - 69% - 65% Dividend yield 0% 0% 0% 0% Weighted-average grant date fair value $0.87 $2.65 $0.82 $3.45 The following is a summary of option activity for the six months ended June 30, 2015: Weighted- Average Remaining Aggregate Weighted- Contractual Intrinsic Average Term Value Number Exercise Price (in years) (in thousands) Options outstanding at January 1, 2015 $ Granted Exercised Forfeited Options outstanding at June 30, 2015 $ Options exercisable at June 30, 2015 Options vested and expected to vest at June 30, 2015 The total compensation cost related to unvested awards not yet recognized as of June 30, 2015 totaled $11.5 million and will be recognized over a weighted-average period of approximately 2.6 years. The aggregate intrinsic value of all stock options exercised during the six months ended June 30, 2015 and 2014 was $2.2 million and $2.7 million, respectively. The total fair value of stock options that vested during the six months ended June 30, 2015 and 2014 was $3.5 million and $2.8 million , respectively . Restricted Stock Units (RSUs) The following is a summary of RSU activity for the six months ended June 30, 2015: Weighted-Average Grant Date Number Fair Value RSUs outstanding at January 1, 2015 $ Granted Vested Forfeited RSUs outstanding at June 30, 2015 At June 30 , 2015, unrecognized compensation expense related to the RSUs was $15.2 million . The unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 2.5 years. Restricted Common Stock Awards In connection with the acquisition of Condaptive, Inc. (“Condaptive”) on May 6, 2011, the Company issued 1,448,080 shares of restricted common stock to the employee shareholders of Condaptive. Under the terms of the stock restriction agreements, a portion of the shares of common stock issued was released from restriction on May 6, 2012, the first anniversary of the issuance. Thereafter, the remaining shares of common stock were released from restriction on a monthly basis over a period that expired between August 2014 and January 2015, depending on the individual award, so long as the shareholder remained an employee of the Company as of the date of each such release, until all of the common stock was released from restriction . As of June 30, 2015, all 1,448,080 shares had been released from restriction and no shares remained subject to the stock restriction agreements. Stock -based compensation expense related to the restricted common stock was recognized ratably over the restriction period based on the fair value of the individual awards. At June 30 , 2015, there was no unrecognized compensation expense relating to the remaining restricted stock awards as all remaining awards became fully vested during the six months ended June 30 , 2015.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2015
Net Loss Per Common Share
Net Loss Per Common Share	5. Net Loss Per Share Attributable to Common Stockholders The Company uses the two-class method to compute net loss per share because the Company has issued securities other than common stock that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. The holders of restricted common stock issued in the Condaptive acquisition were entitled to participate in distributions that had been made to common stockholders and as a result were considered participating securities until the shares became fully vested in January 2015. Under the two-class method, for periods with net income, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that the participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed under the two-class method by using the weighted-average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, warrants, unvested restricted common stock awards and RSUs. In addition, the Company analyzes the potential dilutive effect of the outstanding participating securities under the “if-converted” method when calculating diluted earnings per share, in which it is assumed that the outstanding participating securities convert into common stock at the beginning of the period. The Company reports the more dilutive of the approaches (two-class or “if-converted”) as its diluted net income per share during the period. Due to net losses for the three and six month periods ended June 30 , 2015 and 2014, basic and diluted loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive. The following securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive: Three and Six Months Ended June 30, 2015 2014 Unvested restricted common stock - Stock options RSUs

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2015
Segment and Geographic Information
Segment and Geographic Information	6. Segment and Geographic Information Information about Segments During the second quarter of 2015, the Company concluded that its operations consist of two operating and reportable segments. Previously, the Company operated and reported under one consolidated segment. Operating segments are defined as components of an enterprise about which separate financial information is available that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer (“CEO”). During the second quarter of the 2015, the Company changed its internal reporting structure such that the CEO was able to review financial information separately presented for the Company’s two operating segments: Managed Media and Platform. The Managed Media segment is comprised of the Company’s managed insertion order business. The Platform segment is comprised of the Company’s legacy programmatic lines of business and the Nexage exchange . In addition to revenue targets, the C EO uses Adjusted EBITDA to evaluate the performance of each segment and to allocate resources. Adjusted EBITDA consists of earnings before interest, taxes, depreciation and amortization, adjusted to eliminate impairment of goodwill and intangible assets, non-cash stock-based compensation expense and expenses related to acquisitions, such as costs for services of lawyers, investment bankers, accountants, and other third parties and acquisition related severance costs, bonuses, retention bonuses and accrual of retention payments that represent contingent compensation to be recognized as expense over a requisite service period. Management considers A djusted EBITDA to be an appropriate metric to evaluate and compare the ongoing operating performance of the Company’s business on a consistent basis across reporting periods. Adjusted EBITDA is a non-GAAP measure, and may be calculated different ly than similarly-titled non-GAAP financial measures used by other companies. For comparative purposes, the Company has recast its prior period financial information to align with its two operating and reportable segments. The s egment information for the three and six months ended June 30, 2014 for the Platform segment does not include the results of operations from Nexage , which was acquired by the Company on December 4, 2014. Segment information for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, 2015 2014 (in thousands) Managed Media Platform Segment Total Managed Media Platform Segment Total Revenue $ $ $ $ $ $ Adjusted EBITDA $ $ $ $ $ $ Six Months Ended June 30, 2015 2014 (in thousands) Managed Media Platform Segment Total Managed Media Platform Segment Total Revenue $ $ $ $ $ $ Adjusted EBITDA $ $ $ $ $ $ Operating expenses are directly charged to each operating segment when known. Remaining operating expenses are allocated indirectly based on headcount when applicable. The following table presents the Company’s reconciliation of segment A djusted EBITDA to consolidated net loss: Three Months Ended June 30, 2015 2014 (in thousands) Segment Adjusted EBITDA $ $ Adjustments: Corporate operating expense Interest expense, net Income tax expense Depreciation and amortization expense Acquisition-related costs Deferred compensation - - Stock-based compensation expense Total net adjustments Net loss $ $ Six Months Ended June 30, 2015 2014 (in thousands) Segment Adjusted EBITDA $ $ Adjustments: Corporate operating expense Interest expense, net Income tax expense Depreciation and amortization expense Acquisition-related costs Deferred compensation - Stock-based compensation expense Total net adjustments Net loss $ $ Due to the nature of the Company’s operations, a majority of its assets are utilized across both segments. In addition, segment assets are not reported to, or used by, the CEO to allocate resources or to assess the performance of the Company’s segments. Accordingly, the Company has not disclosed asset information by segment. Intersegment revenues are not material. Information about Geographical Areas Substantially all assets were held in the United States at June 30, 2015 and December 31, 2014. The following table summarizes revenues generated through sales personnel employed by U.S. and non-U.S. subsidiaries (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Domestic $ $ $ $ International Total $ $ $ $

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying unaudited consolidated financial statements.
Interim Consolidated Financial Information	Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements and footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position, results of operations, changes in stockholders’ equity and cash flows. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and related footnotes presented in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 11, 2015.
Recently Adopted and Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU No. 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. The adoption of ASU No. 2014-09 is required for public entities for fiscal years beginning after December 15, 2017. The Company is evaluating what effects, if any, the adoption of ASU No. 2014-09 will have on its consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the accounts receivable allowances, the useful lives of long ‑lived assets, assumptions used for purposes of determining stock ‑based compensation, identification of intangibles in purchase accounting, contingent liabilities, fair value of intangibles and goodwill and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reporting revenue and expenses during the periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of checking accounts and a money market account. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. The Company maintains cash balances in financial institutions in amounts greater than federally insured limits.
Revenue Recognition and Deferred Revenue	Revenue Recognition and Deferred Revenue The Company recognizes revenue based on the activity of mobile users viewing ads through developer applications and mobile websites. Revenues are recognized when the Company’s advertising services are delivered based on the specific terms of the advertising contract, which are commonly based on the number of ads delivered, or views, clicks or actions by users on mobile advertisements. At such time, the Company’s services have been provided, the fees charged are fixed or determinable, persuasive evidence of an arrangement exists, and collectability is reasonably assured. The Company evaluates whether it is appropriate to recognize revenue based on the gross amount billed to the customers or the net amount earned as revenue. When the Company is primarily obligated in a transaction, has latitude in establishing prices, is responsible for fulfillment of the transaction, has credit risk, or has several but not all of these indicators, revenue is recorded on a gross basis. While none of the factors individually are considered presumptive or determinative, in reaching conclusions on gross versus net revenue recognition, the Company places the most weight on the analysis of whether or not it is the primary obligor in the arrangement. The Company records revenue net of developer costs if it is not primarily obligated or does not have latitude in establishing prices. Deferred revenue arises as a result of differences between the timing of revenue recognition and receipt of cash from the Company’s customers.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of amounts due to developers for the advertising inventory utilized in running mobile advertisements when the Company has concluded it is the primary obligor in the arrangement and recognizes revenue on a gross basis. These amounts are typically either a percentage of the advertising revenue earned by the Company based on mobile advertisements that are run on each developer’s application or a fixed fee for the ad space or fees paid to win bids for advertising inventory purchased from auction ‑based marketplace exchanges. The Company recognizes the cost of revenue as the associated revenue is recognized, on a developer by developer basis during the period the advertisements run on the developer’s advertising application or mobile website. Costs owed to developers but not yet paid are recorded as accrued cost of revenue and developer costs. The cost of revenue for ads purchased and delivered through auction ‑based exchanges can vary depending on the Company’s ability to purchase inventory at competitive rates to win the auction bid.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has not experienced any losses on cash and cash equivalents to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its customers and maintains an allowance for doubtful accounts.
Accounts Receivable, Allowance for Doubtful Accounts and Sales Credits	Accounts Receivable, Allowance for Doubtful Accounts and Sales Credits The Company extends credit to customers without requiring collateral. Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The Company utilizes the allowance method to provide for doubtful accounts based on the Company’s evaluation of the collectability of amounts due. The Company’s estimate is based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write ‑offs for uncollectible accounts have not significantly differed from the Company’s estimates. However, higher than expected bad debts may result in future write ‑offs that are greater than the Company’s estimates. The Company also estimates an allowance for sales credits based on the Company’s historical sales credits experience. Historically, actual sales credits have not significantly differed from the Company’s estimates. However, higher than expected sales credits may result in future write ‑offs that are greater than the Company’s estimates. The allowances for doubtful accounts and sales credits are included in accounts receivable, net in the consolidated balance sheets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock ‑based payment awards for employees by measuring services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes stock ‑based compensation expense for employees on a straight ‑line basis over the awards’ vesting periods, adjusted for estimated forfeitures. The Company accounts for stock ‑based payment awards for non ‑employees by measuring services received in exchange for all equity awards granted initially based on the fair value of the award as of the grant date. Fair value is then remeasured each reporting period through the award’s vesting date. The Company recognizes non ‑employee stock ‑based compensation expense on a straight ‑line basis over the awards’ vesting periods, adjusted for estimated forfeitures. The Company uses the Black ‑Scholes option pricing model for estimating the fair value of stock options. The use of the option valuation model requires the input of highly subjective assumptions, including the fair value of the Company’s common stock, the expected life and the expected stock price volatility based on peer companies, as there is currently not sufficient historical price data for the Company’s common stock. Additionally, the recognition of expense requires the estimation of the number of options that will ultimately vest and the number of options that will ultimately be forfeited.
Business Combinations	Business Combinations In business combinations, the Company determines the acquisition purchase price as the sum of the consideration provided. When stock-based awards are issued to an acquired company's selling stockholders or employees, the Company evaluates whether the awards are purchase consideration or compensation for post-business combination services. This evaluation includes, among other things, whether the vesting of the stock-based awards is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as future compensation expense over the required service period. The Company allocates the purchase price in a business combination to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. To date, the assets acquired and liabilities assumed in business combinations have primarily consisted of acquired working capital and definite-lived intangible assets. Working capital is recorded at its fair value. The Company estimates the fair value of definite-lived intangible assets acquired using a discounted cash flow approach, which includes an analysis of the future cash flows expected to be generated by the asset and the risk associated with achieving these cash flows. The key assumptions used in the discounted cash flow model include the discount rate that is applied to the forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the acquired intangible asset, which include revenue, operating expenses and taxes. On December 4, 2014, the Company completed the acquisition of all of the outstanding stock of Nexage, Inc. (“Nexage”), a supply-side platform and programmatic technology company. Provisional amounts which have been recorded to date are based on certain valuations, studies and analyses that have yet to be finalized, and accordingly, the assets acquired and liabilities assumed continue to be subject to adjustment once the detailed analyses are completed. The Company expects the valuation of acquired assets and liabilities to be completed by the end of 2015.
Goodwill and Intangible Assets	Goodwill and Intangible Assets In accordance with applicable generally accepted accounting principles, the Company performs an annual impairment assessment of its recorded goodwill during the fourth quarter of each fiscal year. The Company also continually evaluates whether current factors or indicators, such as current co nditions in the capital markets or performance of the Company, require the performance of an interim impairment assessment of its long-lived assets that in addition to goodwill includes the Company’s finite lived intangibles and property and equipment. The Company evaluates the fair value of its reporting units and long- lived assets using several assumptions, including revenue growth rates, operating cash flows, discount rates and revenue multiples for comparable companies. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reporting unit revenue and expenses. These assumptions are subjective in nature and could result in a future impairment to goodwill at the reporting unit level or the Company’s long-lived assets if proven to be different in the future. Any such charge could be material to the Company. During the second quarter of 2015, upon concluding that the Company’s operations consisted of two operating segments (see Note 6), the Company performed an impairment assessment of its recorded goodwill assigned to each reporting unit. The methods used to estimate the fair value of each reporting unit included those based on the income approach (via the discounted cash flow method) and those based on the market approach (via the guideline public company and guideline transaction methods). Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 29% to 32%) and long-term growth rates (3%) . Significant unobservable inputs utilized in the market approach valuation method were revenue multiples from guideline public companies operating in similar industries and revenue multiples from companies invo lved in guideline transactions. Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates a nd multiples, would result in a significantly higher (lower) fair value measurement.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands)	Balance at June 30, 2015 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ $ $ - $ - $ $ $ - $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ $ $ - $ - $ $ $ - $ - Money market funds are classified as cash equivalents in the Company’s consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash, with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value. Amounts do not include $34.6 million and $ 24.5 million of operating cash balances as of June 30, 2015 and December 31, 2014, respectively .

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Schedule of stock compensation expense recognized (in thousands)	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock option awards $ $ $ $ RSUs Restricted stock awards - - Total recognized stock-based compensation expense $ $ $ $
Summary of assumptions used for estimating the fair value of stock options granted	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate - 1.7% 1.7% - 1.7% - 2.0% Expected life (in years) - 5.2 5.5 - 5.2 - 6.3 Expected volatility - 69% - 65% - 69% - 65% Dividend yield 0% 0% 0% 0% Weighted-average grant date fair value $0.87 $2.65 $0.82 $3.45
Schedule of summary of option activity	Weighted- Average Remaining Aggregate Weighted- Contractual Intrinsic Average Term Value Number Exercise Price (in years) (in thousands) Options outstanding at January 1, 2015 $ Granted Exercised Forfeited Options outstanding at June 30, 2015 $ Options exercisable at June 30, 2015 Options vested and expected to vest at June 30, 2015
Summary of RSU activity	Weighted-Average Grant Date Number Fair Value RSUs outstanding at January 1, 2015 $ Granted Vested Forfeited RSUs outstanding at June 30, 2015

Net Loss Per Share Attributab17

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2015
Net Loss Per Common Share
Schedule of anti-dilutive securities excluded from the calculation of weighted average common shares outstanding	Three and Six Months Ended June 30, 2015 2014 Unvested restricted common stock - Stock options RSUs

Segment and Geographic Inform18

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment and Geographic Information
Summary of segment information	Three Months Ended June 30, 2015 2014 (in thousands) Managed Media Platform Segment Total Managed Media Platform Segment Total Revenue $ $ $ $ $ $ Adjusted EBITDA $ $ $ $ $ $ Six Months Ended June 30, 2015 2014 (in thousands) Managed Media Platform Segment Total Managed Media Platform Segment Total Revenue $ $ $ $ $ $ Adjusted EBITDA $ $ $ $ $ $
Summary of reconciliation of Adjusted EBITDA	Three Months Ended June 30, 2015 2014 (in thousands) Segment Adjusted EBITDA $ $ Adjustments: Corporate operating expense Interest expense, net Income tax expense Depreciation and amortization expense Acquisition-related costs Deferred compensation - - Stock-based compensation expense Total net adjustments Net loss $ $ Six Months Ended June 30, 2015 2014 (in thousands) Segment Adjusted EBITDA $ $ Adjustments: Corporate operating expense Interest expense, net Income tax expense Depreciation and amortization expense Acquisition-related costs Deferred compensation - Stock-based compensation expense Total net adjustments Net loss $ $
Summary of revenue generated through sales personnel employed by U.S. and non-U.S. subsidiaries (in thousands)	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Domestic $ $ $ $ International Total $ $ $ $

Summary of Significant Accoun19

Summary of Significant Accounting Policies - Interim (Details) - 6 months ended Jun. 30, 2015 - item	Total
Number of operating segments	2
Growth rate (as a percent)	3.00%
Minimum
Discount rate (as a percent)	29.00%
Maximum
Discount rate (as a percent)	32.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Operating cash	$ 34,600	$ 24,500
Fair value
Assets:
Money market funds	5	25,004
Total Assets	5	25,004
Level 1
Assets:
Money market funds	5	25,004
Total Assets	$ 5	$ 25,004

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	May. 06, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 04, 2014	Mar. 31, 2012
Stock-Based Compensation
Total recognized stock-based compensation expense		$ 3,483,000	$ 3,693,000	$ 6,741,000	$ 7,465,000
Number
Options outstanding at the end of the period (in shares)		16,370,766		16,370,766
Options exercisable at the end of the period (in shares)		8,642,121
Weighted-Average Exercise Price
Options outstanding at the end of the period (in dollars per share)		$ 2.24		$ 2.24
Options exercisable at the end of the period (in dollars per share)		$ 1.62
Weighted-Average Remaining Contractual Term
Options outstanding at the end of the period				8 years 3 months 26 days
Options exercisable at the end of the period				7 years 22 days
Aggregate Intrinsic Value
Options outstanding at the end of the period		$ 9,698,000
Options exercisable at the end of the period		8,140,000
Stock options
Stock-Based Compensation
Options previously granted which have been forfeited (in shares)				1,245,937
Options previously granted which have been exercised (in shares)				1,780,392
Total recognized stock-based compensation expense		$ 1,427,000	$ 1,413,000	$ 3,034,000	$ 3,009,000
Assumptions used for estimating the fair value of stock options granted to employees
Risk-free interest rate, minimum (as a percent)		1.40%	1.70%	1.20%	1.70%
Risk-free interest rate, maximum (as a percent)		1.70%	1.70%	1.70%	2.00%
Expected life			5 years 6 months
Expected volatility, minimum (as a percent)		68.00%	63.00%	63.00%	53.00%
Expected volatility, maximum (as a percent)		69.00%	65.00%	69.00%	65.00%
Dividend yield (as a percent)		0.00%	0.00%	0.00%	0.00%
Weighted-average grant date fair value (in dollars per share)		$ 0.87	$ 2.65	$ 0.82	$ 3.45
Number
Options outstanding at the beginning of the period (in shares)				16,375,595
Granted (in shares)				3,021,500
Exercised (in shares)				(1,780,392)
Forfeited (in shares)				(1,245,937)
Options vested and expected to vest at the end of the period (in shares)		16,084,019
Weighted-Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share)				$ 2.30
Granted (in dollars per share)				1.47
Exercised (in dollars per share)				0.35
Forfeited (in dollars per share)				$ 3.94
Options vested and expected to vest at the end of the period (in dollars per share)		$ 2.22
Weighted-Average Remaining Contractual Term
Options vested and expected to vest at the end of the period				7 years 11 months 23 days
Aggregate Intrinsic Value
Options vested and expected to vest at the end of the period		$ 9,675,000
Stock-based compensation, additional disclosures
Total unrecognized compensation cost related to stock options		$ 11,500,000
Weighted-average period over which unrecognized compensation expense is expected to be recognized				2 years 7 months 6 days
Aggregate intrinsic value of stock options exercised				$ 2,200,000	$ 2,700,000
Total fair value of stock options which vested				$ 3,500,000	$ 2,800,000
Stock options | Minimum
Assumptions used for estimating the fair value of stock options granted to employees
Expected life		5 years 1 month 6 days	5 years 6 months	5 years	5 years 6 months
Stock options | Maximum
Assumptions used for estimating the fair value of stock options granted to employees
Expected life		5 years 2 months 12 days		5 years 2 months 12 days	6 years 3 months 18 days
RSUs
Stock-Based Compensation
RSUs outstanding at the end of the period (in shares)		9,197,159		4,549,433
Total recognized stock-based compensation expense		$ 2,056,000	$ 2,215,000	$ 3,707,000	$ 4,326,000
Stock-based compensation, additional disclosures
Weighted-average period over which unrecognized compensation expense is expected to be recognized				2 years 6 months
Restricted Common Stock Awards
Number of shares issued to certain stockholders of acquiree entity who became employees of the Company				5,909,849
Unrecognized compensation expense relating to the restricted stock awards and restricted stock units		$ 15,200,000
Number
RSUs outstanding at the beginning of the period (in shares)				4,549,433
Granted (in shares)				5,909,849
Vested (in shares)				(750,175)
Forfeited (in shares)				(511,948)
RSUs outstanding at the end of the period (in shares)		9,197,159		9,197,159
Weighted Average Grant Date Fair Value (in dollars per share)
RSUs outstanding at the beginning of the period (in dollars per share)				$ 2.78
Granted (in dollars per share)				1.50
Vested (in dollars per share)				3.53
Forfeited (in dollars per share)				1.69
RSUs outstanding at the end of the period (in dollars per share)		$ 1.96		$ 1.96
Restricted stock awards
Stock-Based Compensation
Total recognized stock-based compensation expense			$ 65,000		$ 130,000
Restricted stock awards | Condaptive
Restricted Common Stock Awards
Number of shares issued to certain stockholders of acquiree entity who became employees of the Company	1,448,080
Number of shares on which restrictions were released				1,448,080
Unrecognized compensation expense relating to the restricted stock awards and restricted stock units		$ 0
Number
Granted (in shares)	1,448,080
2006 Equity Incentive Plan | Stock options
Stock-Based Compensation
Shares available for future grants (in shares)		0
Number
Options outstanding at the end of the period (in shares)		1,265,974		1,265,974
2012 Equity Incentive Plan
Stock-Based Compensation
Number of shares authorized							18,574,012
Shares available for future grants (in shares)		1,351,956
2012 Equity Incentive Plan | Stock options
Number
Options outstanding at the end of the period (in shares)		7,337,821		7,337,821
2012 Equity Incentive Plan | RSUs
Stock-Based Compensation
RSUs outstanding at the end of the period (in shares)		8,009,899		8,009,899
Number of shares under contingent right to receive share of common stock				1
Number
RSUs outstanding at the end of the period (in shares)		8,009,899		8,009,899
Jumptap, Inc. 2005 Stock Option Plan | Stock options
Stock-Based Compensation
Shares available for future grants (in shares)		0
Number
Options outstanding at the beginning of the period (in shares)					861,311
Options outstanding at the end of the period (in shares)		120,116		120,116
2014 Equity Inducement Plan
Stock-Based Compensation
Number of shares authorized						9,500,000
Shares available for future grants (in shares)		2,005,197
2014 Equity Inducement Plan | Stock options
Number
Options outstanding at the end of the period (in shares)		5,628,085		5,628,085
2014 Equity Inducement Plan | RSUs
Stock-Based Compensation
RSUs outstanding at the end of the period (in shares)		1,187,260		1,187,260
Number
RSUs outstanding at the end of the period (in shares)		1,187,260		1,187,260
Nexage 2014 Individual Plan | Stock options
Stock-Based Compensation
Shares available for future grants (in shares)		0
Number
Options outstanding at the end of the period (in shares)		2,018,770		2,018,770

Net Loss Per Share Attributab22

Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restricted stock awards
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of weighted average common shares outstanding		42,455		42,455
Stock options
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of weighted average common shares outstanding	16,370,766	7,812,778	16,370,766	7,812,778
RSUs
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of weighted average common shares outstanding	9,197,159	2,257,541	9,197,159	2,257,541

Segment and Geographic Inform23

Segment and Geographic Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
Segment and Geographic Information
Number of operating segments | item			2
Number of reportable segments | item			2
Revenue	$ 65,862	$ 67,308	$ 129,032	$ 139,928
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Adjusted EBITDA	5,142	4,927	6,946	11,596
Corporate operating expense	(12,045)	(11,038)	(25,329)	(22,366)
Interest expense, net	(100)	(35)	(155)	(63)
Income tax expense	(65)	(11)	(159)	(27)
Depreciation and amortization	(4,860)	(4,264)	(9,644)	(8,211)
Acquisition-related costs included in general and administrative expenses	(47)	(976)	(159)	(1,251)
Deferred compensation				(250)
Stock-based compensation expense	(3,483)	(3,693)	(6,741)	(7,465)
Total net adjustments	(20,600)	(20,017)	(42,187)	(39,633)
Net loss	(15,458)	(15,090)	(35,241)	(28,037)
Managed Media
Segment and Geographic Information
Revenue	57,145	61,568	110,898	129,383
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Adjusted EBITDA	6,170	6,785	10,383	15,714
Platform
Segment and Geographic Information
Revenue	8,717	5,740	18,134	10,545
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Adjusted EBITDA	(1,028)	(1,858)	(3,437)	(4,118)
Domestic
Segment and Geographic Information
Revenue	58,100	57,160	113,946	112,653
International
Segment and Geographic Information
Revenue	$ 7,762	$ 10,148	$ 15,086	$ 27,275

Uncategorized Items - mm-201506

Label	Element	Value
Employee And Directors Stock Options [Member] | Nexage Inc Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	2,501,046
Employee And Directors Stock Options [Member] | Nexage Inc [Member] | Equity Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	6,640,364